FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

|X| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
                                    OF 1934

                    For the fiscal year ended March 31, 2001

                                       OR

|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                  ACT OF 1934

           For the transition period from ____________ to ____________

                         Commission file number: 0-20057


                      WNC HOUSING TAX CREDIT FUND V, L.P., Series 4

             California                          33-0391979
      State or other  jurisdiction  of       (I.R.S.  Employer

        incorporation or organization         Identification No.)


              3158 Redhill Avenue, Suite 120, Costa Mesa, CA 92626

                                 (714) 662-5565

                    Securities registered pursuant to Section
                               12(b) of the Act:

                                      NONE

                    Securities registered pursuant to section
                               12(g) of the Act:

                      UNITS OF LIMITED PARTNERSHIP INTEREST

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
Yes     No    X
----   -------

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. |X|

                                       1
<PAGE>

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates of the registrant.

                                  INAPPLICABLE

                       DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the Part
of the Form 10-K  (e.g.,  Part I, Part II,  etc.)  into  which the  document  is
incorporated:  (1) Any  annual  report  to  security  holders;  (2) Any proxy or
information  statement;  and (3) Any prospectus filed pursuant to Rule 424(b) or
(c) under the  Securities Act of 1933.  The listed  documents  should be clearly
described for identification  purposes (e.g.,  annual report to security holders
for fiscal year ended December 24, 1980).

                                      NONE


                                       2
<PAGE>


Item 1.  Business

PART I.
-------
Organization

WNC Housing Tax Credit Fund, V, L.P.,  Series 4 (the  "Partnership") or ("Series
4") was formed under the California Revised Limited  Partnership Act on July 26,
1995 and commenced  operations on July 1, 1996.  The  Partnership  was formed to
acquire  limited  partnership  interests  in  limited  partnerships  or  limited
liability  companies  ("Local  Limited  Partnerships")  which  own  multi-family
housing  complexes  that are eligible  for  low-income  housing  federal and, in
certain cases, California income tax credits ("Low Income Housing Credit").

The general partner of the  Partnership is WNC & Associates,  Inc. (the "General
Partner" or "Associates".)  Wilfred N. Cooper, Sr., through the Cooper Revocable
Trust,  owns 66.8% of the outstanding stock of Associates.  John B. Lester,  Jr.
was the original limited partner of the Partnership and owns, through the Lester
Family Trust,  28.6% of the outstanding stock of Associates.  Wilfred N. Cooper,
Jr., President of Associates,  owns 2.1% of the outstanding stock of Associates.
The  business of the  Partnership  is  conducted  primarily  through the General
Partner as the Partnership has no employees of its own.

Pursuant to a  registration  statement  filed with the  Securities  and Exchange
Commission, on July 26, 1995, on July 1, 1996 the Partnership commenced a public
offering of 25,000 Units of Limited Partnership Interests ("Units"),  at a price
of $1,000 per Unit.  The  Partnership's  offering  terminated  on July 11, 1997.
Since inception a total of 22,000 Units representing  approximately  $21,915,000
were sold throughout the offering.

Description of Business

The  Partnership's  principal  business  objective  is to  provide  its  Limited
Partners with Low Income Housing Credits.  The Partnership's  principal business
therefore  consists of investing as a limited partner or non-managing  member in
Local  Limited  Partnerships  each of which will own and operate a  multi-family
housing  complex (the "Housing  Complex")  which will qualify for the Low Income
Housing Credit.  In general,  under Section 42 of the Internal  Revenue Code, an
owner of low-income housing can receive the Low Income Housing Credit to be used
to reduce  Federal  taxes  otherwise due in each year of a ten-year  period.  In
general,  under Section 17058 of the  California  Revenue and Taxation  Code, an
owner of low-income housing can receive the Low Income Housing Credit to be used
against  California taxes otherwise due in each year of a four-year period.  The
Housing Complex is subject to a fifteen-year  compliance period (the "Compliance
Period"),  and under state law may have to be maintained  as low income  housing
for 30 or more years.

In general,  in order to avoid  recapture  of Low Income  Housing  Credits,  the
Partnership  does not  expect  that it will  dispose of its  interests  in Local
Limited Partnerships ("Local Limited Partnership Interests") or approve the sale
by any Local Limited  Partnership of its Housing Complex prior to the end of the
applicable  Compliance  Period.  Because  of  (i)  the  nature  of  the  Housing
Complexes,  (ii) the  difficulty of predicting  the resale market for low-income
housing  15 or more years in the  future,  and (iii) the  ability of  government
lenders to  disapprove  of transfer,  it is not possible at this time to predict
whether the liquidation of the  Partnership's  assets and the disposition of the
proceeds,  if any, in  accordance  with the  Partnership's  Agreement of Limited
Partnership,   as  amended  by  Supplements  to  the  Prospectus   thereto  (the
"Partnership Agreement"), will be able to be accomplished promptly at the end of
the 15-year period. If a Local Limited Partnership is unable to sell its Housing
Complex,  it is  anticipated  that the local  general  partner  ("Local  General
Partner")  will either  continue to operate  such  Housing  Complex or take such
other actions as the Local General  Partner  believes to be in the best interest
of the Local Limited Partnership.  Notwithstanding the preceding,  circumstances
beyond the  control of the General  Partner or the Local  General  Partners  may
occur during the  Compliance  Period,  which would  require the  Partnership  to
approve the disposition of an Housing Complex prior to the end thereof, possibly
resulting in recapture of Low Income Housing Credits.

As of March 31, 2001 the  Partnership  had  invested in fourteen  Local  Limited
Partnerships.  Each of these Local Limited  Partnerships  owns a Housing Complex
that is eligible  for the  federal  Low Income  Housing  Credit.  Certain

                                       3
<PAGE>



Local
Limited Partnerships may also benefit from government programs promoting low- or
moderate-income housing.

The Partnership's  investments in Local Limited  Partnerships are subject to the
risks incident to the management and ownership of low-income  housing and to the
management and ownership of multi-unit  residential  real estate.  Some of these
risks  are that the Low  Income  Housing  Credit  could be  recaptured  and that
neither the  Partnership's  investments  nor the Housing  Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the Housing
Complexes  receive  government  financing  or operating  subsidies,  they may be
subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations
on cash distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of Local Limited Partnership Interests;  limitations on
removal of Local General Partners; limitations on subsidy programs; and possible
changes in applicable regulations. The Housing Complexes are subject to mortgage
indebtedness.  If a  Local  Limited  Partnership  does  not  make  its  mortgage
payments,  the lender could foreclose resulting in a loss of the Housing Complex
and Low Income Housing Credits.  As a limited partner or non-managing  member of
the Local Limited  Partnerships,  the Partnership  will have very limited rights
with respect to  management  of the Local  Limited  Partnerships,  and will rely
totally  on the  general  partners  or  managing  members  of the Local  Limited
Partnerships for management of the Local Limited Partnerships.  The value of the
Partnership's  investments  will be subject to  changes  in  national  and local
economic conditions,  including unemployment  conditions,  which could adversely
impact vacancy levels, rental payment defaults and operating expenses.  This, in
turn, could substantially  increase the risk of operating losses for the Housing
Complexes and the Partnership.  In addition,  each Local Limited  Partnership is
subject to risks relating to environmental hazards and natural disasters,  which
might be uninsurable.  Because the Partnership's operations will depend on these
and other  factors  beyond the  control  of the  General  Partner  and the Local
General  Partners,  there can be no assurance  that the  anticipated  Low Income
Housing Credits will be available to Limited Partners.

In addition,  Limited  Partners are subject to risks in that the rules governing
the Low Income  Housing  Credit are  complicated,  and the use of credits can be
limited.  The only  material  benefit from an investment in Units may be the Low
Income Housing Credits. There are limits on the transferability of Units, and it
is unlikely that a market for Units will  develop.  All  Partnership  management
decisions are made by the General Partner.

As a limited partner or non-managing  member,  the  Partnership's  liability for
obligations of each Local Limited Partnership is limited to its investment.  The
Local General Partners of each Local Limited  Partnership retain  responsibility
for developing,  constructing,  maintaining,  operating and managing the Housing
Complexes.

Item 2.  Properties

Through its  investment in Local Limited  Partnerships,  the  Partnership  holds
limited  partnership  interests in the Housing  Complexes.  The following  table
reflects  the status of the fourteen  Housing  Complexes as of the dates and for
the periods indicated.

                                       4
<PAGE>

<TABLE>
<CAPTION>




                                                                   ------------------------------  --------------------------------
                                                                        As of March 31, 2001             As of  December 31, 2000
                                                                   ------------------------------  ---------------------------------
Partnership Name          Location         General Partner    Partnership's     Amount of                   Estimated   Encumbrances
                                               Name          Total Investment  Investment                   Low Income     of Local
                                                             in Local Limited   Paid to    Number           Housing         Limited
                                                              Partnerships      Date    of Units  Occupancy Credits     Partnerships
----------------------------------------------------------------------------------------------     ---------------------------------
<S>                        <C>             <C>                <C>             <C>             <C>     <C>    <C>         <C>
Ashford Place, a           Shawnee,        The Cowen
Limited Partnership        Oklahoma        Group, LLC         $  2,317,000    $ 2,317,000     100      92%   $ 3,931,000 $ 2,305,000

Belen Vista                Belen,          Monarch Properties,
Associates,Limited         New             Inc.and Low Income
Partnership                Mexico          Housing Foundation
                                           of NM                   416,000        416,000      57     100%       714,000   1,532,000
Blessed Rock
of El Monte                El Monte,       Everland,
                           California      Inc.                  2,511,000      2,511,000     137      99%     8,899,000   3,754,000
Bolivar Plaza
Apartments                 Boliver,        MBL Development
                           Missouri        Co.                   1,181,000      1,087,000      32      88%     1,658,000     573,000
Cleveland
Apartments L.P.            Coffeyville,    Williams Management and
                           Kansas          Consulting, Inc. and
                                           Eastern Housing Corp.   515,000        431,000      48      81%       737,000   1,602,000
Crescent City
Apartments                 Crescent        Crescent
                           City,           City Surf,
                           California      Inc.                  1,166,000      1,166,000      56      91%     2,221,000   1,960,000

D. Hilltop                 Prairie View,   Donald W.
Apartments Ltd.            Texas           Sowell                  101,000        101,000      24      96%       187,000     466,000

Greyhound                  Windsor,        WCM Community
Associates I,L.P.          Missouri        Development Corp.       642,000        642,000      24      88%     1,128,000     607,000

Lamar Plaza                Lamar,          MBL Development
Apts., L.P.                Missouri        Co.                     738,000        738,000      28      79%     1,230,000     840,000

Mesa Verde Apartments      Roswell, New    Trianon-Mesa
Limited Partnership        Mexico          Verde, LLC            3,941,000      3,941,000     142      90%     6,472,000   2,174,000

(1)      Housing Complex is under construction and the cost certification is not yet completed.

</TABLE>

                                       5

<PAGE>

<TABLE>
<CAPTION>

                                                                   ------------------------------  --------------------------------
                                                                        As of March 31, 2001             As of  December 31, 2000
                                                                   ------------------------------  ---------------------------------
Partnership Name          Location         General Partner    Partnership's     Amount of                   Estimated   Encumbrances
                                               Name          Total Investment  Investment                   Low Income     of Local
                                                             in Local Limited   Paid to    Number           Housing         Limited
                                                              Partnerships      Date    of Units  Occupancy Credits     Partnerships
----------------------------------------------------------------------------------------------     ---------------------------------
<S>                       <C>              <C>                <C>            <C>              <C>      <C>  <C>         <C>
Mountain Vista            Los Alamos,      Monarch Properties, Inc.
Associates Limited        New Mexico       and Low Income Housing
Partnership                                Foundation of NM        315,000        315,000      53      96%       543,000   1,437,000

North Central Limited     New York,        City and Suburban
Partnership               New York         Development Corp.       751,000        751,000      18      94%     1,054,000     463,000

Woodland, Ltd.            Marion,
                          Alabama          ACHR Corp.            1,288,000      1,288,000      42      98%     2,112,000   1,294,000

Wynwood Place, Limited    Raleigh,
Partnership               North            Regency Investment
                          Carolina         Associates, Inc., ATO,
                                           Inc., a Non-Profit Corp.
                                           and Gordon Blackwell.   534,000        454,000      24      71%       780,000     574,000
                                                              -------------  ------------      ---     ---  ------------ -----------
                                                              $ 16,416,000   $ 16,158,000     785      90%  $ 31,666,000$ 19,581,000
                                                              ============   ============     ====     ===  ============ ===========

</TABLE>


                                       6
<PAGE>


<TABLE>
<CAPTION>
                                       -----------------------------------------------------------------------------
                                                           For the year ended December 31, 2000
                                       ----------------------------------------------------------------------------
                                                                                                Low Income Housing
                                                                                                Credits Allocated to
           Partnership Name                     Rental Income      Net (Loss) Income                  Partnership
-------------------------------------------------------------------------------------------------------------------
<S>                                                <C>                <C>                          <C>
Ashford Place, a Limited Partnership               $ 398,000          $ (184,000)                  98.99%

Belen Vista Associates, Limited
Partnership                                          324,000             (12,000)                  98.99%

Blessed Rock of El Monte                             693,000            (160,000)                  49.50%

Bolivar Plaza Apartments                              33,000             (40,000)                  98.98%

Cleveland Apartments L.P.                            139,000            (117,000)                  99.98%

Crescent City Apartments                             174,000            (142,000)                  99.00%

D. Hilltop Apartments Ltd.                            71,000              (3,000)                  99.00%

Greyhound Associates I, L.P.                          76,000             (30,000)                  99.00%

Lamar Plaza Apts., L.P.                               78,000             (18,000)                  99.97%

Mesa Verde Apartments Limited
Partnership                                          460,000            (271,000)                  99.00%

Mountain Vista Associates Limited
Partnership                                          227,000               2,000                   98.99%

North Central Limited Partnership                    111,000            (125,000)                  99.89%

Woodland, Ltd.                                        87,000             (71,000)                  99.98%

Wynwood Place, Limited Partnership                   127,000             (27,000)                  99.98%
                                                 -----------         ------------
                                                 $ 2,998,000         $(1,198,000)
                                                 ===========         ============
</TABLE>
                                       7
<PAGE>


Item 3.  Legal Proceedings

NONE

Item 4.  Submission of Matters to a Vote of Security Holders

NONE

PART II.
--------

Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters

Item 5a.

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

(b)  At March 31, 2001, there were 1,310 Limited Partners.

(c)  The Partnership was not designed to provide cash distributions to Limited
     Partners in circumstances other than refinancing or disposition of its
     investments in Local Limited Partnerships.

(d)  No unregistered securities were sold by the Partnership during the year
     ended March 31, 2001.

Item 5b.

NOT APPLICABLE

Item 6.  Selected Financial Data

Selected balance sheet information for the Partnership is as follows:
<TABLE>
<CAPTION>

                                                        March 31                                December 31
                                         ---------------------------------------   ---------------------------------------
                                                 2001          2000          1999          1998          1997          1996
                                         -----------   -----------   -----------   -----------   -----------   -----------
<S>                                    <C>           <C>           <C>           <C>           <C>           <C>
ASSETS
Cash and cash equivalents              $  1,316,217  $  1,725,133  $  3,460,935  $  3,817,546  $  5,906,978  $  3,916,658

Due from affiliates                           9,732             -        52,835        52,835       276,775             -

Subscriptions receivable                          -             -             -             -             -       861,250
Investments in limited partnerships,
net                                      14,075,565    15,243,007    15,345,027    15,573,510    14,894,897     6,700,570

Interest receivable                               -             -             -             -        76,622         4,475

Loans receivable                                  -        12,080        12,080        91,000       301,226       126,381

Other assets                                    574           574           500           500           500             -
                                         -----------   -----------   -----------   -----------   -----------   -----------
                                       $ 15,402,088  $ 16,980,794  $ 18,871,377  $ 19,535,391  $ 21,456,998  $ 11,609,334
                                         ===========   ===========   ===========   ===========   ===========   ===========
LIABILITIES
Due to limited partnerships            $    257,889  $    672,640  $  1,182,870  $  1,657,666  $  2,880,839  $  4,267,232
Accrued fees and expenses due to
general
  partner and affiliates                      1,664         1,936       181,131       121,498        52,203       291,396

PARTNERS' EQUITY                         15,142,535    16,306,218    17,507,376    17,756,227    18,523,956     7,050,706
                                         -----------   -----------   -----------   -----------   -----------   -----------
                                       $ 15,402,088  $ 16,980,794  $ 18,871,377  $ 19,535,391  $ 21,456,998  $ 11,609,334
                                        ===========   ===========   ===========   ===========   ===========   ===========

</TABLE>
                                       8

<PAGE>

<TABLE>
<CAPTION>

Selected results of operations, cash flows, and other information for the
Partnership is as follows:

                                                                For the
                                   For the Years          Three Months Ended                   For the Years Ended
                                   Ended March 31                 March 31                          December 31
                              -------------------------   -------------------------    --------------------------------------

                                2001          2000          1999           1998          1998          1997          1996
                              ----------   ------------   ----------    -----------    ----------    ----------    ----------
                                                                         (Unaudited)
<S>                          <C>           <C>             <C>            <C>           <C>           <C>           <C>
Income (loss) from
  operations                 $    (60,248) $      (54,888) $        586   $    18,142   $    95,280   $    97,369   $   (17,505)
Equity in losses of
  limited partnerships         (1,103,435)     (1,146,270)     (249,437)     (153,500)   (1,010,334)     (334,756)      (29,329)
                             ------------- --------------- ------------- ------------- ----------     ------------ --------------
 Net loss                    $ (1,163,683) $   (1,201,158) $   (248,851)  $  (135,358)  $  (915,054)  $  (237,387)  $   (46,834)
                             ============  =============== ============== ============ =============  ============= =============
 Net loss allocated to:
    General partner          $   (11,637)  $      (12,012) $     (2,489)  $    (1,354)  $    (9,151)  $    (2,374)  $      (468)
                             ===========  ===============   ============ ============= ============   ===========  =============
        Limited partne       $(1,152,046)  $   (1,189,146) $   (246,362)  $  (134,004)  $  (905,903)  $  (235,013)  $   (46,366)
                             ============  =============== =============  ============  ============  ============= ============
      Net loss per limited
  partner unit               $    (52.37)  $       (54.05) $     (11.20)  $     (6.09)  $    (41.18)  $    (13.01)  $    (26.83)
                             ============  =============== =============  ============  ============  ============== ============

Outstanding weighted
  limited partner units           22,000           22,000        22,000        22,000        22,000        18,063         1,728
                             ===========   =============== ============== ============  ============  ============== ============
</TABLE>

<TABLE>
                                                                  For the
                                   For the Years            Three Months Ended                   For the Years Ended
                                  Ended March 31                  March 31                           December 31
                             -------------------------    --------------------------   ----------------------------------------
                                2001          2000          1999           1998          1998           1997          1996
                              ----------   -----------   ------------   ------------   ----------    ------------  ------------
                                                                        (Unaudited)
<S>                            <C>           <C>             <C>            <C>           <C>           <C>           <C>
Net cash provided by (used in):
     Operating activities      $     1,392   $     (121,756) $     75,111   $    77,854   $   297,891   $    94,732   $     4,010
   Investing activities           (410,308)      (1,614,046)     (431,722)     (814,796)   (2,534,648)  (10,409,130)   (2,544,473)
   Financing activities                  -                -             -       148,448       147,325    12,304,718     6,457,121
                               ----------    -----------     ------------   ------------  ------------  ------------  ------------
Net change in cash and
  cash equivalents               (408,916)       (1,735,802)     (356,611)     (588,494)  (2,089,432)     1,990,320     3,916,658

Cash and cash
  equivalents, beginning
  of period                     1,725,133         3,460,935     3,817,546     5,906,978    5,906,978      3,916,658             -
                               ----------    -----------     ------------   ------------  ----------    ------------  ------------

Cash and cash
  equivalents, end of
  period                       $1,316,217    $    1,725,133  $  3,460,935  $  5,318,484   $3,817,546    $ 5,906,978   $ 3,916,658
                              ==========     ==============  ============== ============   ==========    ============  ============

Low Income Housing Credits Per Unit was as follows for the years ended December
31:
</TABLE>
<TABLE>
<CAPTION>

                                                       2000          1999           1998           1997           1996
                                                    -----------   ------------   ------------   -----------    -----------
<S>                                               <C>           <C>            <C>            <C>            <C>
Federal                                           $        114  $         104  $          81  $         20   $         38
State                                                        -              -              -             -              -
                                                    -----------   ------------   ------------   -----------    -----------
Total                                             $        114  $         104  $          81  $         20   $         38
                                                    ===========   ============   ============   ===========    ===========

</TABLE>
                                       9

<PAGE>


Item 7. Management's  Discussion and Analysis of Financial Condition and Results
of Operation

Forward Looking Statements

With  the  exception  of  the  discussion  regarding   historical   information,
"Management's  Discussion  and  Analysis of Financial  Condition  and Results of
Operations"  and other  discussions  elsewhere in this Form 10-K contain forward
looking statements. Such statements are based on current expectations subject to
uncertainties  and other  factors which may involve known and unknown risks that
could  cause  actual  results  of  operations  to differ  materially  from those
projected or implied. Further, certain forward-looking statements are based upon
assumptions about future events which may not prove to be accurate.

Risks and uncertainties  inherent in forward looking statements include, but are
not  limited  to,  our  future  cash  flows and  ability  to  obtain  sufficient
financing, level of operating expenses, conditions in the low income housing tax
credit property market and the economy in general, as well as legal proceedings.
Historical  results are not necessarily  indicative of the operating results for
any future period.

Subsequent  written and oral forward  looking  statements  attributable to us or
persons  acting on our behalf  are  expressly  qualified  in their  entirety  by
cautionary  statements  in this Form 10-K and in other reports we filed with the
Securities and Exchange  Commission.  The following discussion should be read in
conjunction  with the  Consolidated  Financial  Statements and the Notes thereto
included elsewhere in this filing.

Financial Condition

The Partnership's  assets at March 31, 2001 consisted primarily of $1,316,000 in
cash and cash  equivalents  and  aggregate  investments  in the  fourteen  Local
Limited Partnerships of $14,076,000. Liabilities at March 31, 2001 were $260,000
due to limited  partnerships,  $2,000 of accrued  annual  management  fees,  and
expenses  paid by an  affiliate  of the  General  Partner or due to the  General
Partner or affiliate.

Results of Operations

Year  Ended  March  31,  2001  Compared  to  Year  Ended  March  31  2000.   The
Partnership's  net loss for the year  ended  March  31,  2001 was  $(1,164,000),
reflecting  a decrease  of $37,000  from the net loss  experienced  for the year
ended  March 31,  2000.  The decline in net loss is  primarily  due to equity in
losses of limited  partnerships  which decreased by $43,000 to $(1,103,000)  for
the year ended  March 31,  2001 from  $(1,146,000)  for the year ended March 31,
2000,  offset by an increase in loss from operations of $5,000.  The decrease in
equity in losses of  limited  partnerships  was mainly  due to the  increase  in
occupancy  rate in certain  Local Limited  Partnerships  offset by the increased
loss  of  one  Local  Limited  Partnership  which  experienced  a full  year  of
operations in 2000 compared with two months of operations in 1999.

In  addition,  the  Partnership  experienced  a  decrease  in income of  $23,000
resulting from a decrease in cash balance due to capital  contributions  paid to
Local Limited  Partnerships  of $410,000.  The  Partnership  also  experienced a
decrease in operating expenses paid to third parties of $18,000.

Year  Ended  March 31,  2000  Compared  to Year Ended  December  31,  1998.  The
Partnership's  net loss for the year  ended  March  31,  2000 was  $(1,201,000),
reflecting  an increase of $286,000 from the net loss  experienced  for the year
ended  December 31, 1998. The increase in net loss is primarily due to equity in
losses from limited partnerships which increased by $136,000 to $(1,146,000) for
the year ended march 31, 2000 from  $(1,010,000) for the year ended December 31,
1998. The increase in equity in losses from limited  partnerships  is due to the
acquisition of certain Local Limited Partnerships in 1998. The losses from these
Local Limited Partnerships were significantly less during 1998 as only a partial
year of  operations  was  allocable  to the  Partnership.  As a  result,  losses
recognized by the Partnership  from these Local Limited  Partnerships  increased
for the year ended March 31, 2000. In addition,  the  Partnership  experienced a
decrease in interest income of $123,000 resulting from a decrease in cash due to
capital  contributions  paid to Local Limited  Partnerships  of $1,600,000.  The
Partnership  also  experienced  an increase in operating  expenses paid to third
parties of $30,000.

                                       10
<PAGE>


Three Months Ended March 31, 1999 Compared to Three Months Ended March 31, 1998.
The  Partnership's  net loss for the  three  months  ended  March  31,  1999 was
$(249,000), reflecting an increase of $114,000 from the net loss experienced for
the three  months  ended  March 31,  1998.  The  change is  primarily  due to an
increase in equity in losses from limited  partnerships of $95,000,  an increase
in  operating  expenses of $7,000  offset by a decrease  in  interest  income of
$10,000.

Cash Flows

Year Ended  March 31, 2001  Compared to Year Ended March 31 2000.  Net cash used
during the year ended March 31, 2001 was  $(409,000),  compared to net cash used
for the year ended March 31, 2000 of $(1,736,000). Net cash flows from operating
activities  increased by $123,000 to net cash provided  operating  activities of
$1,000 for the year ended March 31, 2001  compared to net cash used by operating
activities  of $(122,000)  for the year ended March 31, 2000.  This increase was
primarily due to a decrease in cash paid to the General  Partner for  management
fees and other accrued fees and costs of $179,000 offset by a decrease in income
of $23,000, a decrease in cash due from affiliates of $53,000 and an increase in
cash paid to third  parties for  operating  expenses of $18,000.  Net cash flows
used in investing  activities decreased by $1,204,000 to $(410,000) for the year
ended March 31, 2001 from  $(1,614,000)  due  primarily to a decrease in capital
contributions  paid to Local Limited  Partnerships  of  $1,202,000.  No cash was
provided by or used in financing  activities  for the years ended March 31, 2001
or 2000.

Year Ended March 31, 2000  Compared to Year Ended  December 31,  1998.  Net cash
used during the year ended March 31, 2000 was $(1,736,000), compared to net cash
used for the year ended December 31, 1998 of  $(2,089,000).  Net cash flows from
operating  activities  decreased  by  $420,000  to net  cash  used in  operating
activities of $(122,000)  for the year ended March 31, 2000 compared to net cash
provided by operating  activities  of $298,000  for the year ended  December 31,
1998. This decrease was primarily due to an increase in cash paid to the General
Partner for  management  fees and other  accrued fees and costs of  $240,000,  a
decrease in interest  income of $123,000,  a decrease in collections of interest
receivable  of  $77,000  and an  increase  in cash  paid to  third  parties  for
operating expenses of $30,000,  offset by receivables  collected from affiliates
of $53,000. Net cash flows used in investing activities decreased by $921,000 to
$(1,614,000)  for the year ended March 31, 2000 from  $(2,535,000) due primarily
to a decrease in capital  contributions  paid to Local Limited  Partnerships  of
$1,105,000  and a decrease  in cash paid for  capitalized  acquisition  fees and
costs of $38,000,  offset by a decrease in receivables collected from affiliates
of $224,000.  Net cash provided by financing activities decreased by $147,000 to
$0 for the year ended March 31, 2000 from  $147,000 for the year ended  December
31, 1998  primarily  due to a decrease in notes  receivable  from  investors  of
$175,000 offset by a decrease in cash paid for offering costs of $28,000.

Three Months Ended March 31, 1999 Compared to Three Months Ended March 31, 1998.
Net decrease in cash during the three months ended March 31, 1999 was
$(357,000), compared to a net decrease in cash for the three months ended March
31, 1998 of $(588,000). The change was due primarily to a decrease in cash used
for investing activities of $301,000, an increase in cash provided by repayments
of loans receivable of $79,000 offset by a decrease in capital contributions of
$150,000.

The Partnership  expects its future cash flows,  together with its net available
assets at March 31, 2001, to be  sufficient  to meet all  currently  foreseeable
future cash requirements.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

NOT APPLICABLE

Item 8.  Financial Statements and Supplementary Data



                                       11
<PAGE>




               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
               --------------------------------------------------

To the Partners
WNC Housing Tax Credit Fund V, L.P., Series 4


We have audited the  accompanying  balance sheets of WNC Housing Tax Credit Fund
V, L.P., Series 4 (a California Limited  Partnership) (the  "Partnership") as of
March 31, 2001 and 2000,  and the related  statements of  operations,  partners'
equity (deficit) and cash flows for the years ended March 31, 2001 and 2000, the
three months ended March 31, 1999, and the year ended  December 31, 1998.  These
financial statements are the responsibility of the Partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audits.  A significant  portion of the  financial  statements of the limited
partnerships in which the Partnership is a limited partner were audited by other
auditors  whose reports have been furnished to us. As discussed in Note 3 to the
financial  statements,  the Partnership  accounts for its investments in limited
partnerships   using  the  equity  method.  The  portion  of  the  Partnership's
investment in limited partnerships audited by other auditors represented 79% and
63% of the total  assets of the  Partnership  at March  31,  2001 and 2000.  Our
opinion,  insofar  as it  relates  to the  amounts  included  in  the  financial
statements for the limited  partnerships  which were audited by others, is based
solely on the reports of the other auditors.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial statement presentation.  We believe that our audits and the reports of
the other auditors provide a reasonable basis for our opinion.

In our opinion,  based on our audits and the reports of the other auditors,  the
financial statements referred to above present fairly, in all material respects,
the  financial  position of WNC  Housing  Tax Credit  Fund V, L.P.,  Series 4 (a
California  Limited  Partnership) as of March 31, 2001 and 2000, and the results
of its  operations  and its cash flows for the years  ended  March 31,  2001 and
2000, three months ended March 31, 1999 and the year ended December 31, 1998, in
conformity with accounting principles generally accepted in the United States of
America.




                                                /s/ BDO SEIDMAN, LLP
                                                    BDO SEIDMAN, LLP

Orange County, California
July 9, 2001


                                       12
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                                 BALANCE SHEETS

<TABLE>
<CAPTION>


                                                                                     March 31
                                                                        -----------------------------------
                                                                             2001               2000
                                                                        ---------------    ----------------
<S>                                                                   <C>                <C>
ASSETS

Cash and cash equivalents                                             $      1,316,217   $       1,725,133
Loan receivable (Note 2)                                                             -              12,080
Due from affiliate (Note 4)                                                      9,732                   -
Investments in limited partnerships, net (Notes 3 and 4)                    14,075,565          15,243,007
Other assets                                                                       574                 574
                                                                        ---------------    ----------------
                                                                      $     15,402,088   $      16,980,794
                                                                        ===============    ================

LIABILITIES AND PARTNERS' EQUITY
  (DEFICIT)

Liabilities:
   Payables to limited partnerships (Note 6)                          $        257,889   $         672,640
   Accrued fees and expenses due to General
     Partner and affiliates (Note 4)                                             1,664               1,936
                                                                        ---------------    ----------------
     Total liabilities                                                         259,553             674,576
                                                                        ---------------    ----------------
Commitments and contingencies
Partners' equity (deficit)
   General partner                                                             (67,635)            (55,998)
   Limited partners (25,000 units authorized,
     22,000 units issued and outstanding)                                   15,210,170          16,362,216
                                                                        ---------------    ----------------
     Total partners' equity                                                 15,142,535          16,306,218
                                                                        ---------------    ----------------
                                                                      $     15,402,088   $      16,980,794
                                                                        ===============    ================
</TABLE>

                 See accompanying notes to financial statements
                                       13
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                                            For The Three       For The Year
                                               For The Years                Months Ended            Ended
                                              Ended March 31                  March 31          December 31
                                      -------------------------------    ------------------   ----------------
                                          2001              2000               1999                1998
                                      --------------    -------------    ------------------   ----------------
<S>                                 <C>               <C>              <C>                  <C>
Interest income                     $        77,116   $      108,385   $            39,963  $         231,113
Other income                                 14,248            6,100                     -                  -
                                      --------------    -------------    ------------------   ----------------
Total income                                 91,364          114,485                39,963            231,113
                                      --------------    -------------    ------------------   ----------------
Operating expenses:
   Amortization (Note 3)                     59,564           59,566                14,892             56,694
   Asset management fees
     (Note 4)                                60,500           60,500                15,125             59,351
   Other                                     31,548           49,307                 9,360             19,788
                                      --------------    -------------    ------------------   ----------------
    Total operating expenses                151,612          169,373                39,377            135,833
                                      --------------    -------------    ------------------   ----------------
Income (loss) from operations               (60,248)         (54,888)                  586             95,280

Equity in income losses of
  limited partnerships (Note 3)          (1,103,435)      (1,146,270)             (249,437)        (1,010,334)
                                      --------------    -------------    ------------------   ----------------

Net loss                            $    (1,163,683)  $   (1,201,158)  $          (248,851) $        (915,054)
                                      ==============    =============    ==================   ================
Net loss allocated to:
    General partner                 $       (11,637)  $      (12,012)  $            (2,489) $          (9,151)
                                      ==============    =============    ==================   ================
    Limited partners                $    (1,152,046)  $   (1,189,146)  $          (246,362) $        (905,903)
                                      ==============    =============    ==================   ================

Net loss per limited partner unit   $        (52.37)  $       (54.05)  $            (11.20)$           (41.18)
                                      ==============    =============    ==================   ================

Outstanding weighted limited
  partner units                              22,000           22,000                22,000             22,000
                                      ==============    =============    ==================   ================
</TABLE>

                 See accompanying notes to financial statements
                                       14
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

                  For The Years Ended March 31, 2001 and 2000,
                  For The Three Months Ended March 31, 1999 and
                      For The Year Ended December 31, 1998
<TABLE>
<CAPTION>

                                                               General            Limited
                                                               Partner            Partners             Total
                                                           ---------------    ---------------     ---------------
<S>                                   <C>                 <C>               <C>                   <C>
Partners' equity (deficit) at January 1, 1998             $        (32,069) $       18,556,025    $     18,523,956

Offering expenses                                                     (277)            (27,398)            (27,675)

Collection on notes receivable                                           -             175,000             175,000

Net loss                                                            (9,151)           (905,903)           (915,054)
                                                            ---------------    ---------------     ---------------
Partners' equity (deficit), December 31, 1998                      (41,497)         17,797,724          17,756,227

Net loss                                                            (2,489)           (246,362)           (248,851)
                                                            ---------------    ---------------      ---------------
Partners' equity (deficit) at March 31, 1999                       (43,986)         17,551,362          17,507,376

Net loss                                                           (12,012)         (1,189,146)         (1,201,158)
                                                            ---------------    ---------------     ---------------
Partners' equity (deficit) at March 31, 2000                       (55,998)         16,362,216          16,306,218

Net loss                                                           (11,637)         (1,152,046)         (1,163,683)
                                                            ---------------    ---------------     ---------------
Partners' equity (deficit) at March 31, 2001              $        (67,635) $       15,210,170    $     15,142,535
                                                            ===============    ===============     ===============
</TABLE>
                 See accompanying notes to financial statements
                                       15
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                            STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>

                                                                                         For the Three     For the Year
                                                           For the Years Ended           Months Ended         Ended
                                                               March 31                    March 31        December 31
                                                        ----------------------------   ---------------   --------------
                                                            2001            2000             1999             1998
                                                        ------------   -------------   ---------------   --------------
<S>                                                   <C>             <C>            <C>              <C>
Cash flows from operating activities:

  Net loss                                            $  (1,163,683) $    (1,201,158)$       (248,851)$       (915,054)
  Adjustments to reconcile net
    loss to net cash provided by (used in)
    operating activities:
   Amortization                                              59,564           59,566           14,892           56,694
   Equity in losses of limited
     partnerships                                         1,103,435        1,146,270          249,437        1,010,334
   Change in due from affiliates                                  -           52,835                -                -
   Change in accrued fees and
     expenses due to General
     Partner and affiliate                                     (272)        (179,195)          59,633           69,295
   Change in interest receivable                                  -                -                -           76,622
   Change in other assets                                     2,348              (74)               -                -
                                                        ------------   -------------   ---------------   --------------
     Net cash provided by (used in) operating
    activities                                                1,392         (121,756)          75,111          297,891
                                                        ------------   -------------   ---------------   --------------
     Cash flows from investing
  activities:
  Investments in limited
    partnerships, net                                      (416,901)      (1,618,687)        (455,608)      (2,934,293)
  Due from affiliates                                             -                -                -          223,940
  Distributions from limited
    partnerships                                              6,593            4,641            3,744            3,744
  Loans receivable                                                -                -           78,920          210,226
  Capitalized acquisition cost and
    fees                                                          -                -          (58,778)         (38,265)
                                                        ------------   -------------   ---------------   --------------

  Net cash used in investing
    activities                                             (410,308)      (1,614,046)        (431,722)      (2,534,648)
                                                        ------------   -------------   ---------------   --------------

Cash flows from financing activities:
  Offering costs                                                  -                -                -          (27,675)
  Collection on notes receivable                                  -                -                -          175,000
                                                        ------------   -------------   --------------   --------------

  Net cash provided by financing
    activities                                                    -                -                -          147,325

                                                        ------------   -------------   ---------------   --------------


</TABLE>

Continued

                                       16
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                      STATEMENTS OF CASH FLOWS - CONTINUED

<TABLE>
<CAPTION>
                                                                                        For the Three     For the Year
                                                           For the Years Ended           Months Ended         Ended
                                                               March 31                    March 31        December 31
                                                        ----------------------------   ---------------   --------------
                                                            2001            2000             1999             1998
                                                        ------------   -------------   ---------------   --------------
<S>                                                   <C>            <C>             <C>               <C>
Net decrease in cash
  and cash equivalents                                     (408,916)     (1,735,802)         (356,611)      (2,089,432)
Cash and cash equivalents,
  beginning of period                                     1,725,133       3,460,935         3,817,546        5,906,978
                                                        ------------   -------------   - -------------   --------------
Cash and cash equivalents, end
  of period                                           $   1,316,217  $    1,725,133  $      3,460,935  $     3,817,546
                                                        ============   =============   ===============   ==============

SUPPLEMENTAL
  DISCLOSURE OF CASH
  FLOW INFORMATION:
  Taxes paid                                          $         800  $          800  $              -  $           800
                                                        ============   =============   ===============   ==============
</TABLE>


SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING AND INVESTING ACTIVITIES:

   During the year ended December 31, 1998 the Partnership incurred, but did not
   pay, $574,471 of payables to limited partnerships (in connection with its
   investments in limited partnerships).



                 See accompanying notes to financial statements

                                       17
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                  For The Years Ended March 31, 2001 and 2000,
                  For The Three Months Ended March 31, 1999 and
                      For The Year Ended December 31, 1998




NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------------
Organization
------------
WNC Housing Tax Credit Fund V, L.P., Series 4, a California Limited  Partnership
(the "Partnership"),  was formed on July 26, 1995 under the laws of the state of
California, and commenced operations on July 1, 1996. The Partnership was formed
to  invest  primarily  in  other  limited  partnerships  and  limited  liability
companies (the "Local Limited  Partnerships") which own and operate multi-family
housing  complexes  (the  "Housing  Complex")  that are  eligible for low income
housing credits.  The local general  partners (the "Local General  Partners") of
each Local Limited Partnership retain responsibility for maintaining,  operating
and managing the Housing Complex.

The general partner is WNC & Associates, Inc. ("WNC") (the "General Partner"), a
California  limited  partnership.  Wilfred N.  Cooper,  Sr.,  through the Cooper
Revocable Trust,  owns 66.8% of the outstanding stock of WNC. John B. Lester was
the original  limited partner of the  Partnership  and owns,  through the Lester
Family Trust,  28.6% of the outstanding  stock of WNC.  Wilfred N. Cooper,  Jr.,
President of WNC, owns 2.1% of the outstanding stock of WNC.

The Partnership shall continue in full force and effect until December 31, 2050,
unless terminated prior to that date,  pursuant to the partnership  agreement or
law.

The financial  statements  include only activity relating to the business of the
Partnership,  and do not give  effect to any assets that the  partners  may have
outside of their interests in the Partnership, or to any obligations,  including
income taxes, of the partners.

The  partnership  agreement  authorized the sale of up to 25,000 units at $1,000
per Unit  ("Units").  The offering of Units  concluded on July 11, 1997 at which
time 22,000 Units representing  subscriptions in the amount of $21,914,830,  net
of discount of $79,550 for volume purchases and $5,620 for dealer discounts, had
been accepted.  The General  Partner has a 1% interest in operating  profits and
losses,  taxable income and losses and in cash available for  distribution  from
the  Partnership  and tax credits.  The limited  partners  will be allocated the
remaining 99% of these items in proportion to their respective investments.

After the limited  partners  have received  proceeds from a sale or  refinancing
equal to their capital  contributions and their return on investment (as defined
in the  Partnership  Agreement)  and the General  Partner has received  proceeds
equal  to its  capital  contribution  and a  subordinated  disposition  fee  (as
described in Note 4) from the  remainder,  any  additional  sale or  refinancing
proceeds will be distributed 90% to the limited partners (in proportion to their
respective investments) and 10% to the General Partner.

Change in Reporting Year End
----------------------------
In 1999,  the  Partnership  has  elected  to change  its year end for  financial
reporting  purposes  from  December  31 to March 31. All  financial  information
reflected in the financial  statements  and related  footnotes has been adjusted
for  this  change  in year  end  except  for the  combined  condensed  financial
information relating to the Local Limited Partnerships included in Note 3.



                                       18
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  For The Years Ended March 31, 2001 and 2000,
                  For The Three Months Ended March 31, 1999 and
                      For The Year Ended December 31, 1998




NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
--------------------------------------------------------------
Risks and Uncertainties
-----------------------
The Partnership's  investments in Local Limited  Partnerships are subject to the
risks incident to the management and ownership of low-income  housing and to the
management and ownership of multi-unit  residential  real estate.  Some of these
risks  are that the low  income  housing  credit  could be  recaptured  and that
neither the  Partnership's  investments  nor the Housing  Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the Housing
Complexes  receive  government  financing  or operating  subsidies,  they may be
subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations
on cash distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of Local Limited Partnership Interests;  limitations on
removal of Local General Partners; limitations on subsidy programs; and possible
changes in applicable regulations.  The Housing Complexes are or will be subject
to  mortgage  indebtedness.  If a Local  Limited  Partnership  does not make its
mortgage payments, the lender could foreclose resulting in a loss of the Housing
Complex  and  low-income  housing  credits.  As a limited  partner  of the Local
Limited Partnerships, the Partnership will have very limited rights with respect
to management of the Local  Limited  Partnerships,  and will rely totally on the
Local General  Partners of the Local Limited  Partnerships for management of the
Local Limited Partnerships.  The value of the Partnership's  investments will be
subject  to  changes  in  national  and  local  economic  conditions,  including
unemployment  conditions,  which could adversely  impact vacancy levels,  rental
payment  defaults and operating  expenses.  This, in turn,  could  substantially
increase  the  risk of  operating  losses  for  the  Housing  Complexes  and the
Partnership.  In addition,  each Local Limited  Partnership  is subject to risks
relating  to  environmental  hazards  and  natural  disasters,  which  might  be
uninsurable. Because the Partnership's operations will depend on these and other
factors  beyond  the  control  of the  General  Partner  and the  Local  General
Partners,  there can be no assurance  that the  anticipated  low income  housing
credits will be available to Limited Partners.

In addition,  Limited  Partners are subject to risks in that the rules governing
the low income  housing  credit are  complicated,  and the use of credits can be
limited.  The only  material  benefit from an investment in Units may be the low
income housing credits. There are limits in the transferability of Units, and it
is unlikely that a market for Units will develop.  All management decisions will
be made by the General Partner.

Method of Accounting for Investments in Limited Partnerships
------------------------------------------------------------
The Partnership  accounts for its investments in limited  partnerships using the
equity method of  accounting,  whereby the  Partnership  adjusts its  investment
balance for its share of the Local Limited  Partnership's  results of operations
and for any distributions received. The accounting policies of the Local Limited
Partnerships are consistent with those of the Partnership. Costs incurred by the
Partnership  in  acquiring  the  investments  are  capitalized  as  part  of the
investment account and are being amortized over 30 years (see Note 3).

Losses from limited  partnerships for the year ended December 31, 1998 have been
recorded  by the  Partnership  based on reported  results  provided by the Local
Limited  Partnerships.  Losses from  limited  partnerships  for the three months
ended March 31, 1999 have been estimated by the  management of the  Partnership.
Losses from Local  Limited  Partnerships  for the years ended March 31, 2001 and
2000 have been  recorded  by the  Partnership  based on nine  months of reported
results  provided  by the  Local  Limited  Partnerships  and on three  months of
results  estimated by management of the  Partnership.  Losses from Local Limited
Partnerships  allocated to the Partnership are not recognized to the extent that
the investment balance would be adjusted below zero.


                                       19
<PAGE>






                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  For The Years Ended March 31, 2001 and 2000,
                  For The Three Months Ended March 31, 1999 and
                      For The Year Ended December 31, 1998


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
--------------------------------------------------------------
Offering Expenses
-----------------
Offering  expenses consist of underwriting  commissions,  legal fees,  printing,
filing and recordation fees, and other costs incurred in connection with selling
limited  partnership  interests  in the  Partnership.  The  General  Partner  is
obligated  to pay all  offering  and  organization  costs  in  excess  of  14.5%
(including sales commissions) of the total offering proceeds.  Offering expenses
are  reflected  as a reduction  of limited  partners'  capital  and  amounted to
$2,960,328 at the end of all periods presented.

Use of Estimates
----------------
The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of assets  and  liabilities  and  disclosure  of
contingent assets and liabilities at the date of the financial  statements,  and
the  reported  amounts of revenues  and expenses  during the  reporting  period.
Actual results could materially differ from those estimates.

Cash and Cash Equivalents
 -------------------------
The  Partnership   considers  all  highly  liquid   investments  with  remaining
maturities of three months or less when purchased to be cash equivalents.  As of
March 31, 2001 and 2000, the  Partnership  had cash  equivalents of $840,000 and
$0, respectively.

Concentration of Credit Risk
----------------------------
At March 31,  2001 and 2000,  the  Partnership  maintained  cash  balances  at a
certain financial institution in excess of the federally insured maximum.

Net Loss Per Limited Partner Unit
---------------------------------
Net loss per  limited  partner  unit is  calculated  pursuant  to  Statement  of
Financial  Accounting  Standards No. 128,  Earnings Per Share. Net loss per unit
includes no dilution  and is computed  by  dividing  loss  available  to limited
partners by the weighted average number of units outstanding  during the period.
Calculation of diluted net loss per unit is not required.

Reporting Comprehensive Income
------------------------------
In June 1997,  the FASB  issued  Statement  of  Financial  Accounting  Standards
("SFAS") No. 130, Reporting  Comprehensive  Income.  This statement  establishes
standards for reporting the components of comprehensive income and requires that
all items that are  required to be  recognized  under  accounting  standards  as
components of comprehensive  income be included in a financial statement that is
displayed with the same prominence as other financial statements.  Comprehensive
income  includes net income as well as certain items that are reported  directly
within a separate  component  of  partners'  equity and bypass net  income.  The
Partnership  adopted the  provisions  of this  statement in 1998.  For the years
presented,  the Partnership has no elements of other  comprehensive  income,  as
defined by SFAS No. 130.


                                       20
<PAGE>





                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  For The Years Ended March 31, 2001 and 2000,
                  For The Three Months Ended March 31, 1999 and
                      For The Year Ended December 31, 1998



NOTE 2 - LOAN RECEIVABLE
------------------------
Loan  receivable  represents  an amount loaned by the  Partnership  to a certain
Local Limited Partnership in which the Partnership had planned to invest. During
the year ended  March 31,  2001,  the  Partnership  decided not to invest in the
entity and collected the principle and interest in full.

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS
--------------------------------------------
As of the periods  presented,  the Partnership has acquired limited  partnership
interests  in 14 Local  Limited  Partnerships,  each of which  owns one  Housing
Complex  consisting of an aggregate of 785 apartment units. As of March 31, 2001
construction or rehabilitation of all of the Housing Complexes was complete. The
respective  general  partners  of the  Local  Limited  Partnerships  manage  the
day-to-day  operations of the entities.  Significant  Local Limited  Partnership
business decisions require approval from the Partnership.  The Partnership, as a
limited partner, is generally entitled to approximately 99%, as specified in the
Local  Limited  Partnership  agreements,  of the  operating  profits and losses,
taxable  income and losses and tax  credits of the Local  Limited  Partnerships,
except  for one of the  investments  in  which it is  entitled  to 49.5% of such
amounts.

The  Partnership's  investments  in limited  partnerships  as  reflected  in the
balance  sheets  at March 31,  2001 and 2000 are  approximately  $1,739,000  and
$2,228,000, respectively, greater than the Partnership's equity at the preceding
December  31 as shown in the  Local  Limited  Partnerships'  combined  financial
statements  presented  below.  This  difference is primarily due to acquisition,
selection,  and other costs related to the acquisition of the investments  which
have been  capitalized in the  Partnership's  investment  account and to capital
contributions  payable to the limited  partnerships  which were  netted  against
partner  capital in the Local Limited  Partnerships'  financial  statements (see
Note 6). The  Partnership's  investment  is also  lower  than the  Partnership's
equity as shown in the Local Limited Partnership's combined financial statements
due to the  estimated  losses  recorded by the  Partnership  for the three month
period ended March 31.

Equity  in  losses  of the  Local  Limited  Partnerships  is  recognized  in the
financial  statements until the related  investment account is reduced to a zero
balance. Losses incurred after the investment account is reduced to zero are not
recognized. If the Local Limited Partnerships report net income in future years,
the  Partnership  will resume applying the equity method only after its share of
such net  income  equals  the share of net  losses  not  recognized  during  the
period(s) the equity method was suspended.

Distributions  received from Local Limited  Partnerships  are accounted for as a
reduction of the investment balance. Distributions received after the investment
has reached zero are  recognized as income.  As of March 31, 2001, no investment
accounts in Local Limited Partnerships had reached a zero balance.

The following is a summary of the equity method  activity of the  investments in
limited partnerships for the periods presented:
<TABLE>
<CAPTION>
                                                                                             For the Three     For the Year
                                                                  For the Years              Months Ended         Ended
                                                                 Ended March 31                March 31        December 31
                                                          ------------------------------    ---------------   --------------
                                                              2001            2000               1999             1998
                                                          -------------   --------------    ---------------   --------------
<S>                                                     <C>             <C>               <C>               <C>
Investments per balance sheet, beginning of period      $   15,243,007  $    15,345,027   $     15,573,510  $    14,894,897
Capital contributions paid, net                                      -          766,262            (19,187)       1,277,728
Capital contributions payable                                        -          342,195                  -          433,392
Capitalized acquisition fees and costs                               -                -             58,777           38,265
Tax credit adjustment                                            2,151                -                  -                -
Distributions received                                          (6,594)          (4,641)            (3,744)          (3,744)
Equity in losses of limited partnerships                    (1,103,435)      (1,146,270)          (249,437)      (1,010,334)
Amortization of capitalized acquisition fees and
costs                                                          (59,564)         (59,566)           (14,892)         (56,694)
                                                          -------------   --------------    ---------------   --------------
Investments in limited partnerships, end of period      $   14,075,565  $    15,243,007   $     15,345,027  $    15,573,510
                                                          =============   ==============    ===============   ==============
</TABLE>

                                       21


<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  For The Years Ended March 31, 2001 and 2000,
                  For The Three Months Ended March 31, 1999 and
                      For The Year Ended December 31, 1998


NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS
--------------------------------------------
The financial  information from the individual financial statements of the Local
Limited Partnerships include rental and interest subsidies. Rental subsidies are
included in total  revenues  and  interest  subsidies  are  generally  netted in
interest expense.  Approximate combined condensed financial information from the
individual  financial  statements of the individual  financial statements of the
Local Limited  Partnerships as of December 31 and for the years then ended is as
follows:
<TABLE>
<CAPTION>
                        COMBINED CONDENSED BALANCE SHEETS

                                                                                     2000               1999
                                                                                ---------------    ---------------
<S>                                                                           <C>                <C>
ASSETS

Land                                                                          $      2,465,000   $      2,465,000
Buildings and improvements, net of accumulated depreciation for
  2000 and 1999 of $3,543,000 and $2,366,000, respectively                          34,641,000         33,780,000
Construction in progress                                                                     -            794,000
Other assets                                                                         2,096,000          2,902,000
                                                                                ---------------    ---------------
                                                                              $     39,202,000   $     39,941,000
                                                                                ===============    ===============

LIABILITIES

Mortgage and construction loans payable                                       $     19,581,000   $     20,210,000
Due to related parties                                                               2,123,000          2,456,000
Other liabilities                                                                      745,000          1,038,000
                                                                                ---------------    ---------------
                                                                                    22,449,000         23,704,000
                                                                                ---------------    ---------------
PARTNERS' CAPITAL

WNC Housing Tax Credit Fund V, L.P., Series 4                                       12,337,000         13,015,000
WNC Housing Tax Credit Fund V, L.P., Series 3                                        2,272,000          2,352,000
Other partners                                                                       2,144,000            870,000
                                                                                ---------------    ---------------
                                                                                    16,753,000         16,237,000
                                                                                ---------------    ---------------
                                                                              $     39,202,000   $     39,941,000


                                                                                ===============    ===============
</TABLE>
                                       22
<PAGE>





                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  For The Years Ended March 31, 2001 and 2000,
                  For The Three Months Ended March 31, 1999 and
                      For The Year Ended December 31, 1998






            NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
            -------------------------------------------------------
                   COMBINED CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
                                                                 2000                1999               1998
                                                            ---------------     ---------------    ---------------
<S>                                                       <C>                 <C>                <C>
Revenues                                                  $      3,139,000    $      2,716,000   $      2,333,000
                                                            ---------------     ---------------    ---------------

Expenses:
  Operating expenses                                             2,117,000           1,754,000          1,821,000
  Interest expense                                                 953,000             988,000            808,000
  Depreciation and amortization                                  1,267,000           1,160,000            924,000
                                                            ---------------     ---------------    ---------------
Total expenses                                                   4,337,000           3,902,000          3,553,000
                                                            ---------------     ---------------    ---------------
Net loss                                                  $     (1,198,000)   $    (1,186,000)   $     (1,220,000)
                                                            ===============     ===============    ===============
Net loss allocable to the Partnership                     $     (1,110,000    $    (1,137,000    $     (1,010,000)
                                                            ===============     ===============    ===============
Net loss recorded by the Partnership                      $     (1,103,000   $     (1,137,000    $     (1,010,000)
                                                            ===============     ===============    ===============
</TABLE>
Certain Local Limited  Partnerships have incurred  significant  operating losses
and  have  working  capital  deficiencies.  In the  event  these  Local  Limited
Partnerships continue to incur significant operating losses,  additional capital
contributions  by the  Partnership  and/or  the  Local  General  Partner  may be
required  to sustain  the  operations  of such Local  Limited  Partnerships.  If
additional  capital  contributions  are not made  when  they are  required,  the
Partnership's  investment in certain of such Local Limited Partnerships could be
impaired, and the loss and recapture of the related tax credits could occur.

NOTE 4 - RELATED PARTY TRANSACTIONS
-----------------------------------
As of March 31, 2000,  due from  affiliate  consisted of an advance to a certain
Local Limited Partnership for operations.

Under the terms of the  Partnership  Agreement,  the  Partnership has paid or is
obligated to the General Partner or their affiliates for the following items:

         Acquisition fees of up to 7.5% of the gross proceeds from the sale of
         Units as compensation for services rendered in connection with the
         acquisition of interests in Local Limited Partnerships. As of March 31,
         2001 and 2000, the Partnership incurred acquisition fees of $1,630,375.
         Accumulated amortization of these capitalized costs was $216,261 and
         $161,917 as of March 31, 2001 and 2000, respectively.

         Reimbursement of costs incurred by the General Partner in connection
         with the acquisition of interests in Local Limited Partnerships. These
         reimbursements have not exceeded 1% of the gross proceeds. As of March
         31, 2001 and 2000, the Partnership incurred acquisition costs of
         $156,589, which have been included in investments in limited
         partnerships. Accumulated amortization was $19,340 and $14,120 as of
         March 31, 2001 and 2000, respectively.


                                       23
<PAGE>




                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  For The Years Ended March 31, 2001 and 2000,
                  For The Three Months Ended March 31, 1999 and
                      For The Year Ended December 31, 1998


NOTE 4 - RELATED PARTY TRANSACTIONS, continued
----------------------------------------------

         An annual asset management fee equal to the greater amount of (i)
         $2,000 for each housing complex, or (ii) 0.275% of the gross proceeds.
         In either case, the fee will be decreased or increased annually based
         on changes in the Consumer Price Index. However, in no event will the
         maximum amount exceed 0.2% of the invested assets (defined as the
         Partnership's capital contributions plus reserves of the Partnership of
         up to 5% of gross proceeds plus its allocable percentage of the
         mortgage debt encumbering the housing complexes) of the Local Limited
         Partnerships. Management fees of $60,500 were incurred for each of the
         years ended March 31, 2001 and 2000, $15,125 were incurred during the
         three months ended March 31, 1999, and $59,351 were incurred for the
         year ended December 31, 1998, of which $60,500 and $176,880 were paid
         during the years ended March 31, 2001 and 2000, respectively, and
         $7,775 was paid during the three months ended March 31, 1999. No
         management fees were paid in 1998.

         A subordinated disposition fee in an amount equal to 1% of the sales
         price of real estate sold. Payment of this fee is subordinated to the
         limited partners receiving a preferred return of 14% through December
         31, 2006 and 6% thereafter (as defined in the Partnership Agreement)
         and is payable only if the General Partner or its affiliates render
         services in the sales effort.

The accrued fees and expenses due to General Partner and affiliates consist of
the following at:
<TABLE>
<CAPTION>
                                                                                March 31
                                                                     --------------------------------
                                                                         2001              2000
                                                                     --------------    --------------

<S>                                                                <C>               <C>
Asset management fees payable                                      $         1,436   $         1,436

Advances from WNC                                                              228               500
                                                                     --------------    --------------

Total                                                              $         1,664   $         1,936
                                                                     ==============    ==============
</TABLE>

NOTE 5 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
----------------------------------------------------
The following is a summary of the quarterly operations for the years ended March
31, 2001 and 2000 (in thousands, except for per unit data).
<TABLE>
<CAPTION>
                                           June 30           September 30       December 31           March 31
                                        ---------------     ---------------    ---------------     ---------------
               2001
               ----
<S>                                   <C>                 <C>                <C>                 <C>
Income                                $         32,000    $         20,000   $         14,000    $         25,000

Operating expenses                              37,000              34,000             45,000              36,000

Equity in losses of limited
     partnerships                             (284,000)           (284,000)          (284,000)           (251,000)

Net loss                                      (289,000)           (298,000)          (315,000)           (261,000)

Loss available to limited partners            (286,000)           (295,000)          (312,000)           (259,000)

Loss available per limited
     partner unit                                  (13)                (13)               (14)                (12)

</TABLE>

                                       24
<PAGE>



                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  For The Years Ended March 31, 2001 and 2000,
                  For The Three Months Ended March 31, 1999 and
                      For The Year Ended December 31, 1998


<TABLE>
<CAPTION>
NOTE 5 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED), continued
---------------------------------------------------------------
                                           June 30           September 30       December 31           March 31
                                        ---------------     ---------------    ---------------     ---------------
               2000
               ----
<S>                                   <C>                 <C>                <C>                 <C>
Income                                $         36,000    $         27,000   $         23,000    $         28,000

Operating expenses                              39,000              49,000             48,000              34,000

Equity in losses of limited
     partnerships                             (249,000)           (252,000)          (252,000)           (393,000)

Net loss                                      (252,000)           (274,000)          (277,000)           (398,000)

Loss available to limited partners            (249,000)           (271,000)          (274,000)           (395,000)

Loss per limited partner unit                      (11)                (12)               (12)                (18)
</TABLE>

NOTE 6 - PAYABLES TO LIMITED PARTNERSHIPS
-----------------------------------------
Payables to limited partnerships represent amounts which are due at various
times based on conditions specified in the limited partnership agreements. These
contributions are payable in installments and are generally due upon the limited
partnerships achieving certain development and operating benchmarks (generally
within two years of the Partnership's initial investment).

NOTE 7 - INCOME TAXES
---------------------
No provision for income taxes has been recorded in the accompanying financial
statements as any liability for income taxes is the obligation of the partners
of the Partnership.


                                       25
<PAGE>




Item  9.  Changes  in and  Disagreements  With  Accountants  on  Accounting  and
Financial Disclosure

NOT APPLICABLE

PART III.
---------
Item 10. Directors and Executive Officers of the Registrant

The Partnership has no directors or executive officers of its own. The following
biographical  information is presented for the directors and executive  officers
of Associates which has principal responsibility for the Partnership's affairs.

Directors and Executive Officers of WNC & Associates, Inc.

The directors of WNC & Associates,  Inc. are Wilfred N. Cooper,  Sr., who serves
as Chairman of the Board,  John B.  Lester,  Jr.,  David N.  Shafer,  Wilfred N.
Cooper, Jr. and Kay L. Cooper.  The principal  shareholders of WNC & Associates,
Inc. are trusts established by Wilfred N. Cooper, Sr. and John B. Lester, Jr.

Wilfred N.  Cooper,  Sr.,  age 70, is the  founder,  Chairman,  Chief  Executive
Officer  and a Director  of WNC &  Associates,  Inc.,  a Director of WNC Capital
Corporation,  and a general partner in some of the programs previously sponsored
by the  Sponsor.  Mr.  Cooper has been  involved in real estate  investment  and
acquisition  activities  since 1968.  Previously,  during 1970 and 1971,  he was
founder and principal of Creative Equity Development Corporation,  a predecessor
of WNC & Associates,  Inc., and of Creative  Equity  Corporation,  a real estate
investment firm. For 12 years prior to that, Mr. Cooper was employed by Rockwell
International  Corporation,  last  serving as its  manager of housing  and urban
developments where he had  responsibility  for factory-built  housing evaluation
and project  management  in urban  planning  and  development.  Mr.  Cooper is a
Director of the  National  Association  of Home  Builders  (NAHB) and a National
Trustee  for NAHB's  Political  Action  Committee,  a Director  of the  National
Housing  Conference  (NHC)  and a member  of  NHC's  Executive  Committee  and a
Director of the National Multi-Housing Council (NMHC). Mr. Cooper graduated from
Pomona College in 1956 with a Bachelor of Arts degree.

John B.  Lester,  Jr.,  age 67, is  Vice-Chairman,  a Director,  a member of the
Acquisition  Committee of WNC & Associates,  Inc., and a Director of WNC Capital
Corporation.   Mr.  Lester  has  27  years  of  experience  in  engineering  and
construction  and has been involved in real estate  investment  and  acquisition
activities since 1986 when he joined the Sponsor. Previously, he was Chairman of
the Board and Vice President or President of E & L Associates,  Inc., a provider
of engineering and construction  services to the oil refinery and  petrochemical
industries,  which  he  co-founded  in  1973.  Mr.  Lester  graduated  from  the
University of Southern  California in 1956 with a Bachelor of Science  degree in
Mechanical Engineering.

Wilfred N.  Cooper,  Jr.,  age 38, is  President,  Chief  Operating  Officer,  a
Director and a member of the Acquisition Committee of WNC & Associates,  Inc. He
is President of, and a registered  principal  with, WNC Capital  Corporation,  a
member firm of the NASD, and is a Director of WNC  Management,  Inc. He has been
involved in investment and  acquisition  activities  with respect to real estate
since he joined the  Sponsor  in 1988.  Prior to this,  he served as  Government
Affairs  Assistant with Honda North America in Washington,  D.C. Mr. Cooper is a
member of the Advisory Board for LIHC Monthly Report,  a Director of NMHC and an
Alternate  Director of NAHB. He graduated  from The American  University in 1985
with a Bachelor of Arts degree.

David N.  Shafer,  age 49, is  Executive  Vice  President,  a Director,  General
Counsel,  and a member of the Acquisition  Committee of WNC & Associates,  Inc.,
and a  Director  and  Secretary  of WNC  Management,  Inc.  Mr.  Shafer has been
involved in real estate investment and acquisition  activities since 1984. Prior
to joining the Sponsor in 1990, he was  practicing  law with a specialty in real
estate and taxation.  Mr.  Shafer is a Director and President of the  California
Council of Affordable  Housing and a member of the State Bar of California.  Mr.
Shafer graduated from the University of California at Santa Barbara in 1978 with
a Bachelor of Arts  degree,  from the New  England  School of Law in 1983 with a
Juris  Doctor  degree (cum laude) and from the  University  of San Diego in 1986
with a Master of Law degree in Taxation.

                                       26
<PAGE>


Thomas J. Riha, age 46, became Chief Financial  Officer  effective January 2001.
Prior to his  appointment  as Chief  Financial  Officer he was Vice  President -
Asset Management and a member of the Acquisition  Committee of WNC & Associates,
Inc. and a Director and Chief Executive Officer of WNC Management, Inc. Mr. Riha
has been involved in acquisition and investment  activities with respect to real
estate since 1979.  Prior to joining the Sponsor in 1994,  Mr. Riha was employed
by Trust Realty Advisor, a real estate acquisition and management company,  last
serving as Vice  President - Operations.  Mr. Riha graduated from the California
State  University,  Fullerton in 1977 with a Bachelor of Arts degree (cum laude)
in Business Administration with a concentration in Accounting and is a Certified
Public  Accountant  and a member of the American  Institute of Certified  Public
Accountants.

Sy P. Garban,  age 55, is Vice  President - National  Sales of WNC & Associates,
Inc.  and has been  employed by the  Sponsor  since  1989.  Mr.  Garban has been
involved in real estate  investment  activities since 1978. Prior to joining the
Sponsor he served as  Executive  Vice  President  of MRW,  Inc.,  a real  estate
development  and management  firm.  Mr. Garban is a member of the  International
Association of Financial  Planners.  He graduated from Michigan State University
in 1967 with a Bachelor of Science degree in Business Administration.

N. Paul Buckland,  age 38, is Vice President - Acquisitions  and a member of the
Acquisition  Committee of WNC &  Associates,  Inc. He has been  involved in real
estate  acquisitions and investments since 1986 and has been employed with WNC &
Associates, Inc. since 1994. Prior to that, he served on the development team of
the Bixby Ranch that  constructed  apartment  units and Class A office  space in
California and neighboring  states,  and as a land acquisition  coordinator with
Lincoln  Property   Company  where  he  identified  and  analyzed   multi-family
developments. Mr. Buckland graduated from California State University, Fullerton
in 1992 with a Bachelor of Science degree in Business Finance.

David Turek, age 46 finance activities since 1976 and has been employed by WNC &
Associates, Inc. since 1996. From 1995 to 1996, Mr. Turek served as a consultant
for a  national  Tax  Credit  sponsor  where  he  was  responsible  for  on-site
feasibility  studies and due diligence analyses of Tax Credit  properties.  From
1990 to 1995, he was involved in the development of conventional  and tax credit
multi-family  housing.  He is a Director with the Texas  Council for  Affordable
Rural Housing and graduated  from Southern  Methodist  University in 1976 with a
Bachelor of Business Administration degree.

Kay L. Cooper,  age 64, is a Director of WNC & Associates,  Inc. Mrs. Cooper was
the founder and sole  proprietor  of Agate 108, a  manufacturer  and retailer of
home  accessory  products,  from 1975 until 1998.  She is the wife of Wilfred N.
Cooper,  Sr.,  the mother of Wilfred  N.  Cooper,  Jr. and the sister of John B.
Lester,  Jr. Ms. Cooper graduated from the University of Southern  California in
1958 with a Bachelor of Science degree.

Item 11.  Executive Compensation

The Partnership has no officers, employees, or directors. However, under the
terms of the Partnership Agreement the Partnership is obligated to the General
Partner or Associates for the following fees:

(a)  Acquisition Fees.  Acquisition fees in an amount equal to 7.5% of the gross
     proceeds of the Partnership's Offering ("Gross Proceeds") allocable to each
     of the Local Limited Partnerships. As of March 31, 2001, 2000 and 1999, the
     aggregate  amount of  acquisition  fees paid or accrued  was  approximately
     $1,630,000.  As of December 31, 1998 the  aggregate  amount of  acquisition
     fees paid or accrued was approximately $1,571,600.

(b)  Annual Asset  Management Fee. An annual asset management fee of the greater
     of (i)  $2,000 per  multi-family  housing  complex or (ii)  0.275% of Gross
     Proceeds. The base fee amount will be adjusted annually based on changes in
     the  Consumer  Price  Index,  however  in no event  will the  annual  asset
     management fee exceed 0.2% of Invested Assets.  "Invested Assets" means the
     sum of the Partnership's  Investment in Local Limited  Partnerships and the
     Partnership's  allocable share of the amount of indebtedness related to the
     Housing Complexes.  Asset management fees of $60,500,  $60,500, $15,125 and
     $59,351  were  incurred  for the years ended  March 31, 2001 and 2000,  the
     three months ended March 31, 1999, and the year ended December 31, 1998, of
     which $60,500,  $176,880, and $7,779 were paid during the years ended March
     31, 2001 and 2000 and the three months ended March 31, 1999,  respectively.
     None were paid in 1998.

                                       27
<PAGE>



(c)  Subordinated  Disposition Fee. A subordinated  disposition fee in an amount
     equal to 1% of the  sale  price  received  in  connection  with the sale or
     disposition  of a Housing  Complex or Local Limited  Partnership  Interest.
     Subordinated  disposition  fees will be subordinated to the prior return of
     the Limited  Partners'  capital  contributions and payment of the Return on
     Investment to the Limited Partners. "Return on Investment" means an annual,
     cumulative but not compounded,  "return" to the Limited Partners (including
     Low  Income  Housing   Credits)  as  a  class  on  their  adjusted  capital
     contributions  commencing  for each Limited  Partner on the last day of the
     calendar quarter during which the Limited Partner's capital contribution is
     received by the  Partnership,  calculated at the following  rates:  (i) 14%
     through  December 31, 2006, and (ii) 6% for the balance of the Partnerships
     term. No disposition fees have been paid.

(d)  Acquisition  Expense.  Acquisition  expenses are  reimbursed to the General
     Partner for  expenses  associated  with the  acquisition  of Local  Limited
     Partnerships.   The  reimbursements  will  not  exceed  1%  of  the  "Gross
     Proceeds".  As of March 31, 2001,  2000 and 1999, and December 31, 1998 the
     Partnership had incurred acquisition expense reimbursements of $156,589.

(e)  Interest in  Partnership.  The General  Partner  will receive 1% of the Low
     Income  Housing  Credits.  The  General  Partner was  allocated  Low Income
     Housing  Credits  of  $25,684,  $23,177  and  $17,771  for the years  ended
     December 31, 2000, 1999 and 1998. The General Partners are also entitled to
     receive 1% of cash  distributions.  There were no  distributions of cash to
     the General  Partner  during the years  ended March 31, 2001 and 2000,  the
     three months ended March 31, 1999 or the year ended December 31, 1998.

Item 12. Security Ownership of Certain Beneficial Owners and Management

(a)  Security Ownership of Certain Beneficial Owners
     ----------------------------------------------
     No person is known to own  beneficially  in excess of 5% of the outstanding
     Units.

(b)  Security Ownership of Management
     -------------------------------

     Neither the General  Partner,  its  affiliates,  nor any of the officers or
     directors  of  the  General  Partner  or its  affiliates  own  directly  or
     beneficially any Units in the Partnership.

(c)  Changes in Control
     ------------------

     The  management  and control of the  General  Partner may be changed at any
     time in accordance with its organizational  documents,  without the consent
     or approval of the Limited Partners. In addition, the Partnership Agreement
     provides for the admission of one or more additional and successor  General
     Partners in certain circumstances.

     First,   with  the   consent   of  any  other   General   Partners   and  a
     majority-in-interest  of the  Limited  Partners,  any  General  Partner may
     designate  one or  more  persons  to be  successor  or  additional  General
     Partners. In addition,  any General Partner may, without the consent of any
     other General Partner or the Limited Partners,  (i) substitute in its stead
     as General  Partner  any  entity  which has,  by merger,  consolidation  or
     otherwise,  acquired  substantially  all  of its  assets,  stock  or  other
     evidence of equity interest and continued its business, or (ii) cause to be
     admitted to the Partnership an additional General Partner or Partners if it
     deems such  admission to be necessary or desirable so that the  Partnership
     will be classified a partnership for Federal income tax purposes.  Finally,
     a  majority-in-interest  of the Limited Partners may at any time remove the
     General Partner of the Partnership and elect a successor General Partner.

Item 13.  Certain Relationships and Related Transactions

The General Partner manages all of the Partnership's  affairs.  The transactions
with  the  General  Partner  are  primarily  in the  form  of  fees  paid by the
Partnership for services  rendered to the Partnership and the General  Partner's
interest in the  Partnership,  as  discussed  in Item 11 and in the notes to the
Partnership's financial statements.


                                       28
<PAGE>


PART IV

Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K

Financial Statements

(a)(1) Financial statements included in Part II hereof:
       ------------------------------------------------
       Report of Independent  Certified Public Accountants
       Balance Sheets, March 31, 2001 and 2000
       Statements of Operations for the years ended March 31,
       2001 and 2000,  the three  months ended March 31, 1999 and the year ended
       December 31, 1998
       Statements of Partners'  Equity (Deficit) for the years
       ended March 31, 2001 and 2000,  the three months ended March 31, 1999 and
       the year ended  December 31, 1998
       Statements of Cash Flows for the years
       ended March 31, 2001 and 2000,  the three months ended March 31, 1999 and
       The year ended December 31, 1998
       Notes to Financial Statements


(a)(2) Financial statement schedules included in Part IV hereof:
       --------------------------------------------------------
       Report of Independent Certified Public Accountants on Financial
       Statement Schedules
       Schedule III - Real Estate Owned by Local Limited Partnerships

(b)    Reports on Form 8-K.
       -------------------
1.     NONE

(c)    Exhibits.
       --------
3.1    Articles  of   incorporation   and  by-laws:   The   registrant   is  not
       incorporated. The Partnership Agreement is included as Exhibit 2.1 to the
       Form 8-A12G dated May 5, 1996.

3.2    First Amendment to Agreement of Limited  Partnership  included as Exhibit
       2.2 to the Form 8-A12G dated May 5, 1996.

10.1   Amended and Restated Agreement of Limited  Partnership of Blessed Rock of
       El Monte filed as exhibit 10.1 to Form 8-K Current Report dated September
       19, 1996 is herein incorporated by reference as exhibit 10.1.

10.2   Agreement of Limited  Partnership  of Crescent City  Apartments  filed as
       exhibit  10.1 to Form 8-K  Current  Report  dated  September  25, 1996 is
       herein incorporated by reference as exhibit 10.2.

10.3   Agreement of Limited  Partnership of Ashford Place, a Limited Partnership
       filed as exhibit 10.1 to Form 8-K Current  Report dated  January 27, 1997
       is herein incorporated by reference as exhibit 10.3

10.4   Amended and  Restated  Agreement  of Limited  Partnership  of Lamar Plaza
       Apts.,  L. P.  filed as exhibit  10.2 to Form 8-K  Current  Report  dated
       January 27, 1997 is herein incorporated by reference as exhibit 10.4.

10.5   Amended and Restated Agreement of Limited  Partnership of Woodland , Ltd.
       filed as exhibit 10.3 to Form 8-K Current  Report dated  January 27, 1997
       is herein incorporated by reference as exhibit 10.5.

10.6   Amended  and  Restated  Agreement  of Limited  Partnership  of Mesa Verde
       Apartments Limited  Partnership filed as exhibit 10.1 to Form 8-K Current
       Report dated March 6, 1997 is herein incorporated by reference as exhibit
       10.6.

                                       29
<PAGE>


10.7   Amended  and  Restated  Agreement  of  Limited   Partnership  of  Hilltop
       Apartments,  Ltd.  filed as exhibit 10.1 to Form 8-K Current Report dated
       April 27, 1997 is herein incorporated by reference as exhibit 10.7.

10.8   Amended and Restated  Agreement of Limited  Partnership of Mountain Vista
       Associates Limited  Partnership filed as exhibit 10.1 to Form 8-K Current
       Report dated May 27, 1997 is herein  incorporated by reference as exhibit
       10.8.

10.9   Amended and  Restated  Agreement  of Limited  Partnership  of Belen Vista
       Associates Limited  Partnership filed as exhibit 10.1 to Form 8-K Current
       Report dated May 5, 1997 is here in  incorporated by reference as exhibit
       10.9.

10.10  Amended  and  Restated  Agreement  of Limited  Partnership  of  Greyhound
       Associates  I,  Limited  Partnership  filed as  exhibit  10.1 to Form 8-K
       Current Report dated May 20, 1997 is herein  incorporated by reference as
       exhibit 10.10.

(d)    Financial  statement  schedules follow, as set forth in subsection (a)(2)
       --------------------------------------
       hereof.


                                       30
<PAGE>


       Report of Independent Certified Public Accountants on Financial Statement
       Schedules



To the Partners
WNC Housing Tax Credit Fund V, L.P., Series 4


The audits  referred to in our report  dated July 9, 2001  relating to the 2001,
2000, 1999 and 1998 financial statements of WNC Housing Tax Credit Fund V, L.P.,
Series 4 (the  "Partnership"),  which are contained in Item 8 of this Form 10-K,
included  the  audit of the  accompanying  financial  statement  schedules.  The
financial  statement  schedules  are  the  responsibility  of the  Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statement schedules based upon our audits.

In our opinion,  such  financial  statement  schedules  present  fairly,  in all
material respects, the financial information set forth therein.




                                 /S/ BDO SEIDMAN, LLP
                                     BDO SEIDMAN, LLP

Orange County, California
July 9, 2001



                                       31
<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2001
<TABLE>
<CAPTION>
                                                  ------------------------------------- --------------------------------------------
                                                          As of March 31, 2001                As of December 31, 2000
                                                  ------------------------------------- --------------------------------------------
                                                  Total Investment   Amount of     Encumbrances of                              Net
                                                  in Local Limited Investment Paid  Local Limited   Property and   Accumulated  Book
         Partnership Name          Location           Partnerships    to Date       Partnerships   Equipment     Depreciation  Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>              <C>             <C>          <C>           <C>           <C>         <C>
Ashford Place, a                   Shawnee,
Limited Partnership                Oklahoma         $  2,317,000    $  2,317,000 $  2,305,000   $ 5,065,000  $  564,000  $ 4,501,000

Belen Vista Associates,            Belen,
LimitedPartnership                 New Mexico            416,000         416,000    1,532,000     1,790,000     256,000    1,534,000

Blessed Rock                       El Monte,
of El Monte                        California          2,511,000       2,511,000    3,754,000     9,300,000     695,000    8,605,000

Bolivar Plaza                      Bolivar,
Apartments                         Missouri            1,181,000       1,087,000      573,000     2,141,000      25,000    2,116,000

Cleveland                          Coffeyville,
Apartments L.P.                    Kansas                515,000         431,000    1,602,000     1,643,000     117,000    1,526,000

Crescent City                      Crescent City,
Apartments                         California          1,166,000       1,166,000    1,960,000     3,119,000     497,000    2,622,000

D. Hilltop                         Prairie View,
Apartments Ltd.                    Texas                 101,000         101,000      466,000       585,000      58,000      527,000

Greyhound                          Windsor,
Associates I, L.P.                 Missouri              642,000         642,000      607,000     1,362,000     102,000    1,260,000

Lamar Plaza                        Lamar,
Apts., L.P.                        Missouri              738,000         738,000      840,000     1,697,000     138,000    1,559,000

Mesa Verde Apartments              Roswell,
Limited Partnership                New Mexico          3,941,000       3,941,000    2,174,000     6,289,000     558,000    5,731,000

Mountain Vista Associates          Los Alamos, New
Limited Partnership                Mexico                315,000         315,000    1,437,000     1,606,000     192,000    1,414,000

North Central Limited              New York,
Partnership                        New York              751,000         751,000      463,000     2,389,000      69,000    2,320,000
</TABLE>

                                       32
<PAGE>

WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2001
<TABLE>
<CAPTION>
                                                  ------------------------------------- --------------------------------------------
                                                          As of March 31, 2001                As of December 31, 2000
                                                  ------------------------------------- --------------------------------------------
                                                  Total Investment   Amount of     Encumbrances of                              Net
                                                  in Local Limited Investment Paid  Local Limited   Property and   Accumulated  Book
         Partnership Name          Location           Partnerships    to Date       Partnerships   Equipment     Depreciation  Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>               <C>            <C>          <C>           <C>          <C>         <C>

Woodland,                          Marion,
Ltd.                               Alabama             1,288,000       1,288,000    1,294,000     2,535,000     229,000    2,306,000

Wynwood Place,                     Raleigh, North
Limited Partnership                Carolina              534,000         454,000      574,000     1,128,000      43,000    1,085,000
                                                     -----------    ------------ ------------  ------------ ----------- ------------
                                                     $16,416,000    $ 16,158,000 $ 19,581,000  $ 40,649,000 $ 3,543,000 $ 37,106,000
                                                     ===========    ============ ============  ============ =========== ============
</TABLE>

                                       33

<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2001
<TABLE>
<CAPTION>

                                     -------------------------------------------------------------------------------
                                                                 For the year ended December 31, 2000
                                     -------------------------------------------------------------------------------
          Partnership Name                                                  year
                                                                          Investment              Estimated Useful
                                     Rental Income    Net(Loss)Income      Acquired     Status      Life(Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                  <C>                <C>                 <C>        <C>                <C>
Ashford Place, a Limited
Partnership                          $ 398,000          $ (184,000)         1996       Completed            40

Belen Vista Associates,
Limited Partnership                    324,000             (12,000)         1997       Completed          27.5

Blessed Rock of
El Monte                               693,000            (160,000)         1996       Completed            40

Bolivar Plaza Apartments                33,000             (40,000)         2000          2001     Under Construction

Cleveland Apartments L.P.              139,000            (117,000)         1998       Completed          27.5

Crescent City Apartments               174,000            (142,000)         1996       Completed          27.5

D. Hilltop Apartments Ltd.              71,000              (3,000)         1997       Completed            30

Greyhound Associates I,
L.P.                                    76,000             (30,000)         1997       Completed            40

Lamar Plaza Apts., L.P.                 78,000             (18,000)         1997       Completed            40

Mesa Verde Apartments
Limited Partnership                    460,000            (271,000)         1997       Completed            40

Mountain Vista Associates
Limited Partnership                    227,000               2,000          1997       Completed          27.5

North Central Limited
Partnership                            111,000            (125,000)         1998       Completed            40

Woodland, Ltd.                          87,000             (71,000)         1997       Completed            40

Wynwood Place, Limited
Partnership                            127,000             (27,000)         1998       Completed            50
                                  ------------        -------------
                                   $ 2,998,000        $ (1,198,000)
                                   ===========        =============
</TABLE>

                                       34
<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000
<TABLE>
<CAPTION>
                                                  ------------------------------------- --------------------------------------------
                                                          As of March 31, 2000                As of December 31, 1999
                                                  ------------------------------------- --------------------------------------------
                                                  Total Investment   Amount of     Encumbrances of                              Net
                                                  in Local Limited Investment Paid  Local Limited   Property and   Accumulated  Book
         Partnership Name          Location           Partnerships    to Date       Partnerships   Equipment     Depreciation  Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>              <C>             <C>          <C>           <C>           <C>         <C>
Ashford Place, a                   Shawnee,
Limited Partnership                Oklahoma         $  2,317,000    $  2,317,000 $  2,329,000   $ 5,065,000  $  346,000  $ 4,719,000

Belen Vista Associates,            Belen,
LimitedPartnership                 New Mexico            416,000         416,000    1,536,000     1,790,000     188,000    1,602,000

Blessed Rock                       El Monte,
of El Monte                        California          2,511,000       2,511,000    3,784,000     9,291,000     489,000    8,802,000

Bolivar Plaza                      Bolivar,
Apartments                         Missouri            1,181,000         839,000            -       913,000           -      913,000

Cleveland                          Coffeyville,
Apartments L.P.                    Kansas                516,000         422,000    1,541,000     1,643,000      58,000    1,585,000

Crescent City                      Crescent City,
Apartments                         California          1,134,000       1,133,000    1,960,000     3,115,000     383,000    2,722,000

D. Hilltop                         Prairie View,
Apartments Ltd.                    Texas                 102,000         102,000      468,000       585,000      40,000      545,000

Greyhound                          Windsor,
Associates I, L.P.                 Missouri              642,000         642,000      620,000     1,362,000      68,000    1,294,000

Lamar Plaza                        Lamar,
Apts., L.P.                        Missouri              738,000         738,000      846,000     1,697,000      97,000    1,600,000

Mesa Verde Apartments              Roswell,
Limited Partnership                New Mexico          3,941,000       3,846,000    2,410,000     6,289,000     369,000    5,920,000

Mountain Vista Associates          Los Alamos, New
Limited Partnership                Mexico                315,000         315,000    1,440,000     1,606,000     141,000    1,465,000

North Central Limited              New York,
Partnership                        New York              748,000         720,000    1,300,000     2,389,000      10,000    2,379,000

</TABLE>

                                       35
<PAGE>


WWNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000
<TABLE>
<CAPTION>
                                                  ------------------------------------- --------------------------------------------
                                                          As of March 31, 2000                As of December 31, 1999
                                                  ------------------------------------- --------------------------------------------
                                                  Total Investment   Amount of     Encumbrances of                              Net
                                                  in Local Limited InvestmentPaid  Local Limited   Property and   Accumulated   Book
         Partnership Name          Location           Partnerships    to Date       Partnerships   Equipment     Depreciation  Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>               <C>            <C>          <C>           <C>          <C>         <C>

Woodland,                          Marion,
Ltd.                               Alabama             1,288,000       1,288,000    1,294,000     2,533,000     160,000    2,373,000

Wynwood Place,                     Raleigh, North
Limited Partnership                Carolina              534,000         454,000      682,000     1,127,000      17,000    1,110,000
                                                     -----------    ------------ ------------  ------------ ----------- ------------
                                                     $16,383,000    $ 15,743,000 $ 20,210,000  $ 39,405,000 $ 2,366,000 $ 37,039,000
                                                     ===========    ============ ============  ============ =========== ============
</TABLE>

                                       36
<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000
<TABLE>
<CAPTION>
                                     -------------------------------------------------------------------------------
                                                                 For the year ended December 31, 1999
                                     -------------------------------------------------------------------------------
          Partnership Name                                                  year
                                                                          Investment              Estimated Useful
                                     Rental Income    Net(Loss)Income      Acquired     Status      Life(Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                  <C>                <C>                 <C>        <C>                <C>
Ashford Place, a Limited
Partnership                          $ 353,000          $ (276,000)         1996       Completed            40

Belen Vista Associates,
Limited Partnership                    329,000             (25,000)         1997       Completed          27.5

Blessed Rock of
El Monte                               660,000             (80,000)         1996       Completed            40

Bolivar Plaza Apartments                     -               8,000         2000          2001     Under Construction

Cleveland Apartments L.P.               71,000            (207,000)         1998       Completed          27.5

Crescent City Apartments               152,000            (149,000)         1996       Completed          27.5

D. Hilltop Apartments Ltd.              74,000             (21,000)         1997       Completed            30

Greyhound Associates I,
L.P.                                    74,000             (27,000)         1997       Completed            40

Lamar Plaza Apts., L.P.                 80,000             (10,000)         1997       Completed            40

Mesa Verde Apartments
Limited Partnership                    400,000            (273,000)         1997       Completed            40

Mountain Vista Associates
Limited Partnership                    223,000             (11,000)          1997       Completed          27.5

North Central Limited
Partnership                             11,000             (18,000)         1998       Completed            40

Woodland, Ltd.                          80,000             (65,000)         1997       Completed            40

Wynwood Place, Limited
Partnership                             62,000             (32,000)         1998       Completed            50
                                  ------------        -------------
                                   $ 2,569,000        $ (1,186,000)
                                   ===========        =============
</TABLE>
                                       37

<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 1999
<TABLE>
<CAPTION>
                                                  ------------------------------------- --------------------------------------------
                                                          As of March 31, 1999                As of December 31, 1998
                                                  ------------------------------------- --------------------------------------------
                                                  Total Investment   Amount of     Encumbrances of                              Net
                                                  in Local Limited InvestmentPaid  Local Limited   Property and   Accumulated   Book
         Partnership Name          Location           Partnerships    to Date       Partnerships   Equipment     Depreciation  Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>              <C>             <C>          <C>           <C>           <C>         <C>
Ashford Place, a                   Shawnee,
Limited Partnership                Oklahoma         $  2,317,000    $  2,317,000 $  2,435,000   $ 5,065,000  $  127,000  $ 4,938,000

Belen Vista Associates,            Belen,
LimitedPartnership                 New Mexico            416,000         416,000    1,539,000     1,771,000     118,000    1,653,000

Blessed Rock                       El Monte,
of El Monte                        California          2,511,000       2,511,000    3,841,000     9,289,000     279,000    9,010,000

Cleveland                          Coffeyville,
Apartments L.P.                    Kansas                552,000         396,000      654,000       841,000      17,000      824,000

Crescent City                      Crescent City,
Apartments                         California          1,192,000         715,000    1,976,000     2,972,000     271,000    2,701,000

D. Hilltop                         Prairie View,
Apartments Ltd.                    Texas                 102,000          87,000      447,000       583,000      22,000      561,000

Greyhound                          Windsor,
Associates I, L.P.                 Missouri              642,000         642,000      633,000     1,362,000      34,000    1,328,000

Lamar Plaza                        Lamar,
Apts., L.P.                        Missouri              738,000         716,000      864,000     1,697,000      56,000    1,641,000

Mesa Verde Apartments              Roswell,
Limited Partnership                New Mexico          3,941,000       3,846,000    2,459,000     6,161,000     185,000    5,976,000

Mountain Vista Associates          Los Alamos, New
Limited Partnership                Mexico                315,000         315,000    1,440,000     1,574,000      91,000    1,483,000

North Central Limited              New York,
Partnership                        New York               758,00         500,000       75,000       441,000           -      441,000

Woodland,                          Marion,
Ltd.                               Alabama             1,288,000       1,288,000    1,296,000     2,533,000      92,000    2,441,000


</TABLE>


                                       38

<PAGE>





Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 1999
<TABLE>
<CAPTION>
                                                  ------------------------------------- --------------------------------------------
                                                          As of March 31, 1999                As of December 31, 1998
                                                  ------------------------------------- --------------------------------------------
                                                  Total Investment   Amount of     Encumbrances of                              Net
                                                  in Local Limited InvestmentPaid  Local Limited   Property and   Accumulated   Book
         Partnership Name          Location           Partnerships    to Date       Partnerships   Equipment     Depreciation  Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>               <C>            <C>          <C>           <C>          <C>         <C>

Wynwood Place,                     Raleigh, North
Limited Partnership                Carolina              534,000         374,000      554,000       873,000           -      873,000
                                                     -----------    ------------ ------------  ------------ ----------- ------------
                                                     $15,306,000    $ 14,123,000 $ 18,217,000  $ 35,126,000 $1,292,000 $ 33,870,000
                                                     ===========    ============ ============  ============ =========== ============
</TABLE>

                                       39
<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 1999WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 1999
<TABLE>
<CAPTION>
                                     ----------------------------------------------------------------------
                                                                 For the year ended December 31, 1998
                                     ----------------------------------------------------------------------
          Partnership Name                                                  year
                                                                          Investment
                                     Rental Income    Net(Loss)Income      Acquired     Status
-----------------------------------------------------------------------------------------------------------
<S>                                  <C>                <C>                 <C>        <C>
Ashford Place, a Limited
Partnership                          $ 301,000          $ (191,000)         1996       Completed

Belen Vista Associates,
Limited Partnership                    326,000             (21,000)         1997       Completed

Blessed Rock of
El Monte                               656,000            (111,000)         1996       Completed

Cleveland Apartments L.P.               84,000            (219,000)         1998          1999

Crescent City Apartments               148,000            (120,000)         1996       Completed

D. Hilltop Apartments Ltd.              62,000              (4,000)         1997       Completed

Greyhound Associates I,
L.P.                                    59,000             (21,000)         1997       Completed

Lamar Plaza Apts., L.P.                 46,000             (47,000)         1997       Completed

Mesa Verde Apartments
Limited Partnership                    227,000            (372,000)         1997       Completed

Mountain Vista Associates
Limited Partnership                    227,000              (9,000)          1997       Completed

North Central Limited
Partnership                                  -                   -          1998          2000

Woodland, Ltd.                          85,000             (72,000)         1997       Completed

Wynwood Place, Limited
Partnership                                  -             (33,000)         1998          1999
                                  ------------        -------------
                                   $ 2,221,000        $ (1,220,000)
                                   ===========        =============
</TABLE>

                                       40
<PAGE>


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4


By:    WNC & Associates, Inc.       General Partner



By:  /s/ Wilfred N. Cooper, Jr.
     --------------------------
Wilfred N. Cooper, Jr.     President
Chief Operating Officer of WNC & Associates, Inc.

Date:  July 13, 2001



By:  /s/ Thomas J. Riha
     ------------------
Thomas J. Riha             President - Chief Operating Officer
of WNC & Associates, Inc.

Date:  July 13, 2001



Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.



By  /s/ Wilfred N. Cooper, Sr.
    -------------------------
Wilfred N. Cooper, Sr.     Chairman of the Board of WNC & Associates, Inc.

Date:  July 13, 2001



By: /s/ John B. Lester, Jr.
    ----------------------
John B. Lester, Jr.        President of WNC & Associates, Inc.

Date:  July 13, 2001



By:  /s/ David N. Shafer
     ------------------
David N. Shafer            Director of WNC & Associates, Inc.

Date:  July 13, 2001



                                       41