FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

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

                  For the fiscal year ended ___________________

                                       OR

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

        For the transition period from January 1, 1999 to March 31, 1999

                         Commission file number: 0-21897


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

California                                                           33-0707612
(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 X No ____

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.  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.

                                       3
<PAGE>

As of March 31, 1999 the  Partnership  had  invested in thirteen  Local  Limited
Partnerships.  Each of these Local Limited  Partnerships  owns a Housing Complex
that is eligible  for the  federal  Low Income  Housing  Credit.  Certain  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 thirteen  Housing  Complexes as of the dates and for
the periods indicated.

                                       4
<PAGE>
<TABLE>
<CAPTION>
                                                                ---------------------------- ---------------------------------------
                                                                    As of March 31, 1999            As of December 31, 1998
                                                                ---------------------------- ---------------------------------------
                                                                Partnership's     Amount of                 Estimated   Encumbrances
                                                                Total Investment  Investment Number         Low Income  of Local
                                                                in Local Limited  Paid       of      Occu   Housing     Limited
Partnership Name          Location       General Partner Name   Partnerships      to Date    Units   pancy  Credits     Partnerships
-------------------------------------------------------------------------------------------- ---------------------------------------
<S>                                                              <C>          <C>             <C>     <C> <C>           <C>
Ashford Place, a Limited  Shawnee,       The Cowen Group, LLC    $  2,317,000 $  2,317,000    100     69% $  3,931,000  $  2,435,000
Partnership               Oklahoma

Belen Vista Associates,   Belen, New     Monarch Properties, Inc.
Limited Partnership       Mexico         and Low Income Housing
                                         Foundation of NM             416,000      416,000     57    100%      714,000     1,539,000

Blessed Rock of El Monte  El Monte,      Everland, Inc.             2,511,000    2,511,000    137    100%    8,899,000     3,841,000
                          California

Cleveland Apartments L.P. Coffeyville,   Williams Management and
                          Kansas         Consulting, Inc. and
                                         Eastern Housing Corp.        552,000      396,000     48     21%      737,000       654,000

Cresent City Apartments   Cresent City,  Cresent City Surf, Inc.    1,192,000      715,000     56     86%    2,221,000     1,976,000
                          California

D. Hilltop Apartments     Prairie View,  Donald W. Sowell             102,000       87,000     24    100%      187,000       447,000
Ltd.                      Texas

Greyhound Associates I,   Windsor,       WCM Community
L.P.                      Missouri       Development Corp.            642,000      642,000     24     96%    1,128,000       633,000

Lamar Plaza Apts., L.P.   Lamar,         MBL Development Co.          738,000      716,000     28     86%    1,230,000       864,000
                          Missouri
</TABLE>

                                        5
<PAGE>
<TABLE>
<CAPTION>
                                                                ---------------------------- ---------------------------------------
                                                                    As of March 31, 1999            As of December 31, 1998
                                                                ---------------------------- ---------------------------------------
                                                                Partnership's     Amount of                 Estimated   Encumbrances
                                                                Total Investment  Investment Number         Low Income  of Local
                                                                in Local Limited  Paid       of      Occu   Housing     Limited
Partnership Name          Location       General Partner Name   Partnerships      to Date    Units   pancy  Credits     Partnerships
-------------------------------------------------------------------------------------------- ---------------------------------------
<S>                                                              <C>          <C>             <C>     <C> <C>           <C>
Mesa Verde Apartments     Roswell, New   Trianon-Mesa Verde, LLC    3,941,000    3,846,000    142     58%    6,472,000     2,459,000
Limited Partnership       Mexico

Mountain Vista            Los Alamos,    Monarch Properties, Inc.
Associates Limited        New Mexico     and Low Income Housing
Partnership                              Foundation of NM             315,000      315,000     52     96%      543,000     1,444,000

North Central Limited     New York,      City and Suburban
Partnership               New York       Development Corp.            758,000      500,000     18      0%    1,054,000        75,000

Woodland, Ltd.            Marion,        ACHR Corp.                 1,288,000    1,288,000     42     95%    2,112,000     1,296,000
                          Alabama

Wynwood Place, Limited    Raleigh,       Regency Investment
Partnership               North          Associates, Inc., ATO,
                          Carolina       Inc., a Non-Profit Corp.
                                         and Gordon Blackwell.        534,000      374,000     24      0%      780,000       554,000
                                                                   ----------   ----------    ---    ----   ----------    ----------
                                                                 $ 15,306,000 $ 14,123,000    752     70% $ 30,008,000  $ 18,217,000
                                                                   ==========   ==========    ===    ====   ==========    ==========
</TABLE>
                                       6



<PAGE>
<TABLE>
<CAPTION>
                                       ------------------------------------------------------------------
                                                       For the year ended December 31, 1998
                                       ------------------------------------------------------------------
                                                                                    Low Income Housing
                                                                                    Credits Allocated to
Partnership Name                          Rental Income            Net Loss         Partnership
---------------------------------------------------------------------------------------------------------
<S>                                       <C>                <C>                               <C>
Ashford Place, a Limited Partnership      $     301,000      $     (191,000)                   98.99%

Belen Vista Associates, Limited
Partnership                                     326,000             (21,000)                   98.99%

Blessed Rock of El Monte                        656,000            (111,000)                   49.50%

Cleveland Apartments L.P.                        84,000            (219,000)                   99.98%

Crescent City Apartments                        148,000            (120,000)                   99.00%

D. Hilltop Apartments Ltd.                       62,000              (4,000)                   99.00%

Greyhound Associates I, L.P.                     59,000             (21,000)                   99.00%

Lamar Plaza Apts., L.P.                          46,000             (47,000)                   99.97%

Mesa Verde Apartments Limited
Partnership                                     227,000            (372,000)                   99.00%

Mountain Vista Associates Limited
Partnership                                     227,000              (9,000)                   98.99%

North Central Limited Partnership                     -                   -                    99.89%

Woodland, Ltd.                                   85,000             (72,000)                   99.98%

Wynwood Place, Limited Partnership                    -             (33,000)                   99.98%
                                              ---------           ---------
                                          $   2,221,000      $   (1,220,000)
                                              =========           =========

</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, 1999, there were 1,301 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 1998.

Item 5b.

NOT APPLICABLE

Item 6.  Selected Financial Data

Selected  balance  sheet  information  for the  Partnership  is as follows as of
December 31:
<TABLE>
<CAPTION>
                                          March 31                               December 31
                                 ----------------------------    -------------------------------------------
                                        1999            1998            1998            1997            1996
                                        ----            ----            ----            ----            ----
                                                  (Unaudited)
<S>                            <C>             <C>             <C>             <C>            <C>
ASSETS
Cash and cash equivalents      $   3,460,935   $   5,318,484   $   3,817,546   $   5,906,978  $    3,916,658
Due from affiliates                   52,835         286,900          52,835         276,775               -
Subscriptions receivable                   -               -               -               -         861,250
Investments in limited
  partnerships, net               15,345,027      14,723,512      15,573,510      14,894,897       6,700,570
Interest receivable                        -          37,182               -          76,622           4,475
Loans receivable                      12,080         301,226          91,000         301,226         126,381
Other assets                             500             500             500             500               -
                                  ----------      ----------      ----------      ----------      ----------
                               $  18,871,377   $  20,667,804   $  19,535,391   $  21,456,998  $   11,609,334
                                  ==========      ==========      ==========      ==========      ==========
LIABILITIES
Due to limited partnerships    $   1,182,870   $   2,062,335   $   1,657,666   $   2,880,839  $    4,267,232
Accrued fees and expenses
  due to general
  partner and affiliates             181,131          68,423         121,498          52,203         291,396

PARTNERS' EQUITY                  17,507,376      18,537,046      17,756,227      18,523,956       7,050,706
                                  ----------      ----------      ----------      ----------      ----------
                               $  18,871,377   $  20,667,804   $  19,535,391   $  21,456,998  $   11,609,334
                                  ==========      ==========      ==========      ==========      ==========
</TABLE>
                                       8

<PAGE>
Selected  results of  operations,  cash  flows,  and other  information  for the
Partnership  is as follows for the for the three months ended March 31, 1999 and
the years ended December 31, 1998 and 1997, and for the period from July 1, 1996
(Date Operations Commenced) to December 31, 1996:
<TABLE>
<CAPTION>

                                               March 31                               December 31
                                      ----------------------------    --------------------------------------------
                                             1999            1998            1998            1997            1996
                                             ----            ----            ----            ----            ----
<S>                                   <C>           <C>             <C>             <C>             <C>
Income (loss) from operations         $       586   $      18,142   $      95,280   $      97,369   $     (17,505)

Equity in losses from limited
  partnerships                           (249,437)       (153,500)     (1,010,334)       (334,756)        (29,329)
                                       ----------      ----------      ----------      ----------      ----------

Net loss                              $  (248,851)  $    (135,358)  $    (915,054)  $    (237,387)  $     (46,834)
                                       ==========      ==========      ==========      ==========      ==========
Net loss allocated to:
   General partner                    $    (2,489)  $      (1,354)  $      (9,151)  $      (2,374)  $        (468)
                                       ==========      ==========      ==========      ==========      ==========

   Limited partners                   $  (246,362)  $    (134,004)  $    (905,903)  $    (235,013)  $     (46,366)
                                       ==========      ==========      ==========      ==========      ==========
Net loss per limited partner
  unit                                $    (11.20)  $       (6.09)  $      (41.18)  $      (13.01)  $      (26.83)
                                       ==========      ==========      ==========      ==========      ==========
Outstanding weighted limited
  partner units                            22,000          22,000          22,000          18,063           1,728
                                       ==========      ==========      ==========      ==========      ==========

                                               March 31                               December 31
                                      ----------------------------    --------------------------------------------
                                             1999            1998            1998            1997            1996
                                             ----            ----            ----            ----            ----
Net cash provided by (used in):
  Operating activities                $    75,111   $      77,854   $     297,891   $      94,732   $       4,010
  Investing activities                   (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                            (356,611)       (588,494)     (2,089,432       1,990,320       3,916,658

Cash and cash equivalents,
  beginning of period                   3,817,546       5,906,978       5,906,978       3,916,658               -
                                       ----------      ----------      ----------      ----------      ----------
Cash and cash equivalents, end
  of period                           $ 3,460,935   $   5,318,484   $   3,817,546   $   5,906,978   $   3,916,658
                                       ==========      ==========      ==========      ==========      ==========

                                               March 31                               December 31
                                      ----------------------------    --------------------------------------------
                                             1999            1998            1998            1997            1996
                                             ----            ----            ----            ----            ----

Federal                             $           -   $           -   $          81   $          20  $           38
State                                           -               -               -               -               -
                                       ----------      ----------      ----------      ----------      ----------

Total                               $           -   $           -   $          81   $          20  $           38
                                       ==========      ==========      ==========      ==========      ==========
</TABLE>
                                       9

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

Financial Condition

The Partnership's assets at March 31, 1999 December 31, 1998 consisted primarily
of $3,461,000 in cash and aggregate  investments  in the thirteen  Local Limited
Partnerships of  $15,345,000.  Liabilities at March 31, 1999 were $1,183,000 due
to limited partnerships,  $118,000 of accrued annual management fees, $59,000 of
accrued  acquisition  fees and $4,000 of expenses  paid by an  affiliate  of the
General Partner or due to the General Partner or affiliate.

Results of Operations

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.

Year Ended  December 31, 1998  Compared to Year Ended  December  31,  1997.  The
Partnership's  net loss  for 1998 was  $(915,000),  reflecting  an  increase  of
$678,000  from the net loss  experienced  in 1997.  The  increase in net loss is
primarily  due to an increase in equity in losses from limited  partnerships  of
$675,000,  an increase in operating expenses of $8,000, offset by an increase in
interest income of $5,000.

Year Ended  December 31, 1997  Compared to Year Ended  December  31,  1996.  The
Partnership's  net loss  for 1997 was  $(237,000),  reflecting  an  increase  of
$190,000  from the net loss  experienced  in 1996.  The  increase in net loss is
primarily  due to an increase in equity in losses from limited  partnerships  of
$305,000,  operating  expenses  increased by $95,000 and these were offset by an
increase in interest income of $210,000.

Cash Flows

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.

Year Ended  December 31, 1998 Compared to Year Ended December 31, 1997. Net cash
used  in  1998  was  $(2,089,000),  compared  to net  cash  provided  in 1997 of
$1,990,000.  The change was primarily due to a decrease in capital contributions
of  $14,214,000,  a decrease in cash  collected on notes  receivable of $12,000.
These decreases in cash collected were offset by a decrease in offering costs of
$1,801,000,  a decrease in advances  from the General  Partner or  affiliate  of
$267,000, a decrease in cash expended on investing activities of $7,874,000,  an
increase in distributions  from limited  partnerships of $4,000,  an increase in
accrued fees and expenses due to the General Partner and affiliate of $41,000, a
decrease  in  operating  costs paid to third  parties of $8,000,  an increase in
interest income of $6,000, and an increase in interest received of $149,000.

Year Ended  December 31, 1997 Compared to Year Ended December 31, 1996. Net cash
provided in 1997 was $1,990,000,  compared to $3,917,000 in 1996. The change was
due  primarily  to  an  increase  in  cash  used  for  investing  activities  of
$7,588,000, an increase in cash spent on offering costs of $947,000, an increase
in advances from the General  Partner and affiliate of $267,000,  an increase in
due from affiliates of $277,000, an increase in cash paid to the General Partner
and affiliate for fees and expenses of $30,000,  an increase in operating  costs
paid to third  parties of $21,000,  and an increase  in interest  receivable  of
$72,000.  Offset by an  increase  in capital  contributions  of  $6,875,000,  an
increase in  collections  on notes  receivable  of $187,000,  and an increase in
interest income of $210,000.

The Partnership  expects its future cash flows,  together with its net available
assets at December 31, 1998, to be sufficient to meet all currently  foreseeable
future cash requirements.

                                       10
<PAGE>
Impact of Year 2000

WNC & Associates, Inc.

Status of Readiness

Information Technology (IT) Systems. The Partnership relies on the IT systems of
WNC, its general partner. IT systems include computer hardware and software used
to produce  financial  reports and tax return  information.  This information is
then used to generate  reports to investors and regulatory  agencies,  including
the Internal Revenue Service and the Securities and Exchange Commission.  The IT
systems of WNC are year 2000 compliant.

Non-IT Systems. The Partnership also relies on the non-IT systems of WNC. Non-IT
systems  include  machinery and  equipment  such as  telephones,  voice mail and
electronic  postage  equipment.  Except  for one  telephone  system,  the non-IT
systems of WNC are year 2000  compliant.  The one telephone  system will require
the replacement of one computer and one software application, both of which will
be completed on or before October 1, 1999.

Service  Providers.  WNC also  relies on the IT and  non-IT  systems  of service
providers. Service providers include utility companies,  financial institutions,
telecommunications carriers,  municipalities, and other outside vendors. WNC has
obtained verbal assurances from its material service providers (electrical power
provider,  financial institutions and telecommunications carriers) that their IT
and non-IT systems are year 2000 compliant.  There can be no assurance that this
compliance  information  is  correct.  There also can be no  assurance  that the
systems of other,  less-important  service providers and outside vendors will be
year 2000 compliant.

Costs to Address Year 2000 Issues

The cost to address  year 2000  issues for WNC has been less than  $20,000.  The
cost to replace the telephone  system noted above will be less than $5,000.  The
cost to deal with potential year 2000 issues of other outside  vendors cannot be
estimated at this time. Risk of Year 2000 Issues

The most  reasonable and likely result from non-year 2000  compliance of systems
of the service  providers  noted above will be the disruption of normal business
operations for WNC. This disruption would, in turn, lead to delays in performing
reporting and fiduciary responsibilities on behalf of the Partnership. The worst
case scenario would be the replacement of a service provider. These delays would
likely  be  temporary  and  would  likely  not  have a  material  effect  on the
Partnership or WNC.

Local Limited Partnerships

Status of Readiness

WNC is in the  process of  obtaining  year 2000  certifications  from each Local
General Partner of each Local Limited  Partnership.  Those  certifications  will
represent  to the  Partnership  that the IT and non-IT  systems  critical to the
operation of the Housing Complexes and investor reporting to the Partnership are
year 2000 compliant. These certifications will also represent to the Partnership
that the IT and non-IT  systems of property  management  companies,  independent
accountants,    electrical   power   providers,   financial   institutions   and
telecommunications  carriers used by the Local Limited Partnership are year 2000
compliant.

There can be no assurance that the representations in the certifications will be
correct.   There  also  can  be  no   assurance   that  the  systems  of  other,
less-important  service  providers  and  outside  vendors,  upon which the Local
Limited Partnerships rely, will be year 2000 compliant.

                                       11
<PAGE>
Costs to Address Year 2000 Issues

There  will be no cost to the  Partnership  as a result of  assessing  year 2000
issues for the Local Limited Partnerships.  The cost to deal with potential year
2000 issues of the Local Limited Partnerships cannot be estimated at this time.

Risk of Year 2000 Issues

There may be Local  General  Partners who indicate  that they or their  property
management  company are not year 2000  compliant and do not have plans to become
year 2000  compliant  before the end of 1999.  There may be other Local  General
Partners who are  unwilling to respond to the  certification  request.  The most
likely result of either non-compliance or failure to respond will be the removal
and  replacement  of the property  management  company  and/or the Local General
Partner with year 2000 compliant operators.

Despite the efforts to obtain certifications, there can be no assurance that the
Partnership  will be unaffected  by year 2000 issues.  The most  reasonable  and
likely  result from non-year 2000  compliance  will be the  disruption of normal
business  operations  for the  Local  Limited  Partnerships,  including  but not
limited  to the  possible  failure  to  properly  collect  rents and meet  their
obligations in a timely manner.  This disruption  would, in turn, lead to delays
by  the  Local  Limited  Partnerships  in  performing  reporting  and  fiduciary
responsibilities  on behalf of the  Partnership.  The worst-case  scenario would
include the  initiation of  foreclosure  proceedings on the property by mortgage
debt holders. Under these circumstances, WNC or its affiliates will take actions
necessary  to  minimize  the risk of  foreclosure,  including  the  removal  and
replacement of a Local General  Partner by the  Partnership.  These delays would
likely  be  temporary  and  would  likely  not  have a  material  effect  on the
Partnership or WNC.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

NOT APPLICABLE

Item 8.  Financial Statements and Supplementary Data

                                       12
<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, 1999 and December 31, 1998, and the related  statements of operations,
partners'  equity  (deficit) and cash flows for 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  63% and 60% of the total
assets of the Partnership at March 31, 1999 and December 31, 1998, respectively.
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  generally   accepted  auditing
standards.  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, 1999 and December 31, 1998, and
the  results of its  operations  and its cash flows for the three  months  ended
March  31,  1999 and the year  ended  December  31,  1998,  in  conformity  with
generally accepted accounting principles.


                                           /s/ BDO SEIDMAN, LLP
                                           BDO SEIDMAN, LLP

Orange County, California
August 25, 1999

                                       13
<PAGE>


                          INDEPENDENT AUDITORS' REPORT



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


We have audited the accompanying balance sheet of WNC Housing Tax Credit Fund V,
L.P.,  Series 4 (a California  Limited  Partnership)  (the  "Partnership") as of
December 31, 1997, and the related  statements of operations,  partners'  equity
(deficit) and cash flows for the year ended December 31, 1997 and for the period
July 1, 1996 (date  operations  commenced) to December 31, 1996. 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 audit. We did not audit the financial statements of the limited partnerships
in which WNC  Housing Tax Credit  Fund V, L.P.,  Series 4 is a limited  partner.
These  investments,  as discussed  in Note 3 to the  financial  statements,  are
accounted for by the equity method. The investment in these limited partnerships
represented  69% of the total  assets of WNC  Housing  Tax Credit  Fund V, L.P.,
Series 4 at December 31, 1997. A substantial portion of the financial statements
of the limited  partnerships  were audited by other  auditors whose reports have
been  furnished  to us, and our  opinion,  insofar as it relates to the  amounts
included for these limited  partnerships,  is based solely on the reports of the
other auditors.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  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 December 31, 1997, and the results of its
operations  and its cash flows for the year ended  December 31, 1997 and for the
period  July 1, 1996 (date  operations  commenced)  to  December  31,  1996,  in
conformity with generally accepted accounting principles.



                                              /s/ CORBIN & WERTZ
                                             CORBIN & WERTZ
Irvine, California
September 17, 1998


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

                                 BALANCE SHEETS
<TABLE>
<CAPTION>

                                                              March 31                        December 31
                                                    ------------------------------   ------------------------------
                                                            1999             1998            1998             1997
                                                            ----             ----            ----             ----
                                                                       (Unaudited)
ASSETS
<S>                                               <C>              <C>              <C>             <C>
Cash and cash equivalents                         $    3,460,935   $    5,318,484   $    3,817,546  $    5,906,978
Loans receivable (Note 2)                                 12,080          301,226           91,000         301,226
Due from affiliates                                       52,835          286,900           52,835         276,775
Investments in limited partnerships (Note 3)          15,345,027       14,723,512       15,573,510      14,894,897
Interest receivable                                            -           37,182                -          76,622
Other assets                                                 500              500              500             500
                                                      ----------       ----------       ----------      ----------
                                                  $   18,871,377   $   20,667,804   $   19,535,391  $   21,456,998
                                                      ==========       ==========       ==========      ==========
LIABILITIES AND PARTNERS' EQUITY
  (DEFICIT)

Liabilities:
  Payables to limited partnerships (Note 5)       $    1,182,870   $    2,062,335   $    1,657,666  $    2,880,839
  Accrued fees and expenses due to General
    Partner and affiliates (Note 4)                      181,131           68,423          121,498          52,203
                                                      ----------       ----------       ----------      ----------

     Total liabilities                                 1,364,001        2,130,758        1,779,164       2,933,042
                                                      ----------       ----------       ----------      ----------
Commitments and contingencies (Note 8)

Partners' equity (deficit) (Note 7)
  General partner                                        (43,986)         (33,439)         (41,497)        (32,069)
  Limited partners (25,000 units authorized,
    22,000 units issued and outstanding)              17,551,362       18,570,485       17,797,724      18,556,025
                                                      ----------       ----------       ----------      ----------

     Total partners' equity                           17,507,376       18,537,046       17,756,227      18,523,956
                                                      ----------       ----------       ----------      ----------
                                                  $   18,871,377   $   20,667,804   $   19,535,391  $   21,456,998
                                                      ==========       ==========       ==========      ==========
</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 OPERATIONS

       For The Three Months Ended March 31, 1999 and 1998 (Unaudited) and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996
<TABLE>
<CAPTION>
                                               March 31                               December 31
                                      ----------------------------    --------------------------------------------
                                             1999            1998            1998            1997            1996
                                             ----            ----            ----            ----            ----
                                                       (Unaudited)
<S>                                 <C>             <C>             <C>             <C>             <C>
Interest income                     $      39,963   $      49,943   $     231,113   $     225,609   $      15,529
                                       ----------      ----------      ----------      ----------      ----------
Operating expenses:
  Amortization (Note 3)                    14,892          14,177          56,694          42,034           2,851
  Asset management fees (Note 4)           15,125          14,794          59,351          57,976          23,139
  Other                                     9,360           2,830          19,788          28,230           7,044
                                       ----------      ----------      ----------      ----------      ----------

    Total operating expenses               39,377          31,801         135,833         128,240          33,034
                                       ----------      ----------      ----------      ----------      ----------

Income (loss) from operations                 586          18,142          95,280          97,369         (17,505)

Equity in income losses of
  limited partnerships (Note 3)          (249,437)       (153,500)     (1,010,334)       (334,756)        (29,329)
                                       ----------      ----------      ----------      ----------      ----------

Net loss                            $    (248,851)  $    (135,358)  $    (915,054)  $    (237,387)  $     (46,834)
                                       ==========      ==========      ==========      ==========      ==========
Net loss allocated to:
  General partner                   $      (2,489)  $      (1,354)  $      (9,151)  $      (2,374)  $        (468)
                                       ==========      ==========      ==========      ==========      ==========

  Limited partners                  $    (246,362)  $    (134,004)  $    (905,903)  $    (235,013)  $     (46,366)
                                       ==========      ==========      ==========      ==========      ==========

Net loss per limited partner unit   $      (11.20)  $       (6.09)  $      (41.18)  $      (13.01)  $      (26.83)
                                       ==========      ==========      ==========      ==========      ==========
Outstanding weighted limited
  partner units                            22,000          22,000          22,000          18,063           1,728
                                       ==========      ==========      ==========      ==========      ==========
</TABLE>

                 See accompanying notes to financial statements
                                       16
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

                  For The Three Months Ended March 31, 1999 and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996

<TABLE>
<CAPTION>
                                                                  General            Limited
                                                                  Partner            Partners               Total
                                                                  -------            --------               -----
<S>                                                         <C>                  <C>               <C>
Contribution from General Partner and initial limited
  partner                                                   $         100        $        900      $        1,000

Sale of limited partnership units, net of discounts
  of $26,195                                                            -           8,386,805           8,386,805

Offering expenses                                                 (11,033)         (1,092,232)         (1,103,265)

Sale of limited partnership units issued for
  promissory notes receivable (Note 7)                                  -            (187,000)           (187,000)

Net loss                                                             (468)            (46,366)            (46,834)
                                                               ----------         -----------         -----------

Partners' equity (deficit) at December 31, 1996                   (11,401)          7,062,107           7,050,706

Sale of limited partnership units, net of discount of
  $58,975                                                               -          13,528,025          13,528,025

Offering expenses                                                 (18,294)         (1,811,094)         (1,829,388)

Sale of limited partnership units issued for
  promissory notes receivable (Note 7)                                  -            (175,000)           (175,000)

Collection on notes receivable                                          -             187,000             187,000

Net loss                                                           (2,374)           (235,013)           (237,387)
                                                               ----------         -----------         -----------

Partners' equity (deficit) at December 31, 1997                   (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
                                                               ==========         ===========         ===========

</TABLE>

                 See accompanying notes to financial statements
                                       17
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                            STATEMENTS OF CASH FLOWS

       For The Three Months Ended March 31, 1999 and 1998 (Unaudited) and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996

<TABLE>
<CAPTION>
                                               March 31                               December 31
                                      ----------------------------    --------------------------------------------
                                             1999            1998            1998            1997            1996
                                             ----            ----            ----            ----            ----
                                                       (Unaudited)
<S>                                    <C>            <C>            <C>              <C>              <C>
Cash flows from operating activities:
  Net loss                             $ (248,851)    $  (135,358)   $   (915,054)    $  (237,387)     $  (46,834)
  Adjustments to reconcile net
    loss to net cash provided by
    operating activities:
    Amortization                           14,892          14,177          56,694          42,034           2,851
    Equity in losses from limited
      partnerships                        249,437         153,500       1,010,334         334,756          29,329
    Change in accrued fees and
      expenses due to General
      Partner and affiliate                59,633          16,220          69,295          27,976          23,139
    Change in interest receivable               -               -          76,622         (72,147)         (4,475)
    Change in other assets                      -          29,315               -            (500)              -
                                       ----------      ----------      ----------      ----------     -----------
  Net cash provided by operating
    activities                             75,111          77,854         297,891          94,732           4,010
                                       ----------      ----------      ----------      ----------     -----------
Cash flows from investing activities:
  Investments in limited                 (455,608)       (818,504)     (2,934,293)     (8,910,195)     (1,822,912)
    partnerships, net
  Due from affiliates                           -               -         223,940        (276,775)              -
  Distributions from limited                3,744           3,744           3,744               -               -
    partnerships
  Loans receivable                         78,920               -         210,226        (174,845)       (100,226)
  Capitalized   acquisition   cost
    and fees                              (58,778)            (36)        (38,265)     (1,047,315)       (621,335)
                                       ----------      ----------      ----------      ----------     -----------
  Net cash used in investing
    activities                           (431,722)       (814,796)     (2,534,648)    (10,409,130)     (2,544,473)
                                       ----------      ----------      ----------      ----------     -----------
Cash flows from financing activities:
  Capital contributions from
    partners                                    -         150,000               -      14,214,275       7,339,555
  Offering costs                                -          (1,552)        (27,675)     (1,829,388)       (882,434)
  Collection on notes receivable                -               -         175,000         187,000               -
  Advances from General Partner
    and affiliate                               -               -               -        (267,169)              -
                                       ----------      ----------      ----------      ----------     -----------
  Net cash provided by financing
    activities                                  -         148,448         147,325      12,304,718       6,457,121
                                       ----------      ----------      ----------      ----------     -----------
</TABLE>

Continued
                                       18
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                      STATEMENTS OF CASH FLOWS - CONTINUED

       For The Three Months Ended March 31, 1999 and 1998 (Unaudited) and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996

<TABLE>
<CAPTION>
                                               March 31                               December 31
                                      ----------------------------    --------------------------------------------
                                             1999            1998            1998            1997            1996
                                             ----            ----            ----            ----            ----
                                                       (Unaudited)
<S>                                 <C>             <C>             <C>             <C>            <C>
Net increase (decrease) in cash
  and cash equivalents                   (356,611)       (588,494)     (2,089,432)      1,990,320       3,916,658

Cash and cash equivalents,
  beginning of period                   3,817,546       5,906,978       5,906,978       3,916,658               -
                                       ----------      ----------      ----------      ----------      ----------
Cash and cash equivalents, end
  of period                         $   3,460,935   $   5,318,484   $   3,817,546   $   5,906,978  $    3,916,658
                                       ==========      ==========      ==========      ==========      ==========
SUPPLEMENTAL
  DISCLOSURE OF CASH
  FLOW INFORMATION:
  Taxes paid                        $           -   $           -   $         800   $         800  $            -
                                       ==========      ==========      ==========      ==========      ==========

</TABLE>

SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING AND INVESTING ACTIVITIES:

   During the year ended  December  31, 1998 and the period  ended  December 31,
   1996, the Partnership  incurred,  but did not pay, $574,471 and $4,267,232 of
   payables  to  limited  partnerships  respectively  (in  connection  with  its
   investments in limited partnerships).

   During the year and period ended December 31, 1997 and 1996, respectively the
   Partnership incurred, but did not pay $27,976 and $23,139 in management fees,
   respectively.

   During the period ended December 31, 1996, the Partnership incurred,  but did
   not pay  $220,831 of payables to an affiliate  for  offering and  acquisition
   expenses.

   During the period ended December 31, 1996, the Partnership incurred,  but did
   not pay, $21,271 of payables to affiliates for acquisition fees.

   As of December 31, 1996,  $861,250 of capital  contributions were recorded as
   subscriptions receivable.

   During the period ended December 31, 1996, the Partnership incurred,  but did
   not pay, $26,155 in payables to an affiliate for a property deposit.


                 See accompanying notes to financial statements
                                       19

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

                          NOTES TO FINANCIAL STATEMENTS

       For The Three Months Ended March 31, 1999 and 1998 (Unaudited) and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996

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.

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

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.

Due to the change in year end, unaudited financial information as of and for the
three months ended March 31, 1998 is included in the  financial  statements  for
comparative  purposes  only.  The  financial  statements as of and for the three
months  ended  March  31,  1998  are  unaudited  but  include  all   adjustments
(consisting  of normal  recurring  adjustments)  which  are,  in the  opinion of
management,  necessary for a fair statement of financial position and results of
operations of the Partnership for the interim period.

                                       20
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

       For The Three Months Ended March 31, 1999 and 1998 (Unaudited) and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996

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 Local  Limited  Partnerships  allocated to the  Partnership  are not
recognized to the extent that the  investment  balance  would be adjusted  below
zero.

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, $2,960,328 and $2,932,653 as of March 31, 1999 and December 31, 1998
and 1997, respectively.

                                       21
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

       For The Three Months Ended March 31, 1999 and 1998 (Unaudited) and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

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.  The
Partnerships had cash equivalents of $0, $0 and $5,650,595 as of March 31, 1999,
and December 31, 1998 and 1997, respectively.

Concentration of Credit Risk

At March 31, 1999, the Partnership maintained cash balances at certain financial
institutions in excess of the federally insured maximum.

Net Loss Per Limited Partner Unit

Net loss per limited  partnership  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 income 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.

Reclassifications

Certain  prior  year  balances  have been  reclassified  to  conform to the 1999
presentation.

NOTE 2 - LOANS RECEIVABLE

Loans  receivable  represent  amounts loaned by the Partnership to certain Local
Limited  Partnerships  in which the  Partnership  may  invest.  These  loans are
generally applied against the first capital  contribution due if the Partnership
ultimately invests in such entities.  In the event that the Partnership does not
invest in such  entities,  the loans are to be repaid  with  interest  at a rate
which is equal  to the rate  charged  to the  holder.  Loans  receivable  with a
balance of $110,000 at December 31, 1997 were collectible from one Local Limited
Partnership,  which was  acquired in 1998.  Loans  receivable  with a balance of
$100,226  at  December  31,  1997  were   collectible  from  one  Local  Limited
Partnership and were repaid to the Partnership in 1998.  Loans receivable with a
balance of $91,000 at December  31,  1998 and 1997,  were  collectible  from one
Local Limited Partnership and has been partially repaid to the Partnership as of
March 31, 1999.

                                       22
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

       For The Three Months Ended March 31, 1999 and 1998 (Unaudited) and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS

As of March 31,  1999 and  December  31,  1998 and  1997,  the  Partnership  has
acquired limited partnership interests in 13 Local Limited Partnerships, each of
which owns one Housing  Complex  consisting  of an  aggregate  of 752  apartment
units.  As of March 31,  1999 and  December  31, 1998 and 1997  construction  or
rehabilitation  of  3 of  the  Housing  Complexes  was  still  in  process.  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 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 December 31, 1998 and 1997, are  approximately  $2,840,000 and
$4,273,000,  respectively, greater than the Partnership's equity as shown in the
Local Limited Partnerships'  financial statements.  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 5).

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 by limited  partners 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, 1999, 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
                                                             Months Ended             For the Years Ended
                                                               March 31                   December 31
                                                           ---------------    ----------------------------------
                                                                     1999               1998                1997
                                                                     ----               ----                ----
<S>                                                      <C>                <C>                 <C>
Investments per balance sheet, beginning of period       $     15,573,510   $     14,894,897    $      6,700,570
Capital contributions                                             (19,187)         1,277,728           6,194,337
Capital contributions payable                                           -            433,392           1,329,465
Capitalized acquisition fees and costs                             58,777             38,265           1,047,315
Distributions received                                             (3,744)            (3,744)                  -
Equity in losses of limited partnerships                         (249,437)        (1,010,334)           (334,756)
Amortization of paid acquisition fees and costs                   (14,892)           (56,694)            (42,034)
                                                              -----------        -----------         -----------

Investments in limited partnerships, end of period       $     15,345,027   $     15,573,510    $     14,894,897
                                                              ===========        ===========         ===========

</TABLE>
                                       23
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

       For The Three Months Ended March 31, 1999 and 1998 (Unaudited) and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued

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:

                        COMBINED CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                       1998                1997
                                                                       ----                ----
ASSETS
<S>                                                        <C>                 <C>
Buildings and improvements, net of accumulated
  depreciation for 1998 and 1997 of $1,292,000 and
  $409,000, respectively                                   $     30,282,000    $     28,089,000
Land                                                              2,344,000           2,262,000
Construction in progress                                          1,244,000             545,000
Other assets (including due from related parties at
  December 31, 1998 and 1997 of $322,000 and
  $36,000, respectively)                                          3,288,000           2,247,000
                                                                -----------         -----------

                                                           $     37,158,000    $     33,143,000
                                                                ===========         ===========
LIABILITIES

Mortgage and construction loans payable                    $     18,217,000    $     17,372,000
Other liabilities (including due to related parties at
  December 31, 1998 and 1997 of $2,765,000 and
  $2,238,000, respectively)                                       3,305,000           2,476,000
                                                                -----------         -----------

                                                                 21,522,000          19,848,000
                                                                -----------         -----------
PARTNERS' CAPITAL

WNC Housing Tax Credit Fund V, L.P., Series 4                    12,734,000          10,622,000
WNC Housing Tax Credit Fund V, L.P., Series 3                     2,391,000           2,021,000
Other partners                                                      511,000             652,000
                                                                -----------         -----------

                                                                 15,636,000          13,295,000
                                                                -----------         -----------

                                                           $     37,158,000    $     33,143,000
                                                                ===========         ===========
</TABLE>

                                       24
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

       For The Three Months Ended March 31, 1999 and 1998 (Unaudited) and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS

                                                         1998              1997
                                                         ----              ----

Revenues                                     $      2,333,000    $      944,000
                                                 ------------       -----------
Expenses:
  Operating expenses                                1,821,000           667,000
  Interest expense                                    808,000           333,000
  Depreciation and amortization                       924,000           347,000
                                                 ------------       -----------

Total expenses                                      3,553,000         1,347,000
                                                 ------------       -----------

Net (loss)                                   $     (1,220,000)   $     (403,000)
                                                 ============       ===========

Net (loss) allocable to the Partnership      $     (1,010,000)   $     (335,000)
                                                 ============       ===========

Net (loss) recorded by the Partnership       $     (1,010,000)   $     (335,000)
                                                 ============       ===========

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.

NOTE 4 - RELATED PARTY TRANSACTIONS

As of December 31, 1997,  due from  affiliates  consisted of an  overpayment  of
commissions  totaling $65,875 and an advance to an affiliate for the purchase of
a certain Local Limited Partnership interest totaling $210,900.  As of March 31,
1999 and December 31, 1998, due from  affiliates  consisted of an overpayment of
commissions totaling $52,835.

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
     Local Limited Partnerships.  As of March 31, 1999 and December 31, 1998 and
     1997, the Partnership incurred  acquisition fees of $1,630,375,  $1,571,597
     and $1,571,597, respectively. Accumulated amortization of these capitalized
     costs was $107,571, $93,984 and $41,592 for March 31, 1999 and December 31,
     1998, 1997, respectively.

     Reimbursement  of costs incurred by the General  Partner in connection with
     the acquisition of Local Limited  Partnerships.  These  reimbursements have
     not  exceeded 1% of the gross  proceeds.  As of March 31, 1999 and December
     31, 1998 and 1997, the Partnership  incurred acquisition costs of $156,589,
     $156,589  and   $118,324,   respectively,   which  have  been  included  in
     investments in limited partnerships.  Accumulated  amortization was $8,900,
     $7,595  and $3,293 as of March 31,  1999 and  December  31,  1998 and 1997,
     respectively.

                                       25
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

       For The Three Months Ended March 31, 1999 and 1998 (Unaudited) and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996

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
     $15,125 were  incurred for the three months ended March 31, 1999,  and fees
     of $59,351,  $57,976 and $23,139  were  incurred  for 1998,  1997 and 1996,
     respectively,  of which  $7,779 was paid  during  1999 and $30,000 was paid
     during 1997. No management fees were paid during 1996 or 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 December 31:
                                         March 31            December 31
                                      -------------   ------------------------
                                              1999         1998           1997
                                              ----         ----           ----

Asset management fee payable          $    117,816   $  110,466    $    51,115

Acquisition fee payable                     58,778            -              -

Advances from WNC                            4,537       11,032          1,088
                                         ---------     --------       --------

Total                                 $    181,131   $  121,498    $    52,203
                                         =========     ========       ========

NOTE 5 - 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 6 - 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.

NOTE 7 - SUBSCRIPTIONS AND NOTES RECEIVABLE

The  Partnership  had  received   subscriptions  for  175  units  consisting  of
promissory  notes of  $175,000  as of  December  31,  1997,  all of  which  were
collected in 1998. As of December 31, 1996, the  Partnership  had  subscriptions
for 1,049 units consisting of receivables of $861,250, net of discounts of $750,
and promissory notes of $187,000,  all of which were collected in 1997.  Limited
partners who  subscribed for ten or more units of limited  partnership  interest
($10,000) could elect to pay 50% of the purchase price in cash upon subscription
and the  remaining  50% by the  delivery  of a  promissory  note  payable,  with
interest  at the rate of 9.75% per annum and due no later  than 13 months  after
the subscription date.

                                       26
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

       For The Three Months Ended March 31, 1999 and 1998 (Unaudited) and
 For The Years Ended December 31, 1998 and 1997 and For The Period July 1, 1996
                (Date Operations Commenced) to December 31, 1996

NOTE 8 - SUBSEQUENT EVENTS

Subsequent to March 31, 1999,  the  Partnership  acquired one  additional  Local
Limited  Partnership  interest  which  committed the  Partnership  to additional
capital contributions of $414,000, of which $0 has been advanced as of March 31,
1999.




















                                       27

<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 68, is the founder,  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 65, is President, a Director, Secretary and 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 36, is Executive Vice  President,  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 47, is Senior 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.

                                       28

<PAGE>
Michael L. Dickenson, age 42, is Vice President and Chief Financial Officer, and
a member of the  Acquisition  Committee  of WNC &  Associates,  Inc.,  and Chief
Financial Officer of WNC Management,  Inc. He has been involved with acquisition
and  investment  activities  with  respect to real estate  since 1985.  Prior to
joining the Sponsor in March 1999, he was the Director of Financial  Services at
TrizecHahn  Centers Inc., a developer  and operator of  commercial  real estate,
from 1995 to 1999,  a Senior  Manager  with E&Y  Kenneth  Leventhal  Real Estate
Group, Ernst & Young, LLP, from 1988 to 1995, and Vice President of Finance with
Great Southwest  Companies,  a commercial and residential real estate developer,
from  1985 to 1988.  Mr.  Dickenson  is a  member  of the  Financial  Accounting
Standards  Committee for the National  Association of Real Estate  Companies and
the  American  Institute  of  Certified  Public  Accountants,  and a Director of
HomeAid  Southern  California,  a charitable  organization  affiliated  with the
building  industry.  He  graduated  from  Texas Tech  University  in 1978 with a
Bachelor of Business  Administration  -  Accounting  degree,  and is a Certified
Public Accountant in California and Texas.

Thomas J. Riha, age 44, is 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 53, 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 36, is Vice President - Acquisitions 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 44, is Vice President - Originations of WNC & Associates,  Inc.
He has been involved with real estate  investment and 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 62, 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, 1999 and December 31,
     1998,  the  aggregate  amount  of  acquisition  fees  paid or  accrued  was
     approximately $1,630,000 and $1,571,600, respectively.

                                       29

<PAGE>
(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 $15,125  and  $59,351  were
     incurred  for the three  months  ended  March 31,  1999 and the year  ended
     December 31, 1998, of which, $7,779 were paid in 1999 and none were paid in
     1998.

(d)  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.

(e)  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,  1999 and  December  31,  1998 the  Partnership
     incurred acquisition expense reimbursements of $156,589.

(f)  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 $17,771  for the year ended  December  31,  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 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.

                                       30
<PAGE>


     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.











                                       31
<PAGE>
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.

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
         Independent Auditors' Report
         Balance Sheets, March 31, 1999 and 1998 (Unaudited) and December 31,
           1998 and 1997
         Statements of Operations  for the three months ended March 31, 1999 and
           1998  (Unaudited)  and for the years ended December 31, 1998 and 1997
           and  the  period  July 1, 1996  (Date  Operations  Commenced) through
           December 31, 1996
         Statements of  Partners'  Equity  (Deficit)  for the three months ended
           March 31, 1999 and for the years ended December 31, 1998 and 1997 and
           the period July 1, 1996 (Date Operations  Commenced) through December
           31, 1996
         Statements  of Cash Flows for the three months ended March 31, 1999 and
           1998 (Unaudited)  and for the years ended  December 31, 1998 and 1997
           and  the  period  July 1, 1996  (Date Operations  Commenced)  through
           December 31, 1996
         Notes to Financial Statements

(a)(2)   Financial statement schedules included in Part IV hereof:

         Report of Independent Certified  Public Accountants on Financial State-
           ment Schedules
         Schedule III - Real Estate Owned by Local Limited Partnerships

(b)      Reports on Form 8-K.

1.       A Form 8-K  dated  May 13,  1999  was filed on May 14,  1999  reporting
         the Partnership's change in fiscal year end to March 31.  No  financial
         statements were included.

(c)      Exhibits.

3.1      Articles of incorporation and by-laws: The registrant is not incorpora-
         ted.  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.

                                       32
<PAGE>
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 Partner-
         ship 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  estated Agreement of  Limited  Partnership  of Mesa  Verde
         Apartments Limited Partnership filed as  exhibit 10.1 to Form 8-K  Cur-
         rent Report dated March 6, 1997 is herein incorporated  by reference as
         exhibit 10.6.

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 Cur-
         rent  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.

                                       33

<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 August 25, 1999 relating to the 1999
and 1998 financial  statements of WNC Housing Tax Credit Fund V, L.P.,  Series 4
(the  "Partnership"),  which is 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
August 25, 1999

                                       34

<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
                                                 ------------------------------   --------------------------------------------------
                                                 Partnership's                    Encumbrances
                                                 Total Investment  Amount of      of  Local                                    Net
                                                 in Local Limited  Investment     Limited       Property and  Accumulated      Book
Partnership Name                    Location     Partnerships      Paid to Date   Partnerships  Equipment     Depreciation     Value
-------------------------------------------------------------------------------   -------------  -----------------------------------
<S>                                                <C>            <C>            <C>          <C>           <C>         <C>
Ashford Place, a Limited            Shawnee,
Partnership                         Oklahoma       $   2,317,000  $   2,317,000  $  2,435,000 $  5,065,000  $   127,000 $  4,938,000

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

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

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

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

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

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

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

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

</TABLE>
                                       35
<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
                                                 ------------------------------   --------------------------------------------------
                                                 Partnership's                    Encumbrances
                                                 Total Investment  Amount of      of  Local                                    Net
                                                 in Local Limited  Investment     Limited       Property and  Accumulated      Book
Partnership Name                    Location     Partnerships      Paid to Date   Partnerships  Equipment     Depreciation     Value
-------------------------------------------------------------------------------   -------------  -----------------------------------
<S>                                                <C>            <C>            <C>          <C>           <C>         <C>
Mountain Vista Associates Limited   Los Alamos,
Partnership                         New Mexico           315,000        315,000     1,444,000    1,574,000       91,000    1,483,000

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

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

Wynwood Place, Limited Partnership  Raleigh,
                                    North Carolina       534,000        374,000       554,000      873,000            -      873,000
                                                      ----------     ----------    ----------   ----------    ---------   ----------
                                                   $  15,306,000  $  14,123,000  $ 18,217,000 $ 35,162,000  $ 1,292,000 $ 33,870,000
                                                      ==========     ==========    ==========   ==========    =========   ==========

</TABLE>
                                       36



<PAGE>
WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 1999
<TABLE>
<CAPTION>
                                               ------------------------------------------------------------------
                                                                 For the year ended December 31, 1998
                                               ------------------------------------------------------------------
                                                                    Year
                                                                    Investment                  Estimated Useful
Partnership Name                  Rental Income        Net Loss     Acquired      Status        Life (Years)
-----------------------------------------------------------------------------------------------------------------
<S>                             <C>              <C>                 <C>        <C>                <C>
Ashford Place, a Limited
Partnership                     $      301,000   $    (191,000)      1996       Completed            40

Belen Vista Associates,
Limited Partnership                    326,000         (21,000)      1997       Completed          27.5

Blessed Rock of El Monte               656,000        (111,000)      1996       Completed            40

Cleveland Apartments L.P.               84,000        (219,000)      1998          1999            27.5

Cresent City Apartments                148,000        (120,000)      1996       Completed          27.5

D. Hilltop Apartments Ltd.              62,000          (4,000)      1997       Completed            30

Greyhound Associates I,
L.P.                                    59,000         (21,000)      1997       Completed            40

Lamar Plaza Apts., L.P.                 46,000         (47,000)      1997       Completed            40

Mesa Verde Apartments
Limited Partnership                    227,000        (372,000)      1997       Completed            40

Mountain Vista Associates                                                                          27.5
Limited Partnership                    227,000          (9,000)      1997       Completed

North Central Limited                                                                          Under Construction
Partnership                                  -               -       1998          2000

Woodland, Ltd.                          85,000         (72,000)      1997       Completed            40

Wynwood Place, Limited
Partnership                                  -         (33,000)      1998          1999        Under Construction
                                   -----------      ----------
                                $    2,221,000   $  (1,220,000)
                                   ===========      ==========
</TABLE>
                                       37

<PAGE>
WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
December 31, 1998
<TABLE>
<CAPTION>
                                                 -----------------------------------------------------------------------------------
                                                                                   As of  December 31, 1998
                                                 -----------------------------------------------------------------------------------
                                                 Partnership's                    Encumbrances
                                                 Total Investment  Amount of      of  Local                                    Net
                                                 in Local Limited  Investment     Limited       Property and  Accumulated      Book
Partnership Name                    Location     Partnerships      Paid to Date   Partnerships  Equipment     Depreciation     Value
-------------------------------------------------------------------------------   -------------  -----------------------------------
<S>                                                <C>            <C>            <C>          <C>           <C>         <C>
Ashford Place, a Limited            Shawnee,
Partnership                         Oklahoma       $   2,317,000  $   2,069,000  $  2,435,000 $  5,065,000  $   127,000 $  4,938,000

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

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

Cleveland Apartments L.P.           Coffeyville,
                                    Kansas               552,000        397,000       654,000      841,000       17,000      824,000

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

D. Hilltop Apartments Ltd.          Prairie View,
                                    Texas                121,000         72,000       447,000      583,000       22,000      561,000

Greyhound Associates I, L.P.        Windsor,
                                    Missouri             642,000        578,000       633,000    1,362,000       34,000    1,328,000

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

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

</TABLE>
                                       38
<PAGE>
WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
December 31, 1998
<TABLE>
<CAPTION>
                                                 -----------------------------------------------------------------------------------
                                                                                 As of December 31, 1998
                                                 -----------------------------------------------------------------------------------
                                                 Partnership's                    Encumbrances
                                                 Total Investment  Amount of      of  Local                                    Net
                                                 in Local Limited  Investment     Limited       Property and  Accumulated      Book
Partnership Name                    Location     Partnerships      Paid to Date   Partnerships  Equipment     Depreciation     Value
-------------------------------------------------------------------------------   -------------  -----------------------------------
<S>                                                <C>            <C>            <C>          <C>           <C>         <C>
Mountain Vista Associates Limited   Los Alamos,
Partnership                         New Mexico           315,000        315,000     1,444,000    1,574,000       91,000    1,483,000

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

Woodland, Ltd.                      Marion,
                                    Alabama            1,288,000      1,158,000     1,296,000    2,533,000       92,000    2,441,000

Wynwood Place, Limited Partnership  Raleigh,
                                    North Carolina       534,000        374,000       554,000      873,000            -      873,000
                                                      ----------     ----------    ----------   ----------    ---------   ----------
                                                   $  15,325,000  $  13,667,000  $ 18,217,000 $ 35,162,000  $ 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
December 31, 1998
<TABLE>
<CAPTION>
                                               --------------------------------------------
                                                   For the year ended December 31, 1998
                                               --------------------------------------------
                                                                    Year
                                                                    Investment
Partnership Name                  Rental Income        Net Loss     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

Cresent 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/ John B. Lester, Jr
John B. Lester, Jr.        President of WNC & Associates, Inc.

Date: August 31, 1999


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: August 31, 1999



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

Date: August 31, 1999



By:  /s/ Michael L. Dickenson
Michael L. Dickenson
Vice-President - Chief Financial Officer of WNC & Associates, Inc.

Date: August 31, 1999



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

Date: August 31, 1999



                                       41