FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

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

                    For the fiscal year ended March 31, 2000

                                       OR

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

                  For the period from __________ to __________

                         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.  Wilfred N. Cooper,
Jr., President of Associates,  owns 2.1% of the outstanding stock of Associates.
The  business of the  Partnership  is  conducted  primarily  through the General
Partner as the Partnership has no employees of its own.

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

Description of Business

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

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

                                       3
<PAGE>
As of March 31, 2000 the  Partnership  had  invested in fourteen  Local  Limited
Partnerships.  Each of these Local Limited  Partnerships  owns a Housing Complex
that is eligible  for the  federal  Low Income  Housing  Credit.  Certain  Local
Limited Partnerships may also benefit from government programs promoting low- or
moderate-income housing.

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

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

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

Item 2.  Properties

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

                                       4
<PAGE>
<TABLE>
<CAPTION>
                                                                ---------------------------- ---------------------------------------
                                                                    As of March 31, 2000            As of December 31, 1999
                                                                ---------------------------- ---------------------------------------
                                                                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     88% $  3,931,000  $  2,329,000
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     1,536,000

Blessed Rock of El Monte  El Monte,      Everland, Inc.             2,511,000    2,511,000    137     99%    8,899,000     3,784,000
                          California

Bolivar Plaza Apartments  Bolivar,       MBL Development Co.        1,181,000      839,000     32     (1)          (1)             -
                          Mississippi

Cleveland Apartments L.P. Coffeyville,   Williams Management and
                          Kansas         Consulting, Inc. and
                                         Eastern Housing Corp.        516,000      422,000     48     56%      737,000     1,541,000

Cresent City Apartments   Cresent City,  Cresent City Surf, Inc.    1,166,000    1,133,000     56     91%    2,221,000     1,960,000
                          California

D. Hilltop Apartments     Prairie View,  Donald W. Sowell             102,000      102,000     24     88%      187,000       468,000
Ltd.                      Texas

Greyhound Associates I,   Windsor,       WCM Community
L.P.                      Missouri       Development Corp.            642,000      642,000     24     96%    1,128,000       620,000

Lamar Plaza Apts., L.P.   Lamar,         MBL Development Co.          738,000      738,000     28     86%    1,230,000       864,000
                          Missouri

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

</TABLE>

                                        5
<PAGE>
<TABLE>
<CAPTION>
                                                                ---------------------------- ---------------------------------------
                                                                    As of March 31, 2000            As of December 31, 1999
                                                                ---------------------------- ---------------------------------------
                                                                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     92%    6,472,000     2,410,000
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     1,440,000

North Central Limited     New York,      City and Suburban
Partnership               New York       Development Corp.            748,000      720,000     18     89%    1,054,000     1,300,000

Woodland, Ltd.            Marion,        ACHR Corp.                 1,288,000    1,288,000     42     93%    2,112,000     1,294,000
                          Alabama

Wynwood Place, Limited    Raleigh,       Regency Investment
Partnership               North          Associates, Inc., ATO,
                          Carolina       Inc., a Non-Profit Corp.
                                         and Gordon Blackwell.        534,000      454,000     24    100%      780,000       682,000
                                                                   ----------   ----------    ---    ----   ----------    ----------
                                                                 $ 16,415,000 $ 15,743,000    784     90% $ 30,008,000  $ 20,210,000
                                                                   ==========   ==========    ===    ====   ==========    ==========
</TABLE>
                                       6


<PAGE>
<TABLE>
<CAPTION>
                                       ------------------------------------------------------------------
                                                       For the year ended December 31, 1999
                                       ------------------------------------------------------------------
                                                                                    Low Income Housing
                                                                                    Credits Allocated to
Partnership Name                          Rental Income            Net Loss         Partnership
---------------------------------------------------------------------------------------------------------
<S>                                       <C>                <C>                               <C>
Ashford Place, a Limited Partnership      $     353,000      $     (276,000)                   98.99%

Belen Vista Associates, Limited
Partnership                                     329,000             (25,000)                   98.99%

Blessed Rock of El Monte                        660,000             (80,000)                   49.50%

Bolivar Plaza Apartments                              -               8,000                    98.98%

Cleveland Apartments L.P.                        71,000            (207,000)                   99.98%

Crescent City Apartments                        152,000            (149,000)                   99.00%

D. Hilltop Apartments Ltd.                       74,000             (21,000)                   99.00%

Greyhound Associates I, L.P.                     74,000             (27,000)                   99.00%

Lamar Plaza Apts., L.P.                          80,000             (10,000)                   99.97%

Mesa Verde Apartments Limited
Partnership                                     400,000            (273,000)                   99.00%

Mountain Vista Associates Limited
Partnership                                     223,000             (11,000)                   98.99%

North Central Limited Partnership                11,000             (18,000)                   99.89%

Woodland, Ltd.                                   80,000             (65,000)                   99.98%

Wynwood Place, Limited Partnership               62,000             (32,000)                   99.98%
                                              ---------           ---------
                                          $   2,569,000      $   (1,186,000)
                                              =========           =========

</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, 2000, there were 1,304 Limited Partners.

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

(d)  No unregistered  securities  were sold by the  Partnership  during the year
     ended March 31, 2000.

Item 5b.

NOT APPLICABLE

Item 6.  Selected Financial Data

Selected balance sheet information for the Partnership is as follows:
<TABLE>
<CAPTION>
                                                March 31                          December 31
                                        -------------------------- -----------------------------------------
                                           2000          1999          1998          1997           1996
                                        ------------ ------------- ------------- ------------- -------------
<S>                                   <C>           <C>           <C>           <C>            <C>
ASSETS
Cash and cash equivalents             $   1,725,133 $   3,460,935 $   3,817,546 $   5,906,978  $  3,916,658

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

Subscriptions receivable                          -             -             -             -       861,250

Investments in limited partnerships,
 net                                     15,243,007    15,345,027    15,573,510    14,894,897     6,700,570

Interest receivable                               -             -             -        76,622         4,475

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

Other assets                                    574           500           500           500             -
                                        ------------  ------------  ------------  ------------   -----------

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

PARTNERS' EQUITY                         16,306,218    17,507,376    17,756,227    18,523,956     7,050,706
                                        ------------  ------------  ------------  ------------   -----------

                                      $  16,980,794 $  18,871,377 $  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:
<TABLE>
<CAPTION>
                                       For the               For the                              For the
                                     Year Ended        Three Months Ended                       Years Ended
                                      March 31              March 31                            December 31
                                     ------------   --------------------------    -----------------------------------------
                                        2000           1999           1998           1998           1997           1996
                                     ------------   -----------    -----------    -----------    -----------    -----------
                                                                   (Unaudited)
<S>                                <C>             <C>          <C>            <C>            <C>             <C>
Income (loss) from operations      $     (54,888) $       586   $    18,142    $     95,280   $      97,369   $    (17,505)

Equity in losses of limited
 partnerships                         (1,146,270)    (249,437)     (153,500)     (1,010,334)       (334,756)       (29,329)
                                     ------------   ----------    ----------     -----------    -----------     -----------

Net loss                           $  (1,201,158) $  (248,851)  $  (135,358)   $   (915,054)  $    (237,387)  $    (46,834)
                                     ============   ==========    ==========     ===========     ===========    ===========
Net loss allocated to:
 General partner                   $     (12,012) $    (2,489)  $    (1,354)   $     (9,151)  $      (2,374)  $       (468)
                                     ============   ==========    ==========     ===========     ===========    ===========

 Limited partners                  $  (1,189,146) $  (246,362)  $  (134,004)   $   (905,903)  $    (235,013)  $    (46,366)
                                     ============   ==========    ==========     ===========     ===========    ===========
Net loss per limited
 partnership unit                  $      (54.05) $    (11.20)  $     (6.09)   $     (41.18)  $      (13.01)  $     (26.83)
                                     ============   ==========    ==========     ===========     ===========    ===========
Outstanding weighted limited
 partner units                            22,000       22,000        22,000          22,000          18,063          1,728
                                     ============   ==========   ===========     ===========     ===========    ===========

                                       For the               For the                              For the
                                      Year Ended        Three Months Ended                       Years Ended
                                       March 31              March 31                            December 31
                                     ------------   --------------------------    -----------------------------------------
                                        2000           1999           1998           1998           1997           1996
                                     ------------   -----------    -----------    -----------    ------------   -----------
                                                                   (Unaudited)
Net cash provided by (used in):
 Operating activities              $    (121,756) $    75,111   $    77,854    $    297,891   $      94,732   $      4,010

 Investing activities                 (1,614,046)    (431,722)     (814,796)     (2,534,648)    (10,409,130)    (2,544,473)

 Financing activities                          -            -       148,448         147,325      12,304,718      6,457,121
                                      -----------  -----------   -----------     -----------    ------------    -----------

Net change in cash and cash
 equivalents                          (1,735,802)    (356,611)     (588,494)     (2,089,432)      1,990,320      3,916,658

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

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

Low Income Housing  Credits Per Unit was as follows for the years ended December 31:

                          1999           1998           1997           1996
                       -----------    ------------   -----------    -----------
Federal              $        104   $          81  $         20   $         38
State                           -               -             -              -
                       -----------    ------------   -----------    -----------
Total                $        104   $          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, 2000 consisted primarily of $1,725,000 in
cash and aggregate  investments  in the fourteen Local Limited  Partnerships  of
$15,243,000.  Liabilities  at  March  31,  2000  were  $673,000  due to  limited
partnerships,  $2,000 of accrued annual  management fees and expenses paid by an
affiliate of the General Partner or due to the General Partner or affiliate.

Results of Operations

Year  Ended  March 31,  2000  Compared  to Year Ended  December  31,  1998.  The
Partnership's  net loss for the year  ended  March  31,  2000 was  $(1,201,000),
reflecting  an increase of $286,000 from the net loss  experienced  for the year
ended  December 31, 1998. The increase in net loss is primarily due to equity in
losses from limited partnerships which increased by $136,000 to $(1,146,000) for
the year ended march 31, 2000 from  $(1,010,000) for the year ended December 31,
1998. The increase in equity in losses from limited  partnerships  is due to the
acquisition of certain Local Limited Partnerships in 1998. The losses from these
Local Limited Partnerships were significantly less during 1998 as only a partial
year of  operations  was  allocable  to the  Partnership.  As a  result,  losses
recognized by the Partnership  from these Local Limited  Partnerships  increased
for the year ended March 31, 2000. In addition,  the  Partnership  experienced a
decrease in interest income of $123,000 resulting from a decrease in cash due to
capital  contributions  paid to Local Limited  Partnerships  of $1,619,000.  The
Partnership  also  experienced  an increase in operating  expenses paid to third
parties of $30,000.

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.

Cash Flows

Year Ended March 31, 2000  Compared to Year Ended  December 31,  1998.  Net cash
used during the year ended March 31, 2000 was $(1,736,000), compared to net cash
used for the year ended December 31, 1998 of  $(2,089,000).  Net cash flows from
operating  activities  decreased  by  $420,000  to net  cash  used in  operating
activities of $(122,000)  for the year ended March 31, 2000 compared to net cash
provided by operating  activities  of $298,000  for the year ended  December 31,
1998. This decrease was primarily due to an increase in cash paid to the General
Partner for  management  fees and other  accrued fees and costs of  $248,000,  a
decrease in interest  income of $123,000,  a decrease in collections of interest
receivable  of  $77,000  and an  increase  in cash  paid to  third  parties  for
operating expenses of $30,000,  offset by receivables  collected from affiliates
of $53,000. Net cash flows used in investing activities decreased by $921,000 to
$(1,614,000)  for the year ended March 31, 2000 from  $(2,535,000) due primarily
to a decrease in capital  contributions  paid to Local Limited  Partnerships  of
$1,105,000  and a decrease  in cash paid for  capitalized  acquisition  fees and
costs of $38,000,  offset by a decrease in receivables collected from affiliates
of $224,000.  Net cash provided by financing activities decreased by $147,000 to
$0 for the year ended March 31, 2000 from  $147,000 for the year ended  December
31, 1998  primarily  due to a decrease in notes  receivable  from  investors  of
$175,000 offset by a decrease in cash paid for offering costs of $28,000

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

                                       10
<PAGE>
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.

The Partnership  expects its future cash flows,  together with its net available
assets at March 31, 2000, to be  sufficient  to meet all  currently  foreseeable
future cash requirements.

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. The non-IT systems of WNC are year 2000 compliant.

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.  To date,  WNC has not  encountered
significant year 2000 issues or business disruptions from its service providers.

Costs to Address Year 2000 Issues

The cost to address year 2000 issues for WNC has been less than $25,000.

Risk of Year 2000 Issues

Although WNC has  encountered no significant  year 2000 issues to date, the most
reasonable  and likely result from  non-year  2000  compliance of systems of the
service  providers  noted  above  would be the  disruption  of  normal  business
operations for WNC. This disruption could, 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

To date, WNC and the  Partnership  have  encountered  no  significant  year 2000
issues with respect to the Local Limited Partnerships.

                                       11

<PAGE>


Costs to Address Year 2000 Issues

There has been and will be no cost to the  Partnership  as a result of assessing
year 2000 issues for the Local  Limited  Partnerships.  Although no  significant
year 2000 issues have been  encountered to date, 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

Although no significant  year 2000 issues have been  encountered to date,  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, 2000 and 1999,  and December 31, 1998,  and the related  statements of
operations,  partners'  equity (deficit) and cash flows for the year ended March
31, 2000, the three months ended March 31, 1999, and the year ended December 31,
1998. These financial  statements are the  responsibility  of the  Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements  based  on  our  audits.  A  significant  portion  of  the  financial
statements of the limited  partnerships  in which the  Partnership  is a limited
partner were audited by other  auditors whose reports have been furnished to us.
As discussed in Note 3 to the financial statements, the Partnership accounts for
its investments in limited  partnerships using the equity method. The portion of
the Partnership's  investment in limited  partnerships audited by other auditors
represented 63%, 63% and 60% of the total assets of the Partnership at March 31,
2000 and 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, 2000 and 1999, and December 31,
1998,  and the results of its  operations  and its cash flows for the year ended
March 31, 2000,  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
June 26, 2000




                                       13
<PAGE>


INDEPENDENT AUDITORS' REPORT



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


We have audited the  accompanying  statement  of  operations,  partners'  equity
(deficit)  and cash flows of WNC Housing  Tax Credit  Fund V, L.P.,  Series 4 (a
California Limited  Partnership) (the "Partnership") for the year ended December
31, 1997. 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 audit 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 audit and the  reports  of the  other  auditors  provide a
reasonable basis for our opinion.

In our opinion,  based on our audit and the reports of the other  auditors,  the
financial statements referred to above present fairly, in all material respects,
the results of operations and cash flows of WNC Housing Tax Credit Fund V, L.P.,
Series 4 (a California Limited Partnership) for the year ended December 31, 1997
in conformity with generally accepted accounting principles.


                               /s/ CORBIN & WERTZ
                                   CORBIN & WERTZ

Irvine, California
September 17, 1998




                                       14
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                                 BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                           March 31                   December 31
                                                                 ------------------------------     ----------------
                                                                     2000             1999               1998
                                                                 --------------   -------------     ----------------
ASSETS
<S>                                                            <C>              <C>               <C>
Cash and cash equivalents                                      $     1,725,133  $    3,460,935    $       3,817,546
Loans receivable (Note 2)                                               12,080          12,080               91,000
Due from affiliates (Note 4)                                                 -          52,835               52,835
Investments in limited partnerships (Note 3)                        15,243,007      15,345,027           15,573,510
Other assets                                                               574             500                  500
                                                                 --------------   -------------     ----------------

                                                               $    16,980,794  $   18,871,377    $      19,535,391
                                                                 ==============   =============     ================
LIABILITIES AND PARTNERS' EQUITY
 (DEFICIT)

Liabilities:
 Payables to limited partnerships (Note 5)                     $       672,640  $    1,182,870    $       1,657,666
 Accrued fees and expenses due to General
  Partner and affiliates (Note 4)                                        1,936         181,131              121,498
                                                                 --------------   -------------     ----------------

   Total liabilities                                                   674,576       1,364,001            1,779,164
                                                                 --------------   -------------     ----------------
Commitments and contingencies

Partners' equity (deficit)
 General partner                                                       (55,998)        (43,986)             (41,497)
 Limited partners (25,000 units authorized,
  22,000 units issued and outstanding)                              16,362,216      17,551,362           17,797,724
                                                                 --------------   -------------     ----------------

   Total partners' equity                                           16,306,218      17,507,376           17,756,227
                                                                 --------------   -------------     ----------------

                                                               $    16,980,794  $   18,871,377    $      19,535,391
                                                                 ==============   =============     ================
</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
<TABLE>
<CAPTION>
                                                         For The Three
                                        For The Year      Months Ended          For The Years Ended
                                       Ended March 31       March 31                December 31
                                      --------------   -----------------   ----------------------------
                                           2000               1999              1998           1997
                                      --------------   -----------------   -------------   ------------
<S>                                 <C>              <C>                 <C>             <C>
Interest income                     $       108,385  $           39,963  $      231,113  $     225,609
Other income                                  6,100                   -               -              -
                                      --------------   -----------------   -------------   ------------

Total income                                114,485              39,963         231,113        225,609
                                      --------------   -----------------   -------------   ------------

Operating expenses:
 Amortization (Note 3)                       59,566              14,892          56,694         42,034
 Asset management fees (Note 4)              60,500              15,125          59,351         57,976
 Other                                       49,307               9,360          19,788         28,230
                                      --------------   -----------------   -------------   ------------

  Total operating expenses                  169,373              39,377         135,833        128,240
                                      --------------   -----------------   -------------   ------------

Income (loss) from operations               (54,888)                586          95,280         97,369

Equity in income losses of
 limited partnerships (Note 3)           (1,146,270)           (249,437)     (1,010,334)      (334,756)
                                      --------------   -----------------   -------------   ------------

Net loss                            $    (1,201,158) $         (248,851) $     (915,054) $    (237,387)
                                      ==============   =================   =============   ============

Net loss allocated to:
 General partner                    $       (12,012) $           (2,489) $       (9,151) $      (2,374)
                                      ==============   =================   =============   ============

 Limited partners                   $    (1,189,146) $         (246,362) $     (905,903) $    (235,013)
                                      ==============   =================   =============   ============

Net loss per limited
 partnership unit                   $        (54.05) $           (11.20) $       (41.18) $      (13.01)
                                      ==============   =================   =============   ============

Outstanding weighted limited
 partner units                               22,000              22,000          22,000         18,063
                                      ==============   =================   =============   ============
</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 Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997
<TABLE>
<CAPTION>
                                                               General            Limited
                                                               Partner            Partners             Total
                                                            --------------     ---------------     ---------------
<S>                                                       <C>                <C>                 <C>
Partners' equity (deficit) at January 1, 1997             $       (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                                            -            (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

Net loss                                                          (12,012)         (1,189,146)         (1,201,158)
                                                            --------------     ---------------     ---------------

Partners' equity (deficit) at March 31, 2000              $       (55,998)   $     16,362,216    $     16,306,218
                                                            ==============     ===============     ===============
</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
<TABLE>
<CAPTION>
                                                                       For The Three
                                                      For The Year      Months Ended        For The Years Ended
                                                      Ended March 31      March 31              December 31
                                                      --------------   -------------   ----------------------------
                                                           2000            1999           1998            1997
                                                      --------------   -------------   ----------------------------
<S>                                                 <C>             <C>             <C>            <C>

Cash flows from operating activities:
 Net loss                                           $   (1,201,158) $     (248,851) $    (915,054) $     (237,387)
 Adjustments to reconcile net
  loss to net cash provided by (used in)
  operating activities:
  Amortization                                              59,566          14,892         56,694          42,034
  Equity in losses from limited
   partnerships                                          1,146,270         249,437      1,010,334         334,756
  Change in due from affiliates                             52,835               -              -               -
  Change in accrued fees and
   expenses due to General
   Partner and affiliate                                  (179,195)         59,633         69,295          27,976
  Change in interest receivable                                  -               -         76,622         (72,147)
  Change in other assets                                       (74)              -              -            (500)
                                                      -------------   -------------   ------------    ------------
 Net cash provided by (used in) operating
   activities                                             (121,756)         75,111        297,891          94,732
                                                      -------------   -------------   ------------    ------------
Cash flows from investing activities:
 Investments in limited
   partnerships, net                                    (1,618,687)       (455,608)    (2,934,293)     (8,910,195)
 Due from affiliates                                             -               -        223,940        (276,775)
 Distributions from limited
  partnerships                                               4,641           3,744          3,744               -
 Loans receivable                                                -          78,920        210,226        (174,845)
 Capitalized acquisition cost and
  fees                                                           -         (58,778)       (38,265)     (1,047,315)
                                                      -------------   -------------   ------------    ------------
 Net cash used in investing
  activities                                            (1,614,046)       (431,722)    (2,534,648)    (10,409,130)
                                                      -------------   -------------   ------------    ------------
Cash flows from financing activities:
 Capital contributions from
  partners                                                       -               -              -      14,214,275
 Offering costs                                                  -               -        (27,675)     (1,829,388)
 Collection on notes receivable                                  -               -        175,000         187,000
 Advances from General Partner
  and affiliate                                                  -               -              -        (267,169)
                                                      -------------   -------------   ------------    ------------
 Net cash provided by financing
  activities                                                     -               -        147,325      12,304,718
                                                      -------------   -------------   ------------    ------------
</TABLE>

Continued
                                       18

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

                      STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
<CAPTION>




                                                                       For The Three
                                                      For The Year      Months Ended        For The Years Ended
                                                      Ended March 31      March 31              December 31
                                                      --------------   -------------   ----------------------------
                                                           2000            1999           1998            1997
                                                      --------------   -------------   ------------    ------------
<S>                                                  <C>             <C>            <C>             <C>
Net increase (decrease) in cash
 and cash equivalents                                    (1,735,802)      (356,611)    (2,089,432)      1,990,320

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

Cash and cash equivalents, end
 of period                                           $    1,725,133  $   3,460,935  $   3,817,546   $   5,906,978
                                                       =============  =============   ============    ============

SUPPLEMENTAL
 DISCLOSURE OF CASH FLOW INFORMATION:
  Taxes paid                                         $          800  $           -  $         800   $         800
                                                       =============  =============   ============    ============


</TABLE>








                 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 Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

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

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

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

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

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

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

Change in Reporting Year End

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

                                       20


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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Risks and Uncertainties

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

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

Method of Accounting for Investments in Limited Partnerships

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

Losses from limited  partnerships for the years ended December 31, 1998 and 1997
have been recorded by the Partnership  based on reported results provided by the
Local  Limited  Partnerships.  Losses from  limited  partnerships  for the three
months  ended  March 31,  1999  have been  estimated  by the  management  of the
Partnership. Losses from Local Limited Partnerships for the year ended March 31,
2000 have been  recorded  by the  Partnership  based on nine  months of reported
results  provided  by the  Local  Limited  Partnerships  and on three  months of
results  estimated by management of the  Partnership.  Losses from Local Limited
Partnerships  allocated to the Partnership are not recognized to the extent that
the investment balance would be adjusted below zero.

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Offering Expenses

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

Use of Estimates

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

Cash and Cash Equivalents

The  Partnership   considers  all  highly  liquid   investments  with  remaining
maturities of three months or less when purchased to be cash equivalents.  As of
March 31, 2000 and 1999,  and  December 31, 1998,  the  Partnership  had no cash
equivalents.

Concentration of Credit Risk

At March  31,  2000,  the  Partnership  maintained  cash  balances  at a certain
financial institution in excess of the federally insured maximum.

Net Loss Per Limited Partnership 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 loss per unit is not required.

Reporting Comprehensive Income

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

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.  A loan  receivable  with a
balance of $91,000 at December 31, 1998, was collectible  from one Local Limited
Partnership  and has been  partially  repaid to the  Partnership as of March 31,
2000 and 1999.

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS

As of the periods  presented,  the Partnership has acquired limited  partnership
interests  in 14 Local  Limited  Partnerships,  each of which  owns one  Housing
Complex  consisting of an aggregate of 784 apartment units. As of March 31, 2000
construction  or  rehabilitation  of one 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 approximately 99%,
as specified  in the Local  Limited  Partnership  agreements,  of the  operating
profits  and  losses,  taxable  income and  losses and tax  credits of the Local
Limited Partnerships,  except for one of the investments in which it is entitled
to 49.5% of such amounts.

The  Partnership's  investments  in limited  partnerships  as  reflected  in the
balance  sheets  at March 31,  2000 and 1999 are  approximately  $2,143,000  and
$2,611,000, respectively, greater than the Partnership's equity at the preceding
December  31 as shown in the  Local  Limited  Partnerships'  combined  financial
statements  presented  below.  This  difference is primarily due to acquisition,
selection,  and other costs related to the acquisition of the investments  which
have been  capitalized in the  Partnership's  investment  account and to capital
contributions  payable to the limited  partnerships  which were  netted  against
partner  capital in the Local Limited  Partnerships'  financial  statements (see
Note 5). The  Partnership's  investment  is also  lower  than the  Partnership's
equity as shown in the Local Limited Partnership's combined financial statements
due to the  estimated  losses  recorded by the  Partnership  for the three month
period ended March 31.

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

Distributions  received 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, 2000, no investment  accounts in
Local Limited Partnerships had reached a zero balance.

The following is a summary of the equity method  activity of the  investments in
limited partnerships for the periods presented:
<TABLE>
<CAPTION>
                                                                           For The Three
                                                          For The Year      Months Ended          For The Years Ended
                                                         Ended March 31      March 31                 December 31
                                                         --------------   ---------------    -------------------------------
                                                             2000              1999              1998             1997
                                                         --------------   ---------------    --------------   --------------
<S>                                                    <C>              <C>                <C>              <C>
Investments per balance sheet, beginning of period     $    15,345,027  $     15,573,510   $    14,894,897  $     6,700,570
Capital contributions paid, net                                766,262           (19,187)        1,277,728        6,194,337
Capital contributions payable                                  342,195                 -           433,392        1,329,465
Capitalized acquisition fees and costs                               -            58,777            38,265        1,047,315
Distributions received                                          (4,641)           (3,744)           (3,744)              -
Equity in losses of limited partnerships                    (1,146,270)         (249,437)       (1,010,334)        (334,756)
Amortization of paid acquisition fees and costs                (59,566)          (14,892)          (56,694)         (42,034)
                                                         --------------   ---------------    --------------   --------------

Investments in limited partnerships, end of period     $    15,243,007  $     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 Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

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>

                                                                 1999                1998
                                                            ---------------     ---------------

ASSETS
<S>                                                       <C>                 <C>
Buildings and improvements, net of accumulated
 depreciation for 1999 and 1998 of $2,366,000 and
 $1,292,000, respectively                                 $     33,780,000    $     30,282,000
Land                                                             2,465,000           2,344,000
Construction in progress                                           794,000           1,244,000
Due from related parties                                                 -             322,000
Other assets                                                     2,902,000           2,966,000
                                                            ---------------     ---------------

                                                          $     39,941,000    $     37,158,000
                                                            ===============     ===============
LIABILITIES

Mortgage and construction loans payable                   $     20,210,000    $     18,217,000
Due to related parties                                           2,456,000           2,765,000
Other liabilities                                                1,038,000             540,000
                                                            ---------------     ---------------

                                                                23,704,000          21,522,000
                                                            ---------------     ---------------
PARTNERS' CAPITAL

WNC Housing Tax Credit Fund V, L.P., Series 4                   13,100,000          12,734,000
WNC Housing Tax Credit Fund V, L.P., Series 3                    2,351,000           2,391,000
Other partners                                                     786,000             511,000
                                                            ---------------     ---------------

                                                                16,237,000          15,636,000
                                                            ---------------     ---------------

                                                          $     39,941,000    $     37,158,000
                                                            ===============     ===============
</TABLE>
                                       24

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
                                                                 1999               1998                1997
                                                            ---------------    ---------------     ---------------
<S>                                                       <C>                <C>                 <C>
Revenues                                                  $      2,716,000   $      2,333,000    $        944,000
                                                            ---------------    ---------------     ---------------

Expenses:
 Operating expenses                                              1,754,000          1,821,000             667,000
 Interest expense                                                  988,000            808,000             333,000
 Depreciation and amortization                                   1,160,000            924,000             347,000
                                                            ---------------    ---------------     ---------------

Total expenses                                                   3,902,000          3,553,000           1,347,000
                                                            ---------------    ---------------     ---------------

Net (loss)                                                $     (1,186,000)  $     (1,220,000)   $       (403,000)
                                                            ===============    ===============     ===============

Net (loss) allocable to the Partnership                   $     (1,137,000)  $     (1,010,000)   $       (335,000)
                                                            ===============    ===============     ===============

Net (loss) recorded by the Partnership                    $     (1,146,000)  $     (1,010,000)   $       (335,000)
                                                            ===============    ===============     ===============
</TABLE>
Certain Local Limited  Partnerships have incurred  significant  operating losses
and  have  working  capital  deficiencies.  In the  event  these  Local  Limited
Partnerships continue to incur significant operating losses,  additional capital
contributions  by the  Partnership  and/or  the  Local  General  Partner  may be
required  to sustain  the  operations  of such Local  Limited  Partnerships.  If
additional  capital  contributions  are not made  when  they are  required,  the
Partnership's  investment in certain of such Local Limited Partnerships could be
impaired and the loss and recapture of the related tax credits could occur.

NOTE 4 - RELATED PARTY TRANSACTIONS

As of March 31,  2000 and 1999,  and  December  31,  1998,  due from  affiliates
consisted of an  overpayment  of  commissions  totaling $0, $52,835 and $52,835,
respectively.

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, 2000 and
         1999, and December 31, 1998, the Partnership  incurred acquisition fees
         of  $1,630,375,  1,630,375 and  $1,571,597,  respectively.  Accumulated
         amortization  of these  capitalized  costs was  $161,917,  $107,571 and
         $93,984  for  March  31,  2000  and  1999,   and   December  31,  1998,
         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 the
         end of all periods  presented,  the  Partnership  incurred  acquisition
         costs of $156,589,  which have been included in  investments in limited
         partnerships.  Accumulated  amortization was $14,120, $8,900 and $7,595
         as of March 31, 2000 and 1999, and December 31, 1998, respectively.

                                       25

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 4 - RELATED PARTY TRANSACTIONS, continued

         An  annual  asset  management  fee equal to the  greater  amount of (i)
         $2,000 for each housing complex,  or (ii) 0.275% of the gross proceeds.
         In either case,  the fee will be decreased or increased  annually based
         on changes in the Consumer Price Index.  However,  in no event will the
         maximum  amount  exceed  0.2% of the  invested  assets  (defined as the
         Partnership's capital contributions plus reserves of the Partnership of
         up to 5% of  gross  proceeds  plus  its  allocable  percentage  of  the
         mortgage debt  encumbering the housing  complexes) of the Local Limited
         Partnerships.  Management fees of $60,500 and $15,125 were incurred for
         the year ended  March 31,  2000 and the three  months  ended  March 31,
         1999, and fees of $59,351 and $57,976 were incurred for the years ended
         December 31, 1998 and 1997, respectively,  of which $176,880 and $7,775
         were paid  during the year ended  March 31,  2000 and the three  months
         ended March 31, 1999,  respectively and $0 and $30,000 were paid during
         the years ended December 31, 1998 and 1997, respectively.

         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:
<TABLE>
<CAPTION>
                                                 March 31                  December 31
                                     ---------------------------------    --------------
                                         2000               1999              1998
                                     --------------    ---------------    --------------
<S>                                <C>               <C>                <C>
Asset management fee payable       $         1,436   $        117,816   $       110,466

Acquisition fee payable                          -             58,778                 -

Advances from WNC                              500              4,537            11,032
                                     --------------    ---------------    --------------

Total                              $         1,936   $        181,131   $       121,498
                                     ==============    ===============    ==============
</TABLE>

NOTE 5 - PAYABLES TO LIMITED PARTNERSHIPS

Payables  to limited  partnerships  represent  amounts  which are due at various
times based on conditions specified in the Local 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.

                                       26


<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 69, is the  founder,  Chairman,  Chief  Executive
Officer  and a Director  of WNC &  Associates,  Inc.,  a Director of WNC Capital
Corporation,  and a general partner in some of the programs previously sponsored
by the  Sponsor.  Mr.  Cooper has been  involved in real estate  investment  and
acquisition  activities  since 1968.  Previously,  during 1970 and 1971,  he was
founder and principal of Creative Equity Development Corporation,  a predecessor
of WNC & Associates,  Inc., and of Creative  Equity  Corporation,  a real estate
investment firm. For 12 years prior to that, Mr. Cooper was employed by Rockwell
International  Corporation,  last  serving as its  manager of housing  and urban
developments where he had  responsibility  for factory-built  housing evaluation
and project  management  in urban  planning  and  development.  Mr.  Cooper is a
Director of the  National  Association  of Home  Builders  (NAHB) and a National
Trustee  for NAHB's  Political  Action  Committee,  a Director  of the  National
Housing  Conference  (NHC)  and a member  of  NHC's  Executive  Committee  and a
Director of the National Multi-Housing Council (NMHC). Mr. Cooper graduated from
Pomona College in 1956 with a Bachelor of Arts degree.

John B.  Lester,  Jr.,  age 66, is  Vice-Chairman,  a Director,  a member of the
Acquisition  Committee of WNC & Associates,  Inc., and a Director of WNC Capital
Corporation.   Mr.  Lester  has  27  years  of  experience  in  engineering  and
construction  and has been involved in real estate  investment  and  acquisition
activities since 1986 when he joined the Sponsor. Previously, he was Chairman of
the Board and Vice President or President of E & L Associates,  Inc., a provider
of engineering and construction  services to the oil refinery and  petrochemical
industries,  which  he  co-founded  in  1973.  Mr.  Lester  graduated  from  the
University of Southern  California in 1956 with a Bachelor of Science  degree in
Mechanical Engineering.

Wilfred N.  Cooper,  Jr.,  age 37, is  President,  Chief  Operating  Officer,  a
Director and a member of the Acquisition Committee of WNC & Associates,  Inc. He
is President of, and a registered  principal  with, WNC Capital  Corporation,  a
member firm of the NASD, and is a Director of WNC  Management,  Inc. He has been
involved in investment and  acquisition  activities  with respect to real estate
since he joined the  Sponsor  in 1988.  Prior to this,  he served as  Government
Affairs  Assistant with Honda North America in Washington,  D.C. Mr. Cooper is a
member of the Advisory Board for LIHC Monthly Report,  a Director of NMHC and an
Alternate  Director of NAHB. He graduated  from The American  University in 1985
with a Bachelor of Arts degree.

David N.  Shafer,  age 48, is  Executive  Vice  President,  a Director,  General
Counsel,  and a member of the Acquisition  Committee of WNC & Associates,  Inc.,
and a  Director  and  Secretary  of WNC  Management,  Inc.  Mr.  Shafer has been
involved in real estate investment and acquisition  activities since 1984. Prior
to joining the Sponsor in 1990, he was  practicing  law with a specialty in real
estate and taxation.  Mr.  Shafer is a Director and President of the  California
Council of Affordable  Housing and a member of the State Bar of California.  Mr.
Shafer graduated from the University of California at Santa Barbara in 1978 with
a Bachelor of Arts  degree,  from the New  England  School of Law in 1983 with a
Juris  Doctor  degree (cum laude) and from the  University  of San Diego in 1986
with a Master of Law degree in Taxation.

                                       27

<PAGE>
Michael L. Dickenson, age 43, 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 45, 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 54, is Vice  President -  Institutional  Investments 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 37, is Vice President - Acquisitions  and a member of the
Acquisition  Committee of WNC &  Associates,  Inc. He has been  involved in real
estate  acquisitions and investments since 1986 and has been employed with WNC &
Associates, Inc. since 1994. Prior to that, he served on the development team of
the Bixby Ranch that  constructed  apartment  units and Class A office  space in
California and neighboring  states,  and as a land acquisition  coordinator with
Lincoln  Property   Company  where  he  identified  and  analyzed   multi-family
developments. Mr. Buckland graduated from California State University, Fullerton
in 1992 with a Bachelor of Science degree in Business Finance.

David Turek, age 45, 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 63, 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,
         2000  and  1999,  and  December  31,  1998,  the  aggregate  amount  of
         acquisition  fees  paid  or  accrued  was   approximately   $1,630,000,
         $1,630,000 and $1,572,000, respectively.

                                       28

<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
         $60,500, $15,125 and $59,351 were incurred for the year ended March 31,
         2000,  the three  months  ended  March  31,  1999,  and the year  ended
         December 31, 1998,  of which,  $176,880 and $7,775 were paid during the
         year ended March 31, 2000 and the three  months  ended March 31,  1999,
         respectively, 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, 2000 and 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 $23,177 and $17,771 for the years ended December 31,
         1999 and 1998. The General  Partners are also entitled to receive 1% of
         cash distributions.  There were no distributions of cash to the General
         Partner  during the year ended March 31,  2000,  the three months ended
         March 31, 1999 or the year ended December 31, 1998.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

(a)      Security Ownership of Certain Beneficial Owners

         No  person  is  known  to  own  beneficially  in  excess  of 5% of  the
         outstanding Units.

(b)      Security Ownership of Management

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

                                       29
<PAGE>

(c)      Changes in Control

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

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

Item 13.  Certain Relationships and Related Transactions

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

                                       30

<PAGE>
PART IV

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

Financial Statements

(a)(1)   Financial statements included in Part II hereof:

         Report of Independent Certified Public Accountants
         Independent Auditors' Report
         Balance Sheets, March 31, 2000 and 1999, and December 31, 1998
         Statements of Operations  for the year ended March 31, 2000,  the three
          months ended March 31, 1999, and for the years ended December 31, 1998
          and 1997
         Statements of Partners'  Equity (Deficit) for the year ended  March 31,
          2000,  the three months ended March 31, 1999,  and for the years ended
          December 31, 1998 and 1997
         Statements  of Cash Flows for the year ended March 31, 2000,  the three
          months ended March 31, 1999, and for the years ended December 31, 1998
          and 1997
         Notes to Financial Statements

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

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

(b)      Reports on Form 8-K.

1.       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.

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.

                                       31
<PAGE>

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.

                                       32

<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 June 26, 2000  relating to the 2000,
1999 and 1998  financial  statements  of WNC  Housing  Tax Credit  Fund V, L.P.,
Series 4 (the  "Partnership"),  which are contained in Item 8 of this Form 10-K,
included  the  audit of the  accompanying  financial  statement  schedules.  The
financial  statement  schedules  are  the  responsibility  of the  Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statement schedules based upon our audits.

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



                              /s/ BDO SEIDMAN, LLP
                                  BDO SEIDMAN, LLP


Orange County, California
June 26, 2000









                                       33


<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000
<TABLE>
<CAPTION>
                                                 ------------------------------   --------------------------------------------------
                                                        As of March 31, 2000                    As of December 31, 1999
                                                 ------------------------------   --------------------------------------------------
                                                 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  $   346,000 $  4,719,000

Belen Vista Associates, Limited     Belen,
Partnership                         New Mexico           416,000        416,000     1,539,000    1,790,000      188,000    1,602,000

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

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

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

Cresent City Apartments             Cresent City,
                                    California         1,166,000      1,133,000     1,960,000    3,115,000      383,000    2,732,000

D. Hilltop Apartments Ltd.          Prairie View,
                                    Texas                102,000        102,000       468,000      583,000       40,000      545,000

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

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

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

</TABLE>
                                       34
<PAGE>
WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000

<TABLE>
<CAPTION>
                                                 ------------------------------   --------------------------------------------------
                                                        As of March 31, 2000                    As of December 31, 1999
                                                 ------------------------------   --------------------------------------------------
                                                 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     1,440,000    1,606,000      141,000    1,465,000

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

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

Wynwood Place, Limited Partnership  Raleigh,
                                    North Carolina       534,000        454,000       682,000    1,127,000       17,000    1,110,000
                                                      ----------     ----------    ----------   ----------    ---------   ----------
                                                   $  16,415,000  $  15,743,000  $ 20,210,000 $ 39,405,000  $ 2,366,000 $ 37,039,000
                                                      ==========     ==========    ==========   ==========    =========   ==========

</TABLE>









                                       35
<PAGE>
WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000
<TABLE>
<CAPTION>
                                               ------------------------------------------------------------------
                                                                 For the year ended December 31, 1999
                                               ------------------------------------------------------------------
                                                                    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                     $      353,000   $    (276,000)      1996       Completed            40

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

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

                                                                                                    Under
Bolivar Plaza Apartments                     -           8,000       2000          2001          Construction

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

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

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

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

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

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

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

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

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

Wynwood Place, Limited
Partnership                             62,000         (32,000)      1998       Completed            50
                                   -----------      ----------
                                $    2,569,000   $  (1,186,000)
                                   ===========      ==========
</TABLE>
                                       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>
                                                 ------------------------------ ----------------------------------------------------
                                                      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>
                                       37
<PAGE>
WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 1999
<TABLE>
<CAPTION>
                                                 ------------------------------ ----------------------------------------------------
                                                    As of March 31, 1999                        As of December 31, 1998
                                                 ------------------------------ ----------------------------------------------------
                                                 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>

                                       38

<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
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>

                                       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>
                                                 -----------------------------------------------------------------------------------
                                                                                   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>
                                       40
<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>

                                       41
<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>

                                       42


<PAGE>

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

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


By:    WNC & Associates, Inc.       General Partner



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

Date:


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:



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

Date:



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

Date:



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

Date:








                                       43