WNC California Housing Tax Credits, L.P.

                                   Exceptions
                                   ----------

The financial statements are presented as unaudited in the Form 10-K as of March
31,  2005 and 2004 and for the three years ended March 31, 2005 as the Report of
the Independent  Registered Public Accounting Firm could not be filed within the
prescribed  time period because the issuer was not able to obtain audit opinions
which refer to the auditing standards of the Public Company Accounting Oversight
Board  (United  States)  (PCAOB) of property  partnerships,  in which the issuer
holds  noncontrolling  limited  partner  interests.   The  non-affiliated  local
operating  partnership  general  partners engage the  accountants  auditing each
local operating partnership.

Historically,  the  audits,  and the  reports  thereon,  of the local  operating
partnerships  were  performed in accordance  with  Generally  Accepted  Auditing
Standards (GAAS).

On May 11,  2005 draft  guidance  was issued by the  Public  Company  Accounting
Oversight  Board which was  confirmed  on June 24, 2005 by the AICPA  Center for
Public Company Audit Firms,  that clearly  establishes  the  requirement for the
audit  reports of the  operating  partnerships  of a Public Fund to refer to the
auditing standards of the PCAOB.

The audits of the operating  partnerships  were performed  primarily  during the
months of January,  February and March and refer to Generally  Accepted Auditing
Standards. We have all appropriate originally signed opinions from the operating
partnerships; however, they do not refer to the auditing standards of the Public
Company Accounting Oversight Board.

Our independent  registered public accounting firm has performed an audit of the
registrant  but cannot issue an opinion in accordance  with the standards of the
Public Company  Accounting  Oversight Board (United States).  Therefore,  we are
filing our 10-K as "UNAUDITED" as it is without an audit opinion.



<PAGE>




                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-K

  (Mark One)

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

                        For the year ended March 31, 2005

                                       OR

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

           For the transition period from ___________ to _____________

                         Commission file number: 0-20058


                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
             (Exact name of registrant as specified in its charter)

              California                                33-0316953
             (State or other jurisdiction of           (I.R.S. Employer
             incorporation or organization)            Identification No.)

             17782 Sky Park Circle                          92614-6404
             Irvine, CA                                     (Zip Code)
             (Address of principal executive offices)

                                 (714) 662-5565
                               (Telephone number)


           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
                                (Title of Class)

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


<PAGE>



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|

Indicate by check mark whether the registrant is an accelerated filer.
Yes               No    X
    ------           ------

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates  computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common  equity,  as of
the last business day of the registrant's most recently  completed second fiscal
quarter.

                                  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>



PART I.

Item 1.  Business

Organization

WNC California  Housing Tax Credits,  L.P.  ("CHTC" or the  "Partnership")  is a
California Limited  Partnership formed under the laws of the State of California
on September 15, 1988. The Partnership was formed to acquire limited partnership
interests or  membership  interests  in other  limited  partnerships  or limited
liability  companies  ("Local  Limited  Partnerships")  which  own  multi-family
housing  complexes  that are  eligible  for Federal  low-income  housing and, in
certain cases,  California  low-income  housing tax credits ("Low Income Housing
Credits").

The  general   partners  of  the   Partnership   are  WNC  &  Associates,   Inc.
("Associates") and Wilfred N. Cooper, Sr.  (collectively,  the "General Partner"
or  "General   Partners").   The  chairman  and  president  of  Associates   own
substantially  all of the outstanding  stock of Associates.  The business of the
Partnership is conducted primarily through Associates, as the Partnership has no
employees of its own.

Pursuant to a  registration  statement  filed with the  Securities  and Exchange
Commission,  on March 16, 1989, the  Partnership  commenced a public offering of
10,000 units of limited partnership  interest ("Units") at a price of $1,000 per
Unit.  As of the close of the public  offering on October 31,  1990,  a total of
7,450 Units representing $7,450,000 had been sold. Holders of Units are referred
to herein as "Limited Partners".

The Partnership shall continue to be in full force and effect until December 31,
2037 unless terminated prior to that date pursuant to the partnership  agreement
or law.

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  owns and  operates  a  multi-family
housing  complex  (the  "Housing  Complexes")  which  qualify for the Low Income
Housing Credits.  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 California Low Income Housing Credit
to be used against  California  taxes  otherwise due in each year of a four-year
period. Each 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,  dated September 15, 1988 (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 a Housing
Complex prior to the end thereof,  possibly resulting in recapture of Low Income
Housing Credits.

As of March 31, 2005,  the  Partnership  had  invested in eleven  Local  Limited
Partnerships.  Each of these Local Limited  Partnerships  owns a Housing Complex

                                       3

<PAGE>



that was  eligible for the Federal Low Income  Housing  Credit and eight of them
were  eligible for the  California  Low Income  Housing  Credit.  Certain  Local
Limited Partnerships may also benefit from government programs promoting low- or
moderate-income housing.


Certain Risks and Uncertainties

An investment in the  Partnership  and the  Partnership's  investments  in Local
Limited  Partnerships  and their Housing  Complexes are subject to risks.  These
risks may impact the tax benefits of an investment in the  Partnership,  and the
amount of proceeds  available for distribution to the Limited Partners,  if any,
on liquidation of the Partnership's investments. Some of those risks include the
following:

The Low Income  Housing  Credit rules are extremely  complicated.  Noncompliance
with these rules  results in the loss of future Low Income  Housing  Credits and
the  fractional  recapture  of Low Income  Housing  Credits  already  taken.  An
individual  Limited  Partner's  ability to use tax credits is  limited.  In most
cases,  the  annual  amount of Low Income  Housing  Credits  that an  individual
Limited Partner can use is limited to the tax liability due on the person's last
$25,000 of taxable  income.  Low Income Housing Credits may be the only material
benefit from the  Partnership  because  Limited  Partners may not get back their
capital.  Any  transactions  between  the  Partnership  and  Associates  and its
affiliates will entail conflicts of interest.

The Partnership has invested in a limited number of Local Limited  Partnerships.
Such  limited  diversity  means that the  results of  operation  of each  single
Housing  Complex  will have a greater  impact on the  Partnership.  With limited
diversity,   poor   performance   of  one  Housing   Complex  could  impair  the
Partnership's ability to satisfy its investment objectives. Each Housing Complex
is subject to mortgage  indebtedness.  If a Local Limited  Partnership failed to
pay its  mortgage,  it  could  lose  its  Housing  Complex  in  foreclosure.  If
foreclosure  were to occur during the first 15 years,  the loss of any remaining
future Low Income  Housing  Credits,  and a  fractional  recapture  of prior Low
Income Housing Credits would occur. At any time, a foreclosure would result in a
loss of the Partnership's  investment in the Housing Complex. The Partnership is
a limited  partner or  non-managing  member of each Local  Limited  Partnership.
Accordingly,  the  Partnership  will have very  limited  rights with  respect to
management of the Local Limited Partnerships.  The Partnership will rely totally
on the Local General Partners.  Neither the  Partnership's  investments in Local
Limited Partnerships, nor the Local Limited Partnerships' investments in Housing
Complexes,  are 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 interests in Local Limited Partnerships; limitations
on removal of Local  General  Partners;  limitations  on subsidy  programs;  and
possible changes in applicable regulations. Uninsured casualties could result in
loss of property  and Low Income  Housing  Credits and  recapture  of Low Income
Housing Credits  previously  taken. The value of real estate is subject to risks
from fluctuating  economic conditions,  including  employment rates,  inflation,
tax, environmental,  land use and zoning policies,  supply and demand of similar
properties, and neighborhood conditions, among others.

The  ability of Limited  Partners to claim tax losses  from the  Partnership  is
limited.  The IRS may audit the  Partnership or a Local Limited  Partnership and
challenge  the tax  treatment  of tax items.  The  amount of Low Income  Housing
Credits and tax losses allocable to the Limited Partners could be reduced if the
IRS were  successful  in such a  challenge.  The  alternative  minimum tax could
reduce tax benefits from an investment in the  Partnership.  Changes in tax laws
could also impact the tax benefits from an investment in the Partnership  and/or
the value of the Housing Complexes.

Substantially  all of the Low Income Housing Credits  anticipated to be realized
from the Local Limited Partnerships have been realized. The Partnership does not
anticipate  being  allocated a significant  amount of Low Income Housing Credits
from the Local  Limited  Partnerships  in the  future.  Until the Local  Limited
Partnerships  have completed the 15 year Low Income  Housing  Credit  compliance
period risks exist for potential recapture of prior low Income Housing Credits.

There are limits on the transferability of Units, including a prohibition on the
transfer of more than 50% of the Units in a 12-month  period.  No trading market
for the Units exists or is expected to develop.  Limited  Partners may be unable
to sell their Units except at a discount and should consider their Units to be a
long-term investment.


                                       4
<PAGE>

Individual  Limited Partners will have no recourse if they disagree with actions
authorized by a vote of the majority of Limited Partners.

Anticipated  future and  existing  cash  resources  of the  Partnership  are not
sufficient   to  pay  existing   liabilities   of  the   Partnership.   However,
substantially all of the existing  liabilities of the Partnership are payable to
the General  Partner and/or its  affiliates.  Though the amounts  payable to the
General Partner and/or its affiliates are contractually  currently payable,  the
Partnership  anticipates that the General Partner and/or its affiliates will not
require the payment of these contractual  obligations until capital reserves are
in excess of the aggregate of then  existing  contractual  obligations  and then
anticipated future foreseeable  obligations of the Partnership.  The Partnership
would be adversely  affected  should the General  Partner  and/or its affiliates
demand current  payment of the existing  contractual  obligations and or suspend
services for this or any other reason.

Exit Strategy

The IRS  compliance  period for  low-income  housing  tax credit  properties  is
generally  15  years  following   construction  or  rehabilitation   completion.
Associates was one of the first in the industry to offer syndicated  investments
in Low Income  Housing  Credits.  The  initial  programs  are  completing  their
compliance periods.

With that in mind, the Partnership is continuing its review of the Partnership's
holdings,  with special emphasis on the more mature  properties such as any that
have  satisfied  the IRS  compliance  requirements.  The review  considers  many
factors,  including extended use requirements on the property (such as those due
to mortgage restrictions or state compliance  agreements),  the condition of the
property,  and the tax consequences to the Limited Partners from the sale of the
property.

Upon identifying  those  properties with the highest  potential for a successful
sale,  refinancing  or  syndication,  the  Partnership  expects to proceed  with
efforts to liquidate those properties.  The objective is to maximize the Limited
Partners' return wherever possible and, ultimately, to wind down the Partnership
when it no longer  provides tax  benefits to Limited  Partners.  However,  Local
Limited  Partnership  interests  may be disposed any time by  Associates  in its
discretion.  To date, no properties  in the  Partnership  have been selected for
disposition.

Item 2. Properties

Through its investments in Local Limited  Partnerships,  the  Partnership  holds
indirect  ownership  interests in the Housing  Complexes.  The  following  table
reflects the status of the eleven Housing  Complexes as of the dates and for the
periods indicated:


                                       5
<PAGE>


<TABLE>
<CAPTION>




                                              ----------------------------------  --------------------------------------------------
                                                    As of March 31, 2005                         As of December 31, 2004
                                              ----------------------------------  --------------------------------------------------

                                                  Partnership's                                        Estimated           Mortgage
Local                           General          Total Investment   Amount of      Number              Aggregate Low    Balances of
Limited                         Partner          in Local Limited   Investment      of                 Income Housing  Local Limited
Partnership Name  Location      Name              Partnerships      Paid to Date   Units   Occupancy   Credits (1)      Partnership
------------------------------------------------------------------------------------------------------------------------------------


<S>              <C>          <C>                  <C>            <C>              <C>       <C>      <C>              <C>
                               Philip R. Hammond,
Alta Vista        Orosi,       Jr. and Diane M.
Investors         California   Hammond             $ 1,583,000     $  583,000       42        98%      $  1,274,000     $  1,412,000

                  Anderson,
BCA Associates    California   Douglas W. Young        514,000        514,000       40        98%         1,105,000        1,401,000

                               David J. Michael,
                               Patrick R.
                               Sabelhaus and
Cloverdale                     Professional
Garden            Cloverdale,  Apartment
Apartments        California   Management              617,000        617,000       34       100%         1,387,000        1,614,000

                               Philip R. Hammond
Countryway        Mendota,     Jr. and Diane M.
Associates        California   Hammond                 571,000        571,000       41        98%         1,162,000        1,452,000

                               David J. Michael
                               and Professional
East Garden       Jamestown,   Apartment
Apartments        California   Management              770,000        770,000       51        98%         1,772,000        2,123,000


HPA               Shafter,
                  California   Douglas W. Young        538,000        538,000       42        95%         1,223,000        1,489,000


                  Knights
Knights           Landing,     Douglas W. Young
Landing Harbor    California   and Diane L. Young      275,000        275,000       25        92%           446,000          967,000
</TABLE>
                                                           6
<PAGE>



<TABLE>
<CAPTION>




                                              ----------------------------------  --------------------------------------------------
                                                    As of March 31, 2005                         As of December 31, 2004
                                              ----------------------------------  --------------------------------------------------

                                                  Partnership's                                        Estimated           Mortgage
Local                           General          Total Investment   Amount of      Number              Aggregate Low    Balances of
Limited                         Partner          in Local Limited   Investment      of                 Income Housing  Local Limited
Partnership Name  Location      Name              Partnerships      Paid to Date   Units   Occupancy   Credits (1)      Partnership
------------------------------------------------------------------------------------------------------------------------------------

<S>              <C>           <C>                  <C>              <C>            <C>      <C>          <C>              <C>
                                Philip R. Hammond
Midland Manor     Mendota,      Jr. and Diane M.       383,000        383,000       40        98%           668,000        1,407,000
Associates        California    Hammond


                                Richard Parasol
San Jacinto       San Jacinto,  and Richard A.         469,000        469,000       38       100%           830,000        1,781,000
Associates        California    Gullota


                                Thomas G. Larson,
                                William H. Larson
Woodlake          Woodlake,     and Raymond L.
Manor             California    Tetzlaff               545,000        545,000       44       100%         1,146,000        1,431,000


Yreka
Investment        Yreka,        Ronald D.
Group             California    Bettencourt            538,000        538,000       36       100%         1,174,000        1,445,000
                                                    ----------     ----------     -----     ------       -----------      ----------

                                                   $ 5,803,000    $ 5,803,000      433        98%      $ 12,187,000     $ 16,522,000
                                                   ===========    ===========    ======     ======     =============   =============
</TABLE>



(1) Represents  aggregate total  anticipated Low Income Housing Credits received
over the 10 year credit period if the Housing  complexes are retained and rented
and  in  compliance  with  credit  rules  for  the  15-year  compliance  period.
Substantially  all of the  anticipated  Low  Income  Housing  Credits  have been
received from the Local Limited Partnerships.  Accordingly, the Partnership does
not anticipate a significant  amount Low Income Housing  Credits being allocated
to the Limited Partners in the future.



                                       7
<PAGE>



<TABLE>
<CAPTION>
                    ------------------------------------------------------------
                                    For the Year Ended December 31, 2004
                    ------------------------------------------------------------
                                                                                            Low Income Housing Credits
Partnership Name                     Rental Income          Net Income (Loss)                Allocated to Partnership
--------------------------------------------------------------------------------        --------------------------------
<S>                                  <C>                     <C>                                    <C>

Alta Vista Investors                  $   226,000             $  (20,000)                            99%

BCA Associates                            235,000                 21,000                             99%

Cloverdale Garden Apartments              241,000                (26,000)                            99%

Countryway Associates                     190,000                (60,000)                            99%

East Garden Apartments                    337,000                (50,000)                            99%

HPA Investors                             210,000                (29,000)                            99%

Knights Landing Harbor                    162,000                      -                             99%

Midland Manor Associates                  240,000                 16,000                             99%

San Jacinto Associates                    274,000                  9,000                             99%

Woodlake Manor                            285,000                (18,000)                            99%

Yreka Investment Group                    224,000                (82,000)                            99%
                                  ----------------              ----------                         ------


                     Total           $  2,624,000            $  (239,000)
                                     =============           =============
</TABLE>


                                       8
<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,  Related Stockholder Matters and
        Issuer Purchases of Equity Securities

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  or  otherwise  transferred  only if certain  requirements  in the
     Partnership Agreement are satisfied.

(b)  At March 31, 2005, there were 642 Limited Partners and 9 assignees of Units
     who were not admitted as 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.  Any such distributions would be
     made in accordance with the terms of the Partnership Agreement.

(d)  No securities are authorized for issuance by the  Partnership  under equity
     compensation plans.

(e)  Except as may have  otherwise been  previously  reported,  no  unregistered
     securities were sold by the Partnership  during the three years ended March
     31, 2005, 2004 and 2003.

Item 5b. Use of Proceeds

NOT APPLICABLE

Item 5c. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

NONE

                                       9
<PAGE>



Item 6. Selected Financial Data

Selected balance sheet information for the Partnership is as follows:

<TABLE>
<CAPTION>

                                 -----------------------------------------------------------------------
                                                                March 31
                                 -----------------------------------------------------------------------

                                     2005           2004           2003          2002          2001
                                 -------------  -------------   -----------   -----------   ------------
                                  (unaudited)
<S>                             <C>            <C>             <C>           <C>           <C>

ASSETS
Cash                             $      19,125  $       7,209   $       734   $    12,170   $     44,172
Investments in limited
 partnerships, net                           -              -       453,314       600,843        809,249
                                 -------------  -------------   -----------   -----------   ------------

                                 $      19,125  $       7,209   $   454,048   $   613,013   $    853,421
                                 =============  =============   ===========   ===========   ============

LIABILITIES
Accrued fees and expenses
  due to general partner and
  affiliates                    $    1,568,394   $  1,432,637   $ 1,300,219  $  1,180,524  $  1,080,521


PARTNERS' DEFICIT                   (1,549,269)    (1,425,428)     (846,171)     (567,511)     (227,100)
                                   -------------  ------------   -----------   -----------    ----------

                                $       19,125   $      7,209   $   454,048  $    613,013   $   853,421
                                 ==============   ============   ===========   ===========   ===========
</TABLE>


                                       10
<PAGE>

Selected  results  of  operations,  cash  flows  and other  information  for the
Partnership are as follows:
<TABLE>
<CAPTION>
                                                             For the Years Ended
                                                                  March 31
                         --------------------------------------------------------------------------------------------
                             2005            2004               2003                 2002                2001
                         -------------    ------------     ----------------     ---------------    ------------------
                          (unaudited)
                       <S>                <C>              <C>                 <C>               <C>

Loss from
operations (Note 1)     $     (123,841)    $   (604,285)    $     (139,721)     $    (139,316)    $       (146,597)
Equity in income
(losses)from limited
 partnerships                        -           25,028           (138,939)          (201,095)            (358,675)
                          -------------      -----------       ------------        -----------        -------------
Net loss                $     (123,841)    $   (579,257)    $     (278,660)     $    (340,411)    $       (505,272)
                          =============      ===========       ============        ===========        =============

Net loss allocated
to:

  General Partners      $       (1,238)    $     (5,793)    $       (2,787)     $      (3,404)    $         (5,053)
                          =============      ===========      =============      =============        =============

  Limited Partners      $     (122,603)    $   (573,464)    $     (275,873)     $    (337,007)    $       (500,219)
                          =============      ===========      =============      =============        =============

Net loss per
 limited partner
 unit                   $       (16.46)    $     (76.98)    $       (37.03)      $     (45.24)    $         (67.14)
                          =============      ===========      =============      =============        =============

Outstanding
 weighted limited
 partner units                   7,450            7,450              7,450              7,450                7,450
                          =============      ===========     ==============      =============        =============
</TABLE>

Note 1 Loss from  operations for the year ended March 31,2004  includes a charge
for impairment  losses on investment in limited  partnerships of $470,093.  (See
Note 2 to the audited financial statements.)

<TABLE>
<CAPTION>

                                           For the Years Ended March 31,
                              -------------------------------------------------------------------------

                                  2005            2004          2003          2002          2001
                              -------------   -----------    ----------    ----------    ----------
                               (unaudited)
<S>                         <C>              <C>          <C>           <C>              <C>
Net cash provided by
 (used in):

   Operating activities      $      11,916    $    3,659   $  (14,602)   $   (34,751)     $ (8,569)
   Investing activities                  -         2,816        3,166          2,749         4,864
                              ------------     -----------  -----------    ----------     ---------

Net change in cash and cash
  equivalents                       11,916         6,475      (11,436)       (32,002)       (3,705)

Cash, beginning of period            7,209           734       12,170         44,172        47,877
                              ------------     -----------  -----------    ----------     ---------


Cash, end of period          $      19,125    $    7,209    $     734    $    12,170      $ 44,172
                                ==========     =========     =========     ==========     =========
</TABLE>
Low Income Housing Credits per Unit were as follows for the years
ended December 31:
<TABLE>
<CAPTION>
                                      2004           2003           2002          2001          2000
                                   ------------   ------------   -----------    ---------     ----------
<S>                              <C>            <C>            <C>            <C>           <C>

Federal                           $           1  $           1  $          1   $       16    $        59

State                                         -              -             -            -              -
                                   ------------   ------------   -----------    ---------     ----------

Total                             $           1  $           1  $          1   $       16    $        59
                                   ============   ============   ===========    =========     ==========
</TABLE>
                                       11
<PAGE>



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

Forward Looking Statements

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

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

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

Critical Accounting Policies and Certain Risks and Uncertainties

The  Partnership  believes  that the  following  discussion  addresses  its most
significant  accounting  policies,  which are the most  critical to aid in fully
understanding and evaluating the Partnership's  reported financial results,  and
certain of the Partnership's risks and uncertainties.

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America 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.

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  Partnerships'  results of operations
and for  any  contributions  made or  distributions  received.  The  Partnership
reviews the  carrying  amount of an  individual  investment  in a Local  Limited
Partnership for possible  impairment whenever events or changes in circumstances
indicate that the carrying  amount of such  investment  may not be  recoverable.
Recoverability  of such investment is measured by the estimated value derived by
management,  generally  consisting of the sum of the remaining future Low-Income
Housing  Credits  estimated to be allocable to the Partnership and the estimated
residual  value  to  the  Partnership.  If an  investment  is  considered  to be
impaired,  the  Partnership  reduces the carrying value of its investment in any
such Local Limited  Partnership.  The  accounting  policies of the Local Limited
Partnerships,  generally,  are  expected  to be  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 Notes 2 and 3 to the audited financial statements).

Equity in losses of the Local Limited  Partnerships for each year ended March 31
have been recorded by the Partnership  based on nine months of reported  results
provided by the Local Limited  Partnerships  for each year ended December 31 and
on  three  months  of  results  estimated  by  management  of  the  Partnership.
Management's  estimate  for the  three-month  period is based on  either  actual
unaudited  results  reported by the Local  Limited  Partnerships  or  historical
trends in the operations of the Local Limited Partnerships. In subsequent annual
financial  statements,  upon receiving the actual annual results reported by the
Local Limited  Partnerships,  management reverses its prior estimate and records
the actual results reported by the Local Limited Partnerships.  Equity in losses
of  the  Local  Limited  Partnerships  allocated  to  the  Partnership  are  not
recognized to the extent that the  investment  balance  would be adjusted  below
                                       12

<PAGE>

zero.  As soon as the  investment  balance  reaches  zero,  amortization  of the
related  costs of acquiring  the  investment  are  accelerated  to the extent of
losses available.

Distributions  received from the Local Limited Partnerships are accounted for as
a  reduction  of  the  investment  balance.  Distributions  received  after  the
investment  has reached  zero are  recognized  as income.  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.

Income Taxes

No provision for income taxes has been  recorded in the financial  statements as
any  liability  and/or  benefit for income  taxes  flows to the  partners of the
Partnership and is their  obligation  and/or benefit.  For income taxes purposes
the Partnership reports on a calendar year basis.

Certain Risks and Uncertainties

An investment in the  Partnership  and the  Partnership's  investments  in Local
Limited  Partnerships  and their Housing  Complexes are subject to risks.  These
risks may impact the tax benefits of an investment in the  Partnership,  and the
amount of proceeds  available for distribution to the Limited Partners,  if any,
on liquidation of the Partnership's investments. Some of those risks include the
following:

The Low Income  Housing  Credit rules are extremely  complicated.  Noncompliance
with these rules  results in the loss of future Low Income  Housing  Credits and
the fractional  recapture of Low Income Housing  Credits  already taken. In most
cases the annual amount of Low Income Housing Credits that an individual can use
is limited to the tax  liability  due on the  person's  last  $25,000 of taxable
income.  The Low  Income  Housing  Credits  may be  unable  to sell the  Housing
Complexes  at a price,  which would  result in the  Partnership  realizing  cash
distributions or proceeds from the transaction. Accordingly, the Partnership may
be unable to distribute  any cash to its Limited  Partners.  Low Income  Housing
Credits may be the only benefit from an investment in the Partnership.

The Partnership has invested in a limited number of Local Limited  Partnerships.
Such  limited  diversity  means that the  results of  operation  of each  single
Housing  Complex  will have a greater  impact on the  Partnership.  With limited
diversity,   poor   performance   of  one  Housing   Complex  could  impair  the
Partnership's ability to satisfy its investment objectives. Each Housing Complex
is subject to mortgage  indebtedness.  If a Local Limited  Partnership failed to
pay its  mortgage,  it  could  lose  its  Housing  Complex  in  foreclosure.  If
foreclosure  were to occur during the first 15 years,  the loss of any remaining
future Low Income Housing  Credits,  a fractional  recapture of prior Low Income
Housing  Credits,  and a loss of the  Partnership's  investment  in the  Housing
Complex would occur. The Partnership is a limited partner or non-managing member
of each Local Limited Partnership.  Accordingly,  the Partnership will have very
limited rights with respect to management of the Local Limited Partnerships. The
Partnership  will  rely  totally  on the Local  General  Partners.  Neither  the
Partnership's  investments in Local Limited Partnerships,  nor the Local Limited
Partnerships'  investments in Housing Complexes, are 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 interests
in Local Limited Partnerships; limitations on removal of Local General Partners;
limitations on subsidy programs; and possible changes in applicable regulations.
Uninsured  casualties  could result in loss of property  and Low Income  Housing
Credits and recapture of Low Income Housing Credits  previously taken. The value
of real  estate  is  subject  to risks  from  fluctuating  economic  conditions,
including employment rates, inflation,  tax, environmental,  land use and zoning
policies, supply and demand of similar properties,  and neighborhood conditions,
among others.

The  ability of Limited  Partners to claim tax losses  from the  Partnership  is
limited.  The IRS may audit the  Partnership or a Local Limited  Partnership and
challenge  the tax  treatment  of tax items.  The  amount of Low Income  Housing
Credits and tax losses allocable to the Limited Partners could be reduced if the
IRS were  successful  in such a  challenge.  The  alternative  minimum tax could
reduce tax benefits from an investment in the  Partnership.  Changes in tax laws
could also impact the tax benefits from an investment in the Partnership  and/or
the value of the Housing Complexes.
                                       13
<PAGE>



Substantially  all of the Low Income Housing Credits  anticipated to be realized
from the Local Limited Partnerships have been realized. The Partnership does not
anticipate  being  allocated a significant  amount of Low Income Housing Credits
from the Local  Limited  Partnerships  in the  future.  Until the Local  Limited
Partnerships  have completed the 15 year Low Income  Housing  Credit  compliance
period risks exist for potential recapture of prior low Income Housing Credits.

No trading  market  for the Units  exists or is  expected  to  develop.  Limited
Partners  may be unable to sell  their  Units  except at a  discount  and should
consider their Units to be a long-term  investment.  Individual Limited Partners
will have no recourse if they disagree with actions  authorized by a vote of the
majority of Limited Partners.

To date, 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
lost, and the loss and recapture of the related tax credits could occur.

Anticipated  future and  existing  cash  resources  of the  Partnership  are not
sufficient   to  pay  existing   liabilities   of  the   Partnership.   However,
substantially all of the existing  liabilities of the Partnership are payable to
the General  Partner and/or its  affiliates.  Though the amounts  payable to the
General Partner and/or its affiliates are contractually  currently payable,  the
Partnership  anticipates that the General Partner and/or its affiliates will not
require the payment of these contractual  obligations until capital reserves are
in excess of the aggregate of then  existing  contractual  obligations  and then
anticipated future foreseeable  obligations of the Partnership.  The Partnership
would be adversely  affected  should the General  Partner  and/or its affiliates
demand current  payment of the existing  contractual  obligations and or suspend
services for this or any other reason.

Financial Condition

The  Partnership's  assets at March  31,  2005  consisted  of  $19,000  in cash.
Liabilities  at March 31, 2005  primarily  consisted  of  $1,514,000  of accrued
annual  management  fees and  $54,000 in  advance  payables  due to the  General
Partners.

Results of Operations

Year  Ended  March  31,  2005   Compared  to  Year  Ended  March  31,  2004  The
Partnership's  net  loss for the  year  ended  March  31,  2005 was  $(124,000),
reflecting a decrease of $(455,000)  from the net loss  experienced for the year
ended  March  31,  2004.  The  decrease  in net  loss  is  primarily  due to the
impairment  loss of $470,000  incurred in the year ended March 31, 2004 compared
to a $0 impairment  loss for the year ended March 31, 2005,  along with a $5,000
decrease in  amortization,  $(4,000)  increase in legal and  accounting a $1,000
decrease in office expense. Additionally,  there was an increase in distribution
income of  $8,000.  Along  with the  change in  equity  in income  from  limited
partnerships  which  decreased  by  $(25,000) to $0 for the year ended March 31,
2005 from income of $25,000 for the year ended March 31,  2004.  The decrease of
equity in income from limited  partnerships  is primarily due to the Partnership
not recognizing certain losses or income of the Local Limited Partnerships.  The
investments in such Local Limited Partnerships had reached $0 at March 31, 2005.
Since the  Partnership's  liability with respect to its  investments is limited,
losses in excess of investment are not recognized.

Year  Ended  March  31,  2004   Compared  to  Year  Ended  March  31,  2003  The
Partnership's  net  loss for the  year  ended  March  31,  2004 was  $(579,000),
reflecting a increase of $(300,000)  from the net loss  experienced for the year
ended  March  31,  2003.  The  increase  in net  loss  is  primarily  due to the
impairment loss of $470,000 incurred in the year ended March 31, 2004, offset by
a change in equity in income (losses) from limited  partnerships which decreased
by  $164,000  to income of $25,000 for the year ended March 31, 2004 from losses
of $(139,000) for the year ended March 31, 2003.  The impairment  loss is due to
the fact that the net  investment  balance  exceeded the  remaining  tax credits
along with any residual value in four limited partnerships.  The decrease equity
in income (losses) from limited partnerships is primarily due to the Partnership
not  recognizing  certain  losses  of  the  Local  Limited   Partnerships.   The
investments in such Local Limited Partnerships had reached $0 at March 31, 2003.
Since the  Partnership's  liability with respect to its  investments is limited,
losses in excess of investment are not  recognized.  Equity in losses of limited
partnerships included a portion relating to the reduction of the net acquisition
fee component of investments in Local Limited Partnerships to zero for those
                                       14
<PAGE>



Local Limited Partnerships which would otherwise be below a zero balance.

Liquidity and Capital Resources

Year Ended March 31, 2005  Compared to Year Ended March 31, 2004 Net increase in
cash during the year ended March 31, 2005 was $12,000  compared to net  increase
in cash during the year ended March 31, 2004 of $6,000. The net cash increase is
due to an increase of  approximately  $8,000 in  distribution  income  which was
offset by a $(2,000) increase in operating expenses.

Year Ended March 31, 2004  Compared to Year Ended March 31, 2003 Net increase in
cash during the year ended March 31, 2004 was $6,000 compared to net decrease in
cash used for the year ended March 31, 2003 of $(11,000).  The net cash increase
is due to an  increase  in  accrued  expenses  due to the  General  Partner  and
affiliates   and  an  increase  in   distribution   income  from  Local  Limited
Partnerships.

During the years ended March 31, 2005, 2004 and 2003,  accrued  payables,  which
consist  primarily of related party  management fees due to the General Partner,
increased by $136,000, $132,000, and $120,000, respectively. The General Partner
does not  anticipate  that  these  accrued  fees will be paid until such time as
capital   reserves  are  in  excess  of  future   foreseeable   working  capital
requirements of the Partnership.

The  Partnership   currently  has  insufficient  working  capital  to  fund  its
operations.  Associate  has agreed to  continue  providing  advances  sufficient
enough  to  fund  the  operations  and  working  capital   requirements  of  the
Partnership through June 30, 2006.

Future Contractual Cash Obligations

The  following  table  summarizes  the  Partnership's  future  contractual  cash
obligations as of March 31, 2005:

<TABLE>
<CAPTION>


                                     2006         2007        2008        2009        2010      Thereafter        Total

                                   ----------   ---------   ---------   ---------   ---------   ------------    ----------
<S>                             <C>           <C>         <C>         <C>         <C>         <C>             <C>

Asset Management Fees (1)        $  1,626,095  $  111,855  $  111,855  $  111,855  $  111,855  $   3,020,085   $ 5,093,600
Capital Contributions Payable
   to Lower Tier Partnerships               -           -           -           -           -              -             -
                                   ----------   ---------   ---------   ---------   ---------   ------------    ----------
Total contractual cash
   obligations                   $  1,626,095  $  111,855  $  111,855  $  111,855  $  111,855  $   3,020,085   $ 5,093,600
                                   ==========   =========   =========   =========   =========   ============    ==========
</TABLE>

(1)  Asset  Management  Fees  are  payable  annually  until  termination  of the
     Partnership, which is to occur no later than 2037. The estimate of the fees
     payable included herein assumes the retention of the Partnership's interest
     in all Housing Complexes until 2037.  Amounts due to the General Partner as
     of March 31,  2005 have  been  included  in the 2006  column.  The  General
     Partner does not anticipate that these fees will be paid until such time as
     capital reserves are in excess of the aggregate of the existing contractual
     obligations  and the  anticipated  future  foreseeable  obligations  of the
     Partnership.

For additional  information  regarding asset  management fees, see Note 3 to the
financial statements included elsewhere herein.

Off-Balance Sheet Arrangements

The Partnerships has no off-balance sheet arrangements.

Exit Strategy

The IRS  compliance  period for  low-income  housing  tax credit  properties  is
generally  15 years from  occupancy  following  construction  or  rehabilitation
completion.  WNC was one of the first in the industry to offer investments using
the tax credit.  Now these very first programs are completing  their  compliance
period.

With that in mind, we are continuing our review of the Partnership's holdings,
                                       15
<PAGE>



with special  emphasis on the more mature  properties  including those that have
satisfied the IRS compliance requirements. Our review will consider many factors
including  extended  use  requirements  on the  property  (such as those  due to
mortgage  restrictions  or state  compliance  agreements),  the condition of the
property,  and the tax consequences to the Limited Partners from the sale of the
property.

Upon identifying  those  properties with the highest  potential for a successful
sale, refinancing or syndication, we expect to proceed with efforts to liquidate
those  properties.  Our  objective is to maximize the Limited  Partners'  return
wherever  possible  and,  ultimately,  to wind down  those  funds that no longer
provide  tax  benefits  to  Limited  Partners.  To date,  no  properties  in the
Partnership have been selected.

Impact of New Accounting Pronouncements

In January 2003, the FASB issued Interpretation No. 46 ("FIN46"), "Consolidation
of  Variable  Interest  Entities."  FIN 46  provides  guidance on when a company
should include the assets,  liabilities,  and activities of a variable  interest
entity  ("VIE")  in  its  financial  statements  and  when  it  should  disclose
information  about its relationship  with a VIE. A VIE is a legal structure used
to conduct activities or hold assets, which must be consolidated by a company if
it is the primary  beneficiary  because it absorbs the  majority of the entity's
expected losses, the majority of the expected returns, or both.

In December  2003, the FASB issued a revision of FIN 46 ("FIN 46(R)") to clarify
some of its provisions.  The revision results in multiple  effective dates based
on the  nature  as well as the  creation  date of the VIE.  VIEs  created  after
January 31,  2003,  but prior to January 1, 2004,  may be  accounted  for either
based on the original interpretations or the revised  interpretations.  However,
all VIEs must be accounted for under the revised interpretations as of March 31,
2004,  when FIN 46(R) is  effective  for the  Partnership.  This  Interpretation
requires consolidation by the Partnership of certain Local Limited Partnerships'
assets and liabilities  and results of operations if the Partnership  determines
that the Local  Limited  Partnership  is a VIE and that the  Partnership  is the
"Primary  Beneficiary." For consolidation  purposes,  minority  interests may be
recorded for the Local Limited  Partnerships'  ownership  share  attributable to
other Limited Partners.

With the adoption of FIN 46(R),  the  Partnership has assessed the Local Limited
Partnerships  based upon the three  criteria in  paragraphs  5a, b, and c of FIN
46(R) and has  concluded  that each of the Local Limited  Partnerships  is not a
VIE.  Therefore  the  adoption  of FIN  46(R)  had no  impact  on the  financial
condition or results of operations for the Partnership.

In May 2005, the FASB issued Statement of Financial Accounting Standards No. 154
( SFAS 154),  "Accounting Changes and Error Corrections" which provides guidance
on the  accounting  for and  reporting of accounting  changes and  correction of
errors.  This  statement  changes the  requirements  for the  accounting for and
reporting  of a change in  accounting  principle  and  applies to all  voluntary
changes in  accounting  principle.  It also  applies to changes  required  by an
accounting pronouncement in the unusual instance that the pronouncement does not
include  specific  transition  provisions.   This  statement  is  effective  for
accounting  changes and  corrections  of errors made in fiscal  years  beginning
after December 15, 2005. The  Partnership  does not anticipate a material effect
upon the adoption of this statement.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

NOT APPLICABLE

Item 8.  Financial Statements and Supplementary Data

                                       16
<PAGE>

                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                                 BALANCE SHEETS

 Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.



<TABLE>
<CAPTION>


                                                                                               March 31
                                                                                     ------------------------------
                                                                                         2005             2004
                                                                                     --------------   -------------
<S>                                                                               <C>               <C>

ASSETS

Cash                                                                               $        19,125   $       7,209
Investments in limited partnerships, net (Notes 2 and 3)                                         -               -
                                                                                     --------------   -------------

                                                                                   $        19,125   $       7,209
                                                                                     ==============   =============

LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
   Accrued fees and expenses due to General Partner and
     affiliates (Note 3)                                                           $     1,568,394   $   1,432,637

Commitments and contingencies

Partners' deficit:
    General partners                                                                       (80,334)        (79,096)
    Limited partners (10,000 units authorized; 7,450 units
     issued and outstanding)                                                            (1,468,935)     (1,346,332)
                                                                                     --------------   -------------

      Total partners' deficit                                                           (1,549,269)     (1,425,428)
                                                                                     --------------   -------------

                                                                                   $        19,125   $       7,209
                                                                                     ==============   =============
</TABLE>

                 See accompanying notes to financial statements
                                       17
<PAGE>


                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                            STATEMENTS OF OPERATIONS

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.



<TABLE>
<CAPTION>


                                                              For the Years Ended March 31
                                                      ----------------------------------------------
                                                           2005             2004            2003
                                                      --------------    ------------    ------------
<S>                                                <C>               <C>             <C>

Interest income                                     $            29   $          10   $          46
Distribution income                                          11,886           3,650           1,584
                                                      --------------    ------------    ------------

Total income                                                 11,915           3,660           1,630
                                                      --------------    ------------    ------------

Operating expenses:
   Amortization (Notes 2 and 3)                                   -           5,433           5,424
   Asset management fees (Note 3)                           111,855         111,855         111,855
   Impairment loss (Note 2)                                       -         470,093               -
   Legal and accounting                                      20,025          16,106          18,795
   Other                                                      3,876           4,458           5,277
                                                      --------------    ------------    ------------

    Total operating expenses                                135,756         607,945         141,351
                                                      --------------    ------------    ------------

Loss from operations                                       (123,841)       (604,285)       (139,721)

Equity in income (losses) of limited
    partnerships (Note 2)                                         -          25,028        (138,939)
                                                      --------------    ------------    ------------

Net loss                                            $      (123,841)  $    (579,257)  $    (278,660)
                                                      ==============    ============    ============

Net loss allocated to:
   General partners                                 $        (1,238)  $      (5,793)  $      (2,787)
                                                      ==============    ============    ============

   Limited partners                                 $      (122,603)  $    (573,464)  $    (275,873)
                                                      ==============    ============    ============

Net loss per limited partnership unit               $        (16.46)  $      (76.98)  $      (37.03)
                                                      ==============    ============    ============

Outstanding weighted limited partner units                    7,450           7,450           7,450
                                                      ==============    ============    ============
</TABLE>


                                       18
<PAGE>



                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                         STATEMENTS OF PARTNERS' DEFICIT

               For The Years Ended March 31, 2005, 2004, and 2003

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.


<TABLE>
<CAPTION>


                                                               General             Limited             Total
                                                               Partners            Partners
                                                            ---------------     ---------------    ---------------
<S>                                                      <C>                <C>                 <C>

Partners' deficit at March 31, 2002                       $        (70,516)  $       (496,995)   $       (567,511)

Net loss                                                            (2,787)          (275,873)           (278,660)
                                                            ---------------     ---------------    ---------------

Partners' deficit at March 31, 2003                                (73,303)          (772,868)           (846,171)

Net loss                                                            (5,793)          (573,464)           (579,257)
                                                            ---------------     ---------------    ---------------

Partners' deficit at March 31, 2004                                (79,096)        (1,346,332)         (1,425,428)

Net loss                                                            (1,238)          (122,603)           (123,841)
                                                            ---------------     ---------------    ---------------

Partners' deficit at March 31, 2005                       $        (80,334)  $     (1,468,935)   $     (1,549,269)
                                                            ===============     ===============    ===============
</TABLE>


                                       19
<PAGE>


                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                            STATEMENTS OF CASH FLOWS

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.



<TABLE>
<CAPTION>


                                                                 For the Years Ended March 31
                                                          -------------------------------------------
                                                             2005            2004            2003
                                                          ------------    ------------    -----------
<S>                                                    <C>             <C>             <C>

Cash flows from operating activities:
   Net loss                                             $    (123,841)  $   (579,257)   $   (278,660)
   Adjustments to reconcile net loss to
     net cash used in operating activities:
     Amortization                                                   -          5,433           5,424
     Equity   in    (income)    losses   of   limited
       partnerships                                                 -        (25,028)        138,939
     Impairment loss                                                -        470,093               -
     Change in accrued fees and expenses due to
     General Partner and affiliates                           135,757        132,418         119,695
                                                          ------------    ------------    -----------

Net cash provided by (used in) operating activities            11,916          3,659         (14,602)
                                                          ------------    ------------    -----------

Cash flows provided by investing activities:
   Distributions from limited partnerships                          -          2,816           3,166
                                                          ------------    ------------    -----------

Net increase (decrease) in cash and cash equivalents           11,916          6,475         (11,436)

Cash, beginning of period                                       7,209            734          12,170
                                                          ------------    ------------    -----------

Cash, end of period                                     $      19,125   $      7,209    $        734
                                                          ============    ============    ===========

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


                                       20
<PAGE>



                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

               For The Years Ended March 31, 2005, 2004, and 2003

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
--------------------------------------------------------------------

Organization

WNC California Housing Tax Credits,  L.P., a California Limited Partnership (the
"Partnership"),  was formed on September 15, 1988 under the laws of the State of
California.  The  Partnership  was formed to invest  primarily in other  limited
partnerships   (the  "Local  Limited   Partnerships")   which  own  and  operate
multi-family  housing complexes (the "Housing  Complexes") that are eligible for
low income housing tax credits.  The local general  partners (the "Local General
Partners")  of  each  Local  Limited   Partnership  retain   responsibility  for
maintaining, operating and managing the Housing Complex.

WNC & Associates, Inc., a California corporation ("WNC"), and Wilfred N. Cooper,
Sr., are general  partners of the  Partnership  (the  "General  Partners").  The
chairman  and  president  own  substantially  all of the  outstanding  stock  of
Associates.  The  business of the  Partnership  is conducted  primarily  through
Associates, as the Partnership has no employees of its own.

The Partnership shall continue to be in full force and effect until December 31,
2037 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 10,000 units at $1,000
per Unit  ("Units").  The  offering of Units  concluded in October 1990 at which
time 7,450 Units  representing  subscriptions  in the amount of $7,450,000,  had
been accepted.  The General Partners have a 1% interest in operating profits and
losses,  taxable income and losses,  in cash available for distribution from the
Partnership  and tax credits of the  Partnership.  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  Partners have received  proceeds
equal to their capital contributions from the remainder,  any additional sale or
refinancing  proceeds  will  be  distributed  99% to the  limited  partners  (in
proportion to their respective investments) and 1% to the General Partners.

Risks and Uncertainties
-----------------------

An investment in the  Partnership  and the  Partnership's  investments  in Local
Limited  Partnerships  and their Housing  Complexes are subject to risks.  These
risks may impact the tax benefits of an investment in the  Partnership,  and the
amount of proceeds  available for distribution to the Limited Partners,  if any,
on liquidation of the Partnership's investments. Some of those risks include the
following:

The Low Income  Housing  Credit rules are extremely  complicated.  Noncompliance
with these rules  results in the loss of future Low Income  Housing  Credits and
the fractional  recapture of Low Income Housing  Credits  already taken. In most
cases the annual amount of Low Income Housing Credits that an individual can use
is limited to the tax  liability  due on the  person's  last  $25,000 of taxable
income.  The  Local  Limited  Partnerships  may be  unable  to sell the  Housing
Complexes  at a price  which  would  result in the  Partnership  realizing  cash
distributions or proceeds from the transaction. Accordingly, the Partnership may
be unable to distribute  any cash to its Limited  Partners.  Low Income  Housing
Credits may be the only benefit from an investment in the Partnership.


                                       21
<PAGE>



                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2005, 2004 and 2003

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
-------------------------------------------------------------------------------

The Partnership has invested in a limited number of Local Limited  Partnerships.
Such  limited  diversity  means that the  results of  operation  of each  single
Housing  Complex  will have a greater  impact on the  Partnership.  With limited
diversity,   poor   performance   of  one  Housing   Complex  could  impair  the
Partnership's ability to satisfy its investment objectives. Each Housing Complex
is subject to mortgage  indebtedness.  If a Local Limited  Partnership failed to
pay its  mortgage,  it  could  lose  its  Housing  Complex  in  foreclosure.  If
foreclosure  were to occur during the first 15 years,  the loss of any remaining
future Low Income Housing  Credits,  a fractional  recapture of prior Low Income
Housing  Credits,  and a loss of the  Partnership's  investment  in the  Housing
Complex would occur. The Partnership is a limited partner or non-managing member
of each Local Limited Partnership.  Accordingly,  the Partnership will have very
limited rights with respect to management of the Local Limited Partnerships. The
Partnership  will  rely  totally  on the Local  General  Partners.  Neither  the
Partnership's  investments in Local Limited Partnerships,  nor the Local Limited
Partnerships'  investments in Housing Complexes, are 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 interests
in Local Limited Partnerships; limitations on removal of Local General Partners;
limitations on subsidy programs; and possible changes in applicable regulations.
Uninsured  casualties  could result in loss of property  and Low Income  Housing
Credits and recapture of Low Income Housing Credits  previously taken. The value
of real  estate  is  subject  to risks  from  fluctuating  economic  conditions,
including employment rates, inflation,  tax, environmental,  land use and zoning
policies, supply and demand of similar properties,  and neighborhood conditions,
among others.

The  ability of Limited  Partners to claim tax losses  from the  Partnership  is
limited.  The IRS may audit the  Partnership or a Local Limited  Partnership and
challenge  the tax  treatment  of tax items.  The  amount of Low Income  Housing
Credits and tax losses allocable to the Limited Partners could be reduced if the
IRS were  successful  in such a  challenge.  The  alternative  minimum tax could
reduce tax benefits from an investment in the  Partnership.  Changes in tax laws
could also impact the tax benefits from an investment in the Partnership  and/or
the value of the Housing Complexes.

Substantially  all of the Low Income Housing Credits  anticipated to be realized
from the Local Limited Partnerships have been realized. The Partnership does not
anticipate  being  allocated a significant  amount of Low Income Housing Credits
from the Local  Limited  Partnerships  in the  future.  Until the Local  Limited
Partnerships  have completed the 15 year Low Income  Housing  Credit  compliance
period risks exist for potential recapture of prior Low Income Housing Credits.

Anticipated  future and  existing  cash  resources  of the  Partnership  are not
sufficient   to  pay  existing   liabilities   of  the   Partnership.   However,
substantially all of the existing  liabilities of the Partnership are payable to
the General  Partner and/or its  affiliates.  Though the amounts  payable to the
General Partner and/or its affiliates are contractually  currently payable,  the
Partnership  anticipates that the General Partner and/or its affiliates will not
require the payment of these contractual  obligations until capital reserves are
in excess of the aggregate of then  existing  contractual  obligations  and then
anticipated future foreseeable  obligations of the Partnership.  The Partnership
would be adversely  affected  should the General  Partner  and/or its affiliates
demand current  payment of the existing  contractual  obligations and or suspend
services for this or any other reason.

No trading  market  for the Units  exists or is  expected  to  develop.  Limited
Partners  may be unable to sell  their  Units  except at a  discount  and should
consider their Units to be a long-term  investment.  Individual Limited Partners
will have no recourse if they disagree with actions  authorized by a vote of the
majority of Limited Partners.

                                       22
<PAGE>



                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2005, 2004 and 2003

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
-------------------------------------------------------------------------------

Exit Strategy
-------------

The IRS  compliance  period for  low-income  housing  tax credit  properties  is
generally  15 years from  occupancy  following  construction  or  rehabilitation
completion.  WNC was one of the first in the industry to offer investments using
the tax credit.  Now these very first programs are completing  their  compliance
period.

With that in mind,  the  Partnership  is continuing to review the  Partnership's
holdings,  with special emphasis on the more mature  properties  including those
that have satisfied the IRS compliance  requirements.  The Partnership's  review
will consider many factors  including  extended use requirements on the property
(such as those due to mortgage restrictions or state compliance agreements), the
condition of the property, and the tax consequences to the Limited Partners from
the sale of the property.

Upon identifying  those  properties with the highest  potential for a successful
sale,  refinancing  or  syndication,  the  Partnership  expects to proceed  with
efforts  to  liquidate  those  properties.  The  Partnership's  objective  is to
maximize the Limited Partners' return wherever possible and, ultimately, to wind
down those funds that no longer  provide tax  benefits to Limited  Partners.  To
date no properties in the Partnership have been selected for disposition.

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  Partnerships'  results of operations
and for any  contributions  made and  distributions  received.  The  Partnership
reviews the  carrying  amount of an  individual  investment  in a Local  Limited
Partnership for possible  impairment whenever events or changes in circumstances
indicate that the carrying  amount of such  investment  may not be  recoverable.
Recoverability  of such investment is measured by the estimated value derived by
management,  generally  consisting of the sum of the remaining future Low-Income
Housing  Credits  estimated to be allocated to the Partnership and the estimated
residual  value  to  the  Partnership.  If an  investment  is  considered  to be
impaired,  the  Partnership  reduces the carrying value of its investment in any
such Local Limited  Partnership.  The  accounting  policies of the Local Limited
Partnerships,  generally,  are  expected  to be  consistent  with  those  of the
Partnership.  Costs incurred by the Partnership in acquiring the investments are
capitalized as part of the investment and are being amortized over 30 years (see
Notes 2 and 3).

Equity in losses of Local Limited Partnerships for each year ended March 31 have
been  recorded  by the  Partnership  based on nine  months of  reported  results
provided by the Local Limited  Partnerships  for each year ended December 31 and
on  three  months  of  results  estimated  by  management  of  the  Partnership.
Management's  estimate  for the  three-month  period is based on  either  actual
unaudited  results  reported by the Local  Limited  Partnerships  or  historical
trends in the operations of the Local Limited Partnerships. In subsequent annual
financial  statements,  upon receiving the actual annual results reported by the
Local Limited  Partnerships,  management reverses its prior estimate and records
the actual results reported by the Local Limited Partnerships.  Equity in losses
of limited  partnerships  allocated to the Partnership are not recognized to the
extent that the investment  balance would be adjusted below zero. As soon as the
investment balance reaches zero,  amortization of the related costs of acquiring
the investment is accelerated to the extent of losses available (see Note 3). If
the  Local  Limited  Partnerships  reported  net  income in  future  years,  the
Partnership  will resume applying the equity method only after its share of such
net income  equals the share of net losses not  recognized  during the period(s)
the equity method was suspended.

Distributions received from the Local Limited Partnerships are accounted for as
a reduction of the investment balance. Distributions received after the
investment has reached zero are recognized as income.


                                       23
<PAGE>



                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2005, 2004 and 2003

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
-------------------------------------------------------------------------------

Use of Estimates
----------------

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America 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 an  original
maturities of three months or less when purchased to be cash equivalents.  As of
March 31, 2005 and 2004, the Partnership had no cash equivalents.

Net Loss Per Limited Partner Unit
---------------------------------

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

Income Taxes
------------

No provision  for income taxes has been recorded in the  accompanying  financial
statements  as any  liability  and/or  benefit  for  income  taxes  flows to the
partners of the Partnership and is their obligation  and/or benefit.  For income
taxes purposes the Partnership reports on a calendar year basis.

Revenue Recognition
-------------------

The  Partnership  is entitled to receive  reporting  fees from the Local Limited
Partnerships.  The  intent  of  the  reporting  fees  is  to  offset  (in  part)
administrative costs incurred by the Partnership in corresponding with the Local
Limited  Partnerships.  Due to the  uncertainty of the collection of these fees,
the Partnership recognizes reporting fees as collections are made.

New Accounting Pronouncements
-----------------------------

In January 2003, the FASB issued Interpretation No. 46 ("FIN46"), "Consolidation
of  Variable  Interest  Entities."  FIN 46  provides  guidance on when a company
should include the assets,  liabilities,  and activities of a variable  interest
entity  ("VIE")  in  its  financial  statements  and  when  it  should  disclose
information  about its relationship  with a VIE. A VIE is a legal structure used
to conduct activities or hold assets, which must be consolidated by a company if
it is the primary  beneficiary  because it absorbs the  majority of the entity's
expected losses, the majority of the expected returns, or both.

In December  2003, the FASB issued a revision of FIN 46 ("FIN 46(R)") to clarify
some of its provisions.  The revision results in multiple  effective dates based
on the  nature  as well as the  creation  date of the VIE.  VIEs  created  after
January 31,  2003,  but prior to January 1, 2004,  may be  accounted  for either
based on the original interpretations or the revised  interpretations.  However,
all VIEs must be accounted for under the revised interpretations as of March 31,
2004,  when FIN 46(R) is  effective  for the  Partnership.

This Interpretation  requires  consolidation by the Partnership of certain Local
Limited  Partnerships'  assets and  liabilities and results of operations if the
Partnership  determines that the Local Limited Partnership is a VIE and that the
Partnership is the "Primary Beneficiary." For consolidation  purposes,  minority
interests may be recorded for the Local Limited  Partnerships'  ownership  share
attributable to other Limited Partners.

                                       24
<PAGE>



                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2005, 2004 and 2003

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
-------------------------------------------------------------------------------

With the adoption of FIN 46(R),  the  Partnership has assessed the Local Limited
Partnerships  based upon the three  criteria in  paragraphs  5a, b, and c of FIN
46(R) and has  concluded  that each of the Local Limited  Partnerships  is not a
VIE.  Therefore  the  adoption  of FIN  46(R)  had no  impact  on the  financial
condition or results of operations for the Partnership.

In May 2005, the FASB issued Statement of Financial Accounting Standards No. 154
( SFAS 154),  "Accounting Changes and Error Corrections" which provides guidance
on the  accounting  for and  reporting of accounting  changes and  correction of
errors.  This  statement  changes the  requirements  for the  accounting for and
reporting  of a change in  accounting  principle  and  applies to all  voluntary
changes in  accounting  principle.  It also  applies to changes  required  by an
accounting pronouncement in the unusual instance that the pronouncement does not
include  specific  transition  provisions.   This  statement  is  effective  for
accounting  changes and  corrections  of errors made in fiscal  years  beginning
after December 15, 2005. The  Partnership  does not anticipate a material effect
upon the adoption of this statement.

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS
--------------------------------------------

As of the periods  presented,  the Partnership has acquired limited  partnership
interests in eleven Local  Limited  Partnerships  each of which owns one Housing
Complex  consisting of an aggregate of 433 apartment units. The respective Local
General  Partners  of the  Local  Limited  Partnerships  manage  the  day to day
operations  of the entities.  Significant  Local  Limited  Partnership  business
decisions require approval from the Partnership.  The Partnership,  as a limited
partner,  is  generally  entitled  to 99%,  as  specified  in the Local  Limited
Partnership agreements,  of the operating profits and losses, taxable income and
losses, and tax credits of the Local Limited Partnerships.

The  Partnership's  investments  in Local Limited  Partnerships  as shown in the
balance  sheets  at March 31,  2005 and 2004,  are  approximately  $740,000  and
$495,000  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 unrecorded
losses as discussed below, and acquisition, selection and other costs related to
the  acquisition  of  the  investments   which  have  been  capitalized  in  the
Partnership's  investment  account along with impairment  losses recorded in the
Partnership's  investment  account.  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.

A loss in value from a Local Limited  Partnership other than a temporary decline
would be recorded as an impairment loss. Impairment is measured by comparing the
investment  carrying  amount to the sum of the total amount of the remaining tax
credits  allocated  to  the  fund  and  the  estimated  residual  value  of  the
investment.  Accordingly,  the Partnership recorded an impairment loss of $0 and
$470,093 during the years ended March 31, 2005 and 2004, respectively.

Distributions  from  the  Local  Limited  Partnerships  are  accounted  for as a
reduction of the investment balance. Distributions received after the investment
has reached zero are recognized as income.

At March 31, 2005, the investment accounts in certain Local Limited Partnerships
have  reached  a zero  balance.  Consequently,  a portion  of the  Partnership's
estimate  of its share of losses for the years ended  March 31,  2005,  2004 and
2003, amounting to approximately $302,000, $13,000, and $282,000,  respectively,
have not been  recognized.  As of March 31,  2005,  the  aggregate  share of net
losses not recognized by the Partnership amounted to $1,250,000.


                                       25
<PAGE>



                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2005, 2004 and 2003

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
-------------------------------------------------------

The following is a summary of the equity method activity of the investments in
Local Limited Partnerships for the periods presented:

<TABLE>
<CAPTION>


                                                                           For the Years
                                                                           Ended March 31
                                                             -------------------------------------------
                                                                2005            2004           2003
                                                             ------------    -----------    ------------
<S>                                                       <C>               <C>          <C>

Investments per balance sheet, beginning of period         $           -    $   453,314   $     600,843
Equity in income (losses) of limited partnerships                      -         25,028        (138,939)
Distributions received                                                 -         (2,816)         (3,166)
Impairment loss                                                        -       (470,093)              -
Amortization of paid acquisition fees and costs                        -         (5,433)         (5,424)
                                                             ------------    -----------    ------------

Investments per balance sheet, end of period               $           -    $         -   $     453,314
                                                             ============    ===========    ============
</TABLE>

                                       26
<PAGE>



                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2005, 2004 and 2003

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.

NOTE 2 - 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 against
interest expense.  Approximate combined condensed financial information from 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>

                                                                                     2004               2003
                                                                                ---------------    ---------------
<S>                                                                          <C>                <C>

ASSETS

Buildings and improvements (net of accumulated
   depreciation for 2004 and 2003 of $9,321,000 and
   $8,631,000, respectively)                                                  $     12,931,000   $     13,410,000
Land                                                                                 1,484,000          1,484,000
Other assets                                                                         2,110,000          1,984,000
                                                                                ---------------    ---------------

                                                                              $     16,525,000   $     16,878,000
                                                                                ===============    ===============

LIABILITIES

Mortgage loans payable                                                        $     16,522,000   $     16,600,000
Due to related parties                                                                 345,000            347,000
Other liabilities                                                                      174,000            175,000
                                                                                ---------------    ---------------

                                                                                    17,041,000         17,122,000
                                                                                ---------------    ---------------

PARTNERS' CAPITAL

WNC California Housing Tax Credits, L.P.                                              (740,000)          (495,000)
Other partners                                                                         224,000            251,000
                                                                                ---------------    ---------------

                                                                                      (516,000)          (244,000)
                                                                                ---------------    ---------------

                                                                              $     16,525,000   $     16,878,000
                                                                                ===============    ===============
</TABLE>

                                       27
<PAGE>



                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2005, 2004 and 2003

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
-------------------------------------------------------
<TABLE>
<CAPTION>

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS


                                                                 2004                2003               2002
                                                            ---------------     ---------------    ---------------
<S>                                                      <C>                 <C>                <C>

Revenues                                                  $      2,677,000    $      2,657,000   $      2,067,000
                                                            ---------------     ---------------    ---------------

Expenses
  Operating expenses                                             1,861,000           1,660,000          1,460,000
  Interest expense                                                 365,000             381,000            386,000
  Depreciation and amortization                                    690,000             672,000            657,000
                                                            ---------------     ---------------    ---------------

   Total expenses                                                2,916,000           2,713,000          2,503,000
                                                            ---------------     ---------------    ---------------

Net loss                                                  $       (239,000)   $        (56,000)  $       (436,000)
                                                            ===============     ===============    ===============

Net loss allocable to the Partnership                     $       (236,000)   $        (55,000)  $       (432,000)
                                                            ===============     ===============    ===============

Net loss recorded by the Partnership                      $              -    $        (25,000)   $      (139,000)
                                                            ===============     ===============    ===============
</TABLE>

Certain Local Limited  Partnerships have incurred  significant  operating losses
and/or 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  Partners  may be
required to sustain 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 3 - RELATED PARTY TRANSACTIONS
-----------------------------------

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

     Acquisition  fees equal to 6% of the gross  proceeds from the sale of Units
     as compensation for services rendered in connection with the acquisition of
     Local  Limited  Partnerships.  At the  end of all  periods  presented,  the
     Partnership incurred acquisition fees of $447,060. Accumulated amortization
     of these capitalized costs was $447,060,  as of March 31, 2005 and 2004. Of
     the  accumulated  amortization  recorded on the balance  sheet at March 31,
     2005, $0, $0, and $24,119 of the related expense was reflected as equity in
     losses of limited  partnerships during the years ended March 31, 2005, 2004
     and 2003,  respectively,  to reduce  the  respective  net  acquisition  fee
     component of  investments in local limited  partnerships  to zero for those
     Local Limited  Partnerships  which would  otherwise be below a zero balance
     and $0 and $82,520,  was reflected in the impairment  loss during the years
     ended March 31, 2005 and 2004, respectively.

     Reimbursement  of costs incurred by the General Partners or an affiliate in
     connection  with the acquisition of the Local Limited  Partnerships.  These
     reimbursements have not exceeded 3% of the gross proceeds. As of the end of
     all periods  presented,  the Partnership had incurred  acquisition costs of
     $32,018 which have been included in investments in limited partnerships and
     were fully amortized at March 31, 2004.

     An annual  management fee equal to 0.5% of the invested assets of the Local
     Limited  Partnerships,  including the  Partnerships  allocable share of the
     mortgages,  for the life of the  Partnership.  Management  fees of $111,855
     were  incurred  during the years ended March 31,  2005,  2004 and 2003,  of
     which $0 was paid during the years ended March 31, 2005, 2004 and 2003.

                                       28
<PAGE>



                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2005, 2004 and 2003

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.

NOTE 3 - RELATED PARTY TRANSACTIONS, continued
----------------------------------------------

     The  Partnership  reimbursed  the  General  Partner or its  affiliates  for
     operating expenses incurred on behalf of the Partnership. Operating expense
     reimbursements  were  approximately  $24,000 and  $19,000  during the years
     ended March 31, 2005 and 2004, respectively.

The accrued fees and expenses due to the General Partners and affiliates consist
of the following at:

<TABLE>
<CAPTION>


                                                                                                March 31
                                                                                      -----------------------------
                                                                                         2005            2004
                                                                                      ------------   --------------
<S>                                                                                <C>            <C>

Reimbursement for expenses paid by the General Partners
   or an affiliate                                                                  $      54,154  $        30,252

Asset management fee payable                                                            1,514,240        1,402,385
                                                                                      ------------   --------------

Total                                                                               $   1,568,394  $     1,432,637
                                                                                      ============   ==============
</TABLE>

The General  Partners do not  anticipate  that these  accrued  fees will be paid
until such time as  capital  reserves  are in excess of the  future  foreseeable
working capital requirements of the Partnership.


NOTE 4 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
----------------------------------------------------

The following is a summary of the quarterly operations for the years ended
March 31:

<TABLE>
<CAPTION>

                                           June 30           September 30       December 31           March 31
                                        ---------------     ---------------    ---------------     ---------------
<S>                                  <C>                 <C>                <C>                 <C>

               2005
               ----

Income                                $          6,000    $          5,000   $              -    $          1,000

Operating expenses                             (30,000)            (37,000)          (28,000)             (41,000)

Equity in losses of limited
     partnerships                                    -                   -                  -                    -

Net loss                                       (24,000)            (32,000)          (28,000)             (40,000)

Net Loss available to limited
     partners                                  (24,000)            (31,000)          (28,000)             (40,000)

Net Loss per limited partner unit                   (3)                 (4)               (4)                  (5)
</TABLE>


                                       29
<PAGE>



                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2005, 2004 and 2003

Unaudited - These financial statements are being filed without an opinion from
               our independent registered public accounting firm.


NOTE 4 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED), continued
---------------------------------------------------------------
<TABLE>
<CAPTION>



                                           June 30           September 30       December 31           March 31
                                        ---------------     ---------------    ---------------     ---------------
<S>                                  <C>                 <C>                <C>                 <C>

               2004
               ----

Income                                $          1,000    $          2,000   $              -    $          1,000

Operating expenses                             (34,000)            (42,000)          (30,000)            (502,000)

Equity in losses of limited
     partnerships                              (25,000)            (26,000)          (26,000)             102,000

Net loss                                       (58,000)            (66,000)          (56,000)            (399,000)

Net Loss available to limited
     partners                                  (58,000)            (65,000)          (55,000)            (395,000)

Net Loss per limited partner unit                   (8)                 (9)               (7)                 (53)
</TABLE>



                                       30
<PAGE>




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

NOT APPLICABLE

Item 9a. Controls and Procedures

As of the end of the period covered by this report,  the  Partnership's  General
Partner, under the supervision and with the participation of the Chief Executive
Officer and Chief Financial  Officer of Associates  carried out an evaluation of
the effectiveness of the Fund's "disclosure  controls and procedures" as defined
in  Securities  Exchange  Act of 1934  Rule  13a-15  and  15d-15.  Based on that
evaluation,  the Chief Executive  Officer and Principal  Financial  Officer have
concluded  that  as of  the  end of the  period  covered  by  this  report,  the
Partnership's  disclosure controls and procedures were adequate and effective in
timely  alerting  them  to  material  information  relating  to the  Partnership
required to be included in the Partnership's periodic SEC filings.

Changes  in  internal  controls.  There  were no  changes  in the  Partnership's
internal control over financial reporting that occurred during the quarter ended
March 31, 2005 that materially affected,  or are reasonably likely to materially
affect, the Partnership's internal control over financial reporting.

PART III.

Item 10. Directors and Executive Officers of the Registrant

(a)  Identification of Directors,  (b) Identification of Executive Officers, (c)
     ---------------------------------------------------------------------------
     Identification of Certain Significant Employees,  (d) Family Relationships,
     ---------------------------------------------------------------------------
     and (e) Business Experience
     ---------------------------

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

Associates is a California corporation which was organized in 1971. Its officers
and significant employees are:

Wilfred N. Cooper, Sr.         Chairman of the Board
Wilfred N. Cooper, Jr.         President and Chief Executive Officer
David N. Shafer, Esq.          Executive Vice President
Sylvester P. Garban            Senior Vice President - Institutional Investments
Thomas J. Riha, CPA            Senior Vice President - Chief Financial Officer
Michael J. Gaber               Senior Vice President - Acquisitions
Edward W. Peters               President of WNC Management, Inc.

In addition to Wilfred N. Cooper,  Sr., the directors of Associates  are Wilfred
N. Cooper, Jr., David N. Shafer, and Kay L. Cooper. The principal shareholder of
Associates is a trust established by Wilfred N. Cooper, Sr. and Kay L. Cooper.

Wilfred N.  Cooper,  Sr.,  age 73, is the founder  and  Chairman of the Board of
Directors of Associates,  a Director of WNC Capital  Corporation,  and a general
partner in some of the  partnerships  previously  sponsored by  Associates.  Mr.
Cooper has been actively involved in the affordable housing industry since 1968.
Previously,  during 1970 and 1971,  he was  founder and a principal  of Creative
Equity  Development  Corporation,  a predecessor of Associates,  and of Creative
Equity Corporation, a real estate investment firm. For 12 years before 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.  He has testified before committees of the U.S. Senate and the U.S.
House  of  Representatives.  Mr.  Cooper  is a Life  Director  of  the  National
Association of Home Builders,  a National  Trustee for NAHB's  Political  Action
Committee,  and a past Chairman of NAHB's Multifamily  Council. He is a Director
of the National Housing Conference and a member of NHC's Board of Governors, and
a founder and Director of the California Housing  Consortium.  He is the husband
of Kay Cooper and the father of Wilfred N. Cooper, Jr. Mr. Cooper graduated from
Pomona College in 1956 with a Bachelor of Arts degree.

                                       31
<PAGE>

Wilfred  N.  Cooper,  Jr.,  age  41,  is  President,  Chief  Executive  Officer,
Secretary,  a Director and a member of the Acquisition  Committee of Associates.
He is President and a Director of, and a registered  principal with, WNC Capital
Corporation, and is a Director and Vice President of WNC Management, Inc. He has
been involved in real estate  investment and acquisition  activities  since 1988
when he  joined  Associates.  Previously,  he  served  as a  Government  Affairs
Assistant with Honda North America in Washington, D.C. Mr. Cooper is a member of
the Editorial  Advisory  Boards of Affordable  Housing  Finance and LIHC Monthly
                                   ----------------------------     ------------
Report,  a  Steering  Member  of  the  Housing  Credit  Group  of  the  National
Association  of Home  Builders,  a  member  of the Tax  Policy  Council  for the
National Trust for Historic Preservation,  a member of the Advisory Board of the
New York State  Association for Affordable  Housing,  a member of the Urban Land
Institute and a member of TEC  International.  He is the son of Wilfred  Cooper,
Sr. and Kay Cooper.  Mr. Cooper  graduated from The American  University in 1985
with a Bachelor of Arts degree.

David N. Shafer, age 52, is Executive Vice President, a Director and a member of
the  Acquisition  Committee of  Associates,  and a Director,  Vice President and
Secretary of WNC Management,  Inc. Mr. Shafer has been active in the real estate
industry  since 1984.  Before  joining  Associates in 1990, he was engaged as an
attorney  in the private  practice  of law with a  specialty  in real estate and
taxation.  Mr. Shafer is a Director and past 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.

Sylvester  P.  Garban,   age  58,  is  Senior  Vice  President  -  Institutional
Investments  of  Associates   and  a  registered   principal  with  WNC  Capital
Corporation.  Mr. Garban has been involved in real estate investment  activities
since 1978.  Before  joining  Associates  in 1989,  he served as Executive  Vice
President with MRW,  Inc., a real estate  development  and management  firm. Mr.
Garban is a member of the National Association of Affordable Housing Lenders and
the Financial Planning Association.  He graduated from Michigan State University
in 1967 with a Bachelor of Science degree in Business Administration.

Thomas J. Riha, age 49, is Senior Vice President - Chief Financial Officer and a
member of the  Acquisition  Committee  and the  Commercial  Real Estate Group of
Associates and Vice President,  Treasurer and a Director of WNC Management, Inc.
He has been involved in real estate acquisition and investment  activities since
1979.  Before joining  Associates 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.

Michael J. Gaber,  age 38, is Senior Vice President - Acquisitions  and a member
of the Acquisition  Committee and the Commercial Real Estate Group of Associates
and a Vice President of WNC Management, Inc. Mr. Gaber has been involved in real
estate acquisition,  valuation and investment activities since 1989 and has been
associated  with  Associates  since 1997.  Prior to joining  Associates,  he was
involved in the valuation and  classification of major assets,  restructuring of
debt and analysis of real estate taxes with H.F.  Ahmanson & Company,  parent of
Home  Savings  of  America.  Mr.  Gaber  graduated  from  the  California  State
University,  Fullerton  in 1991 with a Bachelor  of Science  degree in  Business
Administration - Finance.

Edward W. Peters, age 52, is President of WNC Management,  Inc. He has more than
12 years of  experience in all facets of property  management.  Prior to joining
WNC in 2003,  Mr.  Peters  served as Vice  President  and  Director  of Property
Management  at Design  Center  Housing  Services,  Inc.  and as Director at John
Stewart Company. He is a licensed real estate broker in the State of California,
a  certified  occupancy   specialist  (COS),  and  holds  two  national  housing
compliance  certificates:  the housing credit compliance professional (HCCP) and
the national credit compliance  professional-executive  (NCP-e). Mr. Peters is a
Director of the Affordable  Housing  Management  Association  and graduated from
Rutgers University in 1990 with a Master of Science degree in social work and in
1983 from Antioch University with a Master of Science degree in education.
                                       32
<PAGE>



Kay L. Cooper,  age 68, is a Director of  Associates.  Mrs.  Cooper was the sole
proprietor of Agate 108, a manufacturer and retailer of home accessory products,
from 1975 until its sale in 1998. She is the wife of Wilfred Cooper, Sr. and the
mother of Wilfred  Cooper,  Jr. Ms.  Cooper  graduated  from the  University  of
Southern California in 1958 with a Bachelor of Science degree.

(f)  Involvement in Certain Legal Proceedings
     ----------------------------------------

     Inapplicable.

(g)  Promoters and Control Persons
     -----------------------------

     Inapplicable.

(h)  Audit  Committee  Financial  Expert,  and (i)  Identification  of the Audit
     ---------------------------------------------------------------------------
     Committee
     ---------

     Neither the Partnership nor Associates has an audit committee.

(j)  Changes to Nominating Procedures
     --------------------------------

     Inapplicable

(k)  Code of Ethics
     --------------

     WNC & Associates  has adopted a Code of Ethics  which  applies to the Chief
     Executive Officer and Chief Financial Officer of WNC & Associates. The Code
     of Ethics will be provided  without  charge to any person who  requests it.
     Such requests  should be directed to: Investor  Relations at  (714)662-5565
     extension 118.

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 its  affiliates  during the current or future years for the following
fees:

(a)  Annual Asset  Management Fee. An annual asset  management fee accrues in an
     amount equal to 0.5% of the Invested Assets of the Partnership, as defined.
     "Invested  Assets" means the sum of the  Partnership's  investment in Local
     Limited Partnership Interests and the Partnership's  allocable share of the
     amount of the  mortgage  loans on and other  debts  related to the  Housing
     Complexes owned by such Local Limited  Partnerships.  Fees of $112,000 were
     incurred  during each of the years ended March 31, 2005, 2004 and 2003. The
     Partnership  paid the General  Partners and or their affiliates $0 of those
     fees during the each of the years ended March 31, 2005, 2004 and 2003.

(b)  Operating  Expense.  The Partnership  reimbursed the General Partner or its
     affiliates for operating  expenses of  approximately  $24,000,  $19,000 and
     $15,000 during the years ended March 31, 2005, 2004 and 2003, respectively.

(c)  Interest  in  Partnership.   The  General   Partners   receive  1%  of  the
     Partnership's  allocated Low Income Housing Tax Credits, which approximated
     $34, $60 and $60 for  Associates  and $4, $7 and $7 for Mr.  Cooper for the
     calendar years ended December 31, 2004,  2003 and 2002,  respectively.  The
     General  Partners are also entitled to receive a percentage of  Partnership
     income or losses, and of cash distributions. There were no distributions of
     cash to the General  Partners  during the years ended March 31, 2005,  2004
     and 2003.

                                       33
<PAGE>



Item 12.  Security  Ownership of Certain  Beneficial  Owners and  Management and
          Related Stockholder Matters



(a)  Securities Authorized for Issuance Under Equity Compensation Plans
     ------------------------------------------------------------------

     The  Partnership  has no  compensation  plans under which  interests in the
     Partnership are authorized for issuance.

(b)  Security Ownership of Certain Beneficial Owners
     -----------------------------------------------

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

(c)  Security Ownership of Management
     --------------------------------

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

(d)  Changes in Control
     ------------------

     The  management  and control of the General  Partner and of Associates  and
     their  affiliates  may be  changed  at any time in  accordance  with  their
     respective 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 Partners manage all of the Partnership's affairs. The transactions
with the General Partners are primarily in the form of fees paid by the
Partnership for services rendered to the Partnership, reimbursement of expenses,
and the General Partner's interests in the Partnership, as discussed in Item 11
and in the notes to the Partnership's financial statements.


                                       34
<PAGE>



Item 14. Principal Accountant Fees and Services

The following is a summary of fees paid to the Partnership's independent
auditors for the years ended March 31:
<TABLE>
<CAPTION>

                                             2005                2004
                                        ---------------     ---------------
<S>                                  <C>                 <C>

Audit Fees                            $         17,025    $         14,451
Audit-related Fees                                   -                   -
Tax Fees                                         3,000               1,625
All Other Fees                                       -                   -
                                        ---------------     ---------------
TOTAL                                 $         20,025    $         16,076
                                        ===============     ===============
</TABLE>


The  Partnership  has no Audit  Committee.  All audit services and any permitted
non-audit  services  performed  by the  Partnership's  independent  auditors are
preapproved by the General Partner.


                                       35
<PAGE>



PART IV.

Item 15.  Exhibits and Financial Statement Schedules

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

       Unaudited Balance  Sheets,  March  31,  2005  and 2004
       Unaudited Statements  of Operations for the years ended March 31, 2005,
         2004 and 2003
       Unaudited Statements of Partners'  Equity  (Deficit) for the years ended
         March 31, 2005,  2004 and 2003
       Unaudited Statements of Cash Flows for the years ended March 31, 2005,
         2004 and 2003
       Unaudited Notes to Financial Statements

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

       Unaudited Schedule III - Real Estate Owned by Local Limited Partnerships

(a)(3) Exhibits.
       ---------

3.1    Agreement of Limited  Partnership  dated  September  15, 1988 filed as
       Exhibit  28.1 to Form 10-K for the year  ended  December  31,  1992 is
       hereby incorporated herein by reference as Exhibit 3.1.

31.1   Certification of the Principal Executive Officer pursuant to Rule 13a-14
       and 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act
       of 2002. (filed herewith)

31.2   Certification of the Principal  Financial  Officer pursuant to Rule 13a-
       14 and 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley
       Act of 2002.  (filed herewith)

32.1   Certification of the Principal  Executive Officer pursuant to 18 U.S.C.
       section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley
       Act of 2002.  (filed herewith)

32.2   Certification of the Principal  Financial Officer pursuant to 18 U.S.C.
       section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley
       Act of 2002.  (filed herewith)

99.1   Amended and Restated Agreement of Limited Partnership of Countryway
       Associates filed as exhibit 10.1 on Form 10-K dated December 31, 1992 is
       hereby incorporated herein as exhibit 99.1

99.2   Amended and Restated  Agreement of Limited  Partnership of Alta Vista
       Investors filed as exhibit 10.2 on Form 10-K dated December 31, 1992 is
       hereby incorporated herein as exhibit 99.2.

99.3   Amended and Restated Agreement of Limited Partnership of Yreka
       Investment Group filed as exhibit 10.3 on Form 10-K dated December 31,
       1992 is hereby incorporated herein as exhibit 99.3.

99.4   Amended and Restated Agreement of Limited  Partnership  of BCA Associates
       filed as exhibit 10.7 on Form 10-K dated December 31, 1992 is hereby
       incorporated herein as exhibit 99.4.


                                       36
<PAGE>



99.5     Amended and Restated Agreement of Limited Partnership of HPA Investors
         filed as exhibit 10.8on Form 10-K dated December 31, 1992 is hereby
         incorporated herein as exhibit 99.5.

99.6     Amended and Restated Agreement of Limited Partnership of Cloverdale
         Garden Apartments filed as exhibit 10.11 on Form 10-K dated December
         31, 1992 is hereby incorporated herein as exhibit 99.6.

99.7     Amended and Restated  Agreement of Limited  Partnership  of Knights
         Landing Harbor filed as exhibit 10.13 on Form 10-K dated December 31,
         1992 is hereby incorporated herein as exhibit 99.7.

99.8     Amended and Restated  Agreement of Limited  Partnership  of Woodlake
         Manor filed as exhibit 10.16 on Form 10-K dated December 31,
         1992 is hereby incorporated herein as exhibit 99.8.

99.9     Amended and Restated Agreement of Limited Partnership of East Garden
         Apartments filed as exhibit 10.18 on Form 10-K dated December 31, 1992
         is hereby incorporated herein as exhibit 99.9.

99.10    Amended and Restated Agreement of Limited Partnership of Midland Manor
         Associates filed as exhibit 10.26 on Form 10-K dated December 31, 1992
         is hereby incorporated herein as exhibit 99.10.

99.11    Amended and Restated Agreement of Limited Partnership of San Jacinto
         Associates filed as exhibit 10.27 on Form 10-K dated December 31, 1992
         is hereby incorporated herein as exhibit 99.11.


                                       37
<PAGE>

WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2005
<TABLE>
<CAPTION>

                        -----------------------------------------------   ----------------------------------------------------------
                                        As of March 31, 2005                                As of December 31, 2004
                        -----------------------------------------------   ----------------------------------------------------------
                                                                          Mortgage
                                 Partnership's Total    Amount of         Balances of     Property                           Net
                                 Investment in Local    Investment        Local Limited      &           Accumulated         Book
Partnership Name     Location    Limited Partnerships   Paid to Date      Partnership     Building       Depreciation        Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>            <C>              <C>               <C>             <C>           <C>             <C>

Alta Vista           Orosi,
Investors            California     $   583,000      $   583,000       $ 1,412,000     $ 2,149,000   $  1,095,000    $  1,054,000

BCA Associates       Anderson,
                     California         514,000          514,000         1,401,000       3,138,000        773,000       1,365,000

Cloverdale Garden    Cloverdale,
Apartments           California         617,000          617,000         1,614,000       2,201,000        715,000       1,486,000

Countryway           Mendota,
Associates           California         571,000          571,000         1,452,000       2,249,000       1,158,00       1,091,000

East Garden          Jamestown,
Apartments           California         770,000          770,000         2,123,000       2,981,000        962,000       2,019,000

HPA Investors        Shafter,
                     California         538,000          538,000         1,489,000       2,226,000        826,000       1,400,000

                     Knights
Knights              Landing,
Landing Harbor       California         275,000          275,000           967,000       1,386,000        509,000         877,000

Midland Manor        Mendota,
Associates           California         383,000          383,000         1,407,000       1,874,000        911,000         963,000

San Jacinto          San Jacinto,
Associates           California         469,000          469,000         1,781,000       2,349,000        626,000       1,723,000

Woodlake Manor       Woodlake,
                     California         545,000          545,000         1,431,000       2,140,000      1,107,000       1,033,000

Yreka Investment     Yreka,
Group                California         538,000          538,000         1,445,000       2,043,000        639,000       1,404,000
                                      ----------       ----------       ----------     -----------       --------      ----------
                                    $ 5,803,000      $ 5,803,000       $16,522,000     $23,736,000   $  9,321,000    $ 14,415,000
                                    ============      ===========      ============    ============    ===========     ===========
</TABLE>

                                       38
<PAGE>



WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2005
<TABLE>
<CAPTION>

                                     -----------------------------------------------------------------------------------------------
                                                                     For the year ended December 31, 2004
                                     -----------------------------------------------------------------------------------------------
                                                          Net Income    Year Investment                        Estimated Useful
Partnership Name                      Rental Income         (Loss)         Acquired          Status               Life (Years)
------------------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>              <C>                    <C>          <C>                         <C>

Alta Vista Investors                  $   226,000      $   (20,000)           1989         Completed                   27.5

BCA Associates                            235,000           21,000            1989         Completed                     40

Cloverdale Garden Apartments              241,000          (26,000)           1989         Completed                     40

Countryway Associates                     190,000          (60,000)           1989         Completed                   27.5

East Garden Apartments                    337,000          (50,000)           1989         Completed                     40

HPA Investors                             210,000          (24,000)           1989         Completed                     40

Knights Landing Harbor                    162,000                -            1989         Completed                     40

Midland Manor Associates                  240,000           16,000            1990         Completed                   27.5

San Jacinto Associates                    274,000            9,000            1990         Completed                     50

Woodlake Manor                            285,000          (18,000)           1989         Completed                     30

Yreka Investment Group                    224,000          (82,000)           1989         Completed                     50
                                        ----------        ---------
                                      $ 2,624,000      $  (239,000)
                                       ===========       ==========
</TABLE>

                                       39
<PAGE>



WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2004
<TABLE>
<CAPTION>

                        -----------------------------------------------   ----------------------------------------------------------
                                        As of March 31, 2004                                As of December 31, 2003
                        -----------------------------------------------   ----------------------------------------------------------
                                                                          Mortgage
                                 Partnership's Total    Amount of         Balances of     Property                           Net
                                 Investment in Local    Investment        Local Limited      &           Accumulated         Book
Partnership Name     Location    Limited Partnerships   Paid to Date      Partnership     Building       Depreciation        Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>               <C>               <C>             <C>            <C>           <C>              <C>

Alta Vista           Orosi,
Investors            California     $   583,000        $ 583,000       $ 1,418,000     $ 2,128,000   $  1,014,000    $  1,114,000

BCA Associates       Anderson,
                     California         514,000          514,000         1,407,000       2,062,000        715,000       1,347,000

Cloverdale Garden    Cloverdale,
Apartments           California         617,000          617,000         1,619,000       2,201,000        651,000       1,550,000

Countryway           Mendota,
Associates           California         571,000          571,000         1,458,000       2,194,000      1,069,000       1,125,000

East Garden          Jamestown,
Apartments           California         770,000          770,000         2,135,000       2,962,000        879,000       2,083,000

HPA Investors        Shafter,
                     California         538,000          538,000         1,495,000       2,209,000        768,000       1,441,000

                     Knights
Knights              Landing,
Landing Harbor       California         275,000          275,000           971,000       1,372,000        474,000         898,000

Midland Manor        Mendota,
Associates           California         383,000          383,000         1,412,000       1,867,000        841,000       1,026,000

San Jacinto          San Jacinto,
Associates           California         469,000          469,000         1,797,000       2,349,000        584,000       1,765,000

Woodlake Manor       Woodlake,
                     California         545,000          545,000         1,437,000       2,137,000      1,034,000       1,103,000

Yreka Investment     Yreka,
Group                California         538,000          538,000         1,451,000       2,044,000        602,000       1,442,000
                                      ----------       ----------        ----------     -----------       --------      ----------
                                    $ 5,803,000      $ 5,803,000       $16,600,000    $ 23,525,000   $  8,631,000     $ 14,894,000
                                    ============      ===========      ============    ============    ===========     ===========
</TABLE>
                                       40
<PAGE>



WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2004
<TABLE>
<CAPTION>

                                     -----------------------------------------------------------------------------------------------
                                                                     For the year ended December 31, 2003
                                     -----------------------------------------------------------------------------------------------
                                                           Net Income     Year Investment                        Estimated Useful
Partnership Name                      Rental Income          (Loss)          Acquired          Status                 Life (Years)
------------------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>              <C>                    <C>             <C>                         <C>

Alta Vista Investors                  $   225,000      $    (6,000)           1989            Completed                   27.5

BCA Associates                            233,000           22,000            1989            Completed                     40

Cloverdale Garden Apartments              237,000            3,000            1989            Completed                     40

Countryway Associates                     170,000          (72,000)           1989            Completed                   27.5

East Garden Apartments                    334,000           24,000            1989            Completed                     40

HPA Investors                             227,000            5,000            1989            Completed                     40

Knights Landing Harbor                    159,000           11,000            1989            Completed                     40

Midland Manor Associates                  237,000           15,000            1990            Completed                   27.5

San Jacinto Associates                    260,000          (12,000)           1990            Completed                     50

Woodlake Manor                            284,000           23,000            1989            Completed                     30

Yreka Investment Group                    226,000          (69,000)           1989            Completed                     50
                                        ----------        ---------
                                      $ 2,592,000      $   (56,000)
                                       ===========       ==========
</TABLE>

                                       41
<PAGE>



WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2003
<TABLE>
<CAPTION>

                        -----------------------------------------------   ----------------------------------------------------------
                                        As of March 31, 2003                                As of December 31, 2002
                        -----------------------------------------------   ----------------------------------------------------------
                                                                          Mortgage
                                 Partnership's Total    Amount of         Balances of     Property                           Net
                                 Investment in Local    Investment        Local Limited      &           Accumulated         Book
Partnership Name     Location    Limited Partnerships   Paid to Date      Partnership     Building       Depreciation        Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>               <C>               <C>             <C>            <C>           <C>              <C>

Alta Vista           Orosi,
Investors            California     $   583,000        $ 583,000       $ 1,423,000     $ 2,124,000  $   935,000      $  1,189,000

BCA Associates       Anderson,
                     California         514,000          514,000         1,412,000       2,049,000      662,000         1,387,000

Cloverdale Garden    Cloverdale,
Apartments           California         617,000          617,000         1,625,000       2,163,000      597,000         1,566,000

Countryway           Mendota,
Associates           California         571,000          571,000         1,463,000       2,175,000      978,000         1,197,000

East Garden          Jamestown,
Apartments           California         770,000          770,000         2,138,000       2,923,000      799,000         2,124,000

HPA Investors        Shafter,
                     California         538,000          538,000         1,500,000       2,203,000      710,000         1,493,000

                     Knights
Knights              Landing,
Landing Harbor       California         275,000          275,000           974,000       1,371,000      440,000           931,000

Midland Manor        Mendota,
Associates           California         383,000          383,000         1,417,000       1,862,000      771,000         1,091,000

San Jacinto          San Jacinto,
Associates           California         469,000          469,000         1,770,000       2,349,000      542,000         1,807,000

Woodlake Manor       Woodlake,
                     California         545,000          545,000         1,442,000       2,137,000      962,000         1,175,000

Yreka Investment     Yreka,
Group                California         538,000          538,000         1,457,000       2,044,000      565,000         1,479,000
                                       ----------      ----------       ----------     -----------     --------        ----------
                                    $  5,803,000      $ 5,803,000      $16,621,000    $ 23,400,000  $ 7,961,000      $ 15,439,000
                                     ============      ===========     ============   ============   ===========      ===========
</TABLE>

                                       42
<PAGE>



WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2003
<TABLE>
<CAPTION>

                                     -----------------------------------------------------------------------------------------------
                                                                     For the year ended December 31, 2002
                                     -----------------------------------------------------------------------------------------------
                                                           Net Income     Year Investment                         Estimated Useful
Partnership Name                      Rental Income          (Loss)          Acquired          Status                 Life (Years)
------------------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>              <C>                    <C>             <C>                         <C>

Alta Vista Investors                  $   168,000      $   (78,000)           1989             Completed                   27.5

BCA Associates                            163,000          (30,000)           1989             Completed                     40

Cloverdale Garden Apartments              208,000            4,000            1989             Completed                     40

Countryway Associates                     170,000          (72,000)           1989             Completed                   27.5

East Garden Apartments                    249,000          (44,000)           1989            Completed                      40

HPA Investors                             177,000          (38,000)           1989            Completed                      40

Knights Landing Harbor                    125,000          (21,000)           1989            Completed                      40

Midland Manor Associates                  157,000          (58,000)           1990            Completed                    27.5

San Jacinto Associates                    213,000          (14,000)           1990            Completed                      50

Woodlake Manor                            187,000          (52,000)           1989            Completed                      30

Yreka Investment Group                    171,000          (33,000)           1989            Completed                      50
                                        ----------        ---------
                                      $ 1,988,000      $  (436,000)
                                       ===========       ==========
</TABLE>
                                       43
<PAGE>



                                   SIGNATURES


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 CALIFORNIA HOUSING TAX CREDITS, L.P.

By:      WNC & Associates, Inc.,
         General Partner



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

Date:    November 8, 2005

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, Jr.
         --------------------------
         Wilfred N. Cooper, Jr.,
         Chief Executive Officer
         President and Director of WNC & Associates, Inc.
         (principal executive officer)

Date:    November 8, 2005



By:      /s/ Thomas J. Riha
         ------------------
         Thomas J. Riha,
         Senior  Vice-President - Chief Financial Officer of
         WNC & Associates,  Inc.  (principal  financial officer and
         principal accounting officer)

Date     November 8, 2005



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

Date:    November 8, 2005



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

Date:    November 8, 2005




                                       44