10-K
2012-03-30
false
AMERICAN TAX CREDIT TRUST SERIES I
0000897315
--03-30
0
Smaller Reporting Company
Yes
No
No
2012
FY
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-118198
<!--egx--><div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">1.     </font><font style="DISPLAY:inline; FONT-WEIGHT:bold">Organization, Purpose and Summary of Significant Accounting Policies</font></div></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">American Tax Credit Trust, a Delaware statutory business trust (the "Trust") was formed on February 4, 1993 under Chapter 38 of Title 12 of the Delaware Code. There was no operating activity until admission of the investors (the “Beneficial Owners”) on November 29, 1993. The Trust was formed to invest primarily in leveraged low-income multifamily residential complexes (the "Property" or "Properties") that qualified for the low-income housing tax credit in accordance with Section 42 of the Internal Revenue Code (the "Low-income Housing Tax Credit"), through the acquisition of limited partner equity interests (the “Local Partnership Interests”) in partnerships (the "Local Partnership" or "Local Partnerships") that are the owners of the Properties.  Such interests were acquired from 1993 to 1995. Richman American Credit Corp. (the "Manager") was formed on April 5, 1993 to act as the Manager of the Trust.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">On September 13, 1993, the Trust commenced the offering for sale of units of beneficial ownership (the "Units") to Beneficial Owners in one to twenty series ("Series I through Series XX"; each a "Series"). These notes and the accompanying financial statements are presented for Series I only.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Basis of Accounting and Fiscal Year</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The Trust’s records are maintained on the accrual basis of accounting for both financial reporting and tax purposes. For financial reporting purposes, the Trust's fiscal year ends March 30 and its quarterly periods end June 29, September 29 and December 30. The Local Partnerships have a calendar year for financial reporting purposes.  The Trust and the Local Partnerships each have a calendar year for income tax purposes.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Investment in Local Partnerships</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The Trust accounts for its investment in local partnerships in accordance with the equity method of accounting, under which the investment is carried at cost and is adjusted for the Trust's share of each Local Partnership's results of operations and by cash distributions received. Equity in loss of each investment in Local Partnership allocated to the Trust is recognized to the extent of the Trust’s investment balance in each Local Partnership.  Equity in loss in excess of the Trust’s investment balance in a Local Partnership is allocated to other partners' capital in any such Local Partnership. Previously unrecognized equity in loss of any Local Partnership is recognized in the fiscal year in which equity in income is earned by such Local Partnership or additional investment is made by the Trust. Distributions received subsequent to the elimination of an investment balance for any such investment in a Local Partnership are recorded as other income from local partnerships.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The Trust assesses the carrying value of its investment in local partnerships at least annually in the fourth quarter of its fiscal year or whenever there are indications that a permanent impairment may have occurred. If the carrying value of an investment in a Local Partnership exceeds the estimated value derived by management, the Trust reduces its investment in any such Local Partnership (unless the impairment is considered to be temporary) and includes such reduction in equity in loss of investment in local partnerships. Impairment is measured by comparing the investment carrying amount to the estimated residual value of the investment.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The Trust does not consolidate the accounts and activities of the Local Partnerships, which are considered Variable Interest Entities as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810; Subtopic 10, because the Trust is not considered the primary beneficiary. The Trust's balance in investment in local partnerships represents the maximum exposure to loss in connection with such investments. The Trust's exposure to loss on the Local Partnerships is mitigated by the condition and financial performance of the underlying Properties as well as the financial strength of the local general partners (the “Local General Partners”). In addition, the Local Partnerships’ partnership agreements grant the Local General Partners the power to direct the activities that most significantly impact the Local Partnerships’ economic success.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Advances and additional capital contributions (collectively the “Advances”) that are not required under the terms of the Local Partnerships’ partnership agreements but which are made to the Local Partnerships are recorded as investment in local partnerships. Certain Advances are considered by the Trust to be voluntary loans to the respective Local Partnerships and the Trust may be reimbursed at a future date to the extent such Local Partnerships generate distributable cash flow or receive proceeds from sale or refinancing.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Cash and Cash Equivalents</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The Trust considers all highly liquid investments purchased with an original maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates market value.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Restricted Cash</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Restricted cash had been set aside to pay accrued interest on a previously outstanding capital contribution to a Local Partnership; such amount was paid in full during the year ended March 30, 2010.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Fair Value Measurements</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">ASC Topic 820 clarifies the principle that fair value should be based on the assumptions that market participants would use when pricing the asset or liability and establishes the following fair value hierarchy:</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div><table width="100%" cellpadding="0" cellspacing="0"><tr><td width="5%" valign="top"><font style="DISPLAY:inline">  </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-FAMILY:symbol, serif"><font style="DISPLAY:inline">●</font></font></div></td><td width="92%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access;</font></div></td></tr><tr><td width="5%" valign="top"><font style="DISPLAY:inline">  </font></td><td width="3%" valign="top"><font style="DISPLAY:inline">  </font></td><td width="92%" valign="top"><font style="DISPLAY:inline">  </font></td></tr><tr><td width="5%" valign="top"><font style="DISPLAY:inline">  </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-FAMILY:symbol, serif"><font style="DISPLAY:inline">●</font></font></div></td><td width="92%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates and yield curves that are observable at commonly quoted intervals; and</font></div></td></tr><tr><td width="5%" valign="top"><font style="DISPLAY:inline">  </font></td><td width="3%" valign="top"><font style="DISPLAY:inline">  </font></td><td width="92%" valign="top"><font style="DISPLAY:inline">  </font></td></tr><tr><td width="5%" valign="top"><font style="DISPLAY:inline">  </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-FAMILY:symbol, serif"><font style="DISPLAY:inline">●</font></font></div></td><td width="92%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity’s own assumptions as there is little, if any, related market activity.</font></div></td></tr><tr><td width="5%" valign="top"><font style="DISPLAY:inline">  </font></td><td width="3%" valign="top"><font style="DISPLAY:inline">  </font></td><td width="92%" valign="top"><font style="DISPLAY:inline">  </font></td></tr></table></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">For instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Investment in Pemberwick Fund</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The Trust carries its investment in Pemberwick Fund (”Pemberwick”), an investment grade institutional short duration bond fund, at estimated fair value. Realized capital gains (losses) are included in (offset against) interest revenue. Investment in Pemberwick is classified as available-for-sale and unrealized gains (losses) are included as items of comprehensive income (loss) and are reported as a separate component of owners' equity (deficit).</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Investment in Bond</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Investment in bond was classified as available-for-sale and represented an investment that the Trust intended to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell such investment would have been based on various factors, including significant movements in interest rates and liquidity needs. Investment in bond was carried at estimated fair value and unrealized gains (losses) are included as items of comprehensive income (loss) and are reported as a separate component of owners’ equity (deficit).</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The premium on investment in bond was amortized using the effective yield method over the duration of the Trust's investment. The amortized premium offsets interest revenue. Realized gain (loss) on redemption or sale of investment in bond is included in, or offset against, interest revenue on the basis of the adjusted cost of the investment at the date of redemption or sale.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Interest on Capital Contributions Payable to Local Partnerships</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Pursuant to agreements with certain Local Partnerships, interest was accrued on certain installments of capital contributions. Such amounts were recorded as a liability and an offset to interest revenue.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Income Taxes</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The Trust is a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income and deductions are passed through to and are reported by its owners on their respective income tax returns. The Trust’s federal tax status as a pass-through entity is based on its legal status as a trust.  Accordingly, the Trust is not required to take any tax positions in order to qualify as a pass-through entity. The Trust is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities.  Accordingly, these financial statements do not reflect a provision for income taxes and the Trust has no other tax positions which must be considered for disclosure. In accordance with ASC Topic 740; Subtopic 10, the Trust has included in Note 8 disclosures related to differences in the financial and tax bases of accounting.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Use of Estimates</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Reclassifications</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Certain prior year balances have been reclassified to conform to the current year presentation.</font></div>
<!--egx--><div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">2. </font><font style="DISPLAY:inline; FONT-WEIGHT:bold">Capital Contributions</font></div></div> <div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">On September 13, 1993, the Trust commenced the offering of Units through Merrill Lynch, Pierce, Fenner & Smith Incorporated and PaineWebber Incorporated (the “Selling Agents”). On November 29, 1993, January 28, 1994 and May 25, 1994, under the terms of the Fourth Amended and Restated Agreement of Trust of the Trust (the "Trust Agreement"), the Manager admitted Beneficial Owners to the Trust in three closings. At these closings, subscriptions for a total of 18,654 Units representing $18,654,000 in Beneficial Owners’ capital contributions were accepted. In connection with the offering of Units, the Trust incurred organization and offering costs of $2,330,819, of which $75,000 was capitalized as organization costs and $2,255,819 was charged to the Beneficial Owners' equity as syndication costs. The Manager contributed $100 to the Trust.</font></div> <div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Net loss is allocated 99% to the Beneficial Owners and 1% to the Manager in accordance with the Trust Agreement.</font></div>
3. Cash and Cash Equivalents As of March 30, 2012, the Trust has cash and cash equivalents of $405,951. Of such amount, $399,020 is held in accounts at two financial institutions in which all non-interest bearing transaction accounts are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) and the aggregate of all other accounts at each institution is insured up to $250,000 by the FDIC. The entire amount is FDIC insured as of March 30, 2012. The remaining $6,931 is held in an account at a financial institution in which such amount is invested in a portfolio of securities that are direct obligations of the U.S. Treasury and are backed by the full faith and credit of the United States of America.
4. Investment in Pemberwick Fund The Trust carries its investment in Pemberwick, an investment grade institutional short duration bond fund, at estimated fair value. Pemberwick was organized in February 2010 as a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, that seeks maximum current income consistent with liquidity and stability of principal. In selecting a portfolio of securities for Pemberwick, the investment advisor of Pemberwick (the “Advisor”) will select investments so that Pemberwick’s assets will be rated “A-” or better by a nationally recognized statistical rating organization (“NRSRO”) such as Moody’s Investor Services, Inc. (“Moody’s”) and/or by Standard & Poor’s Financial Services, LLC (“S&P”) (or if commercial paper rated in the highest category) or, if a rating is not available, deemed to be of comparable quality by the Advisor, or securities issued by banking institutions operating in the United States having assets in excess of $200 billion. Approximately 90% or more of Pemberwick’s assets will either be invested in securities rated AA or better (if commercial paper rated in the highest category) by a NRSRO or in securities of banking institutions operating in the United States and having assets in excess of $200 billion. The weighted average duration of Pemberwick’s assets is approximately 1.86 years as of March 30, 2012. Redemptions from Pemberwick are immediately liquid and unrestricted. Pemberwick’s net asset value (“NAV”) is $10.02 and $10.14 per share as of March 30, 2012 and 2011, respectively. The Trust’s investment in Pemberwick as of March 30, 2012 and 2011 is $801,449 and $799,505, respectively. An unrealized gain of $1,528 as of March 30, 2012 is reflected as accumulated other comprehensive income in the accompanying balance sheet as of March 30, 2012. The Trust has earned $26,337 of interest revenue from its investment in Pemberwick as of March 30, 2012. The fair value of the Trust’s investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements (see Note 1). The Advisor is an affiliate of the General Partner. For its services, the Advisor is entitled to receive an annual advisory fee of 0.50% of the average daily net assets of Pemberwick. The Advisor may, in its discretion, voluntarily waive its fees or reimburse certain Pemberwick expenses; however, the Advisor is not required to do so. The Advisor has waived 70% of its fee earned since Pemberwick’s inception and earned $1,291, $1,567 and $167 in connection with the Trust’s investment in Pemberwick for the years ended March 30, 2012, 2011 and 2010, respectively, enough to cover its direct costs. The Advisor’s asset management affiliate, Richman Asset Management, Inc. (“RAM”) has agreed to reduce its management fees (see Note 7) payable by the Trust to the extent any fee of the Advisor payable by Pemberwick would be duplicative of any profit that RAM would receive from the Trust.
<!--egx--><div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">5.     </font><font style="DISPLAY:inline; FONT-WEIGHT:bold">Investment in Bond</font></div></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The Trust carried its investment in bond as available-for-sale because such investment was used to facilitate and provide flexibility for its obligations. Investment in bond was reflected in the accompanying balance sheet as of March 30, 2011 at estimated fair value and was classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements (see Note 1). The bond was called during fiscal 2012; accordingly, there is no accumulated other comprehensive income or loss associated with the Trust’s investment in bond in the accompanying balance sheet as of March 30, 2012. The unrealized gain on investment in bond as of March 30, 2011 is reflected as a reclassification adjustment to accumulated other comprehensive income (loss) and other comprehensive income (loss) in the accompanying financial statements as of and for the year ended March 30, 2012. The Trust’s cumulative annualized return on the bond for the sixteen month holding period totaled approximately 2.94%.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">As of March 30, 2011, certain information concerning investment in bond is as follows:</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div align="center"><table width="80%" cellpadding="0" cellspacing="0"><tr><td width="32%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"> </div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"> </div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Description and maturity</font></font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">Amortized</font></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">cost</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">Gross </font></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">unrealized </font></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">gain</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">Gross</font></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">unrealized</font></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline"> loss</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">Estimated</font></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">fair value</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr><td width="32%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr><td width="32%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Corporate debt security</font></div></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="32%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Called in fiscal 2012 (see above)</font></div></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">97,143</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,730</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">--</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">99,873</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr></table></div><div align="center"> </div>
<!--egx--><div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">6.     </font><font style="DISPLAY:inline; FONT-WEIGHT:bold">Investment in Local Partnerships</font></div></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The Trust initially acquired a Local Partnership Interest in ten Local Partnerships. As of March 30, 2012, the Trust owns a 98.9% to 99% Local Partnership Interest in the following Local Partnerships:</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div><table width="100%" cellpadding="0" cellspacing="0"><tr><td width="4%" valign="top"><font style="DISPLAY:inline"> </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">  1.</font></div></td><td width="93%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">ACP Housing Associates, L.P.;</font></div></td></tr><tr><td width="4%" valign="top"><font style="DISPLAY:inline"> </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">  2.</font></div></td><td width="93%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Creative Choice Homes VII, Ltd.;</font></div></td></tr><tr><td width="4%" valign="top"><font style="DISPLAY:inline"> </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">  3.</font></div></td><td width="93%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Edgewood Manor Associates, L.P. (“Edgewood”);</font></div></td></tr><tr><td width="4%" valign="top"><font style="DISPLAY:inline"> </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">  4.</font></div></td><td width="93%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Ledge/McLaren Limited Partnership;</font></div></td></tr><tr><td width="4%" valign="top"><font style="DISPLAY:inline"> </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">  5.</font></div></td><td width="93%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Penn Apartment Associates;</font></div></td></tr><tr><td width="4%" valign="top"><font style="DISPLAY:inline"> </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">  6.</font></div></td><td width="93%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">SB-92 Limited Partnership;</font></div></td></tr><tr><td width="4%" valign="top"><font style="DISPLAY:inline"> </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">  7.</font></div></td><td width="93%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">St. Christopher's Associates, L.P. V (“St. Christopher’s”);</font></div></td></tr><tr><td width="4%" valign="top"><font style="DISPLAY:inline"> </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">  8.</font></div></td><td width="93%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">St. John Housing Associates, L.P. (“St. John Housing”); and</font></div></td></tr><tr><td width="4%" valign="top"><font style="DISPLAY:inline"> </font></td><td width="3%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">  9.</font></div></td><td width="93%" valign="top"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Vision Limited Dividend Housing Association Limited Partnership.</font></div></td></tr></table></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">In connection with the initial purchase of ten Local Partnership Interests, under the terms of the partnership agreement of each Local Partnership, as of March 30, 2012 the Trust is committed to make capital contributions in the aggregate of $14,837,956, which includes Advances to certain Local Partnerships (see discussion below) and all of which has been paid.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The remaining Properties are principally comprised of subsidized and leveraged low-income multifamily residential complexes located throughout the United States. The required holding period of each Property, in order to avoid Low-income Housing Tax Credit recapture, is fifteen years from the year in which the Low-income Housing Tax Credits commence on the last building of the Property (the “Compliance Period”). The Compliance Periods of all the Local Partnerships expired in a prior year. The rents of the Properties, certain of which receive project based rental subsidy payments pursuant to subsidy agreements, are subject to specific laws, regulations and agreements with federal and state agencies. The subsidies expire at various times. The Trust cannot reasonably predict legislative initiatives and governmental budget negotiations, the outcome of which could result in a reduction in funds available for the various federal and state administered housing programs. Such changes could adversely affect the future net operating income and debt structure of the Local Partnerships receiving such subsidies. The rents of the Properties are controlled by federal and state agencies pursuant to applicable laws and regulations. As of December 31, 2011 the Local Partnerships have outstanding mortgage loans payable totaling approximately $18,759,000 and accrued interest payable on such loans totaling approximately $4,676,000, which are secured by security interests and liens common to mortgage loans on the Local Partnerships' real property and other assets.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Equity in loss of investment in local partnerships is limited to the Trust’s investment balance in each Local Partnership; any excess is applied to other partners' capital in any such Local Partnership (see Note 1). The amount of such excess losses applied to other partners' capital was $619,937, $640,634, and $711,478 for the years ended December 31, 2011, 2010 and 2009, respectively, as reflected in the combined statements of operations of the Local Partnerships herein Note 6.</font></div><br></br><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><font style="DISPLAY:inline">For the years ended March 30, 2012 and 2011, the investment in local partnerships activity consists of the following:</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div align="center"><table width="80%" cellpadding="0" cellspacing="0"><tr><td width="56%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">2012</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">2011</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:3.6pt" align="left"><font style="DISPLAY:inline">        Investment in local partnerships as of March 30, 2011 and 2010</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,297,912</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,126,698</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:3.6pt" align="left"><font style="DISPLAY:inline">        Distributions from Local Partnerships</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(152,015</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(62,733</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:3.6pt" align="left"><font style="DISPLAY:inline">        Distributions classified as other income</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">36,250</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,500</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:3.6pt" align="left"><font style="DISPLAY:inline">        Equity in income of investment in local partnerships</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"><font style="DISPLAY:inline">84,</font></font><font style="DISPLAY:inline"><font style="DISPLAY:inline">853</font></font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"><font style="DISPLAY:inline">231</font></font><font style="DISPLAY:inline"><font style="DISPLAY:inline">,</font></font><font style="DISPLAY:inline"><font style="DISPLAY:inline">447</font></font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:3.6pt" align="left"><font style="DISPLAY:inline">        Investment in local partnerships as of March 30, 2012 and 2011</font></div></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,267,000</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,297,912</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr></table></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The differences between the Trust’s investment in local partnerships as of March 30, 2012 and 2011 and the amounts reflected as the Trust’s investment balance in the combined balance sheets of the Local Partnerships as of December 31, 2011 and 2010 herein Note 6 are as follows:</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div align="center"><table width="80%" cellpadding="0" cellspacing="0"><tr><td width="56%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">2012</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">2011</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:3.6pt" align="left"><font style="DISPLAY:inline">        Investment in local partnerships as of March 30 - Trust</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,267,000</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,297,912</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:36pt; TEXT-INDENT:-36pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:3.6pt" align="left"><font style="DISPLAY:inline">        Distributions from Local Partnerships for the period January 1 through March 30</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">60,233</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">--</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:3.6pt" align="left"><font style="DISPLAY:inline">        Carrying value adjustments (see Note 1)</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,667,948</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,667,948</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:36pt; TEXT-INDENT:-36pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:3.6pt" align="left"><font style="DISPLAY:inline">        Investment in local partnerships as of December 31, 2011 and 2010 - Local Partnerships’ combined balance sheets</font></div></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">3,995,181</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">3,965,860</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr></table></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">In March 2012, Starved Rock - LaSalle Manor Limited Partnership (“Starved Rock”) sold its underlying Property to an affiliate of the Local General Partner of Starved Rock. In connection with the sale, the Trust received $108,000, which amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations of the Trust for the year ended March 30, 2012. In addition, the Trust received $30,000 for distributions that were due to the Trust under the terms of Starved Rock’s partnership agreement. Such amount is included in other income from local partnerships in the accompanying statement of operations of the Trust for the year ended March 30, 2012 (see Note 1). The Trust’s investment balance in Starved Rock, after cumulative equity losses and distributions became zero during the year ended March 30, 2008.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Edgewood Manor Associates, L.P. (“Edgewood”) is currently in default under the terms of its first mortgage and a default has been declared by the lender; delinquent payments of principal, interest and certain fees represent a cumulative arrearage of approximately $50,000 as of May 2012. The Trust has made cumulative Advances of $90,000 to Edgewood to fund operating deficits as of March 30, 2012, none of which were made during the three years then ended. The Trust’s investment balance in Edgewood, after cumulative equity losses and distributions, became zero during the year ended March 30, 2005 and Advances made by the Trust were recorded as investment in local partnerships and written off as additional equity in loss of investment in local partnerships.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">During the year ended March 30, 2010, the Trust made Advances of $6,092 to St. Christopher's to fund operating deficits. Cumulative Advances as of March 30, 2012 and 2011 are $6,092. The Trust’s investment balance in St. Christopher’s, after cumulative equity losses and distributions, became zero during the year ended March 30, 2004 and Advances made by the Trust were recorded as investment in local partnerships and written off as additional equity in loss of investment in local partnerships.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The Trust’s investment in St. John Housing represents more than 20% of the Trust’s total assets as of March 30, 2012 and 2011 and the equity in income recognized by the Trust for the years ended March 30, 2012 and 2011 in connection with St. John Housing represents more than 20% of the Trust’s net income for such years. The following financial information represents certain balance sheet and operating statement data of St. John Housing as of and for the years ended December 31, 2011 and 2010:</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div align="center"><table width="80%" cellpadding="0" cellspacing="0"><tr><td width="56%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">2011</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">2010</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Total assets</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">5,636,912</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">5,769,162</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Total liabilities</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">3,325,051</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">3,482,169</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Revenue</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,444,889</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,430,713</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Net income</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">85,710</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">233,785</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr></table></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The combined balance sheets of the Local Partnerships as of December 31, 2011 and 2010 and the combined statements of operations of the Local Partnerships for the years ended December 31, 2011, 2010 and 2009 are reflected on pages 29 and 30, respectively.</font></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:18pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline"></font> </div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:18pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">The combined balance sheets of the Local Partnerships as of December 31, 2011 and 2010 are as follows:</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="MARGIN-LEFT:18pt" align="left"><table width="90%" cellpadding="0" cellspacing="0"><tr><td width="66%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline; FONT-WEIGHT:bold"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold">2011</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-WEIGHT:bold"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline; FONT-WEIGHT:bold"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold">2010</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-WEIGHT:bold"> </font></td></tr><tr><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">ASSETS</font></div></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Cash and cash equivalents</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">696,549</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">821,860</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Rents receivable</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">74,710</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">71,782</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Escrow deposits and reserves</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,065,245</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,934,303</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Land</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,213,303</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,213,303</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Buildings and improvements (net of accumulated depreciation of $18,795,401 and $17,738,375)</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">16,454,213</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">17,222,078</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Intangible assets (net of accumulated amortization of $164,642 and $179,568)</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">223,567</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">225,773</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Other assets</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">442,692</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">469,815</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">21,170,279</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">21,958,914</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">LIABILITIES AND PARTNERS' EQUITY (DEFICIT)</font></div></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Liabilities</font></div></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Accounts payable and accrued expenses</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">684,071</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">739,419</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Due to related parties</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,646,659</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,547,157</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Mortgage loans</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">18,758,639</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">19,497,031</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Notes payable</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">100,000</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">100,000</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Accrued interest</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">4,675,602</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">4,455,768</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Other liabilities</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">140,303</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">146,928</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">27,005,274</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">27,486,303</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Partners' equity (deficit)</font></div></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">American Tax Credit Trust, Series I</font></div></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:27pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Capital contributions, net of distributions</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">13,739,701</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">13,795,233</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:27pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Cumulative loss</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(9,744,520</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(9,829,373</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="#cceeff"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">3,995,181</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">3,965,860</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">General partners and other limited partners</font></div></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="66%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:27pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Capital contributions, net of distributions</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">466,308</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">471,617</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:27pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Cumulative loss</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(10,296,484</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(9,964,866</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="#cceeff"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(9,830,176</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(9,493,249</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="#cceeff"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(5,834,995</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(5,527,389</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="#cceeff"><td width="66%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="66%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">21,170,279</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">21,958,914</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr></table></div><br></br><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The combined statements of operations of the Local Partnerships for the years ended December 31, 2011, 2010 and 2009 are as follows:</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="MARGIN-LEFT:18pt" align="left"><table width="90%" cellpadding="0" cellspacing="0"><tr><td width="54%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline; FONT-WEIGHT:bold"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold">2011</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-WEIGHT:bold"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline; FONT-WEIGHT:bold"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold">2010</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-WEIGHT:bold"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline; FONT-WEIGHT:bold"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold">2009</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-WEIGHT:bold"> </font></td></tr><tr><td width="54%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr><td width="54%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">REVENUE</font></div></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr><td width="54%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="54%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Rental</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">4,834,032</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">4,790,746</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">4,558,362</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="54%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Interest and other</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">303,156</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">263,948</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">309,213</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="54%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="54%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">TOTAL REVENUE</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">5,137,188</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">5,054,694</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">4,867,575</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="54%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="54%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">EXPENSES</font></div></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="54%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="54%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Administrative</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,088,411</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,110,818</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,071,204</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="54%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Utilities</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">778,210</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">732,869</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">743,172</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="54%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Operating and maintenance</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,186,236</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,147,203</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,224,343</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="54%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Taxes and insurance</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">442,146</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">454,494</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">470,561</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="54%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Financial</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">810,269</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">810,922</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">842,269</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="54%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Depreciation and amortization</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,078,681</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,089,127</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">1,115,729</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="54%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="54%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">TOTAL EXPENSES</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">5,383,953</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">5,345,433</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">5,467,278</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="54%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="54%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">NET LOSS</font></div></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(246,765</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(290,739</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(599,703</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="white"><td width="54%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="54%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">NET INCOME (LOSS) ATTRIBUTABLE TO</font></div></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="54%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="54%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:27pt; TEXT-INDENT:-18pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">American Tax Credit Trust, Series I</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">84,853</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">231,447</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">103,033</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="54%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">General partners and other limited partners (includes</font></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">   $619,937, $640,634 and $711,478 of Trust loss in excess of investment and specially allocated income of $290,801, $121,375 and $14,758)</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(331,618</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(522,186</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(702,736</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="#cceeff"><td width="54%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="54%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(246,765</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(290,739</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(599,703</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr></table></div><div style="MARGIN-LEFT:18pt" align="left"> </div><div style="MARGIN-LEFT:18pt" align="left"> </div><div style="MARGIN-LEFT:18pt" align="left"> </div>
<!--egx--><div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">7. </font><font style="DISPLAY:inline; FONT-WEIGHT:bold">Transactions with Manager and Affiliates</font></div></div> <div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Pursuant to the terms of the Trust Agreement, the Trust incurs an annual management fee (the “Management Fee”) payable to the Manager for its services in connection with the management of the affairs of the Trust. The annual Management Fee is equal to 0.5% of all proceeds invested or committed for investment in Local Partnerships plus all debts of the Local Partnerships related to the Properties. The Trust incurred Management Fees of $192,141 for each of the years ended March 30, 2012, 2011 and 2010. Unpaid Management Fees in the amount of $895,347 and $808,871 are reflected as payable to manager and affiliates in the accompanying balance sheets as of March 30, 2012 and 2011, respectively.</font></div>
<!--egx--><div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">8.     </font><font style="DISPLAY:inline; FONT-WEIGHT:bold">Taxable Loss</font></div></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">A reconciliation of the financial statement net income (loss) of the Trust for the years ended March 30, 2012, 2011 and 2010 to the tax return loss for the years ended December 31, 2011, 2010 and 2009 is as follows:</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div align="center"><table width="80%" cellpadding="0" cellspacing="0"><tr><td width="44%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">2012</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">2011</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">2010</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr><td width="44%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="44%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Financial statement net income (loss) for the years ended March 30, 2012, 2011 and 2010</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,585</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">13,297</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(137,903</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="white"><td width="44%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="44%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Add (less) net transactions occurring between</font></div></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="44%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="44%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline"><font style="MARGIN-LEFT:0.9pt"></font>January 1, 2009 and March 30, 2009</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"><font style="MARGIN-LEFT:20.2pt"></font>--</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"><font style="MARGIN-LEFT:20.2pt"></font>--</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(65,961</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="white"><td width="44%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline"><font style="MARGIN-LEFT:0.9pt"></font>January 1, 2010 and March 30, 2010</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">--</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(64,011</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">64,011</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="44%" style="MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt; TEXT-ALIGN:left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"><font style="DISPLAY:inline">January 1, 2011 and March 30, 2011</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(56,423</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">56,423</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">--</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="44%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">January 1, 2012 and March 30, 2012</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(78,928</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">--</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">--</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="44%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="44%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Adjusted financial statement net income (loss) for the years ended December 31, 2011, 2010 and 2009</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(132,766</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">5,709</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(139,853</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="#cceeff"><td width="44%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="44%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Adjustment to Management Fees pursuant to Internal Revenue Code Section 267</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">86,495</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(150,880</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(49,225</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="#cceeff"><td width="44%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="44%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Differences arising from equity in loss of investment in local partnerships</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(461,155</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(607,788</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(1,016,795</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="#cceeff"><td width="44%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="44%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Other income from local partnerships</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(6,250</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(2,500</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">--</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="44%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="44%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Other differences</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(2,262</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,812</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">799</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="44%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="44%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:-9pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Tax return loss for the years ended December 31, 2011, 2010 and 2009</font></div></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(515,938</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(752,647</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(1,205,074</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr></table></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The differences between the investment in local partnerships for tax and financial reporting purposes as of December 31, 2011 and 2010 are as follows:</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div align="center"><table width="80%" cellpadding="0" cellspacing="0"><tr><td width="56%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">2011</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" style="BORDER-BOTTOM:black 2px solid" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline">2010</font></div></div></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="10%" colspan="2" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="#cceeff"><td width="56%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Investment in local partnerships - financial reporting</font></div></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,327,232</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">2,297,912</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" style="PADDING-BOTTOM:2px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:9pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Investment in local partnerships - tax</font></div></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(4,522,652</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td><td width="1%" style="PADDING-BOTTOM:2px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="BORDER-BOTTOM:black 2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">(4,084,567</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="#cceeff"><td width="56%" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="9%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr><tr bgcolor="white"><td width="56%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline">  </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">6,849,884</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="PADDING-BOTTOM:4px" valign="bottom"><font style="DISPLAY:inline"> </font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="9%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">6,382,479</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline"> </font></td></tr></table></div><div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">Payable to manager and affiliates in the accompanying balance sheets represents accrued Management Fees, which are not deductible for tax purposes until paid pursuant to Internal Revenue Code Section 267.</font></div>
<!--egx--><div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">9. </font><font style="DISPLAY:inline; FONT-WEIGHT:bold">Fair Value of Financial Instruments</font></div></div> <div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The estimated fair value amounts have been determined using available market information, assumptions, estimates and valuation methodologies.</font></div> <div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Cash and </font><font style="DISPLAY:inline; TEXT-DECORATION:underline">C</font><font style="DISPLAY:inline; TEXT-DECORATION:underline">ash </font><font style="DISPLAY:inline; TEXT-DECORATION:underline">E</font><font style="DISPLAY:inline; TEXT-DECORATION:underline">quivalents</font></font></div> <div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The carrying amount approximates fair value.</font></div> <div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Interest Receivable</font></font></div> <div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The carrying amount approximates fair value due to the terms of the underlying investment.</font></div> <div style="DISPLAY:block; TEXT-INDENT:0pt; LINE-HEIGHT:1.25"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline">The estimated fair values of the Trust’s other financial instruments as of March 30, 2012 and 2011 are disclosed elsewhere in the notes to the financial statements.</font></div><br></br>
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iso4217:USD
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