The Partnership had the following investments in mortgage revenue bonds on March 31, 2016 and December 31, 2015:

	March 31, 2016
Description of Mortgage Revenue Bonds Held in Trust	Cost Adjusted for Paydowns		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Arbors at Hickory Ridge ⁽³⁾	$	11,546,822	$	2,000,796	$	-		$	13,547,618
Ashley Square ⁽¹⁾		5,084,000		516,695		-			5,600,695
Avistar at Chase Hill - Series A ⁽³⁾		9,913,418		1,125,098		-			11,038,516
Avistar at the Crest - Series A ⁽³⁾		9,616,015		1,498,546		-			11,114,561
Avistar at the Oaks - Series A ⁽³⁾		7,761,097		996,264		-			8,757,361
Avistar at the Parkway - Series A ⁽⁴⁾		13,300,000		583,196		-			13,883,196
Avistar in 09 - Series A ⁽³⁾		6,701,407		860,235		-			7,561,642
Avistar on the Boulevard - Series A ⁽³⁾		16,381,921		2,201,078		-			18,582,999
Avistar on the Hills - Series A ⁽³⁾		5,362,122		726,311		-			6,088,433
Bella Vista ⁽¹⁾		6,430,000		922,898		-			7,352,898
Bridle Ridge ⁽¹⁾		7,565,000		987,233		-			8,552,233
Brookstone ⁽¹⁾		7,467,724		1,569,277		-			9,037,001
Bruton Apartments ⁽²⁾		18,145,000		2,309,301		-			20,454,301
Columbia Gardens ⁽²⁾		15,222,003		-		(306,411	)		14,915,592
Concord at Gulfgate - Series A ⁽²⁾		17,060,000		1,375,668		-			18,435,668
Concord at Little York - Series A ⁽²⁾		12,480,000		874,828		-			13,354,828
Concord at Williamcrest - Series A ⁽²⁾		18,020,000		1,453,104		-			19,473,104
Copper Gate Apartments ⁽³⁾		5,185,000		690,953		-			5,875,953
Cross Creek ⁽¹⁾		6,107,366		3,167,507		-			9,274,873
Decatur Angle ⁽²⁾		23,000,000		2,080,032		-			25,080,032
Glenview Apartments - Series A ⁽⁴⁾		4,670,000		114,116		-			4,784,116
Greens Property - Series A ⁽³⁾		8,273,000		1,407,067		-			9,680,067
Harden Ranch - Series A ⁽³⁾		6,960,000		765,305		-			7,725,305
Heritage Square - Series A ⁽⁴⁾		11,185,000		1,390,428		-			12,575,428
Lake Forest ⁽¹⁾		8,736,000		1,298,086		-			10,034,086
Live 929 Apartments ⁽²⁾		40,770,518		6,794,144		-			47,564,662
Montclair Apartments - Series A ⁽⁴⁾		2,530,000		125,674		-			2,655,674
Pro Nova 2014-1 ⁽²⁾		10,044,200		885,700		-			10,929,900
Ohio Properties - Series A ⁽¹⁾		14,287,000		3,197,018		-			17,484,018
Renaissance - Series A ⁽⁴⁾		11,425,883		1,462,013		-			12,887,896
Runnymede ⁽¹⁾		10,350,000		1,851,305		-			12,201,305
Santa Fe Apartments - Series A ⁽⁴⁾		3,065,000		199,878		-			3,264,878
Silver Moon - Series A ⁽⁴⁾		7,971,455		1,432,372		-			9,403,827
Southpark ⁽¹⁾		11,819,121		4,338,026		-			16,157,147
The Palms at Premier Park Apartments ⁽³⁾		19,958,648		2,902,945		-			22,861,593
Tyler Park Townhomes - Series A ⁽³⁾		6,065,947		570,055		-			6,636,002
Vantage at Harlingen - Series B ⁽⁴⁾		24,575,000		2,268,925		-			26,843,925
Vantage at Judson -Series B ⁽⁴⁾		26,507,380		3,166,270		-			29,673,650
Westside Village Market - Series A ⁽³⁾		3,964,084		256,168		-			4,220,252
Willow Run ⁽²⁾		15,221,965		-		(305,369	)		14,916,596
Woodlynn Village ⁽¹⁾		4,351,000		566,283		-			4,917,283
Mortgage revenue bonds held in trust	$	475,080,096	$	60,930,798	$	(611,780	)	$	535,399,114

⁽¹⁾	Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 12

⁽²⁾	Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 12

⁽³⁾	Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 12

⁽⁴⁾	Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 12

	March 31, 2016
Description of Mortgage Revenue Bonds	Cost Adjusted for Paydowns		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Avistar at Chase Hill - Series B	$	960,929	$	98,609	$	-		$	1,059,538
Avistar at the Crest - Series B		755,798		99,068		-			854,866
Avistar at the Oaks - Series B		552,662		72,842		-			625,504
Avistar at the Parkway - Series B		125,000		494		-			125,494
Avistar in 09 - Series B		455,896		60,088		-			515,984
Avistar on the Boulevard - Series B		449,097		58,867		-			507,964
Companion at Thornhill Apartments		11,500,000		1,404,405		-			12,904,405
Concord at Gulfgate - Series B		2,125,000		124,242		-			2,249,242
Concord at Little York - Series B		960,000		3,364		-			963,364
Concord at Williamcrest - Series B		2,800,000		80,041		-			2,880,041
Crossing at 1415		7,925,000		345,376		-			8,270,376
Glenview Apartments - Series B		2,053,000		-		(8,109	)		2,044,891
Greens Property - Series B		942,560		165,321		-			1,107,881
Heights at 515		6,945,000		298,292		-			7,243,292
Heritage Square - Series B		520,000		39,156		-			559,156
Montclair Apartments - Series B		928,000		-		(1,578	)		926,422
Ohio Properties - Series B		3,559,200		614,470		-			4,173,670
Santa Fe Apartments - Series B		1,671,000		-		(2,841	)		1,668,159
Seasons at Simi Valley		6,320,000		483,653		-			6,803,653
Sycamore Walk		5,447,000		46,352		-			5,493,352
Mortgage revenue bonds	$	56,995,142	$	3,994,640	$	(12,528	)	$	60,977,254

	December 31, 2015
Description of Mortgage Revenue Bonds Held in Trust	Cost Adjusted for Paydowns		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Arbors at Hickory Ridge ⁽³⁾	$	11,565,657	$	1,767,508	$	-	$	13,333,165
Ashley Square ⁽¹⁾		5,099,000		508,163		-		5,607,163
Avistar at Chase Hill - Series A ⁽³⁾		9,935,552		1,133,024		-		11,068,576
Avistar at the Crest - Series A ⁽³⁾		9,637,485		1,301,224		-		10,938,709
Avistar at the Oaks - Series A ⁽³⁾		7,777,936		840,159		-		8,618,095
Avistar at the Parkway - Series A ⁽⁴⁾		13,300,000		330,251		-		13,630,251
Avistar in 09 - Series A ⁽³⁾		6,715,948		725,445		-		7,441,393
Avistar on the Boulevard - Series A ⁽³⁾		16,418,497		1,872,323		-		18,290,820
Avistar on the Hills - Series A ⁽³⁾		5,373,756		693,096		-		6,066,852
Bella Vista ⁽¹⁾		6,430,000		766,135		-		7,196,135
Bridle Ridge ⁽¹⁾		7,595,000		817,222		-		8,412,222
Brookstone ⁽¹⁾		7,468,668		1,436,203		-		8,904,871
Bruton Apartments ⁽²⁾		18,145,000		1,901,839		-		20,046,839
Columbia Gardens ⁽²⁾		15,224,597		-		-		15,224,597
Concord at Gulfgate - Series A ⁽²⁾		17,060,000		852,612		-		17,912,612
Concord at Little York - Series A ⁽²⁾		12,480,000		688,441		-		13,168,441
Concord at Williamcrest - Series A ⁽²⁾		18,020,000		1,182,543		-		19,202,543
Copper Gate Apartments ⁽³⁾		5,185,000		616,341		-		5,801,341
Cross Creek ⁽¹⁾		6,101,605		2,932,689		-		9,034,294
Decatur Angle ⁽²⁾		23,000,000		1,582,083		-		24,582,083
Glenview Apartments - Series A ⁽⁴⁾		4,670,000		210,572		-		4,880,572
Greens Property - Series A ⁽³⁾		8,294,000		1,138,270		-		9,432,270
Harden Ranch - Series A ⁽³⁾		6,960,000		668,981		-		7,628,981
Heritage Square - Series A ⁽⁴⁾		11,185,000		273,488		-		11,458,488
Lake Forest ⁽¹⁾		8,766,000		1,177,745		-		9,943,745
Live 929 Apartments⁽²⁾		40,801,557		5,829,855		-		46,631,412
Montclair Apartments - Series A ⁽⁴⁾		2,530,000		114,079		-		2,644,079
Pro Nova 2014-1 and 2014-2 ⁽²⁾		19,379,489		1,182,900		-		20,562,389
Ohio Properties - Series A ⁽¹⁾		14,311,000		2,690,867		-		17,001,867
Renaissance - Series A ⁽⁴⁾		11,450,959		1,233,077		-		12,684,036
Runnymede ⁽¹⁾		10,350,000		1,600,938		-		11,950,938
Santa Fe Apartments - Series A ⁽⁴⁾		3,065,000		154,067		-		3,219,067
Silver Moon - Series A ⁽⁴⁾		7,983,811		1,246,349		-		9,230,160
Southpark ⁽¹⁾		11,799,874		3,990,882		-		15,790,756
The Palms at Premier Park Apartments ⁽³⁾		20,001,272		2,505,091		-		22,506,363
Tyler Park Townhomes - Series A ⁽³⁾		6,075,000		487,209		-		6,562,209
Vantage at Harlingen - Series B ⁽⁴⁾		24,575,000		1,765,139		-		26,340,139
Vantage at Judson -Series B ⁽⁴⁾		26,540,000		2,613,606		-		29,153,606
Westside Village Market - Series A ⁽³⁾		3,970,000		202,340		-		4,172,340
Willow Run ⁽²⁾		15,224,591		-		-		15,224,591
Woodlynn Village ⁽¹⁾		4,351,000		466,471		-		4,817,471
Mortgage revenue bonds held in trust	$	484,817,254	$	51,499,227	$	-	$	536,316,481

⁽¹⁾	Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 12

⁽²⁾	Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 12

⁽³⁾	Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 12

⁽⁴⁾	Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 12

	December 31, 2015
Description of Mortgage Revenue Bonds	Cost Adjusted for Paydowns		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Avistar at Chase Hill - Series B	$	961,981	$	109,878	$	-		$	1,071,859
Avistar at the Crest - Series B		756,626		86,428		-			843,054
Avistar at the Oaks - Series B		553,244		63,533		-			616,777
Avistar at the Parkway - Series B		125,000		-		(979	)		124,021
Avistar in 09 - Series B		456,376		52,409		-			508,785
Avistar on the Boulevard - Series B		449,589		51,356		-			500,945
Concord at Gulfgate - Series B		2,125,000		76,802		-			2,201,802
Concord at Little York - Series B		960,000		-		(6,711	)		953,289
Concord at Williamcrest - Series B		2,800,000		-		(19,573	)		2,780,427
Crossing at 1415		7,925,000		214,091		-			8,139,091
Glenview Apartments - Series B		2,053,000		-		(7,329	)		2,045,671
Greens Property - Series B		943,214		142,442		-			1,085,656
Heights at 515		6,945,000		185,268		-			7,130,268
Heritage Square - Series B		520,000		6,185		-			526,185
Montclair Apartments - Series B		928,000		-		(2,506	)		925,494
Ohio Properties - Series B		3,562,190		514,997		-			4,077,187
Santa Fe Apartments - Series B		1,671,000		-		(5,965	)		1,665,035
Seasons at Simi Valley		6,320,000		404,110		-			6,724,110
Sycamore Walk		5,447,000		-		-			5,447,000
Mortgage revenue bonds	$	45,502,220	$	1,907,499	$	(43,063	)	$	47,366,656