The Partnership had the following investments in MRBs at March 31, 2018 and December 31, 2017:

	March 31, 2018
Description of Mortgage Revenue Bonds Held in Trust	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Courtyard - Series A & B⁽²⁾	CA	$	16,458,000	$	773,689	$	-		$	17,231,689
Glenview Apartments - Series A ⁽⁴⁾	CA		4,616,146		392,021		-			5,008,167
Harmony Court Bakersfield - Series A⁽²⁾	CA		3,730,000		267,644		-			3,997,644
Harmony Terrace - Series A & B ⁽²⁾	CA		14,300,000		560,658		-			14,860,658
Harden Ranch - Series A ⁽³⁾	CA		6,828,743		886,164		-			7,714,907
Las Palmas II - Series A & B ⁽²⁾	CA		3,465,000		119,122		-			3,584,122
Montclair Apartments - Series A ⁽⁴⁾	CA		2,500,824		321,683		-			2,822,507
San Vicente - Series A & B ⁽²⁾	CA		5,320,000		178,617		-			5,498,617
Santa Fe Apartments - Series A ⁽⁴⁾	CA		3,029,654		414,470		-			3,444,124
Seasons at Simi Valley - Series A⁽²⁾	CA		4,356,248		648,547		-			5,004,795
Seasons Lakewood - Series A ⁽²⁾	CA		7,350,000		566,282		-			7,916,282
Seasons San Juan Capistrano - Series A & B⁽²⁾	CA		18,949,000		699,621		-			19,648,621
Summerhill - Series A ⁽²⁾	CA		6,423,000		460,878		-			6,883,878
Sycamore Walk - Series A⁽²⁾	CA		3,625,940		312,495		-			3,938,435
The Village at Madera - Series A & B ⁽²⁾	CA		4,804,000		219,826		-			5,023,826
Tyler Park Townhomes - Series A ⁽³⁾	CA		5,950,280		570,581		-			6,520,861
Westside Village Market - Series A ⁽³⁾	CA		3,888,497		482,661		-			4,371,158
Lake Forest ⁽¹⁾	FL		8,469,000		1,181,238		-			9,650,238
Brookstone ⁽¹⁾	IL		7,446,582		1,452,965		-			8,899,547
Copper Gate Apartments ⁽³⁾	IN		5,100,000		624,322		-			5,724,322
Renaissance - Series A ⁽⁴⁾	LA		11,211,177		1,495,441		-			12,706,618
Live 929 Apartments ⁽²⁾	MD		40,380,356		3,138,301		-			43,518,657
Woodlynn Village ⁽¹⁾	MN		4,267,000		10,058		-			4,277,058
Greens Property - Series A ⁽³⁾	NC		8,104,000		921,283		-			9,025,283
Silver Moon - Series A ⁽⁴⁾	NM		7,865,663		683,207		-			8,548,870
Ohio Properties - Series A ⁽¹⁾	OH		14,083,000		634,474		-			14,717,474
Bridle Ridge ⁽¹⁾	SC		7,430,000		47,812		-			7,477,812
Columbia Gardens ⁽²⁾	SC		13,336,778		1,267,129		-			14,603,907
Companion at Thornhill Apartments⁽²⁾	SC		11,377,893		960,039		-			12,337,932
Cross Creek ⁽¹⁾	SC		6,139,056		2,705,228		-			8,844,284
The Palms at Premier Park Apartments ⁽³⁾	SC		19,191,003		1,945,444		-			21,136,447
Village at River's Edge ⁽²⁾	SC		9,984,860		1,324,906		-			11,309,766
Willow Run ⁽²⁾	SC		13,152,289		1,195,384		-			14,347,673
Arbors at Hickory Ridge ⁽³⁾	TN		11,292,992		1,186,994		-			12,479,986
Pro Nova 2014-1 ⁽²⁾	TN		10,031,209		-		(67,060	)		9,964,149
Avistar at Copperfield - Series A⁽²⁾	TX		10,000,000		198,101		-			10,198,101
Avistar at the Crest - Series A ⁽³⁾	TX		9,432,184		785,646		-			10,217,830
Avistar at the Oaks - Series A ⁽³⁾	TX		7,616,915		629,510		-			8,246,425
Avistar at the Parkway - Series A ⁽⁴⁾	TX		13,204,519		481,891		-			13,686,410
Avistar at Wilcrest - Series A⁽²⁾	TX		3,775,000		-		(29,262	)		3,745,738
Avistar at Wood Hollow - Series A⁽²⁾	TX		31,850,000		503,531		-			32,353,531
Avistar in 09 - Series A ⁽³⁾	TX		6,576,911		514,160		-			7,091,071
Avistar on the Boulevard - Series A ⁽³⁾	TX		16,068,745		1,268,206		-			17,336,951
Avistar on the Hills - Series A ⁽³⁾	TX		5,262,510		434,927		-			5,697,437
Bella Vista ⁽¹⁾	TX		6,295,000		72,246		-			6,367,246
Bruton Apartments ⁽²⁾	TX		18,022,873		1,975,389		-			19,998,262
Concord at Gulfgate - Series A ⁽²⁾	TX		19,185,000		2,094,593		-			21,279,593
Concord at Little York - Series A ⁽²⁾	TX		13,440,000		1,530,165		-			14,970,165
Concord at Williamcrest - Series A ⁽²⁾	TX		20,820,000		2,370,389		-			23,190,389
Crossing at 1415 - Series A⁽²⁾	TX		7,524,044		525,631		-			8,049,675
Decatur Angle ⁽²⁾	TX		22,754,649		1,465,876		-			24,220,525
Heights at 515 - Series A⁽²⁾	TX		6,888,392		600,565		-			7,488,957
Heritage Square - Series A ⁽⁴⁾	TX		11,037,518		676,672		-			11,714,190
Oaks at Georgetown - Series A & B ⁽²⁾	TX		17,842,000		406,337		-			18,248,337
Runnymede ⁽¹⁾	TX		10,150,000		140,110		-			10,290,110
Southpark ⁽¹⁾	TX		11,712,016		2,679,516		-			14,391,532
Vantage at Judson -Series B ⁽⁴⁾	TX		26,078,566		2,111,015		-			28,189,581
15 West Apartments ⁽²⁾	WA		9,783,080		1,405,708		-			11,188,788
Mortgage revenue bonds held in trust		$	629,778,112	$	51,519,368	$	(96,322	)	$	681,201,158

⁽¹⁾	MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 14

⁽²⁾	MRBs held by Deutsche Bank in a secured financing transaction, Note 14

⁽³⁾	MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 14

⁽⁴⁾	MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 14

	March 31, 2018
Description of Mortgage Revenue Bonds held by the Partnership	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Montecito at Williams Ranch Apartments - Series A & B	CA	$	12,471,000	$	776,383	$	-		$	13,247,383
Seasons at Simi Valley - Series B	CA		1,944,000		-		(1,136	)		1,942,864
Vineyard Gardens - Series A & B	CA		6,841,000		482,272		-			7,323,272
Greens Property - Series B	NC		936,570		169,744		-			1,106,314
Ohio Properties - Series B	OH		3,532,410		130,529		-			3,662,939
Rosewood Townhomes - Series A & B	SC		9,750,000		-		(451,738	)		9,298,262
South Pointe Apartments - Series A & B	SC		22,700,000		-		(957,244	)		21,742,756
Avistar at Copperfield - Series B	TX		4,000,000		12,133		-			4,012,133
Avistar at the Crest - Series B	TX		748,465		32,457		-			780,922
Avistar at the Oaks - Series B	TX		547,506		22,972		-			570,478
Avistar at the Parkway - Series B	TX		124,799		26,156		-			150,955
Avistar at Wilcrest - Series B	TX		1,550,000		4,770		-			1,554,770
Avistar at Wood Hollow - Series B	TX		8,410,000		27,371		-			8,437,371
Avistar in 09 - Series B	TX		451,643		13,858		-			465,501
Avistar on the Boulevard - Series B	TX		444,740		17,636		-			462,376
Mortgage revenue bonds held by the Partnership		$	74,452,133	$	1,716,281	$	(1,410,118	)	$	74,758,296

	December 31, 2017
Description of Mortgage Revenue Bonds Held in Trust	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss		Estimated Fair Value
Courtyard - Series A & B⁽²⁾	CA	$	16,458,000	$	1,226,192	$	-	$	17,684,192
Glenview Apartments - Series A ⁽⁴⁾	CA		4,627,228		523,464		-		5,150,692
Harmony Court Bakersfield - Series A⁽²⁾	CA		3,730,000		430,637		-		4,160,637
Harmony Terrace - Series A & B ⁽²⁾	CA		14,300,000		871,221		-		15,171,221
Harden Ranch - Series A ⁽³⁾	CA		6,845,985		1,182,914		-		8,028,899
Las Palmas II - Series A & B ⁽²⁾	CA		3,465,000		193,418		-		3,658,418
Montclair Apartments - Series A ⁽⁴⁾	CA		2,506,828		398,840		-		2,905,668
San Vicente - Series A & B ⁽²⁾	CA		5,320,000		309,038		-		5,629,038
Santa Fe Apartments - Series A ⁽⁴⁾	CA		3,036,928		535,673		-		3,572,601
Seasons at Simi Valley - Series A⁽²⁾	CA		4,366,195		807,864		-		5,174,059
Seasons Lakewood - Series A & B ⁽²⁾	CA		12,610,000		884,537		-		13,494,537
Seasons San Juan Capistrano - Series A & B⁽²⁾	CA		18,949,000		1,233,570		-		20,182,570
Summerhill - Series A & B ⁽²⁾	CA		9,795,000		738,806		-		10,533,806
Sycamore Walk - Series A⁽²⁾	CA		3,632,000		490,314		-		4,122,314
The Village at Madera - Series A & B ⁽²⁾	CA		4,804,000		355,303		-		5,159,303
Tyler Park Townhomes - Series A ⁽³⁾	CA		5,965,475		807,688		-		6,773,163
Westside Village Market - Series A ⁽³⁾	CA		3,898,427		568,423		-		4,466,850
Lake Forest ⁽¹⁾	FL		8,505,000		1,579,885		-		10,084,885
Brookstone ⁽¹⁾	IL		7,450,595		2,017,019		-		9,467,614
Copper Gate Apartments ⁽³⁾	IN		5,100,000		778,339		-		5,878,339
Renaissance - Series A ⁽⁴⁾	LA		11,239,441		2,096,328		-		13,335,769
Live 929 Apartments ⁽²⁾	MD		40,573,347		3,710,942		-		44,284,289
Woodlynn Village ⁽¹⁾	MN		4,267,000		44,428		-		4,311,428
Greens Property - Series A ⁽³⁾	NC		8,126,000		1,113,852		-		9,239,852
Silver Moon - Series A ⁽⁴⁾	NM		7,879,590		1,140,448		-		9,020,038
Ohio Properties - Series A ⁽¹⁾	OH		14,113,000		788,199		-		14,901,199
Bridle Ridge ⁽¹⁾	SC		7,465,000		1,199		-		7,466,199
Columbia Gardens ⁽²⁾	SC		13,396,856		1,413,831		-		14,810,687
Companion at Thornhill Apartments⁽²⁾	SC		11,404,758		1,284,441		-		12,689,199
Cross Creek ⁽¹⁾	SC		6,136,553		2,850,344		-		8,986,897
The Palms at Premier Park Apartments ⁽³⁾	SC		19,238,297		2,712,429		-		21,950,726
Village at River's Edge ⁽²⁾	SC		10,000,000		1,182,706		-		11,182,706
Willow Run ⁽²⁾	SC		13,212,587		1,391,536		-		14,604,123
Arbors at Hickory Ridge ⁽³⁾	TN		11,342,234		1,693,626		-		13,035,860
Pro Nova 2014-1 ⁽²⁾	TN		10,038,889		133,878		-		10,172,767
Avistar at Copperfield - Series A⁽²⁾	TX		10,000,000		628,644		-		10,628,644
Avistar at the Crest - Series A ⁽³⁾	TX		9,456,384		1,187,142		-		10,643,526
Avistar at the Oaks - Series A ⁽³⁾	TX		7,635,895		938,465		-		8,574,360
Avistar at the Parkway - Series A ⁽⁴⁾	TX		13,233,665		932,753		-		14,166,418
Avistar at Wilcrest - Series A⁽²⁾	TX		3,775,000		125,170		-		3,900,170
Avistar at Wood Hollow - Series A⁽²⁾	TX		31,850,000		1,865,826		-		33,715,826
Avistar in 09 - Series A ⁽³⁾	TX		6,593,300		716,944		-		7,310,244
Avistar on the Boulevard - Series A ⁽³⁾	TX		16,109,972		1,947,465		-		18,057,437
Avistar on the Hills - Series A ⁽³⁾	TX		5,275,623		648,383		-		5,924,006
Bella Vista ⁽¹⁾	TX		6,295,000		42,718		-		6,337,718
Bruton Apartments ⁽²⁾	TX		18,051,775		3,042,939		-		21,094,714
Concord at Gulfgate - Series A ⁽²⁾	TX		19,185,000		2,759,654		-		21,944,654
Concord at Little York - Series A ⁽²⁾	TX		13,440,000		1,999,572		-		15,439,572
Concord at Williamcrest - Series A ⁽²⁾	TX		20,820,000		2,994,839		-		23,814,839
Crossing at 1415 - Series A⁽²⁾	TX		7,540,000		634,091		-		8,174,091
Decatur Angle ⁽²⁾	TX		22,794,912		2,985,955		-		25,780,867
Heights at 515 - Series A⁽²⁾	TX		6,903,000		580,522		-		7,483,522
Heritage Square - Series A ⁽⁴⁾	TX		11,063,027		993,609		-		12,056,636
Oaks at Georgetown - Series A & B ⁽²⁾	TX		17,842,000		915,705		-		18,757,705
Runnymede ⁽¹⁾	TX		10,150,000		79,514		-		10,229,514
Southpark ⁽¹⁾	TX		11,693,138		2,960,294		-		14,653,432
Vantage at Judson -Series B ⁽⁴⁾	TX		26,133,557		3,117,969		-		29,251,526
15 West Apartments ⁽²⁾	WA		9,797,833		1,839,648		-		11,637,481
Mortgage revenue bonds held in trust		$	639,438,294	$	71,429,153	$	-	$	710,867,447

⁽¹⁾	MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 14

⁽²⁾	MRBs held by Deutsche Bank in a secured financing transaction, Note 14

⁽³⁾	MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 14

⁽⁴⁾	MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 14

	December 31, 2017
Description of Mortgage Revenue Bonds held by the Partnership	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Montecito at Williams Ranch Apartments - Series A & B	CA	$	12,471,000	$	1,111,807	$	-		$	13,582,807
Seasons at Simi Valley - Series B	CA		1,944,000		-		(466	)		1,943,534
Sycamore Walk - Series B	CA		1,815,000		-		(151	)		1,814,849
Vineyard Gardens - Series A & B	CA		6,841,000		-		-			6,841,000
Greens Property - Series B	NC		937,399		193,991		-			1,131,390
Ohio Properties - Series B	OH		3,536,060		149,630		-			3,685,690
Rosewood Townhomes - Series A & B	SC		9,750,000		-		-			9,750,000
South Pointe Apartments - Series A & B	SC		22,700,000		-		-			22,700,000
Avistar at Copperfield - Series B	TX		4,000,000		13,514		-			4,013,514
Avistar at the Crest - Series B	TX		749,455		58,871		-			808,326
Avistar at the Oaks - Series B	TX		548,202		41,286		-			589,488
Avistar at the Parkway - Series B	TX		124,861		30,715		-			155,576
Avistar at Wilcrest - Series B	TX		1,550,000		5,306		-			1,555,306
Avistar at Wood Hollow - Series B	TX		8,410,000		30,276		-			8,440,276
Avistar in 09 - Series B	TX		452,217		28,675		-			480,892
Avistar on the Boulevard - Series B	TX		445,328		33,232		-			478,560
Mortgage revenue bonds held by the Partnership		$	76,274,522	$	1,697,303	$	(617	)	$	77,971,208