The Partnership had the following investments in MRBs at June 30, 2018 and December 31, 2017:

	June 30, 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	$	842,894	$	-		$	17,300,894
Glenview Apartments - Series A ⁽⁴⁾	CA		4,604,904		386,744		-			4,991,648
Harmony Court Bakersfield - Series A⁽²⁾	CA		3,730,000		273,992		-			4,003,992
Harmony Terrace - Series A & B ⁽²⁾	CA		14,300,000		571,942		-			14,871,942
Harden Ranch - Series A ⁽³⁾	CA		6,811,252		868,874		-			7,680,126
Las Palmas II - Series A & B ⁽²⁾	CA		3,465,000		121,498		-			3,586,498
Montclair Apartments - Series A ⁽⁴⁾	CA		2,494,734		316,289		-			2,811,023
San Vicente - Series A ⁽²⁾	CA		3,495,000		238,471		-			3,733,471
Santa Fe Apartments - Series A ⁽⁴⁾	CA		3,022,276		407,346		-			3,429,622
Seasons at Simi Valley - Series A⁽²⁾	CA		4,346,157		639,914		-			4,986,071
Seasons Lakewood - Series A ⁽²⁾	CA		7,350,000		578,452		-			7,928,452
Seasons San Juan Capistrano - Series A & B⁽²⁾	CA		18,949,000		906,168		-			19,855,168
Summerhill - Series A ⁽²⁾	CA		6,423,000		410,548		-			6,833,548
Sycamore Walk - Series A⁽²⁾	CA		3,616,750		316,436		-			3,933,186
The Village at Madera - Series A ⁽²⁾	CA		3,085,000		226,613		-			3,311,613
Tyler Park Townhomes - Series A ⁽³⁾	CA		5,934,866		627,227		-			6,562,093
Westside Village Market - Series A ⁽³⁾	CA		3,878,423		444,103		-			4,322,526
Lake Forest ⁽¹⁾	FL		8,433,000		1,184,869		-			9,617,869
Brookstone ⁽¹⁾	IL		7,442,163		1,557,750		-			8,999,913
Copper Gate Apartments ⁽³⁾	IN		5,100,000		606,607		-			5,706,607
Renaissance - Series A ⁽⁴⁾	LA		11,182,486		1,498,700		-			12,681,186
Live 929 Apartments ⁽²⁾	MD		40,333,693		3,093,989		-			43,427,682
Woodlynn Village ⁽¹⁾	MN		4,244,000		39,254		-			4,283,254
Greens Property - Series A ⁽³⁾	NC		8,080,000		925,182		-			9,005,182
Silver Moon - Series A ⁽⁴⁾	NM		7,851,526		693,322		-			8,544,848
Ohio Properties - Series A ⁽¹⁾	OH		14,052,997		516,691		-			14,569,688
Bridle Ridge ⁽¹⁾	SC		7,430,000		97,044		-			7,527,044
Columbia Gardens ⁽²⁾	SC		13,299,000		1,300,938		-			14,599,938
Companion at Thornhill Apartments⁽²⁾	SC		11,350,638		944,340		-			12,294,978
Cross Creek ⁽¹⁾	SC		6,141,122		2,641,911		-			8,783,033
The Palms at Premier Park Apartments ⁽³⁾	SC		19,142,966		1,903,361		-			21,046,327
Village at River's Edge ⁽²⁾	SC		9,969,493		1,327,542		-			11,297,035
Willow Run ⁽²⁾	SC		13,115,524		1,280,882		-			14,396,406
Arbors at Hickory Ridge ⁽³⁾	TN		11,260,696		990,706		-			12,251,402
Pro Nova 2014-1 ⁽²⁾	TN		10,029,943		-		(60,059	)		9,969,884
Avistar at Copperfield - Series A⁽²⁾	TX		10,000,000		281,641		-			10,281,641
Avistar at the Crest - Series A ⁽³⁾	TX		9,407,620		878,039		-			10,285,659
Avistar at the Oaks - Series A ⁽³⁾	TX		7,597,649		693,141		-			8,290,790
Avistar at the Parkway - Series A ⁽⁴⁾	TX		13,174,934		1,076,277		-			14,251,211
Avistar at Wilcrest - Series A⁽²⁾	TX		3,775,000		76,010		-			3,851,010
Avistar at Wood Hollow - Series A⁽²⁾	TX		31,850,000		519,528		-			32,369,528
Avistar in 09 - Series A ⁽³⁾	TX		6,560,275		569,287		-			7,129,562
Avistar on the Boulevard - Series A ⁽³⁾	TX		16,026,896		1,287,345		-			17,314,241
Avistar on the Hills - Series A ⁽³⁾	TX		5,249,199		478,889		-			5,728,088
Bella Vista ⁽¹⁾	TX		6,225,000		36,768		-			6,261,768
Bruton Apartments ⁽²⁾	TX		17,993,528		1,983,682		-			19,977,210
Concord at Gulfgate - Series A ⁽²⁾	TX		19,185,000		2,112,142		-			21,297,142
Concord at Little York - Series A ⁽²⁾	TX		13,440,000		1,603,710		-			15,043,710
Concord at Williamcrest - Series A ⁽²⁾	TX		20,820,000		2,387,983		-			23,207,983
Crossing at 1415 - Series A⁽²⁾	TX		7,507,847		535,422		-			8,043,269
Decatur Angle ⁽²⁾	TX		22,713,795		2,035,876		-			24,749,671
Heights at 515 - Series A⁽²⁾	TX		6,873,563		607,666		-			7,481,229
Heritage Square - Series A ⁽⁴⁾	TX		11,011,625		868,241		-			11,879,866
Oaks at Georgetown - Series A ⁽²⁾	TX		12,330,000		388,294		-			12,718,294
Runnymede ⁽¹⁾	TX		10,095,000		71,494		-			10,166,494
Southpark ⁽¹⁾	TX		11,730,894		2,681,471		-			14,412,365
Vantage at Judson -Series B ⁽⁴⁾	TX		26,022,746		2,070,687		-			28,093,433
15 West Apartments ⁽²⁾	WA		9,768,096		1,405,808		-			11,173,904
Mortgage revenue bonds held in trust		$	619,782,276	$	53,430,000	$	(60,059	)	$	673,152,217

⁽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

	June 30, 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	$	843,862	$	-		$	13,314,862
Vineyard Gardens - Series A & B	CA		6,841,000		498,091		-			7,339,091
Greens Property - Series B	NC		935,715		167,568		-			1,103,283
Ohio Properties - Series B	OH		3,528,660		107,104		-			3,635,764
Rosewood Townhomes - Series A & B	SC		9,750,000		-		(475,623	)		9,274,377
South Pointe Apartments - Series A & B	SC		22,700,000		-		(1,012,610	)		21,687,390
Avistar at Copperfield - Series B	TX		4,000,000		12,310		-			4,012,310
Avistar at the Crest - Series B	TX		747,452		33,663		-			781,115
Avistar at the Oaks - Series B	TX		546,794		23,084		-			569,878
Avistar at the Parkway - Series B	TX		124,734		31,430		-			156,164
Avistar at Wilcrest - Series B	TX		1,550,000		4,839		-			1,554,839
Avistar at Wood Hollow - Series B	TX		8,410,000		27,743		-			8,437,743
Avistar in 09 - Series B	TX		451,056		17,357		-			468,413
Avistar on the Boulevard - Series B	TX		444,138		18,371		-			462,509
Esperanza at Palo Alto	TX		19,540,000		2,139,382		-			21,679,382
Mortgage revenue bonds held by the Partnership		$	92,040,549	$	3,924,804	$	(1,488,233	)	$	94,477,120

	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