Transactions with Manager and Affiliates

12 Months Ended

Mar. 30, 2012

Related Party Disclosures:

Related Party Transactions Disclosure

7.     Transactions with Manager and Affiliates

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.