The Company’s investments in mortgage revenue bonds on the dates shown are as follows:



	June 30, 2015
Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Arbors at Hickory Ridge ⁽³⁾	$	11,568,295	$	1,154,417	$	—	$	12,722,712
Ashley Square ⁽¹⁾	5,129,000		366,037		—		5,495,037
Avistar at Chase Hill A Bond ⁽³⁾	9,978,838		678,363		—		10,657,201
Avistar at the Crest A Bond ⁽³⁾	9,679,473		658,012		—		10,337,485
Avistar at the Oaks A Bond ⁽³⁾	7,800,000		483,903		—		8,283,903
Avistar in 09 A Bond ⁽³⁾	6,735,000		417,832		—		7,152,832
Avistar on the Boulevard A Bond ⁽³⁾	16,490,029		803,567		—		17,293,596
Avistar on the Hills A Bond ⁽³⁾	5,389,000		334,327		—		5,723,327
Bella Vista ⁽¹⁾	6,430,000		273,018		—		6,703,018
Bridle Ridge ⁽¹⁾	7,625,000		261,766		—		7,886,766
Brookstone ⁽¹⁾	7,469,480		1,323,274		—		8,792,754
Bruton Apartments ⁽²⁾	18,145,000		605,735		—		18,750,735
Concord at Gulfgate A Bond ⁽²⁾	17,060,000		255,307		—		17,315,307
Concord at Little York A Bond ⁽²⁾	12,480,000		186,830		—		12,666,830
Concord at Williamcrest A Bond ⁽²⁾	18,020,000		269,695		—		18,289,695
Copper Gate Apartments ⁽³⁾	5,220,000		359,032		—		5,579,032
Cross Creek ⁽¹⁾	6,088,948		2,486,239		—		8,575,187
Decatur Angle ⁽²⁾	23,000,000		—		—		23,000,000
Greens Property A Bond ⁽³⁾	8,330,000		623,837		—		8,953,837
Harden Ranch A Bond ⁽³⁾	6,960,000		333,237		—		7,293,237
Lake Forest ⁽¹⁾	8,826,000		752,993		—		9,578,993
Live 929 Apartments ⁽²⁾	40,848,642		2,315,349		—		43,163,991
Pro Nova 2014-1 and 2014-2 ⁽²⁾	19,384,710		278,718		—		19,663,428
Ohio Properties A Bonds ⁽¹⁾	14,359,000		1,729,764		—		16,088,764
Runnymede ⁽¹⁾	10,395,000		805,613		—		11,200,613
Southpark ⁽¹⁾	11,881,040		2,888,982		—		14,770,022
The Palms at Premier Park Apartments ⁽³⁾	20,084,554		1,209,672		—		21,294,226
The Suites on Paseo A Bond ⁽²⁾	35,450,000		752,249		—		36,202,249
Tyler Park Apartments A Bond ⁽³⁾	6,075,000		199,990		—		6,274,990
Westside Village Market A Bond ⁽³⁾	3,970,000		130,693		—		4,100,693
Woodlynn Village ⁽¹⁾	4,371,000		58,528		—		4,429,528
Mortgage revenue bonds held in trust	$	385,243,009	$	22,996,979	$	—	$	408,239,988

⁽¹⁾ Mortgage revenue bonds owned by ATAX TEBS I, LLC, see Note 11

⁽²⁾ Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11

⁽³⁾ Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11



	June 30, 2015
Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Avistar at Chase Hill B Bond	$	964,017	$	57,890	$	—		$	1,021,907
Avistar at the Crest B Bond	758,226		45,535		—			803,761
Avistar at the Oaks B Bond	554,000		33,453		—			587,453
Avistar in 09 B Bond	457,000		27,596		—			484,596
Avistar on the Boulevard B Bond	450,541		27,056		—			477,597
Concord at Gulfgate B Bond	2,125,000		541,585		—			2,666,585
Concord at Little York B Bond	960,000		244,667		—			1,204,667
Concord at Williamcrest B Bond	2,800,000		576,507		—			3,376,507
Glenview Apartments	6,723,000		—		(1,480		)	6,721,520
Greens Property B Bond	944,462		217,034		—			1,161,496
Harden Ranch B Bond	2,340,000		—		(6,248		)	2,333,752
Heritage Square	11,705,000		—		(156,538		)	11,548,462
Montclair Apartments	3,458,000		2,656		—			3,460,656
Ohio Properties B Bonds	3,567,950		518,737		—			4,086,687
Avistar at the Parkway	13,425,000		286,920		—			13,711,920
Renaissance B Bond	11,500,000		339,114		—			11,839,114
Santa Fe Apartments	4,736,000		10,518		—			4,746,518
Silver Moon	8,000,000		—		—			8,000,000
The Suites on Paseo B Bond	5,500,000		—		(121,330		)	5,378,670
Tyler Park B Bond	2,025,000		—		(12,251		)	2,012,749
Vantage at Harlingen	24,575,000		1,694,613		—			26,269,613
Vantage at Judson	26,540,000		837,315		—			27,377,315
Westside Village B Bond	1,430,000		—		(5,548		)	1,424,452
Mortgage revenue bonds	$	135,538,196	$	5,461,196	$	(303,395	)	$	140,695,997



	December 31, 2014
Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gains		Unrealized Loss		Estimated Fair Value
Arbors at Hickory Ridge ⁽³⁾	$	11,570,933	$	1,792,303	$	—	$	13,363,236
Ashley Square ⁽¹⁾	5,159,000		486,559		—		5,645,559
Avistar at Chase Hill A Bond ⁽³⁾	10,000,000		1,196,800		—		11,196,800
Avistar at the Crest A Bond ⁽³⁾	9,700,000		1,419,692		—		11,119,692
Avistar at the Oaks A Bond⁽³⁾	7,800,000		869,622		—		8,669,622
Avistar in 09 A Bond ⁽³⁾	6,735,000		750,885		—		7,485,885
Avistar on the Boulevard A Bond ⁽³⁾	16,525,000		2,418,599		—		18,943,599
Avistar on the Hills A Bond ⁽³⁾	5,389,000		743,520		—		6,132,520
Bella Vista ⁽¹⁾	6,490,000		625,571		—		7,115,571
Bridle Ridge ⁽¹⁾	7,655,000		659,249		—		8,314,249
Brookstone ⁽¹⁾	7,468,888		1,360,589		—		8,829,477
Bruton Apartments ⁽²⁾	18,145,000		1,455,955		—		19,600,955
Copper Gate Apartments ⁽³⁾	5,220,000		563,656		—		5,783,656
Cross Creek ⁽¹⁾	6,074,817		2,542,262		—		8,617,079
Decatur Angle ⁽²⁾	23,000,000		919,540		—		23,919,540
Greens Property A Bond ⁽³⁾	8,366,000		1,005,119		—		9,371,119
Harden Ranch A Bond ⁽³⁾	6,960,000		511,421		—		7,471,421
Lake Forest ⁽¹⁾	8,886,000		1,003,614		—		9,889,614
Live 929 Apartments ⁽²⁾	40,895,739		3,797,745		—		44,693,484
Pro Nova 2014-1 and 2014-2 ⁽²⁾	20,095,169		1,043,431		—		21,138,600
Ohio Properties A Bonds ⁽¹⁾	14,407,000		2,444,034		—		16,851,034
Runnymede ⁽¹⁾	10,440,000		1,385,910		—		11,825,910
Southpark ⁽¹⁾	11,842,206		3,743,692		—		15,585,898
The Palms at Premier Park Apartments ⁽³⁾	20,152,000		2,680,619		—		22,832,619
The Suites on Paseo ⁽²⁾	35,450,000		3,193,691		—		38,643,691
Tyler Park Apartments A Bond ⁽³⁾	6,075,000		345,060		—		6,420,060
Westside Village Market A Bond ⁽³⁾	3,970,000		225,496		—		4,195,496
Woodlynn Village ⁽¹⁾	4,390,000		376,706		—		4,766,706
Mortgage revenue bonds held in trust	$	338,861,752	$	39,561,340	$	—	$	378,423,092

⁽¹⁾ Mortgage revenue bonds owned by ATAX TEBS I, LLC, see Note 11

⁽²⁾ Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11

⁽³⁾ Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11



	December 31, 2014
Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Avistar at Chase Hill B Bond	$	965,000	$	144,769	$	—		$	1,109,769
Avistar at the Crest B Bond	759,000		124,286		—			883,286
Avistar at the Oaks B Bond	554,000		54,325		—			608,325
Avistar in 09 B Bond	457,000		50,608		—			507,608
Avistar on the Boulevard B Bond	451,000		73,851		—			524,851
Greens Property B Bond	945,638		376,203		—			1,321,841
Glenview Apartments	6,723,000		—		—			6,723,000
Harden Ranch B Bond	2,340,000		—		(1,501		)	2,338,499
Heritage Square	11,705,000		1,109,125		—			12,814,125
Montclair Apartments	3,458,000		—		—			3,458,000
Ohio Properties B Bonds	3,573,430		668,542		—			4,241,972
Renaissance	12,675,000		1,055,807		—			13,730,807
Santa Fe Apartments	4,736,000		—		—			4,736,000
Tyler Park Apartments B Bond	2,025,000		—		(17,395		)	2,007,605
Vantage at Harlingen	6,692,000		707,813		—			7,399,813
Vantage at Judson	6,049,000		717,230		—			6,766,230
Westside Village Market B Bond	1,430,000		—		(686		)	1,429,314
Mortgage revenue bonds	$	65,538,068	$	5,082,559	$	(19,582	)	$	70,601,045