10-Q

FORM 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(Mark One)

(X)   QUARTERLY REPORT PuRSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

      For the quarterly period ended June 30, 2006

                                             or

( )   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

      For the transition period from _______ to _______
Commission file number        0-26200

BOSTON CAPITAL TAX CREDIT FUND V L.P.
(Exact name of registrant as specified in its charter)

Delaware	14-1897569
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts  02108
(Address of principal executive offices)           (Zip Code)

Registrant's telephone number, including area code (617)624-8900

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [ ] No [ X ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.

Large accelerated filer[ ] Accelerated filer[ ] Non-accelerated filer[ X ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [ X ]

BOSTON CAPITAL TAX CREDIT FUND V L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2006

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
						Pages
		Item 1. Financial Statements
			Balance Sheets		3-6
			Statements of Operations		7-10
			Statements of Changes in Partners'  Capital		11-13
			Statements of Cash Flows		14-21
			Notes to Financial Statements		22-28
		Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations			28-32
		Item 3. Quantitative and Qualitative Disclosure About Market Risk			32
		Item 4. Controls and Procedures			32
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings			33
	Item 1A. Risk Factors			33
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			33
	Item 3. Defaults Upon Senior Securities			33
	Item 4. Submission of Matters to a Vote of Security Holders			33
	Item 5. Other Information			33
	Item 6. Exhibits and Reports on Form 8-K			33
		Signatures			34

Boston Capital Tax Credit Fund V L.P.

BALANCE SHEETS

		June 30, 2006 (Unaudited)	March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$ 80,243,805	$ 81,059,042
OTHER ASSETS
	Cash and cash equivalents	4,765,020	5,943,410
	Investments	12,122,025	13,188,000
	Notes receivable	2,232,008	2,704,935
	Acquisition costs net	9,176,617	9,176,728
	Other assets	3,619,418	3,211,955
		$112,158,893	$115,284,070
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$        843	$     89,307
	Accounts payable affiliates	343,152	77,424
	Capital contributions payable	16,636,827	18,897,103
		16,980,822	19,063,834
PARTNERS' EQUITY (DEFICIT)
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  11,777,706 issued and outstanding,  as of June 30, 2006	95,310,310	96,375,672
General Partner		(22,985)	(20,315)
	Unrealized gain (loss) on securities Available for sale, net	(109,254)	(135,121)
		95,178,071	96,220,236
		$112,158,893	$115,284,070

The accompanying notes are an integral part of this stateme

Boston Capital Tax Credit Fund V L.P.
BALANCE SHEETS

Series 47

		June 30, 2006 (Unaudited)	March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$ 22,240,909	$ 22,577,872
OTHER ASSETS
	Cash and cash equivalents	558,812	753,086
	Investments	2,266,787	2,408,534
	Notes receivable	1,103,531	1,245,069
	Acquisition costs net	2,727,433	2,753,098
	Other assets	9,927	10,040
		$ 28,907,399	$ 29,747,699
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$        385	$      4,135
	Accounts payable affiliates	97,074	-
	Capital contributions payable	3,174,786	3,731,835
		3,272,245	3,735,970
PARTNERS' EQUITY (DEFICIT)
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  3,478,334 issued and outstanding,  as of June 30, 2006	25,667,868	26,050,212
General Partner		(12,570)	(11,612)
	Unrealized gain (loss) on securities available for sale, net	(20,144)	(26,871)
		25,635,154	26,011,729
		$ 28,907,399	$ 29,747,699

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
BALANCE SHEETS

Series 48

		June 30, 2006 (Unaudited)	March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$15,324,522	$15,603,290
OTHER ASSETS
	Cash and cash equivalents	786,431	966,312
	Investments	876,191	930,979
	Notes receivable	799,602	799,602
	Acquisition costs net	1,836,373	1,853,941
	Other assets	1,633	1,677
		$19,624,752	$20,155,801
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$       115	$       115
	Accounts payable affiliates	59,553	-
	Capital contributions payable	2,065,895	2,338,756
		2,125,563	2,338,871
PARTNERS' EQUITY (DEFICIT)
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  2,299,372 issued and outstanding,  as of June 30, 2006	17,515,516	17,835,057
General Partner		(6,990)	(6,189)
	Unrealized gain (loss) on securities Available for sale, net	(9,337)	(11,938)
		17,499,189	17,816,930
		$19,624,752	$20,155,801

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
BALANCE SHEETS

Series 49

		June 30, 2006 (Unaudited)	March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$42,678,374	$42,877,880
OTHER ASSETS
	Cash and cash equivalents	3,419,777	4,224,012
	Investments	8,979,047	9,848,487
	Notes receivable	328,875	660,264
	Acquisition costs net	4,612,811	4,569,689
	Other assets	3,607,858	3,200,238
		$63,626,742	$65,380,570
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$       343	$    85,057
	Accounts payable affiliates	186,525	77,424
	Capital contributions payable	11,396,146	12,826,512
		11,583,014	12,988,993
PARTNERS' EQUITY (DEFICIT)
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  6,000,000 issued and outstanding,  as of June 30, 2006	52,126,926	52,490,403
General Partner		(3,425)	(2,514)
	Unrealized gain (loss) on securities Available for sale, net	(79,773)	(96,312)
		52,043,728	52,391,577
		$63,626,742	$65,380,570

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

		2006	2005
Income
	Interest income	$    234,000	$   197,798
	Other income	-	-
		234,000	197,798
Share of income (loss) from Operating  Partnerships(Note D)		(847,012)	(366,372)
Expenses
	Professional fees	14,455	45,709
	Fund management fee (Note C)	260,728	253,719
	Amortization	90,157	85,473
	General and administrative expenses	89,680	83,637
		455,020	468,538
NET INCOME (LOSS)		$(1,068,032)	$ (637,112)
Net income (loss) allocated to limited partners		$(1,065,362)	$ (635,519)
Net income (loss) allocated to general partner		$    (2,670)	$   (1,593)
Net income (loss) per BAC		$      (.09)	$     (.05)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 47

		2006	2005
Income
	Interest income	$    35,736	$    50,998
	Other income	-	-
		35,736	50,998
Share of loss from Operating  Partnerships(Note D)		(271,526)	(318,537)
Expenses
	Professional fees	3,886	9,810
	Fund management fee (Note C)	96,074	98,208
	Amortization	27,475	26,770
	General and administrative expenses	20,077	30,940
		147,512	165,728
NET INCOME (LOSS)		$ (383,302)	$ (433,267)
Net income (loss) allocated to limited partners		$ (382,344)	$ (432,184)
Net income (loss) allocated to general partner		$     (958)	$   (1,083)
Net income (loss) per BAC		$     (.11)	$     (.12)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 48

		2006	2005
Income
	Interest income	$    16,091	$    26,969
	Other income	-	-
		16,091	26,969
Share of loss from Operating  Partnerships(Note D)		(248,029)	(42,560)
Expenses
	Professional fees	1,803	6,233
	Fund management fee (Note C)	59,553	59,553
	Amortization	17,934	18,759
	General and administrative expenses	9,114	14,695
		88,404	99,240
NET INCOME (LOSS)		$ (320,342)	$ (114,831)
Net income (loss) allocated to limited partners		$ (319,541)	$ (114,544)
Net income (loss) allocated to general  partner		$     (801)	$     (287)
Net income (loss) per BAC		$     (.14)	$     (.05)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 49

		2006	2005
Income
	Interest income	$   182,173	$    119,831
	Other income	-	-
		182,173	119,831
Share of loss from Operating  Partnerships(Note D)		(327,457)	(5,275)
Expenses
	Professional fees	8,766	29,666
	Fund management fee (Note C)	105,101	95,958
	Amortization	44,748	39,944
	General and administrative expenses	60,489	38,002
		219,104	203,570
NET INCOME (LOSS)		$ (364,388)	$   (89,014)
Net income (loss) allocated to limited partners		$ (363,477)	$   (88,791)
Net income (loss) allocated to general  partner		$     (911)	$      (223)
Net income (loss) per BAC		$     (.06)	$      (.01)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2006
(Unaudited)

	Limited Partners	General Partner	Accumulated or other comprehensive income	Total
Partners' capital (deficit)   April 1, 2006	$ 96,375,672	$   (20,315)	$  (135,121)	$ 96,220,236
Net income (loss)	(1,065,362)	(2,670)	-	(1,068,032)
Unrealized income (loss) on securities available for sale	-	-	25,867	25,867
Partners' capital (deficit),   June 30, 2006	$ 95,310,310	$   (22,985)	$  (109,254)	$ 95,178,071

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2006
(Unaudited)

	Limited Partners	General Partner	Accumulated or other comprehensive income	Total
Series 47
Partners' capital (deficit)   April 1, 2006	$ 26,050,212	$   (11,612)	$   (26,871)	$ 26,011,729
Net income (loss)	(382,344)	(958)	-	(383,302)
Unrealized income (loss) on securities available for sale	-	-	6,727	6,727
Partners' capital (deficit),   June 30, 2006	$ 25,667,868	$   (12,570)	$   (20,144)	$ 25,635,154
Series 48
Partners' capital (deficit)   April 1, 2006	$ 17,835,057	$    (6,189)	$   (11,938)	$ 17,816,930
Net income (loss)	(319,541)	(801)	-	(320,342)
Unrealized income (loss) on securities available for sale	-	-	2,601	2,601
Partners' capital (deficit),   June 30, 2006	$ 17,515,516	$    (6,990)	$    (9,337)	$ 17,499,189

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2006
(Unaudited)

	Limited Partners	General Partner	Accumulated or other comprehensive income	Total
Series 49
Partners' capital (deficit)   April 1, 2006	$ 52,490,403	$    (2,514)	$   (96,312)	$ 52,391,577
Net income (loss)	(363,477)	(911)	-	(364,388)
Unrealized income (loss) on securities available for sale	-	-	16,539	16,539
Partners' capital (deficit),   June 30, 2006	$ 52,126,926	$    (3,425)	$   (79,773)	$ 52,043,728

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

				2006	2005
Cash flows from operating activities:
	Net income (loss)			$  (1,068,032)	$   (637,112)
	Adjustments
		Amortization		90,157	85,473
		Distributions from Operating   Partnerships		738	- -
		Share of Loss from Operating   Partnerships		847,012	366,372
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses		(88,464)	(416,245)
		Decrease (Increase) in prepaid   expenses		- -	- -
		Decrease (Increase) in accounts   receivable		(407,463)	443,780
		(Decrease) Increase in accounts   payable affiliates		265,728	206,856
			Net cash (used in) provided by  operating activities	(360,324)	49,124
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			(87,138)	(907,333)
	Capital contributions paid to    Operating Partnerships			(2,295,697)	(5,885,656)
	Advances to Operating Partnerships			472,927	(2,492,362)
	Investments			1,091,842	(4,305,985)
			Net cash (used in) provided by investing activities	(818,066)	(13,591,336)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

			2006	2005
Continued
Cash flows from financing activities:
	Sales and registration costs paid		-	(1,038,659)
	Capital contributions received		-	9,916,881
		Net cash (used in) provided by financing activities	-	8,878,222
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(1,178,390)	(4,663,990)
Cash and cash equivalents, beginning			5,943,410	33,668,430
Cash and cash equivalents, ending			$   4,765,020	$  29,004,440
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$           -	$   6,965,413

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 47

				2006	2005
Cash flows from operating activities:
	Net income (loss)			$   (383,302)	$   (433,267)
	Adjustments
		Amortization		27,475	26,770
		Distributions from Operating   Partnerships		738	- -
		Share of Loss from Operating   Partnerships		271,526	318,537
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses		(3,750)	(41,190)
		Decrease (Increase) in accounts   receivable		113	(10,664)
		(Decrease) Increase in accounts   payable affiliates		97,074	98,208
			Net cash (used in) provided by  operating activities	9,874	(41,606)
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			(782)	23,284
	Capital contributions paid to    Operating Partnerships			(493,378)	(1,023,261)
	Advances to Operating Partnerships			141,538	(371,963)
	Investments			148,474	2,585,489
			Net cash (used in) provided by investing activities	(204,148)	1,213,549

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 47

			2006	2005
Continued
Cash flows from financing activities:
	Sales and registration costs paid		-	-
	Capital contributions received		-	-
		Net cash (used in) provided by financing activities	-	-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(194,274)	1,171,943
Cash and cash equivalents, beginning			753,086	1,965,813
Cash and cash equivalents, ending			$    558,812	$  3,137,756
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$          -	$          -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 48

				2006	2005
Cash flows from operating activities:
	Net income (loss)			$   (320,342)	$   (114,831)
	Adjustments
		Amortization		17,934	18,759
		Distributions from Operating   Partnerships		- -	- -
		Share of Loss from Operating   Partnerships		248,029	42,560
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses		- -	(9,311)
		Decrease (Increase) in accounts   receivable		44	(882)
		(Decrease) Increase in accounts   payable affiliates		59,553	59,553
			Net cash (used in) provided by  operating activities	5,218	(4,152)
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			- -	(32,064)
	Capital contributions paid to    Operating Partnerships			(242,488)	(1,696,361)
	Advances to Operating Partnerships			-	(371,962)
	Investments			57,389	2,466,271
			Net cash (used in) provided by investing activities	(185,099)	365,884

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 48

			2006	2005
Continued
Cash flows from financing activities:
	Sales and registration costs paid		-	(3,951)
	Capital contributions received		-	-
		Net cash (used in) provided by financing activities	-	(3,951)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(179,881)	357,781
Cash and cash equivalents, beginning			966,312	3,559,396
Cash and cash equivalents, ending			$    786,431	$  3,917,177
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$          -	$          -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 49

				2006	2005
Cash flows from operating activities:
	Net income (loss)			$   (364,388)	$     (89,014)
	Adjustments
		Amortization		44,748	39,944
		Distributions from Operating   Partnerships		- -	- -
		Share of Loss from Operating   Partnerships		327,457	5,275
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses		(84,714)	(365,744)
		Decrease (Increase) in accounts   receivable		(407,620)	455,326
		(Decrease) Increase in accounts   payable affiliates		109,101	49,095
			Net cash (used in) provided by  operating activities	(375,416)	94,882
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			(86,356)	(898,553)
	Capital contributions paid to    Operating Partnerships			(1,559,831)	(3,166,034)
	Advances to Operating Partnerships			331,389	(1,748,437)
	Investments			885,979	(9,357,745)
			Net cash (used in) provided by investing activities	(428,819)	(15,170,769)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 49

			2006	2005
Continued
Cash flows from financing activities:
	Sales and registration costs paid		-	(1,034,708)
	Capital contributions received		-	9,916,881
		Net cash (used in) provided by financing activities	-	8,882,173
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(804,235)	(6,193,714)
Cash and cash equivalents, beginning			4,224,012	28,143,221
Cash and cash equivalents, ending			$  3,419,777	$  21,949,507
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$          -	$   6,965,413

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2006
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in Operating Partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The General Partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the General Partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the General Partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc.

The Assignor Limited Partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner will be assigned by the Assignor Limited Partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a Limited Partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus, as supplemented (the "Prospectus") were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004 an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series became effective. As of June 30, 2006, subscriptions had been received and accepted by the Fund for 11,777,706 BAC's representing capital contributions of $117,777,060.

The Offering, including information regarding the issuance of BACs in series, is described on pages 161 to 167 of the Prospectus, as supplemented, under the caption "The Offering", which is incorporated herein by reference.

Below is a summary of the BACs sold and total equity raised by series as of the June 30, 2006:

Series	Closing Date	BACs Sold	Equity Raised
Series 47	April 30, 2004	3,478,334	$34,783,340
Series 48	August 12, 2004	2,299,372	$22,993,720
Series 49	April 29, 2005	6,000,000	$60,000,000

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2006
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2006 and for the three months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principals have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.

Investment Securities

The Fund has determined that all of its investment securities are to be categorized as securities available for sale. Securities classified as available for sale are those debt securities that the Fund purchased that may be liquidated prior to the maturity date should the need arise.

These securities are carried at approximate fair market value. All of the investments held by the Fund are tax-exempt municipal bonds.

The amortized cost of securities available for sale as of June 30, 2006 by contractual maturity are as follows:

	Amortized Cost
Due in one year or less	$ 6,235,308
Due after one year	5,995,971
Total	$12,231,279

The fair market value of the securities is $12,122,025. The difference being an unrealized loss on securities available for sale of $109,254, as of June 30, 2006.

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2006
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:

An annual partnership management fee based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management LP, the amounts accrued are not net of reporting fees received. The partnership management fee accrued for the quarters ended June 30, 2006 and 2005 are as follows:

	2006	2005
Series 47	$   97,074	$   98,208
Series 48	59,553	59,553
Series 49	109,101	95,958
Total	$  265,728	$  253,719

The fund management fees paid for the quarter ended June 30, 2006 and 2005 are as follows:

	2006	2005
Series 47	$   -	$   -
Series 48	-	-
Series 49	-	-
Total	$ -	$ -

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2006 and 2005 the Fund has limited partnership interests in 47 and 37 Operating Partnerships which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at June 30, 2006 and 2005 is as follows:

	2006	2005
Series 47	15	15
Series 48	10	10
Series 49	22	12
Total	47	37

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2006
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships would be for the three months ended March 31, 2006.

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

		Series 47 2006	Series 47 2005
Revenues
	Rental	$ 1,507,924	$  316,731
	Interest and other	26,220	26,720
		1,534,144	343,451
Expenses
	Interest	452,691	120,872
	Depreciation and amortization	408,178	146,519
	Operating expenses	947,544	397,815
		1,808,413	665,206
NET LOSS		$ (274,269)	$ (321,755)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.		$ (271,526)	$ (318,537)
Net loss allocated to other Partners		$   (2,743)	$   (3,218)

Boston Capital Tax Credit Fund V L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2006

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

		Series 48 2006	Series 48 2005
Revenues
	Rental	$    566,175	$    87,417
	Interest and other	39,711	4,079
		605,886	91,496
Expenses
	Interest	190,688	23,359
	Depreciation and amortization	205,835	33,919
	Operating expenses	459,897	77,208
		856,420	134,486
NET LOSS		$ (250,534)	$  (42,990)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.		$ (248,029)	$  (42,560)
Net loss allocated to other Partners		$   (2,505)	$     (430)

Boston Capital Tax Credit Fund V L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2006

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

		Series 49 2006	Series 49 2005
Revenues
	Rental	$    525,640	$    62,121
	Interest and other	20,165	4,174
		545,805	66,295
Expenses
	Interest	180,093	20,368
	Depreciation and amortization	278,614	-
	Operating expenses	417,863	51,255
		876,570	71,623
NET LOSS		$ (330,765)	$ (5,328)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.		$ (327,457)	$ (5,275)
Net loss allocated to other Partners		$   (3,308)	$    (53)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the year ended June 30, 2006 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually.

Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations

Liquidity

The Fund's primary source of funds is the proceeds of its Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment and on working capital (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is accruing the fund management fees for Series 47, Series 48, and Series 49 in order to maintain adequate Fund reserves. Pursuant to the Partnership Agreement, there liabilities will be deferred until the Fund receives sales or refinancing proceeds from the Operating Partnerships, which will be used to satisfy there liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations.

Capital Resources

The Fund offered BACs in a Public Offering declared effective by the Securities and Exchange Commission on January 2, 2004. The Fund received $34,783,340, $22,993,720 and $60,000,000 representing 3,478,334, 2,299,372 and 6,000,000 BACs from investors admitted as BAC Holders in Series 47, Series 48 and Series 49, respectively, as of June 30, 2006.

Series 47

The Fund commenced offering BACs in Series 47 on January 2, 2004. Offers and sales of BACs in Series 47 were completed on April 30, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $26,379,161.

During the quarter ended June 30, 2006, Series 47 recorded capital contribution releases of $493,378. Series 47 has outstanding contributions payable to 12 Operating Partnerships in the amount of $3,174,786 as of June 30, 2006. Of the total amount outstanding, $1,103,571 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to equity and the remaining contributions of $2,071,215 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 48

The Fund commenced offering BACs in Series 48 on May 11, 2004. Offers and sales of BACs in Series 48 were completed on August 12, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $17,433,345.

During the quarter ended June 30, 2006, Series 48 recorded capital contribution releases of $242,488. Series 48 has outstanding contributions payable to 8 Operating Partnerships in the amount of $2,065,895 as of June 30, 2006. Of the total amount outstanding, $799,602 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to equity and the remaining contributions of $1,266,293 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 49

The Fund commenced offering BACs in Series 49 on August 24, 2004. Offers and sales of BACs in Series 49 were completed on April 29, 2005. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $43,528,719.

During the quarter ended June 30, 2006, Series 49 recorded capital contribution releases of $1,559,831. Series 49 has outstanding contributions payable to 19 Operating Partnerships in the amount of $11,396,146 as of June 30, 2006. Of the total amount outstanding, $3,292,707 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to equity and the remaining contributions of $8,103,439 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Results of Operations

As of June 30, 2006 the Fund held limited partnership interests in 47 Operating Partnerships. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund's results of operations for future periods will vary significantly from those for the period ended June 30, 2006 as Series 47, Series 48 and Series 49 continue to use the funds raised to invest in partnership interests of additional Operating Partnerships.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset

management and reporting fees paid by the Operating Partnerships. The fund management fees incurred for the quarter ended June 30, 2006 for Series 47, Series 48, and Series 49 were $96,074, $59,553, and $105,101, respectively.

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.

Series 47

As of June 30, 2006 and 2005, the average Qualified Occupancy was 99.9% and 72.9%, respectively. The series had a total of 15 properties at June 30, 2006. Out of the total 14 were at 100% Qualified Occupancy and 1 was in initial lease up.

For the period ended June 30, 2006 and 2005, Series 47 reflects net loss from Operating Partnerships of $(274,269) and $(321,755), respectively, which includes depreciation and amortization of $408,178 and $146,519, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Series 48

As of June 30, 2006 and 2005, the average Qualified Occupancy was 98.8% and 73.7%, respectively. The series had a total of 10 properties at June 30, 2006. Out of the total 8 were at 100% Qualified Occupancy and 2 were in initial lease up.

For the period ended June 30, 2006 and 2005, Series 48 reflects net loss from Operating Partnerships of $(250,534) and $(42,990), respectively, which includes depreciation and amortization of $205,835 and $33,919, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Series 49

As of June 30, 2006 and 2005, the average Qualified Occupancy was 92.6% and 100%, respectively. The series had a total of 22 properties at June 30, 2006. Out of the total 11 were at 100% Qualified Occupancy and 4 were in initial lease up. The series also had 4 properties that were still under construction and 3 properties with multiple building some of which were under construction and some of which were in lease-up.

For the period ended June 30, 2006 and 2005, Series 49 reflects net loss from Operating Partnerships of $(330,765) and $(5,328), respectively, which includes depreciation and amortization of $278,614 and $0, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Off Balance Sheet Arrangements

None.

Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the Fund to make various estimates and assumptions. A summary of significant accounting policies is provided in Note 1 to the financial statements. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which is primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future low-income housing credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership and includes the reduction in equity in loss of investment of limited partnerships.

As of March 31, 2004, the Fund adopted FASB Interpretation No. 46 - Revised ("FIN46R"), "Consolidation of Variable Interest Entities." FIN 46R provides guidance on when a company should include the assets, liabilities, and activities of a variable interest entity ("VIE") in its financial statements and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it absorbs the majority of the entity's expected losses, the majority of the expected returns, or both.

Based on the guidance of FIN 46R, the Operating Partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund's interests in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheet, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements.

The Fund's balance in investment in operating partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general partners and their guarantee against credit recapture.

Item 3	Quantitative and Qualitative Disclosure About Market Risk
	Not Applicable

Item 4	Controls & Procedures
	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates V LLC carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined in the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Funds's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were adequate and effective in timely alerting them to material information relating to the Fund required to be included in the Fund's periodic SEC filings.
	(b)	Changes in Internal Controls
		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended June 30, 2006 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings
	None
Item 1A.	Risk Factors
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	None
Item 3.	Defaults upon Senior Securities
	None
Item 4.	Submission of Matters to a Vote of Security  Holders
	None
Item 5.	Other Information
	None
Item 6.	Exhibits
	(a)Exhibits
		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith
		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith
		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith
		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

	Boston Capital Tax Credit Fund V L.P.
		By:	Boston Capital Associates V LLC, General Partner
Date: January 23, 2007			By:	/s/ John P. Manning John P. Manning
				Managing Member

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:
January 23, 2007	/s/ John P. Manning	Director, President (Principal Executive Officer), Boston Capital Partners II Corp.; Director, President (Principal Executive Officer), BCTC V Assignor Corp.
	John P. Manning
January 23, 2007	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), Boston Capital Partners II Corp.; Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), BCTC V Assignor Corp.

EX-31

Exhibit 31.a

I, John P. Manning, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

1. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
3. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

1. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

1. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
2. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

January 23, 2007	/s/ John P. Manning
	John P. Manning
	Principal
	Executive Officer

EX-31

Exhibit 31.b

I, Marc N. Teal, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

1. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
3. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

1. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

1. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
2. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

January 23, 2007	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer

EX-32

EXHIBIT 32.a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund V L.P. (the "Fund") on Form 10-Q for the period ended June 30, 2006 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John P. Manning, Principal Executive Officer of the Fund's general partner, Boston Capital Associates V, L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
January 23, 2007	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32

EXHIBIT 32.b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund V L.P. (the "Fund") on Form 10-Q for the period ended June 30, 2006 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc N. Teal, Principal Financial Officer of the Fund's general partner, Boston Capital Associates V L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
January 23, 2007	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.