Boston Capital Tax Credit Fund V L

0001267425-18-000002.txt : 20180213 0001267425-18-000002.hdr.sgml : 20180213 20180213095025 ACCESSION NUMBER: 0001267425-18-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20171231 FILED AS OF DATE: 20180213 DATE AS OF CHANGE: 20180213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND V LP CENTRAL INDEX KEY: 0001267425 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-109898 FILM NUMBER: 18600293 BUSINESS ADDRESS: STREET 1: ONE BOSTON PL. STREET 2: SUITE 2100 CITY: BOSTON STATE: MA ZIP: 02108 BUSINESS PHONE: 6176248900 MAIL ADDRESS: STREET 1: ONE BOSTON PL. STREET 2: SUITE 2100 CITY: BOSTON STATE: MA ZIP: 02108 10-Q 1 b5121710q.htm BCTC V DECEMBER 2017 10-Q Boston Capital Tax Credit Fund V L

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended December 31, 2017

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 333-109898

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)

(617) 624-8900

(Registrant's telephone number, including area code)

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 ý

No 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ý

No 

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

Large accelerated filer □

Accelerated Filer □

Non-accelerated filer □ (Do not check if a smaller reporting company)

Smaller Reporting Company ý

Emerging Growth Company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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

Yes 

No ý

BOSTON CAPITAL TAX CREDIT FUND V L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2017

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets	4-7
		Condensed Statements of Operations	8-15
		Condensed Statements of Changes in Partners' Capital (Deficit)	16-17
		Condensed Statements of Cash Flows	18-21
		Notes to Condensed Financial Statements	22-30

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		30-38

	Item 3. Quantitative and Qualitative Disclosures About Market Risk		39

	Item 4. Controls and Procedures		39

PART II - OTHER INFORMATION

	Item 1. Legal Proceedings		40

	Item 1A. Risk Factors		40

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		40

	Item 3. Defaults Upon Senior Securities		40

	Item 4. Mine Safety Disclosures		40

	Item 5. Other Information		40

	Item 6. Exhibits		40


	Signatures		41

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

		December 31, 2017	March 31, 2017

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 287,603	$ 517,469

OTHER ASSETS

	Cash and cash equivalents	1,497,302	1,241,219
	Other assets	106,411	106,411
		$ 1,891,316	$ 1,865,099

LIABILITIES

	Accounts payable and accrued expenses	$ 5,343	$ 343
	Accounts payable affiliates	8,787,487	7,990,511
	Capital contributions payable	101	101
		8,792,931	7,990,955

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 11,777,706 issued and 11,768,206 outstanding as of December 31, 2017 and March 31, 2017.	(6,623,159)	(5,849,339)
General Partner		(278,456)	(276,517)
		(6,901,615)	(6,125,856)
		$ 1,891,316	$ 1,865,099

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 47

		December 31, 2017	March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ -	$ -

OTHER ASSETS
	Cash and cash equivalents	601,966	373,138
	Other assets	-	-
		$ 601,966	$ 373,138

LIABILITIES

	Accounts payable and accrued expenses	$ 5,000	$ -
	Accounts payable affiliates	3,625,406	3,362,346
	Capital contributions payable	-	-
		3,630,406	3,362,346

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 3,478,334 issued and outstanding as of December 31, 2017 and March 31, 2017.	(2,944,161)	(2,905,027)
General Partner		(84,279)	(84,181)
		(3,028,440)	(2,989,208)
		$ 601,966	$ 373,138

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 48

		December 31, 2017	March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ -	$ -

OTHER ASSETS
	Cash and cash equivalents	351,893	347,379
	Other assets	-	-
		$ 351,893	$ 347,379

LIABILITIES

	Accounts payable and accrued expenses	$ -	$ -
	Accounts payable affiliates	2,138,305	1,987,717
	Capital contributions payable	-	-
		2,138,305	1,987,717

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 2,299,372 issued and 2,294,872 outstanding as of December 31, 2017 and March 31, 2017.	(1,731,184)	(1,585,475)
General Partner		(55,228)	(54,863)
		(1,786,412)	(1,640,338)
		$ 351,893	$ 347,379

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 49

		December 31, 2017	March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 287,603	$ 517,469

OTHER ASSETS
	Cash and cash equivalents	543,443	520,702
	Other assets	106,411	106,411
		$ 937,457	$ 1,144,582

LIABILITIES

	Accounts payable and accrued expenses	$ 343	$ 343
	Accounts payable affiliates	3,023,776	2,640,448
	Capital contributions payable	101	101
		3,024,220	2,640,892

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 6,000,000 issued and 5,995,000 outstanding as of December 31, 2017 and March 31, 2017.	(1,947,814)	(1,358,837)
General Partner		(138,949)	(137,473)
		(2,086,763)	(1,496,310)
		$ 937,457	$ 1,144,582

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

		2017	2016

Income
	Interest income	$ 1,471	$ 531
Other income		37,182	19,335
		38,653	19,866

Share of income (loss) from Operating Partnerships (Note D)		113,050	(152,068)

Expenses
	Professional fees	6,651	3,219
	Fund management fee, net (Note C)	247,958	247,409
	Amortization	-	30,145
	General and administrative expenses	22,855	23,374
		277,464	304,147

NET INCOME (LOSS)		$ (125,761)	$ (436,349)

Net income (loss) allocated to assignees		$ (125,447)	$ (435,258)

Net income (loss) allocated to general partner		$ (314)	$ (1,091)

Net income (loss) per BAC		$ (.01)	$ (.04)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 47

		2017	2016

Income
	Interest income	$ 506	$ 85
Other income		12,981	8,638
		13,487	8,723

Share of income (loss) from Operating Partnerships (Note D)		189,672	-

Expenses
	Professional fees	2,217	967
	Fund management fee, net (Note C)	70,723	81,812
	Amortization	-	-
	General and administrative expenses	6,981	7,142
		79,921	89,921

NET INCOME (LOSS)		$ 123,238	$ (81,198)

Net income (loss) allocated to assignees		$ 122,930	$ (80,995)

Net income (loss) allocated to general partner		$ 308	$ (203)

Net income (loss) per BAC		$ .04	$ (.02)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 48

		2017	2016

Income
	Interest income	$ 376	$ 102
Other income		12,950	7,900
		13,326	8,002

Share of income (loss) from Operating Partnerships (Note D)		-	-

Expenses
	Professional fees	2,217	645
	Fund management fee, net (Note C)	50,196	47,696
	Amortization	-	-
	General and administrative expenses	5,313	5,465
		57,726	53,806

NET INCOME (LOSS)		$ (44,400)	$ (45,804)

Net income (loss) allocated to assignees		$ (44,289)	$ (45,689)

Net income (loss) allocated to general partner		$ (111)	$ (115)

Net income (loss) per BAC		$ (.02)	$ (.02)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 49

		2017	2016

Income
	Interest income	$ 589	$ 344
Other income		11,251	2,797
		11,840	3,141

Share of income (loss) from Operating Partnerships (Note D)		(76,622)	(152,068)

Expenses
	Professional fees	2,217	1,607
	Fund management fee, net (Note C)	127,039	117,901
	Amortization	-	30,145
	General and administrative expenses	10,561	10,767
		139,817	160,420

NET INCOME (LOSS)		$ (204,599)	$ (309,347)

Net income (loss) allocated to assignees		$ (204,088)	$ (308,574)

Net income (loss) allocated to general partner		$ (511)	$ (773)

Net income (loss) per BAC		$ (.03)	$ (.05)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

		2017	2016

Income
	Interest income	$ 1,787	$ 1,700
Other income		141,736	138,357
		143,523	140,057

Share of income (loss) from Operating Partnerships (Note D)		(40,194)	(450,226)

Expenses
	Professional fees	85,593	82,235
	Fund management fee, net (Note C)	738,554	654,860
	Amortization	-	90,435
	General and administrative expenses	54,941	55,150
		879,088	882,680

NET INCOME (LOSS)		$ (775,759)	$(1,192,849)

Net income (loss) allocated to assignees		$ (773,820)	$(1,189,867)

Net income (loss) allocated to general partner		$ (1,939)	$ (2,982)

Net income (loss) per BAC		$ (.07)	$ (.10)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 47

		2017	2016

Income
	Interest income	$ 602	$ 304
Other income		45,082	68,132
		45,684	68,436

Share of income (loss) from Operating Partnerships (Note D)		189,672	-

Expenses
	Professional fees	25,665	25,335
	Fund management fee, net (Note C)	231,474	199,434
	Amortization	-	-
	General and administrative expenses	17,449	17,302
		274,588	242,071

NET INCOME (LOSS)		$ (39,232)	$ (173,635)

Net income (loss) allocated to assignees		$ (39,134)	$ (173,201)

Net income (loss) allocated to general partner		$ (98)	$ (434)

Net income (loss) per BAC		$ (.01)	$ (.05)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 48

		2017	2016

Income
	Interest income	$ 462	$ 347
Other income		30,621	57,002
		31,083	57,349

Share of income (loss) from Operating Partnerships (Note D)		-	-

Expenses
	Professional fees	22,682	21,608
	Fund management fee, net (Note C)	139,788	92,021
	Amortization	-	-
	General and administrative expenses	14,687	14,165
		177,157	127,794

NET INCOME (LOSS)		$ (146,074)	$ (70,445)

Net income (loss) allocated to assignees		$ (145,709)	$ (70,269)

Net income (loss) allocated to general partner		$ (365)	$ (176)

Net income (loss) per BAC		$ (.06)	$ (.03)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 49

		2017	2016

Income
	Interest income	$ 723	$ 1,049
Other income		66,033	13,223
		66,756	14,272

Share of income (loss) from Operating Partnerships (Note D)		(229,866)	(450,226)

Expenses
	Professional fees	37,246	35,292
	Fund management fee, net (Note C)	367,292	363,405
	Amortization	-	90,435
	General and administrative expenses	22,805	23,683
		427,343	512,815

NET INCOME (LOSS)		$ (590,453)	$ (948,769)

Net income (loss) allocated to assignees		$ (588,977)	$ (946,397)

Net income (loss) allocated to general partner		$ (1,476)	$ (2,372)

Net income (loss) per BAC		$ (.10)	$ (.16)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31,
(Unaudited)

	Assignees	General partner	Total

Partners' capital (deficit) April 1, 2017	$(5,849,339)	$(276,517)	$(6,125,856)

Net loss	(773,820)	(1,939)	(775,759)

Partners' capital (deficit), December 31, 2017	$(6,623,159)	$(278,456)	$(6,901,615)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31,
(Unaudited)

	Assignees	General partner	Total
Series 47
Partners' capital (deficit) April 1, 2017	$(2,905,027)	$ (84,181)	$(2,989,208)

Net loss	(39,134)	(98)	(39,232)

Partners' capital (deficit), December 31, 2017	$(2,944,161)	$ (84,279)	$(3,028,440)

	Assignees	General partner	Total
Series 48
Partners' capital (deficit) April 1, 2017	$(1,585,475)	$ (54,863)	$(1,640,338)

Net loss	(145,709)	(365)	(146,074)

Partners' capital (deficit), December 31, 2017	$(1,731,184)	$ (55,228)	$(1,786,412)

	Assignees	General partner	Total
Series 49
Partners' capital (deficit) April 1, 2017	$(1,358,837)	$(137,473)	$(1,496,310)

Net loss	(588,977)	(1,476)	(590,453)

Partners' capital (deficit), December 31, 2017	$(1,947,814)	$(138,949)	$(2,086,763)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

				2017		2016
Cash flows from operating activities:

	Net loss			$ (775,759)		$(1,192,849)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Amortization		-		90,435
		Distributions from Operating Partnerships		-		38,333
		Share of (income) loss from Operating Partnerships		40,194		450,226
	Changes in assets and liabilities
		Increase (Decrease) in accounts payable and accrued expenses		5,000		(500)
		Increase in accounts payable affiliates		796,976		803,243

			Net cash provided by operating activities	66,411		188,888

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships				189,672		-

Net cash provided by investing activities				189,672		-

INCREASE IN CASH AND CASH EQUIVALENTS					256,083		188,888

Cash and cash equivalents, beginning					1,241,219		969,029

Cash and cash equivalents, ending					$ 1,497,302		$ 1,157,917

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

Series 47

					2017		2016
Cash flows from operating activities:

	Net loss				$ (39,232)		$ (173,635)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Amortization			-		-
		Distributions from Operating Partnerships			-		-
		Share of (income) loss from Operating Partnerships			(189,672)		-
	Changes in assets and liabilities
		Increase (Decrease) in accounts payable and accrued expenses			5,000		(385)
		Increase in accounts payable affiliates			263,060		266,194

			Net cash provided by operating activities		39,156		92,174

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships					189,672		-

Net cash provided by investing activities					189,672		-

INCREASE IN CASH AND CASH EQUIVALENTS				228,828		92,174

Cash and cash equivalents, beginning				373,138		251,317

Cash and cash equivalents, ending				$ 601,966		$ 343,491

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

Series 48

					2017		2016
Cash flows from operating activities:

	Net loss				$ (146,074)		$ (70,445)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Amortization			-		-
		Distributions from Operating Partnerships			-		-
		Share of (income) loss from Operating Partnerships			-		-
	Changes in assets and liabilities
		Increase (Decrease) in accounts payable and accrued expenses			-		(115)
		Increase in accounts payable affiliates			150,588		153,721

			Net cash provided by operating activities		4,514		83,161

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships					-		-

Net cash provided by investing activities					-		-

INCREASE IN CASH AND CASH EQUIVALENTS				4,514		83,161

Cash and cash equivalents, beginning				347,379		244,197

Cash and cash equivalents, ending				$ 351,893		$ 327,358

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

Series 49

					2017		2016
Cash flows from operating activities:

	Net loss				$ (590,453)		$ (948,769)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Amortization			-		90,435
		Distributions from Operating Partnerships			-		38,333
		Share of (income) loss from Operating Partnerships			229,866		450,226
	Changes in assets and liabilities
		Increase (Decrease) in accounts payable and accrued expenses			-		-
		Increase in accounts payable affiliates			383,328		383,328

			Net cash provided by operating activities		22,741		13,553

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships					-		-

Net cash provided by investing activities					-		-

INCREASE IN CASH AND CASH EQUIVALENTS				22,741		13,553

Cash and cash equivalents, beginning				520,702		473,515

Cash and cash equivalents, ending				$ 543,443		$ 487,068

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
December 31, 2017
(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 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, (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 December 31, 2017, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2017:

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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2017
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2017 and for the three and nine 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 principles 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 for the fiscal year ended March 31, 2017.

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2016, the lives of the remaining acquisition costs were reassessed and determined to be 1 year for Series 49. As of March 31, 2017, acquisition costs were fully amortized or impaired for Series 49.

Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	90,435
	$ -	$ 90,435

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2017
(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 fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ 87,687	$ 87,687
Series 48	50,196	50,196
Series 49	127,776	127,776
Total	$265,659	$265,659

The fund management fees paid for the quarters ended December 31, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	-
Total	$ -	$ -

The fund management fees paid for the nine months ended December 31, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	-
Total	$ -	$ -

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2017 and 2016, the Fund had limited partnership interests in 47 and 48 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2017 and 2016 is as follows:

	2017	2016
Series 47	13	14
Series 48	10	10
Series 49	24	24
Total	47	48

Under the terms of the Partnership's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2017
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (CONTINUED)

During the nine months ended December 31, 2017, the Fund disposed of one Operating Partnership. A summary of the dispositions by Series for December 31, 2017 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition			Gain/(Loss) on Disposition
Series 47	-		1		$	189,672		$	189,672
Series 48	-		-			-			-
Series 49	-		-			-			-
Total	-		1		$	189,672		$	189,672

During the nine months ended December 31, 2016, the Fund disposed of two Operating Partnerships. A summary of the dispositions by Series for December 31, 2016 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition			Gain/(Loss) on Disposition
Series 47	-		1		$	-		$	-
Series 48	-		1			-			-
Series 49	-		-			-			-
Total	-		2		$	-		$	-

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

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 are for the nine months ended September 30, 2017.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Total

		2017	2016
Revenues
	Rental	$ 15,996,053	$ 16,322,718
	Interest and other	379,973	438,139
		16,376,026	16,760,857

Expenses
	Interest	2,388,543	2,013,429
	Depreciation and amortization	4,165,774	4,564,420
	Operating expenses	12,266,884	11,037,239
		18,821,201	17,615,088

NET LOSS		$(2,445,175)	$ (854,231)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$(2,420,724)	$ (845,688)

Net loss allocated to other Partners		$ (24,451)	$ (8,543)

* Amounts include $2,190,858 and $395,462 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 47

		2017	2016
Revenues
	Rental	$ 5,793,126	$ 6,126,903
	Interest and other	121,742	150,643
		5,914,868	6,277,546

Expenses
	Interest	829,869	731,566
	Depreciation and amortization	1,256,865	1,435,613
	Operating expenses	4,150,276	4,204,643
		6,237,010	6,371,822

NET LOSS		$ (322,142)	$ (94,276)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (318,921)	$ (93,333)

Net loss allocated to other Partners		$ (3,221)	$ (943)

* Amounts include $318,921 and $93,333 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2017
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 48

		2017	2016
Revenues
	Rental	$ 3,029,720	$ 3,120,004
	Interest and other	72,250	63,692
		3,101,970	3,183,696

Expenses
	Interest	358,327	198,710
	Depreciation and amortization	769,026	807,279
	Operating expenses	3,130,443	2,179,019
		4,257,796	3,185,008

NET LOSS		$(1,155,826)	$ (1,312)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$(1,144,268)	$ (1,299)

Net loss allocated to other Partners		$ (11,558)	$ (13)

* Amounts include $1,144,268 and $1,299 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2017
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 49

		2017	2016
Revenues
	Rental	$ 7,173,207	$ 7,075,811
	Interest and other	185,981	223,804
		7,359,188	7,299,615

Expenses
	Interest	1,200,347	1,083,153
	Depreciation and amortization	2,139,883	2,321,528
	Operating expenses	4,986,165	4,653,577
		8,326,395	8,058,258

NET LOSS		$ (967,207)	$ (758,643)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (957,535)	$ (751,056)

Net loss allocated to other Partners		$ (9,672)	$ (7,587)

* Amounts include $727,669 and $300,830 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2017
(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2017 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.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2013 remain open.

NOTE G - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

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

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2017. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

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

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended December 31, 2017 were $265,659 and total fund management fees accrued as of December 31, 2017 were $8,787,487. During the quarter ended December 31, 2017, none of the accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these 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 of the Fund.

Capital Resources

The Fund offered BACs in the 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 December 31, 2017.

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 $26,409,598. Series 47 has since sold its interest in 2 of the Operating Partnerships and 13 remain.

During the quarter ended December 31, 2017, Series 47 did not record any releases of capital contributions. Series 47 has released all payments of its capital contributions to the Operating Partnerships.

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 11 Operating Partnerships in the amount of $17,452,406. Series 48 has since sold its interest in 1 of the Operating Partnerships and 10 remain.

During the quarter ended December 31, 2017, Series 48 did not record any releases of capital contributions. Series 48 has released all payments of its capital contributions to the Operating Partnerships.

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 24 Operating Partnerships in the amount of $45,728,155.

During the quarter ended December 31, 2017, Series 49 did not record any releases of capital contributions. Series 49 has outstanding contributions payable to 1 Operating Partnership in the amount of $101, as of December 31, 2017. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in their partnership agreement.

Results of Operations

As of December 31, 2017, 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 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 and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, 2017 are as follows:

	3 Months Gross Fund Management Fee	3 Months Reporting Fee	3 Months Fund Management Fee Net of Reporting Fee
Series 47	$ 87,687	$16,964	$ 70,723
Series 48	50,196	-	50,196
Series 49	127,776	737	127,039
	$265,659	$17,701	$247,958

	9 Months Gross Fund Management Fee	9 Months Reporting Fee	9 Months Fund Management Fee Net of Reporting Fee
Series 47	$263,060	$31,586	$231,474
Series 48	150,588	10,800	139,788
Series 49	383,328	16,036	367,292
	$796,976	$58,422	$738,554

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 December 31, 2017 and 2016, the average Qualified Occupancy was 100%. The series had a total of 13 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2017 and 2016, Series 47 reflects a net loss from Operating Partnerships of $(322,142) and $(94,276), respectively, which includes depreciation and amortization of $1,256,865 and $1,435,613, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In October 2017, the operating general partner of CP Continental Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on December 20, 2017. The sales price of the property was $8,100,000, which included the outstanding mortgage balance of approximately $5,656,256 and cash proceeds to the investment partnership of $194,672. Of the total proceeds received by the investment partnership, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $189,672 were returned to cash reserves held by Series 47. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $189,672 as of December 31, 2017.

McEver Vineyards, L.P. (McEver Vineyards Apartments) is a 220-unit family property in Gainesville, GA. Due to high operating expenses, burdensome debt service and insufficient rental rates the property operated below breakeven from 2006 - 2015. The investment general partner worked with the operating general partner and the management company in an attempt to improve operations. Whether the operating general partner's operating deficit guarantee had expired was disputed by the operating general partner and the investment general partner. Nevertheless, operating deficits were partially financed by advances from the operating general partner during the past several years. The 15-year low income tax credit compliance period with respect to McEver Vineyards, LP expires on December 31, 2019. The operating general partner signed a letter of intent in December 2015 and a subsequent purchase and sale agreement in January 2016 to sell the property to a buyer who agreed to manage the property compliant with the requirements of Section 42 and sign a post transfer compliance and indemnity agreement and a personal guaranty. The subject property sale was completed on April 8, 2016. Although there were no distributable proceeds to the investment limited partners from the sale, the buyer of the property did execute a post transfer compliance & indemnity agreement, and a personal guaranty at closing preventing a foreclosure and mitigating the risk of recapture costs for the investment limited partners. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the sale of the Operating Partnership has been recorded as of June 30, 2016.

Park Plaza Village L.P. (Park Plaza Village Apartments) is a 14-unit family property in Temple, OK. Due to fluctuating occupancy and high expenses, operations were below breakeven in 2016. Occupancy averaged 81% in 2016 and 77% through December 2017. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired on August 31, 2014. The 15-year low income housing tax credit compliance period with respect to Park Plaza Village L.P. expires on December 31, 2018.

The Masters Apartments, L.P (Crawford Park Apartments Homes) is a 144-unit family property located in Dallas, TX. Operations fell below breakeven in 2016 when management re-branded the property to improve its reputation and resident profile. With over 60 evictions, the property suffered a drastic decline in rental income. In addition, operating expenses increased as management worked to correct deferred maintenance items throughout 2016 and 2017. As of December 2017 the property is at breakeven, after accounting for reserve withdrawals for expensed improvements. Management continues to focus on renting to residents that meet the stringent tenant selection criteria, and expects to achieve 100% occupancy in the first quarter of 2018. The investment general partner will continue to work closely with the operating general partner and the management company to improve operations and occupancy. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to The Masters Apartments, L.P. expires on December 31, 2020.

Series 48

As of December 31, 2017 and 2016, the average Qualified Occupancy was 100%. The series had a total of 10 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2017 and 2016, Series 48 reflects a net loss from Operating Partnerships of $(1,155,826) and $(1,312), respectively, which includes depreciation and amortization of $769,026 and $807,279, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

McEver Vineyards, L.P. (McEver Vineyards Apartments) is a 220-unit family property in Gainesville, GA. Due to high operating expenses, burdensome debt service and insufficient rental rates the property operated below breakeven from 2006 - 2015. The investment general partner worked with the operating general partner and the management company in an attempt to improve operations. Whether the operating general partner's operating deficit guarantee had expired was disputed by the operating general partner and the investment general partner. Nevertheless, operating deficits were partially financed by advances from the operating general partner during the past several years. The 15-year low income tax credit compliance period with respect to McEver Vineyards, LP expires on December 31, 2019. The operating general partner signed a letter of intent in December 2015 and a subsequent purchase and sale agreement in January 2016 to sell the property to a buyer who agreed to manage the property compliant with the requirements of Section 42 and sign a post transfer compliance and indemnity agreement and a personal guaranty. The subject property sale was completed on April 8, 2016. Although there were no distributable proceeds to the investment limited partners from the sale, the buyer of the property did execute a post transfer compliance & indemnity agreement, and a personal guaranty at closing preventing a foreclosure and mitigating the risk of recapture costs for the investment limited partners. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the sale of the Operating Partnership has been recorded as of June 30, 2016.

Wyndam-Emporia L.P. (Wyndam Place Senior Residences) is a 42-unit senior property located in Emporia, KS. Due to low occupancy, and management's inability to raise rents, the property continues to operate below breakeven. Effective January 1, 2016, the operating general partner modified the existing loan resulting in an annual debt service reduction of $14,000. The investment general partner continues to work with the operating general partner and the management company to monitor and improve occupancy and operations. As of December 31, 2017, the property is maintaining occupancy of 97.6%. The 15-year low income housing tax credit compliance period with respect to Wyndam-Emporia L.P. expires on December 31, 2020.

The Masters Apartments, L.P (Crawford Park Apartments Homes) is a 144-unit family property located in Dallas, TX. Operations fell below breakeven in 2016 when management re-branded the property to improve its reputation and resident profile. With over 60 evictions, the property suffered a drastic decline in rental income. In addition, operating expenses increased as management worked to correct deferred maintenance items throughout 2016 and 2017. As of December 2017 the property is at breakeven, after accounting for reserve withdrawals for expensed improvements. Management continues to focus on renting to residents that meet the stringent tenant selection criteria, and expects to achieve 100% occupancy in the first quarter of 2018. The investment general partner will continue to work closely with the operating general partner and the management company to improve operations and occupancy. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to The Masters Apartments, L.P. expires on December 31, 2020.

Series 49

As of December 31, 2017 and 2016, the average Qualified Occupancy was 100%. The series had a total of 24 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2017 and 2016, Series 49 reflects a net loss from Operating Partnerships of $(967,207) and $(758,643), respectively, which includes depreciation and amortization of $2,139,883 and $2,321,528, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rosewood Place, L.L.C. (Rosewood Senior) is a 144-unit apartment development for seniors located in Lenexa, Kansas. The property operated above breakeven during 2015, 2016 and 2017. The investment general partner continues to monitor the personal Chapter 7 bankruptcy of the principal of the operating general partner and regularly receives verbal updates from the bankruptcy trustee on the status and progress on the liquidation of the operating general partner's personal assets, including the eventual sale of his operating general partner interest in the subject Operating Partnership. Although the operating general partner's operating deficit guarantee has not expired, it has no ability to honor this guarantee due to aforementioned personal bankruptcy filing by its principal. The 15-year low income tax credit compliance period with respect to Rosewood Place, L.L.C. expires on December 31, 2021.

Union Square Housing Partnership, A LA L.P. (Union Square Apartments) is a 32-unit family property in Junction City, LA. The property operates below breakeven due to high operating expenses. The investment limited partner will continue to work with the operating general partner to reduce expenses and improve operations. The operating general partner's operating deficit guarantee is unlimited in time and amount. The 15-year low income housing tax credit compliance period with respect to Union Square Housing Partnership, A LA L.P. expires on December 31, 2019.

Linden-Bartlesville Partners, L.P. (The Linden's Apartments) is a 54-unit family property located in Bartlesville, OK. Operations have been consistently below breakeven since the fourth quarter of 2014 due to low occupancy levels and the inability to increase rents due to unanticipated competition in the market. A debt modification was secured during 2016, which reduced annual debt service payments by approximately $11,000. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. As of December 31, 2017, the property is maintaining occupancy of 83.3%. The operating general partner's obligation to fund deficits under the operating deficit guaranty has expired; however, the operating general partner continues to fund deficits and has confirmed its commitment to continue doing so. The 15-year low income housing tax credit compliance period with respect to Linden-Bartlesville Partners, L.P. expires on December 31, 2020.

Linden-Shawnee Partners, L.P. (Linden's Apartments) is a 54-unit family property in Shawnee, OK. Operations were below breakeven in 2016, largely due to management's inability to increase rents and retain current tenants, while incurring additional operating expenses. The investment limited partner will continue to work with the operating general partner and the management company to improve occupancy and operations. As of December 31, 2017, the property is maintaining occupancy of 85.2%.The operating general partner's operating deficit guarantee expires on December 31, 2020. The 15-year low income housing tax credit compliance period with respect to Linden-Shawnee Partners, L.P. expires on December 31, 2020.

New Chester Townhouses, A Limited Partnership (Chester Townhouses) is a 62-unit family property in Chester, SC. Operations were below breakeven in 2016 due to high operating expenses. In 2017, operations have improved to above breakeven due to higher revenue and lower operating expenses. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to New Chester Townhouses, A Limited Partnership expires on December 31, 2021. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for New Chester Townhouses, A Limited Partnership subsequent to December 31, 2017.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. 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 are 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. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

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.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended, March 31, 2016 and 2015. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it 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. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. 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 has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, 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, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on the 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 housing complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Item 3		Quantitative and Qualitative Disclosures About Market Risk

		Not Applicable
Item 4	Controls and 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 under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund'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 effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)		Changes in Internal Controls

			There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended December 31, 2017 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

There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2017.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.

Defaults upon Senior Securities

None

Item 4.

Mine Safety Disclosures

Not Applicable

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

101. The following materials from the Boston Capital Tax Credit Fund V L.P. Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herein

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: February 13, 2018			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:

February 13, 2018	/s/ John P. Manning John P. Manning	Director, President (Principal Executive Officer), Boston Capital Partners II Corp.; Director, President (Principal Executive Officer), BCTC V Assignor Corp.







February 13, 2018	/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 2 b51217cert302jpm.htm BCTC V CERTIFICATION 302 SECURITIES AND EXCHANGE COMMISSION

Exhibit 31.a

I, John P. Manning, certify that:

I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;

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;

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;

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

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;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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):

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

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.

Date:	/s/ John P. Manning
February 13, 2018	John P. Manning
	Principal
	Executive Officer

EX-31 3 b51217cert302mnt.htm BCTC V CERTIFICATION 302 SECURITIES AND EXCHANGE COMMISSION

Exhibit 31.b

I, Marc N. Teal, certify that:

I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;

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;

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;

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

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;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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):

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

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.

Date:	/s/ Marc N. Teal
February 13, 2018	Marc N. Teal
	Principal Financial Officer

EX-32 4 b51217cert906jpm.htm BCTC V CERTIFICATION 906 EXHIBIT 99

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 December 31, 2017 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:
February 13, 2018		/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 5 b51217cert906mnt.htm BCTC V CERTIFICATION 906 EXHIBIT 99

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 December 31, 2017 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:
February 13, 2018		/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.

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1865099

<div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NOTE G - SUBSEQUENT EVENTS</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure.  The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes.  Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NOTE F - INCOME TAXES</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2013 remain open.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NOTE E - TAXABLE LOSS</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The Fund's taxable loss for the calendar year ended December 31, 2017 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.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NOTE C - RELATED PARTY TRANSACTIONS</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">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:</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2017 and 2016 are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <table style="clear:both;WIDTH: 333pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="444"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 39%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="39%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 39%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="39%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $ 87,687</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $ 87,687</font></div> </td> </tr> <tr style="HEIGHT: 8.25pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 39%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="39%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">50,196</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">50,196</font></div> </td> </tr> <tr style="HEIGHT: 8.25pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 39%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="39%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 127,776</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 127,776</font></u></div> </td> </tr> <tr style="HEIGHT: 8.25pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 39%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="39%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Total</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>265,659</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>265,659</u></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The fund management fees paid for the quarters ended December 31, 2017 and 2016 are as follows:</font></div> <table style="clear:both;WIDTH: 333pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="444"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $      -</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $      -</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">       -</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">       -</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Total</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>      -</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>      -</u></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The fund management fees paid for the nine months ended December 31, 2017 and 2016 are as follows:</font></div> <table style="clear:both;WIDTH: 333pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="444"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $      -</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $      -</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">       -</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">       -</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Total</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>      -</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>      -</u></font></div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The fund management fee accrued for the quarters ended December 31, 2017 and 2016 are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <table style="clear:both;WIDTH: 333pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="444"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 39%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="39%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 39%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="39%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $ 87,687</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $ 87,687</font></div> </td> </tr> <tr style="HEIGHT: 8.25pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 39%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="39%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">50,196</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">50,196</font></div> </td> </tr> <tr style="HEIGHT: 8.25pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 39%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="39%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 127,776</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 127,776</font></u></div> </td> </tr> <tr style="HEIGHT: 8.25pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 39%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="39%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Total</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>265,659</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>265,659</u></font></div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The fund management fees paid for the quarters ended December 31, 2017 and 2016 are as follows:</font></div> <table style="clear:both;WIDTH: 333pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="444"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $      -</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $      -</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">       -</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">       -</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Total</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>      -</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>      -</u></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The fund management fees paid for the nine months ended December 31, 2017 and 2016 are as follows:</font></div> <table style="clear:both;WIDTH: 333pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="444"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $      -</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $      -</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">       -</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">       -</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Total</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>      -</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>      -</u></font></div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">At December 31, 2017 and 2016, the Fund had limited partnership interests in 47 and 48 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2017 and 2016 is as follows:</font></div> <table style="clear:both;WIDTH: 333pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="444"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">13</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">14</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">10</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">10</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 24</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 24</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Total</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 47</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 48</font></u></div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: Courier; FONT-SIZE: 10pt">A summary of the dispositions by Series for December 31, 2017 is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: Courier; FONT-SIZE: 10pt"></font><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;CLEAR: both">  </div> <center> <table style="clear:both;FONT-SIZE: 10pt" border="1" cellspacing="1" width="584"> <tr> <td valign="bottom" width="15%"> <div> </div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating Partnership Interest Transferred</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Sale of Underlying Operating Partnership</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="19%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Partnership Proceeds from Disposition</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="21%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Gain/(Loss) on Disposition</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 47</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">1</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">189,672</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">189,672</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 48</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 49</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Total</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">1</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">189,672</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">189,672</font></div> </td> </tr> </table> </center> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> </div><div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: Courier; FONT-SIZE: 10pt">A summary of the dispositions by Series for December 31, 2016 is as follows:</font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;CLEAR: both">  </div> <center> <table style="clear:both;FONT-SIZE: 10pt" border="1" cellspacing="1" width="584"> <tr> <td valign="bottom" width="15%"> <div> </div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating Partnership Interest Transferred</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Sale of Underlying Operating Partnership</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="19%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Partnership Proceeds from Disposition</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="21%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Gain/(Loss) on Disposition</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 47</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">1</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 48</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">1</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 49</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Total</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">2</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> </table> </center> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

601966

373138

3630406

3362346

601966

373138

<div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2017.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> </div><div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Total</font></u></div> <table style="clear:both;WIDTH: 6.25in; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="600"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Revenues</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Rental</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $ 15,996,053</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $ 16,322,718</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Interest and other</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     379,973</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     438,139</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  16,376,026</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  16,760,857</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Interest</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2,388,543</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2,013,429</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Depreciation and amortization</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 4,165,774</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 4,564,420</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Operating expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  12,266,884</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  11,037,239</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  18,821,201</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  17,615,088</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NET LOSS</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>(2,445,175)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>  (854,231)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>(2,420,724)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>  (845,688)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to other Partners</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">$<u>   (24,451)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>    (8,543)</u></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> </font> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> <br/> * Amounts include $2,190,858 and $395,462 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> </div><div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="FONT-FAMILY:Courier New,courier,monospace"> </font></font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><u><font style="FONT-FAMILY:Courier New,courier,monospace"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="FONT-FAMILY:Courier New,courier,monospace">Series 47</font></font></u></font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> </font></div> <table style="clear:both;WIDTH: 6.25in; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="600"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Revenues</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Rental</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  5,793,126</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  6,126,903</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Interest and other</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     121,742</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     150,643</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   5,914,868</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   6,277,546</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Interest</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">829,869</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">731,566</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Depreciation and amortization</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 1,256,865</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 1,435,613</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Operating expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   4,150,276</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   4,204,643</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   6,237,010</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   6,371,822</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NET LOSS</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>  (322,142)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>   (94,276)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>  (318,921)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>   (93,333)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to other Partners</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>    (3,221)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>      (943)</u></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> </font> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> * Amounts include $318,921 and $93,333 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> </div><div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 48</font></u></div> <table style="clear:both;WIDTH: 6.25in; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="600"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Revenues</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Rental</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  3,029,720</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  3,120,004</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Interest and other</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">      72,250</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">      63,692</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   3,101,970</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   3,183,696</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Interest</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">358,327</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">198,710</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Depreciation and amortization</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">769,026</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">807,279</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Operating expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   3,130,443</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   2,179,019</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   4,257,796</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   3,185,008</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NET LOSS</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>(1,155,826)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>    (1,312)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>(1,144,268)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>    (1,299)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to other Partners</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>   (11,558)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>       (13)</u></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">* Amounts include $1,144,268 and $1,299 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> </div><div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 49</font></u></div> <table style="clear:both;WIDTH: 6.25in; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="600"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Revenues</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Rental</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  7,173,207</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  7,075,811</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Interest and other</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     185,981</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     223,804</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   7,359,188</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   7,299,615</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Interest</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 1,200,347</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 1,083,153</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Depreciation and amortization</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2,139,883</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2,321,528</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Operating expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   4,986,165</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   4,653,577</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   8,326,395</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   8,058,258</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NET LOSS</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>  (967,207)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>  (758,643)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>  (957,535)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>  (751,056)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to other Partners</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>    (9,672)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>    (7,587)</u></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: none"></font></font> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">* Amounts include $727,669 and $300,830 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.<font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The condensed financial statements herein as of December 31, 2017 and for the three and nine 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.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">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 principles 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 for the fiscal year ended March 31, 2017.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Amortization</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2016, the lives of the remaining acquisition costs were reassessed and determined to be 1 year for Series 49. As of March 31, 2017, acquisition costs were fully amortized or impaired for Series 49.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2017 and 2016 are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;CLEAR: both" align="center"> <table style="clear:both;WIDTH: 301.5pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="402"> <tr style="HEIGHT: 12pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 12pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"></td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 12pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 12pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr style="HEIGHT: 8.25pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $        -</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $        -</font></div> </td> </tr> <tr style="HEIGHT: 10.5pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">         -</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">    90,435</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>        -</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>   90,435</u></font></div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

351893

347379

2138305

1987717

351893

347379

<div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Amortization</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2016, the lives of the remaining acquisition costs were reassessed and determined to be 1 year for Series 49. As of March 31, 2017, acquisition costs were fully amortized or impaired for Series 49.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2017 and 2016 are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;CLEAR: both" align="center"> <table style="clear:both;WIDTH: 301.5pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="402"> <tr style="HEIGHT: 12pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 12pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"></td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 12pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 12pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr style="HEIGHT: 8.25pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $        -</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $        -</font></div> </td> </tr> <tr style="HEIGHT: 10.5pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">         -</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">    90,435</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>        -</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>   90,435</u></font></div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2017 and 2016 are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;CLEAR: both" align="center"> <table style="clear:both;WIDTH: 301.5pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="402"> <tr style="HEIGHT: 12pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 12pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"></td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 12pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 12pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr style="HEIGHT: 8.25pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $        -</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 8.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $        -</font></div> </td> </tr> <tr style="HEIGHT: 10.5pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">-</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">         -</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">    90,435</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 31%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="31%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>        -</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 34%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="34%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>   90,435</u></font></div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NOTE A  ORGANIZATION</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">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 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.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">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.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">A Registration Statement on Form S-11 and the related prospectus, (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 December 31, 2017, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2017:</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <table style="clear:both;WIDTH: 478.5pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="638"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Closing Date</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 24%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="24%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> BACs Sold</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Equity Raised</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">April 30, 2004</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 24%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="24%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 3,478,334</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $34,783,340</font></div> </td> </tr> <tr style="HEIGHT: 10.5pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">August 12, 2004</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 24%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="24%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2,299,372</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $22,993,720</font></div> </td> </tr> <tr style="HEIGHT: 10.5pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">April 29, 2005</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 24%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="24%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 6,000,000</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $60,000,000</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The Fund concluded its public offering of BACs in the Fund on April 29, 2005.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2017:</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <table style="clear:both;WIDTH: 478.5pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="638"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Closing Date</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 24%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="24%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> BACs Sold</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Equity Raised</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">April 30, 2004</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 24%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="24%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 3,478,334</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $34,783,340</font></div> </td> </tr> <tr style="HEIGHT: 10.5pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">August 12, 2004</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 24%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="24%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2,299,372</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $22,993,720</font></div> </td> </tr> <tr style="HEIGHT: 10.5pt"> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">April 29, 2005</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 24%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="24%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 6,000,000</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 25%; PADDING-RIGHT: 5.25pt; HEIGHT: 10.5pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="25%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $60,000,000</font></div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

937457

1144582

3024220

2640892

937457

1144582

0 90435 P27Y6M

10

10

15500000

15500000

P1Y

11777706

11768206

11768206

10

10

15500000

15500000

0

0

0

0

0

0

0

0

3478334

3478334

3478334

10

10

0

0

0

0

0

0

0

0

15500000

15500000

0.005

2299372

2294872

2294872

10

10

15500000

15500000

6000000

5995000

5995000

0 0 0 0 1 1 0 0

189672

189672

0

0

0 0 0 0 2 1 1 0

0

0

0

0

16376026 16760857 18821201 17615088 5914868 6277546 6237010 6371822 3183696 3101970 4257796 3185008 7359188 7299615 8326395 8058258

38653

19866

277464

304147

13487

8723

79921

89921

13326

8002

57726

53806

11840

3141

139817

160420

143523

140057

879088

882680

45684

68436

274588

242071

31083

57349

177157

127794

66756

14272

427343

512815

-5849339

-276517

-773820

-1939

-6623159

-278456

189672

0

189672

0

0

0

0

0

<div style="MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"> </font>At December 31, 2017 and 2016, the Fund had limited partnership interests in 47 and 48 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2017 and 2016 is as follows:</font></div> <table style="clear:both;WIDTH: 333pt; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="444"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 47</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">13</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">14</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 48</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">10</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">10</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Series 49</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">24</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">24</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 41%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="41%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Total</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">47</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 30%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="30%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">48</font></u></div> </td> </tr> </table> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Under the terms of the Partnership's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: Courier; FONT-SIZE: 10pt">During the nine months ended December 31, 2017, the Fund disposed of one Operating Partnership.<font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font> A summary of the dispositions by Series for December 31, 2017 is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: Courier; FONT-SIZE: 10pt"></font><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;CLEAR: both">  </div> <center> <table style="clear:both;FONT-SIZE: 10pt" border="1" cellspacing="1" width="584"> <tr> <td valign="bottom" width="15%"> <div> </div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating Partnership Interest Transferred</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Sale of Underlying Operating Partnership</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="19%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Partnership Proceeds from Disposition</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="21%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Gain/(Loss) on Disposition</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 47</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">1</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">189,672</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">189,672</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 48</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 49</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Total</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">1</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">189,672</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">189,672</font></div> </td> </tr> </table> </center> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: none"></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: Courier; FONT-SIZE: 10pt"> </font> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: Courier; FONT-SIZE: 10pt">During the nine months ended December 31, 2016, the Fund disposed of two Operating Partnerships. <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font>A summary of the dispositions by Series for December 31, 2016 is as follows:</font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;CLEAR: both">  </div> <center> <table style="clear:both;FONT-SIZE: 10pt" border="1" cellspacing="1" width="584"> <tr> <td valign="bottom" width="15%"> <div> </div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating Partnership Interest Transferred</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Sale of Underlying Operating Partnership</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="19%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Partnership Proceeds from Disposition</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="21%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Gain/(Loss) on Disposition</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 47</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">1</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 48</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">1</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 49</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> <tr> <td valign="bottom" width="15%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Total</font></div> </td> <td valign="bottom" width="19%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">2</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="16%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> <td valign="bottom" width="3%"> <div> </div> </td> <td valign="bottom" width="3%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">$</font></div> </td> <td valign="bottom" width="18%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">-</font></div> </td> </tr> </table> </center> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> </font> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: none"></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: none"> </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">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. <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"> </font>Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2017.</font></div> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: none"> </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/> Nine Months Ended September 30,<br/> (Unaudited)</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"> </font>Total</font></u></div> <table style="clear:both;WIDTH: 6.25in; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="600"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Revenues</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Rental</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $ 15,996,053</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $ 16,322,718</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Interest and other</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     379,973</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     438,139</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  16,376,026</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  16,760,857</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Interest</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2,388,543</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2,013,429</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Depreciation and amortization</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 4,165,774</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 4,564,420</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Operating expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  12,266,884</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  11,037,239</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  18,821,201</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  17,615,088</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NET LOSS</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>(2,445,175)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>  (854,231)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>(2,420,724)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>  (845,688)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to other Partners</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">$<u>   (24,451)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>    (8,543)</u></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> </font> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  <br/> * Amounts include $2,190,858 and $395,462 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></div> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font><br/> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Courier New,courier,monospace">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/> Nine Months Ended September 30,<br/> (Unaudited)</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;CLEAR: both">   <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="FONT-FAMILY:Courier New,courier,monospace">Series 47</font></font></u></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> </font></div> <table style="clear:both;WIDTH: 6.25in; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="600"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Revenues</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Rental</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  5,793,126</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  6,126,903</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Interest and other</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     121,742</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     150,643</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   5,914,868</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   6,277,546</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Interest</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">829,869</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">731,566</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Depreciation and amortization</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 1,256,865</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 1,435,613</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Operating expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   4,150,276</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   4,204,643</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   6,237,010</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   6,371,822</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NET LOSS</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>  (322,142)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>   (94,276)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>  (318,921)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>   (93,333)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to other Partners</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>    (3,221)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>      (943)</u></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> </font> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> * Amounts include $318,921 and $93,333 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></div> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font>  <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Courier New,courier,monospace">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/> Nine Months Ended September 30,<br/> (Unaudited)</font><font style="FONT-FAMILY:Courier New,courier,monospace"> </font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="600"> <tr> <td valign="top" width="53%" colspan="2"> <div align="center"> </div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font>Series 48</font></u></div> <table style="clear:both;WIDTH: 6.25in; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="600"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Revenues</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Rental</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  3,029,720</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  3,120,004</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Interest and other</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">      72,250</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">      63,692</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   3,101,970</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   3,183,696</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Interest</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">358,327</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">198,710</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Depreciation and amortization</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">769,026</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">807,279</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Operating expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   3,130,443</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   2,179,019</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   4,257,796</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   3,185,008</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NET LOSS</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>(1,155,826)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>    (1,312)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>(1,144,268)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>    (1,299)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to other Partners</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>   (11,558)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>       (13)</u></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">* Amounts include $1,144,268 and $1,299 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></div> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Courier New,courier,monospace">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/> Nine Months Ended September 30,<br/> (Unaudited)</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Courier New,courier,monospace"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font>Series 49</font></u></div> <table style="clear:both;WIDTH: 6.25in; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="600"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2017</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="center"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">2016</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Revenues</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Rental</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  7,173,207</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $  7,075,811</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Interest and other</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     185,981</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">     223,804</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   7,359,188</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   7,299,615</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Interest</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 1,200,347</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 1,083,153</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> Depreciation and amortization</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2,139,883</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> 2,321,528</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 5%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="5%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 48%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="48%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Operating expenses</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   4,986,165</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   4,653,577</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   8,326,395</font></u></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><u><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">   8,058,258</font></u></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">NET LOSS</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>  (967,207)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>  (758,643)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>  (957,535)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><br/> $<u>  (751,056)</u></font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 12pt">  </font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 53%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="53%" colspan="2"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">Net loss allocated to other Partners</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 26%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="26%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>    (9,672)</u></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 5.25pt; BACKGROUND-COLOR: transparent; PADDING-LEFT: 5.25pt; WIDTH: 21%; PADDING-RIGHT: 5.25pt; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 5.25pt" valign="top" width="21%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt" align="right"><font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> $<u>    (7,587)</u></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: none"></font></font> </div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">* Amounts include $727,669 and $300,830 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.</font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 8pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.<font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Courier New','serif'; FONT-SIZE: 10pt"></font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

Amounts include $2,190,858 and $395,462 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting Amounts include $318,921 and $93,333 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting. Amounts include $1,144,268 and $1,299 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting. Amounts include $727,669 and $300,830 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting. 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This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and IRS accounting methods. Income Tax Disclosure [Abstract] Income Tax Relating To Partnership Disclosure [Text Block] Description containing the income tax disclosure relating to Partnership that has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Organization, Consolidation and Presentation of Financial Statements [Abstract] Schedule Of Limited Partners Capital Account By Class [Table Text Block] Schedule of Limited Partners' Capital Account by Class [Table Text Block] Accounting Policies [Abstract] Schedule Of Accumulated Amortization Of Acquisition Costs [Table Text Block] Tabular disclosure for accumulated amortization of acquisition costs. Related Party Transactions [Abstract] Schedule Of Gross Management Fee [Table Text Block] Tabular disclosure for gross management fee. Schedule Of Number Of Operating Partnerships [Table Text Block] Schedule Of Number Of Operating Partnerships [Table Text Block] Tabular disclosure for number of operating partnerships. Schedule Of Number Of Operating Partnerships Disposed [Table Text Block] Tabular disclosure for number of operating partnerships disposed during the reporting period. Schedule of Capital Units [Table] Tax Credit Series [Axis] Tax Credit Series [Domain] Series Forty Seven [Member] Series 47 [Member] Series Forty Seven Series Forty Eight [Member] Series 48 [Member] Series Forty Eight Series Forty Nine [Member] Series 49 [Member] Series Forty Nine Capital Unit [Line Items] Closing Date Of Units Issued And Equity Raised Closing Date Closing date of units issued and equity raised. Limited Partners Capital Account, Units Issued BACs Sold Units of limited partnership interest, issued Limited Partners' Contributed Capital Equity Raised Statement Of Financial Position [Abstract] Statement [Table] Statement [Line Items] Assets [Abstract] ASSETS Real Estate Investment Property, Net INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) Investments in operating limited partnerships - as reported Investments in operating limited partnerships per balance sheets Other Assets, Unclassified [Abstract] OTHER ASSETS Cash and Cash Equivalents, At Carrying Value Cash and cash equivalents Cash and cash equivalents, beginning Cash and cash equivalents, ending Other Assets Other assets Assets Assets Liabilities and Equity [Abstract] LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Liabilities [Abstract] LIABILITIES LIABILITIES AND PARTNERS’ CAPITAL Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Due To Affiliate Accounts payable affiliates Capital Contributions Payable Capital contributions payable Carrying value of the capital contribution payable to operating partnerships. Under the terms of the Partnership's investment in each Operating Partnership, the Partnership is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. Liabilities Total Liabilities PARTNERS' CAPITAL (DEFICIT) PARTNERS' CAPITAL (DEFICIT) PARTNERS’ CAPITAL Limited Partners' Capital Account Assigness units of limited partnership interest Liabilities and Equity Liabilities and Stockholders' Equity Organization And Summary Of Significant Accounting Policies [Table] Loss Contingency Nature [Axis] Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Payment for Management Fee Management Fees Paid Percentage Of Annual Management Fee Percentage Of Annual Management Fee The percentage of annual management fee. Schedule Of Number Of Operating Partnerships [Table] Number Of Operating Partnerships [Line Items] Number Of Operating Partnerships Number Of Operating Partnerships Number of operating partnerships. Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table] Summarized Statement Of Operations In Operating Partnerships [Line Items] Revenues [Abstract] Revenues Income Operating Partnerships Rental Income Rental The amount of rental income by an operating partnerships of the entity. Operating Partnerships Interest and Other Income Interest and other The amount of interest and other income by an operating partnerships of the entity. Operating Partnerships Revenues Operating Partnerships Revenues The amount of revenues by an operating partnerships of the entity. Expenses [Abstract] Expenses Operating Partnerships Interest Expenses Interest The amount of interest expenses by an operating partnerships of the entity. Operating Partnerships Depreciation and Amortization Depreciation and amortization The amount of depreciation and amortization by an operating partnerships of the entity. Operating Partnerships Net Income Loss NET LOSS The amount of net income (loss) by an operating partnerships of the entity. Operating Partnerships Net Income Loss Allocated To Parent Net loss allocated to Boston Capital Tax Credit Fund V L.P. The amount of net income (loss) allocated to parent by an operating partnerships of the entity. Operating Partnerships Net Income Loss Allocated To Other Partners Net loss allocated to other Partners The amount of net income (loss) allocated to other partners by an operating partnerships of the entity. Balance Sheet Parenthetical [Abstract] Partners Capital Account, Distribution Per Unit Of Limited Partner Interest Beneficial assignee certificate, par value (in dollars per share) Limited Partners Capital Account, Units Authorized Units Of Limited Partners Beneficial Interest For Sale Units of limited partnership interest, authorized Investments In Operating Limited Partnerships [Table] Investments In Operating Limited Partnerships [Line Items] Income Loss Not Recognized Under Equity Method Accounting Income Loss Not Recognized Under Equity Method Accounting Amount of income loss not recognized under equity method accounting. Income Statement [Abstract] Interest Income, Operating Interest income Other Income Other income Revenues Total income Income (Loss) From Equity Method Investments Share of income (loss) from Operating Partnerships (Note D) Share of loss from Operating Partnerships Gain/(Loss) on Disposition Operating Expenses [Abstract] Expenses Professional Fees Professional fees Fund Management Fee Fund management fee, net (Note C) Annual fund management fee charged on all apartment complexes owned by the Operating Partnerships net of reporting fees. Amortization Of Acquisition Costs Amortization General and Administrative Expense General and administrative expenses Net Income (Loss) Attributable To Parent NET INCOME (LOSS) Net loss Net loss Net loss for financial reporting purposes Net Income (Loss) Allocated To Limited Partners Net income (loss) allocated to assignees Net Income (Loss) Allocated To General Partners Net income (loss) allocated to general partner Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax, Total Net income (loss) per BAC Statement Of Partners Capital [Abstract] Partner Type [Axis] Partner Type of Partners Capital Account, Name [Domain] Assignees [Member] Partners' Capital Partners' capital (deficit) Partners' capital (deficit) Partners Capital Statement Of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities: Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net income (loss) to net cash provided by operating activities Amortization Amortization Equity Method Investment, Dividends Or Distributions Distributions from Operating Partnerships Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in accounts payable and accrued expenses Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities: Cash and Cash Equivalents, Period Increase (Decrease) INCREASE IN CASH AND CASH EQUIVALENTS Organization, Consolidation, Basis Of Presentation, Business Description and Accounting Policies [Text Block] Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] General Partners Capital Account General Partner Depreciation, Depletion, and Amortization [Policy Text Block] Operating Expenses Operating expenses Increase (Decrease) In Operating Capital [Abstract] Changes in assets and liabilities Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Supplemental schedule of noncash investing and financing activities: Minimum Units Of Limited Partners Beneficial Interest For Sale Minimum units of limited partners interest for sale. Maximum Units Of Limited Partners Beneficial Interest For Sale Maximum Units Of Limited Partners Beneficial Interest For Sale Maximum units of limited partners interest for sale. Payments to Acquire Equity Method Investments Capital contributions paid to operating limited partnerships Proceeds from Sale of Equity Method Investments Proceeds from the disposition of Operating Partnerships Partnership Proceeds from Disposition Limited Partners Capital Account Per Units Limited Partners Capital Account Per Units Per unit rate of limited partners capital account. Limited Partners Capital Account Additional Units Registered For Sale Limited Partners Capital Account Additional Units Registered For Sale The additional number of limited partners units registered for sale. Range [Axis] Loss Contingency, Nature [Domain] Management Fee Expense Gross Fund Management Fee Limited Partners Capital Account, Units Outstanding Units of limited partnership interest, outstanding BAC's Outstanding Operating Partnerships Operating Expenses Operating expenses The amount of operating expenses by an operating partnerships of the entity. Operating Partnerships Total Expenses Operating Partnerships Total Expenses The amount of total expenses by an operating partnerships of the entity. General Partner [Member] Schedule Of Management Fees Paid [Table Text Block] Schedule Of Management Fees Paid [Table Text Block] Tabular disclosure for management fees paid. Significant Accounting Policies [Text Block] Schedule Of Accumulated Amortization Of Acquisition Costs [Table] Accumulated Amortization Of Acquisition Costs [Line Items] Accumulated Amortization Of Acquisition Costs Accumulated amortization of acquisition costs Accumulated amount of amortization of assets, and it reflects the allocation of capitalized costs associated with acquisition of business. Accounting Policies [Table] Accounting policies [Line Items] Amortization Period Of Acquisition Costs Amortization period of capitalization acquisition costs. Amortization Of Acquisition Cost Remaining Contractual Term Amortization of acquisition cost remaining contractual term in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Organization And Summary Of Significant Accounting Policies [Line Items] Range [Domain] Schedule Of Number Of Operating Partnerships Disposed [Table] Number Of Operating Partnerships Disposed [Line Items] Operating Partnership Interest Transferred Operating Partnership Interest Transferred The number of operating partnership interest transferred. Sale Of Underlying Operating Partnership The number of sale of underlying operating partnership. Increase (Decrease) In Due To Affiliates Accrued partnership management fee not deducted for income tax purposes Increase in accounts payable affiliates Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block] Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block] Tabular disclosure for summarized statement of operations in operating partnerships. Subsequent Events [Abstract] Subsequent Events [Text Block] Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Document Information [Line Items] Class of Stock [Domain] EX-101.PRE 11 bctcv-20171231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information	9 Months Ended
Document And Entity Information	Dec. 31, 2017 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Entity Registrant Name	BOSTON CAPITAL TAX CREDIT FUND V LP
Entity Central Index Key	0001267425
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Mar. 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$ 287,603	$ 517,469
OTHER ASSETS
Cash and cash equivalents	1,497,302	1,241,219
Other assets	106,411	106,411
Assets	1,891,316	1,865,099
LIABILITIES
Accounts payable and accrued expenses	5,343	343
Accounts payable affiliates	8,787,487	7,990,511
Capital contributions payable	101	101
Total Liabilities	8,792,931	7,990,955
PARTNERS' CAPITAL (DEFICIT)
Assigness units of limited partnership interest	(6,623,159)	(5,849,339)
General Partner	(278,456)	(276,517)
Partners Capital	(6,901,615)	(6,125,856)
Liabilities and Stockholders' Equity	1,891,316	1,865,099
Series 47 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	601,966	373,138
Other assets	0	0
Assets	601,966	373,138
LIABILITIES
Accounts payable and accrued expenses	5,000	0
Accounts payable affiliates	3,625,406	3,362,346
Capital contributions payable	0	0
Total Liabilities	3,630,406	3,362,346
PARTNERS' CAPITAL (DEFICIT)
Assigness units of limited partnership interest	(2,944,161)	(2,905,027)
General Partner	(84,279)	(84,181)
Partners Capital	(3,028,440)	(2,989,208)
Liabilities and Stockholders' Equity	601,966	373,138
Series 48 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	351,893	347,379
Other assets	0	0
Assets	351,893	347,379
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates	2,138,305	1,987,717
Capital contributions payable	0	0
Total Liabilities	2,138,305	1,987,717
PARTNERS' CAPITAL (DEFICIT)
Assigness units of limited partnership interest	(1,731,184)	(1,585,475)
General Partner	(55,228)	(54,863)
Partners Capital	(1,786,412)	(1,640,338)
Liabilities and Stockholders' Equity	351,893	347,379
Series 49 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	287,603	517,469
OTHER ASSETS
Cash and cash equivalents	543,443	520,702
Other assets	106,411	106,411
Assets	937,457	1,144,582
LIABILITIES
Accounts payable and accrued expenses	343	343
Accounts payable affiliates	3,023,776	2,640,448
Capital contributions payable	101	101
Total Liabilities	3,024,220	2,640,892
PARTNERS' CAPITAL (DEFICIT)
Assigness units of limited partnership interest	(1,947,814)	(1,358,837)
General Partner	(138,949)	(137,473)
Partners Capital	(2,086,763)	(1,496,310)
Liabilities and Stockholders' Equity	$ 937,457	$ 1,144,582

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares	Dec. 31, 2017	Mar. 31, 2017
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	11,777,706	11,777,706
Units of limited partnership interest, outstanding	11,768,206	11,768,206
Series 47 [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	3,478,334	3,478,334
Units of limited partnership interest, outstanding	3,478,334	3,478,334
Series 48 [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	2,299,372	2,299,372
Units of limited partnership interest, outstanding	2,294,872	2,294,872
Series 49 [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	6,000,000	6,000,000
Units of limited partnership interest, outstanding	5,995,000	5,995,000

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Income
Interest income	$ 1,471	$ 531	$ 1,787	$ 1,700
Other income	37,182	19,335	141,736	138,357
Total income	38,653	19,866	143,523	140,057
Share of income (loss) from Operating Partnerships (Note D)	113,050	(152,068)	(40,194)	(450,226)
Expenses
Professional fees	6,651	3,219	85,593	82,235
Fund management fee, net (Note C)	247,958	247,409	738,554	654,860
Amortization	0	30,145	0	90,435
General and administrative expenses	22,855	23,374	54,941	55,150
Operating expenses	277,464	304,147	879,088	882,680
NET INCOME (LOSS)	(125,761)	(436,349)	(775,759)	(1,192,849)
Net income (loss) allocated to assignees	(125,447)	(435,258)	(773,820)	(1,189,867)
Net income (loss) allocated to general partner	$ (314)	$ (1,091)	$ (1,939)	$ (2,982)
Net income (loss) per BAC	$ (0.01)	$ (0.04)	$ (0.07)	$ (0.10)
Series 47 [Member]
Income
Interest income	$ 506	$ 85	$ 602	$ 304
Other income	12,981	8,638	45,082	68,132
Total income	13,487	8,723	45,684	68,436
Share of income (loss) from Operating Partnerships (Note D)	189,672	0	189,672	0
Expenses
Professional fees	2,217	967	25,665	25,335
Fund management fee, net (Note C)	70,723	81,812	231,474	199,434
Amortization	0	0	0	0
General and administrative expenses	6,981	7,142	17,449	17,302
Operating expenses	79,921	89,921	274,588	242,071
NET INCOME (LOSS)	123,238	(81,198)	(39,232)	(173,635)
Net income (loss) allocated to assignees	122,930	(80,995)	(39,134)	(173,201)
Net income (loss) allocated to general partner	$ 308	$ (203)	$ (98)	$ (434)
Net income (loss) per BAC	$ 0.04	$ (0.02)	$ (0.01)	$ (0.05)
Series 48 [Member]
Income
Interest income	$ 376	$ 102	$ 462	$ 347
Other income	12,950	7,900	30,621	57,002
Total income	13,326	8,002	31,083	57,349
Share of income (loss) from Operating Partnerships (Note D)	0	0	0	0
Expenses
Professional fees	2,217	645	22,682	21,608
Fund management fee, net (Note C)	50,196	47,696	139,788	92,021
Amortization	0	0	0	0
General and administrative expenses	5,313	5,465	14,687	14,165
Operating expenses	57,726	53,806	177,157	127,794
NET INCOME (LOSS)	(44,400)	(45,804)	(146,074)	(70,445)
Net income (loss) allocated to assignees	(44,289)	(45,689)	(145,709)	(70,269)
Net income (loss) allocated to general partner	$ (111)	$ (115)	$ (365)	$ (176)
Net income (loss) per BAC	$ (0.02)	$ (0.02)	$ (0.06)	$ (0.03)
Series 49 [Member]
Income
Interest income	$ 589	$ 344	$ 723	$ 1,049
Other income	11,251	2,797	66,033	13,223
Total income	11,840	3,141	66,756	14,272
Share of income (loss) from Operating Partnerships (Note D)	(76,622)	(152,068)	(229,866)	(450,226)
Expenses
Professional fees	2,217	1,607	37,246	35,292
Fund management fee, net (Note C)	127,039	117,901	367,292	363,405
Amortization	0	30,145	0	90,435
General and administrative expenses	10,561	10,767	22,805	23,683
Operating expenses	139,817	160,420	427,343	512,815
NET INCOME (LOSS)	(204,599)	(309,347)	(590,453)	(948,769)
Net income (loss) allocated to assignees	(204,088)	(308,574)	(588,977)	(946,397)
Net income (loss) allocated to general partner	$ (511)	$ (773)	$ (1,476)	$ (2,372)
Net income (loss) per BAC	$ (0.03)	$ (0.05)	$ (0.10)	$ (0.16)

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - 9 months ended Dec. 31, 2017 - USD ($)	Total	Assignees [Member]	General Partner [Member]	Series 47 [Member]	Series 47 [Member] Assignees [Member]	Series 47 [Member] General Partner [Member]	Series 48 [Member]	Series 48 [Member] Assignees [Member]	Series 48 [Member] General Partner [Member]	Series 49 [Member]	Series 49 [Member] Assignees [Member]	Series 49 [Member] General Partner [Member]
Partners' capital (deficit) at Mar. 31, 2017	$ (6,125,856)	$ (5,849,339)	$ (276,517)	$ (2,989,208)	$ (2,905,027)	$ (84,181)	$ (1,640,338)	$ (1,585,475)	$ (54,863)	$ (1,496,310)	$ (1,358,837)	$ (137,473)
Net loss	(775,759)	(773,820)	(1,939)	(39,232)	(39,134)	(98)	(146,074)	(145,709)	(365)	(590,453)	(588,977)	(1,476)
Partners' capital (deficit) at Dec. 31, 2017	$ (6,901,615)	$ (6,623,159)	$ (278,456)	$ (3,028,440)	$ (2,944,161)	$ (84,279)	$ (1,786,412)	$ (1,731,184)	$ (55,228)	$ (2,086,763)	$ (1,947,814)	$ (138,949)

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (775,759)	$ (1,192,849)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Amortization	0	90,435
Distributions from Operating Partnerships	0	38,333
Share of loss from Operating Partnerships	40,194	450,226
Changes in assets and liabilities
Increase (Decrease) in accounts payable and accrued expenses	5,000	(500)
Increase in accounts payable affiliates	796,976	803,243
Net cash provided by operating activities	66,411	188,888
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	189,672	0
Net cash used in investing activities	189,672	0
INCREASE IN CASH AND CASH EQUIVALENTS	256,083	188,888
Cash and cash equivalents, beginning	1,241,219	969,029
Cash and cash equivalents, ending	1,497,302	1,157,917
Series 47 [Member]
Cash flows from operating activities:
Net loss	(39,232)	(173,635)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Amortization	0	0
Distributions from Operating Partnerships	0	0
Share of loss from Operating Partnerships	(189,672)	0
Changes in assets and liabilities
Increase (Decrease) in accounts payable and accrued expenses	5,000	(385)
Increase in accounts payable affiliates	263,060	266,194
Net cash provided by operating activities	39,156	92,174
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	189,672	0
Net cash used in investing activities	189,672	0
INCREASE IN CASH AND CASH EQUIVALENTS	228,828	92,174
Cash and cash equivalents, beginning	373,138	251,317
Cash and cash equivalents, ending	601,966	343,491
Series 48 [Member]
Cash flows from operating activities:
Net loss	(146,074)	(70,445)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Amortization	0	0
Distributions from Operating Partnerships	0	0
Share of loss from Operating Partnerships	0	0
Changes in assets and liabilities
Increase (Decrease) in accounts payable and accrued expenses	0	(115)
Increase in accounts payable affiliates	150,588	153,721
Net cash provided by operating activities	4,514	83,161
Cash flows from investing activities:
Capital contributions paid to operating limited partnerships	0	0
Proceeds from the disposition of Operating Partnerships	0	0
INCREASE IN CASH AND CASH EQUIVALENTS	4,514	83,161
Cash and cash equivalents, beginning	347,379	244,197
Cash and cash equivalents, ending	351,893	327,358
Series 49 [Member]
Cash flows from operating activities:
Net loss	(590,453)	(948,769)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Amortization	0	90,435
Distributions from Operating Partnerships	0	38,333
Share of loss from Operating Partnerships	229,866	450,226
Changes in assets and liabilities
Increase (Decrease) in accounts payable and accrued expenses	0	0
Increase in accounts payable affiliates	383,328	383,328
Net cash provided by operating activities	22,741	13,553
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash used in investing activities	0	0
INCREASE IN CASH AND CASH EQUIVALENTS	22,741	13,553
Cash and cash equivalents, beginning	520,702	473,515
Cash and cash equivalents, ending	$ 543,443	$ 487,068

XML 18 R7.htm IDEA: XBRL DOCUMENT

ORGANIZATION

9 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

 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 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, (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 December 31, 2017, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

 Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2017:

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.

XML 19 R8.htm IDEA: XBRL DOCUMENT

ACCOUNTING AND FINANCIAL REPORTING POLICIES

9 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

 NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

 The condensed financial statements herein as of December 31, 2017 and for the three and nine 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 principles 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 for the fiscal year ended March 31, 2017.

  Amortization

  Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2016, the lives of the remaining acquisition costs were reassessed and determined to be 1 year for Series 49. As of March 31, 2017, acquisition costs were fully amortized or impaired for Series 49.

  Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2017 and 2016 are as follows:

    2017
 2016
 
  Series 47
  $        -
  $        -
 
  Series 48
 -
 -
 
  Series 49
          -
     90,435
 
    
  $        -
  $   90,435
 
 

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RELATED PARTY TRANSACTIONS

9 Months Ended

Dec. 31, 2017

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

 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 fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ 87,687	$ 87,687
Series 48	50,196	50,196
Series 49	127,776	127,776
Total	$265,659	$265,659

 The fund management fees paid for the quarters ended December 31, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	-
Total	$ -	$ -

 The fund management fees paid for the nine months ended December 31, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	-
Total	$ -	$ -

XML 21 R10.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS

9 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

 NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

  At December 31, 2017 and 2016, the Fund had limited partnership interests in 47 and 48 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2017 and 2016 is as follows:

	2017	2016
Series 47	13	14
Series 48	10	10
Series 49	24	24
Total	47	48

 Under the terms of the Partnership's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.

 During the nine months ended December 31, 2017, the Fund disposed of one Operating Partnership. A summary of the dispositions by Series for December 31, 2017 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition			Gain/(Loss) on Disposition
Series 47	-		1		$	189,672		$	189,672
Series 48	-		-			-			-
Series 49	-		-			-			-
Total	-		1		$	189,672		$	189,672

 During the nine months ended December 31, 2016, the Fund disposed of two Operating Partnerships. A summary of the dispositions by Series for December 31, 2016 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition			Gain/(Loss) on Disposition
Series 47	-		1		$	-		$	-
Series 48	-		1			-			-
Series 49	-		-			-			-
Total	-		2		$	-		$	-

 The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

 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 are for the nine months ended September 30, 2017.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
 Nine Months Ended September 30,
 (Unaudited)

 Total

		2017	2016
Revenues
	Rental	$ 15,996,053	$ 16,322,718
	Interest and other	379,973	438,139
		16,376,026	16,760,857

Expenses
	Interest	2,388,543	2,013,429
	Depreciation and amortization	4,165,774	4,564,420
	Operating expenses	12,266,884	11,037,239
		18,821,201	17,615,088

NET LOSS		$(2,445,175)	$ (854,231)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$(2,420,724)	$ (845,688)

Net loss allocated to other Partners		$ (24,451)	$ (8,543)

   
 * Amounts include $2,190,858 and $395,462 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

 The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
 Nine Months Ended September 30,
 (Unaudited)

Series 47

		2017	2016
Revenues
	Rental	$ 5,793,126	$ 6,126,903
	Interest and other	121,742	150,643
		5,914,868	6,277,546

Expenses
	Interest	829,869	731,566
	Depreciation and amortization	1,256,865	1,435,613
	Operating expenses	4,150,276	4,204,643
		6,237,010	6,371,822

NET LOSS		$ (322,142)	$ (94,276)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (318,921)	$ (93,333)

Net loss allocated to other Partners		$ (3,221)	$ (943)

 
 * Amounts include $318,921 and $93,333 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

 The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
 Nine Months Ended September 30,
 (Unaudited) 

Series 48

		2017	2016
Revenues
	Rental	$ 3,029,720	$ 3,120,004
	Interest and other	72,250	63,692
		3,101,970	3,183,696

Expenses
	Interest	358,327	198,710
	Depreciation and amortization	769,026	807,279
	Operating expenses	3,130,443	2,179,019
		4,257,796	3,185,008

NET LOSS		$(1,155,826)	$ (1,312)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$(1,144,268)	$ (1,299)

Net loss allocated to other Partners		$ (11,558)	$ (13)

 * Amounts include $1,144,268 and $1,299 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

 The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
 Nine Months Ended September 30,
 (Unaudited)

Series 49

		2017	2016
Revenues
	Rental	$ 7,173,207	$ 7,075,811
	Interest and other	185,981	223,804
		7,359,188	7,299,615

Expenses
	Interest	1,200,347	1,083,153
	Depreciation and amortization	2,139,883	2,321,528
	Operating expenses	4,986,165	4,653,577
		8,326,395	8,058,258

NET LOSS		$ (967,207)	$ (758,643)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (957,535)	$ (751,056)

Net loss allocated to other Partners		$ (9,672)	$ (7,587)

 * Amounts include $727,669 and $300,830 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

 The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

XML 22 R11.htm IDEA: XBRL DOCUMENT

TAXABLE LOSS

9 Months Ended

Dec. 31, 2017

Taxable Loss [Abstract]

Taxable Loss [Text Block]

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2017 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.

XML 23 R12.htm IDEA: XBRL DOCUMENT

INCOME TAXES

9 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax Relating To Partnership Disclosure [Text Block]

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2013 remain open.

XML 24 R13.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

9 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE G - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure.  The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes.  Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

XML 25 R14.htm IDEA: XBRL DOCUMENT

ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies)

9 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Depreciation, Depletion, and Amortization [Policy Text Block]

  Amortization

  Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2016, the lives of the remaining acquisition costs were reassessed and determined to be 1 year for Series 49. As of March 31, 2017, acquisition costs were fully amortized or impaired for Series 49.

  Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2017 and 2016 are as follows:

    2017
 2016
 
  Series 47
  $        -
  $        -
 
  Series 48
 -
 -
 
  Series 49
          -
     90,435
 
    
  $        -
  $   90,435
 
 

XML 26 R15.htm IDEA: XBRL DOCUMENT

ORGANIZATION (Tables)

9 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Limited Partners' Capital Account by Class [Table Text Block]

 Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2017:

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

XML 27 R16.htm IDEA: XBRL DOCUMENT

ACCOUNTING AND FINANCIAL REPORTING POLICIES (Tables)

9 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Schedule Of Accumulated Amortization Of Acquisition Costs [Table Text Block]

  Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2017 and 2016 are as follows:

    2017
 2016
 
  Series 47
  $        -
  $        -
 
  Series 48
 -
 -
 
  Series 49
          -
     90,435
 
    
  $        -
  $   90,435
 
 

XML 28 R17.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Dec. 31, 2017

Related Party Transactions [Abstract]

Schedule Of Gross Management Fee [Table Text Block]

 The fund management fee accrued for the quarters ended December 31, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ 87,687	$ 87,687
Series 48	50,196	50,196
Series 49	127,776	127,776
Total	$265,659	$265,659

Schedule Of Management Fees Paid [Table Text Block]

 The fund management fees paid for the quarters ended December 31, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	-
Total	$ -	$ -

 The fund management fees paid for the nine months ended December 31, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	-
Total	$ -	$ -

XML 29 R18.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)

9 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Number Of Operating Partnerships [Table Text Block]

 At December 31, 2017 and 2016, the Fund had limited partnership interests in 47 and 48 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2017 and 2016 is as follows:

	2017	2016
Series 47	13	14
Series 48	10	10
Series 49	24	24
Total	47	48

Schedule Of Number Of Operating Partnerships Disposed [Table Text Block]

 A summary of the dispositions by Series for December 31, 2017 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition			Gain/(Loss) on Disposition
Series 47	-		1		$	189,672		$	189,672
Series 48	-		-			-			-
Series 49	-		-			-			-
Total	-		1		$	189,672		$	189,672

 A summary of the dispositions by Series for December 31, 2016 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition			Gain/(Loss) on Disposition
Series 47	-		1		$	-		$	-
Series 48	-		1			-			-
Series 49	-		-			-			-
Total	-		2		$	-		$	-

Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block]

  Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2017.

 Total

		2017	2016
Revenues
	Rental	$ 15,996,053	$ 16,322,718
	Interest and other	379,973	438,139
		16,376,026	16,760,857

Expenses
	Interest	2,388,543	2,013,429
	Depreciation and amortization	4,165,774	4,564,420
	Operating expenses	12,266,884	11,037,239
		18,821,201	17,615,088

NET LOSS		$(2,445,175)	$ (854,231)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$(2,420,724)	$ (845,688)

Net loss allocated to other Partners		$ (24,451)	$ (8,543)

 
 * Amounts include $2,190,858 and $395,462 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

 The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Series 47

		2017	2016
Revenues
	Rental	$ 5,793,126	$ 6,126,903
	Interest and other	121,742	150,643
		5,914,868	6,277,546

Expenses
	Interest	829,869	731,566
	Depreciation and amortization	1,256,865	1,435,613
	Operating expenses	4,150,276	4,204,643
		6,237,010	6,371,822

NET LOSS		$ (322,142)	$ (94,276)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (318,921)	$ (93,333)

Net loss allocated to other Partners		$ (3,221)	$ (943)

 
 * Amounts include $318,921 and $93,333 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

 The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Series 48

		2017	2016
Revenues
	Rental	$ 3,029,720	$ 3,120,004
	Interest and other	72,250	63,692
		3,101,970	3,183,696

Expenses
	Interest	358,327	198,710
	Depreciation and amortization	769,026	807,279
	Operating expenses	3,130,443	2,179,019
		4,257,796	3,185,008

NET LOSS		$(1,155,826)	$ (1,312)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$(1,144,268)	$ (1,299)

Net loss allocated to other Partners		$ (11,558)	$ (13)

 * Amounts include $1,144,268 and $1,299 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

 The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Series 49

		2017	2016
Revenues
	Rental	$ 7,173,207	$ 7,075,811
	Interest and other	185,981	223,804
		7,359,188	7,299,615

Expenses
	Interest	1,200,347	1,083,153
	Depreciation and amortization	2,139,883	2,321,528
	Operating expenses	4,986,165	4,653,577
		8,326,395	8,058,258

NET LOSS		$ (967,207)	$ (758,643)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (957,535)	$ (751,056)

Net loss allocated to other Partners		$ (9,672)	$ (7,587)

 * Amounts include $727,669 and $300,830 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

 The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

XML 30 R19.htm IDEA: XBRL DOCUMENT

ORGANIZATION (Details) - USD ($)	9 Months Ended
ORGANIZATION (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Capital Unit [Line Items]
BACs Sold	11,777,706	11,777,706
Equity Raised	$ 117,777,060
Series 47 [Member]
Capital Unit [Line Items]
Closing Date	Apr. 30, 2004
BACs Sold	3,478,334	3,478,334
Equity Raised	$ 34,783,340
Series 48 [Member]
Capital Unit [Line Items]
Closing Date	Aug. 12, 2004
BACs Sold	2,299,372	2,299,372
Equity Raised	$ 22,993,720
Series 49 [Member]
Capital Unit [Line Items]
Closing Date	Apr. 29, 2005
BACs Sold	6,000,000	6,000,000
Equity Raised	$ 60,000,000

XML 31 R20.htm IDEA: XBRL DOCUMENT

ORGANIZATION (Details Textual) - USD ($)	1 Months Ended
ORGANIZATION (Details Textual) - USD ($)	Aug. 31, 2004	Dec. 31, 2017	Mar. 31, 2017
Organization And Summary Of Significant Accounting Policies [Line Items]
Minimum Units Of Limited Partners Beneficial Interest For Sale		250,000
Maximum Units Of Limited Partners Beneficial Interest For Sale		7,000,000
Limited Partners Capital Account Per Units		$ 10
Limited Partners Capital Account Additional Units Registered For Sale	8,500,000
Units of limited partnership interest, issued		11,777,706	11,777,706
Limited Partners' Contributed Capital		$ 117,777,060

XML 32 R21.htm IDEA: XBRL DOCUMENT

ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	$ 0	$ 90,435
Series 47 [Member]
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	0	0
Series 48 [Member]
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	0	0
Series 49 [Member]
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	$ 0	$ 90,435

XML 33 R22.htm IDEA: XBRL DOCUMENT

ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details Textual)	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2016
Accounting policies [Line Items]
Amortization Period Of Acquisition Costs	27 years 6 months
Series Forty Nine [Member]
Accounting policies [Line Items]
Amortization Of Acquisition Cost Remaining Contractual Term		1 year

XML 34 R23.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 265,659	$ 265,659
Series 47 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	87,687	87,687
Series 48 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	50,196	50,196
Series 49 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 127,776	$ 127,776

XML 35 R24.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Management Fees Paid	$ 0	$ 0	$ 0	$ 0
Series 47 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	0	0	0	0
Series 48 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	0	0	0	0
Series 49 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	$ 0	$ 0	$ 0	$ 0

XML 36 R25.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details Textual)	9 Months Ended
RELATED PARTY TRANSACTIONS (Details Textual)	Dec. 31, 2017
Related Party Transaction [Line Items]
Percentage Of Annual Management Fee	0.50%

XML 37 R26.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details) - Number	Dec. 31, 2017	Dec. 31, 2016
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	47	48
Series Forty Seven [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	13	14
Series Forty Eight [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	10	10
Series Forty Nine [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	24	24

XML 38 R27.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1)	3 Months Ended		9 Months Ended
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) Number	Dec. 31, 2016 USD ($) Number
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred \| Number			0	0
Sale Of Underlying Operating Partnership \| Number			1	2
Partnership Proceeds from Disposition \| $			$ 189,672	$ 0
Gain/(Loss) on Disposition \| $	$ 113,050	$ (152,068)	$ (40,194)	$ (450,226)
Series Forty Seven [Member]
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred \| Number			0	0
Sale Of Underlying Operating Partnership \| Number			1	1
Partnership Proceeds from Disposition \| $			$ 189,672	$ 0
Gain/(Loss) on Disposition \| $	189,672	0	$ 189,672	$ 0
Series Forty Eight [Member]
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred \| Number			0	0
Sale Of Underlying Operating Partnership \| Number			0	1
Partnership Proceeds from Disposition \| $			$ 0	$ 0
Gain/(Loss) on Disposition \| $	0	0	$ 0	$ 0
Series Forty Nine [Member]
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred \| Number			0	0
Sale Of Underlying Operating Partnership \| Number			0	0
Partnership Proceeds from Disposition \| $			$ 0	$ 0
Gain/(Loss) on Disposition \| $	$ (76,622)	$ (152,068)	$ (229,866)	$ (450,226)

XML 39 R28.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 2) - USD ($)

9 Months Ended

Dec. 31, 2017

Dec. 31, 2016

$ 15,996,053

$ 16,322,718

Interest and other

379,973

438,139

Operating Partnerships Revenues

16,376,026

16,760,857

2,388,543

2,013,429

Depreciation and amortization

4,165,774

4,564,420

Operating expenses

12,266,884

11,037,239

Operating Partnerships Total Expenses

18,821,201

17,615,088

(2,445,175)

(854,231)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.

^[1]

(2,420,724)

(845,688)

Net loss allocated to other Partners

(24,451)

(8,543)

Series Forty Seven [Member]

5,793,126

6,126,903

Interest and other

121,742

150,643

Operating Partnerships Revenues

5,914,868

6,277,546

829,869

731,566

Depreciation and amortization

1,256,865

1,435,613

Operating expenses

4,150,276

4,204,643

Operating Partnerships Total Expenses

6,237,010

6,371,822

(322,142)

(94,276)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.

^[2]

(318,921)

(93,333)

Net loss allocated to other Partners

(3,221)

(943)

Series Forty Eight [Member]

3,029,720

3,120,004

Interest and other

72,250

63,692

Operating Partnerships Revenues

3,101,970

3,183,696

358,327

198,710

Depreciation and amortization

769,026

807,279

Operating expenses

3,130,443

2,179,019

Operating Partnerships Total Expenses

4,257,796

3,185,008

(1,155,826)

(1,312)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.

^[3]

(1,144,268)

(1,299)

Net loss allocated to other Partners

(11,558)

(13)

Series Forty Nine [Member]

7,173,207

7,075,811

Interest and other

185,981

223,804

Operating Partnerships Revenues

7,359,188

7,299,615

1,200,347

1,083,153

Depreciation and amortization

2,139,883

2,321,528

Operating expenses

4,986,165

4,653,577

Operating Partnerships Total Expenses

8,326,395

8,058,258

(967,207)

(758,643)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.

^[4]

(957,535)

(751,056)

Net loss allocated to other Partners

$ (9,672)

$ (7,587)

[1]	Amounts include $2,190,858 and $395,462 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting
[2]	Amounts include $318,921 and $93,333 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.
[3]	Amounts include $1,144,268 and $1,299 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.
[4]	Amounts include $727,669 and $300,830 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

XML 40 R29.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) - USD ($)	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 2,190,858	$ 395,462
Series Forty Seven [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	318,921	93,333
Series Forty Eight [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	1,144,268	1,299
Series Forty Nine [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 727,669	$ 300,830

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