At September 30, 2011 and 2010, the Fund had limited partnership interests in 141 and 162 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at September 30, 2011 and 2010 is as follows:

	2011		2010
Series 15		34		39
Series 16		38		45
Series 17		28		36
Series 18		24		24
Series 19		17		18
		141		162

Under the terms of the Fund's investment in each Operating Partnership, the Fund 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. The contributions payable at September 30, 2011 and 2010 are as follows:

	2011		2010
Series 15	$	-	$	-
Series 16		50,008		51,792
Series 17		22,798		22,798
Series 18		18,554		18,554
Series 19		-		-
	$	91,360	$	93,144

During the six months ended September 30, 2011 the Fund disposed of eleven Operating Partnerships and received additional proceeds from one Operating Partnership disposed of in the prior year. A summary of the dispositions by Series for September 30, 2011 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Fund Proceeds from Disposition *		Gain/(Loss) on Disposition

Series 15		1		1	$	-	$	-
Series 16		5		-		146,510		148,294
Series 17		3		1		200,146		200,146
Series 18		-		-		-		-
Series 19		-		-		99,450		99,450

Total		9		2	$	446,106	$	447,890

* Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $1,784 for Series 16.

During the six months ended September 30, 2010 the Fund disposed of eight Operating Partnerships. A summary of the dispositions by Series for September 30, 2010 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Fund Proceeds from Disposition		Gain/(Loss) on Disposition

Series 15		-		1	$	-	$	-
Series 16		-		1		132,105		132,105
Series 17		2		1		702,815		702,815
Series 18		1		1		-		-
Series 19		-		1		1,514,380		1,514,380

Total		3		5	$	2,349,300	$	2,349,300

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 Fund’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 condensed financial statements.

The Fund's fiscal year ends March 31st of 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 Partnerships quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2011.

	2011			2010

Revenues
Rental	$	16,649,037		$	19,944,664
Interest and other		602,931			666,812

		17,251,968			20,611,476

Expenses
Interest		2,875,224			3,629,459
Depreciation and amortization		4,572,524			5,375,154
Operating expenses		12,208,099			14,276,148
		19,655,847			23,280,761

NET LOSS	$	(2,403,879	)	$	(2,669,285	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(2,379,840	)	$	(2,642,591	)

Net loss allocated to other Partners	$	(24,039	)	$	(26,694	)

* Amounts include $2,379,840 and $2,642,591 for 2011 and 2010, 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.

	2011			2010

Revenues
Rental	$	3,064,681		$	3,460,379
Interest and other		61,369			83,033

		3,126,050			3,543,412

Expenses
Interest		481,181			624,425
Depreciation and amortization		823,651			917,551
Operating expenses		2,282,260			2,468,496
		3,587,092			4,010,472

NET LOSS	$	(461,042	)	$	(467,060	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(456,432	)	$	(462,389	)

Net loss allocated to other Partners	$	(4,610	)	$	(4,671	)

* Amounts include $456,432 and $462,389 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

	2011			2010

Revenues
Rental	$	4,657,370		$	5,633,252
Interest and other		192,619			146,855

		4,849,989			5,780,107

Expenses
Interest		793,226			966,943
Depreciation and amortization		1,301,137			1,444,418
Operating expenses		3,325,010			4,009,377
		5,419,373			6,420,738

NET LOSS	$	(569,384	)	$	(640,631	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(563,690	)	$	(634,225	)

Net loss allocated to other Partners	$	(5,694	)	$	(6,406	)

* Amounts include $563,690 and $634,225 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

	2011			2010

Revenues
Rental	$	4,378,511		$	5,570,832
Interest and other		113,773			159,060

		4,492,284			5,729,892

Expenses
Interest		719,849			1,023,875
Depreciation and amortization		1,053,910			1,504,016
Operating expenses		3,089,736			4,016,027
		4,863,495			6,543,918

NET LOSS	$	(371,211	)	$	(814,026	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(367,498	)	$	(805,885	)

Net loss allocated to other Partners	$	(3,713	)	$	(8,141	)

* Amounts include $367,498 and $805,885 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

	2011			2010

Revenues
Rental	$	2,966,360		$	2,921,925
Interest and other		176,451			176,588

		3,142,811			3,098,513

Expenses
Interest		526,548			515,552
Depreciation and amortization		941,997			862,976
Operating expenses		2,283,611			2,248,550
		3,752,156			3,627,078

NET LOSS	$	(609,345	)	$	(528,565	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(603,252	)	$	(523,279	)

Net loss allocated to other Partners	$	(6,093	)	$	(5,286	)

* Amounts include $603,252 and $523,279 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

	2011			2010

Revenues
Rental	$	1,582,115		$	2,358,276
Interest and other		58,719			101,276

		1,640,834			2,459,552

Expenses
Interest		354,420			498,664
Depreciation and amortization		451,829			646,193
Operating expenses		1,227,482			1,533,698
		2,033,731			2,678,555

NET LOSS	$	(392,897	)	$	(219,003	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(388,968	)	$	(216,813	)

Net loss allocated to other Partners	$	(3,929	)	$	(2,190	)

* Amounts include $388,968 and $216,813 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.