At December 31, 2011 and 2010, the Fund had limited partnership interests in 135 and 157 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2011 and 2010 is as follows:

	2011		2010
Series 15		30		38
Series 16		38		44
Series 17		27		33
Series 18		24		24
Series 19		16		18
		135		157

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 December 31, 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 nine months ended December 31, 2011 the Fund disposed of seventeen Operating Partnerships and received additional proceeds from one Operating Partnership disposed of in the prior year. A summary of the dispositions by Series for December 31, 2011 is as follows:

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

Series 15		5		1	$	325,050	$	325,050
Series 16		5		-		146,510		148,294
Series 17		4		1		227,646		227,646
Series 18		-		-		-		-
Series 19		1		-		99,450		99,450

Total		15		2	$	798,656	$	800,440

* 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 nine months ended December 31, 2010 the Fund disposed of thirteen Operating Partnerships. A summary of the dispositions by Series for December 31, 2010 is as follows:

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

Series 15		1		1	$	78,000	$	78,000
Series 16		1		1		187,025		187,025
Series 17		3		3		856,715		856,715
Series 18		1		1		-		-
Series 19		-		1		1,514,380		1,514,380

Total		6		7	$	2,636,120	$	2,636,120

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 nine months ended September 30, 2011.

	2011			2010

Revenues

Rental	$	24,391,466		$	29,535,632

Interest and other		832,050			1,014,914

		25,223,516			30,550,546

Expenses

Interest		4,149,543			5,342,334

Depreciation and amortization		6,586,246			7,913,404

Operating expenses		17,516,035			21,025,396

		28,251,824			34,281,134

NET LOSS	$	(3,028,308	)	$	(3,730,588	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(2,998,024	)	$	(3,693,282	)

Net loss allocated to other Partners	$	(30,284	)	$	(37,306	)

* Amounts include $2,998,024 and $3,693,282 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	$	4,397,416		$	5,037,500

Interest and other		83,887			136,291

		4,481,303			5,173,791

Expenses

Interest		684,373			878,477

Depreciation and amortization		1,171,193			1,340,405

Operating expenses		3,207,385			3,688,740

		5,062,951			5,907,622

NET LOSS	$	(581,648	)	$	(733,831	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(575,832	)	$	(726,493	)

Net loss allocated to other Partners	$	(5,816	)	$	(7,338	)

* Amounts include $575,832 and $726,493 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

	2011			2010

Revenues

Rental	$	6,602,152		$	8,444,979

Interest and other		228,396			218,543

		6,830,548			8,663,522

Expenses

Interest		1,069,396			1,412,703

Depreciation and amortization		1,818,669			2,164,646

Operating expenses		4,586,972			5,942,302

		7,475,037			9,519,651

NET LOSS	$	(644,489	)	$	(856,129	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(638,044	)	$	(847,568	)

Net loss allocated to other Partners	$	(6,445	)	$	(8,561	)

* Amounts include $638,044 and $847,568 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

	2011			2010

Revenues

Rental	$	6,443,794		$	8,182,673

Interest and other		179,070			232,292

		6,622,864			8,414,965

Expenses

Interest		1,037,326			1,483,804

Depreciation and amortization		1,557,317			2,194,539

Operating expenses		4,525,702			5,764,447

		7,120,345			9,442,790

NET LOSS	$	(497,481	)	$	(1,027,825	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(492,505	)	$	(1,017,546	)

Net loss allocated to other Partners	$	(4,976	)	$	(10,279	)

* Amounts include $492,505 and $1,017,546 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

	2011			2010

Revenues

Rental	$	4,480,877		$	4,350,889

Interest and other		250,647			276,609

		4,731,524			4,627,498

Expenses

Interest		823,207			826,405

Depreciation and amortization		1,369,551			1,245,953

Operating expenses		3,340,734			3,327,020

		5,533,492			5,399,378

NET LOSS	$	(801,968	)	$	(771,880	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(793,948	)	$	(764,161	)

Net loss allocated to other Partners	$	(8,020	)	$	(7,719	)

* Amounts include $793,948 and $764,161 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

	2011			2010

Revenues

Rental	$	2,467,227		$	3,519,591

Interest and other		90,050			151,179

		2,557,277			3,670,770

Expenses

Interest		535,241			740,945

Depreciation and amortization		669,516			967,861

Operating expenses		1,855,242			2,302,887

		3,059,999			4,011,693

NET LOSS	$	(502,722	)	$	(340,923	)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.*	$	(497,695	)	$	(337,514	)

Net loss allocated to other Partners	$	(5,027	)	$	(3,409	)

* Amounts include $497,695 and $337,514 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.