Boston Capital Tax Credit Fund III L

0000879555-19-000002.txt : 20190213 0000879555-19-000002.hdr.sgml : 20190213 20190213095927 ACCESSION NUMBER: 0000879555-19-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 40 CONFORMED PERIOD OF REPORT: 20181231 FILED AS OF DATE: 20190213 DATE AS OF CHANGE: 20190213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND III L P CENTRAL INDEX KEY: 0000879555 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 521749505 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21718 FILM NUMBER: 19593705 BUSINESS ADDRESS: STREET 1: ONE BOSTON PLACE, SUITE 2100 STREET 2: C/O BOSTON CAPITAL PARTNERS INC CITY: BOSTON STATE: MA ZIP: 02108-4406 BUSINESS PHONE: 617-624-8900 MAIL ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: SUITE 2100 CITY: BOSTON STATE: MA ZIP: 02108-4406 10-Q 1 b3dec1810q.htm BCTC III DECEMBER 2018 10-Q Boston Capital Tax Credit Fund III 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, 2018

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

For the transition period from _______ to _______

Commission file number 0-21718

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

Delaware	52-1749505
(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)

(Former name, former address and former fiscal year, if changed since last report)

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ý

No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 ý

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 III L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2018

TABLE OF CONTENTS

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

		Condensed Balance Sheets	4-9
		Condensed Statements of Operations	10-21
		Condensed Statements of Changes in Partners' Capital (Deficit)	22-25
		Condensed Statements of Cash Flows	26-31
		Notes to Condensed Financial Statements	32-44

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		45-58

	Item 3. Quantitative and Qualitative Disclosures About Market Risk		59

	Item 4. Controls and Procedures		59

PART II - OTHER INFORMATION

	Item 1. Legal Proceedings		60

	Item 1A. Risk Factors		60

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		60

	Item 3. Defaults Upon Senior Securities		60

	Item 4. Mine Safety Disclosures		60

	Item 5. Other Information		60

	Item 6. Exhibits		60

	Signatures		61

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

		December 31, 2018	March 31, 2018
ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)		$ -	$ -



Cash and cash equivalents		963,768	1,632,938
		$ 963,768	$ 1,632,938

LIABILITIES

Accounts payable & accrued expenses		$ -	$ 2,000
Accounts payable affiliates (Note C)		10,744,421	14,740,050
Capital contributions payable (Note D)		26,447	26,447
		10,770,868	14,768,497

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 21,996,102 issued and 21,778,581 outstanding as of December 31, 2018 and March 31, 2018	(10,715,939)		(11,248,474)
General Partner		908,839	(1,887,085)
		(9,807,100)	(13,135,559)
		$ 963,768	$ 1,632,938

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 15

		December 31, 2018	March 31, 2018
ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)		$ -	$ -



Cash and cash equivalents		-	244,074
		$ -	$ 244,074

LIABILITIES

Accounts payable & accrued expenses		$ -	$ -
Accounts payable affiliates (Note C)		-	3,034,436
Capital contributions payable (Note D)		-	-
		-	3,034,436

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 3,870,500 issued and 3,811,700 outstanding as of December 31, 2018 and March 31, 2018	(2,439,314)		(2,440,269)
General Partner		2,439,314	(350,093)
		-	(2,790,362)
		$ -	$ 244,074

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 16

		December 31, 2018		March 31, 2018
ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	$ -		$ -



Cash and cash equivalents		125,432		320,396
		$ 125,432		$ 320,396

LIABILITIES

Accounts payable & accrued expenses		$ -		$ 2,000
Accounts payable affiliates (Note C)		7,794,821		7,890,441
Capital contributions payable (Note D)		-		-
		7,794,821		7,892,441

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 5,429,402 issued and 5,367,700 outstanding as of December 31, 2018 and March 31, 2018		(7,126,088)		(7,029,717)
General Partner		(543,301)		(542,328)

		(7,669,389)		(7,572,045)
		$ 125,432		$ 320,396

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 17

		December 31, 2018		March 31, 2018
ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	$ -		$ -



Cash and cash equivalents		595,543		536,326
		$ 595,543		$ 536,326

LIABILITIES

Accounts payable & accrued expenses		$ -		$ -
Accounts payable affiliates (Note C)		-		-
Capital contributions payable (Note D)		7,893		7,893
		7,893		7,893

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 5,000,000 issued and 4,956,447 outstanding as of December 31, 2018 and March 31, 2018		953,981		895,356
General Partner		(366,331)		(366,923)
		587,650		528,433
		$ 595,543		$ 536,326

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 18

	December 31, 2018		March 31, 2018
ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)		$ -		$ -



Cash and cash equivalents	242,793		351,136
	$ 242,793		$ 351,136

LIABILITIES

Accounts payable & accrued expenses	$ -		$ -
Accounts payable affiliates (Note C)	2,949,600		3,815,173
Capital contributions payable (Note D)	18,554		18,554
	2,968,154		3,833,727

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 3,616,200 issued and 3,586,734 outstanding as of December 31, 2018 and March 31, 2018	(2,387,879)		(3,137,537)
General Partner	(337,482)		(345,054)
	(2,725,361)		(3,482,591)
	$ 242,793		$ 351,136

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 19

		December 31, 2018	March 31, 2018
ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	$ -			$ -



Cash and cash equivalents		-	181,006
		$ -	$ 181,006

LIABILITIES

Accounts payable & accrued expenses		$ -	$ -
Accounts payable affiliates (Note C)		-	-
Capital contributions payable (Note D)		-	-
		-	-

PARTNERS' CAPITAL (DEFICIT)

Assignees Units of limited partnership interest, $10 stated value per BAC; 22,000,000 authorized BACs; 4,080,000 issued and 4,056,000 outstanding as of December 31, 2018 and March 31, 2018		283,361	463,693
General Partner		(283,361)	(282,687)
		-	181,006
		$ -	$ 181,006

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,
(Unaudited)

	2018	2017

Income
Interest income	$ 3,044	$ 2,303
Other income	12,010	-
	15,054	2,303

Gain on Disposition of Operating Partnerships	116,000	201,065

Expenses
Professional fees	19,140	7,150
Fund management fee, net (Note C)	32,018	11,994
General and administrative expenses	115,487	39,936
	166,645	59,080

NET INCOME (LOSS)	$ (35,591)	$ 144,288

Net income (loss) allocated to limited assignees	$ (35,235)	$ 142,845

Net income (loss) allocated to general partner	$ (356)	$ 1,443

Net income (loss) per BAC	$ .00	$ .01

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 15

	2018	2017

Income
Interest income	$ 142	$ 290
Other income	-	-
	142	290

Gain on Disposition of Operating Partnerships	94,500	47,602

Expenses
Professional fees	4,586	1,430
Fund management fee, net (Note C)	6,086	12,936
General and administrative expenses	47,769	6,868
	58,441	21,234

NET INCOME (LOSS)	$ 36,201	$ 26,658

Net income (loss) allocated to limited assignees	$ 35,839	$ 26,391

Net income (loss) allocated to general partner	$ 362	$ 267

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

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,
(Unaudited)

Series 16

	2018	2017

Income
Interest income	$ 214	$ 343
Other income	10	-
	224	343

Gain on Disposition of Operating Partnerships	-	62,361

Expenses
Professional fees	3,728	1,430
Fund management fee, net (Note C)	18,097	24,663
General and administrative expenses	9,746	10,494
	31,571	36,587

NET INCOME (LOSS)	$ (31,347)	$ 26,117

Net income (loss) allocated to limited assignees	$ (31,034)	$ 25,856

Net income (loss) allocated to general partner	$ (313)	$ 261

Net income (loss) per BAC	$ (.01)	$ .00

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,
(Unaudited)

Series 17

	2018	2017

Income
Interest income	$ 2,189	$ 597
Other income	-	-
	2,189	597

Gain on Disposition of Operating Partnerships	21,500	22,000

Expenses
Professional fees	3,396	1,430
Fund management fee, net (Note C)	7,219	(36,389)
General and administrative expenses	7,685	8,287
	18,300	(26,672)

NET INCOME (LOSS)	$ 5,389	$ 49,269

Net income (loss) allocated to limited assignees	$ 5,335	$ 48,776

Net income (loss) allocated to general partner	$ 54	$ 493

Net income (loss) per BAC	$ .00	$ .01

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 18

	2018	2017

Income
Interest income	$ 387	$ 914
Other income	12,000	-
	12,387	914

Gain on Disposition of Operating Partnerships	-	-

Expenses
Professional fees	2,913	1,430
Fund management fee, net (Note C)	(2,552)	2,207
General and administrative expenses	10,404	7,149
	10,765	10,786

NET INCOME (LOSS)	$ 1,622	$ (9,872)

Net income (loss) allocated to limited assignees	$ 1,606	$ (9,773)

Net income (loss) allocated to general partner	$ 16	$ (99)

Net income (loss) per BAC	$ .00	$ (.00)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,
(Unaudited)

Series 19

	2018	2017

Income
Interest income	$ 112	$ 159
Other income	-	-
	112	159

Gain on Disposition of Operating Partnerships	-	69,102

Expenses
Professional fees	4,517	1,430
Fund management fee, net (Note C)	3,168	8,577
General and administrative expenses	39,883	7,138
	47,568	17,145

NET INCOME (LOSS)	$ (47,456)	$ 52,116

Net income (loss) allocated to limited assignees	$ (46,981)	$ 51,595

Net income (loss) allocated to general partner	$ (475)	$ 521

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

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,
(Unaudited)

	2018	2017

Income
Interest income	$ 9,640	$ 3,819
Other income	122,979	15,375
	132,619	19,194

Gain on Disposition of Operating Partnerships	957,020	1,052,341

Expenses
Professional fees	122,277	108,844
Fund management fee, net (Note C)	140,556	136,766
General and administrative expenses	174,171	92,919
	437,004	338,529

NET INCOME (LOSS)	$ 652,635	$ 733,006

Net income (loss) allocated to limited assignees	$ 646,108	$ 725,675

Net income (loss) allocated to general partner	$ 6,527	$ 7,331

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

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 15

	2018	2017

Income
Interest income	$ 942	$ 329
Other income	-	321
	942	650

Gain on Disposition of Operating Partnerships	107,000	265,241

Expenses
Professional fees	25,826	22,462
Fund management fee, net (Note C)	21,998	18,780
General and administrative expenses	59,153	17,167
	106,977	58,409

NET INCOME (LOSS)	$ 965	$ 207,482

Net income (loss) allocated to limited assignees	$ 955	$ 205,407

Net income (loss) allocated to general partner	$ 10	$ 2,075

Net income (loss) per BAC	$ .00	$ .05

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,
(Unaudited)

Series 16

	2018	2017

Income
Interest income	$ 1,078	$ 939
Other income	1,888	2,080
	2,966	3,019

Gain on Disposition of Operating Partnerships	-	187,294

Expenses
Professional fees	28,353	28,238
Fund management fee, net (Note C)	48,853	62,666
General and administrative expenses	23,104	22,386
	100,310	113,290

NET INCOME (LOSS)	$ (97,344)	$ 77,023

Net income (loss) allocated to limited assignees	$ (96,371)	$ 76,253

Net income (loss) allocated to general partner	$ (973)	$ 770

Net income (loss) per BAC	$ (.02)	$ .01

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,
(Unaudited)

Series 17

	2018	2017

Income
Interest income	$ 4,320	$ 1,238
Other income	108,075	11,958
	112,395	13,196

Gain on Disposition of Operating Partnerships	21,500	22,000

Expenses
Professional fees	26,208	21,270
Fund management fee, net (Note C)	28,657	(14,264)
General and administrative expenses	19,813	19,320
	74,678	26,326

NET INCOME (LOSS)	$ 59,217	$ 8,870

Net income (loss) allocated to limited assignees	$ 58,625	$ 8,781

Net income (loss) allocated to general partner	$ 592	$ 89

Net income (loss) per BAC	$ .01	$ .00

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 18

	2018	2017

Income
Interest income	$ 2,554	$ 1,113
Other income	12,933	933
	15,487	2,046

Gain on Disposition of Operating Partnerships	815,520	508,704

Expenses
Professional fees	21,588	20,340
Fund management fee, net (Note C)	30,947	44,171
General and administrative expenses	21,242	16,864
	73,777	81,375

NET INCOME (LOSS)	$ 757,230	$ 429,375

Net income (loss) allocated to limited assignees	$ 749,658	$ 425,081

Net income (loss) allocated to general partner	$ 7,572	$ 4,294

Net income (loss) per BAC	$ .21	$ .12

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,
(Unaudited)

Series 19

	2018	2017

Income
Interest income	$ 746	$ 200
Other income	83	83
	829	283

Gain on Disposition of Operating Partnerships	13,000	69,102

Expenses
Professional fees	20,302	16,534
Fund management fee, net (Note C)	10,101	25,413
General and administrative expenses	50,859	17,182
	81,262	59,129

NET INCOME (LOSS)	$ (67,433)	$ 10,256

Net income (loss) allocated to limited assignees	$ (66,759)	$ 10,153

Net income (loss) allocated to general partner	$ (674)	$ 103

Net income (loss) per BAC	$ (.02)	$ .00

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2018

(Unaudited)

	Assignees	General Partner	Total

Partners' capital (deficit) April 1, 2018	$(11,248,474)	$ (1,887,085)	$(13,135,559)

Contributions	-	2,789,397	2,789,397

Distributions	(113,573)	-	(113,573)

Net income (loss)	646,108	6,527	652,635

Partners' capital (deficit), December 31, 2018	$(10,715,939)	$ 908,839	$ (9,807,100)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2018

(Unaudited)

	Assignees	General Partner	Total
Series 15
Partners' capital (deficit) April 1, 2018	$ (2,440,269)	$ (350,093)	$ (2,790,362)

Contributions	-	2,789,397	2,789,397

Distributions	-	-	-

Net income (loss)	955	10	965

Partners' capital (deficit), December 31, 2018	$ (2,439,314)	$ 2,439,314	$ -


Series 16
Partners' capital (deficit) April 1, 2018	$ (7,029,717)	$ (542,328)	$ (7,572,045)

Contributions	-	-	-

Distributions	-	-	-

Net income (loss)	(96,371)	(973)	(97,344)

Partners' capital (deficit), December 31, 2018	$ (7,126,088)	$ (543,301)	$ (7,669,389)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2018

(Unaudited)

	Assignees	General Partner	Total
Series 17
Partners' capital (deficit) April 1, 2018	$ 895,356	$ (366,923)	$ 528,433

Contributions	-	-	-

Distributions	-	-	-

Net income (loss)	58,625	592	59,217

Partners' capital (deficit), December 31, 2018	$ 953,981	$ (366,331)	$ 587,650


Series 18
Partners' capital (deficit) April 1, 2018	$ (3,137,537)	$ (345,054)	$ (3,482,591)

Contributions	-	-	-

Distributions	-	-	-

Net income (loss)	749,658	7,572	757,230

Partners' capital (deficit), December 31, 2018	$ (2,387,879)	$ (337,482)	$ (2,725,361)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2018

(Unaudited)

	Assignees	General Partner	Total
Series 19
Partners' capital (deficit) April 1, 2018	$ 463,693	$ (282,687)	$ 181,006

Contributions	-	-	-

Distributions	(113,573)	-	(113,573)

Net income (loss)	(66,759)	(674)	(67,433)

Partners' capital (deficit), December 31, 2018	$ 283,361	$ (283,361)	$ -

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

		2018		2017
Cash flows from operating activities:

Net Income (Loss)		$ 652,635		$ 733,006
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships		(957,020)		(1,052,341)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(2,000)		(16,745)
(Decrease) Increase in accounts payable affiliates		(1,206,232)		50,811

Net cash (used in) provided by operating activities		(1,512,617)		(285,269)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		957,020		1,052,341

Net cash provided by investing activities		957,020		1,052,341

Cash flows from financing activities:
Distributions		(113,573)		-

Net cash used in financing activities		(113,573)		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(669,170)		767,072

Cash and cash equivalents, beginning		1,632,938		1,460,257

Cash and cash equivalents, ending		$ 963,768		$ 2,227,329

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$ 2,789,397		$ -

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 15

		2018		2017
Cash flows from operating activities:

Net Income (Loss)		$ 965		$ 207,482
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships		(107,000)		(265,241)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(3,245)
(Decrease) Increase in accounts payable affiliates		(245,039)		32,142

Net cash (used in) provided by operating activities		(351,074)		(28,862)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		107,000		265,241

Net cash provided by investing activities		107,000		265,241

Cash flows from financing activities:
Distributions		-		-

Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(244,074)		236,379

Cash and cash equivalents, beginning		244,074		64,641

Cash and cash equivalents, ending		$ -		$ 301,020

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$ 2,789,397		$ -

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 16

		2018		2017
Cash flows from operating activities:

Net Income (Loss)		$ (97,344)		$ 77,023
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships		-		(187,294)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(2,000)		3,000
(Decrease) Increase in accounts payable affiliates		(95,620)		(48,651)

Net cash (used in) provided by operating activities		(194,964)		(155,922)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		187,294

Net cash provided by investing activities		-		187,294

Cash flows from financing activities:
Distributions		-		-

Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(194,964)		31,372

Cash and cash equivalents, beginning	320,396		327,901

Cash and cash equivalents, ending	$ 125,432		$ 359,273

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$ -		$ -

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 17

		2018		2017
Cash flows from operating activities:

Net Income (Loss)		$ 59,217		$ 8,870
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships		(21,500)		(22,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(12,000)
(Decrease) Increase in accounts payable affiliates		-		-

Net cash (used in) provided by operating activities		37,717		(25,130)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		21,500		22,000

Net cash provided by investing activities		21,500		22,000

Cash flows from financing activities:
Distributions		-		-

Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	59,217		(3,130)

Cash and cash equivalents, beginning	536,326		559,787

Cash and cash equivalents, ending	$ 595,543		$ 556,657

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$ -		$ -

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 18

		2018		2017
Cash flows from operating activities:

Net Income (Loss)		$ 757,230		$ 429,375
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships		(815,520)		(508,704)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
(Decrease) Increase in accounts payable affiliates		(865,573)		67,320

Net cash (used in) provided by operating activities		(923,863)		(12,009)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		815,520		508,704

Net cash provided by investing activities		815,520		508,704

Cash flows from financing activities:
Distributions		-		-

Net cash used in financing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(108,343)		496,695

Cash and cash equivalents, beginning		351,136		318,027

Cash and cash equivalents, ending		$ 242,793		$ 814,722

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$ -		$ -

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 19

		2018		2017
Cash flows from operating activities:

Net Income (Loss)		$ (67,433)		$ 10,256
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships		(13,000)		(69,102)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(4,500)
(Decrease) Increase in accounts payable affiliates		-		-

Net cash (used in) provided by operating activities		(80,433)		(63,346)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		13,000		69,102

Net cash provided by investing activities		13,000		69,102

Cash flows from financing activities:
Distributions		(113,573)		-

Net cash used in financing activities		(113,573)		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(181,006)		5,756

Cash and cash equivalents, beginning	181,006		189,901

Cash and cash equivalents, ending	$ -		$ 195,657

Supplemental schedule of noncash investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$ -		$ -

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
December 31, 2018

(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund III L.P. (the "Fund") was formed under the laws of the State of Delaware as of September 19, 1991 for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates III L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC III Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. On September 4, 1993 the Fund filed an amendment to Form S-11 with the Securities and Exchange Commission which registered an additional 2,000,000 BACs at $10 per BAC for sale to the public in one or more series. The registration for the additional BACs became effective on October 6, 1993. Offers and sales of BACs in Series 15 through 19 of the Fund were completed and the last of the BACs in Series 15, 16, 17, 18 and 19 were issued by the Fund on September 26, 1992, December 28, 1992, September 17, 1993, September 22, 1993, and December 17, 1993, respectively. The Fund sold 3,870,500 of Series 15 BACs, for a total of $38,705,000; 5,429,402 of Series 16 BACs, for a total of $54,293,000; 5,000,000 of Series 17 BACs, for a total of $50,000,000; 3,616,200 of Series 18 BACs, for a total of $36,162,000; and 4,080,000 of Series 19 BACs, for a total of $40,800,000. As of December 31, 2018, 3,811,700 BACs in Series 15, 5,367,700 BACs in Series 16, 4,956,447 BACs in Series 17, 3,586,734 BACs in Series 18, and 4,056,000 BACs in Series 19, respectively, are outstanding. The Fund issued the last BACs in Series 19 on December 17, 1993. This concluded the Public Offering of the Fund.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018

(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements included herein as of December 31, 2018 and for the three and nine months then ended have been prepared by the Fund, without audit. 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, 2018.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

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

An annual fund management fee, based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships, has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the three months ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 15	$ 7,586	$ 12,936
Series 16	20,021	24,663
Series 17	12,219	13,611
Series 18	15,948	22,257
Series 19	3,168	8,577
	$ 58,942	$ 82,044

The fund management fees paid for the three months ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 15	$ 209,499	$ -
Series 16	-	-
Series 17	12,219	13,611
Series 18	-	-
Series 19	3,168	8,577
	$ 224,886	$ 22,188

The fund management fees paid for the nine months ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 15	$ 271,999	$ 16,000
Series 16	155,683	124,615
Series 17	36,657	40,833
Series 18	915,520	-
Series 19	10,851	26,163
	$1,390,710	$ 207,611

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2018

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2018 and 2017, the Fund had limited partnership interests in 25 and 40 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2018 and 2017 is as follows:

	2018	2017
Series 15	-	9
Series 16	12	13
Series 17	3	4
Series 18	10	11
Series 19	-	3
	25	40

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, 2018 and 2017 are as follows:

	2018	2017
Series 15	$ -	$ -
Series 16	-	-
Series 17	7,893	7,893
Series 18	18,554	18,554
Series 19	-	-
	$ 26,447	$ 26,447

During the nine months ended December 31, 2018 the Fund disposed of fourteen Operating Partnerships. A summary of the dispositions by Series for December 31, 2018 is as follows:

Operating
Partnership
Interest
Transferred

Sale of
Underlying
Operating
Partnership

Fund Proceeds
from
Disposition

Gain on
Disposition

Series 15

8

1

$

107,000

$

107,000

Series 16

-

-

-

-

Series 17

1

-

21,500

21,500

Series 18

1

-

815,520

815,520

Series 19

3

-

13,000

13,000

Total

13

1

$

957,020

$

957,020

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Operating
Partnership
Interest
Transferred

Sale of
Underlying
Operating
Partnership

Fund Proceeds
from
Disposition

Gain on
Disposition

Series 15

4

-

$

265,241

$

265,241

Series 16

4

-

187,294

187,294

Series 17

1

-

22,000

22,000

Series 18

-

1

508,704

508,704

Series 19

3

-

69,102

69,102

Total

12

1

$

1,052,341

$

1,052,341

The gain 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, 2018.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

	2018	2017

Revenues
Rental	$ 3,631,348	$ 5,655,574
Interest and other	61,533	121,815

	3,692,881	5,777,389

Expenses
Interest	452,441	693,138
Depreciation and amortization	908,641	1,444,282
Operating expenses	2,898,402	4,529,324
	4,259,484	6,666,744

NET LOSS	$ (566,603)	$ (889,355)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ (560,936)	$ (880,461)


Net loss allocated to other Partners	$ (5,667)	$ (8,894)

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 III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 15

	2018	2017

Revenues
Rental	$ -	$ 1,128,127
Interest and other	-	23,022

	-	1,151,149

Expenses
Interest	-	133,480
Depreciation and amortization	-	292,021
Operating expenses	-	857,944
	-	1,283,445

NET LOSS	$ -	$ (132,296)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ -	$ (130,973)


Net loss allocated to other Partners	$ -	$ (1,323)

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 16

	2018	2017

Revenues
Rental	$ 1,593,836	$ 1,817,953
Interest and other	19,422	37,226

	1,613,258	1,855,179

Expenses
Interest	178,577	211,069
Depreciation and amortization	376,366	446,024
Operating expenses	1,220,899	1,413,222
	1,775,842	2,070,315

NET LOSS	$ (162,584)	$ (215,136)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ (160,958)	$ (212,985)


Net loss allocated to other Partners	$ (1,626)	$ (2,151)

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 17

	2018	2017

Revenues
Rental	$ 829,325	$ 921,714
Interest and other	16,673	17,879

	845,998	939,593

Expenses
Interest	75,612	89,771
Depreciation and amortization	244,297	280,489
Operating expenses	603,958	699,083
	923,867	1,069,343

NET LOSS	$ (77,869)	$ (129,750)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ (77,089)	$ (128,452)


Net loss allocated to other Partners	$ (780)	$ (1,298)

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 18

	2018	2017

Revenues
Rental	$ 1,208,187	$ 1,302,172
Interest and other	25,438	30,421

	1,233,625	1,332,593

Expenses
Interest	198,252	208,309
Depreciation and amortization	287,978	321,007
Operating expenses	1,073,545	1,132,647
	1,559,775	1,661,963

NET LOSS	$ (326,150)	$ (329,370)

Net loss allocation to Boston Capital Tax Credit Fund III L.P	$ (322,889)	$ (326,076)


Net loss allocated to other Partners	$ (3,261)	$ (3,294)

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 19

	2018	2017

Revenues
Rental	$ -	$ 485,608
Interest and other	-	13,267

	-	498,875

Expenses
Interest	-	50,509
Depreciation and amortization	-	104,741
Operating expenses	-	426,428
	-	581,678

NET LOSS	$ -	$ (82,803)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ -	$ (81,975)


Net loss allocated to other Partners	$ -	$ (828)

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018
(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss 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 2014 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.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018
(Unaudited)

NOTE H - Plan of Liquidation

On March 30, 2016, our General Partner recommended that the BAC holders approve a plan of liquidation and dissolution for the Partnership, or the "Plan." The Plan was approved by the BAC holders on June 1, 2016, and was adopted by the General Partner on June 1, 2016. Pursuant to the Plan, the General Partner would be able to, without further action by the BAC holders:

liquidate the assets and wind up the business of the Partnership;

make liquidating distributions in cancellation of the BACs, if any;

dissolve the Partnership after the sale of all of the Partnership's assets; and

take, or cause the Partnership to take, such other acts and deeds and shall do, or cause the Partnership to do, such other things, as are necessary or appropriate in connection with the dissolution, winding up and liquidation of the Partnership, the termination of the responsibilities and liabilities of the Partnership under applicable law, and the termination of the existence of the Partnership.

Since the approval of the Plan by the BAC holders, we have continued to seek to sell the assets of the Partnership and use the sale proceeds and/or other Partnership funds to pay all expenses in connection with such sales, pay or make provision for payment of all Partnership obligations and liabilities, including accrued fees, and unpaid loans to the General Partner, and distribute the remaining assets as set forth in the Partnership Agreement. We expect to complete the sale of the apartment complexes approximately three to five years after the BAC holders approval of the Plan, which was June 1, 2016. However, because of numerous uncertainties, the liquidation may take longer or shorter than expected, and the final liquidating distributions, if any, may occur months after all of the apartment complexes of any given Series have been sold. As liquidation is not imminent, the Partnership will continue to report as a going concern.

For additional information regarding the sale of Partnership assets, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report on Form 10-K.

Item 2. Management's Discussions 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, 2018. 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 was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions unpaid for the nine months ended December 31, 2018 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves. These sources of liquidity, along with the Fund's working capital reserve, are available to meet the obligations of the Partnership. 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, 2018 were $58,942 and total fund management fees accrued as of December 31, 2018 were $10,744,421. During the three months ended December 31, 2018, $224,886 of 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 a Public Offering declared effective by the Securities and Exchange Commission on January 24, 1992. The Fund received $38,705,000, $54,293,000, $50,000,000, $36,162,000 and $40,800,000 representing 3,870,500, 5,429,402, 5,000,000, 3,616,200 and 4,080,000 BACs from investors admitted as BAC Holders in Series 15, Series 16, Series 17, Series 18, and Series 19, respectively. The Public Offering was completed on December 17, 1993.

(Series 15) The Fund commenced offering BACs in Series 15 on January 24, 1992. Offers and sales of BACs in Series 15 were completed on September 26, 1992. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 68 Operating Partnerships in the amount of $28,257,701. Series 15 has since sold its interest in 68 of the Operating Partnerships.

During the quarter ended December 31, 2018, none of Series 15 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 15 has invested in as of December 31, 2018.

(Series 16) The Fund commenced offering BACs in Series 16 on July 13, 1992. Offers and sales of BACs in Series 16 were completed on December 28, 1992. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 64 Operating Partnerships in the amount of $39,579,774. Series 16 has since sold its interest in 52 of the Operating Partnerships.

During the quarter ended December 31, 2018, none of Series 16 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 16 has invested in as of December 31, 2018.

(Series 17) The Fund commenced offering BACs in Series 17 on January 24, 1993. Offers and sales of BACs in Series 17 were completed on September 17, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 49 Operating Partnerships in the amount of $36,538,204. Series 17 has since sold its interest in 46 of the Operating Partnerships.

During the quarter ended December 31, 2018, none of Series 17 net offering proceeds were used to pay capital contributions. Series 17 has contributions payable to 1 Operating Partnership in the amount of $7,893 as of December 31, 2018. The remaining contributions will be released to the Operating Partnership when it has achieved the conditions set forth in its partnership agreement.

(Series 18) The Fund commenced offering BACs in Series 18 on September 17, 1993. Offers and sales of BACs in Series 18 were completed on September 22, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 34 Operating Partnerships in the amount of $26,442,202. Series 18 has since sold its interest in 24 of the Operating Partnerships.

During the quarter ended December 31, 2018, none of Series 18 net offering proceeds were used to pay capital contributions. Series 18 has contributions payable to 2 Operating Partnerships in the amount of $18,554 as of December 31, 2018. The remaining contributions will be released to the Operating Partnerships when they have achieved the conditions set forth in their partnership agreements.

(Series 19) The Fund commenced offering BACs in Series 19 on October 8, 1993. Offers and sales of BACs in Series 19 were completed on December 17, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnerships in the amount of $29,614,506. Series 19 has since sold its interest in 26 of the Operating Partnerships.

During the quarter ended December 31, 2018, none of Series 19 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 19 has invested in as of December 31, 2018.

Results of Operations

As of December 31, 2018 and 2017, the Fund held limited partnership interests in 25 and 40 Operating Partnerships, respectively. 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 incurs a fund management fee to Boston Capital Asset Management Limited Partnership (formerly Boston Capital Communications Limited Partnership), or BCAMLP, in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various 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, 2018 are as follows:

	3 Months Gross Fund Management Fee	3 Months Reporting Fee	3 Months Fund Management Fee Net of Reporting Fee
Series 15	$ 7,586	$ 1,500	$ 6,086
Series 16	20,021	1,924	18,097
Series 17	12,219	5,000	7,219
Series 18	15,948	18,500	(2,552)
Series 19	3,168	-	3,168
	$ 58,942	$ 26,924	$ 32,018

	9 Months Gross Fund Management Fee	9 Months Reporting Fee	9 Months Fund Management Fee Net of Reporting Fee
Series 15	$ 26,960	$ 4,962	$ 21,998
Series 16	60,063	11,210	48,853
Series 17	36,657	8,000	28,657
Series 18	49,947	19,000	30,947
Series 19	10,851	750	10,101
	$184,478	$ 43,922	$ 140,556

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 made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 15

As of December 31, 2017, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of December 31, 2018.

For the nine month periods ended December 31, 2018 and 2017, Series 15 reflects a net loss from Operating Partnerships of $- and $(132,296), respectively, which includes depreciation and amortization of $- and $292,021, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In May 2017, the investment general partner transferred its interest in Calexico Senior Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,716,118 and cash proceeds to the investment partnership of $111,786. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $109,786 were returned to cash reserves held by Series 15. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $109,786 as of June 30, 2017.

In August 2017, the investment general partner transferred its interest in University Meadows LDHA to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,306,546 and cash proceeds to the investment partnership of $140,000. Of the total proceeds received, $23,400 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $8,747 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $107,853 were returned to cash reserves held by Series 15. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $107,853 as of September 30, 2017.

In December 2017, the investment general partner transferred its interest in Chestnut Hill Estates, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $639,888 and cash proceeds to the investment partnership of $25,301. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $23,801 were returned to cash reserves held by Series 15. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $23,801 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Sunset Square Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $649,492 and cash proceeds to the investment partnership of $25,301. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $23,801 were returned to cash reserves held by Series 15. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $23,801 as of December 31, 2017.

In June 2018, the investment general partner transferred its interest in Beckwood Manor Eight Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,096,290 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $12,500 were returned to cash reserves held by Series 15. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $12,500 as of June 30, 2018.

In December 2018, the investment general partner transferred its interest in Livingston Plaza, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $571,663 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 15. 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 transfer of the Operating Partnership of the proceeds from the transfer has been recorded as of December 31, 2018.

In November 2018, the investment general partner transferred its interest in Arkansas City Properties Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $702,880 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,000 were returned to cash reserves held by Series 15. 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'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, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of December 31, 2018.

In November 2018, the investment general partner transferred its interest in Barton Village Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $446,257 and cash proceeds to the investment partnership of $13,500. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,500 were returned to cash reserves held by Series 15. 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'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, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $11,500 as of December 31, 2018.

In December 2018, the investment general partner transferred its interest in Bergen Meadows Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $835,862 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 15. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the" RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 20 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the terms of the RRN. 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 transfer of the Operating Partnership of the proceeds from the transfer has been recorded as of December 31, 2018.

In August 2018, the operating general partner of Healdton Properties, A Limited Partnership entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 3, 2018. The sales price of the property was $672,878, which included the outstanding mortgage balance of approximately $598,864 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received by the investment partnership, $2,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $22,000 will be returned to cash reserves held by Series 15. 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'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, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of December 31, 2018.

In November 2018, the investment general partner transferred its interest in Greenwood Village Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $582,786 and cash proceeds to the investment partnership of $18,000. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,000 were returned to cash reserves held by Series 15. 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'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, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $16,000 as of December 31, 2018.

In November 2018, the investment general partner transferred its interest in Marshall Lane Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $481,516 and cash proceeds to the investment partnership of $13,500. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,500 were returned to cash reserves held by Series 15. 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'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, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $11,500 as of December 31, 2018.

In November 2018, the investment general partner transferred its interest in Whitewater Village Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $458,677 and cash proceeds to the investment partnership of $13,500. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,500 were returned to cash reserves held by Series 15. 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'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, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $11,500 as of December 31, 2018.

Series 16

As of December 31, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 12 properties at December 31, 2018, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2018 and 2017, Series 16 reflects a net loss from Operating Partnerships of $(162,584) and $(215,136), respectively, which includes depreciation and amortization of $376,366 and $446,024, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In May 2017, the investment general partner transferred its interest in Mendota Village Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,728,506 and cash proceeds to the investment partnership of $82,083. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $80,083 were returned to cash reserves held by Series 16. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $80,083 as of June 30, 2017.

In May 2017, the investment general partner transferred its interest in Tuolumne City Investment Group II to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,406,018 and cash proceeds to the investment partnership of $46,850. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $44,850 were returned to cash reserves held by Series 16. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $44,850 as of June 30, 2017.

In December 2017, the investment general partner transferred its interest in Falcon Ridge Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $817,869 and cash proceeds to the investment partnership of $33,735. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $32,235 were returned to cash reserves held by Series 16. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $32,235 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Newport Manor, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $906,774 and cash proceeds to the investment partnership of $31,626. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $30,126 were returned to cash reserves held by Series 16. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $30,126 as of December 31, 2017.

In January 2018, the investment general partner transferred its interest in Holly Tree Manor of Holly Hill, a Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $783,396 and cash proceeds to the investment partnership of $77,600. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,600 were returned to cash reserves held by Series 16. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $75,600 as of March 31, 2018.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Anson Limited Partnership

Greenfield Properties, LP

Series 17

As of December 31, 2018 and 2017, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at December 31, 2018, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2018 and 2017, Series 17 reflects a net loss from Operating Partnerships of $(77,869) and $(129,750), respectively, which includes depreciation and amortization of $244,297 and $280,489, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In December 2017, the investment general partner transferred its interest in Oakwood Manor of Bennettsville, A Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $771,031 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,000 were returned to cash reserves held by Series 17. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of December 31, 2017.

In December 2018, the investment general partner transferred its interest in Cairo Housing Company I to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $935,638 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,500 were returned to cash reserves held by Series 17. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $21,500 as of December 31, 2018.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Brewer Street Apartments

Series 18

As of December 31, 2018 and 2017 the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2018, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2018 and 2017, Series 18 reflects a net loss from Operating Partnerships of $(326,150) and $(329,370), respectively, which includes depreciation and amortization of $287,978 and $321,007, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In December 2016, the operating general partner of Chelsea Square Development Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 6, 2017. The sales price of the property was $1,150,000, which included the outstanding mortgage balance of approximately $301,393 and cash proceeds to the investment partnership of $513,204. Of the total proceeds received by the investment partnership, $4,500 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $508,704 were returned to cash reserves held by Series 18. 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 $508,704 as of June 30, 2017.

In April 2017, the investment general partner of Series 18 and Boston Capital Tax Credit Fund IV - Series 20 transferred their respective interests in Virginia Avenue Affordable Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $499,989 and cash proceeds to the investment partnerships of $823,080 and $156,777 for Series 18 and Series 20, respectively. Of the total proceeds received, $7,560 and $1,440, for Series 18 and Series 20, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $815,520 and $155,337, for Series 18 and Series 20, respectively, were returned to cash reserves. 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 $815,520 and $155,337, for Series 18 and Series 20, respectively, as of June 30, 2018.

Marengo Park Apartments, Limited Partnership

Humboldt I, Limited Partnership

Natchitoches Elderly Apartments, Limited Partnership

Leesville Elderly Apartments, an LA Partnership

Series 19

As of December 31, 2017, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of December 31, 2018.

For the nine month periods ended December 31, 2018 and 2017, Series 19 reflects a net loss from Operating Partnerships of $- and $(82,803), respectively, which includes depreciation and amortization of $- and $104,741, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In November 2017, the investment general partner transferred its interest in Independence Properties, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $743,037 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,500 were returned to cash reserves held by Series 19. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $21,500 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Munford Village, Limited to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $702,560 and cash proceeds to the investment partnership of $25,301. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $23,801 were returned to cash reserves held by Series 19. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $23,801 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Sherwood Knoll, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $689,460 and cash proceeds to the investment partnership of $25,301. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $23,801 were returned to cash reserves held by Series 19. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $23,801 as of December 31, 2017.

In April 2018, the investment general partner transferred its interest in Madison Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $571,026 and no cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 19. 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, no gain or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of June 30, 2018.

In May 2018, the investment general partner transferred its interest in Summerset Housing Limited Partnership to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $839,048 and cash proceeds to the investment partnership of $15,500. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $13,000 will be returned to cash reserves held by Series 19. 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 transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $13,000 as of June 30, 2018.

In December 2018, the investment general partner transferred its interest in Carrollton Villa, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,477,678 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 19. 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, no gain or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2018.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The condensed 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.

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.

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 plus advances made to Operating Partnerships 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 C&M Management Inc., 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, 2018 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, 2018.

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

BCTC III CERT 302

31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein

BCTC III CERT 302

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 herein

BCTC III CERT 906

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 herein

BCTC III CERT 906

101. The following materials from the Boston Capital Tax Credit Fund III, L.P. Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2018 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 Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Boston Capital Tax Credit Fund III L.P.
	By:	Boston Capital Associates III L.P.
		General Partner
	By:	BCA Associates Limited Partnership,
		General Partner
	By:	C&M Management Inc.,
		General Partner
Date: February 13, 2019	By:	/s/ John P. Manning

		John P. Manning

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, 2019	/s/ John P. Manning	Director, President (Principal Executive Officer) C&M Management Inc.; Director, President (Principal Executive Officer) BCTC III Assignor Corp.

	John P. Manning

DATE:	SIGNATURE:	TITLE:

February 13, 2019	/s/ Marc N. Teal	Director, President (Principal Executive Officer) C&M Management Inc.; Director, President (Principal Executive Officer) BCTC III Assignor Corp.

	Marc N. Teal

EX-31 2 b310cert302jpm.htm BCTC III CERTIFICATION 302 BCTC III 10-Q

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 III 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: February 13, 2019	/s/ John P. Manning

	John P. Manning
	Principal Executive Officer

EX-31 3 b310cert302mnt.htm BCTC III CERTIFICATION 302 BCTC III 10-Q

Exhibit 31.b

I, Marc Teal, certify that:

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

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: February 13, 2019	/s/ Marc N. Teal ___
	Marc N. Teal, Principal Financial Officer

EX-32 4 b310cert906jpm.htm BCTC III 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 III L.P. (the "Fund") on Form 10-Q for the period ended December 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John P. Manning, Principal Executive Officer of the general partner of the general partner of the Fund's general partner, C&M Management Inc., 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, 2019		/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 b310cert906mnt.htm BCTC III 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 III L.P. (the "Fund") on Form 10-Q for the period ended December 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc N. Teal, Principal Financial Officer of the general partner of the general partner of the Fund's general partner, C&M Management Inc., 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, 2019		/s/ Marc N. Teal

		Marc. N. Teal
		Principal Financial Officer

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

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28353

28238

48853 62666

23104

22386

100310

113290

-96371

76253

-973

770

26208

21270

28657 -14264

19813

19320

74678

26326

58625

8781

592

73777

81375

21242

16864

749658

425081

7572

4294

21588

20340

30947 44171

20302

16534

10101 25413

50859

17182

81262

59129

-66759

10153

-674

103

0.00

0.21

0.12

0.01

0.00

0.01

0.00

0.05

0.03

-11248474

646108

-10715939

-1887085

6527

908839

-13135559

-2440269

955

-2439314

-350093

2439314

-2790362

652635

733006

965

-97344

207482

77023

-7029717

-96371

-7126088

-542328

-973

-543301

-7572045

59217

757230

-67433

895356

58625

953981

-366923

592

-366331

528433

-3137537

749658

-2387879

-345054

7572

-337482

-3482591

463693

-66759

283361

-282687

-674

-283361

181006

8870

429375

10256

<div><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE F - INCOME TAXES</div></div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">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.</div><div style="font-family: calibri; text-decoration: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"> </div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">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 2014 remain open.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="color: rgb(0, 0, 0); font-family: 'courier new'; font-size: small; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">NOTE E - TAXABLE LOSS</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'courier new'; font-size: small; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </div><div style="color: rgb(0, 0, 0); font-family: 'courier new'; font-size: small; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund's taxable loss 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.  </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">At December 31, 2018 and 2017, the Fund had limited partnership interests in 25 and 40 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2018 and 2017 is as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:381;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">9</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">12</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">3</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">4</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">10</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">11</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  -</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  3</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 25</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 40</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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, 2018 and 2017 are as follows:</div></div></div><div> </div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:399;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$      -</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$      -</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">7,893</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">7,893</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">18,554</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">18,554</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">      -</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">      -</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> 26,447</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> 26,447</div></div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">During the nine months ended December 31, 2018 the Fund disposed of fourteen Operating Partnerships. A summary of the dispositions by Series for December 31, 2018 is as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: courier; text-decoration: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="1" cellspacing="1" style="border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in auto;;text-align:left;;width:584;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating<br/>Partnership<br/>Interest<br/>Transferred</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Sale of<br/>Underlying<br/>Operating<br/>Partnership</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:21%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Fund Proceeds<br/>from<br/>Disposition </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Gain on<br/>Disposition</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;;height:9;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">8</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">107,000</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">107,000</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">21,500</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">21,500</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">815,520</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">815,520</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">3</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13,000</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13,000</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;;height:9;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">957,020</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">957,020</div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: courier; text-decoration: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">During the nine months ended December 31, 2017 the Fund disposed of thirteen Operating Partnerships. A summary of the dispositions by Series for December 31, 2017 is as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: courier; text-decoration: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="1" cellspacing="1" style="border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in auto;;text-align:left;;width:584;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating<br/>Partnership<br/>Interest<br/>Transferred</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Sale of<br/>Underlying<br/>Operating<br/>Partnership</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:21%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Fund Proceeds<br/>from<br/>Disposition </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Gain on<br/>Disposition</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;;height:9;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">4</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">265,241</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">265,241</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">4</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">187,294</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">187,294</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">22,000</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">22,000</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">508,704</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">508,704</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">3</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">69,102</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">69,102</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;;height:9;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">12</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,052,341</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,052,341</div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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, 2018.</div></div></div><div style="margin-bottom: 0px; margin-top: 0px;"> </div><div style="text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; top: 0px;;display:inline;">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/>Nine Months Ended September 30,<br/>(Unaudited)</div></div></div><br/> </div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;;text-align:center;"></div><table style="border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:679;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:center;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:center;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Revenues</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">   Rental</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  3,631,348</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 5,655,574</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">   Interest and other</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">     61,533</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    121,815</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  3,692,881</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  5,777,389</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Expenses</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">   Interest</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">452,441</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">693,138</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">   Depreciation and amortization</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">908,641</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,444,282</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">   Operating expenses</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  2,898,402</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,529,324</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,259,484</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  6,666,744</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">NET LOSS</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (566,603)</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> (889,355)</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P.</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><br/><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (560,936)</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><br/><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> (880,461)</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (5,667)</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (8,894)</div></div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none; color: rgb(0, 0, 0); background: none; top: 0px;;display:inline;"> </div></div></div><div style="font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of<br/>accounting. Under the equity method of accounting, the Fund adjusts<br/>its investment cost for its share of each Operating Partnership’s results of<br/>operations and for any distributions received or accrued. However, the<br/>Fund recognizes individual operating losses only to the extent of<br/>capital contributions. Excess losses are suspended for use in future years to<br/>offset excess income.</div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 15</div></div></div><table style="border-collapse: collapse; width: 40.5%; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenues</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Rental</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$     -</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$  1,128,127</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest and other</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">      -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     23,022</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,151,149</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">133,480</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Depreciation and amortization</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">292,021</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Operating expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   857,944</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> 1,283,445</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NET LOSS</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (132,296)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P.</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (130,973)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">       -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (1,323)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of<br/>accounting. Under the equity method of accounting, the Fund adjusts<br/>its investment cost for its share of each Operating Partnership’s results of<br/>operations and for any distributions received or accrued. However, the<br/>Fund recognizes individual operating losses only to the extent of<br/>capital contributions. Excess losses are suspended for use in future years to<br/>offset excess income.</div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 16</div></div></div><table style="border-collapse: collapse; width: 40.5%; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenues</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Rental</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$  1,593,836</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$ 1,817,953</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest and other</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     19,422</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     37,226</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,613,258</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,855,179</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">178,577</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">211,069</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Depreciation and amortization</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">376,366</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">446,024</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Operating expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,220,899</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,413,222</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,775,842</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  2,070,315</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NET LOSS</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (162,584)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (215,136)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P.</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (160,958)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (212,985)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (1,626)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (2,151)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of<br/>accounting. Under the equity method of accounting, the Fund adjusts<br/>its investment cost for its share of each Operating Partnership’s results of<br/>operations and for any distributions received or accrued. However, the<br/>Fund recognizes individual operating losses only to the extent of<br/>capital contributions. Excess losses are suspended for use in future years to<br/>offset excess income.</div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 17</div></div></div><table style="border-collapse: collapse; width: 40.5%; border-spacing: 0px; margin: 0in auto 0in 0px;;text-align:left;"><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenues</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Rental</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$    829,325</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$   921,714</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest and other</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     16,673</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     17,879</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">    845,998</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  939,593</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">75,612</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">89,771</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Depreciation and amortization</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">244,297</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">280,489</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Operating expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">    603,958</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   699,083</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">    923,867</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,069,343</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NET LOSS</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (77,869)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (129,750)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P.</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (77,089)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (128,452)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">      (780)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (1,298)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of<br/>accounting. Under the equity method of accounting, the Fund adjusts<br/>its investment cost for its share of each Operating Partnership’s results of<br/>operations and for any distributions received or accrued. However, the<br/>Fund recognizes individual operating losses only to the extent of<br/>capital contributions. Excess losses are suspended for use in future years to<br/>offset excess income.</div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 18</div></div></div><table style="border-collapse: collapse; width: 40.5%; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenues</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Rental</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$   1,208,187</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$   1,302,172</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest and other</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">      25,438</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">      30,421</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,233,625</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,332,593</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">198,252</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">208,309</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Depreciation and amortization</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">287,978</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">321,007</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Operating expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,073,545</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,132,647</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,559,775</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,661,963</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NET LOSS</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (326,150)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (329,370)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (322,889)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (326,076)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">     (3,261)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (3,294)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of<br/>accounting. Under the equity method of accounting, the Fund adjusts<br/>its investment cost for its share of each Operating Partnership’s results of<br/>operations and for any distributions received or accrued. However, the<br/>Fund recognizes individual operating losses only to the extent of<br/>capital contributions. Excess losses are suspended for use in future years to<br/>offset excess income.</div></div><div style="margin: 0px 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"> </div><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 19</div></div></div><table style="border-collapse: collapse; width: 40.5%; border-spacing: 0px; margin: 0in auto 0in 0px;;text-align:left;"><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenues</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Rental</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$     -</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$    485,608</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest and other</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">      -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     13,267</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">    498,875</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">50,509</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Depreciation and amortization</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">104,741</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Operating expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">    426,428</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   581,678</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NET LOSS</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (82,803)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P.</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (81,975)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">       -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">     (828)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of<br/>accounting. Under the equity method of accounting, the Fund adjusts<br/>its investment cost for its share of each Operating Partnership’s results of<br/>operations and for any distributions received or accrued. However, the<br/>Fund recognizes individual operating losses only to the extent of<br/>capital contributions. Excess losses are suspended for use in future years to<br/>offset excess income.</div><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;">                                                                                        </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0 9 12 13 3 4 10 11 0 3 40 25 26447 26447 0 0 0 0 0 0 7893 7893 18554 18554 8 1

107000

0 0

1 0

21500

1 0

815520

3 0

13000

13 1

957020

4 0

265241

4 0

187294

1 0

22000

0 1

508704

3 0

69102

12 1

1052341

452441 693138 908641 1444282 3631348 5655574 61533 121815 3692881 5777389 2898402 4529324 4259484 6666744 -566603 -889355 560936 880461 0 133480 0 292021 1128127 23022 1151149 857944 1283445 -132296 130973 0 0 0 0 0 0 1593836 1817953 19422 37226 1613258 1855179 1220899 1413222 1775842 2070315 160958 212985 -162584 -215136 178577 211069 376366 446024 75612 89771 244297 280489 829325 921714 16673 17879 845998 939593 603958 699083 923867 1069343 -77869 -129750 77089 128452 1208187 1302172 25438 30421 1233625 1332593 1073545 1132647 1559775 1661963 322889 326076 -326150 -329370 485608 13267 498875 50509 104741 426428 581678 -82803 81975 0 0 0 0 0 0 0 0 0 198252 208309 287978 321007

<div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">NOTE C - RELATED PARTY TRANSACTIONS</div></div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px;"> </div><div style="font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund has entered into several transactions with various affiliates of its gene</div></div><div style="letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">ral partner, including Boston Capital Holdings LP, Boston Capital Partners, Inc., and Boston Capital Asset Management Limited Partnership, as follows:</div></div></div></div><div style="font-size: 9pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 9pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">An annual fund management fee, based on .</div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">5</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships, has been accrued to Boston Capital Asset Management Limited Partnership.  Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. </div><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The fund management fees accrued for the three months ended December 31, 2018 and 2017 are as follows:</div></div></div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"> <div style="font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;font-size:10px;;display:inline;"><div style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none; color: rgb(0, 0, 0); background: none; top: 0px;;display:inline;"> </div></div></div></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;;text-align:center;"></div><table style="border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:380;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; background: none; margin-top: 5pt; margin-bottom: 5pt;"></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  7,586</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 12,936</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">20,021</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">24,663</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">12,219</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13,611</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">15,948</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">22,257</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  3,168</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  8,577</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> 58,942</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> 82,044</div></div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;"></div><div style="background: none;"></div><div style="margin-bottom: 0px; margin-top: 0px;"> </div><div style="font-size: 10pt;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The fund management fees paid for the three months ended December 31, 2018 and 2017 are as follows:</div></div></div></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;;text-align:center;"></div><table style="border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:384;"><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;;height:15;"><div style="line-height: 10pt; background: none; margin-top: 5pt; margin-bottom: 5pt;"></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new", courier, monospace; font-size: 10pt;;vertical-align:top;;width:39%;;height:15;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="text-decoration:underline;display:inline;">2018</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new", courier, monospace; font-size: 10pt;;vertical-align:top;;width:38%;;height:15;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="text-decoration:underline;display:inline;">2017</div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:23%;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Series </div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;">15</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:39%;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">$</div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"> 209,499</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:38%;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">$ -</div></div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:23%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Series </div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;">16</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:39%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">-</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:38%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">-</div></div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:23%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Series </div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;">17</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new", courier, monospace; font-size: 10pt;;vertical-align:top;;width:39%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">12,219</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new", courier, monospace; font-size: 10pt;;vertical-align:top;;width:38%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">13,611</div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:23%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Series </div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;">18</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:39%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">-</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:38%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">-</div></div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:23%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Series </div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;">19</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:39%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="text-decoration:underline;display:inline;"> </div></div></div><div style="text-decoration:underline;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">3,16</div></div></div><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">8</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:38%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="text-decoration:underline;display:inline;">   </div></div></div><div style="text-decoration:underline;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">8,577</div></div></div></div></div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;;height:16;"><div style="line-height: 10pt; background: none; margin-top: 5pt; margin-bottom: 5pt;"></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:39%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">$<div style="text-decoration:underline;display:inline;"> </div></div></div><div style="text-decoration:underline;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">224,886</div></div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:38%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">$<div style="text-decoration:underline;display:inline;"> </div></div></div><div style="text-decoration:underline;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">22,188</div></div></div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div><div style="margin-bottom: 0px; margin-top: 0px; background: none;">  <div style="font-family: courier; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none; color: rgb(0, 0, 0); background: none; top: 0px;;display:inline;"> </div></div></div></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;;text-align:center;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;"></div><div style="font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; top: 0px;;display:inline;">The fund management fees paid for the nine months ended </div></div></div></div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2018</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> and </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2017</div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; top: 0px;;display:inline;"> are as follows:</div></div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px;"> </div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;;text-align:center;"></div><table style="border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:384;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  271,999</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 16,000</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">155,683</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">124,615</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">36,657</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">40,833</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">915,520</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">   10,851</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  26,163</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;;height:16;"><div style="line-height: normal; background: none; margin-top: 5pt; margin-bottom: 5pt;"></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">1,390,710</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> 207,611</div></div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-size: 10pt;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The fund management fees paid for the three months ended December 31, 2018 and 2017 are as follows:</div></div></div></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;;text-align:center;"></div><table style="border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:384;"><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;;height:15;"><div style="line-height: 10pt; background: none; margin-top: 5pt; margin-bottom: 5pt;"></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new", courier, monospace; font-size: 10pt;;vertical-align:top;;width:39%;;height:15;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="text-decoration:underline;display:inline;">2018</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new", courier, monospace; font-size: 10pt;;vertical-align:top;;width:38%;;height:15;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="text-decoration:underline;display:inline;">2017</div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:23%;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Series </div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;">15</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:39%;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">$</div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"> 209,499</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:38%;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">$ -</div></div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:23%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Series </div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;">16</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:39%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">-</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:38%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">-</div></div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:23%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Series </div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;">17</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new", courier, monospace; font-size: 10pt;;vertical-align:top;;width:39%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">12,219</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new", courier, monospace; font-size: 10pt;;vertical-align:top;;width:38%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">13,611</div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:23%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Series </div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;">18</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:39%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">-</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:38%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">-</div></div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:23%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Series </div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;">19</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:39%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="text-decoration:underline;display:inline;"> </div></div></div><div style="text-decoration:underline;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">3,16</div></div></div><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">8</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:38%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;"><div style="text-decoration:underline;display:inline;">   </div></div></div><div style="text-decoration:underline;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">8,577</div></div></div></div></div></div></td></tr><tr style="font-size: 10pt;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;;height:16;"><div style="line-height: 10pt; background: none; margin-top: 5pt; margin-bottom: 5pt;"></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:39%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">$<div style="text-decoration:underline;display:inline;"> </div></div></div><div style="text-decoration:underline;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">224,886</div></div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-size: 10pt;;vertical-align:top;;width:38%;;height:16;"><div style="margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt; line-height: 10pt;;text-align:right;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">$<div style="text-decoration:underline;display:inline;"> </div></div></div><div style="text-decoration:underline;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;"><div style="font-family:courier new,courier,monospace;;display:inline;">22,188</div></div></div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div><div style="margin-bottom: 0px; margin-top: 0px; background: none;">  <div style="font-family: courier; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none; color: rgb(0, 0, 0); background: none; top: 0px;;display:inline;"> </div></div></div></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;;text-align:center;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;"></div><div style="font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; top: 0px;;display:inline;">The fund management fees paid for the nine months ended </div></div></div></div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2018</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> and </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2017</div></div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; top: 0px;;display:inline;"> are as follows:</div></div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px;"> </div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;;text-align:center;"></div><table style="border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:384;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  271,999</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 16,000</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">155,683</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">124,615</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">36,657</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">40,833</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">915,520</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">   10,851</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  26,163</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;;height:16;"><div style="line-height: normal; background: none; margin-top: 5pt; margin-bottom: 5pt;"></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">1,390,710</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;;height:16;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> 207,611</div></div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

116000

201065

94500

47602

62361

21500

22000

0.0050

<div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES</div></div></div><div> </div><div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The condensed financial statements included herein as of December 31, 2018 and for the three and nine months then ended have been prepared by the Fund, without audit. 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.  </div></div></div><div> <div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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, 2018.</div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">NOTE A - ORGANIZATION</div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px;"><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Boston Capital Tax Credit Fund III L.P. (the "Fund") was formed under the laws of the State of Delaware as of September 19, 1991 for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates III L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC III Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning.</div><br/><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner.  The Fund registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series.  On September 4, 1993 the Fund filed an amendment to Form S-11 with the Securities and Exchange Commission which registered an additional 2,000,000 BACs at $10 per BAC for sale to the public in one or more series. The registration for the additional BACs became effective on October 6, 1993. Offers and sales of BACs in Series 15 through 19 of the Fund were completed and the last of the BACs in Series 15, 16, 17, 18 and 19 were issued by the Fund on September 26, 1992, December 28, 1992, September 17, 1993, September 22, 1993, and December 17, 1993, respectively.  The Fund sold 3,870,500 of Series 15 BACs, for a total of $38,705,000; 5,429,402 of Series 16 BACs, for a total of $54,293,000; 5,000,000 of Series 17 BACs, for a total of $50,000,000; 3,616,200 of Series 18 BACs, for a total of $36,162,000; and 4,080,000 of Series 19 BACs, for a total of $40,800,000. As of December 31, 2018, 3,811,700 BACs in Series 15, 5,367,700 BACs in Series 16, 4,956,447 BACs in Series 17, 3,586,734 BACs in Series 18, and 4,056,000 BACs in Series 19, respectively, are outstanding. The Fund issued the last BACs in Series 19 on December 17, 1993.  This concluded the Public Offering of the Fund.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

20000000

69102

957020

1052341

107000

265241

187294

21500

22000

815520

508704

13000

69102

113573

2789397

113573

2789397

38705000 54293000 50000000 36162000 40800000

957020

-2000

-1206232

-1512617

957020

113573

-113573

-669170

1052341

-16745

50811

-285269

1052341

767072

1460257

2227329

2789397

107000

-245039

-351074

107000

-244074

2789397

-2000

-95620

-194964

265241

-3245

32142

-28862

265241

236379

64641

301020

187294

3000

-48651

-155922

187294

31372

327901

359273

21500

37717

21500

59217

815520

-865573

-923863

815520

-108343

13000

-80433

13000

113573

-113573

-181006

113573

22000

-12000

-25130

22000

-3130

559787

556657

508704

67320

-12009

508704

496695

318027

814722

69102

-4500

-63346

5756

189901

195657

69102

-0.01

-0.02

4956447

<div><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS</div></div></div></div><div> </div><div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">At December 31, 2018 and 2017, the Fund had limited partnership interests in 25 and 40 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2018 and 2017 is as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:381;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">9</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">12</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">3</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">4</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">10</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">11</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  -</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  3</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 25</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:37%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 40</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div> <div style="margin-bottom: 0px; margin-top: 0px;"> </div><div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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, 2018 and 2017 are as follows:</div></div></div><div> </div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:399;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$      -</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$      -</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">7,893</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">7,893</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">18,554</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">18,554</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">      -</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">      -</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:28%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:38%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> 26,447</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:35%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> 26,447</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">During the nine months ended December 31, 2018 the Fund disposed of fourteen Operating Partnerships. A summary of the dispositions by Series for December 31, 2018 is as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: courier; text-decoration: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="1" cellspacing="1" style="border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in auto;;text-align:left;;width:584;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating<br/>Partnership<br/>Interest<br/>Transferred</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Sale of<br/>Underlying<br/>Operating<br/>Partnership</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:21%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Fund Proceeds<br/>from<br/>Disposition </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Gain on<br/>Disposition</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;;height:9;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">8</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">107,000</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">107,000</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">21,500</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">21,500</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">815,520</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">815,520</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">3</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13,000</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13,000</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;;height:9;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">957,020</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">957,020</div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: courier; text-decoration: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">During the nine months ended December 31, 2017 the Fund disposed of thirteen Operating Partnerships. A summary of the dispositions by Series for December 31, 2017 is as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: courier; text-decoration: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="1" cellspacing="1" style="border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in auto;;text-align:left;;width:584;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating<br/>Partnership<br/>Interest<br/>Transferred</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Sale of<br/>Underlying<br/>Operating<br/>Partnership</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:21%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Fund Proceeds<br/>from<br/>Disposition </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Gain on<br/>Disposition</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;;height:9;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">4</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">265,241</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">265,241</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">4</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">187,294</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">187,294</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">22,000</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">22,000</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">508,704</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">508,704</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">3</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">69,102</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">69,102</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;;height:9;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;;height:9;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:15%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:19%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">12</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:18%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,052,341</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:3%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new"; vertical-align: top;;width:16%;"><div style="line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,052,341</div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"> </div><div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The gain 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.</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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, 2018.</div></div></div><div style="margin-bottom: 0px; margin-top: 0px;"> </div><div style="text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; top: 0px;;display:inline;">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/>Nine Months Ended September 30,<br/>(Unaudited)</div></div></div><br/> </div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;;text-align:center;"></div><table style="border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:679;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:center;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:center;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Revenues</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">   Rental</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  3,631,348</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 5,655,574</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">   Interest and other</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">     61,533</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    121,815</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  3,692,881</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  5,777,389</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Expenses</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">   Interest</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">452,441</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">693,138</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">   Depreciation and amortization</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">908,641</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,444,282</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">   Operating expenses</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  2,898,402</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,529,324</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,259,484</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  6,666,744</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">NET LOSS</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (566,603)</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> (889,355)</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P.</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><br/><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (560,936)</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><br/><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> (880,461)</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;"> </div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:43%;"><div style="line-height: normal;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="line-height: normal;;text-align:right;"><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (5,667)</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:27%;"><div style="line-height: normal;;text-align:right;"><br/><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (8,894)</div></div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none; color: rgb(0, 0, 0); background: none; top: 0px;;display:inline;"> </div></div></div><div style="font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-size: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "courier new"; letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">The Fund accounts for its investments using the equity method of<br></br>accounting. Under the equity method of accounting, the Fund adjusts<br></br>its investment cost for its share of each Operating Partnership’s results of<br></br>operations and for any distributions received or accrued. However, the<br></br>Fund recognizes individual operating losses only to the extent of<br></br>capital contributions. Excess losses are suspended for use in future years to<br></br>offset excess income.</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 15</div></div></div><table style="border-collapse: collapse; width: 40.5%; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenues</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Rental</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$     -</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$  1,128,127</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest and other</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">      -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     23,022</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,151,149</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">133,480</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Depreciation and amortization</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">292,021</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Operating expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   857,944</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> 1,283,445</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NET LOSS</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (132,296)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P.</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (130,973)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">       -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (1,323)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of<br/>accounting. Under the equity method of accounting, the Fund adjusts<br/>its investment cost for its share of each Operating Partnership’s results of<br/>operations and for any distributions received or accrued. However, the<br/>Fund recognizes individual operating losses only to the extent of<br/>capital contributions. Excess losses are suspended for use in future years to<br/>offset excess income.</div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 16</div></div></div><table style="border-collapse: collapse; width: 40.5%; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenues</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Rental</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$  1,593,836</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$ 1,817,953</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest and other</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     19,422</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     37,226</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,613,258</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,855,179</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">178,577</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">211,069</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Depreciation and amortization</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">376,366</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">446,024</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Operating expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,220,899</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,413,222</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,775,842</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  2,070,315</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NET LOSS</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (162,584)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (215,136)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P.</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (160,958)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (212,985)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (1,626)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (2,151)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of<br/>accounting. Under the equity method of accounting, the Fund adjusts<br/>its investment cost for its share of each Operating Partnership’s results of<br/>operations and for any distributions received or accrued. However, the<br/>Fund recognizes individual operating losses only to the extent of<br/>capital contributions. Excess losses are suspended for use in future years to<br/>offset excess income.</div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 17</div></div></div><table style="border-collapse: collapse; width: 40.5%; border-spacing: 0px; margin: 0in auto 0in 0px;;text-align:left;"><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenues</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Rental</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$    829,325</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$   921,714</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest and other</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     16,673</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     17,879</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">    845,998</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  939,593</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">75,612</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">89,771</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Depreciation and amortization</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">244,297</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">280,489</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Operating expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">    603,958</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   699,083</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">    923,867</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  1,069,343</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NET LOSS</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (77,869)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (129,750)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P.</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (77,089)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (128,452)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">      (780)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (1,298)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of<br/>accounting. Under the equity method of accounting, the Fund adjusts<br/>its investment cost for its share of each Operating Partnership’s results of<br/>operations and for any distributions received or accrued. However, the<br/>Fund recognizes individual operating losses only to the extent of<br/>capital contributions. Excess losses are suspended for use in future years to<br/>offset excess income.</div></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 18</div></div></div><table style="border-collapse: collapse; width: 40.5%; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenues</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Rental</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$   1,208,187</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$   1,302,172</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest and other</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">      25,438</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">      30,421</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,233,625</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,332,593</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">198,252</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">208,309</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Depreciation and amortization</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">287,978</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">321,007</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Operating expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,073,545</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,132,647</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,559,775</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   1,661,963</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NET LOSS</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (326,150)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (329,370)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (322,889)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (326,076)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">     (3,261)</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (3,294)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of<br/>accounting. Under the equity method of accounting, the Fund adjusts<br/>its investment cost for its share of each Operating Partnership’s results of<br/>operations and for any distributions received or accrued. However, the<br/>Fund recognizes individual operating losses only to the extent of<br/>capital contributions. Excess losses are suspended for use in future years to<br/>offset excess income.</div></div><div style="margin: 0px 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"> </div><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 19</div></div></div><table style="border-collapse: collapse; width: 40.5%; border-spacing: 0px; margin: 0in auto 0in 0px;;text-align:left;"><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: center; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenues</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Rental</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$     -</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$    485,608</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest and other</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">      -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     13,267</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">    498,875</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Interest</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">50,509</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Depreciation and amortization</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">104,741</div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   Operating expenses</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">    426,428</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">     -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   581,678</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NET LOSS</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (82,803)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocation to Boston  <br/>   Capital Tax Credit Fund <br/>   III L.P.</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (81,975)</div></div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 12pt; line-height: 12pt; vertical-align: top;"><div style="margin-bottom: 0px; line-height: normal; font-family: calibri, sans-serif; font-size: 12pt; background: none; margin-top: 0px;"><div style="font-size: 12pt; font-family: "times new roman", serif; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="width: 218.95pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss allocated to other <br/>   Partners</div></div></td><td style="width: 152.8pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">       -</div></div></div></td><td style="width: 137.5pt; padding: 0in 5.25pt; font-size: 10pt; line-height: 10pt; vertical-align: top;"><div style="margin: 5pt 0in; text-align: right; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><br/><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$<div style="text-decoration:underline;display:inline;">     (828)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="margin: 5pt 0in; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of<br/>accounting. Under the equity method of accounting, the Fund adjusts<br/>its investment cost for its share of each Operating Partnership’s results of<br/>operations and for any distributions received or accrued. However, the<br/>Fund recognizes individual operating losses only to the extent of<br/>capital contributions. Excess losses are suspended for use in future years to<br/>offset excess income.</div><div style="font-size: 10pt; font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;">                                                                                        </div></div>

10-Q false 2018-12-31 2019 Q3 BOSTON CAPITAL TAX CREDIT FUND III L P 0000879555 --03-31 Non-accelerated Filer 0 false true <div style="font-family: "courier new", courier, monospace; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The fund management fees accrued for the three months ended December 31, 2018 and 2017 are as follows:</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="background: none; margin-bottom: 0px; margin-top: 0px;"> <div style="font-family: "courier new"; text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;font-size:10px;;display:inline;"><div style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none; color: rgb(0, 0, 0); background: none; top: 0px;;display:inline;"> </div></div></div></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;;text-align:center;"></div><table style="border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:380;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; background: none; margin-top: 5pt; margin-bottom: 5pt;"></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2018</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">        <div style="text-decoration:underline;display:inline;">2017</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 15</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  7,586</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 12,936</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 16</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">20,021</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">24,663</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 17</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">12,219</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13,611</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 18</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">15,948</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">22,257</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:23%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 19</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  3,168</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  8,577</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:23%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> 58,942</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:36%;"><div style="line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> 82,044</div></div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div><div style="font-size: medium; color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; background: none;"></div><div style="background: none;"></div><div style="margin-bottom: 0px; margin-top: 0px;"> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

7586

12936

20021

24663

12219

13611

15948

22257

3168

8577

58942

82044

209499

12219

13611

3168

8577

224886

22188

271999

16000

155683

124615

36657

40833

915520

10851

26163

1390710

207611

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Liabilities Liabilities Partners' Capital [Abstract] PARTNERS' CAPITAL (DEFICIT) Limited Partners' Capital Account Assignees Units of limited partnership interest General Partners' Capital Account General Partner Partners' Capital Partners' capital (deficit) Partners' capital (deficit) Partners' capital (deficit) Liabilities and Equity Liabilities and Stockholders' Equity 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 partnership interest, authorized Limited Partners' Capital Account, Units Issued Units of limited partnership interest, issued Limited Partners' Capital Account, Units Outstanding Units of limited partnership interest, outstanding Income Statement [Abstract] Revenues [Abstract] Income Revenues Interest Income, Operating Interest income Other Income Other income Revenues Total income Equity Method Investment, Realized Gain (Loss) on Disposal Gain on Disposition of Operating Partnerships 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. General and Administrative Expense General and administrative expenses Operating Expenses Operating expenses Net Income (Loss) Attributable to Parent NET INCOME (LOSS) Net income (loss) Net Income (Loss) Net Income (Loss) Allocated to Limited Partners Net income (loss) allocated to limited 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 Net income (loss) per BAC Statement of Partners' Capital [Abstract] Partner Type [Axis] Partner Type of Partners' Capital Account, Name [Domain] Assignees [Member] Assignees Member General Partner [Member] General partner [Member] Partners' Capital Account, Contributions Contributions Partners' Capital Account, Distributions Distributions 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 (used in) provided by operating activities Income (Loss) from Equity Method Investments Gain on Disposition of Operating Partnerships Gain on Disposition Increase (Decrease) in Operating Capital [Abstract] Changes in assets and liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities (Decrease) Increase in accounts payable and accrued expenses Increase (Decrease) in Due to Affiliates (Decrease) Increase in accounts payable affiliates Net Cash Provided by (Used in) Operating Activities Net cash (used in) provided by operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities: Proceeds from Sale of Equity Method Investments Proceeds from the disposition of Operating Partnerships Fund Proceeds from Disposition Net Cash Provided by (Used in) Investing Activities Net cash provided by investing activities Cash and Cash Equivalents, Period Increase (Decrease) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities: Payments of Capital Distribution Distributions Net Cash Provided by (Used in) Financing Activities Net cash used in financing activities Noncash Investing and Financing Items [Abstract] Supplemental schedule of noncash investing and financing activities: Notes Reduction The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner. Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] Equity Method Investments and Joint Ventures [Abstract] Equity Method Investments and Joint Ventures Disclosure [Text Block] Equity Method Investments Disclosure [Text Block] Taxable Loss [Abstract] Taxable Loss [Text Block] This item represents the expected change in the Partnership's taxable 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 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 Subsequent Events [Abstract] Subsequent Events [Text Block] Liquidation Basis of Accounting [Text Block] Schedule Of Gross Management Fee [Table Text Block] Tabular disclosure for gross management fee. Schedule Of Management Fees Paid [Table Text Block] Schedule Of Management Fees Paid [Table Text Block] Tabular disclosure for management fees paid. 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 Contributions Payable [Table Text Block] Schedule Of Contributions Payable [Table Text Block] Tabular disclosure for contributions payable. Schedule Of Dispositions By Series [Table Text Block] Schedule Of Dispositions By Series [Table Text Block] Tabular disclosure for dispositions by series. 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. Organization And Summary Of Significant Accounting Policies [Table] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Organization And Summary Of Significant Accounting Policies [Line Items] Limited Partners Capital Accounts Units Issued Value The total amount of limited partnership units issued. Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Management Fee Expense Accrued management fees Payment for Management Fee Management fees paid Scenario [Axis] Scenario, Unspecified [Domain] 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 Contributions Payable [Table] Contributions Payable [Line Items] Schedule Of Dispositions By Series [Table] Dispositions By Series [Line Items] Operating Partnership Interest Transferred Operating Partnership Interest Transferred The number of operating partnership interest transferred. Sale Of Underlying Operating Partnership Sale of Underlying Operating Partnership The number of sale of underlying operating partnership. Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table] Summarized Statement Of Operations In Operating Partnerships [Line Items] 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 Revenue The amount of revenues by an operating partnerships of the entity. 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Document And Entity Information	9 Months Ended
Document And Entity Information	Dec. 31, 2018 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	BOSTON CAPITAL TAX CREDIT FUND III L P
Entity Central Index Key	0000879555
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Emerging Growth Company	false
Entity Small Business	true

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS - USD ($)	Dec. 31, 2018	Mar. 31, 2018
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	$ 0	$ 0
OTHER ASSETS
Cash and cash equivalents	963,768	1,632,938
Assets	963,768	1,632,938
LIABILITIES
Accounts payable & accrued expenses	0	2,000
Accounts payable affiliates (Note C)	10,744,421	14,740,050
Capital contributions payable (Note D)	26,447	26,447
Liabilities	10,770,868	14,768,497
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(10,715,939)	(11,248,474)
General Partner	908,839	(1,887,085)
Partners' capital (deficit)	(9,807,100)	(13,135,559)
Liabilities and Stockholders' Equity	963,768	1,632,938
Series 15 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	0	244,074
Assets	0	244,074
LIABILITIES
Accounts payable & accrued expenses	0	0
Accounts payable affiliates (Note C)	0	3,034,436
Capital contributions payable (Note D)	0	0
Liabilities	0	3,034,436
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(2,439,314)	(2,440,269)
General Partner	2,439,314	(350,093)
Partners' capital (deficit)	0	(2,790,362)
Liabilities and Stockholders' Equity	0	244,074
Series 16 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	125,432	320,396
Assets	125,432	320,396
LIABILITIES
Accounts payable & accrued expenses	0	2,000
Accounts payable affiliates (Note C)	7,794,821	7,890,441
Capital contributions payable (Note D)	0	0
Liabilities	7,794,821	7,892,441
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(7,126,088)	(7,029,717)
General Partner	(543,301)	(542,328)
Partners' capital (deficit)	(7,669,389)	(7,572,045)
Liabilities and Stockholders' Equity	125,432	320,396
Series 17 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	595,543	536,326
Assets	595,543	536,326
LIABILITIES
Accounts payable & accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable (Note D)	7,893	7,893
Liabilities	7,893	7,893
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	953,981	895,356
General Partner	(366,331)	(366,923)
Partners' capital (deficit)	587,650	528,433
Liabilities and Stockholders' Equity	595,543	536,326
Series 18 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	242,793	351,136
Assets	242,793	351,136
LIABILITIES
Accounts payable & accrued expenses	0	0
Accounts payable affiliates (Note C)	2,949,600	3,815,173
Capital contributions payable (Note D)	18,554	18,554
Liabilities	2,968,154	3,833,727
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(2,387,879)	(3,137,537)
General Partner	(337,482)	(345,054)
Partners' capital (deficit)	(2,725,361)	(3,482,591)
Liabilities and Stockholders' Equity	242,793	351,136
Series 19 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	0	181,006
Assets	0	181,006
LIABILITIES
Accounts payable & accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable (Note D)	0	0
Liabilities	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	283,361	463,693
General Partner	(283,361)	(282,687)
Partners' capital (deficit)	0	181,006
Liabilities and Stockholders' Equity	$ 0	$ 181,006

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares	Dec. 31, 2018	Mar. 31, 2018	Sep. 04, 1993
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000	20,000,000
Units of limited partnership interest, issued	21,996,102	21,996,102
Units of limited partnership interest, outstanding	21,778,581	21,778,581
Series 15 [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000
Units of limited partnership interest, issued	3,870,500	3,870,500
Units of limited partnership interest, outstanding	3,811,700	3,811,700
Series 16 [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000
Units of limited partnership interest, issued	5,429,402	5,429,402
Units of limited partnership interest, outstanding	5,367,700	5,367,700
Series 17 [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000
Units of limited partnership interest, issued	5,000,000	5,000,000
Units of limited partnership interest, outstanding	4,956,447	4,956,447
Series 18 [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000
Units of limited partnership interest, issued	3,616,200	3,616,200
Units of limited partnership interest, outstanding	3,586,734	3,586,734
Series 19 [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	22,000,000	22,000,000
Units of limited partnership interest, issued	4,080,000	4,080,000
Units of limited partnership interest, outstanding	4,056,000	4,056,000

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, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income
Interest income	$ 3,044	$ 2,303	$ 9,640	$ 3,819
Other income	12,010	0	122,979	15,375
Total income	15,054	2,303	132,619	19,194
Gain on Disposition of Operating Partnerships	116,000	201,065	957,020	1,052,341
Expenses
Professional fees	19,140	7,150	122,277	108,844
Fund management fee, net (Note C)	32,018	11,994	140,556	136,766
General and administrative expenses	115,487	39,936	174,171	92,919
Operating expenses	166,645	59,080	437,004	338,529
NET INCOME (LOSS)	(35,591)	144,288	652,635	733,006
Net income (loss) allocated to limited assignees	(35,235)	142,845	646,108	725,675
Net income (loss) allocated to general partner	$ (356)	$ 1,443	$ 6,527	$ 7,331
Net income (loss) per BAC	$ 0.00	$ 0.01	$ 0.03	$ 0.03
Series 15 [Member]
Income
Interest income	$ 142	$ 290	$ 942	$ 329
Other income	0	0	0	321
Total income	142	290	942	650
Gain on Disposition of Operating Partnerships	94,500	47,602	107,000	265,241
Expenses
Professional fees	4,586	1,430	25,826	22,462
Fund management fee, net (Note C)	6,086	12,936	21,998	18,780
General and administrative expenses	47,769	6,868	59,153	17,167
Operating expenses	58,441	21,234	106,977	58,409
NET INCOME (LOSS)	36,201	26,658	965	207,482
Net income (loss) allocated to limited assignees	35,839	26,391	955	205,407
Net income (loss) allocated to general partner	$ 362	$ 267	$ 10	$ 2,075
Net income (loss) per BAC	$ 0.01	$ 0.01	$ 0.00	$ 0.05
Series 16 [Member]
Income
Interest income	$ 214	$ 343	$ 1,078	$ 939
Other income	10	0	1,888	2,080
Total income	224	343	2,966	3,019
Gain on Disposition of Operating Partnerships	0	62,361	0	187,294
Expenses
Professional fees	3,728	1,430	28,353	28,238
Fund management fee, net (Note C)	18,097	24,663	48,853	62,666
General and administrative expenses	9,746	10,494	23,104	22,386
Operating expenses	31,571	36,587	100,310	113,290
NET INCOME (LOSS)	(31,347)	26,117	(97,344)	77,023
Net income (loss) allocated to limited assignees	(31,034)	25,856	(96,371)	76,253
Net income (loss) allocated to general partner	$ (313)	$ 261	$ (973)	$ 770
Net income (loss) per BAC	$ 0.01	$ 0.00	$ (0.02)	$ 0.01
Series 17 [Member]
Income
Interest income	$ 2,189	$ 597	$ 4,320	$ 1,238
Other income	0	0	108,075	11,958
Total income	2,189	597	112,395	13,196
Gain on Disposition of Operating Partnerships	21,500	22,000	21,500	22,000
Expenses
Professional fees	3,396	1,430	26,208	21,270
Fund management fee, net (Note C)	7,219	(36,389)	28,657	(14,264)
General and administrative expenses	7,685	8,287	19,813	19,320
Operating expenses	18,300	(26,672)	74,678	26,326
NET INCOME (LOSS)	5,389	49,269	59,217	8,870
Net income (loss) allocated to limited assignees	5,335	48,776	58,625	8,781
Net income (loss) allocated to general partner	$ 54	$ 493	$ 592	$ 89
Net income (loss) per BAC	$ 0.00	$ 0.01	$ 0.01	$ 0.00
Series 18 [Member]
Income
Interest income	$ 387	$ 914	$ 2,554	$ 1,113
Other income	12,000	0	12,933	933
Total income	12,387	914	15,487	2,046
Gain on Disposition of Operating Partnerships	0	0	815,520	508,704
Expenses
Professional fees	2,913	1,430	21,588	20,340
Fund management fee, net (Note C)	(2,552)	2,207	30,947	44,171
General and administrative expenses	10,404	7,149	21,242	16,864
Operating expenses	10,765	10,786	73,777	81,375
NET INCOME (LOSS)	1,622	(9,872)	757,230	429,375
Net income (loss) allocated to limited assignees	1,606	(9,773)	749,658	425,081
Net income (loss) allocated to general partner	$ 16	$ (99)	$ 7,572	$ 4,294
Net income (loss) per BAC	$ 0.00	$ 0.00	$ 0.21	$ 0.12
Series 19 [Member]
Income
Interest income	$ 112	$ 159	$ 746	$ 200
Other income	0	0	83	83
Total income	112	159	829	283
Gain on Disposition of Operating Partnerships	0	69,102	13,000	69,102
Expenses
Professional fees	4,517	1,430	20,302	16,534
Fund management fee, net (Note C)	3,168	8,577	10,101	25,413
General and administrative expenses	39,883	7,138	50,859	17,182
Operating expenses	47,568	17,145	81,262	59,129
NET INCOME (LOSS)	(47,456)	52,116	(67,433)	10,256
Net income (loss) allocated to limited assignees	(46,981)	51,595	(66,759)	10,153
Net income (loss) allocated to general partner	$ (475)	$ 521	$ (674)	$ 103
Net income (loss) per BAC	$ (0.01)	$ 0.01	$ (0.02)	$ 0.00

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - 9 months ended Dec. 31, 2018 - USD ($)	Total	Assignees [Member]	General partner [Member]	Series 15 [Member]	Series 15 [Member] Assignees [Member]	Series 15 [Member] General partner [Member]	Series 16 [Member]	Series 16 [Member] Assignees [Member]	Series 16 [Member] General partner [Member]	Series 17 [Member]	Series 17 [Member] Assignees [Member]	Series 17 [Member] General partner [Member]	Series 18 [Member]	Series 18 [Member] Assignees [Member]	Series 18 [Member] General partner [Member]	Series 19 [Member]	Series 19 [Member] Assignees [Member]	Series 19 [Member] General partner [Member]
Partners' capital (deficit) at Mar. 31, 2018	$ (13,135,559)	$ (11,248,474)	$ (1,887,085)	$ (2,790,362)	$ (2,440,269)	$ (350,093)	$ (7,572,045)	$ (7,029,717)	$ (542,328)	$ 528,433	$ 895,356	$ (366,923)	$ (3,482,591)	$ (3,137,537)	$ (345,054)	$ 181,006	$ 463,693	$ (282,687)
Contributions	2,789,397	0	2,789,397	2,789,397	0	2,789,397	0	0	0	0	0	0	0	0	0	0	0	0
Distributions	(113,573)	(113,573)	0	0	0	0	0	0	0	0	0	0	0	0	0	(113,573)	(113,573)	0
Net income (loss)	652,635	646,108	6,527	965	955	10	(97,344)	(96,371)	(973)	59,217	58,625	592	757,230	749,658	7,572	(67,433)	(66,759)	(674)
Partners' capital (deficit) at Dec. 31, 2018	$ (9,807,100)	$ (10,715,939)	$ 908,839	$ 0	$ (2,439,314)	$ 2,439,314	$ (7,669,389)	$ (7,126,088)	$ (543,301)	$ 587,650	$ 953,981	$ (366,331)	$ (2,725,361)	$ (2,387,879)	$ (337,482)	$ 0	$ 283,361	$ (283,361)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net Income (Loss)	$ 652,635	$ 733,006
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships	(957,020)	(1,052,341)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses	(2,000)	(16,745)
(Decrease) Increase in accounts payable affiliates	(1,206,232)	50,811
Net cash (used in) provided by operating activities	(1,512,617)	(285,269)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	957,020	1,052,341
Net cash provided by investing activities	957,020	1,052,341
Cash flows from financing activities:
Distributions	(113,573)	0
Net cash used in financing activities	(113,573)	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(669,170)	767,072
Cash and cash equivalents, beginning	1,632,938	1,460,257
Cash and cash equivalents, ending	963,768	2,227,329
Supplemental schedule of noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	2,789,397	0
Series 15 [Member]
Cash flows from operating activities:
Net Income (Loss)	965	207,482
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships	(107,000)	(265,241)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses	0	(3,245)
(Decrease) Increase in accounts payable affiliates	(245,039)	32,142
Net cash (used in) provided by operating activities	(351,074)	(28,862)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	107,000	265,241
Net cash provided by investing activities	107,000	265,241
Cash flows from financing activities:
Distributions	0	0
Net cash used in financing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(244,074)	236,379
Cash and cash equivalents, beginning	244,074	64,641
Cash and cash equivalents, ending	0	301,020
Supplemental schedule of noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	2,789,397	0
Series 16 [Member]
Cash flows from operating activities:
Net Income (Loss)	(97,344)	77,023
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships	0	(187,294)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses	(2,000)	3,000
(Decrease) Increase in accounts payable affiliates	(95,620)	(48,651)
Net cash (used in) provided by operating activities	(194,964)	(155,922)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	187,294
Net cash provided by investing activities	0	187,294
Cash flows from financing activities:
Distributions	0	0
Net cash used in financing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(194,964)	31,372
Cash and cash equivalents, beginning	320,396	327,901
Cash and cash equivalents, ending	125,432	359,273
Supplemental schedule of noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	0	0
Series 17 [Member]
Cash flows from operating activities:
Net Income (Loss)	59,217	8,870
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships	(21,500)	(22,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses	0	(12,000)
(Decrease) Increase in accounts payable affiliates	0	0
Net cash (used in) provided by operating activities	37,717	(25,130)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	21,500	22,000
Net cash provided by investing activities	21,500	22,000
Cash flows from financing activities:
Distributions	0	0
Net cash used in financing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	59,217	(3,130)
Cash and cash equivalents, beginning	536,326	559,787
Cash and cash equivalents, ending	595,543	556,657
Supplemental schedule of noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	0	0
Series 18 [Member]
Cash flows from operating activities:
Net Income (Loss)	757,230	429,375
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships	(815,520)	(508,704)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	(865,573)	67,320
Net cash (used in) provided by operating activities	(923,863)	(12,009)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	815,520	508,704
Net cash provided by investing activities	815,520	508,704
Cash flows from financing activities:
Distributions	0	0
Net cash used in financing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(108,343)	496,695
Cash and cash equivalents, beginning	351,136	318,027
Cash and cash equivalents, ending	242,793	814,722
Supplemental schedule of noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	0	0
Series 19 [Member]
Cash flows from operating activities:
Net Income (Loss)	(67,433)	10,256
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on Disposition of Operating Partnerships	(13,000)	(69,102)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses	0	(4,500)
(Decrease) Increase in accounts payable affiliates	0	0
Net cash (used in) provided by operating activities	(80,433)	(63,346)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	13,000	69,102
Net cash provided by investing activities	13,000	69,102
Cash flows from financing activities:
Distributions	(113,573)	0
Net cash used in financing activities	(113,573)	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(181,006)	5,756
Cash and cash equivalents, beginning	181,006	189,901
Cash and cash equivalents, ending	0	195,657
Supplemental schedule of noncash investing and financing activities:
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$ 0	$ 0

XML 18 R7.htm IDEA: XBRL DOCUMENT

ORGANIZATION

9 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund III L.P. (the "Fund") was formed under the laws of the State of Delaware as of September 19, 1991 for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates III L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC III Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner.  The Fund registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series.  On September 4, 1993 the Fund filed an amendment to Form S-11 with the Securities and Exchange Commission which registered an additional 2,000,000 BACs at $10 per BAC for sale to the public in one or more series. The registration for the additional BACs became effective on October 6, 1993. Offers and sales of BACs in Series 15 through 19 of the Fund were completed and the last of the BACs in Series 15, 16, 17, 18 and 19 were issued by the Fund on September 26, 1992, December 28, 1992, September 17, 1993, September 22, 1993, and December 17, 1993, respectively.  The Fund sold 3,870,500 of Series 15 BACs, for a total of $38,705,000; 5,429,402 of Series 16 BACs, for a total of $54,293,000; 5,000,000 of Series 17 BACs, for a total of $50,000,000; 3,616,200 of Series 18 BACs, for a total of $36,162,000; and 4,080,000 of Series 19 BACs, for a total of $40,800,000. As of December 31, 2018, 3,811,700 BACs in Series 15, 5,367,700 BACs in Series 16, 4,956,447 BACs in Series 17, 3,586,734 BACs in Series 18, and 4,056,000 BACs in Series 19, respectively, are outstanding. The Fund issued the last BACs in Series 19 on December 17, 1993.  This concluded the Public Offering of the Fund.

XML 19 R8.htm IDEA: XBRL DOCUMENT

ACCOUNTING AND FINANCIAL REPORTING POLICIES

9 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements included herein as of December 31, 2018 and for the three and nine months then ended have been prepared by the Fund, without audit. 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, 2018.

XML 20 R9.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS

9 Months Ended

Dec. 31, 2018

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of its gene

ral partner, including Boston Capital Holdings LP, Boston Capital Partners, Inc., and Boston Capital Asset Management Limited Partnership, as follows:

An annual fund management fee, based on .

5
 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships, has been accrued to Boston Capital Asset Management Limited Partnership.  Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. 
The fund management fees accrued for the three months ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 15	$ 7,586	$ 12,936
Series 16	20,021	24,663
Series 17	12,219	13,611
Series 18	15,948	22,257
Series 19	3,168	8,577
	$ 58,942	$ 82,044

The fund management fees paid for the three months ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 15	$ 209,499	$ -
Series 16	-	-
Series 17	12,219	13,611
Series 18	-	-
Series 19	3,16 8	8,577
	$ 224,886	$ 22,188

The fund management fees paid for the nine months ended 

December 31, 2018
 and 
2017

 are as follows:

	2018	2017
Series 15	$ 271,999	$ 16,000
Series 16	155,683	124,615
Series 17	36,657	40,833
Series 18	915,520	-
Series 19	10,851	26,163
	$ 1,390,710	$ 207,611

XML 21 R10.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS

9 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2018 and 2017, the Fund had limited partnership interests in 25 and 40 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2018 and 2017 is as follows:

	2018	2017
Series 15	-	9
Series 16	12	13
Series 17	3	4
Series 18	10	11
Series 19	-	3
	25	40

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, 2018 and 2017 are as follows:

	2018	2017
Series 15	$ -	$ -
Series 16	-	-
Series 17	7,893	7,893
Series 18	18,554	18,554
Series 19	-	-
	$ 26,447	$ 26,447

During the nine months ended December 31, 2018 the Fund disposed of fourteen Operating Partnerships. A summary of the dispositions by Series for December 31, 2018 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition		Gain on Disposition

Series 15	8	1	$	107,000	$	107,000
Series 16	-	-		-		-
Series 17	1	-		21,500		21,500
Series 18	1	-		815,520		815,520
Series 19	3	-		13,000		13,000

Total	13	1	$	957,020	$	957,020

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

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition		Gain on Disposition

Series 15	4	-	$	265,241	$	265,241
Series 16	4	-		187,294		187,294
Series 17	1	-		22,000		22,000
Series 18	-	1		508,704		508,704
Series 19	3	-		69,102		69,102

Total	12	1	$	1,052,341	$	1,052,341

The gain 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, 2018.

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

	2018	2017


Revenues

Rental	$ 3,631,348	$ 5,655,574

Interest and other	61,533	121,815



	3,692,881	5,777,389



Expenses

Interest	452,441	693,138

Depreciation and amortization	908,641	1,444,282

Operating expenses	2,898,402	4,529,324

	4,259,484	6,666,744


NET LOSS	$ (566,603)	$ (889,355)


Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ (560,936)	$ (880,461)




Net loss allocated to other Partners	$ (5,667)	$ (8,894)

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 15

	2018	2017

Revenues
Rental	$ -	$ 1,128,127
Interest and other	-	23,022

	-	1,151,149

Expenses
Interest	-	133,480
Depreciation and amortization	-	292,021
Operating expenses	-	857,944
	-	1,283,445

NET LOSS	$ -	$ (132,296)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ -	$ (130,973)


Net loss allocated to other Partners	$ -	$ (1,323)

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 16

	2018	2017

Revenues
Rental	$ 1,593,836	$ 1,817,953
Interest and other	19,422	37,226

	1,613,258	1,855,179

Expenses
Interest	178,577	211,069
Depreciation and amortization	376,366	446,024
Operating expenses	1,220,899	1,413,222
	1,775,842	2,070,315

NET LOSS	$ (162,584)	$ (215,136)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ (160,958)	$ (212,985)


Net loss allocated to other Partners	$ (1,626)	$ (2,151)

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 17

	2018	2017

Revenues
Rental	$ 829,325	$ 921,714
Interest and other	16,673	17,879

	845,998	939,593

Expenses
Interest	75,612	89,771
Depreciation and amortization	244,297	280,489
Operating expenses	603,958	699,083
	923,867	1,069,343

NET LOSS	$ (77,869)	$ (129,750)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ (77,089)	$ (128,452)


Net loss allocated to other Partners	$ (780)	$ (1,298)

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 18

	2018	2017

Revenues
Rental	$ 1,208,187	$ 1,302,172
Interest and other	25,438	30,421

	1,233,625	1,332,593

Expenses
Interest	198,252	208,309
Depreciation and amortization	287,978	321,007
Operating expenses	1,073,545	1,132,647
	1,559,775	1,661,963

NET LOSS	$ (326,150)	$ (329,370)

Net loss allocation to Boston Capital Tax Credit Fund III L.P	$ (322,889)	$ (326,076)


Net loss allocated to other Partners	$ (3,261)	$ (3,294)

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 19

	2018	2017

Revenues
Rental	$ -	$ 485,608
Interest and other	-	13,267

	-	498,875

Expenses
Interest	-	50,509
Depreciation and amortization	-	104,741
Operating expenses	-	426,428
	-	581,678

NET LOSS	$ -	$ (82,803)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ -	$ (81,975)


Net loss allocated to other Partners	$ -	$ (828)

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, 2018

Taxable Loss [Abstract]

Taxable Loss [Text Block]

NOTE E - TAXABLE LOSS

The Fund's taxable loss 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, 2018

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 2014 remain open.

XML 24 R13.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

9 Months Ended

Dec. 31, 2018

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

Plan of Liquidation

9 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Liquidation Basis of Accounting [Text Block]

NOTE H - Plan of Liquidation

On March 30, 2016, our General Partner recommended that the BAC holders approve a plan of liquidation and dissolution for the Partnership, or the "Plan." The Plan was approved by the BAC holders on June 1, 2016, and was adopted by the General Partner on June 1, 2016. Pursuant to the Plan, the General Partner would be able to, without further action by the BAC holders:

liquidate the assets and wind up the business of the Partnership;

make liquidating distributions in cancellation of the BACs, if any;

dissolve the Partnership after the sale of all of the Partnership’s assets; and

take, or cause the Partnership to take, such other acts and deeds and shall do, or cause the Partnership to do, such other things, as are necessary or appropriate in connection with the dissolution, winding up and liquidation of the Partnership, the termination of the responsibilities and liabilities of the Partnership under applicable law, and the termination of the existence of the Partnership.

Since the approval of the Plan by the BAC holders, we have continued to seek to sell the assets of the Partnership and use the sale proceeds and/or other Partnership funds to pay all expenses in connection with such sales, pay or make provision for payment of all Partnership obligations and liabilities, including accrued fees, and unpaid loans to the General Partner, and distribute the remaining assets as set forth in the Partnership Agreement. We expect to complete the sale of the apartment complexes approximately three to five years after the BAC holders approval of the Plan, which was June 1, 2016. However, because of numerous uncertainties, the liquidation may take longer or shorter than expected, and the final liquidating distributions, if any, may occur months after all of the apartment complexes of any given Series have been sold. As liquidation is not imminent, the Partnership will continue to report as a going concern.

For additional information regarding the sale of Partnership assets, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report on Form 10-K.

XML 26 R15.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Dec. 31, 2018

Schedule Of Gross Management Fee [Table Text Block]

The fund management fees accrued for the three months ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 15	$ 7,586	$ 12,936
Series 16	20,021	24,663
Series 17	12,219	13,611
Series 18	15,948	22,257
Series 19	3,168	8,577
	$ 58,942	$ 82,044

Schedule Of Management Fees Paid [Table Text Block]

The fund management fees paid for the three months ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 15	$ 209,499	$ -
Series 16	-	-
Series 17	12,219	13,611
Series 18	-	-
Series 19	3,16 8	8,577
	$ 224,886	$ 22,188

The fund management fees paid for the nine months ended 

December 31, 2018
 and 
2017

 are as follows:

	2018	2017
Series 15	$ 271,999	$ 16,000
Series 16	155,683	124,615
Series 17	36,657	40,833
Series 18	915,520	-
Series 19	10,851	26,163
	$ 1,390,710	$ 207,611

XML 27 R16.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)

9 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Number Of Operating Partnerships [Table Text Block]

At December 31, 2018 and 2017, the Fund had limited partnership interests in 25 and 40 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2018 and 2017 is as follows:

	2018	2017
Series 15	-	9
Series 16	12	13
Series 17	3	4
Series 18	10	11
Series 19	-	3
	25	40

Schedule Of Contributions Payable [Table Text Block]

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, 2018 and 2017 are as follows:

	2018	2017
Series 15	$ -	$ -
Series 16	-	-
Series 17	7,893	7,893
Series 18	18,554	18,554
Series 19	-	-
	$ 26,447	$ 26,447

Schedule Of Dispositions By Series [Table Text Block]

During the nine months ended December 31, 2018 the Fund disposed of fourteen Operating Partnerships. A summary of the dispositions by Series for December 31, 2018 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition		Gain on Disposition

Series 15	8	1	$	107,000	$	107,000
Series 16	-	-		-		-
Series 17	1	-		21,500		21,500
Series 18	1	-		815,520		815,520
Series 19	3	-		13,000		13,000

Total	13	1	$	957,020	$	957,020

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

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition		Gain on Disposition

Series 15	4	-	$	265,241	$	265,241
Series 16	4	-		187,294		187,294
Series 17	1	-		22,000		22,000
Series 18	-	1		508,704		508,704
Series 19	3	-		69,102		69,102

Total	12	1	$	1,052,341	$	1,052,341

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

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, 2018.

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

	2018	2017


Revenues

Rental	$ 3,631,348	$ 5,655,574

Interest and other	61,533	121,815



	3,692,881	5,777,389



Expenses

Interest	452,441	693,138

Depreciation and amortization	908,641	1,444,282

Operating expenses	2,898,402	4,529,324

	4,259,484	6,666,744


NET LOSS	$ (566,603)	$ (889,355)


Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ (560,936)	$ (880,461)




Net loss allocated to other Partners	$ (5,667)	$ (8,894)

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 15

	2018	2017

Revenues
Rental	$ -	$ 1,128,127
Interest and other	-	23,022

	-	1,151,149

Expenses
Interest	-	133,480
Depreciation and amortization	-	292,021
Operating expenses	-	857,944
	-	1,283,445

NET LOSS	$ -	$ (132,296)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ -	$ (130,973)


Net loss allocated to other Partners	$ -	$ (1,323)

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 16

	2018	2017

Revenues
Rental	$ 1,593,836	$ 1,817,953
Interest and other	19,422	37,226

	1,613,258	1,855,179

Expenses
Interest	178,577	211,069
Depreciation and amortization	376,366	446,024
Operating expenses	1,220,899	1,413,222
	1,775,842	2,070,315

NET LOSS	$ (162,584)	$ (215,136)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ (160,958)	$ (212,985)


Net loss allocated to other Partners	$ (1,626)	$ (2,151)

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 17

	2018	2017

Revenues
Rental	$ 829,325	$ 921,714
Interest and other	16,673	17,879

	845,998	939,593

Expenses
Interest	75,612	89,771
Depreciation and amortization	244,297	280,489
Operating expenses	603,958	699,083
	923,867	1,069,343

NET LOSS	$ (77,869)	$ (129,750)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ (77,089)	$ (128,452)


Net loss allocated to other Partners	$ (780)	$ (1,298)

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 18

	2018	2017

Revenues
Rental	$ 1,208,187	$ 1,302,172
Interest and other	25,438	30,421

	1,233,625	1,332,593

Expenses
Interest	198,252	208,309
Depreciation and amortization	287,978	321,007
Operating expenses	1,073,545	1,132,647
	1,559,775	1,661,963

NET LOSS	$ (326,150)	$ (329,370)

Net loss allocation to Boston Capital Tax Credit Fund III L.P	$ (322,889)	$ (326,076)


Net loss allocated to other Partners	$ (3,261)	$ (3,294)

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 19

	2018	2017

Revenues
Rental	$ -	$ 485,608
Interest and other	-	13,267

	-	498,875

Expenses
Interest	-	50,509
Depreciation and amortization	-	104,741
Operating expenses	-	426,428
	-	581,678

NET LOSS	$ -	$ (82,803)

Net loss allocation to Boston Capital Tax Credit Fund III L.P.	$ -	$ (81,975)


Net loss allocated to other Partners	$ -	$ (828)

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 28 R17.htm IDEA: XBRL DOCUMENT

ORGANIZATION (Details Textual) - USD ($)	Dec. 31, 2018	Mar. 31, 2018	Sep. 04, 1993
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized	22,000,000	22,000,000	20,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10	$ 10
Limited Partners' Capital Account, Units Issued	21,996,102	21,996,102
Limited Partners' Capital Account, Units Outstanding	21,778,581	21,778,581
Series 15 [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Limited Partners' Capital Account, Units Issued	3,870,500	3,870,500
Limited Partners Capital Accounts Units Issued Value	$ 38,705,000
Limited Partners' Capital Account, Units Outstanding	3,811,700	3,811,700
Series 16 [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Limited Partners' Capital Account, Units Issued	5,429,402	5,429,402
Limited Partners Capital Accounts Units Issued Value	$ 54,293,000
Limited Partners' Capital Account, Units Outstanding	5,367,700	5,367,700
Series 17 [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Limited Partners' Capital Account, Units Issued	5,000,000	5,000,000
Limited Partners Capital Accounts Units Issued Value	$ 50,000,000
Limited Partners' Capital Account, Units Outstanding	4,956,447	4,956,447
Series 18 [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Limited Partners' Capital Account, Units Issued	3,616,200	3,616,200
Limited Partners Capital Accounts Units Issued Value	$ 36,162,000
Limited Partners' Capital Account, Units Outstanding	3,586,734	3,586,734
Series 19 [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Units of limited partnership interest, authorized	22,000,000	22,000,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Limited Partners' Capital Account, Units Issued	4,080,000	4,080,000
Limited Partners Capital Accounts Units Issued Value	$ 40,800,000
Limited Partners' Capital Account, Units Outstanding	4,056,000	4,056,000

XML 29 R18.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Accrued management fees	$ 58,942	$ 82,044
Series 15 [Member]
Related Party Transaction [Line Items]
Accrued management fees	7,586	12,936
Series 16 [Member]
Related Party Transaction [Line Items]
Accrued management fees	20,021	24,663
Series 17 [Member]
Related Party Transaction [Line Items]
Accrued management fees	12,219	13,611
Series 18 [Member]
Related Party Transaction [Line Items]
Accrued management fees	15,948	22,257
Series 19 [Member]
Related Party Transaction [Line Items]
Accrued management fees	$ 3,168	$ 8,577

XML 30 R19.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Management fees paid	$ 224,886	$ 22,188	$ 1,390,710	$ 207,611
Series 15 [Member]
Related Party Transaction [Line Items]
Management fees paid	209,499	0	271,999	16,000
Series 16 [Member]
Related Party Transaction [Line Items]
Management fees paid	0	0	155,683	124,615
Series 17 [Member]
Related Party Transaction [Line Items]
Management fees paid	12,219	13,611	36,657	40,833
Series 18 [Member]
Related Party Transaction [Line Items]
Management fees paid	0	0	915,520	0
Series 19 [Member]
Related Party Transaction [Line Items]
Management fees paid	$ 3,168	$ 8,577	$ 10,851	$ 26,163

XML 31 R20.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details Textual)	9 Months Ended
RELATED PARTY TRANSACTIONS (Details Textual)	Dec. 31, 2018
Related Party Transaction [Line Items]
Percentage Of Annual Management Fee	0.50%

XML 32 R21.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details)	Dec. 31, 2018	Dec. 31, 2017
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	25	40
Series 15 [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	0	9
Series 16 [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	12	13
Series 17 [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	3	4
Series 18 [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	10	11
Series 19 [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	0	3

XML 33 R22.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1) - USD ($)	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Contributions Payable [Line Items]
Capital contributions payable	$ 26,447	$ 26,447	$ 26,447
Series 15 [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0	0
Series 16 [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0	0
Series 17 [Member]
Contributions Payable [Line Items]
Capital contributions payable	7,893	7,893	7,893
Series 18 [Member]
Contributions Payable [Line Items]
Capital contributions payable	18,554	18,554	18,554
Series 19 [Member]
Contributions Payable [Line Items]
Capital contributions payable	$ 0	$ 0	$ 0

XML 34 R23.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 2)	9 Months Ended
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 2)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred	13	12
Sale of Underlying Operating Partnership	1	1
Fund Proceeds from Disposition	$ 957,020	$ 1,052,341
Gain on Disposition	$ 957,020	$ 1,052,341
Series 15 [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred	8	4
Sale of Underlying Operating Partnership	1	0
Fund Proceeds from Disposition	$ 107,000	$ 265,241
Gain on Disposition	$ 107,000	$ 265,241
Series 16 [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred	0	4
Sale of Underlying Operating Partnership	0	0
Fund Proceeds from Disposition	$ 0	$ 187,294
Gain on Disposition	$ 0	$ 187,294
Series 17 [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred	1	1
Sale of Underlying Operating Partnership	0	0
Fund Proceeds from Disposition	$ 21,500	$ 22,000
Gain on Disposition	$ 21,500	$ 22,000
Series 18 [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred	1	0
Sale of Underlying Operating Partnership	0	1
Fund Proceeds from Disposition	$ 815,520	$ 508,704
Gain on Disposition	$ 815,520	$ 508,704
Series 19 [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred	3	3
Sale of Underlying Operating Partnership	0	0
Fund Proceeds from Disposition	$ 13,000	$ 69,102
Gain on Disposition	$ 13,000	$ 69,102

XML 35 R24.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 3) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Revenues
Rental	$ 3,631,348	$ 5,655,574
Interest and other	61,533	121,815
Operating Partnerships Revenue	3,692,881	5,777,389
Expenses
Interest	452,441	693,138
Depreciation and amortization	908,641	1,444,282
Operating expenses	2,898,402	4,529,324
Operating Partnerships Total Expenses	4,259,484	6,666,744
NET LOSS	(566,603)	(889,355)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.	(560,936)	(880,461)
Net loss allocated to other Partners	(5,667)	(8,894)
Series 15 [Member]
Revenues
Rental	0	1,128,127
Interest and other	0	23,022
Operating Partnerships Revenue	0	1,151,149
Expenses
Interest	0	133,480
Depreciation and amortization	0	292,021
Operating expenses	0	857,944
Operating Partnerships Total Expenses	0	1,283,445
NET LOSS	0	(132,296)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.	0	(130,973)
Net loss allocated to other Partners	0	(1,323)
Series 16 [Member]
Revenues
Rental	1,593,836	1,817,953
Interest and other	19,422	37,226
Operating Partnerships Revenue	1,613,258	1,855,179
Expenses
Interest	178,577	211,069
Depreciation and amortization	376,366	446,024
Operating expenses	1,220,899	1,413,222
Operating Partnerships Total Expenses	1,775,842	2,070,315
NET LOSS	(162,584)	(215,136)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.	(160,958)	(212,985)
Net loss allocated to other Partners	(1,626)	(2,151)
Series 17 [Member]
Revenues
Rental	829,325	921,714
Interest and other	16,673	17,879
Operating Partnerships Revenue	845,998	939,593
Expenses
Interest	75,612	89,771
Depreciation and amortization	244,297	280,489
Operating expenses	603,958	699,083
Operating Partnerships Total Expenses	923,867	1,069,343
NET LOSS	(77,869)	(129,750)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.	(77,089)	(128,452)
Net loss allocated to other Partners	(780)	(1,298)
Series 18 [Member]
Revenues
Rental	1,208,187	1,302,172
Interest and other	25,438	30,421
Operating Partnerships Revenue	1,233,625	1,332,593
Expenses
Interest	198,252	208,309
Depreciation and amortization	287,978	321,007
Operating expenses	1,073,545	1,132,647
Operating Partnerships Total Expenses	1,559,775	1,661,963
NET LOSS	(326,150)	(329,370)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.	(322,889)	(326,076)
Net loss allocated to other Partners	(3,261)	(3,294)
Series 19 [Member]
Revenues
Rental	0	485,608
Interest and other	0	13,267
Operating Partnerships Revenue	0	498,875
Expenses
Interest	0	50,509
Depreciation and amortization	0	104,741
Operating expenses	0	426,428
Operating Partnerships Total Expenses	0	581,678
NET LOSS	0	(82,803)
Net loss allocation to Boston Capital Tax Credit Fund III L.P.	0	(81,975)
Net loss allocated to other Partners	$ 0	$ (828)

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A0#% @ #U!-3K:I0%R$%P !H(! !@ ( !*K M &)C=&-I:6DM,C Q.#$R,S%?9&5F+GAM;%!+ 0(4 Q0 ( ]034[!=D[O M7B #3# 0 8 " >3' !B8W1C:6EI+3(P,3@Q,C,Q7VQA M8BYX;6Q02P$"% ,4 " /4$U..%8H#3<; !?XP$ & M@ %XZ 8F-T8VEI:2TR,#$X,3(S,5]P&UL4$L%!@ & 8 G $ ' .4# 0 $! end

Large accelerated filer □		Accelerated Filer □
Non-accelerated filer ý		Smaller Reporting Company ý
		Emerging Growth Company □

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, 2018.

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 BCTC III CERT 302

		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein BCTC III CERT 302

		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 herein BCTC III CERT 906

		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 herein BCTC III CERT 906 101. The following materials from the Boston Capital Tax Credit Fund III, L.P. Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2018 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