0001144204-12-037159.txt : 20120629 0001144204-12-037159.hdr.sgml : 20120629 20120629101050 ACCESSION NUMBER: 0001144204-12-037159 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120629 DATE AS OF CHANGE: 20120629 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-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21718 FILM NUMBER: 12934285 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-K 1 v315059_10k.htm 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended March 31, 2012 or

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

For the transition period from _______ to _______

Commission file number 0-21718

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)

Registrants telephone number, including area code (617)624-8900

Securities registered pursuant to Section 12(b) of the Act:

Title of each class - Name of each exchange on which registered

None

Securities registered pursuant to Section 12(g) of the Act:

Title of class

Beneficial Assignee Certificates

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x

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 x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

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

Large accelerated filer ¨	Accelerated filer ¨

Non-accelerated filer ¨	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

DOCUMENTS INCORPORATED BY REFERENCE

None.

BOSTON CAPITAL TAX CREDIT FUND III L.P.

Form 10-K ANNUAL REPORT

FOR THE YEAR ENDED MARCH 31, 2012

TABLE OF CONTENTS

	PART I

Item 1.	Business	3
Item 1A.	Risk Factors	5
Item 1B.	Unresolved Staff Comments	8
Item 2.	Properties	8
Item 3.	Legal Proceedings	19
Item 4.	Mine Safety Disclosures	19

	PART II

Item 5.	Market for the Fund's Limited Partnership Interests and Related Partnership Matters	20
Item 6.	Selected Financial Data	21
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 7a.	Quantitative and Qualitative Disclosure About Market Risk	50
Item 8.	Financial Statements and Supplementary Data	50
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	50
Item 9a.	Controls and Procedures	51

	PART III

Item 10.	Directors, Executive Officers, and Corporate Governance	52
Item 11.	Executive Compensation	54
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	55
Item 13.	Certain Relationships and Related Transactions, Director Independence	55
Item 14.	Principal Accounting Fees and Services	56

	PART IV

Item 15.	Exhibits and Financial Statement Schedules	57

	Signatures	61

PART I

Item 1. Business

Organization

Boston Capital Tax Credit Fund III L.P. (the "Fund") is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of September 19, 1991. 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 is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation. John P. 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 certain 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 John P. Manning.

The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner are assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors are entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus,(together with each subsequently filed prospectus, the "Prospectus") was filed with the Securities and Exchange Commission and became effective January 24, 1992 in connection with a public offering (together with each subsequent offering of BACs described herein, the "Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 20,000,000 BACs at $10 per BAC. On September 4, 1993 the Fund filed 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 additional BACs became effective on October 6, 1993. As of March 31, 2012, subscriptions had been received and accepted by the General Partner in Series 15, 16, 17, 18 and 19 for 21,996,102 BACs, representing capital contributions of $219,961,020. The Fund issued the last BACs in Series 19 on December 17, 1993. This concluded the Offering of the Fund.

Description of Business

The Fund's principal business is to invest as a limited partner in other limited partnerships (the "Operating Partnerships") each of which will own or lease and will operate an apartment complex exclusively or partially for low- and moderate-income tenants. Each Operating Partnership in which the Fund invests owns apartment complexes, which are completed, newly constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive government assistance. Each apartment complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the "Federal Housing Tax Credit"), providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to strict limitations, from other sources. Some apartment complexes may also qualify for the historic rehabilitation tax credit under Section 47 of the Code (the "Rehabilitation Tax Credit"). Section 236 (f) (ii) of the National Housing Act, as amended, and Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance including tax credits. The payments for each tenant, which are made directly to the owner of their property, generally are in amounts to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the apartment complexes in which the Fund has invested are receiving such rent supplements from HUD. HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the apartment complex, but directly to the individuals. At this time, the Fund is unable to predict whether Congress will continue rent supplement programs payable directly to owners of apartment complexes.

As of March 31, 2012 the Fund had invested in 30 Operating Partnerships on behalf of Series 15, 38 Operating Partnerships on behalf of Series 16, 27 Operating Partnerships on behalf of Series 17, 23 Operating Partnerships on behalf of Series 18 and 16 Operating Partnerships on behalf of Series 19. A description of these Operating Partnerships is set forth in Item 2 herein.

The business objectives of the Fund are to:

(1)

Provide current tax benefits to investors in the form of Federal Housing Tax Credits and, in limited instances, a small amount of Rehabilitation Tax Credits, which an investor may apply, subject to strict limitations, against the investor's federal income tax liability from active, portfolio and passive income;

(2)

Preserve and protect the Fund's capital and provide capital appreciation and cash distributions through increases in value of the Fund's investments and, to the extent applicable, equity buildup through periodic payments on the mortgage indebtedness with respect to the apartment complexes;

(3)

Provide tax benefits in the form of passive losses which an investor may apply to offset his passive income (if any); and

(4)

Provide cash distributions (except with respect to the Fund's investment in some non-profit Operating Partnerships) from capital transaction proceeds. The Operating Partnerships intend to hold the apartment complexes for appreciation in value. The Operating Partnerships may sell the apartment complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions.

Employees

The Fund does not have any employees. Services are performed by the general partner and its affiliates and agents retained by them.

Item 1A. Risk Factors

As used in this Item 1A, references to “we, “us” and “our” mean the Fund.

An investment in our BACs and our investments in Operating Partnerships are subject to risks. These risks may impact the tax benefits of an investment in our BACs, and the amount of proceeds available for distribution to our limited partners, if any, on liquidation of our investments.

In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks we face. Additional factors not presently known to us or that we currently deem to be immaterial also may materially adversely affect our business operations.

The ability of limited partners to claim tax losses from their investment in us is limited.

The IRS may audit us or an Operating Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the investors could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in our BACs. Changes in tax laws could also impact the tax benefits from an investment in our BACs and/or the value of the Operating Partnerships. Until the Operating Partnerships have completed a mandatory fifteen year Low Income Housing Tax Credit compliance period, investors are at risk for potential recapture of Low Income Housing Tax Credits that have already been claimed.

The Low Income Housing Tax Credits rules are extremely complicated and noncompliance with these rules may have adverse consequences for BAC holders.

Noncompliance with applicable tax regulations may result in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income. The Operating Partnerships may be sold at a price which would not result in our realizing cash distributions or proceeds from the transaction. Accordingly, we may be unable to distribute any cash to our investors. Low Income Housing Tax Credits may be the only benefit from an investment in our BACs.

Poor performance of one housing complex, or the real estate market generally, could impair our ability to satisfy our investment objectives.

Each housing complex is subject to mortgage indebtedness. If an Operating Partnership failed to pay its mortgage, it could lose its housing complex in foreclosure. If foreclosure were to occur during the first 15 years of the existence of the Fund, the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of previously claimed Low Income Housing Tax Credits, and a loss of our investment in the housing complex would occur. To the extent the Operating Partnerships receive government financing or operating subsidies, they may be subject to one or more of the following risks:

difficulties in obtaining rent increases;

limitations on cash distributions;

limitations on sales or refinancing of Operating Partnerships;

limitations on transfers of interests in Operating Partnerships;

limitations on removal of local general partners;

limitations on subsidy programs; and

possible changes in applicable regulations.

The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among others.

No trading market for the BACs exists or is expected to develop.

There is currently no active trading market for the BACs. Accordingly, limited partners may be unable to sell their BACs or may have to sell BACs at a discount. Limited partners should consider their BACs to be a long-term investment.

Investors may realize taxable gain on sale or disposition of BACs.

Upon the sale or other taxable disposition of BACs, investors will realize taxable income to the extent that their allocable share of the non-recourse mortgage indebtedness on the apartment complexes, together with the money they receive from the sale of the BACs, is greater than the original cost of their BACs. This realized taxable income is reduced to the extent that investors have suspended passive losses or credits. It is possible that the sale of BACs may not generate enough cash to pay the tax obligations arising from the sale.

Investors may have tax liability in excess of cash.

Investors eventually may be allocated profits for tax purposes, which exceed any cash distributed to them. Under these circumstances, unless an investor has passive losses or credits to reduce this tax liability, the investor will have to pay federal income tax without a corresponding cash distribution. Similarly, in the event of a sale or foreclosure of an apartment complex or a sale of BACs, an investor may be allocated taxable income, resulting in tax liability, in excess of any cash distributed to him or her as a result of the event.

Investors may not receive cash if apartment complexes are sold.

There is no assurance that investors will receive any cash distributions from the sale or refinancing of an apartment complex. The price at which an apartment complex is sold may not be large enough to pay the mortgage and other expenses which must be paid at such time. Even if there are net cash proceeds from a sale distributed to the Fund, expenses such as accrued management fees and unpaid loans will be deducted pursuant to Section 4.02(a) of the Fund Agreement. If any of these events happen, investors will not get all of their investment back, and the only benefit from an investment will be the tax credits received.

The sale or refinancing of the apartment complexes is dependent upon the following material factors:

The necessity of obtaining the consent of the operating general partners;

The necessity of obtaining the approval of any governmental agency(ies) providing government assistance to the apartment complex; and

The uncertainty of the market.

Any sale may occur well after the fifteen-year federal housing tax credit compliance period.

We have insufficient sources of cash to pay our existing liabilities.

We currently do not have sufficient cash resources to satisfy our financial liabilities. Furthermore, we do not anticipate that we will have sufficient available cash to pay our future financial liabilities. Substantially all of our existing liabilities are payable to our general partner and its affiliates. Though the amounts payable to the General Partner and its affiliates are contractually currently payable, we do not believe that the General Partner or its affiliates will demand immediate payment of these contractual obligations in the near term; however, there can be no assurance that this will be the case. We would be materially adversely affected if the general partner or its affiliates demanded payment in the near term of our existing contractual liabilities or suspended the provision of services to us because of our inability to satisfy these obligations. All monies currently deposited, or that will be deposited in the future, into the Fund's working capital reserves are intended to be utilized to pay our existing and future liabilities.

Item 1B. Unresolved Staff Comments

Not applicable.

Item 2. Properties

The Fund has acquired a limited partnership interest in 134 Operating Partnerships in five series, identified in the table set forth below. In each instance the apartment complexes 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 designated 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." The general partner believes that there is adequate casualty insurance on the properties.

Please refer to Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.

Boston Capital Tax Credit Fund III L.P. - Series 15

PROPERTY PROFILES AS OF MARCH 31, 2012

Property Name	Location	Units		Mortgage Balance As of 12/31/11		Acq Date		Const Comp		Qualified Occupancy 3/31/12			Cap Con Paid Thru 3/31/12
April Gardens Apts. III	Las Piedras, PR		32	$	1,385,274		09/92		05/93		100	%	$	279,823

Barton Village Apartments	Arlington, GA		18		480,084		10/92		03/93		100	%		101,154

Bergen Meadows	Bergen, NY		24		934,543		07/92		07/92		100	%		199,420

Bridlewood Terrace	Horse Cave, KY		24		732,576		01/94		01/95		100	%		167,679

Calexico Senior Apts.	Calexico, CA		38		1,817,383		09/92		09/92		100	%		366,220

Chestnut Hills Estates	Altoona, AL		24		690,279		09/92		09/92		100	%		146,500

Columbia Heights Apts.	Camden, AR		32		1,202,724		10/92		09/93		100	%		247,599

Deerfield Commons	Crewe, VA		39		1,159,705		04/92		06/92		100	%		242,430

East Park Apts. I	Dilworth, MN		24		420,770		06/94		01/94		100	%		406,100

Graham Village Apts.	Graham, NC		50		986,756		10/94		06/95		100	%		919,461

Greenwood Village	Fort Gaines, GA		24		630,588		08/92		05/93		100	%		131,268

Hadley's Lake Apts.	East Machias, ME		18		982,563		09/92		01/93		100	%		291,400

Hammond Heights Apts.	Westernport, MD		35		1,399,262		07/92		02/93		100	%		327,944

Harvest Point Apts.	Madison, SD		30		1,130,183		03/95		12/94		100	%		268,760

Lakeside Apts.	Lake Village, AR		32		1,146,822		08/94		08/95		100	%		282,004

Laurelwood Apartments, Phase II	Winnsboro, SC		32		1,007,711		03/92		02/92		100	%		229,986

Boston Capital Tax Credit Fund III L.P. - Series 15

PROPERTY PROFILES AS OF MARCH 31, 2012

Continued

Property Name	Location	Units		Mortgage Balance As of 12/31/11		Acq Date		Const Comp		Qualified Occupancy 3/31/12			Cap Con Paid Thru 3/31/12
Livingston Plaza	Livingston, TX		24	$	623,769		12/92		11/93		100	%	$	176,534

Manning Lane Apts.	Manning, SC		42		1,384,366		08/92		03/93		100	%		296,436

Marshall Lane Apts.	Marshallville,GA		18		520,288		08/92		12/92		100	%		114,200

Meadow View Apts.	Grantsville, MD		36		1,397,461		05/92		02/93		100	%		291,322

North Trail Apts.	Arkansas City, KS		24		764,192		09/94		12/94		100	%		194,118

Payson Senior Center Apts.	Payson, AZ		39		1,405,314		08/92		08/92		100	%		365,755

Ridgeview Apartments	Brainerd, MN		24		816,954		03/92		01/92		100	%		165,434

Rio Mimbres II Apts	Deming, NM		24		729,871		04/92		04/92		100	%		149,811

Shenandoah Village	Shenandoah, PA		34		1,384,872		08/92		02/93		100	%		317,136

Sunset Sq. Apts.	Scottsboro, AL		24		694,113		09/92		08/92		100	%		143,900

University Meadows	Detroit, MI		53		2,325,073		06/92		12/92		100	%		1,676,750

Village Woods	Healdton, OK		24		649,963		08/94		12/94		100	%		173,616

Villas Del Mar	Urb.Corales de Hatillo, PR		32		1,388,316		08/92		08/92		100	%		307,200

Whitewater Village Apts.	Ideal, GA		18		494,523		08/92		11/92		100	%		108,000

Boston Capital Tax Credit Fund III L.P. - Series 16

PROPERTY PROFILES AS OF MARCH 31, 2012

Property Name	Location	Units		Mortgage Balance As of 12/31/11		Acq Date		Const Comp		Qualified Occupancy 3/31/12			Cap Con Paid Thru 3/31/12
Bernice Villa Apts.	Bernice, LA		32	$	794,601		05/93		10/93		100	%	$	200,476

Canterfield Manor	Denmark, SC		20		721,874		11/92		01/93		100	%		175,959

Carriage Park Village	Westville, OK		24		631,686		02/93		07/93		100	%		144,714

Cumberland Woods Apts.	Middlesboro, KY		40		1,364,531		12/93		10/94		100	%		412,700

Fairmeadow Apts.	Latta, SC		24		825,989		01/93		07/93		100	%		195,400

Falcon Ridge Apts.	Beattyville, KY		32		969,380		04/94		01/95		100	%		247,200

Forest Pointe Apts.	Butler, GA		25		696,211		12/92		09/93		100	%		162,397

Greenfield Properties	Greenfield, MO		20		493,210		01/93		05/93		100	%		126,046

Harmony House Apts.	Galax, VA		40		1,351,180		11/92		07/93		100	%		285,588

Holly Tree Manor	Holly Hill, SC		24		832,291		11/92		02/93		100	%		201,490

Isola Square Apartments	Isola, MS		32		911,056		11/93		04/94		100	%		246,722

Joiner Manor	Joiner, AR		25		696,945		01/93		06/93		100	%		149,670

Landview Manor	Bentonia, MS		28		789,590		07/93		02/94		100	%		190,109

Laurel Ridge Apts.	Idabel, OK		52		1,278,142		04/93		12/93		100	%		282,606

Lawtell Manor Apts.	Lawtell, LA		32		814,864		04/93		08/93		100	%		202,603

Logan Lane Apts	Ridgeland, SC		36		1,222,066		09/92		03/93		100	%		274,750

Boston Capital Tax Credit Fund III L.P. - Series 16

PROPERTY PROFILES AS OF MARCH 31, 2012

Continued

Property Name	Location	Units		Mortgage Balance As of 12/31/11		Acq Date		Const Comp		Qualified Occupancy 3/31/12			Cap Con Paid Thru 3/31/12
Meadows of Southgate	Southgate, MI		83	$	1,849,050		07/93		05/94		100	%	$	1,716,000

Mendota Village Apts	Mendota, CA		44		1,845,396		12/92		05/93		100	%		438,300

Mid City Apts.	Jersey City, NJ		58		2,219,350		09/93		06/94		100	%		3,097,210

Newport Elderly Apts.	Newport, VT		24		880,969		02/93		10/93		100	%		221,626

Oak Forest Apts.	Eastman, GA		41		1,089,805		12/92		10/93		100	%		251,269

Parkwoods Apts.	Anson, ME		24		1,203,421		12/92		09/93		100	%		320,206

Plantation Manor	Tchula, MS		28		768,415		07/93		12/93		100	%		195,030

Ransom St. Apartments	Blowing Rock, NC		13		485,305		12/93		11/94		100	%		100,249

Simmesport Square Apts.	Simmesport, LA		32		823,892		04/93		06/93		100	%		198,500

St. Croix Commons Apts.	Woodville, WI		40		736,861		10/94		12/94		100	%		534,847

St. Joseph Square Apts.	St. Joseph, LA		32		885,513		05/93		09/93		100	%		206,086

Stony Ground Villas	St. Croix, VI		22		1,328,052		12/92		06/93		100	%		358,414

Talbot Village II	Talbotton, GA		24		636,036		08/92		04/93		100	%		129,683

Tan Yard Branch Apts. I	Blairsville, GA		24		719,440		12/92		09/94		100	%		151,154

Boston Capital Tax Credit Fund III L.P. - Series 16

PROPERTY PROFILES AS OF MARCH 31, 2012

Continued

Property Name	Location	Units		Mortgage Balance As of 12/31/11		Acq Date		Const Comp		Qualified Occupancy 3/31/12			Cap Con Paid Thru 3/31/12
Tan Yard Branch Apts. II	Blairsville, GA		25	$	705,295		12/92		07/94		100	%	$	144,304

The Woodlands	Tupper Lake, NY		18		884,410		09/94		02/95		100	%		214,045

Tuolumne City Senior Apts.	Tuolumne, CA		30		1,498,412		12/92		08/93		100	%		376,535

Turtle Creek Apts.	Monticello, AR		27		796,839		05/93		10/93		100	%		185,392

Vista Linda Apartments	Sabana Grande, PR		50		2,384,347		01/93		12/93		100	%		445,530

West End Manor	Union, SC		28		924,908		05/93		05/93		100	%		231,741

Willcox Senior Apts.	Willcox, AZ		30		1,034,020		01/93		06/93		100	%		268,747

Woods Landing Apts.	Damascus, VA		40		1,349,499		12/92		09/93		100	%		286,171

Boston Capital Tax Credit Fund III L.P. - Series 17

PROPERTY PROFILES AS OF MARCH 31, 2012

Property Name	Location	Units		Mortgage Balance As of 12/31/11		Acq Date		Const Comp		Qualified Occupancy 3/31/12			Cap Con Paid Thru 3/31/12
Annadale Apartments	Fresno, CA		222	$	15,472,819		01/96		06/90		100	%	$	1,108,873

Briarwood Apartments	Clio, SC		24		837,892		12/93		08/94		100	%		211,133

Briarwood Apartments of DeKalb	DeKalb, IL		48		687,289		10/93		06/94		100	%		1,041,834

Briarwood Village	Buena Vista, GA		38		1,066,028		10/93		05/94		100	%		252,700

Cairo Senior Housing	Cairo, NY		24		1,008,358		05/93		04/93		100	%		201,711

Deerwood Village Apts	Adrian, GA		20		598,962		02/94		07/94		100	%		160,900

Doyle Village	Darien, GA		38		1,099,382		09/93		04/94		100	%		235,509

Fuera Bush Senior Housing	Fuera Bush, NY		24		1,028,847		07/93		05/93		100	%		189,364

Glenridge Apartments	Bullhead City, AZ		52		1,929,953		06/94		06/94		100	%		520,500

Green Acres Estates	West Bath, ME		48		820,537		01/95		11/94		100	%		135,849

Green Court Apartments	Mt. Vernon, NY		76		2,103,908		11/94		11/94		100	%		964,813

Henson Creek Manor	Fort Washington, MD		105		3,603,457		05/93		04/94		100	%		2,980,421

Hill Estates, II	Bladenboro, NC		24		948,031		03/95		07/95		100	%		132,300

Houston Village	Alamo, GA		24		631,025		12/93		05/94		100	%		169,418

Isola Square Apts.	Greenwood, MS		36		1,009,855		11/93		08/94		100	%		304,556

Boston Capital Tax Credit Fund III L.P. - Series 17

PROPERTY PROFILES AS OF MARCH 31, 2012

Continued

Property Name	Location	Units		Mortgage Balance As of 12/31/11		Acq Date		Const Comp		Qualified Occupancy 3/31/12			Cap Con Paid Thru 3/31/12
Jonestown Manor Apts.	Jonestown, MS		28	$	817,339		12/93		12/94		100	%	$	243,605

Largo Ctr. Apartments	Largo, MD		100		3,628,584		03/93		06/94		100	%		2,753,475

Oakwood Manor of Bennetts-ville	Bennetts-ville, SC		24		821,339		09/93		12/93		100	%		89,200

Opelousas Point Apts.	Opelousas, LA		44		1,286,573		11/93		03/94		100	%		439,277

Pinehurst Senior Apts.	Farwell, MI		24		746,842		02/94		02/94		100	%		183,176

Quail Village	Reedsville, GA		31		815,706		09/93		02/94		100	%		171,855

Royale Townhomes	Glen Muskegon, MI		79		1,924,003		12/93		12/94		100	%		909,231

Soledad Senior Apts.	Soledad, CA		40		1,807,583		10/93		01/94		100	%		407,894

Waynesburg House Apts.	Waynesburg, PA		34		1,405,054		07/94		12/95		100	%		501,140

West Front Residence	Skowhegan, ME		30		1,248,828		09/94		08/94		100	%		487,390

West Oaks Apartments	Raleigh, NC		50		1,487,486		06/93		07/93		100	%		811,994

White Castle Manor	White Castle, LA		24		732,401		06/94		05/94		100	%		198,684

Boston Capital Tax Credit Fund III L.P. - Series 18

PROPERTY PROFILES AS OF MARCH 31, 2012

Property Name	Location	Units		Mortgage Balance As of 12/31/11		Acq Date		Const Comp		Qualified Occupancy 3/31/12			Cap Con Paid Thru 3/31/12
Bear Creek Apartments	Naples, FL		118	$	4,625,800		03/94		04/95		100	%	$	3,586,687

Briarwood Apartments	Humbolt, IA		20		674,886		08/94		04/95		100	%		162,536

California Apartments	San Joaquin, CA		42		1,696,268		03/94		12/94		100	%		519,100

Chelsea Sq. Apartments	Chelsea, MA		6		301,393		08/94		12/94		100	%		451,929

Clarke School	Newport, RI		56		2,282,667		12/94		12/94		100	%		1,804,536

Cox Creek Apartments	Ellijay, GA		25		793,478		01/94		01/95		100	%		214,824

Harris Music Building	West Palm Beach, FL		38		1,464,971		06/94		11/95		100	%		1,286,304

Kristine Apartments	Bakersfield, CA		60		890,616		10/94		10/94		100	%		1,636,293

Lakeview Meadows II	Battle Creek, MI		60		1,359,314		08/93		05/94		100	%		1,029,000

Leesville Elderly Apts.	Leesville, LA		54		1,976,718		06/94		06/94		100	%		776,500

Lockport Seniors Apts.	Lockport, LA		40		1,101,398		07/94		09/94		100	%		595,439

Marengo Park Apts.	Marengo, IA		24		701,925		10/93		03/94		100	%		133,552

Meadowbrook Apartments	Oskaloosa, IA		16		454,619		11/93		09/94		100	%		96,908

Meadows Apartments	Show Low, AZ		40		1,398,507		03/94		05/94		100	%		420,302

Natchitoches Senior Apartments	Natchitoches, LA		40		1,480,209		06/94		12/94		100	%		644,175

Boston Capital Tax Credit Fund III L.P. - Series 18

PROPERTY PROFILES AS OF MARCH 31, 2012

Continued

Property Name	Location	Units		Mortgage Balance As of 12/31/11		Acq Date		Const Comp		Qualified Occupancy 3/31/12			Cap Con Paid Thru 3/31/12
Newton Plaza Apts.	Newton, IA		24	$	761,596		11/93		09/94		100	%	$	166,441

Oakhaven Apartments	Ripley, MS		24		453,475		01/94		07/94		100	%		116,860

Peach Tree Apartments	Felton, DE		32		1,388,530		01/94		07/93		100	%		206,100

Pepperton Villas	Jackson, GA		29		812,559		01/94		06/94		100	%		222,762

Rio Grande Apartments	Eagle Pass, TX		100		1,861,506		06/94		05/94		100	%		666,840

Vista Loma Apartments	Bullhead City, AZ		41		1,516,840		05/94		09/94		100	%		465,650

Vivian Seniors Apts.	Vivian, LA		40		1,550,213		07/94		09/94		100	%		625,691

Westminster Meadow	Grand Rapids, MI		64		1,753,190		12/93		11/94		100	%		1,378,000

Boston Capital Tax Credit Fund III L.P. - Series 19

PROPERTY PROFILES AS OF MARCH 31, 2012

Property Name	Location	Units		Mortgage Balance As of 12/31/11		Acq Date		Const Comp		Qualified Occupancy 3/31/12			Cap Con Paid Thru 3/31/12
Callaway Villa	Holt's Summit, MO		48	$	869,343		06/94		12/94		100	%	$	1,181,010

Carrollton Villa	Carrollton, MO		48		1,322,464		06/94		03/95		100	%		1,121,758

Clarke School	Newport, RI		56		2,282,667		12/94		12/94		100	%		1,153,719

Coopers Crossing	Irving, TX		93		2,902,266		06/96		12/95		100	%		2,145,000

Hebbronville Senior	Hebbronville, TX		20		480,321		12/93		04/94		100	%		82,592

Jefferson Square	Denver, CO		64		1,963,200		05/94		08/95		100	%		1,715,351

Lone Star Senior	Lone Star, TX		24		566,795		12/93		05/94		100	%		138,740

Mansura Villa II Apartments	Mansura, LA		32		899,698		05/94		08/95		100	%		227,910

Martindale Apts.	Martindale, TX		24		619,411		12/93		01/94		100	%		154,790

Munford Village	Munford, AL		24		753,719		10/93		04/94		100	%		165,800

Northpoint Commons	Kansas City, MO		158		3,595,266		07/94		06/95		100	%		2,124,024

Poplar Ridge Apts.	Madison, VA		16		612,473		12/93		10/94		100	%		124,704

Prospect Villa III Apartments	Hollister, CA		30		1,646,921		03/95		05/95		100	%		499,104

Sherwood Knoll	Rainsville, AL		24		731,658		10/93		04/94		100	%		162,500

Summerset Apartments	Swainsboro, GA		30		887,197		01/94		11/95		100	%		223,029

Village North I	Independence, KS		24		794,339		06/94		12/94		100	%		190,471

Item 3. Legal Proceedings

None.

Item 4. Mine Safety Disclosures

Not Applicable.

PART II

Item 5.

Market for the Fund's Limited Partnership Interests, Related Fund Matters and Issuer Purchases of Fund Interests

(a)		Market Information

		The Fund is classified as a limited partnership and does not have common stock. There is no established public trading market for the BACs and it is not anticipated that any public market will develop.

(b)		Approximate number of security holders

		As of March 31, 2012 the Fund has 12,933 BAC holders for an aggregate of 21,996,102 BACs, at a subscription price of $10 per BAC, received and accepted.

		The BACs were issued in series. Series 15 consists of 2,397 investors holding 3,870,500 BACs, Series 16 consists of 3,311 investors holding 5,429,402 BACs, Series 17 consists of 2,837 investors holding 5,000,000 BACs, Series 18 consists of 2,056 investors holding 3,616,200 BACs, and Series 19 consists of 2,332 investors holding 4,080,000 BACs at March 31, 2012.

(c)		Dividend history and restriction

		The Fund has made no distributions of net cash flow to its BAC holders from its inception, September 19, 1991 through March 31, 2012.

		During the year ended March 31, 2005, the Fund made a return of equity distribution to the Series 15 and 17 BAC holders in the amount of $107,567 and $24,767, respectively. The distributions were the result of proceeds available from the sale or transfer of one or more Operating Partnerships.

		During the year ended March 31, 2007, the Fund made a return of equity distribution to the Series 15 and 17 BAC holders in the amount of $940,481 and $865,443, respectively. The distributions were the result of proceeds available from the sale or transfer of one or more Operating Partnerships.

		During the year ended March 31, 2011, the Fund made a return of equity distribution to the Series 19 BAC holders in the amount of $1,500,000. The distributions were the result of proceeds available from the sale or transfer of one or more Operating Partnerships.

		During the year ended March 31, 2012, the Fund made a return of equity distribution to the Series 19 BAC holders in the amount of $261,830. The distributions were the result of proceeds available from the sale or transfer of one or more Operating Partnerships.

		The Fund Agreement provides that profits, losses and credits will be allocated each month to the holder of record of a BAC as of the last day of such month. Allocation of profits, losses and credits among BAC holders are made in proportion to the number of BACs held by each BAC holder.

Any distributions of net cash flow or liquidation, sale or refinancing proceeds will be made within 180 days of the end of the annual period to which they relate. Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by the holder on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.

Item 6.

Selected Financial Data

Not applicable.

Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1993, 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 of this Report. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds is the proceeds of each Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment or on working capital reserves and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. All sources of liquidity are available to meet the obligations of the Fund. The Fund does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships.

The Fund is currently accruing the annual fund management fee to enable each series to meet current and future third party obligations. Fund management fees accrued during the year ended March 31, 2012 were $1,280,366, and total fund management fees accrued as of March 31, 2012 were $23,715,718. During the year ended March 31, 2012 the Fund paid fees of $1,492,661 which were applied to prior year accruals.

Pursuant to the Partnership Agreement, such liabilities will be deferred until the Fund receives sale or refinancing proceeds from Operating Partnerships, and at that time proceeds from such sales or refinancing would be used to satisfy such liabilities.

Capital Resources

The Fund offered BACs in the Offering declared effective by the Securities and Exchange Commission on January 24, 1992. The Fund received and accepted subscriptions for $219,961,020 representing 21,996,102 BACs from investors admitted as BAC holders in Series 15 through 19 of the Fund. The Fund issued the last BACs in Series 19 on December 17, 1993. This concluded the Public Offering of the Fund.

(Series 15). The Fund commenced offering BACs in Series 15 on January 24, 1992. The Fund received and accepted subscriptions for $38,705,000 representing 3,870,500 BACs from investors admitted as BAC holders in Series 15. Offers and sales of BACs in Series 15 were completed and the last of BACs in Series 15 were issued by the Fund on June 26, 1992.

During the fiscal year ended March 31, 2012, the Fund did not use any of Series 15 net offering proceeds to pay outstanding installments of its capital contributions. As of March 31, 2012, proceeds from the offer and sale of BACs in Series 15 had been used to invest in a total of 68 Operating Partnerships in an aggregate amount of $29,390,546. As of March 31, 2012, 38 of the properties have been disposed of and 30 remain. The Fund had completed payment of all installments of its capital contributions to the Operating Partnerships.

(Series 16). The Fund commenced offering BACs in Series 16 on July 10, 1992. The Fund received and accepted subscriptions for $54,293,000, representing 5,429,402 BACs in Series 16. Offers and sales of BACs in Series 16 were completed and the last of the BACs in Series 16 were issued by the Fund on December 28, 1992.

During the fiscal year ended March 31, 2012, the Fund did not use any of Series 16 net offering proceeds to pay outstanding installments of its capital contributions. As of March 31, 2012, the net proceeds from the offer and sale of BACs in Series 16 had been used to invest in a total of 64 Operating Partnerships in an aggregate amount of $40,829,228. As of March 31, 2012, 26 of the properties have been disposed of and 38 remain. The Fund had completed payment of all installments of its capital contributions to 63 of the 64 Operating Partnerships. Series 16 has $50,008 in capital contributions that remain to be paid to 1 Operating Partnership. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in their partnership agreements.

(Series 17). The Fund commenced offering BACs in Series 17 on January 24, 1993. The Fund received and accepted subscriptions for $50,000,000 representing 5,000,000 BACs from investors admitted as BAC holders in Series 17. Offers and sales of BACs in Series 17 were completed and the last of the BACs in Series 17 were issued on June 17, 1993.

During the fiscal year ended March 31, 2012, the Fund did not use any of Series 17 net offering proceeds to pay outstanding installments of its capital contributions. As of March 31, 2012, proceeds from the offer and sale of BACs in Series 17 had been used to invest in a total of 49 Operating Partnerships in an aggregate amount of $37,062,980. As of March 31, 2012, 22 of the properties have been disposed of and 27 remain. The Fund had completed payments of all installments of its capital contributions to 46 of the 49 Operating Partnerships. Series 17 has outstanding contributions payable to 3 Operating Partnerships in the amount of $22,798 as of March 31, 2012. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 18). The Fund commenced offering BACs in Series 18 on June 17,1993. The Fund received and accepted subscriptions for $36,162,000 representing 3,616,200 BACs from investors admitted as BAC holders in Series 18. Offers and sales of BACs in Series 18 were completed and the last of the BACs in Series 18 were issued on September 22, 1993.

During the fiscal year ended March 31, 2012, the Fund did not use any of Series 18 net offering proceeds to pay outstanding installments of its capital contributions. As of March 31, 2012, proceeds from the offer and sale of BACs in Series 18 had been used to invest in a total of 34 Operating Partnerships in an aggregate amount of $26,652,205. As of March 31, 2012, 11 of the properties have been disposed of and 23 remain. The Fund had completed payments of all installments of its capital contributions to 32 of the 34 Operating Partnerships. Series 18 has $18,554 in capital contributions that remain to be paid to the other 2 Operating Partnerships. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 19). The Fund commenced offering BACs in Series 19 on October 8, 1993. The Fund received and accepted subscriptions for $40,800,000 representing 4,080,000 BACs from investors admitted as BAC holders in Series 19. Offers and sales of BACs in Series 19 were completed and the last of the BACs in Series 19 were issued on December 17, 1993.

During the fiscal year ended March 31, 2012, the Fund did not use any of Series 19 net offering proceeds to pay outstanding installments of its capital contributions. As of March 31, 2012, proceeds from the offer and sale of BACs in Series 19 had been used to invest in a total of 26 Operating Partnerships in an aggregate amount of $30,164,485. As of March 31, 2012, 10 of the properties have been disposed of and 16 remain. The Fund had completed payments of all installments of its capital contributions to the Operating Partnerships.

Results of Operations

The Fund incurred an annual fund management fee to the general partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various partnership management and reporting fees paid or payable by the Operating Partnerships. The annual fund management fee incurred, net of reporting fees received for the fiscal years ended March 31, 2012 and 2011, was $541,340 and $1,200,472, respectively.

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

(Series 15). As of March 31, 2012 and 2011, the average Qualified Occupancy for the series was 100%. The series had a total of 30 properties at March 31, 2012, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2011 and 2010, the series, in total, generated $1,856,626 and $(206,305), respectively, in passive tax income (losses) that were passed through to the investors. All of the Operating Partnerships in the Series have completed their respective credit periods prior to the year ended December 31, 2008, and it is not expected that any additional tax credits will be generated.

As of March 31, 2012 and 2011, Investments in Operating Partnerships for Series 15 was $0. Investments in Operating Partnerships was affected by the way the Fund accounts for its investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2012 and 2011, the net income (loss) for series 15 was $133,226 and $(105,519), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the partnership management fee.

Beckwood Manor Eight Limited Partnership (Lakeside Apartments) is a 32-unit, senior property, located in Lake Village, Arkansas. The property receives rental assistance for 23 units and is generally able to rent these units. It remains difficult to rent the units that do not have rental assistance. There are several other low income tax credit developments in the area offering rental assistance, and the property’s continued low occupancy is attributed to this competition. Management advertises the property in Lake Village’s local paper and in several other regional newspapers. The property also distributes fliers to all surrounding communities. In 2011, occupancy averaged 53%, down from 61% in 2010. The property generated an $18,715 deficit in 2011, which was primarily funded by accruing management fees and management payroll due to an affiliate of the operating general partner. The operating general partner has historically funded operating deficits in this manner. Through March 2012, the property is averaging 47% occupancy and is operating below breakeven. In February 2011, the property experienced a common area fire on the second floor of the apartment complex. All displaced tenants relocated temporarily to live with family or moved into vacant units at the property. All displaced residents moved back to the property by October 2011. The cost to repair the fire damage was approximately $160,000 and was covered entirely by insurance proceeds. Repairs were completed by mid-November 2011. On November 12, 2011, another fire occurred at the property, which started as a grease fire in a resident’s kitchen. One apartment was a total loss, and another suffered smoke and water damage. One resident had their lease terminated, and the other resident was moved into a vacant unit. Management is awaiting the results of three separate repair estimates, as required by Rural Development. The mortgage payments, taxes, insurance, and accounts payable are all current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Beckwood Manor Eight.

Livingston Plaza, Limited (Livingston Plaza) is a 24-unit, family property located in Livingston, Texas. The property has struggled with occupancy levels for several years. Despite efforts to improve the reputation of the property and reduce resident turnover and evictions, occupancy averaged 52% in both 2011 and 2010. For the quarter ended March 31, 2012, average occupancy improved slightly to 64%. The continued low occupancy is partially due to economic conditions in the area and lack of qualified applicants. Management reports that trailer home ownership is very affordable in the area and often the monthly mortgage payment is in line with the rent at Livingston Plaza. There are also several competitive properties less than a mile from the property. Marketing consists of advertisements in local newspapers and distributing fliers to local businesses, churches, and schools. Despite operating expenses that are tightly controlled and below the state’s average, the property operated below breakeven for the quarter ended March 31, 2012 and in 2011. Operating deficits were funded primarily by withdrawals from the replacement reserve. The property operated at about breakeven in 2010. The mortgage payments, real estate taxes, insurance, and accounts payable are current as of March 31, 2012. The operating general partner guarantee is unlimited in time and amount. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Livingston Plaza. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership. It is unlikely that any proceeds will be available to the investment limited partners from the disposition of the property or partnership.

Greentree Apartments Limited (Sue-Ellen Apartments) is a 24-unit, family property located in Utica, OH. The operating general partner passed away in the second quarter of 2007 and his widow assumed the operating general partner responsibilities. During 2008, communication with the new operating general partner became extremely difficult while operations declined below breakeven. During the first quarter of 2009, the operating general partner learned that the current management company’s contract had been terminated as of December 31, 2008. In addition, Rural Development accelerated the note and started foreclosure proceedings. Although the operating general partner appealed, the appeal was denied. The investment general partner learned of these developments from the real estate broker engaged by the operating general partner. The affiliated management company of a potential replacement operating general partner was placed on-site by Rural Development during May 2009. The potential operating general partner had been interested in acquiring the operating general partner and investment general partner interests but attempts by the potential operating general partner to develop a workout plan with Rural Development failed. The foreclosure was completed when the property was sold to a third party on June 8, 2011. The 15-year low income housing tax credit compliance period expired on December 31, 2009, and no recapture is anticipated. 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 on the foreclosure of the Operating Partnership was recorded as of June 30, 2011.

In April 2011, the operating general partner of Showboat Manor LDHA entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on July 7, 2011. The sales price of the property was $818,348, which included the outstanding mortgage balance of approximately $772,998 and cash proceeds to the investment partnership of $11,000. Of the total proceeds received by the investment partnership, $6,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. There are no remaining proceeds from the sale to be returned to cash reserves held by Series 15. 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 on the sale of the Operating Partnership was recorded as of September 30, 2011.

In February 2010, the operating general partner of Rainier Manor Associates LP approved an agreement to sell the property and the transaction closed on September 29, 2010. The sales price for the property was $3,300,000, which included the outstanding mortgage balance of approximately $3,293,443 and cash proceeds to the investment partnerships of $0. No proceeds were returned to cash reserves held by Boston Capital Tax Credit Fund II, LP Series 14 and Series 15, respectively. 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 on the sale of the Operating Partnership was recorded as of September 30, 2010.

In October 2010, the investment general partner transferred its interest in Hearthside II L.D.H.A. LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,698,026 and cash proceeds to the investment partnership of $120,000. Of the total proceeds received, $27,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $15,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $78,000 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 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 $78,000 as of December 31, 2010.

In February 2010, the operating general partner of North Prairie Manor L.D.H.A. LP approved an agreement to sell the property and the transaction closed on March 30, 2011. The sales price for the property was $939,566, which included the outstanding mortgage balance of approximately $829,566 and cash proceeds to the investment partnership of $69,038. Of the total proceeds received by the investment partnership, $3,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $15,000 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $51,038 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. The sale proceeds were received April 2011; so a receivable in the amount of $69,038 was recorded for Series 15 as of March 31, 2011. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $51,038 as of March 31, 2011.

In March 2011, the investment general partner transferred its interest in Monark Properties, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $291,250 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $7,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. There were no remaining proceeds returned to cash reserves held by Series 15. 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 sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2011.

In October 2011, the investment general partner transferred its interest in Autumnwood LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,187,795 and cash proceeds to the investment partnership of $128,000. Of the total proceeds received, $6,924 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $116,076 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 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 $116,076 as of December 31, 2011.

In October 2011, the investment general partner transferred its interest in Brunswick LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $739,986 and cash proceeds to the investment partnership of $76,800. Of the total proceeds received, $3,321 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $68,479 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 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 $68,479 as of December 31, 2011.

In October 2011, the investment general partner transferred its interest in Lebanon II LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $855,578 and cash proceeds to the investment partnership of $76,800. Of the total proceeds received, $16,305 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $55,495 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 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 $55,495 as of December 31, 2011.

In December 2011, the investment general partner transferred its interest in Weedpatch Investment Group, CA LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,857,960 and cash proceeds to the investment partnership of $90,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $85,000 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 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 $85,000 as of December 31, 2011.

(Series 16). As of March 31, 2012 and 2011, the average Qualified Occupancy for the series was 100%. The series had a total of 38 properties at March 31, 2012, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2011 and 2010, the series, in total, generated $(838,708) and $(1,307,518), respectively, in passive tax income (losses) that were passed through to the investors. All of the Operating Partnerships in the Series have completed their respective credit periods prior to the year ended December 31, 2008, and it is not expected that any additional tax credits will be generated.

As of March 31, 2012 and 2011, Investments in Operating Partnerships for Series 16 was $0. Investments in Operating Partnerships was affected by the way the Fund accounts for these investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2012, and 2011, the net income (loss) for series 16 was $(166,198) and $(271,999), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the partnership management fee.

Woodlands Apartments Limited Partnership (Woodlands Apartments) is an 18-unit elderly property located in Tupper Lake, New York. The property operated below breakeven in 2011 primarily due to low occupancy, marketing, and turnover costs. Through the first quarter of 2012 occupancy has averaged 94% and the property is again operating above breakeven. All taxes, mortgage, and insurance payments are current. The invesment general partner intends to continue to monitor the property until it achieves consecutive quarters of above breakeven operations. On August 31, 2009, the 15-year low income housing tax credit compliance period expired for Woodlands Apartments. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Blairsville Rental Housing, Limited Partnership (Tan Yard Branch Apartments I) is a 24-unit Low Income Housing Tax Credit family property located in Blairsville, GA. Due to weak and declining economic conditions, which began in 2009 and have continued through the first quarter of 2012, many employers have either closed or significantly reduced employee hours. As a result of a large portion of the tenant base being composed of hourly-wage employees, evictions and move outs have increased. Management reported that residents who are no longer able to afford rent continue to move back in with friends or family. In addition, other tenants requiring greater personal care have transferred to nursing home facilities, causing occupancy to decline further. Due to the property’s rural location, traffic has been limited. Management has been aggressively marketing the community by distributing fliers throughout the area and having brightly colored directional signage installed. Additionally, a tenant referral program and move-in specials are being offered. Despite these efforts, occupancy declined steadily throughout 2011, for an annual average of 76% compared to 81% in 2010. Occupancy remained stagnant in the first quarter of 2012, ending March 2012 at 79%. The investment general partner intends to continue to work with management in an effort to stabilize operations in 2012. The mortgage, real estate taxes, and insurance payments are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Blairsville Rental Housing. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

St. Croix Commons Limited Partnership (St. Croix Commons Apartments) is a 40-unit family property located in Woodville, Wisconsin. Occupancy at the end of the first quarter of 2012 was 100%. Although expenses remain below the state averages for the investment limited partnership’s portfolio of properties, low rental rates in the area have prevented the property from achieving breakeven operations. The property’s taxes and insurance are current; however, the operating general partner stopped making debt service payments in 2011 due to cash flow shortfalls. In the first quarter of 2012, the investment general partner learned that the property was ten months in arrears on its mortgage and the lender had issued a notice of default. The operating general partner contacted the lender in the hope of gaining an interest only forbearance for a four year period. The lender did not agree to modify the terms of the loan and demanded a payment of $736,851 to be made by November 15, 2011 to cure the default. The operating general partner failed to make the payment and the lender has commenced foreclosure proceedings. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to St. Croix Commons. A foreclosure sale occurring in 2012 would not result in any recapture or penalties because the property is beyond the compliance period.

In August 2011, the investment general partner transferred its interest in Sable Chase of McDonough to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $3,077,178 and cash proceeds to the investment partnership of $150,000. Of the total proceeds received, $63,990 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $17,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $68,510 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 sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $68,510 as of September 30, 2011.

In December 2010, the investment general partner transferred its interest in Branson Christian County II LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,050,618 and cash proceeds to the investment partnership of $59,920. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $54,920 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 sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $54,920 as of December 31, 2010.

In December 2008, the investment general partner of Davenport Housing Associates LP approved an agreement to sell the property and the transaction closed in April 2010. The sales price for the property was $4,190,000, which includes the outstanding mortgage balance of approximately $3,210,351 and cash proceeds to the investment limited partners of $147,105. Of the total proceeds received, $15,000 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $132,105 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 sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $132,105 as of June 30, 2010.

Joiner Elderly, Limited Partnership (Joiner Manor) is a 25-unit development in Joiner, AR. Occupancy was at a low of 56% in January and February 2011, but reached 100% by December 2011, averaging 79% for 2011. The property received approval from the Arkansas Development Finance Authority and Rural Development in April 2011 to convert the property from senior to family tenancy. Management increased advertising in the local paper and distributed fliers to promote the change, and reported a steady increase in occupancy for the remainder of the year. In addition to the increase in occupancy, Rural Development approved a $15 rent increase effective January 1, 2011, which also helped to improve operations at the property. Management scaled back on leasing incentives in the fourth quarter of 2011 to keep revenue strong, but is currently offering reduced rates on units with no rental assistance. The property operated above breakeven for the year. An additional rent increase of $20 was approved by Rural Development and went into effect on January 1, 2012. The real estate taxes, mortgage and insurance are all current. On December 31, 2007, the 15-year low income housing tax credit compliance period expired with respect to Joiner Elderly. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In January 2011, the investment general partner transferred its interest in Deer Run LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $511,791 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $17,500 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 sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $17,500 as of March 31, 2011.

Greenfield Properties, Limited Partnership (Greenfield Properties) is a 20-unit elderly property located in Greenfield, Missouri. Through the first quarter of 2012, the property continues to operate below breakeven. The property was 85% occupied as of March 31, 2012 and averaged 87% for the year. Low average occupancy and high operating expenses continued to be an issue on performance. All taxes, insurance and mortgage payments are current. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Greenfield Properties, Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In April 2011, the investment general partner transferred its interest in Lawrenceville Manor LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,340,119 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $55,000 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. In addition, the investment general partner on behalf of the investment partnership entered into a partner interest pledge agreement with the Operating Partnership for receipt of a residual payment. Under the terms of the partner interest pledge agreement, if the property owned by the Operating Partnership is sold, within 5 years from the initial transfer date, there would be a residual payment of up to $200,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. 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 $55,000 as of June 30, 2011. In addition, equity outstanding for the Operating Partnership in the amount of $1,784 was recorded as gain on the sale of the Operating Partnership as of June 30, 2011.

In June 2011, the investment general partner transferred its interest in Victoria Pointe RRH to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,374,232 and cash proceeds to the investment partnership of $28,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $23,000 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. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (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 5 years from the initial transfer date, there would be a residual payment of up to $75,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. 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 $23,000 as of June 30, 2011.

In July 2011, the investment general partner transferred its interest in Haynes House Associates II LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,853,800 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No remaining proceeds were returned to cash reserves held by Series 16. 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 on the sale of the Operating Partnership was recorded as of September 30, 2011.

In August 2011, the investment general partner transferred its interest in Cedar Trace L.D.H.A. LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $471,680 and cash proceeds to the investment partnership of $1,500. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. There were no remaining proceeds returned to cash reserves held by Series 16. 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 on the sale of the Operating Partnership was recorded as of September 30, 2011.

Meadows of Southgate L.D.H.A., LP (Meadows of Southgate) is an 83-unit elderly property located in Southgate, Michigan. During the first quarter of 2012 the property continued to operate below breakeven largely due to ongoing occupancy challenges and a weak rental market. As of March 2012, the property was 54% occupied and it averaged 58% occupancy in 2011. The management agent, an affiliate of the operating general partner, continues to focus on improving occupancy through curb appeal enhancements, new marketing initiatives, and expanded leasing office hours of operation. The investment general partner intends to continue to monitor occupancy and operations. All real estate tax, mortgage, and insurance payments are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Meadows of Southgate. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

(Series 17). As of March 31, 2012 and 2011, the average Qualified Occupancy for the Series was 100%. The series had a total of 27 properties at March 31, 2012, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2011 and 2010, the series, in total, generated $250,150 and $1,145,271, respectively, in passive tax income (losses) that were passed through to the investors. All of the Operating Partnerships in the Series have completed their respective credit periods prior to the year ended December 31, 2008, and it is not expected that any additional tax credits will be generated.

As of March 31, 2012 and 2011, Investments in Operating Partnerships for Series 17 was $0. Investments in Operating Partnerships was affected by the way the Fund accounts for these investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2012 and 2011, the net income (loss) for series 17 was $(25,508) and $457,716, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the partnership management fee.

Skowhegan Housing, LP (West Front Residence) is a 30-unit, 100% LIHTC property located in Skowhegan, Maine. The property operated below breakeven through the fourth quarter of 2011 due to low rental rates and a high interest rate on the debt. The property was 97% occupied as of March 31, 2012. Management has proposed rent increases in its 2012 budget to partially offset high debt service and they are awaiting approval of the budget by the operating general partner. As of the end of the first quarter of 2012, the mortgage is current, but insurance and real estate taxes are delinquent. On October 11, 2011, the lender issued a notice of default due to unpaid taxes, delays in past insurance payments, and underfunded tax, insurance, and replacement reserve escrow accounts. On November 11, 2011, the investment general partner issued a letter to the operating general partner stating that they are in violation of the Partnership Agreement for failure to advance funds to meet operating expenses and debt service, including replacement reserves, as the operating general partner’s operating deficit guaranty is unlimited in time and amount. As of the end of the fourth quarter of 2011, the insurance payment issue has been resolved and the operating general partner has submitted a payment plan to the lender to address the remaining default issues. The operating general partner is awaiting the lender’s decision regarding the plan. There has been no word as to the lender’s decision as of the end of the first quarter 2012. The investment general partner intends to continue to stress to the operating general partner that all taxes must be paid when due and all reserves must be fully funded. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Skowhegan Housing, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Green Acres Limited Partnership (Green Acres Estates) is a 48-unit (of which 20 are tax credit units) property located in West Bath, Maine. The property operated below breakeven through the fourth quarter of 2011 due to low occupancy, high maintenance expenses, and a high interest rate on the debt. The property was 77% occupied as of March 31, 2012 as it continues to be challenged by its poor condition, the lack of available rent-ready units, and its isolated location. Management indicated that the closing of the nearby Brunswick Naval Air Station in May 2011 has affected occupancy through subsequent high local unemployment and relocation of some tenants. Higher maintenance expenses are related to management’s efforts to turn over additional units. Though still high, bad debt improved significantly in 2011, falling 54% through December 31, 2011. Management is working to improve collections and the initial resident screening process. As of the end of the first quarter of 2012, mortgage payments are current, but real estate taxes and insurance are delinquent. On October 11, 2011, the lender issued a notice of default due to unpaid taxes, delays in past insurance payments, and underfunded tax, insurance, and replacement reserve escrow accounts. On November 11, 2011, the investment general partner issued a letter to the operating general partner stating that they are in violation of the Partnership Agreement for failure to advance funds to meet operating expenses and debt service, including replacement reserves, as the operating general partner’s operating deficit guaranty is unlimited in time and amount. The operating general partner submitted a payment plan to the Maine State Housing Authority during the fourth quarter of 2011 to address these default issues; however, we are not aware of any decisions by the lender as of the end of the first quarter 2012. The operating general partner is awaiting the lender’s decision regarding the plan. The investment general partner intends to continue to stress to the operating general partner that all taxes must be paid when due and all reserves must be fully funded. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Green Acres Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In June 2011, the investment general partner transferred its interest in Park Place II, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,284,456 and cash proceeds to the investment partnership of $23,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $18,000 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. In addition, the investment general partner on behalf of the investment partnership entered into a 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 5 years from the initial transfer date, there would be a residual payment of up to $75,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. 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 $18,000 as of June 30, 2011.

In July 2010, the investment general partner transferred its interest in Palmetto Properties LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,525,467 and cash proceeds to the investment partnership of $1,000. Of the total proceeds received, $1,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 17. 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 on the sale of the Operating Partnership was recorded as of September 30, 2010.

In December 2006, the investment general partner of Boston Capital Tax Credit Fund II – Series 14, Series 17 and Boston Capital Tax Credit Fund IV - Series 20 transferred 33% of their interest in College Greene Rental Associates Limited Partnership to entities affiliated with the operating general partners for their assumption of one third of the outstanding mortgage balance. The cash proceeds received by Series 14, Series 17, and Series 20 were $25,740, $7,919, and $65,341, respectively. Of the proceeds received, $1,950, $599, and $4,951 for Series 14, Series 17, and Series 20, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds received by Series 14, Series 17, and Series 20 of $23,790, $7,320 and $60,390, respectively, were applied against the investment limited partners' investment in the Operating Partnership in accordance with the equity method of accounting. In April 2010, the investment limited partner transferred 49% of its interest for $68,174, $20,977, and $173,058 for Series 14, Series 17 and Series 20, respectively. Of the proceeds received, $7,000, $3,400 and $15,000 for Series 14, Series 17 and Series 20, respectively, was paid to BCAMLP for expenses related to the transfer. The remaining proceeds of $61,174, $17,577 and $158,058, respectively, were returned to the cash reserves held by Series 14, Series 17 and Series 20, respectively. The proceeds were allocated to the investment limited partnerships based on their original equity investments in the Operating Partnership. The remaining investment limited partner interest was transferred on March 31, 2011. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $61,174, $17,577 and $158,058, respectively, for BCTC II Series 14, Series 17, and BCTC IV Series 20, as of March 31, 2011.

In June 2011, the operating general partner of Cypress Pointe LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 21, 2011. The sales price of the property was $3,320,000, which included the outstanding mortgage balance of approximately $2,438,528 and cash proceeds to the investment partnership of $181,310. Of the total proceeds received by the investment partnership, $45,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $20,000 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds of approximately $116,310 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. In September 2011, the investment partnership received its share of the Operating Partnership’s cash account in the amount of $12,836, which was returned to the cash reserves held by Series 17. 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 $129,146 as of September 30, 2011.

In September 2008, the operating general partner of Crofton Associates I, Limited Partnership approved an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 21, 2010. The sales price for the property was $823,333 which includes the outstanding mortgage balance of approximately $746,333 and cash proceeds to the investment partnership of $73,150. Of the total proceeds received by the investment partnership, $7,500 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $65,650 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 sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $65,650 as of December 31, 2010.

In September 2008, the operating general partner of Hickman Associates II, Limited Partnership approved an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 7, 2010. The sales price for the property was $556,597, which included the outstanding mortgage balance of approximately $495,597 and cash proceeds to the investment partnership of $57,950. Of the total proceeds received by the investment partnership, $7,500 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $50,450 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 sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $50,450 as of December 31, 2010.

In May 2009, the investment general partner of Gallaway Associates LP approved an agreement to sell the property and the transaction closed on June 29, 2010. The sales price for the property was $1,109,173, which includes the outstanding mortgage balance of approximately $1,001,173 and cash proceeds to the investment limited partners of $106,560. Of the total proceeds received, $3,960 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $15,000 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $87,600 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. The sale proceeds were received on July 1, 2010; so a receivable in the amount of $87,600 has been recorded for Series 17 as of June 30, 2010. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $87,600 as of June 30, 2010.

In July 2010, the investment general partner transferred its interest in Sixth Street Partners, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,030,745 and cash proceeds to the investment partnership of $684,000. Of the total proceeds received, $30,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $56,362 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $597,638 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 sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $597,638 as of September 30, 2010.

In December 2010, the investment general partner transferred its interest in Artesia Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,344,488 and cash proceeds to the investment partnership of $42,800. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $37,800 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 sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $37,800 as of December 31, 2010.

In April 2011, the investment general partner transferred its interest in Lee Terrace LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,411,220 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $55,000 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. In addition, the investment general partner on behalf of the investment partnership entered into a partner interest pledge agreement with the Operating Partnership for receipt of a residual payment. Under the terms of the partner interest pledge agreement, if the property owned by the Operating Partnership is sold, within 5 years from the initial transfer date, there would be a residual payment of up to $200,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. 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 $55,000 as of June 30, 2011.

In June 2011, the investment general partner transferred its interest in Seabreeze Manor RRH Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,175,097 and cash proceeds to the investment partnership of $23,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $18,000 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. In addition, the investment general partner on behalf of the investment partnership entered into a 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 5 years from the initial transfer date, there would be a residual payment of up to $75,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. 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 $18,000 as of June 30, 2011.

In November 2011, the investment general partner transferred its interest in Midland Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $763,796 and cash proceeds to the investment partnership of $55,000. Of the total proceeds received, $20,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $27,500 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 sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $27,500 as of December 31, 2011.

(Series 18). As of March 31, 2012 and 2011, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at March 31, 2012, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2011 and 2010, the series, in total, generated $(1,437,190) and $(867,625), respectively, in passive tax income (losses) that were passed through to the investors. All of the Operating Partnerships in the Series have completed their respective credit periods prior to the year ended December 31, 2008, and it is not expected that any additional tax credits will be generated.

As of March 31, 2012 and 2011, Investments in Operating Partnerships for Series 18 was $0. Investments in Operating Partnerships were affected by the way the Fund accounts for these investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2012 and 2011, the net income (loss) for series 18 was $169,974 and $(211,851), respectively. The major components of these amounts are the Fund's share of reporting fees from Operating Partnerships and the partnership management fee.

Ripley Housing, Limited Partnership (Oakhaven Apartments) is a 24-unit, family property located in Ripley, Mississippi. The property operated below breakeven in 2011 due to low occupancy as it averaged 80% occupancy for the year. The continued struggle with vacancy is a direct reflection of economic conditions in Ripley, where ongoing job losses have led to increased evictions and migration from the area. Management continues to focus marketing efforts on internet advertising and they also perform outreach to the local HUD office, the Mississippi Housing Authority, and the Tippah County housing agencies. At the end of the first quarter of 2012, occupancy was 83% with below breakeven operations. All real estate taxes, mortgage and insurance payments are current. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Ripley Housing, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Lakeview Meadows II L.D.H.A. Limited Partnership (Lakeview Meadows II) is a 60-unit, elderly property located in Battle Creek, Michigan. Through March 2012, the property was 95% occupied and was operating slightly above breakeven. The investment general partner will continue to monitor occupancy and operations. All real estate tax, mortgage, and insurance payments are current. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Lakeview Meadows II L.D.H.A. Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Natchitoches Elderly Apartments LP (Natchitoches Seniors Apartments) is a 40-unit property located in Natchitoches, Louisiana. The property operated below breakeven in 2010 due to low occupancy of 84% and high operating expenses. Occupancy increased throughout 2011 and ended the year at 95%, largely due to the efforts of a new management team. Despite the improvement in occupancy, the property continues to operate below breakeven. As of March 30, 2012, occupancy remains at 95%. All real estate tax, mortgage, and insurance payments are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Natchitoches Elderly Apartments LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Newton I, Limited Partnership (Newton Plaza Apartments) is a 24-unit family development in Newton, Iowa. Occupancy has trended downward since 2006, and the increased vacancy along with high operating expenses has caused below breakeven operations. In 2010, management hired a new on-site manager to aid in stabilizing operations, and refocused its marketing efforts outside the local area. Operations improved in 2011 due to increased occupancy and a decrease in operating expenses. The property averaged 88% occupancy for the year. Despite the improvement over the past year, the property should continue to be monitored as occupancy has decreased to 79% through the first quarter of 2012. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Newton I. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Bear Creek of Naples (Bear Creek Apartments) is a 120-unit family development located in Naples, Florida. Occupancy remained strong in the first quarter of 2012, with March occupancy ending at 95%. However, the property continued to operate below breakeven through the first quarter due to high administrative, maintenance, and real estate tax expenses as well as a court ordered special assessment fee. The property’s insurance payments are current but the real estate taxes are delinquent. The local tax authority has issued a tax certificate for the delinquent taxes, which will accrue interest until paid. The operating general partner has three years to pay the delinquent taxes before the property goes to tax sale. The operating general partner paid the 2010 real estate taxes in the first quarter of 2011, paid the 2011 real estate taxes in November 2011 and anticipates paying the 2009 real estate taxes in late 2012, which is within the allotted three year deadline before the property could face a tax sale. The 2012 taxes should be paid when due. The mortgage was also delinquent until a settlement was reached at the end of May 2012 as the operating general partner stopped making mortgage payments in June 2010 in an attempt to focus the lender’s attention on the property. The operating general partner was attempting to force the lender to reconsider their previous decision to reject any workout plan. In the third quarter 2010, the lender initiated foreclosure proceedings. During the proceedings, the operating general partner argued that a foreclosure would terminate the Operating Partnership’s Land Use Restriction Agreement and do a disservice to the community by eliminating the stipulation that the property remain affordable. This strategy was successful in delaying foreclosure as the court issued a denial of the lender’s motion to appoint a receiver on September 20, 2010. During the second quarter of 2011, the operating general partner discussed with the investment general partner whether the Operating Partnership should declare bankruptcy in order to delay a foreclosure and to maintain control of the property. The investment general partner advised the operating general partner not to file for bankruptcy. However, on June 6, 2011 Bear Creek of Naples, Ltd. filed for Chapter 11 bankruptcy. Authority to do so was vested solely with the operating general partner; the investment limited partner did not consent to this action. The court ordered a monthly “special assessment” payment of $20,000 to the lender starting in July 2011 and continuing until a settlement was reached. In December 2011 and March 2012 there were hearings with regard to a motion to reach an agreement on the appraised value of the property. During the May 23, 2012 hearing, the property value and new monthly payment of principal and interest were determined. The operating general partner is now attempting to find a buyer to acquire the operating general partner and investment limited partner interest. The investment general partner intends to continue to monitor the process. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Bear Creek of Naples. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In August 2011, the operating general partner of Parvin’s Limited Partnership approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2012. The sales price for the property was $900,000, which included the outstanding mortgage balance of approximately $319,948 and cash proceeds to the investment partnership of $450,000. Of the proceeds received by the investment partnership, $445,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 18. 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 on the sale of the Operating Partnership was recorded as of March 31, 2012.

In March 2010, the operating general partner of Preston Wood Associates LP approved an agreement to sell the property and the transaction closed on August 9, 2010. The sales price for the property was $992,000, which included the outstanding mortgage balance of approximately $449,928 and cash proceeds to the investment partnership of $7,500. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 18. 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 on the sale of the Operating Partnership was recorded as of September 30, 2010.

Humboldt I, LP (Briarwood Apartments) is a 20-unit property located in Humboldt, IA. Operations have struggled at the property for the past several years due to low occupancy and high maintenance expenses related to resident turnover. Lack of cash flow and withdrawals to finance capital expenditures have resulted in an underfunding of the replacement reserve escrow. Historical and ongoing challenges cited by management include problem tenants that require eviction, difficulty attracting quality tenants, and the poor state of the local economy. Management relies heavily on outside contacts and referrals from the local housing authority, but also runs advertisements on a weekly basis in a free weekly advertiser that is distributed throughout town. Advertising has been expanded into surrounding towns to increase interest in the property. The property is operating under a Servicing Workout Plan approved by Rural Development on March 1, 2011. The Plan aims to fully fund the replacement reserve escrow, pay down accounts payable, and increase occupancy. The Plan has helped as average occupancy in 2011 was 92%, and the property operated above breakeven. Through the first quarter of 2012, average occupancy is 93% and the property is generating cash. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Humboldt I, LP. The mortgage, taxes, and insurance are current.

Marengo Park Apartments LP (West Pine Homes) is a 24-unit property located in Marengo Park, IA. Occupancy has historically been an issue at this property, mainly due to evictions for nonpayment of rent and residents vacating because of job losses. The property is operating under a Servicing Workout Plan approved by Rural Development on October 1, 2010, which aims to fund the replacement reserves, make payables current, and resolve capital improvement issues through expanded marketing efforts to improve occupancy. In the summer of 2010 the operating general partner hired a new property manager and changed the name of the community to West Pine Homes with the hopes of improving the reputation of the property. Current marketing includes advertising on Rent.com, advertising in the Local Free Shopper (which covers three cities/towns), posting fliers in the local community and frequent contacts with local agencies, as well as ‘for rent’ signs located on the property. Occupancy averaged 83% in 2011 and the property operated above breakeven. Through the first quarter of 2012, occupancy has averaged 85%. Accounts payable remain high through February of 2012 but are trending downward due to the recent cash flow. The investment general partner intends to work closely with the operating general partner until occupancy improves and operations stabilize. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Marengo Park Apartments. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In May 2010, the investment general partner of Series 18 and Boston Capital Tax Credit Fund IV LP – Series 20, respectively, transferred their interests in Evergreen Hills Associates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,635,694 and cash proceeds to the investment partnerships of $29,680 and $12,720 in Series 18 and Series 20, respectively. Of the total proceeds received, $22,680 and $9,720, for Series 18 and Series 20, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,000 and $3,000, for Series 18 and Series 20, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 18 and Series 20, respectively. 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 on the sale of the Operating Partnership was recorded as of June 30, 2010.

(Series 19). As of March 31, 2012 and 2011, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at March 31, 2012, all of which were at 100% Qualified Occupancy.

For the tax year ended December 31, 2011 and 2010, the series, in total, generated $3,724,924 and $155,714, respectively, in passive tax income (losses) that were passed through to the investors. All of the Operating Partnerships in the Series have completed their respective credit periods prior to the year ended December 31, 2008, and it is not expected that any additional tax credits will be generated.

As of March 31, 2012 and 2011, Investments in Operating Partnerships for Series 19 was $0. Investments in Operating Partnerships are affected by the way the Fund accounts for these investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2012 and 2011, the net income (loss) for series 19 was $(39,453) and $4,848,054, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and partnership management fee.

Carrollton Villa, L.P. (Meadow Ridge Apartments), is a 35-unit family project located in Carrollton, Missouri. The property has historically operated below breakeven, due to low rental rates. The property also suffers from high operating expenses, specifically utilities. Over the past six years the City of Carrollton has increased water and sewer rates significantly to cover the repair of water lines. Since 2005, water and sewer rates have increased over 300%. To alleviate the pressure on cash flow, in 2004, the lender agreed to make the mortgage cash flow only. This has allowed the property to reduce operating deficits. Also, the maturity dates for the first and second mortgages were extended from December 2008 and November 2008 to December 2013 and November 2013, respectively. In 2011, the property operated above breakeven due to a decline in operating expenses. Utilities decreased after management discovered and repaired an underground water leak. Site staff wages were also reduced $5 and $2 per hour for the manager and maintenance technician, respectively. Operations have remained above breakeven through the first quarter of 2012. The average annual occupancy was 99% in 2011 and has remained stable in 2012, ending the first quarter at 100%. The real estate taxes, mortgage and insurance are all current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Carrollton Villas. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Forest Associates Limited (Sharon Apartments) is a 24-unit apartment complex for families located in Forest, OH. The operating general partner passed away in the second quarter of 2007 and his widow assumed the operating general partner responsibilities. During 2008, communication with the new operating general partner became extremely difficult. The operations declined and the property operated below breakeven for 2008 with occupancy ending at 63% for December 2008. During the first quarter of 2009, the investment general partner learned that the current management company’s contract had been terminated as of December 31, 2008. In addition, Rural Development accelerated the note and started foreclosure proceedings. Although the operating general partner appealed, the appeal was denied. The investment general partner learned of these developments from the real estate broker engaged by the operating general partner. The affiliated management company of a potential replacement operating general partner was placed on-site by Rural Development during May 2009. The potential operating general partner had been interested in acquiring the operating general partner and investment general partner interests, but attempts by the potential operating general partner to develop a workout plan failed and Rural Development foreclosed on the property on September 16, 2011. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Forest Associates. 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 on the foreclosure of the Operating Partnership was recorded as of December 31, 2011.

Jeremy Associates, LP (Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. Despite years of maintaining very strong occupancy, the property consistently operates below breakeven due to high expenses. Occupancy averaged 99% in 2011 and as of March 30, 2012 occupancy remained at 99%. Expenses are high mainly due to high maintenance costs as a result of physical deficiencies in a number of buildings on site. Since construction, a number of the buildings have had differential settlement issues resulting in cracked floor slabs, cracked brick veneer, cracking windows and doors and sagging balconies. These concerns have been addressed on an ongoing basis via advances by the operating general partner. Cost control efforts include staffing reduction, reduced marketing and the shutting down of one boiler during warmer months. The operating general partner continues to fund operating deficits despite the expiration of the operating deficit guarantee. So far the operating general partner has advanced over $2,100,000 for repairs and operating deficits in addition to deferring its affiliated company’s property management fee. The mortgage, trade payables, property taxes and insurance are current. The low income housing tax credit compliance period expired on December 31, 2010. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Sherwood Knoll L.P. (Sherwood Knoll Apartments) is a 24-unit project in Rainsville, Alabama. Occupancy averaged 95% and 91% in 2010 and 2011, respectively. As of March 30, 2012, occupancy was 92%. In order to improve occupancy and increase traffic at the property, management has been advertising in the local newspaper as well as posting fliers throughout the immediate area. A new site manager was hired in the second quarter of 2011, and regional management reports that she is very effective at collecting current and delinquent rents. To assist in improving property operations, Rural Development approved a $10 rent increase effective January 1, 2011. This caused 2011 revenue to improve by 9% despite the fact that occupancy decreased by 5%. Although operating expenses were well below state averages, they increased by 15% and the property continued to suffer a deficit in 2011. Rural Development approved an additional rent increase of $15 that began on January 1, 2012. The investment general partner intends to continue to work with the operating general partner to bring operations back above breakeven in 2012 by monitoring occupancy and operating expenses. The operating deficit guarantee is unlimited in time and amount. The real estate taxes, mortgage and insurance are all current. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Sherwood Knoll, L.P. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Northpointe, L.P. (Northpointe Apartments) is a 158-unit family property located in Kansas City, MO. Rents have been kept below the maximum allowable to remain competitive with two nearby tax credit properties developed within the past five years. Occupancy in 2012 remains strong averaging 94%, with operations remaining below breakeven status. Move-outs continue due to the struggling local economy. The main reason for residents moving out is that they cannot afford to pay the rent or eviction for non-payment. In 2012, rental rates continue to remain insufficient to cover expenses. Management continues to advertise in For Rent Magazine, online, and has temporarily reduced selected one and two bedroom rents in order to improve occupancy. The operating general partner and investment general partner have explored refinancing and disposition options, but the significant prepayment penalty of $770,000 associated with the debt has prevented a sale or refinance from being a feasible option. The operating general partner plans to continue funding the property to the best of his ability until the mortgage maturity date of August 2014. Most recently, the operating general partner contacted the lender to see if they could modify the loan terms during the winter months by delaying payment requirements to a later date. Unfortunately, the lender has not been responsive to the request. The property’s mortgage, real estate taxes and insurance payments are all current through December, 2011. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Green Acres Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In February 2010, the investment general partner entered into an agreement to transfer its interest in Ankeny Housing Associates Two LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,566,333 and cash proceeds to the investment partnership of $1,544,780. The transaction closed as of April 2010. Of the total proceeds received, $10,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $20,400 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $1,514,380 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 sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $1,514,380 as of June 30, 2010.

In October 2010, the operating general partner of Vistas Associates LP approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 31, 2011. The sales price for the property was $8,450,000, which included the outstanding mortgage balances of approximately $4,575,943 and cash proceeds to the investment partnership of $2,750,000. Of the proceeds received by the investment partnership, $25,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $15,000 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $2,710,000 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. In March 2011, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $722,500 which was returned to the 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, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $3,432,500 as of March 31, 2011. In August 2011, the investment partnership received its final cash distribution from the Operating Partnership’s remaining cash totaling $99,450, which was returned to the cash reserves held by Series 19. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $99,450 as of September 30, 2011.

Contractual Obligations

Not Applicable

Off Balance Sheet Arrangements

None

Principal Accounting Policies and Estimates

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

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund’s investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

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.

Recent Accounting Changes

In June 2009, the FASB issued an amendment to the accounting and disclosure requirements for the consolidation of variable interest entities (VIEs). The amended guidance modifies the consolidation model to one based on control and economics, and replaced quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that 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 amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment was effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 did not have a material effect on the Fund’s financial statements.

Item 7a.	Quantitative and Qualitative Disclosure About Market Risk

	Not Applicable

Item 8.	Financial Statements and Supplementary Data

	The information required by this item is contained in Part IV, Item 15 of this Annual Report on Form 10-K.

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

	None

Item 9a.		Controls & Procedures

	(a)	Evaluation of Disclosure Controls and Procedures

		As of the end of the period covered by this report, the Fund’s general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management, Inc., carried out an evaluation of the effectiveness of the Fund’s “disclosure controls and procedures” as defined in the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the disclosure controls and procedures with respect to each series individually, as well as the Fund as a whole, were adequate and effective in timely alerting them to material information relating to any series or the Fund as a whole required to be included in the Fund’s periodic SEC filings.

	(b)	Management’s Annual Report on Internal Control over Financial Reporting

		Management of the Fund is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) of each series individually, as well as the Fund as a whole. The Fund’s internal control system over financial reporting is designed to provide reasonable assurance to the Fund’s management regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Due to inherent limitations, an internal control system over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. The Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates III LP, assessed the effectiveness of the internal controls and procedures over financial reporting with respect to each series individually, as well as the Fund as a whole, as of March 31, 2012. In making this assessment, the Fund's management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework. Based on this assessment, management believes that, as of March 31, 2012, its internal control over financial reporting with respect to each series individually, as well as the Fund as a whole was effective.

	(c)	Changes in Internal Controls

		There were no changes in the Fund management's internal control over financial reporting that occurred during the quarter ended March 31, 2012 that materially affected, or are reasonably likely to materially affect, the Fund management's internal control over financial reporting.

PART III

Item 10.	Directors, Executive Officers and Corporate Governance
	(a), (b), (c), (d) and (e)

The Fund has no directors or executive officers of its own. The following biographical information is presented for the partners of the general partners and affiliates of those partners (including Boston Capital Partners, Inc. ("Boston Capital")) with principal responsibility for the Fund's affairs.

John P. Manning, age 63, is co-founder, and since 1974 has been the President and Chief Executive Officer, of Boston Capital Corporation. As co-founder and CEO of Boston Capital, Mr. Manning’s primary responsibilities include strategic planning, business development and the continued oversight of new opportunities. In addition to his responsibilities at Boston Capital Corporation, Mr. Manning is a proactive leader in the multifamily real estate industry. He served in 1990 as a member of the Mitchell-Danforth Task Force, which reviewed and suggested reforms to the Low Income Housing Tax Credit program. He was the founding President of the Affordable Housing Tax Credit Coalition and is a former member of the board of the National Leased Housing Association. During the 1980s, he served as a member of the Massachusetts Housing Policy Committee as an appointee of the Governor of Massachusetts. In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee on the critical role of the private sector in the success of the Low Income Housing Tax Credit. In 1996, President Clinton appointed him to the President’s Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. In 1998, President Clinton appointed Mr. Manning to the President’s Export Council, the premiere committee comprised of major corporate CEOs that advise the President on matters of foreign trade and commerce. In 2003, he was appointed by Boston Mayor Tom Menino to the Mayors Advisory Panel on Housing. Mr. Manning sits on the Board of Directors of the John F. Kennedy Presidential Library in Boston where he serves as Chairman of the Distinguished Visitors Program. He is also on the Board of Directors of the Beth Israel Deaconess Medical Center in Boston. Mr. Manning is a graduate of Boston College.

Mr. Manning is the managing member of Boston Associates. Mr. Manning is also the principal of Boston Capital Corporation. While Boston Capital is not a direct subsidiary of Boston Capital Corporation, it is under the common control of Mr. Manning.

Jeffrey H. Goldstein, age 50, is Chief Operating Officer and has been the Director of Real Estate of Boston Capital Corporation since 1996. He directs Boston Capital Corporation’s comprehensive real estate services, which include all aspects of origination, underwriting, due diligence and acquisition. As COO, Mr. Goldstein is responsible for the financial and operational areas of Boston Capital Corporation and assists in the design and implementation of business development and strategic planning objectives. Mr. Goldstein previously served as the Director of the Asset Management division as well as the head of the dispositions and troubled assets group. Utilizing his 16 years experience in the real estate syndication and development industry, Mr. Goldstein has been instrumental in the diversification and expansion of Boston Capital Corporation’s businesses. Prior to joining Boston Capital Corporation in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., where he was responsible for placing debt on all new construction projects and debt structure for existing apartment properties. Prior to that, he served as

Manager for Homeowner Financial Services, a financial consulting firm for residential and commercial properties, and worked as an analyst responsible for budgeting and forecasting for the New York City Council Finance Division. He graduated from the University of Colorado and received his MBA from Northeastern University.

Kevin P. Costello, age 65, is Executive Vice President and has been the Director of Institutional Investing of Boston Capital Corporation since 1992 and serves on the firm’s Executive Committee. He is responsible for all corporate investment activity and has spent over 20 years in the real estate syndication and investment business. Mr. Costello’s prior responsibilities at Boston Capital Corporation have involved the management of the Acquisitions Department and the structuring and distribution of conventional and tax credit private placements. Prior to joining Boston Capital Corporation in 1987, he held positions with First Winthrop, Reynolds Securities and Bache & Company. Mr. Costello graduated from Stonehill College and received his MBA with honors from Rutgers’ Graduate School of Business Administration.

Marc N. Teal, age 48, has been Chief Financial Officer of Boston Capital Corporation since May 2003. Mr. Teal previously served as Senior Vice President and Director of Accounting and prior to that served as Vice President of Partnership Accounting. He has been with Boston Capital Corporation since 1990. In his current role as CFO he oversees all of the accounting, financial reporting, SEC reporting, budgeting, audit, tax and compliance for Boston Capital Corporation, its affiliated entities and all Boston Capital Corporation sponsored programs. Additionally, Mr. Teal is responsible for maintaining all banking and borrowing relationships of Boston Capital Corporation and treasury management of all working capital reserves. He also oversees Boston Capital Corporation's information and technology areas, including the strategic planning for Boston Capital Corporation and its affiliaties. Prior to joining Boston Capital Corporation in 1990, Mr. Teal was a Senior Accountant for Cabot, Cabot & Forbes, a multifaceted real estate company, and prior to that was a Senior Accountant for Liberty Real Estate Corp. He received a Bachelor of Science Accountancy from Bentley College and a Masters in Finance from Suffolk University.

(f)	Involvement in certain legal proceedings.

	None.

(g)	Promoters and control persons.

	None.

(h) and (i)	The Fund has no directors or executive officers and accordingly has no audit committee and no audit committee financial expert. The Fund is not a listed issuer as defined in Regulation 10A-3 promulgated under the Securities Exchange Act of 1934.

	The general partner of the Fund, Boston Capital Associates III LP, has adopted a Code of Ethics which applies to the Principal Executive Officer and Principal Financial Officer of C&M Management, Inc. The Code of Ethics will be provided without charge to any person who requests it. Such request should be directed to Marc N. Teal Boston Capital Corp. One Boston Place Boston, MA 02108.

Item 11.	Executive Compensation

	(a), (b), (c), (d) and (e)

The Fund has no officers or directors and no compensation committee. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the general partner and its affiliates for the following fees during the 2012 fiscal year:

1. An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the Operating Partnerships has been accrued or paid to Boston Capital Asset Management Limited Partnership. The annual fund management fee charged to operations, net of reporting fees received, during the year ended March 31, 2012 was $541,340.

2. The Fund has reimbursed an affiliate of the general partner a total of $67,309 for amounts charged to operations during the year ended March 31, 2012. The reimbursement includes postage, printing, travel, and overhead allocations.

Item 12.		Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters

	(a)	Security ownership of certain beneficial owners.

		As of March 31, 2012, 21,996,102 BACs had been issued. The following Series are known to have one investor, Everest Housing, 199 South Los Robles Ave. Suite 200, Pasadena, CA 91101, with holdings in excess of 5% of the total outstanding BACs in the series.

Series	% of BACs held
Series 15		8.24	%
Series 16		10.23	%
Series 17		9.71	%
Series 18		9.32	%
Series 19		6.97	%

	(b)	Security ownership of management.

		The general partner has a 1% interest in all profits, losses, credits and distributions of the Fund.

	(c)	Changes in control.

There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund. There is a provision in the Fund's Partnership Agreement which allows, under certain circumstances, the ability to change control.

The Fund has no compensation plans under which interests in the Fund are authorized for issuance.

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

(a)

Transactions with related persons.

The Fund has no officers or directors. However, under the terms of the Offering, various kinds of compensation and fees are payable to the general partner and its affiliates during the organization and operation of the Fund. Additionally, the general partner will receive distributions from the Fund if there is cash available for distribution or residual proceeds as defined in the Partnership Agreement. See Note B of Notes to Financial Statements in Item 15 of this Annual Report on Form 10-K for amounts accrued or paid to the general partner and its affiliates during the period from April 1, 1995 through March 31, 2012.

	(b)	Review, Approval or Ratification of transactions with related persons.

		The Fund response to Item 13(a) is incorporated herein by reference.

	(c)	Transactions with Promoters and certain control persons.
		Not applicable.

	(d)	Independence.
		The Fund has no directors.

Item 14.

Principal Accounting Fees and Services

Fees paid to the Fund’s independent auditors for fiscal year 2012 were comprised of the following:

Fee Type	Ser. 15		Ser. 16		Ser. 17		Ser. 18		Ser. 19
Audit Fees	$	22,580	$	24,805	$	22,205	$	17,405	$	14,805

Audit Related Fees		-		-		-		-		-

Tax Fees		10,095		11,265		10,095		7,755		6,000

All Other Fees		1,820		380		380		380		1,780

Total	$	34,495	$	36,450	$	32,680	$	25,540	$	22,585

Fees paid to the Fund’s independent auditors for fiscal year 2011 were comprised of the following:

Fee Type	Ser. 15		Ser. 16		Ser. 17		Ser. 18		Ser. 19
Audit Fees	$	23,025	$	24,825	$	23,400	$	18,000	$	15,475

Audit Related Fees		-		-		-		-		-

Tax Fees		11,215		13,555		11,020		9,070		7,120

All Other Fees		2,800		-		-		-		2,800

Total	$	37,040	$	38,380	$	34,420	$	27,070	$	25,395

Audit Committee

The Fund has no Audit Committee. All audit services and any permitted non-audit services performed by the Fund’s independent auditors are pre-approved by C&M Management, Inc.

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) 1 and 2. Financial Statements and Financial Statement Schedules, filed herein as Exhibit 13 -

Report of Independent Registered Public Accounting Firm

Balance Sheets, March 31, 2012 and 2011

Statements of Operations for the years ended March 31, 2012 and 2011.

Statements of Changes in Partners' Capital (Deficit) for the years ended March 31, 2012 and 2011.

Statements of Cash Flows for the years ended March 31, 2012 and 2011.

Notes to Financial Statements March 31, 2012 and 2011

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes hereto.

(b) 1.Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K)

Exhibit No. 3 - Organization Documents.

Certificate of Limited Partnership of Boston Capital Tax Credit Fund III L.P. (Incorporated by reference from Exhibit 3 to the Fund's Registration Statement No. 33-42999 on Form S-11 as filed with the Securities and Exchange Commission on September 26, 1991.)

Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.

Agreement of Limited Partnership of Boston Capital Tax Credit Fund III L.P. (Incorporated by reference from Exhibit 4 to the Fund's Registration Statement No. 33-42999 on Form S-11 as filed with the Securities and Exchange Commission on September 26, 1991.)

Exhibit No. 10 - Material contracts.

Beneficial Assignee Certificate. (Incorporated by reference from Exhibit 10A to the Fund's Registration Statement No. 33-42999 on Form S-11 as filed with the Securities and Exchange Commission on September 26, 1991.)

Exhibit No. 13 - Financial Statements.

Financial Statement of Boston Capital Tax Credit Fund III L.P., filed herein

Exhibit No. 28 - Additional exhibits.

Agreement of Limited Partnership of Branson Christian County (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 4, 1994).

Agreement of Limited Partnership of Peachtree L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 4, 1994).

Agreement of Limited Partnership of Cass Partners, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 7, 1994).

Agreement of Limited Partnership of Sable Chase of McDonough L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 8, 1994).

Agreement of Limited Partnership of Ponderosa Meadows Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 12, 1994).

Agreement of Limited Partnership of Hackley-Barclay LDHA (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on April 14, 1994).

Agreement of Limited Partnership of Sugarwood Park (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on May 12, 1994).

Agreement of Limited Partnership of West End Manor of Union Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on May 29, 1994).

Agreement of Limited Partnership of Vista Loma (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on May 31, 1994).

Agreement of Limited Partnership of Palmetto Properties (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on June 16, 1994).

Agreement of Limited Partnership of Jefferson Square (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on June 27, 1994).

Agreement of Limited Partnership of Holts Summit Square (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on June 27, 1994).

Agreement of Limited Partnership of Harris Housing (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on July 8, 1994).

Agreement of Limited Partnership of Branson Christian County II (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on September 1, 1994).

Agreement of Limited Partnership of Chelsea Square (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on September 12, 1994).

Agreement of Limited Partnership of Palatine Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on September 21, 1994).

Agreement of Limited Partnership of Mansura Villa II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 19, 1994).

Agreement of Limited Partnership of Haynes House Associates II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 25, 1994).

Agreement of Limited Partnership of Skowhegan Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 28, 1994).

Agreement of Limited Partnership of Mt. Vernon Associates, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on November 19, 1994).

Agreement of Limited Partnership of Clinton Estates, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995.)

Exhibit No. 31 Certification 302

Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herein

Exhibit No. 32 Certification 906

Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein

Exhibit No. 101

The following materials from the Boston Capital Tax Credit Fund III, L.P. Annual Report on Form 10-K for the period ended March 31, 2012 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, furnished herewith

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.,
Date:		General Partner

June 29, 2012	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:

June 29, 2012	/s/ John P. Manning	Director, President
		(Principal Executive
	John P. Manning	Officer) C&M Management
		Inc.; Director,
		President (Principal
		Executive Officer)
		BCTC III Assignor Corp.

DATE:	SIGNATURE:	TITLE:

June 29, 2012	/s/ Marc N. Teal	Chief Financial Officer
		(Principal Financial
	Marc N. Teal	and Accounting Officer)
		C&M Management Inc.;
		Chief Financial Officer
		(Principal Financial
		and Accounting Officer)
		BCTC III Assignor Corp.

EX-13 2 v315059_ex13.htm EX-13

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

BOSTON CAPITAL TAX CREDIT FUND III

LIMITED PARTNERSHIP -

SERIES 15 THROUGH SERIES 19

MARCH 31, 2012 AND 2011

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

TABLE OF CONTENTS

		PAGE

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		F-3

FINANCIAL STATEMENTS

BALANCE SHEETS		F-4

STATEMENTS OF OPERATIONS		F-10

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)		F-16

STATEMENTS OF CASH FLOWS		F-22

NOTES TO FINANCIAL STATEMENTS		F-28

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners

Boston Capital Tax Credit Fund III Limited Partnership

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund III Limited Partnership - Series 15 through Series 19, in total and for each series, as of March 31, 2012 and 2011, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2012. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund III Limited Partnership - Series 15 through Series 19, in total and for each series, as of March 31, 2012 and 2011, and the results of its operations and its cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

/s/ Reznick Group, P.C.

REZNICK GROUP, P.C.

Bethesda, Maryland

June 29, 2012

F-3

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS

March 31, 2012 and 2011

	Total
	2012			2011
ASSETS

OTHER ASSETS
Cash and cash equivalents	$	4,880,195		$	5,463,659
Other assets		14,400			75,938

	$	4,894,595		$	5,539,597

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	29,746		$	112,546
Accounts payable - affiliates		24,351,080			24,721,709
Capital contributions payable		91,360			93,144

		24,472,186			24,927,399

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 21,996,102 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 21,996,102 issued and 21,992,202 and 21,994,302 outstanding at March 31, 2012 and 2011, respectively		(17,526,537	)		(17,338,646	)
General partner		(2,051,054	)		(2,049,156	)

		(19,577,591	)		(19,387,802	)

	$	4,894,595		$	5,539,597

(continued)

F-4

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 15
	2012			2011
ASSETS

OTHER ASSETS
Cash and cash equivalents	$	198,803		$	299,446
Other assets		-			69,038

	$	198,803		$	368,484

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	1,246		$	38,746
Accounts payable - affiliates		3,805,724			4,071,131
Capital contributions payable		-			-

		3,806,970			4,109,877

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 3,870,500 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,870,500 issued 3,869,900 and 3,870,500 outstanding at March 31, 2012 and 2011, respectively		(3,249,896	)		(3,381,790	)
General partner		(358,271	)		(359,603	)

		(3,608,167	)		(3,741,393	)

	$	198,803		$	368,484

(continued)

F-5

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 16
	2012			2011
ASSETS

OTHER ASSETS
Cash and cash equivalents	$	360,565		$	416,806
Other assets		-			2,500

	$	360,565		$	419,306

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	5,000		$	12,500
Accounts payable - affiliates		8,521,279			8,404,538
Capital contributions payable		50,008			51,792

		8,576,287			8,468,830

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 5,429,402 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,429,402 issued and 5,427,102 and 5,427,602 outstanding at March 31, 2012 and 2011, respectively		(7,666,956	)		(7,502,420	)
General partner		(548,766	)		(547,104	)

		(8,215,722	)		(8,049,524	)

	$	360,565		$	419,306

(continued)

F-6

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 17
	2012			2011
ASSETS

OTHER ASSETS
Cash and cash equivalents	$	344,436		$	328,413
Other assets		4,400			4,400

	$	348,836		$	332,813

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	18,500		$	48,500
Accounts payable - affiliates		7,003,068			6,931,537
Capital contributions payable		22,798			22,798

		7,044,366			7,002,835

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 5,000,000 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,000,000 issued 4,999,000 and 5,000,000 outstanding at March 31, 2012 and 2011, respectively		(6,207,797	)		(6,182,544	)
General partner		(487,733	)		(487,478	)

		(6,695,530	)		(6,670,022	)

	$	348,836		$	332,813

(continued)

F-7

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 18
	2012			2011
ASSETS

OTHER ASSETS
Cash and cash equivalents	$	164,525		$	293,045
Other assets		10,000			-

	$	174,525		$	293,045

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	5,000		$	-
Accounts payable - affiliates		5,021,009			5,314,503
Capital contributions payable		18,554			18,554

		5,044,563			5,333,057

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 3,616,200 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,616,200 issued and outstanding at March 31, 2012 and 2011		(4,511,110	)		(4,679,384	)
General partner		(358,928	)		(360,628	)

		(4,870,038	)		(5,040,012	)

	$	174,525		$	293,045

(continued)

F-8

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 19
	2012			2011
ASSETS

OTHER ASSETS
Cash and cash equivalents	$	3,811,866		$	4,125,949
Other assets		-			-

	$	3,811,866		$	4,125,949

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	-		$	12,800
Accounts payable - affiliates		-			-
Capital contributions payable		-			-

		-			12,800

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 4,080,000 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,080,000 issued and outstanding at March 31, 2012 and 2011		4,109,222			4,407,492
General partner		(297,356	)		(294,343	)

		3,811,866			4,113,149

	$	3,811,866		$	4,125,949

See notes to financial statements

F-9

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS

Years ended March 31, 2012 and 2011

	Total
	2012		2011
Income
Interest income	$	26,922	$	21,951
Other income		30,350		101,777

Total income		57,272		123,728

Share of income from operating limited partnerships		820,440		6,099,658

Expenses
Professional fees		160,346		181,876
Partnership management fee		541,340		1,200,472
General and administrative expenses		103,985		124,637

		805,671		1,506,985

NET INCOME (LOSS)	$	72,041	$	4,716,401

Net income (loss) allocated to general partner	$	720	$	47,164

Net income (loss) allocated to limited partners	$	71,321	$	4,669,237

Net income (loss) per BAC	$	0.00	$	0.21

(continued)

F-10

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 15
	2012		2011
Income
Interest income	$	1,439	$	2,201
Other income		1,318		2,313

Total income		2,757		4,514

Share of income from operating limited partnerships		325,050		129,038

Expenses
Professional fees		35,926		40,864
Partnership management fee		138,632		167,675
General and administrative expenses		20,023		30,532

		194,581		239,071

NET INCOME (LOSS)	$	133,226	$	(105,519	)

Net income (loss) allocated to general partner	$	1,332	$	(1,055	)

Net income (loss) allocated to limited partners	$	131,894	$	(104,464	)

Net income (loss) per BAC	$	0.03	$	(0.03	)

(continued)

F-11

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 16
	2012			2011
Income
Interest income	$	1,848		$	3,285
Other income		2,024			3,911

Total income		3,872			7,196

Share of income from operating limited partnerships		148,294			204,525

Expenses
Professional fees		39,313			40,659
Partnership management fee		254,665			413,509
General and administrative expenses		24,386			29,552

		318,364			483,720

NET INCOME (LOSS)	$	(166,198	)	$	(271,999	)

Net income (loss) allocated to general partner	$	(1,662	)	$	(2,720	)

Net income (loss) allocated to limited partners	$	(164,536	)	$	(269,279	)

Net income (loss) per BAC	$	(0.03	)	$	(0.05	)

(continued)

F-12

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 17
	2012			2011
Income
Interest income	$	1,642		$	5,552
Other income		16,209			12,574

Total income		17,851			18,126

Share of income from operating limited partnerships		247,646			819,215

Expenses
Professional fees		34,300			37,427
Partnership management fee		234,245			317,273
General and administrative expenses		22,460			24,925

		291,005			379,625

NET INCOME (LOSS)	$	(25,508	)	$	457,716

Net income (loss) allocated to general partner	$	(255	)	$	4,577

Net income (loss) allocated to limited partners	$	(25,253	)	$	453,139

Net income (loss) per BAC	$	(0.01	)	$	0.09

(continued)

F-13

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 18
	2012			2011
Income
Interest income	$	630		$	2,237
Other income		10,485			31,276

Total income		11,115			33,513

Share of income from operating limited partnerships		-			-

Expenses
Professional fees		26,832			27,866
Partnership management fee		(203,875	)		197,734
General and administrative expenses		18,184			19,764

		(158,859	)		245,364

NET INCOME (LOSS)	$	169,974		$	(211,851	)

Net income (loss) allocated to general partner	$	1,700		$	(2,119	)

Net income (loss) allocated to limited partners	$	168,274		$	(209,732	)

Net income (loss) per BAC	$	0.05		$	(0.06	)

(continued)

F-14

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 19
	2012			2011
Income
Interest income	$	21,363		$	8,676
Other income		314			51,703

Total income		21,677			60,379

Share of income from operating limited partnerships		99,450			4,946,880

Expenses
Professional fees		23,975			35,060
Partnership management fee		117,673			104,281
General and administrative expenses		18,932			19,864

		160,580			159,205

NET INCOME (LOSS)	$	(39,453	)	$	4,848,054

Net income (loss) allocated to general partner	$	(395	)	$	48,481

Net income (loss) allocated to limited partners	$	(39,058	)	$	4,799,573

Net income (loss) per BAC	$	(0.01	)	$	1.18

See notes to financial statements

F-15

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Years ended March 31, 2012 and 2011

	Limited			General
Total	partners			partner			Total

Partners’ capital (deficit), March 31, 2010	$	(20,507,883	)	$	(2,096,320	)	$	(22,604,203	)

Distributions to partners		(1,500,000	)		-			(1,500,000	)

Net income (loss)		4,669,237			47,164			4,716,401

Partners’ capital (deficit), March 31, 2011	$	(17,338,646	)	$	(2,049,156	)	$	(19,387,802	)

Distributions to partners		(259,212	)		(2,618	)		(261,830	)

Net income (loss)		71,321			720			72,041

Partners’ capital (deficit), March 31, 2012	$	(17,526,537	)	$	(2,051,054	)	$	(19,577,591	)

(continued)

F-16

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2012 and 2011

	Limited			General
Series 15	partners			partner			Total

Partners’ capital (deficit), March 31, 2010	$	(3,277,326	)	$	(358,548	)	$	(3,635,874	)

Distributions to partners		-			-			-

Net income (loss)		(104,464	)		(1,055	)		(105,519	)

Partners’ capital (deficit), March 31, 2011	$	(3,381,790	)	$	(359,603	)	$	(3,741,393	)

Distributions to partners		-			-			-

Net income (loss)		131,894			1,332			133,226

Partners’ capital (deficit), March 31, 2012	$	(3,249,896	)	$	(358,271	)	$	(3,608,167	)

(continued)

F-17

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2012 and 2011

	Limited			General
Series 16	partners			partner			Total

Partners’ capital (deficit), March 31, 2010	$	(7,233,141	)	$	(544,384	)	$	(7,777,525	)

Distributions to partners		-			-			-

Net income (loss)		(269,279	)		(2,720	)		(271,999	)

Partners’ capital (deficit), March 31, 2011	$	(7,502,420	)	$	(547,104	)	$	(8,049,524	)

Distributions to partners		-			-			-

Net income (loss)		(164,536	)		(1,662	)		(166,198	)

Partners’ capital (deficit), March 31, 2012	$	(7,666,956	)	$	(548,766	)	$	(8,215,722	)

(continued)

F-18

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2012 and 2011

	Limited			General
Series 17	partners			partner			Total

Partners’ capital (deficit), March 31, 2010	$	(6,635,683	)	$	(492,055	)	$	(7,127,738	)

Distributions to partners		-			-			-

Net income (loss)		453,139			4,577			457,716

Partners’ capital (deficit), March 31, 2011	$	(6,182,544	)	$	(487,478	)	$	(6,670,022	)

Distributions to partners		-			-			-

Net income (loss)		(25,253	)		(255	)		(25,508	)

Partners’ capital (deficit), March 31, 2012	$	(6,207,797	)	$	(487,733	)	$	(6,695,530	)

(continued)

F-19

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2012 and 2011

	Limited			General
Series 18	partners			partner			Total

Partners’ capital (deficit), March 31, 2010	$	(4,469,652	)	$	(358,509	)	$	(4,828,161	)

Distributions to partners		-			-			-

Net income (loss)		(209,732	)		(2,119	)		(211,851	)

Partners’ capital (deficit), March 31, 2011	$	(4,679,384	)	$	(360,628	)	$	(5,040,012	)

Distributions to partners		-			-			-

Net income (loss)		168,274			1,700			169,974

Partners’ capital (deficit), March 31, 2012	$	(4,511,110	)	$	(358,928	)	$	(4,870,038	)

(continued)

F-20

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2012 and 2011

	Limited			General
Series 19	partners			partner			Total

Partners’ capital (deficit), March 31, 2010	$	1,107,919		$	(342,824	)	$	765,095

Distributions to partners		(1,500,000	)		-			(1,500,000	)

Net income (loss)		4,799,573			48,481			4,848,054

Partners’ capital (deficit), March 31, 2011	$	4,407,492		$	(294,343	)	$	4,113,149

Distributions to partners		(259,212	)		(2,618	)		(261,830	)

Net income (loss)		(39,058	)		(395	)		(39,453	)

Partners’ capital (deficit), March 31, 2012	$	4,109,222		$	(297,356	)	$	3,811,866

See notes to financial statements

F-21

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS

Years ended March 31, 2012 and 2011

	Total
	2012			2011
Cash flows from operating activities
Net income (loss)	$	72,041		$	4,716,401
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		(820,440	)		(6,099,658	)
Changes in assets and liabilities
Other assets		61,538			(47,900	)
Accounts payable and accrued expenses		(82,800	)		3,700
Accounts payable - affiliates		(370,629	)		255,219

Net cash used in operating activities		(1,140,290	)		(1,172,238	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		818,656			6,086,120

Net cash provided by investing activities		818,656			6,086,120

Cash flows from financing activities
Distributions to partners		(261,830	)		(1,500,000	)

Net cash used in financing activity		(261,830	)		(1,500,000	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(583,464	)		3,413,882

Cash and cash equivalents, beginning		5,463,659			2,049,777

Cash and cash equivalents, end	$	4,880,195		$	5,463,659

(continued)

F-22

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 15
	2012			2011
Cash flows from operating activities
Net income (loss)	$	133,226		$	(105,519	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		(325,050	)		(129,038	)
Changes in assets and liabilities
Other assets		69,038			(16,900	)
Accounts payable and accrued expenses		(37,500	)		2,400
Accounts payable - affiliates		(265,407	)		191,525

Net cash used in operating activities		(425,693	)		(57,532	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		325,050			78,000

Net cash provided by investing activities		325,050			78,000

Cash flows from financing activities
Distributions to partners		-			-

Net cash used in financing activity		-			-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(100,643	)		20,468

Cash and cash equivalents, beginning		299,446			278,978

Cash and cash equivalents, end	$	198,803		$	299,446

(continued)

F-23

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 16
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(166,198	)	$	(271,999	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		(148,294	)		(204,525	)
Changes in assets and liabilities
Other assets		2,500			-
Accounts payable and accrued expenses		(7,500	)		12,500
Accounts payable - affiliates		116,741			259,748

Net cash used in operating activities		(202,751	)		(204,276	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		146,510			204,525

Net cash provided by investing activities		146,510			204,525

Cash flows from financing activities
Distributions to partners		-			-

Net cash used in financing activity		-			-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(56,241	)		249

Cash and cash equivalents, beginning		416,806			416,557

Cash and cash equivalents, end	$	360,565		$	416,806

(continued)

F-24

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 17
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(25,508	)	$	457,716
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		(247,646	)		(819,215	)
Changes in assets and liabilities
Other assets		-			(33,200	)
Accounts payable and accrued expenses		(30,000	)		36,000
Accounts payable - affiliates		71,531			(368,641	)

Net cash used in operating activities		(231,623	)		(727,340	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		247,646			856,715

Net cash provided by investing activities		247,646			856,715

Cash flows from financing activities
Distributions to partners		-			-

Net cash used in financing activity		-			-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		16,023			129,375

Cash and cash equivalents, beginning		328,413			199,038

Cash and cash equivalents, end	$	344,436		$	328,413

(continued)

F-25

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 18
	2012			2011
Cash flows from operating activities
Net income (loss)	$	169,974		$	(211,851	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		(10,000	)		-
Accounts payable and accrued expenses		5,000			(15,000	)
Accounts payable - affiliates		(293,494	)		172,587

Net cash used in operating activities		(128,520	)		(54,264	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			-

Net cash provided by investing activities		-			-

Cash flows from financing activities
Distributions to partners		-			-

Net cash used in financing activity		-			-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(128,520	)		(54,264	)

Cash and cash equivalents, beginning		293,045			347,309

Cash and cash equivalents, end	$	164,525		$	293,045

(continued)

F-26

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 19
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(39,453	)	$	4,848,054
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships		(99,450	)		(4,946,880	)
Changes in assets and liabilities
Other assets		-			2,200
Accounts payable and accrued expenses		(12,800	)		(32,200	)
Accounts payable - affiliates		-			-

Net cash used in operating activities		(151,703	)		(128,826	)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		99,450			4,946,880

Net cash provided by investing activities		99,450			4,946,880

Cash flows from financing activities
Distributions to partners		(261,830	)		(1,500,000	)

Net cash used in financing activity		(261,830	)		(1,500,000	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(314,083	)		3,318,054

Cash and cash equivalents, beginning		4,125,949			807,895

Cash and cash equivalents, end	$	3,811,866		$	4,125,949

See notes to financial statements

F-27

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS

March 31, 2012 and 2011

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Boston Capital Tax Credit Fund III L.P. (the “Partnership” or “Fund”) was formed under the laws of the State of Delaware on September 19, 1991, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which were organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. Certain of the apartment complexes also qualified for the Historic Rehabilitation Tax Credit for their rehabilitation of a certified historic structure and are subject to the provisions of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the fund is Boston Capital Associates III L.P. and the limited partner is BCTC III Assignor Corp. (the “assignor limited partner”).

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 originally registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. An additional 2,000,000 BACs at $10 per BAC were registered for sale to the public in one or more series on September 4, 1994. BACs sold in bulk were offered to investors at a reduced cost per BAC.

F-28

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The BACs issued in each series at March 31, 2012 and 2011 are as follows:

	2012		2011
Series 15		3,870,500		3,870,500
Series 16		5,429,402		5,429,402
Series 17		5,000,000		5,000,000
Series 18		3,616,200		3,616,200
Series 19		4,080,000		4,080,000
		21,996,102		21,996,102

In accordance with the limited partnership agreements, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.

Investments in Operating Limited Partnerships

The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses of the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.

F-29

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the fund’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the partnership recorded a valuation allowance as follows:

	2012		2011
Series 15	$	36,759	$	36,759
Series 16		8,318		8,318
Series 17		60,785		173,285
Series 18		62,536		62,536
Series 19		25,120		25,120
	$	193,518	$	306,018

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the future net undiscounted cash flows expected to be generated by the operating limited partnerships including the low-income housing tax credits and the residual value upon sale or disposition of the equity interest in the operating limited partnerships. If the investment is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the investment exceeds the fair value of such investment. During the years ended March 31, 2012 and 2011, the Fund did not record an impairment loss.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The Fund records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable.

The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end. The Fund records income and losses from the operating limited partnerships on a calendar year basis which is not materially different from income and losses generated if the operating limited partnerships utilized a March 31 year-end.

F-30

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the Fund when received.

The Fund records certain acquisition costs as an increase in its investment in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the Fund. These differences are shown as reconciling items in note C.

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. 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 is required to consolidate the VIE.

The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the partnership’s financial statements.

F-31

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited 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 limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture.

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 Funds’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.

Cash Equivalents

Cash equivalents include money market accounts having original maturities at their acquisition dates of three months or less.

Fiscal Year

For financial reporting purposes, the Fund uses a March 31 year-end, whereas for income tax reporting purposes, the Fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.

F-32

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Net Income (Loss) per Beneficial Assignee Certificate

Net income (loss) per beneficial assignee partnership unit is calculated based upon the number of units outstanding during the year. The number of units in each series at March 31, 2012 and 2011 are as follows:

	2012		2011
Series 15		3,869,900		3,870,500
Series 16		5,427,102		5,427,602
Series 17		4,999,000		5,000,000
Series 18		3,616,200		3,616,200
Series 19		4,080,000		4,080,000
		21,992,202		21,994,302

Recent Accounting Pronouncements

In June 2009, the FASB issued an amendment to the accounting and disclosure requirements for the consolidation of VIEs. The amended guidance modifies the consolidation model to one based on control and economics, and replaces the current quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that 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 amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment is effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 did not have a material effect on the Fund’s financial statements.

F-33

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2012 and 2011, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership, as follows:

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The partnership management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2012 and 2011, are as follows:

F-34

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE B - RELATED PARTY TRANSACTIONS (CONTINUED)

	2012
	Gross Partnership Management Fee		Asset Management & Reporting Fee		Partnership Management Fee net of Asset Management & Reporting Fee
Series 15	$	199,593	$	60,961	$	138,632
Series 16		346,741		92,076		254,665
Series 17		316,531		82,286		234,245
Series 18		264,840		468,715		(203,875	)
Series 19		152,661		34,988		117,673
	$	1,280,366	$	739,026	$	541,340

	2011
	Gross Partnership Management Fee		Asset Management & Reporting Fee		Partnership Management Fee net of Asset Management & Reporting Fee
Series 15	$	241,525	$	73,850	$	167,675
Series 16		459,748		46,239		413,509
Series 17		383,859		66,586		317,273
Series 18		272,587		74,853		197,734
Series 19		184,280		79,999		104,281
	$	1,541,999	$	341,527	$	1,200,472

The partnership management fees paid for the years ended March 31, 2012 and 2011 are as follows:

	2012		2011
Series 15	$	465,000	$	50,000
Series 16		230,000		200,000
Series 17		245,000		752,500
Series 18		400,000		100,000
Series 19		152,661		184,280
	$	1,492,661	$	1,286,780

F-35

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE B - RELATED PARTY TRANSACTIONS (CONTINUED)

All partnership management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2012 and 2011, total partnership management fees accrued were $23,715,718 and $23,928,013, respectively.

An affiliate of the general partner of the Partnership advanced funds to pay some operating expenses of the Partnership, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable-affiliates. During the year ended March 31, 2012 there were no advances, however a payment in the amount of $158,334 was paid by Series 18. The total advances from the affiliate of the general partner to the Operating Partnerships as of March 31, 2012 and 2011 are as follows:

	2012		2011
Series 15	$	-	$	-
Series 16		-		-
Series 17		635,362		635,362
Series 18		-		158,334
Series 19		-		-
	$	635,362	$	793,696

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Partnership's interests in Operating Partnerships.

General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership (BCAMLP) during the years ended March 31, 2012 and 2011 charged to each series’ operations are as follows:

	2012		2011
Series 15	$	13,372	$	17,329
Series 16		15,446		19,100
Series 17		13,880		16,835
Series 18		12,269		13,371
Series 19		12,342		13,456
	$	67,309	$	80,091

F-36

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE B - RELATED PARTY TRANSACTIONS (CONTINUED)

Accounts payable - affiliates at March 31, 2012 and 2011 represents fund management fees and operating limited partnership advances which are payable to Boston Capital Asset Management Limited Partnership.

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2012 and 2011, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2012 and 2011 by series are as follows:

	2012		2011
Series 15		30		36
Series 16		38		43
Series 17		27		32
Series 18		23		24
Series 19		16		17
		134		152

F-37

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (CONTINUED)

During the year ended March 31, 2012 the Fund disposed of eighteen operating limited partnerships and received additional proceeds from one operating limited partnership disposed of in the prior year.

A summary of the dispositions by Series for March 31, 2012 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition *		Disposition
Series 15		5		1	$	325,050	$	325,050
Series 16		5		-		146,510		148,294
Series 17		4		1		247,646		247,646
Series 18		-		1		-		-
Series 19		1		-		99,450		99,450
Total		15		3	$	818,656	$	820,440

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

During the year ended March 31, 2011 the Fund disposed of eighteen operating limited partnerships.

A summary of the dispositions by Series for March 31, 2011 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition *		Disposition
Series 15		2		2	$	78,000	$	129,038
Series 16		2		1		204,525		204,525
Series 17		4		3		856,715		856,715
Series 18		1		1		-		-
Series 19		-		2		4,946,880		4,946,880
Total		9		9	$	6,086,120	$	6,137,158

* Fund proceeds from disposition does not include $51,038 recorded as receivable at March 31, 2011, for Series 15.

F-38

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (CONTINUED)

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations.

The contributions payable to operating limited partnerships at March 31, 2012 and 2011 by series are as follows:

	2012		2011
Series 15	$	-	$	-
Series 16		50,008		51,792
Series 17		22,798		22,798
Series 18		18,554		18,554
Series 19		-		-
	$	91,360	$	93,144

F-39

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	67,188,022		$	9,051,543		$	13,600,679

Acquisition costs of operating limited partnerships		9,171,431			1,218,899			1,788,508

Syndication costs from operating limited partnerships		(36,455	)		-			-

Cumulative distributions from operating limited partnerships		(188,000	)		(10,831	)		(26,120	)

Cumulative impairment loss in investment in operating limited partnerships		(17,303,883	)		(867,409	)		(2,861,385	)

Cumulative losses from operating limited partnerships		(58,831,115	)		(9,392,202	)		(12,501,682	)

Investments in operating limited partnerships per balance sheets		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A)		(348,203	)		(14,246	)		(93,920	)

The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(1,556,118	)		(180,526	)		(121,307	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		1,012,965			136,871			-

F-40

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 15			Series 16

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(40,003,128	)		(8,366,571	)		(9,860,741	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		314,521			86,996			130,181

Cumulative impairment loss in investment in operating limited partnerships		17,303,883			867,409			2,861,385

Other		271,864			(41,552	)		438,273

Equity per operating limited partnerships’ combined financial statements	$	(23,004,216	)	$	(7,511,619	)	$	(6,646,129	)

F-41

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	15,940,952		$	17,186,357		$	11,408,491

Acquisition costs of operating limited partnerships		2,328,579			2,310,366			1,525,079

Syndication costs from operating limited partnerships		-			(36,455	)		-

Cumulative distributions from operating limited partnerships		(28,883	)		(118,167	)		(3,999	)

Cumulative impairment loss in investment in operating limited partnerships		(4,596,588	)		(4,363,063	)		(4,615,438	)

Cumulative losses from operating limited partnerships		(13,644,060	)		(14,979,038	)		(8,314,133	)

Investments in operating limited partnerships per balance sheets		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A)		(174,842	)		(5,588	)		(59,607	)

The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(650,525	)		-			(603,760	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		467,481			357,422			51,191

F-42

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 17			Series 18			Series 19

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(6,800,814	)		(9,565,423	)		(5,409,579	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		14,732			75,689			6,923

Cumulative impairment loss in investment in operating limited partnerships		4,596,588			4,363,063			4,615,438

Other		(9,562	)		(92,977	)		(22,318	)

Equity per operating limited partnerships’ combined financial statements	$	(2,556,942	)	$	(4,867,814	)	$	(1,421,712	)

F-43

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters		79,802,851		$	10,186,928		$	21,595,389

Acquisition costs of operating limited partnerships		10,732,830			1,386,834			2,609,852

Syndication costs from operating limited partnerships		(36,455	)		-			-

Cumulative distributions from operating limited partnerships		(586,752	)		(11,325	)		(418,260	)

Cumulative impairment loss in investment in operating limited partnerships		(20,818,310	)		(1,064,965	)		(5,544,345	)

Cumulative losses from operating limited partnerships		(69,094,164	)		(10,497,472	)		(18,242,636	)

Investments in operating limited partnerships per balance sheets		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A)		(791,270	)		(26,246	)		(93,920	)

The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(1,933,084	)		(180,526	)		(453,483	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		1,178,753			157,946			-

F-44

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 15			Series 16

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(45,273,057	)		(9,412,754	)		(13,025,203	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		339,855			90,742			133,514

Cumulative impairment loss in investment in operating limited partnerships		20,818,310			1,064,965			5,544,345

Other		302,743			(54,741	)		471,590

Equity per operating limited partnerships’ combined financial statements	$	(25,357,750	)	$	(8,360,614	)	$	(7,423,157	)

F-45

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	19,124,559		$	17,505,925		$	11,390,050

Acquisition costs of operating limited partnerships		2,780,139			2,420,601			1,535,404

Syndication costs from operating limited partnerships		-			(36,455	)		-

Cumulative distributions from operating limited partnerships		(35,001	)		(118,167	)		(3,999	)

Cumulative impairment loss in investment in operating limited partnerships		(5,219,704	)		(4,376,821	)		(4,612,475	)

Cumulative losses from operating limited partnerships		(16,649,993	)		(15,395,083	)		(8,308,980	)

Investments in operating limited partnerships per balance sheets		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A)		(600,642	)		(10,855	)		(59,607	)

The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(695,315	)		-			(603,760	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		527,327			442,289			51,191

F-46

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 17			Series 18			Series 19

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(8,860,455	)		(8,595,458	)		(5,379,187	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		21,688			86,988			6,923

Cumulative impairment loss in investment in operating limited partnerships		5,219,704			4,376,821			4,612,475

Other		(8,649	)		(84,796	)		(20,661	)

Equity per operating limited partnerships’ combined financial statements	$	(4,396,342	)	$	(3,785,011	)	$	(1,392,626	)

F-47

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS

Buildings and improvements, net of accumulated depreciation	$	129,457,020		$	16,874,324		$	28,711,071

Land		13,214,525			1,712,879			2,182,728

Other assets		23,094,868			4,812,799			7,265,124

	$	165,766,413		$	23,400,002		$	38,158,923

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	171,925,646		$	30,686,298		$	39,442,851

Accounts payable and accrued expenses		8,024,363			343,231			3,412,569

Other liabilities		16,888,786			982,737			1,433,900

		196,838,795			32,012,266			44,289,320
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(23,004,216	)		(7,511,619	)		(6,646,129	)
Other partners		(8,068,166	)		(1,100,645	)		515,732

		(31,072,382	)		(8,612,264	)		(6,130,397	)

	$	165,766,413		$	23,400,002		$	38,158,923

F-48

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 17			Series 18			Series 19
ASSETS

Buildings and improvements, net of accumulated depreciation	$	35,549,893		$	25,218,279		$	23,103,453

Land		4,296,381			2,627,321			2,395,216

Other assets		5,512,378			3,235,664			2,268,903

	$	45,358,652		$	31,081,264		$	27,767,572

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	49,568,081		$	31,300,678		$	20,927,738

Accounts payable and accrued expenses		1,188,711			2,142,120			937,732

Other liabilities		6,239,819			2,789,969			5,442,361

		56,996,611			36,232,767			27,307,831
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(2,556,942	)		(4,867,814	)		(1,421,712	)
Other partners		(9,081,017	)		(283,689	)		1,881,453

		(11,637,959	)		(5,151,503	)		459,741

	$	45,358,652		$	31,081,264		$	27,767,572

F-49

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS

Buildings and improvements, net of accumulated depreciation	$	159,944,322		$	21,338,147		$	43,655,003

Land		15,765,658			2,190,079			3,568,271

Other assets		25,023,257			5,324,189			8,223,234

	$	200,733,237		$	28,852,415		$	55,446,508

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	198,735,567		$	37,063,877		$	50,582,486

Accounts payable and accrued expenses		13,193,049			345,286			7,992,506

Other liabilities		20,769,053			1,155,280			2,283,038

		232,697,669			38,564,443			60,858,030
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(25,357,750	)		(8,360,614	)		(7,423,157	)
Other partners		(6,606,682	)		(1,351,414	)		2,011,635

		(31,964,432	)		(9,712,028	)		(5,411,522	)

	$	200,733,237		$	28,852,415		$	55,446,508

F-50

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 17			Series 18			Series 19
ASSETS

Buildings and improvements, net of accumulated depreciation	$	43,259,160		$	27,320,026		$	24,371,986

Land		4,929,363			2,668,829			2,409,116

Other assets		5,966,128			3,287,121			2,222,585

	$	54,154,651		$	33,275,976		$	29,003,687

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	57,233,929		$	31,866,134		$	21,989,141

Accounts payable and accrued expenses		1,379,820			2,250,002			1,225,435

Other liabilities		7,395,076			3,950,902			5,984,757

		66,008,825			38,067,038			29,199,333
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(4,396,342	)		(3,785,011	)		(1,392,626	)
Other partners		(7,457,832	)		(1,006,051	)		1,196,980

		(11,854,174	)		(4,791,062	)		(195,646	)

	$	54,154,651		$	33,275,976		$	29,003,687

F-51

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	33,706,796		$	5,392,708		$	7,295,567
Interest and other		855,012			156,911			155,808

		34,561,808			5,549,619			7,451,375
Expenses
Interest		6,075,031			767,359			1,141,429
Depreciation and amortization		8,244,794			1,448,769			1,812,739
Taxes and insurance		3,999,447			677,808			889,025
Repairs and maintenance		7,908,133			1,198,185			1,745,900
Operating expenses		12,640,384			2,134,670			2,744,393
Other expenses		319,101			43,422			38,647

		39,186,890			6,270,213			8,372,133

NET LOSS	$	(4,625,082	)	$	(720,594	)	$	(920,758	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(4,045,294	)	$	(730,809	)	$	(1,010,045	)

Net loss allocated to other partners	$	(579,788	)	$	10,215		$	89,287

Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-52

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	9,984,884		$	6,242,288		$	4,791,349
Interest and other		290,316			151,518			100,459

		10,275,200			6,393,806			4,891,808
Expenses
Interest		1,873,449			1,227,151			1,065,643
Depreciation and amortization		2,207,942			1,558,316			1,217,028
Taxes and insurance		1,109,017			823,809			499,788
Repairs and maintenance		2,426,319			1,668,122			869,607
Operating expenses		3,482,269			2,311,943			1,967,109
Other expenses		43,182			72,572			121,278

		11,142,178			7,661,913			5,740,453

NET LOSS	$	(866,978	)	$	(1,268,107	)	$	(848,645	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(733,673	)	$	(1,197,176	)	$	(373,591	)

Net loss allocated to other partners	$	(133,305	)	$	(70,931	)	$	(475,054	)

F-53

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	38,689,748		$	6,201,920		$	10,466,265
Interest and other		1,069,481			120,367			265,451

		39,759,229			6,322,287			10,731,716
Expenses
Interest		7,539,872			899,718			1,785,456
Depreciation and amortization		10,011,353			1,659,606			2,732,785
Taxes and insurance		4,727,001			709,336			1,322,011
Repairs and maintenance		8,773,387			1,520,114			2,404,432
Operating expenses		14,697,346			2,453,854			3,921,198
Other expenses		569,852			15,950			74,003

		46,318,811			7,258,578			12,239,885

NET LOSS	$	(6,559,582	)	$	(936,291	)	$	(1,508,169	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(5,917,343	)	$	(877,260	)	$	(1,540,061	)

Net income (loss) allocated to other partners	$	(642,239	)	$	(59,031	)	$	31,892

Amounts include $877,260, $1,540,061, $1,293,835, $1,535,917, and $670,270 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-54

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	11,083,556		$	6,227,449		$	4,710,558
Interest and other		323,622			203,359			156,682

		11,407,178			6,430,808			4,867,240
Expenses
Interest		2,438,055			1,334,131			1,082,512
Depreciation and amortization		2,648,739			1,719,582			1,250,641
Taxes and insurance		1,370,364			823,526			501,764
Repairs and maintenance		2,648,583			1,441,007			759,251
Operating expenses		3,986,643			2,238,942			2,096,709
Other expenses		208,749			152,352			118,798

		13,301,133			7,709,540			5,809,675

NET LOSS	$	(1,893,955	)	$	(1,278,732	)	$	(942,435	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(1,293,835	)	$	(1,535,917	)	$	(670,270	)

Net income (loss) allocated to other partners	$	(600,120	)	$	257,185		$	(272,165	)

F-55

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Total			Series 15			Series 16

Net income (loss) for financial reporting purposes	$	72,041		$	133,226		$	(166,198	)

Operating limited partnership rents received in advance		(10,156	)		2,199			(1,715	)

Accrued fund management fees not deducted (deducted) for tax purposes		(212,295	)		(265,407	)		116,741

Other		9,652,956			2,488,615			650,482

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(4,045,294	)		(730,809	)		(1,010,045	)

Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,178,940	)		(243,438	)		(376,657	)

Difference due to fiscal year for book purposes and calendar year for tax purposes		(722,510	)		472,240			(51,316	)

Income (loss) for tax return purposes, year ended December 31, 2011	$	3,555,802		$	1,856,626		$	(838,708	)

F-56

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

	Series 17			Series 18			Series 19

Net income (loss) for financial reporting purposes	$	(25,508	)	$	169,974		$	(39,453	)

Operating limited partnership rents received in advance		(10,640	)		-			-

Accrued fund management fees not deducted (deducted) for tax purposes		71,531			(135,160	)		-

Other		2,197,089			(428	)		4,317,198

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(733,673	)		(1,197,176	)		(373,591	)

Excess of tax depreciation over book depreciation on operating limited partnership assets		(237,315	)		(245,477	)		(76,053	)

Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,011,334	)		(28,923	)		(103,177	)

Income (loss) for tax return purposes, year ended December 31, 2011	$	250,150		$	(1,437,190	)	$	3,724,924

F-57

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

	Total			Series 15			Series 16

Net income (loss) for financial reporting purposes	$	4,716,401		$	(105,519	)	$	(271,999	)

Operating limited partnership rents received in advance		(9,388	)		(6,210	)		(7,306	)

Accrued fund management fees not deducted (deducted) for tax purposes		255,219			191,525			259,748

Other		6,444,195			968,093			719,234

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(5,917,343	)		(877,260	)		(1,540,061	)

Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,192,258	)		(231,374	)		(331,455	)

Difference due to fiscal year for book purposes and calendar year for tax purposes		(5,377,289	)		(145,560	)		(135,679	)

Income (loss) for tax return purposes, year ended December 31, 2010	$	(1,080,463	)	$	(206,305	)	$	(1,307,518	)

F-58

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

	Series 17			Series 18			Series 19

Net income (loss) for financial reporting purposes	$	457,716		$	(211,851	)	$	4,848,054

Operating limited partnership rents received in advance		4,128			-			-

Accrued fund management fees not deducted (deducted) for tax purposes		(368,641	)		172,587			-

Other		2,825,605			845,649			1,085,614

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,293,835	)		(1,535,917	)		(670,270	)

Excess of tax depreciation over book depreciation on operating limited partnership assets		(403,879	)		(143,306	)		(82,244	)

Difference due to fiscal year for book purposes and calendar year for tax purposes		(75,823	)		5,213			(5,025,440	)

Income (loss) for tax return purposes, year ended December 31, 2010	$	1,145,271		$	(867,625	)	$	155,714

F-59

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012, are as follows:

	Total			Series 15			Series 16

Investments in operating limited partnerships - tax return December 31, 2011	$	(39,842,699	)	$	(9,915,268	)	$	(12,422,684	)

Estimated share of loss for the three months ended March 31, 2012		(1,012,965	)		(136,871	)		-

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		40,003,128			8,366,571			9,860,741

Impairment loss in investment in operating limited partnerships		(17,303,883	)		(867,409	)		(2,861,385	)

Historic tax credits		5,325,806			-			1,844,836

Other		12,830,613			2,552,977			3,578,492

Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-60

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012, are as follows:

	Series 17			Series 18			Series 19

Investments in operating limited partnerships - tax return December 31, 2011	$	(6,285,101	)	$	(9,967,872	)	$	(1,251,774	)

Estimated share of loss for the three months ended March 31, 2012		(467,481	)		(357,422	)		(51,191	)

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		6,800,814			9,565,423			5,409,579

Impairment loss in investment in operating limited partnerships		(4,596,588	)		(4,363,063	)		(4,615,438	)

Historic tax credits		1,100,310			2,062,333			318,327

Other		3,448,046			3,060,601			190,497

Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-61

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2011, are as follows:

	Total			Series 15			Series 16

Investments in operating limited partnerships - tax return December 31, 2010	$	(40,513,201	)	$	(11,515,636	)	$	(11,524,050	)

Estimated share of loss for the three months ended March 31, 2011		(1,178,753	)		(157,946	)		-

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		45,273,057			9,412,754			13,025,203

Impairment loss in investment in operating limited partnerships		(20,818,310	)		(1,064,965	)		(5,544,345	)

Historic tax credits		5,325,806			-			1,844,836

Other		11,911,401			3,325,793			2,198,356

Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-62

Boston Capital Tax Credit Fund III L.P. -

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2011, are as follows:

	Series 17			Series 18			Series 19

Investments in operating limited partnerships - tax return December 31, 2010	$	(7,361,346	)	$	(8,524,791	)	$	(1,587,378	)

Estimated share of loss for the three months ended March 31, 2011		(527,327	)		(442,289	)		(51,191	)

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method		8,860,455			8,595,458			5,379,187

Impairment loss in investment in operating limited partnerships		(5,219,704	)		(4,376,821	)		(4,612,475	)

Historic tax credits		1,100,310			2,062,333			318,327

Other		3,147,612			2,686,110			553,530

Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-63

Boston Capital Tax Credit Fund III Limited Partnership

Series 15 through Series 19

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE E - CONCENTRATION OF CREDIT RISK

The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the fund has not experienced any losses with respect to it balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2012.

NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Funds’s financial instruments relate to other assets and accounts payable - affiliates. Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical. The other assets and accounts payable - affiliates are due from or owed to affiliates of the Fund. The unique nature of these financial instruments makes determination of any fair value impractical. See note B for disclosure of the carrying amount and terms of these financial instruments.

F-64

EX-31.A 3 v315059_ex31a.htm EX-31.A

Exhibit 31.a

I, John P. Manning, certify that:

I have reviewed this annual report on Form 10-K 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:

(a)

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;

(b)

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;

(c)

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

(d)

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):

(a)

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

(b)

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: June 29, 2012	/s/ John P. Manning

	John P. Manning
	Principal Executive Officer

EX-31.B 4 v315059_ex31b.htm EX-31.B

Exhibit 31.b

I, Marc Teal, certify that:

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

(a)

(b)

(c)

(d)

(a)

(b)

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: June 29, 2012	/s/ Marc N. Teal
	Marc N. Teal,
	Principal Financial Officer

EX-32.A 5 v315059_ex32a.htm EX-32.A

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 Annual Report of Boston Capital Tax Credit Fund III L.P. (the “Fund”) on Form 10-K for the period ended March 31, 2012 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 Partnership’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 result of operations of the Partnership.

Date:
June 29, 2012		/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.B 6 v315059_ex32b.htm EX-32.B

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 Annual Report of Boston Capital Tax Credit Fund III L.P. (the “Fund”) on Form 10-K for the period ended March 31, 2012 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 Partnership’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 result of operations of the Partnership.

Date:
June 29, 2012		/s/ Marc N. Teal

		Marc. N. Teal
		Principal Financial Officer

EX-101.INS 7 bctciii-20120331.xml XBRL INSTANCE DOCUMENT 0000879555 2010-04-01 2011-03-31 0000879555 bctciii:SeriesFifteenMember 2010-04-01 2011-03-31 0000879555 bctciii:SeriesSixteenMember 2010-04-01 2011-03-31 0000879555 bctciii:SeriesSeventeenMember 2010-04-01 2011-03-31 0000879555 bctciii:SeriesEighteenMember 2010-04-01 2011-03-31 0000879555 bctciii:SeriesNineteenMember 2010-04-01 2011-03-31 0000879555 us-gaap:GeneralPartnerMember 2010-04-01 2011-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesFifteenMember 2010-04-01 2011-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesSixteenMember 2010-04-01 2011-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesSeventeenMember 2010-04-01 2011-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesEighteenMember 2010-04-01 2011-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesNineteenMember 2010-04-01 2011-03-31 0000879555 us-gaap:LimitedPartnerMember 2010-04-01 2011-03-31 0000879555 bctciii:SeriesFifteenMember us-gaap:LimitedPartnerMember 2010-04-01 2011-03-31 0000879555 bctciii:SeriesSixteenMember us-gaap:LimitedPartnerMember 2010-04-01 2011-03-31 0000879555 bctciii:SeriesSeventeenMember us-gaap:LimitedPartnerMember 2010-04-01 2011-03-31 0000879555 bctciii:SeriesEighteenMember us-gaap:LimitedPartnerMember 2010-04-01 2011-03-31 0000879555 bctciii:SeriesNineteenMember us-gaap:LimitedPartnerMember 2010-04-01 2011-03-31 0000879555 2011-03-31 0000879555 bctciii:SeriesFifteenMember 2011-03-31 0000879555 bctciii:SeriesSixteenMember 2011-03-31 0000879555 bctciii:SeriesSeventeenMember 2011-03-31 0000879555 bctciii:SeriesEighteenMember 2011-03-31 0000879555 bctciii:SeriesNineteenMember 2011-03-31 0000879555 2011-04-01 2012-03-31 0000879555 bctciii:SeriesFifteenMember 2011-04-01 2012-03-31 0000879555 bctciii:SeriesSixteenMember 2011-04-01 2012-03-31 0000879555 bctciii:SeriesSeventeenMember 2011-04-01 2012-03-31 0000879555 bctciii:SeriesEighteenMember 2011-04-01 2012-03-31 0000879555 bctciii:SeriesNineteenMember 2011-04-01 2012-03-31 0000879555 us-gaap:GeneralPartnerMember 2011-04-01 2012-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesFifteenMember 2011-04-01 2012-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesSixteenMember 2011-04-01 2012-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesSeventeenMember 2011-04-01 2012-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesEighteenMember 2011-04-01 2012-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesNineteenMember 2011-04-01 2012-03-31 0000879555 us-gaap:LimitedPartnerMember 2011-04-01 2012-03-31 0000879555 bctciii:SeriesFifteenMember us-gaap:LimitedPartnerMember 2011-04-01 2012-03-31 0000879555 bctciii:SeriesSixteenMember us-gaap:LimitedPartnerMember 2011-04-01 2012-03-31 0000879555 bctciii:SeriesSeventeenMember us-gaap:LimitedPartnerMember 2011-04-01 2012-03-31 0000879555 bctciii:SeriesEighteenMember us-gaap:LimitedPartnerMember 2011-04-01 2012-03-31 0000879555 bctciii:SeriesNineteenMember us-gaap:LimitedPartnerMember 2011-04-01 2012-03-31 0000879555 2012-03-31 0000879555 bctciii:SeriesFifteenMember 2012-03-31 0000879555 bctciii:SeriesSixteenMember 2012-03-31 0000879555 bctciii:SeriesSeventeenMember 2012-03-31 0000879555 bctciii:SeriesEighteenMember 2012-03-31 0000879555 bctciii:SeriesNineteenMember 2012-03-31 0000879555 2010-03-31 0000879555 bctciii:SeriesFifteenMember 2010-03-31 0000879555 bctciii:SeriesSixteenMember 2010-03-31 0000879555 bctciii:SeriesSeventeenMember 2010-03-31 0000879555 bctciii:SeriesEighteenMember 2010-03-31 0000879555 bctciii:SeriesNineteenMember 2010-03-31 0000879555 us-gaap:GeneralPartnerMember 2010-03-31 0000879555 us-gaap:GeneralPartnerMember 2011-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesFifteenMember 2010-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesFifteenMember 2011-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesSixteenMember 2010-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesSixteenMember 2011-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesSeventeenMember 2010-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesSeventeenMember 2011-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesEighteenMember 2010-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesEighteenMember 2011-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesNineteenMember 2010-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesNineteenMember 2011-03-31 0000879555 us-gaap:LimitedPartnerMember 2010-03-31 0000879555 us-gaap:LimitedPartnerMember 2011-03-31 0000879555 bctciii:SeriesFifteenMember us-gaap:LimitedPartnerMember 2010-03-31 0000879555 bctciii:SeriesFifteenMember us-gaap:LimitedPartnerMember 2011-03-31 0000879555 bctciii:SeriesSixteenMember us-gaap:LimitedPartnerMember 2010-03-31 0000879555 bctciii:SeriesSixteenMember us-gaap:LimitedPartnerMember 2011-03-31 0000879555 bctciii:SeriesSeventeenMember us-gaap:LimitedPartnerMember 2010-03-31 0000879555 bctciii:SeriesSeventeenMember us-gaap:LimitedPartnerMember 2011-03-31 0000879555 bctciii:SeriesEighteenMember us-gaap:LimitedPartnerMember 2010-03-31 0000879555 bctciii:SeriesEighteenMember us-gaap:LimitedPartnerMember 2011-03-31 0000879555 bctciii:SeriesNineteenMember us-gaap:LimitedPartnerMember 2010-03-31 0000879555 bctciii:SeriesNineteenMember us-gaap:LimitedPartnerMember 2011-03-31 0000879555 us-gaap:GeneralPartnerMember 2012-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesFifteenMember 2012-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesSixteenMember 2012-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesSeventeenMember 2012-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesEighteenMember 2012-03-31 0000879555 us-gaap:GeneralPartnerMember bctciii:SeriesNineteenMember 2012-03-31 0000879555 us-gaap:LimitedPartnerMember 2012-03-31 0000879555 bctciii:SeriesFifteenMember us-gaap:LimitedPartnerMember 2012-03-31 0000879555 bctciii:SeriesSixteenMember us-gaap:LimitedPartnerMember 2012-03-31 0000879555 bctciii:SeriesSeventeenMember us-gaap:LimitedPartnerMember 2012-03-31 0000879555 bctciii:SeriesEighteenMember us-gaap:LimitedPartnerMember 2012-03-31 0000879555 bctciii:SeriesNineteenMember us-gaap:LimitedPartnerMember 2012-03-31 iso4217:USD BOSTON CAPITAL TAX CREDIT FUND III L P 0000879555 --03-31 Smaller Reporting Company 0 10-K false 2012-03-31 FY 2012

5463659

299446

416806

328413

293045

4125949

4880195

198803

360565

344436

164525

3811866

2049777

278978

416557

199038

347309

807895

75938

69038

2500

4400

14400

4400

10000

5539597

368484

419306

332813

293045

4125949

4894595

198803

360565

348836

174525

3811866

112546

38746

12500

48500

12800

29746

1246

5000

18500

5000

24721709

4071131

8404538

6931537

5314503

24351080

3805724

8521279

7003068

5021009

93144 0 51792 22798 18554 0 91360 0 50008 22798 18554 0

24927399

4109877

8468830

7002835

5333057

12800

24472186

3806970

8576287

7044366

5044563

-2049156

-359603

-547104

-487478

-360628

-294343

-2051054

-358271

-548766

-487733

-358928

-297356

-19387802

-3741393

-8049524

-6670022

-5040012

4113149

-19577591

-3608167

-8215722

-6695530

-4870038

3811866

-22604203

-3635874

-7777525

-7127738

-4828161

765095

-2096320

-2049156

-358548

-359603

-544384

-547104

-492055

-487478

-358509

-360628

-342824

-294343

-20507883

-17338646

-3277326

-3381790

-7233141

-7502420

-6635683

-6182544

-4469652

-4679384

1107919

4407492

-2051054

-358271

-548766

-487733

-358928

-297356

-17526537

-3249896

-7666956

-6207797

-4511110

4109222

5539597

368484

419306

332813

293045

4125949

4894595

198803

360565

348836

174525

3811866

21951

2201

3285

5552

2237

8676

26922

1439

1848

1642

630

21363

101777

2313

3911

12574

31276

51703

30350

1318

2024

16209

10485

314

123728

4514

7196

18126

33513

60379

57272

2757

3872

17851

11115

21677

6099658

129038

204525

819215

4946880

820440

325050

148294

247646

99450

181876

40864

40659

37427

27866

35060

160346

35926

39313

34300

26832

23975

1200472 167675 413509 317273 197734 104281 541340 138632 254665 234245 -203875 117673

124637

30532

29552

24925

19764

19864

103985

20023

24386

22460

18184

18932

1506985 239071 483720 379625 245364 159205 805671 194581 318364 291005 -158859 160580

4716401

-105519

-271999

457716

-211851

4848054

47164

-1055

-2720

4577

-2119

48481

4669237

-104464

-269279

453139

-209732

4799573

72041

133226

-166198

-25508

169974

-39453

720

1332

-1662

-255

1700

-395

71321

131894

-164536

-25253

168274

-39058

4669237

-104464

-269279

453139

-209732

4799573

71321

131894

-164536

-25253

168274

-39058

47164

-1055

-2720

4577

-2119

48481

720

1332

-1662

-255

1700

-395

0.21

-0.03

-0.05

0.09

-0.06

1.18

0.03

-0.03

-0.01

0.05

-0.01

-1500000

-261830

-2618

-259212

3700

2400

12500

36000

-15000

-32200

-82800

-37500

-7500

-30000

5000

-12800

255219

191525

259748

-368641

172587

-370629

-265407

116741

71531

-293494

47900

16900

33200

-2200

-61538

-69038

-2500

10000

-1172238

-57532

-204276

-727340

-54264

-128826

-1140290

-425693

-202751

-231623

-128520

-151703

6086120

78000

204525

856715

4946880

818656

325050

146510

247646

99450

6086120

78000

204525

856715

4946880

818656

325050

146510

247646

99450

1500000 0 0 0 0 1500000 261830 0 0 0 0 261830

-1500000

-261830

3413882

20468

249

129375

-54264

3318054

-583464

-100643

-56241

16023

-128520

-314083

<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">NOTE B - RELATED PARTY TRANSACTIONS</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During the years ended March 31, 2012 and 2011, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership, as follows:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The partnership management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2012 and 2011, are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 83%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 1in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Gross Partnership <br />Management Fee</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Asset<br />Management & <br />Reporting Fee</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Partnership Management<br />Fee net of Asset<br />Management & Reporting<br />Fee</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 46%;">Series 15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">199,593</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">60,961</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">138,632</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 16</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">346,741</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">92,076</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">254,665</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series 17</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">316,531</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">82,286</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">234,245</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">264,840</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">468,715</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(203,875</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">152,661</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">34,988</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">117,673</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,280,366</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">739,026</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">541,340</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 83%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 1in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Gross Partnership <br />Management Fee</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Asset<br />Management & <br />Reporting Fee</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Partnership Management<br />Fee net of Asset<br />Management & Reporting<br />Fee</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 46%;">Series 15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">241,525</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">73,850</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">167,675</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 16</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">459,748</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">46,239</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">413,509</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series 17</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">383,859</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">66,586</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">317,273</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">272,587</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">74,853</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">197,734</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">184,280</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">79,999</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">104,281</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,541,999</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">341,527</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,200,472</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">The partnership management fees paid for the years ended March 31, 2012 and 2011 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 1in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 64%;">Series 15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">465,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">50,000</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 16</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">230,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">200,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series 17</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">245,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">752,500</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">400,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">100,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">152,661</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">184,280</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,492,661</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,286,780</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">All partnership management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2012 and 2011, total partnership management fees accrued were $23,715,718 and $23,928,013, respectively.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">An affiliate of the general partner of the Partnership advanced funds to pay some operating expenses of the Partnership, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable-affiliates. During the year ended March 31, 2012 there were no advances, however a payment in the amount of $158,334 was paid by Series 18. The total advances from the affiliate of the general partner to the Operating Partnerships as of March 31, 2012 and 2011 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 83%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 1in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series 15</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 16</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Series 17</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">635,362</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">635,362</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">158,334</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">635,362</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">793,696</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Partnership's interests in Operating Partnerships.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership (BCAMLP) during the years ended March 31, 2012 and 2011 charged to each series’ operations are as follows:</p> <p style="margin: 0pt 0px 0pt 4.65pt; font: 10pt times new roman, times, serif;"> </p> <table style="width: 83%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 1in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Series 15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">13,372</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">17,329</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 16</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,446</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">19,100</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series 17</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,880</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,835</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,269</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,371</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">12,342</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">13,456</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">67,309</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">80,091</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Accounts payable - affiliates at March 31, 2012 and 2011 represents fund management fees and operating limited partnership advances which are payable to Boston Capital Asset Management Limited Partnership.</p>

<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">At March 31, 2012 and 2011, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2012 and 2011 by series are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 83%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 1in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Series 15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">30</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">36</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 16</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">38</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">43</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series 17</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">27</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">32</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">23</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">24</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">16</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">17</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">134</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">152</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During the year ended March 31, 2012 the Fund disposed of eighteen operating limited partnerships and received additional proceeds from one operating limited partnership disposed of in the prior year.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">A summary of the dispositions by Series for March 31, 2012 is as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Operating</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Sale of</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Partnership</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Underlying</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Partnership</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Interest</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Operating</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Proceeds from</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Gain/(Loss) on</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Transferred</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Partnership</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Disposition *</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Disposition</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 32%;">Series 15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 14%;">5</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 14%;">1</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 14%;">325,050</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 14%;">325,050</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 16</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">146,510</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">148,294</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series 17</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">247,646</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">247,646</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">99,450</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">99,450</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.12in;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">15</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">3</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">818,656</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">820,440</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">* Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $1,784 for Series 16.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During the year ended March 31, 2011 the Fund disposed of eighteen operating limited partnerships.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">A summary of the dispositions by Series for March 31, 2011 is as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Operating</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Sale of</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Partnership</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Underlying</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Partnership</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Interest</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Operating</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Proceeds from</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Gain/(Loss) on</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Transferred</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Partnership</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Disposition *</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Disposition</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 32%;">Series 15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 14%;">2</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 14%;">2</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 14%;">78,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 14%;">129,038</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 16</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">204,525</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">204,525</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series 17</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">856,715</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">856,715</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,946,880</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,946,880</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.12in;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">9</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">9</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,086,120</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,137,158</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">* Fund proceeds from disposition does not include $51,038 recorded as receivable at March 31, 2011, for Series 15.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">The contributions payable to operating limited partnerships at March 31, 2012 and 2011 by series are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 83%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 1in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series 15</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Series 16</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">50,008</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">51,792</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series 17</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">22,798</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">22,798</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">18,554</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">18,554</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">91,360</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">93,144</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; text-indent: 0.25in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Fund’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">67,188,022</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9,051,543</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">13,600,679</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Acquisition costs of operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,171,431</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,218,899</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,788,508</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Syndication costs from operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(36,455</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative distributions from operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(188,000</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(10,831</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(26,120</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(17,303,883</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(867,409</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,861,385</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Cumulative losses from operating limited partnerships</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(58,831,115</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(9,392,202</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(12,501,682</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Investments in operating limited partnerships per balance sheets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 30pt; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2011 (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(348,203</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(14,246</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(93,920</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,556,118</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(180,526</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(121,307</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,012,965</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">136,871</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td></td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(40,003,128</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(8,366,571</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(9,860,741</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">314,521</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">86,996</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">130,181</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,303,883</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">867,409</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,861,385</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">271,864</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(41,552</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">438,273</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Equity per operating limited partnerships’ combined financial statements</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(23,004,216</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(7,511,619</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(6,646,129</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; text-indent: 0.25in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Fund’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">15,940,952</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">17,186,357</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">11,408,491</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Acquisition costs of operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,328,579</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,310,366</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,525,079</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Syndication costs from operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(36,455</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative distributions from operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(28,883</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(118,167</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,999</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,596,588</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,363,063</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,615,438</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Cumulative losses from operating limited partnerships</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(13,644,060</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(14,979,038</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,314,133</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Investments in operating limited partnerships per balance sheets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 30pt; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited<br /> partnerships’ financial statements as of  December 31, 2011 (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(174,842</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(5,588</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(59,607</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(650,525</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(603,760</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">467,481</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">357,422</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">51,191</td> <td style="text-align: left;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(6,800,814</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(9,565,423</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(5,409,579</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,732</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">75,689</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,923</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,596,588</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,363,063</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,615,438</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(9,562</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(92,977</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(22,318</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Equity per operating limited partnerships’ combined financial statements</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(2,556,942</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(4,867,814</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,421,712</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; text-indent: 0.25in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Fund’s investments in operating limited partnerships at March 31, 2011 are summarized as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">79,802,851</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">10,186,928</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">21,595,389</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Acquisition costs of operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,732,830</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,386,834</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,609,852</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Syndication costs from operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(36,455</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative distributions from operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(586,752</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(11,325</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(418,260</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(20,818,310</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,064,965</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(5,544,345</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Cumulative losses from operating limited partnerships</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(69,094,164</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(10,497,472</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(18,242,636</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Investments in operating limited partnerships per balance sheets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 30pt; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2010 (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(791,270</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(26,246</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(93,920</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,933,084</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(180,526</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(453,483</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,178,753</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">157,946</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(45,273,057</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(9,412,754</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(13,025,203</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">339,855</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">90,742</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">133,514</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20,818,310</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,064,965</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,544,345</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">302,743</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(54,741</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">471,590</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Equity per operating limited partnerships’ combined financial statements</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(25,357,750</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(8,360,614</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(7,423,157</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; text-indent: 0.25in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Fund’s investments in operating limited partnerships at March 31, 2011 are summarized as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">19,124,559</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">17,505,925</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">11,390,050</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Acquisition costs of operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,780,139</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,420,601</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,535,404</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Syndication costs from operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(36,455</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative distributions from operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(35,001</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(118,167</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,999</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(5,219,704</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,376,821</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,612,475</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Cumulative losses from operating limited partnerships</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(16,649,993</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(15,395,083</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,308,980</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Investments in operating limited partnerships per balance sheets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 30pt; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of  December 31, 2010 (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(600,642</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(10,855</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(59,607</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(695,315</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(603,760</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships<br /> have not included in their capital as of December 31, due to different year ends (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">527,327</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">442,289</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">51,191</td> <td style="text-align: left;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(8,860,455</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(8,595,458</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">(5,379,187</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,688</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">86,988</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,923</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Cumulative impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,219,704</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,376,821</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,612,475</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,649</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(84,796</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(20,661</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Equity per operating limited partnerships’ combined financial statements</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(4,396,342</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(3,785,011</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,392,626</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; text-indent: 0.25in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" colspan="13">COMBINED SUMMARIZED BALANCE SHEETS</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center;">ASSETS</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Buildings and improvements, net of accumulated depreciation</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">129,457,020</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">16,874,324</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">28,711,071</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Land</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,214,525</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,712,879</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,182,728</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other assets</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">23,094,868</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,812,799</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">7,265,124</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">165,766,413</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">23,400,002</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">38,158,923</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center; text-indent: -0.1in; padding-left: 0.1in;">LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Mortgages and construction loans payable</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">171,925,646</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">30,686,298</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">39,442,851</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Accounts payable and accrued expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,024,363</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">343,231</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,412,569</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other liabilities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">16,888,786</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">982,737</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,433,900</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">196,838,795</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">32,012,266</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">44,289,320</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">PARTNERS’ CAPITAL (DEFICIT)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Boston Capital Tax Credit Fund III L.P.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(23,004,216</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(7,511,619</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(6,646,129</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Other partners</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,068,166</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,100,645</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">515,732</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(31,072,382</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,612,264</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(6,130,397</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">165,766,413</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">23,400,002</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">38,158,923</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-indent: 0.25in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" colspan="13">COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center;">ASSETS</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Buildings and improvements, net of accumulated depreciation</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">35,549,893</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">25,218,279</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">23,103,453</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Land</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,296,381</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,627,321</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,395,216</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other assets</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">5,512,378</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,235,664</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,268,903</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">45,358,652</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">31,081,264</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">27,767,572</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center; padding-left: 0.1in;">LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Mortgages and construction loans payable</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">49,568,081</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">31,300,678</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">20,927,738</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Accounts payable and accrued expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,188,711</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,142,120</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">937,732</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other liabilities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6,239,819</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,789,969</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">5,442,361</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 30pt; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">56,996,611</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">36,232,767</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">27,307,831</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">PARTNERS’ CAPITAL (DEFICIT)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Boston Capital Tax Credit Fund III L.P.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,556,942</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,867,814</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,421,712</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Other partners</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(9,081,017</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(283,689</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,881,453</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(11,637,959</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,151,503</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">459,741</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">45,358,652</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">31,081,264</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">27,767,572</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; text-indent: 0.25in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The combined summarized balance sheets of the operating limited partnerships at December 31, 2010 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" colspan="13">COMBINED SUMMARIZED BALANCE SHEETS</td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center; padding-left: 0.1in;">ASSETS</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Buildings and improvements, net of accumulated depreciation</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">159,944,322</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">21,338,147</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">43,655,003</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Land</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,765,658</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,190,079</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,568,271</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other assets</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">25,023,257</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">5,324,189</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">8,223,234</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">200,733,237</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">28,852,415</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">55,446,508</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center; padding-left: 0.1in;">LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Mortgages and construction loans payable</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">198,735,567</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">37,063,877</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">50,582,486</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Accounts payable and accrued expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,193,049</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">345,286</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,992,506</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other liabilities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">20,769,053</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,155,280</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,283,038</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">232,697,669</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">38,564,443</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,858,030</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">PARTNERS’ CAPITAL (DEFICIT)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Boston Capital Tax Credit Fund III L.P.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(25,357,750</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(8,360,614</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(7,423,157</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Other partners</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(6,606,682</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,351,414</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,011,635</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(31,964,432</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(9,712,028</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,411,522</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">200,733,237</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">28,852,415</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">55,446,508</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">The combined summarized balance sheets of the operating limited partnerships at December 31, 2010 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" colspan="13">COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center;">ASSETS</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Buildings and improvements, net of accumulated depreciation</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">43,259,160</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">27,320,026</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">24,371,986</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Land</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,929,363</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,668,829</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,409,116</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other assets</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">5,966,128</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,287,121</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,222,585</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">54,154,651</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">33,275,976</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">29,003,687</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center; padding-left: 0.1in;">LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Mortgages and construction loans payable</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">57,233,929</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">31,866,134</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">21,989,141</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Accounts payable and accrued expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,379,820</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,250,002</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,225,435</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other liabilities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">7,395,076</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,950,902</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">5,984,757</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">66,008,825</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">38,067,038</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">29,199,333</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">PARTNERS’ CAPITAL (DEFICIT)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Boston Capital Tax Credit Fund III L.P.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,396,342</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,785,011</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,392,626</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Other partners</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(7,457,832</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,006,051</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,196,980</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(11,854,174</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(4,791,062</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(195,646</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">54,154,651</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">33,275,976</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">29,003,687</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" colspan="13">COMBINED SUMMARIZED STATEMENTS OF OPERATIONS</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: justify;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: justify;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: justify;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 10pt; width: 61%;">Rental</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">33,706,796</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">5,392,708</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">7,295,567</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Interest and other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">855,012</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">156,911</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">155,808</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">34,561,808</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">5,549,619</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">7,451,375</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: 10pt;">Interest</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,075,031</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">767,359</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,141,429</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Depreciation and amortization</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,244,794</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,448,769</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,812,739</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Taxes and insurance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,999,447</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">677,808</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">889,025</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Repairs and maintenance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,908,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,198,185</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,745,900</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Operating expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,640,384</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,134,670</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,744,393</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Other expenses</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">319,101</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">43,422</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">38,647</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: 10pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">39,186,890</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6,270,213</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">8,372,133</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: 10pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">NET LOSS</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(4,625,082</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(720,594</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(920,758</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Net loss allocated to Boston Capital Tax Credit Fund III L.P.*</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(4,045,294</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(730,809</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,010,045</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net loss allocated to other partners</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(579,788</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">10,215</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">89,287</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.2in;">*</td> <td style="text-align: justify;">Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.</td> </tr> </table> <p style="text-align: justify; text-indent: -0.2in; margin: 0pt 0px 0pt 0.2in; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" colspan="13">COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: justify;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: justify;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: justify;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 10pt; width: 61%;">Rental</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9,984,884</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">6,242,288</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,791,349</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Interest and other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">290,316</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">151,518</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">100,459</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">10,275,200</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6,393,806</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,891,808</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: 10pt;">Interest</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,873,449</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,227,151</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,065,643</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Depreciation and amortization</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,207,942</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,558,316</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,217,028</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Taxes and insurance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,109,017</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">823,809</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">499,788</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Repairs and maintenance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,426,319</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,668,122</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">869,607</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Operating expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,482,269</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,311,943</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,967,109</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Other expenses</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">43,182</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">72,572</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">121,278</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: 10pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">11,142,178</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">7,661,913</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">5,740,453</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: 10pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">NET LOSS</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(866,978</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,268,107</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(848,645</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Net loss allocated to Boston Capital Tax Credit Fund III L.P.*</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(733,673</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,197,176</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(373,591</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net loss allocated to other partners</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(133,305</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(70,931</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(475,054</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.2in;"><font style="font-size: 10pt;">*</font></td> <td style="text-align: justify;">Amounts include $730,809, $1,010,045, $733,673, $1,197,176, and $373,591 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.</td> </tr> </table> <p style="text-align: justify; text-indent: -0.2in; margin: 0pt 0px 0pt 0.2in; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" colspan="13">COMBINED SUMMARIZED STATEMENTS OF OPERATIONS</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 10pt; width: 61%;">Rental</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">38,689,748</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">6,201,920</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">10,466,265</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Interest and other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,069,481</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">120,367</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">265,451</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">39,759,229</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6,322,287</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">10,731,716</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: 10pt;">Interest</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,539,872</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">899,718</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,785,456</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Depreciation and amortization</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,011,353</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,659,606</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,732,785</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Taxes and insurance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,727,001</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">709,336</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,322,011</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Repairs and maintenance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,773,387</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,520,114</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,404,432</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Operating expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,697,346</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,453,854</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,921,198</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Other expenses</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">569,852</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">15,950</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">74,003</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: 10pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">46,318,811</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">7,258,578</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">12,239,885</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: 10pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">NET LOSS</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(6,559,582</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(936,291</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,508,169</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Net loss allocated to Boston Capital Tax Credit Fund III L.P.*</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(5,917,343</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(877,260</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,540,061</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net income (loss) allocated to other partners</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(642,239</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(59,031</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">31,892</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.2in;">*</td> <td>Amounts include $877,260, $1,540,061, $1,293,835, $1,535,917, and $670,270 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.</td> </tr> </table> <p style="text-indent: -0.2in; margin: 0pt 0px 0pt 0.2in; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" colspan="13">COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 10pt; width: 61%;">Rental</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">11,083,556</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">6,227,449</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,710,558</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Interest and other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">323,622</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">203,359</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">156,682</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">11,407,178</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6,430,808</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,867,240</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: 10pt;">Interest</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,438,055</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,334,131</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,082,512</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Depreciation and amortization</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,648,739</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,719,582</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,250,641</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Taxes and insurance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,370,364</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">823,526</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">501,764</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Repairs and maintenance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,648,583</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,441,007</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">759,251</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Operating expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,986,643</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,238,942</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,096,709</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Other expenses</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">208,749</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">152,352</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">118,798</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: 10pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">13,301,133</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">7,709,540</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">5,809,675</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: 10pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">NET LOSS</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,893,955</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,278,732</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(942,435</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Net loss allocated to Boston Capital Tax Credit Fund III L.P.*</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,293,835</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,535,917</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(670,270</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net income (loss) allocated to other partners</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(600,120</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">257,185</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(272,165</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.2in;"><font style="font-size: 10pt;">*</font></td> <td style="text-align: justify;">Amounts include $877,260, $1,540,061, $1,293,835, $1,535,917, and $670,270 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.</td> </tr> </table>

0 0 0 0 0 0 0 0 0 0 0 0

-17338646

-3381790

-7502420

-6182544

-4679384

4407492

-17526537

-3249896

-7666956

-6207797

-4511110

4109222

22000000 22000000 22000000 22000000 22000000 22000000 22000000 22000000 22000000 22000000 22000000 22000000 10 10 10 10 10 10 10 10 10 10 10 10 21996102 3870500 5429402 5000000 3616200 4080000 21996102 3870500 5429402 5000000 3616200 4080000

21996102

3870500

5429402

5000000

3616200

4080000

21996102

3870500

5429402

5000000

3616200

4080000

21994302

3870500

5427602

5000000

3616200

4080000

21992202

3869900

5427102

4999000

3616200

4080000

<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Net income (loss) for financial reporting purposes</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">72,041</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">133,226</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(166,198</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Operating limited partnership rents received in advance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(10,156</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,199</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,715</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Accrued fund management fees not  deducted (deducted) for tax purposes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(212,295</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(265,407</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">116,741</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,652,956</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,488,615</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">650,482</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,045,294</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(730,809</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,010,045</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Excess of tax depreciation over book depreciation on operating limited partnership assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,178,940</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(243,438</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(376,657</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Difference due to fiscal year for book purposes and calendar year for tax purposes</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(722,510</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">472,240</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(51,316</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Income (loss) for tax return purposes, year ended December 31, 2011</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,555,802</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,856,626</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(838,708</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Net income (loss) for financial reporting purposes</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(25,508</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">169,974</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(39,453</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Operating limited partnership rents received in advance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(10,640</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Accrued fund management fees not  deducted (deducted) for tax purposes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">71,531</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(135,160</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,197,089</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(428</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,317,198</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(733,673</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,197,176</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(373,591</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Excess of tax depreciation over book depreciation on operating limited partnership assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(237,315</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(245,477</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(76,053</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Difference due to fiscal year for book purposes and calendar year for tax purposes</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,011,334</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(28,923</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(103,177</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Income (loss) for tax return purposes, year ended December 31, 2011</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">250,150</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,437,190</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,724,924</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Net income (loss) for financial reporting purposes</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,716,401</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(105,519</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(271,999</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Operating limited partnership rents received in advance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(9,388</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(6,210</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(7,306</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Accrued fund management fees not  deducted (deducted) for tax purposes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">255,219</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">191,525</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">259,748</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,444,195</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">968,093</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">719,234</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(5,917,343</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(877,260</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,540,061</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Excess of tax depreciation over book depreciation on operating limited partnership assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,192,258</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(231,374</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(331,455</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Difference due to fiscal year for book purposes and calendar year for tax purposes</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,377,289</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(145,560</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(135,679</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Income (loss) for tax return purposes, year ended December 31, 2010</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,080,463</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(206,305</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,307,518</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Net income (loss) for financial reporting purposes</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">457,716</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(211,851</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,848,054</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Operating limited partnership rents received in advance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,128</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Accrued fund management fees not  deducted (deducted) for tax purposes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(368,641</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">172,587</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,825,605</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">845,649</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,085,614</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,293,835</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,535,917</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(670,270</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Excess of tax depreciation over book depreciation on operating limited partnership assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(403,879</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(143,306</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(82,244</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Difference due to fiscal year for book purposes and calendar year for tax purposes</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(75,823</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">5,213</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,025,440</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Income (loss) for tax return purposes, year ended December 31, 2010</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,145,271</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(867,625</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">155,714</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012, are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Investments in operating limited partnerships - tax return December 31, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(39,842,699</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(9,915,268</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(12,422,684</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Estimated share of loss for the three months ended March 31, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,012,965</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(136,871</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40,003,128</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,366,571</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,860,741</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(17,303,883</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(867,409</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,861,385</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Historic tax credits</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,325,806</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,844,836</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">12,830,613</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,552,977</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,578,492</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Investments in operating limited partnerships - as reported</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012, are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Investments in operating limited partnerships - tax return December 31, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(6,285,101</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(9,967,872</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(1,251,774</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Estimated share of loss for the three months ended March 31, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(467,481</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(357,422</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(51,191</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,800,814</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,565,423</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,409,579</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,596,588</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,363,063</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,615,438</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Historic tax credits</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,100,310</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,062,333</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">318,327</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,448,046</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,060,601</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">190,497</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Investments in operating limited partnerships - as reported</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2011, are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 15</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 16</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Investments in operating limited partnerships - tax return December 31, 2010</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(40,513,201</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(11,515,636</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(11,524,050</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Estimated share of loss for the three months ended March 31, 2011</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,178,753</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(157,946</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">45,273,057</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,412,754</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,025,203</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(20,818,310</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,064,965</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(5,544,345</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Historic tax credits</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,325,806</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,844,836</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">11,911,401</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,325,793</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,198,356</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Investments in operating limited partnerships - as reported</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2011, are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 17</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 18</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Series 19</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">Investments in operating limited partnerships - tax return December 31, 2010</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(7,361,346</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(8,524,791</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(1,587,378</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Estimated share of loss for the three months ended March 31, 2011</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(527,327</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(442,289</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(51,191</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,860,455</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,595,458</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,379,187</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Impairment loss in investment in operating limited partnerships</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(5,219,704</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,376,821</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,612,475</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Historic tax credits</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,100,310</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,062,333</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">318,327</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,147,612</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,686,110</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">553,530</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Investments in operating limited partnerships - as reported</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">NOTE E - CONCENTRATION OF CREDIT RISK</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the fund has not experienced any losses with respect to it balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2012.</p>

<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Funds’s financial instruments relate to other assets and accounts payable - affiliates. Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical. The other assets and accounts payable - affiliates are due from or owed to affiliates of the Fund. The unique nature of these financial instruments makes determination of any fair value impractical. See note B for disclosure of the carrying amount and terms of these financial instruments.</p>

<p style="text-indent: -0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt times new roman, times, serif;">NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Boston Capital Tax Credit Fund III L.P. (the “Partnership” or “Fund”) was formed under the laws of the State of Delaware on September 19, 1991, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which were organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. Certain of the apartment complexes also qualified for the Historic Rehabilitation Tax Credit for their rehabilitation of a certified historic structure and are subject to the provisions of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the fund is Boston Capital Associates III L.P. and the limited partner is BCTC III Assignor Corp. (the “assignor limited partner”).</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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 originally registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. An additional 2,000,000 BACs at $10 per BAC were registered for sale to the public in one or more series on September 4, 1994. BACs sold in bulk were offered to investors at a reduced cost per BAC.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">The BACs issued in each series at March 31, 2012 and 2011 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 83%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 1in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 70%;">Series 15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">3,870,500</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">3,870,500</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Series 16</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,429,402</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,429,402</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Series 17</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,000,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,000,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,616,200</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,616,200</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,080,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,080,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">21,996,102</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">21,996,102</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In accordance with the limited partnership agreements, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Investments in Operating Limited Partnerships</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses of the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the fund’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the partnership recorded a valuation allowance as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 83%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 1in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 70%;">Series 15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">36,759</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">36,759</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Series 16</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,318</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,318</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Series 17</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">60,785</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">173,285</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">62,536</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">62,536</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">25,120</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">25,120</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">193,518</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">306,018</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the future net undiscounted cash flows expected to be generated by the operating limited partnerships including the low-income housing tax credits and the residual value upon sale or disposition of the equity interest in the operating limited partnerships.  If the investment is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the investment exceeds the fair value of such investment. During the years ended March 31, 2012 and 2011, the Fund did not record an impairment loss.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The Fund records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end. The Fund records income and losses from the operating limited partnerships on a calendar year basis which is not materially different from income and losses generated if the operating limited partnerships utilized a March 31 year-end.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the Fund when received.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Fund records certain acquisition costs as an increase in its investment in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the Fund. These differences are shown as reconciling items in note C.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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. 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 is required to consolidate the VIE.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the partnership’s financial statements.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited 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 limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Income Taxes</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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 Funds’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.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Cash Equivalents</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Cash equivalents include money market accounts having original maturities at their acquisition dates of three months or less.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Fiscal Year</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">For financial reporting purposes, the Fund uses a March 31 year-end, whereas for income tax reporting purposes, the Fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Use of Estimates</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Net Income (Loss) per Beneficial Assignee Certificate</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Net income (loss) per beneficial assignee partnership unit is calculated based upon the number of units outstanding during the year. The number of units in each series at March 31, 2012 and 2011 are as follows:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table style="width: 83%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 1in;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 70%;">Series 15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">3,869,900</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">3,870,500</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Series 16</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,427,102</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,427,602</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Series 17</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,999,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,000,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Series 18</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,616,200</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,616,200</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Series 19</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,080,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,080,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">21,992,202</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">21,994,302</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Recent Accounting Pronouncements</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In June 2009, the FASB issued an amendment to the accounting and disclosure requirements for the consolidation of VIEs. The amended guidance modifies the consolidation model to one based on control and economics, and replaces the current quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that 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 amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment is effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 did not have a material effect on the Fund’s financial statements.</p>

No No Yes 0 iso4217:USDxbrli:shares xbrli:shares EX-101.SCH 8 bctciii-20120331.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Document - DOCUMENT AND ENTITY INFORMATION link:presentationLink link:definitionLink link:calculationLink 002 - Statement - BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 003 - Statement - BALANCE SHEETS [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 004 - Statement - STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 005 - Statement - STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) link:presentationLink link:definitionLink link:calculationLink 006 - Statement - STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - RELATED PARTY TRANSACTIONS link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - CONCENTRATION OF CREDIT RISK link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 9 bctciii-20120331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 10 bctciii-20120331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 11 bctciii-20120331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document and Entity Information [Abstract] Document and Entity Information [Abstract] Statement [Table] Statement [Table] Statement [Line Items] Statement [Line Items] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Entity Well-Known Seasoned Issuer Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Voluntary Filers Entity Current Reporting Status Entity Current Reporting Status Entity Public Float Entity Public Float Statement Of Financial Position [Abstract] Statement of Financial Position [Abstract] Statement, Scenario [Axis] Statement, Scenario [Axis] Scenario, Unspecified [Domain] Scenario, Unspecified [Domain] Series Fifteen [Member] Series Sixteen [Member] Series Seventeen [Member] Series Eighteen [Member] Series Nineteen [Member] Assets [Abstract] ASSETS Cash and Cash Equivalents, At Carrying Value Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value, Total Cash and cash equivalents, beginning Cash and cash equivalents, end Other Assets Other assets Other assets Assets Assets, Total Assets Liabilities [Abstract] LIABILITIES Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Accounts Payable and Accrued Liabilities, Total Due To Affiliate Accounts payable - affiliates Capital Contributions Payable Capital contributions payable Capital contributions payable Carrying value of the capital contribution payable to operating partnerships. Under the terms of the partnership's investment in each operating partnership, the partnership is required to make capital contributions to the operating partnerships. These contributions are payable in installments over several years upon each operating partnership achieving specified levels of construction and/or operations. Liabilities Liabilities Liabilities Partners Capital [Abstract] PARTNERS' CAPITAL (DEFICIT) Assignor Limited Partners Interest Capital Assignor limited partner's interest The amount of the assignor limited partners' ownership interests. Limited Partners' Capital Account Limited partnership interest General Partners Capital Account General partner General Partner Partners Capital Partners' capital (deficit) Partners' capital (deficit) Partners' capital (deficit) Partners' capital (deficit) Partners' Capital Liabilities and Stockholders Equity Liabilities and Stockholders' Equity, Total Liabilities and Stockholders' Equity Balance Sheet Parenthetical [Abstract] Balance Sheet Parenthetical [Abstract] Assignor Limited Partners Capital Account Units Authorized Units of assignor limited partner's capital, authorized The number of assignor limited partner's units authorized to be issued. Assignor Limited Partners Capital Account Distribution Per Unit Of Limited Partner Interest Beneficial assignee certificate of assignor limited partner's capital, par value (in dollars per unit) The amount of the distribution per unit of assignor limited partner's interest. Assignor Limited Partners Capital Account Units Issued Units of assignor limited partner's capital, issued The number of assignor limited partner's units issued. 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] Income Statement [Abstract] Revenues [Abstract] Income Interest Income, Operating Interest income Other Real Estate Revenue Other income Other income Revenues Revenues Total income Income (Loss) From Equity Method Investments Share of income from operating limited partnerships Share of Income from Operating Partnerships (Note D) Share of income from operating limited partnerships Operating Expenses [Abstract] Expenses Professional Fees Professional fees Fund Management Fee Partnership management fee The 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 General and administrative expenses Total Expenses Operating Expenses Operating Expenses Total amount of expenses incurred during the year by the entity. 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 partners Net income (loss) allocated to limited assignees Net income (loss) allocated to limited assignees Net Income (Loss) Allocated To General Partners Net income (loss) allocated to general partner Net income (loss) allocated to general partner Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic Net income (loss) per BAC (in dollars per unit) Net income (loss) per BAC Statement Of Partners Capital [Abstract] Statement of Partners' Capital [Abstract] Related Party Transactions, By Related Party [Axis] Related Party Transactions, by Related Party [Axis] Related Party [Domain] Related Party [Domain] General Partner [Member] Limited Partner [Member] Partners Capital Account, Distributions Distributions to partners Statement Of Cash Flows [Abstract] 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 operating activities Increase (Decrease) In Operating Capital [Abstract] Changes in assets and liabilities Increase (Decrease) In Other Operating Assets Decrease (Increase) in other assets Other assets Increase (Decrease) In Other Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Increase (Decrease) In Due To Affiliates, Current Accounts payable - affiliates (Decrease) Increase in accounts payable affiliates Net Cash Provided By (Used In) Operating Activities Net cash used in operating activities Net cash used in 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 disposition of operating limited partnerships Proceeds from the disposition ofOperating Partnerships Net Cash Provided By (Used In) Investing Activities Net cash provided by investing activities Net cash provided by investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] Cash flows from financing activities Payments Of Distributions Distributions The cash outflow from payments of distributions to general and limited partners. Distributions to partners Net Cash Provided By (Used In) Financing Activities Net cash used in financing activity Net cash used in financing activity Cash and Cash Equivalents, Period Increase (Decrease) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Accounting Policies [Abstract] Accounting and Financial Reporting Policies [Abstract] Organization, Consolidation, Basis Of Presentation, Business Description and Accounting Policies [Text Block] Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] Related Party Transactions [Abstract] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] Equity Method Investments and Joint Ventures [Abstract] Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] Equity Method Investments Disclosure [Text Block] Equity Method Investments Disclosure [Text Block] Reconciliation of Financial Statement Net Income (Loss) to Income Tax Return Disclosure [Abstract] Reconciliation of Financial Statement Net Income (Loss) to Income Tax Return Disclosure [Abstract] Reconciliation of Financial Statement Net Income (Loss) to Income Tax Return Disclosure [Text Block] The entire disclosure of partnership's net income (loss) for financial reporting and income (loss) for income tax return purposes for the year ended. Reconciliation of Financial Statement Net Income (Loss) to Income Tax Return Disclosure [Text Block] Risks and Uncertainties [Abstract] Risks and Uncertainties [Abstract] Concentration Risk Disclosure [Text Block] Concentration Risk Disclosure [Text Block] Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair Value Disclosures [Text Block] Organization, Consolidation and Presentation Of Financial Statements [Abstract] Organization [Abstract] Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block] Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block] EX-101.PRE 12 bctciii-20120331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 14 R9.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

12 Months Ended

Mar. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

	2012		2011
Series 15		30		36
Series 16		38		43
Series 17		27		32
Series 18		23		24
Series 19		16		17
		134		152

A summary of the dispositions by Series for March 31, 2012 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition *		Disposition
Series 15		5		1	$	325,050	$	325,050
Series 16		5		-		146,510		148,294
Series 17		4		1		247,646		247,646
Series 18		-		1		-		-
Series 19		1		-		99,450		99,450
Total		15		3	$	818,656	$	820,440

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

During the year ended March 31, 2011 the Fund disposed of eighteen operating limited partnerships.

A summary of the dispositions by Series for March 31, 2011 is as follows:

	Operating		Sale of
	Partnership		Underlying		Partnership
	Interest		Operating		Proceeds from		Gain/(Loss) on
	Transferred		Partnership		Disposition *		Disposition
Series 15		2		2	$	78,000	$	129,038
Series 16		2		1		204,525		204,525
Series 17		4		3		856,715		856,715
Series 18		1		1		-		-
Series 19		-		2		4,946,880		4,946,880
Total		9		9	$	6,086,120	$	6,137,158

* Fund proceeds from disposition does not include $51,038 recorded as receivable at March 31, 2011, for Series 15.

The contributions payable to operating limited partnerships at March 31, 2012 and 2011 by series are as follows:

	2012		2011
Series 15	$	-	$	-
Series 16		50,008		51,792
Series 17		22,798		22,798
Series 18		18,554		18,554
Series 19		-		-
	$	91,360	$	93,144

The Fund’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	67,188,022		$	9,051,543		$	13,600,679

Acquisition costs of operating limited partnerships		9,171,431			1,218,899			1,788,508

Syndication costs from operating limited partnerships		(36,455	)		-			-

Cumulative distributions from operating limited partnerships		(188,000	)		(10,831	)		(26,120	)

Cumulative impairment loss in investment in operating limited partnerships		(17,303,883	)		(867,409	)		(2,861,385	)

Cumulative losses from operating limited partnerships		(58,831,115	)		(9,392,202	)		(12,501,682	)

Investments in operating limited partnerships per balance sheets		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A)		(348,203	)		(14,246	)		(93,920	)

The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(1,556,118	)		(180,526	)		(121,307	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		1,012,965			136,871			-

	Total			Series 15			Series 16

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(40,003,128	)		(8,366,571	)		(9,860,741	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		314,521			86,996			130,181

Cumulative impairment loss in investment in operating limited partnerships		17,303,883			867,409			2,861,385

Other		271,864			(41,552	)		438,273

Equity per operating limited partnerships’ combined financial statements	$	(23,004,216	)	$	(7,511,619	)	$	(6,646,129	)

The Fund’s investments in operating limited partnerships at March 31, 2012 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	15,940,952		$	17,186,357		$	11,408,491

Acquisition costs of operating limited partnerships		2,328,579			2,310,366			1,525,079

Syndication costs from operating limited partnerships		-			(36,455	)		-

Cumulative distributions from operating limited partnerships		(28,883	)		(118,167	)		(3,999	)

Cumulative impairment loss in investment in operating limited partnerships		(4,596,588	)		(4,363,063	)		(4,615,438	)

Cumulative losses from operating limited partnerships		(13,644,060	)		(14,979,038	)		(8,314,133	)

Investments in operating limited partnerships per balance sheets		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A)		(174,842	)		(5,588	)		(59,607	)

The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(650,525	)		-			(603,760	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		467,481			357,422			51,191

	Series 17			Series 18			Series 19

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(6,800,814	)		(9,565,423	)		(5,409,579	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		14,732			75,689			6,923

Cumulative impairment loss in investment in operating limited partnerships		4,596,588			4,363,063			4,615,438

Other		(9,562	)		(92,977	)		(22,318	)

Equity per operating limited partnerships’ combined financial statements	$	(2,556,942	)	$	(4,867,814	)	$	(1,421,712	)

The Fund’s investments in operating limited partnerships at March 31, 2011 are summarized as follows:

	Total			Series 15			Series 16
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters		79,802,851		$	10,186,928		$	21,595,389

Acquisition costs of operating limited partnerships		10,732,830			1,386,834			2,609,852

Syndication costs from operating limited partnerships		(36,455	)		-			-

Cumulative distributions from operating limited partnerships		(586,752	)		(11,325	)		(418,260	)

Cumulative impairment loss in investment in operating limited partnerships		(20,818,310	)		(1,064,965	)		(5,544,345	)

Cumulative losses from operating limited partnerships		(69,094,164	)		(10,497,472	)		(18,242,636	)

Investments in operating limited partnerships per balance sheets		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A)		(791,270	)		(26,246	)		(93,920	)

The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(1,933,084	)		(180,526	)		(453,483	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		1,178,753			157,946			-

	Total			Series 15			Series 16

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(45,273,057	)		(9,412,754	)		(13,025,203	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		339,855			90,742			133,514

Cumulative impairment loss in investment in operating limited partnerships		20,818,310			1,064,965			5,544,345

Other		302,743			(54,741	)		471,590

Equity per operating limited partnerships’ combined financial statements	$	(25,357,750	)	$	(8,360,614	)	$	(7,423,157	)

The Fund’s investments in operating limited partnerships at March 31, 2011 are summarized as follows:

	Series 17			Series 18			Series 19
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	19,124,559		$	17,505,925		$	11,390,050

Acquisition costs of operating limited partnerships		2,780,139			2,420,601			1,535,404

Syndication costs from operating limited partnerships		-			(36,455	)		-

Cumulative distributions from operating limited partnerships		(35,001	)		(118,167	)		(3,999	)

Cumulative impairment loss in investment in operating limited partnerships		(5,219,704	)		(4,376,821	)		(4,612,475	)

Cumulative losses from operating limited partnerships		(16,649,993	)		(15,395,083	)		(8,308,980	)

Investments in operating limited partnerships per balance sheets		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A)		(600,642	)		(10,855	)		(59,607	)

The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A)		(695,315	)		-			(603,760	)

Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A)		527,327			442,289			51,191

	Series 17			Series 18			Series 19

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A)		(8,860,455	)		(8,595,458	)		(5,379,187	)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A)		21,688			86,988			6,923

Cumulative impairment loss in investment in operating limited partnerships		5,219,704			4,376,821			4,612,475

Other		(8,649	)		(84,796	)		(20,661	)

Equity per operating limited partnerships’ combined financial statements	$	(4,396,342	)	$	(3,785,011	)	$	(1,392,626	)

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS

Buildings and improvements, net of accumulated depreciation	$	129,457,020		$	16,874,324		$	28,711,071

Land		13,214,525			1,712,879			2,182,728

Other assets		23,094,868			4,812,799			7,265,124

	$	165,766,413		$	23,400,002		$	38,158,923

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	171,925,646		$	30,686,298		$	39,442,851

Accounts payable and accrued expenses		8,024,363			343,231			3,412,569

Other liabilities		16,888,786			982,737			1,433,900

		196,838,795			32,012,266			44,289,320
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(23,004,216	)		(7,511,619	)		(6,646,129	)
Other partners		(8,068,166	)		(1,100,645	)		515,732

		(31,072,382	)		(8,612,264	)		(6,130,397	)

	$	165,766,413		$	23,400,002		$	38,158,923

The combined summarized balance sheets of the operating limited partnerships at December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 17			Series 18			Series 19
ASSETS

Buildings and improvements, net of accumulated depreciation	$	35,549,893		$	25,218,279		$	23,103,453

Land		4,296,381			2,627,321			2,395,216

Other assets		5,512,378			3,235,664			2,268,903

	$	45,358,652		$	31,081,264		$	27,767,572

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	49,568,081		$	31,300,678		$	20,927,738

Accounts payable and accrued expenses		1,188,711			2,142,120			937,732

Other liabilities		6,239,819			2,789,969			5,442,361

		56,996,611			36,232,767			27,307,831
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(2,556,942	)		(4,867,814	)		(1,421,712	)
Other partners		(9,081,017	)		(283,689	)		1,881,453

		(11,637,959	)		(5,151,503	)		459,741

	$	45,358,652		$	31,081,264		$	27,767,572

The combined summarized balance sheets of the operating limited partnerships at December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 15			Series 16
ASSETS

Buildings and improvements, net of accumulated depreciation	$	159,944,322		$	21,338,147		$	43,655,003

Land		15,765,658			2,190,079			3,568,271

Other assets		25,023,257			5,324,189			8,223,234

	$	200,733,237		$	28,852,415		$	55,446,508

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	198,735,567		$	37,063,877		$	50,582,486

Accounts payable and accrued expenses		13,193,049			345,286			7,992,506

Other liabilities		20,769,053			1,155,280			2,283,038

		232,697,669			38,564,443			60,858,030
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(25,357,750	)		(8,360,614	)		(7,423,157	)
Other partners		(6,606,682	)		(1,351,414	)		2,011,635

		(31,964,432	)		(9,712,028	)		(5,411,522	)

	$	200,733,237		$	28,852,415		$	55,446,508

The combined summarized balance sheets of the operating limited partnerships at December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 17			Series 18			Series 19
ASSETS

Buildings and improvements, net of accumulated depreciation	$	43,259,160		$	27,320,026		$	24,371,986

Land		4,929,363			2,668,829			2,409,116

Other assets		5,966,128			3,287,121			2,222,585

	$	54,154,651		$	33,275,976		$	29,003,687

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

Mortgages and construction loans payable	$	57,233,929		$	31,866,134		$	21,989,141

Accounts payable and accrued expenses		1,379,820			2,250,002			1,225,435

Other liabilities		7,395,076			3,950,902			5,984,757

		66,008,825			38,067,038			29,199,333
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund III L.P.		(4,396,342	)		(3,785,011	)		(1,392,626	)
Other partners		(7,457,832	)		(1,006,051	)		1,196,980

		(11,854,174	)		(4,791,062	)		(195,646	)

	$	54,154,651		$	33,275,976		$	29,003,687

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	33,706,796		$	5,392,708		$	7,295,567
Interest and other		855,012			156,911			155,808

		34,561,808			5,549,619			7,451,375
Expenses
Interest		6,075,031			767,359			1,141,429
Depreciation and amortization		8,244,794			1,448,769			1,812,739
Taxes and insurance		3,999,447			677,808			889,025
Repairs and maintenance		7,908,133			1,198,185			1,745,900
Operating expenses		12,640,384			2,134,670			2,744,393
Other expenses		319,101			43,422			38,647

		39,186,890			6,270,213			8,372,133

NET LOSS	$	(4,625,082	)	$	(720,594	)	$	(920,758	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(4,045,294	)	$	(730,809	)	$	(1,010,045	)

Net loss allocated to other partners	$	(579,788	)	$	10,215		$	89,287

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	9,984,884		$	6,242,288		$	4,791,349
Interest and other		290,316			151,518			100,459

		10,275,200			6,393,806			4,891,808
Expenses
Interest		1,873,449			1,227,151			1,065,643
Depreciation and amortization		2,207,942			1,558,316			1,217,028
Taxes and insurance		1,109,017			823,809			499,788
Repairs and maintenance		2,426,319			1,668,122			869,607
Operating expenses		3,482,269			2,311,943			1,967,109
Other expenses		43,182			72,572			121,278

		11,142,178			7,661,913			5,740,453

NET LOSS	$	(866,978	)	$	(1,268,107	)	$	(848,645	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(733,673	)	$	(1,197,176	)	$	(373,591	)

Net loss allocated to other partners	$	(133,305	)	$	(70,931	)	$	(475,054	)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 15			Series 16
Revenue
Rental	$	38,689,748		$	6,201,920		$	10,466,265
Interest and other		1,069,481			120,367			265,451

		39,759,229			6,322,287			10,731,716
Expenses
Interest		7,539,872			899,718			1,785,456
Depreciation and amortization		10,011,353			1,659,606			2,732,785
Taxes and insurance		4,727,001			709,336			1,322,011
Repairs and maintenance		8,773,387			1,520,114			2,404,432
Operating expenses		14,697,346			2,453,854			3,921,198
Other expenses		569,852			15,950			74,003

		46,318,811			7,258,578			12,239,885

NET LOSS	$	(6,559,582	)	$	(936,291	)	$	(1,508,169	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(5,917,343	)	$	(877,260	)	$	(1,540,061	)

Net income (loss) allocated to other partners	$	(642,239	)	$	(59,031	)	$	31,892

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED

	Series 17			Series 18			Series 19
Revenue
Rental	$	11,083,556		$	6,227,449		$	4,710,558
Interest and other		323,622			203,359			156,682

		11,407,178			6,430,808			4,867,240
Expenses
Interest		2,438,055			1,334,131			1,082,512
Depreciation and amortization		2,648,739			1,719,582			1,250,641
Taxes and insurance		1,370,364			823,526			501,764
Repairs and maintenance		2,648,583			1,441,007			759,251
Operating expenses		3,986,643			2,238,942			2,096,709
Other expenses		208,749			152,352			118,798

		13,301,133			7,709,540			5,809,675

NET LOSS	$	(1,893,955	)	$	(1,278,732	)	$	(942,435	)

Net loss allocated to Boston Capital Tax Credit Fund III L.P.*	$	(1,293,835	)	$	(1,535,917	)	$	(670,270	)

Net income (loss) allocated to other partners	$	(600,120	)	$	257,185		$	(272,165	)

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

+ References+ Details

EXCEL 15 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]C8S`P-#0Q8U\Y,6-C7S1D9#-?8F$R85\R.&0W M,#9C,F1B,34B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T#I%>&-E;%=O#I7;W)K#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I7;W)K#I7;W)K#I7;W)K#I%>&-E;%=O#I%>&-E;%=O#I!8W1I=F53:&5E M=#XP/"]X.D%C=&EV95-H965T/@T*("`\>#I0#I%>&-E;%=O7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA'0^0D]35$].($-!4$E404P@5$%8($-2141)5"!&54Y$($E)22!,(%`\2!#96YT3PO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^,#`P,#@W.34U-3QS<&%N/CPO'0^+2TP,RTS,3QS M<&%N/CPO'0^,C`Q,CQS<&%N/CPO2!&:6QE2!0=6)L:6,@1FQO870\ M+W1D/@T*("`@("`@("`\=&0@8VQA7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$6%B;&4@86YD(&%C8W)U960@97AP96YS97,\+W1D/@T* M("`@("`@("`\=&0@8VQA6%B;&4@+2!A9F9I;&EA=&5S/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$;G5M<#XR-"PS-3$L,#@P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA6%B;&4@86YD(&%C8W)U960@ M97AP96YS97,\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'1E96X@6TUE;6)E'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA6%B;&4@86YD(&%C8W)U960@97AP96YS97,\+W1D M/@T*("`@("`@("`\=&0@8VQA6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA3PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ MF5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR,BPP,#`L M,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT M4&%R=%]C8S`P-#0Q8U\Y,6-C7S1D9#-?8F$R85\R.&0W,#9C,F1B,34-"D-O M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO8V,P,#0T,6-?.3%C8U\T9&0S M7V)A,F%?,CAD-S`V8S)D8C$U+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'!E;G-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'!E;G-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'!E;G-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'!E;G-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'!E M;G-E'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'1E96X@6TUE;6)E M3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]C8S`P-#0Q8U\Y M,6-C7S1D9#-?8F$R85\R.&0W,#9C,F1B,34-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO8V,P,#0T,6-?.3%C8U\T9&0S7V)A,F%?,CAD-S`V8S)D M8C$U+U=O'0O:'1M;#L@8VAA'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$6%B M;&4@+2!A9F9I;&EA=&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M/B@R-C4L-#`W*3QS<&%N/CPO6%B;&4@86YD(&%C8W)U960@97AP M96YS97,\+W1D/@T*("`@("`@("`\=&0@8VQA'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'!E;G-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6%B;&4@86YD(&%C8W)U960@97AP96YS97,\+W1D/@T*("`@ M("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)W1E>'0M:6YD96YT.B`M,"XR-6EN.R!M87)G:6XZ(#!P M="`P<'@@,'!T(#`N,C5I;CL@9F]N=#H@,3!P="!T:6UE3L@;6%R9VEN.B`P<'0@,'!X.R!F M;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E2!T:&4@ M5&%X(%)E9F]R;2!!8W0@;V8@,3DX-BX@06-C;W)D:6YG;'DL('1H92!A<&%R M=&UE;G0@8V]M<&QE>&5S(&%R92!R97-T3L@;6%R M9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM M97,L('-E6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W9E6QE/3-$)W!A M9&1I;F6QE/3-$ M)V)O6QE/3-$)W=I9'1H.B`W M,"4[)SY397)I97,@,34\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3LG M/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C M,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\+W1R/@T* M/'1R('-T>6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^ M-2PT,CDL-#`R/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T M.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT.R<^-2PT,CDL-#`R/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\ M='(@6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^ M,RPV,38L,C`P/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T M.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT.R<^,RPV,38L,C`P/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\ M='(@6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I M;F6QE/3-$)V)O M'0M86QI9VXZ(')I9VAT.R<^-"PP.#`L M,#`P/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P861D M:6YG+6)O='1O;3H@,7!T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W!A9&1I;F'0M86QI9VXZ(')I9VAT.R<^,C$L.3DV+#$P M,CPO=&0^#0H\=&0@6QE M/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('!A9&1I;F6QE/3-$)VUA#L@ M9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE2!A;&QO8V%T M:6]N"!C3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE M=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT M.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ M(&IU#L@9F]N=#H@,3!P="!T:6UEF5S('1H92!I;F1I=FED=6%L(&]P97)A=&EN9R!L:6UI=&5D('!A M6EN9R!A;6]U;G0@;V8@:71S(&EN=F5S=&UE;G0@86YD(&ET M6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)VUA#L@9F]N M=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE2P@82!V86QU871I;VX@86QL;W=A;F-E(&ES(')E8V]R9&5D(&%G86EN2P@=&AE('!A6QE/3-$)VUA#L@9F]N=#H@,3!P="!T M:6UE6QE/3-$)W9E6QE M/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)W=I M9'1H.B`W,"4[)SY397)I97,@,34\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H M.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`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`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S M(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F M;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E2!I2!B96YE9FEC:6%R>2!A="!T M:&4@9&%T92!O9B!I;FET:6%L(&EN=F]L=F5M96YT('=I=&@@=&AE(&5N=&ET M>2X@5&AE($9U;F0@2!B96YE M9FEC:6%R>2P@=&AE('!A2!I;7!A8W0@=&AE(%9)128C.#(Q-SMS(&5C;VYO;6EC('!E2!S:6=N M:69I8V%N="!T;R!T:&4@5DE%+B!)9B!T:&4@1G5N9"!D971E6QE M/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU M#L@9F]N=#H@,3!P="!T:6UE2!R M96-O"!C2!T:&4@8V]N9&ET:6]N(&%N9"!F:6YA M;F-I86P@<&5R9F]R;6%N8V4@;V8@=&AE('5N9&5R;'EI;F<@<')O<&5R=&EE M3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE M=R!R;VUA;BP@=&EM97,L('-E&5S/"]U/CPO<#X-"CQP M('-T>6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE M/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N M=#H@,3!P="!T:6UE&5S+B!2871H97(L(&%L M;"!I=&5M2!I2X@5&AE($9U;F0@:7,@"!R971U2P@=&AE"!P;W-I=&EO;G,@=VAI8V@@;75S="!B92!C;VYS:61E M6QE/3-$)W1E>'0M86QI M9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE M6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE3L@;6%R9VEN.B`P<'0@ M,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E65A6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)VUA#L@9F]N M=#H@,3!P="!T:6UE3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R M;VUA;BP@=&EM97,L('-E'!E;G-E M'0M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)V)A M8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P M.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!W:61T:#H@,3(E.R<^,RPX-S`L M-3`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`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA'0@0FQO8VM=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=M87)G M:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE M6QE/3-$)VUA#L@9F]N=#H@,3!P M="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE65A3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R M;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q M,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E2!T:&4@3W!E6QE/3-$)W!A9&1I;F'0M86QI M9VXZ(&-E;G1E'0M86QI9VXZ(&-E;G1E6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`T-B4[)SY397)I M97,@,34\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO M=&0^#0H\=&0@6QE M/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG M/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\+W1R/@T* M/'1R('-T>6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D M/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SY397)I97,@,3<\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^ M.#(L,C@V/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^ M)B,Q-C`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`R+C5P="!D;W5B;&4[('1E>'0M86QI M9VXZ(')I9VAT.R<^-S,Y+#`R-CPO=&0^#0H\=&0@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&-E M;G1E6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&-E;G1E6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B0\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!W:61T:#H@,34E.R<^ M,C0Q+#4R-3PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('=I9'1H.B`Q)3LG/B0\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT.R!W:61T:#H@,34E.R<^-S,L.#4P/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SY397)I M97,@,38\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^-#8L,C,Y/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`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`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`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R<^,2PU M-#$L.3DY/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P M861D:6YG+6)O='1O;3H@,BXU<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('!A9&1I;F'0M86QI9VXZ(&QE9G0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=B M;W)D97(M8F]T=&]M.B!B;&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ M(')I9VAT.R<^,2PR,#`L-#6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`V M-"4[)SY397)I97,@,34\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3LG M/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I M9'1H.B`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`R+C5P M="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R<^,2PT.3(L-C8Q/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O M;3H@,BXU<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F3L@;6%R9VEN.B`P<'0@,'!X M.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN M.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L M('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE M=R!R;VUA;BP@=&EM97,L('-E2!S;VUE(&]P97)A=&EN9R!E>'!E;G-E6UE;G0@:6X@=&AE(&%M;W5N="!O M9B`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`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3LG/B8C M,38P.SPO=&0^#0H\=&0@6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^ M#0H\+W1R/@T*/'1R('-T>6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T* M/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I M;F6QE/3-$)V)O M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F'0M86QI9VXZ(&QE9G0[ M)SXD/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R M+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R<^-C,U+#,V,CPO=&0^ M#0H\=&0@6QE/3-$)V)O M6QE/3-$)V)O3L@;6%R9VEN M.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L M('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE M=R!R;VUA;BP@=&EM97,L('-E'0M M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I M9'1H.B`Q)3LG/B0\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R!W:61T:#H@,3`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`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R<^ M.#`L,#DQ/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P M861D:6YG+6)O='1O;3H@,BXU<'0[)SXF(S$V,#L\+W1D/@T*/"]T7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0M86QI M9VXZ(&-E;G1E6QE M/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!W:61T:#H@,3`E.R<^,S`\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q M)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R!W:61T:#H@,3`E.R<^,S8\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`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htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS

12 Months Ended

Mar. 31, 2012

NOTE B - RELATED PARTY TRANSACTIONS

	2012
	Gross Partnership Management Fee		Asset Management & Reporting Fee		Partnership Management Fee net of Asset Management & Reporting Fee
Series 15	$	199,593	$	60,961	$	138,632
Series 16		346,741		92,076		254,665
Series 17		316,531		82,286		234,245
Series 18		264,840		468,715		(203,875	)
Series 19		152,661		34,988		117,673
	$	1,280,366	$	739,026	$	541,340

	2011
	Gross Partnership Management Fee		Asset Management & Reporting Fee		Partnership Management Fee net of Asset Management & Reporting Fee
Series 15	$	241,525	$	73,850	$	167,675
Series 16		459,748		46,239		413,509
Series 17		383,859		66,586		317,273
Series 18		272,587		74,853		197,734
Series 19		184,280		79,999		104,281
	$	1,541,999	$	341,527	$	1,200,472

The partnership management fees paid for the years ended March 31, 2012 and 2011 are as follows:

	2012		2011
Series 15	$	465,000	$	50,000
Series 16		230,000		200,000
Series 17		245,000		752,500
Series 18		400,000		100,000
Series 19		152,661		184,280
	$	1,492,661	$	1,286,780

	2012		2011
Series 15	$	-	$	-
Series 16		-		-
Series 17		635,362		635,362
Series 18		-		158,334
Series 19		-		-
	$	635,362	$	793,696

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Partnership's interests in Operating Partnerships.

	2012		2011
Series 15	$	13,372	$	17,329
Series 16		15,446		19,100
Series 17		13,880		16,835
Series 18		12,269		13,371
Series 19		12,342		13,456
	$	67,309	$	80,091

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 3A

-Section 04

-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 1-4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph k

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

+ Details

XML 17 R2.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS (USD $)	Mar. 31, 2012	Mar. 31, 2011
ASSETS
Cash and cash equivalents	$ 4,880,195	$ 5,463,659
Other assets	14,400	75,938
Assets	4,894,595	5,539,597
LIABILITIES
Accounts payable and accrued expenses	29,746	112,546
Accounts payable - affiliates	24,351,080	24,721,709
Capital contributions payable	91,360	93,144
Liabilities	24,472,186	24,927,399
PARTNERS' CAPITAL (DEFICIT)
Assignor limited partner's interest	0	0
Limited partnership interest	(17,526,537)	(17,338,646)
General partner	(2,051,054)	(2,049,156)
Partners' capital (deficit)	(19,577,591)	(19,387,802)
Liabilities and Stockholders' Equity	4,894,595	5,539,597
Series Fifteen [Member]
ASSETS
Cash and cash equivalents	198,803	299,446
Other assets	0	69,038
Assets	198,803	368,484
LIABILITIES
Accounts payable and accrued expenses	1,246	38,746
Accounts payable - affiliates	3,805,724	4,071,131
Capital contributions payable	0	0
Liabilities	3,806,970	4,109,877
PARTNERS' CAPITAL (DEFICIT)
Assignor limited partner's interest	0	0
Limited partnership interest	(3,249,896)	(3,381,790)
General partner	(358,271)	(359,603)
Partners' capital (deficit)	(3,608,167)	(3,741,393)
Liabilities and Stockholders' Equity	198,803	368,484
Series Sixteen [Member]
ASSETS
Cash and cash equivalents	360,565	416,806
Other assets	0	2,500
Assets	360,565	419,306
LIABILITIES
Accounts payable and accrued expenses	5,000	12,500
Accounts payable - affiliates	8,521,279	8,404,538
Capital contributions payable	50,008	51,792
Liabilities	8,576,287	8,468,830
PARTNERS' CAPITAL (DEFICIT)
Assignor limited partner's interest	0	0
Limited partnership interest	(7,666,956)	(7,502,420)
General partner	(548,766)	(547,104)
Partners' capital (deficit)	(8,215,722)	(8,049,524)
Liabilities and Stockholders' Equity	360,565	419,306
Series Seventeen [Member]
ASSETS
Cash and cash equivalents	344,436	328,413
Other assets	4,400	4,400
Assets	348,836	332,813
LIABILITIES
Accounts payable and accrued expenses	18,500	48,500
Accounts payable - affiliates	7,003,068	6,931,537
Capital contributions payable	22,798	22,798
Liabilities	7,044,366	7,002,835
PARTNERS' CAPITAL (DEFICIT)
Assignor limited partner's interest	0	0
Limited partnership interest	(6,207,797)	(6,182,544)
General partner	(487,733)	(487,478)
Partners' capital (deficit)	(6,695,530)	(6,670,022)
Liabilities and Stockholders' Equity	348,836	332,813
Series Eighteen [Member]
ASSETS
Cash and cash equivalents	164,525	293,045
Other assets	10,000	0
Assets	174,525	293,045
LIABILITIES
Accounts payable and accrued expenses	5,000	0
Accounts payable - affiliates	5,021,009	5,314,503
Capital contributions payable	18,554	18,554
Liabilities	5,044,563	5,333,057
PARTNERS' CAPITAL (DEFICIT)
Assignor limited partner's interest	0	0
Limited partnership interest	(4,511,110)	(4,679,384)
General partner	(358,928)	(360,628)
Partners' capital (deficit)	(4,870,038)	(5,040,012)
Liabilities and Stockholders' Equity	174,525	293,045
Series Nineteen [Member]
ASSETS
Cash and cash equivalents	3,811,866	4,125,949
Other assets	0	0
Assets	3,811,866	4,125,949
LIABILITIES
Accounts payable and accrued expenses	0	12,800
Accounts payable - affiliates	0	0
Capital contributions payable	0	0
Liabilities	0	12,800
PARTNERS' CAPITAL (DEFICIT)
Assignor limited partner's interest	0	0
Limited partnership interest	4,109,222	4,407,492
General partner	(297,356)	(294,343)
Partners' capital (deficit)	3,811,866	4,113,149
Liabilities and Stockholders' Equity	$ 3,811,866	$ 4,125,949

XML 18 R6.htm IDEA: XBRL DOCUMENT

STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
STATEMENTS OF CASH FLOWS (USD $)	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities
Net income (loss)	$ 72,041	$ 4,716,401
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	(820,440)	(6,099,658)
Changes in assets and liabilities
Other assets	61,538	(47,900)
Accounts payable and accrued expenses	(82,800)	3,700
Accounts payable - affiliates	(370,629)	255,219
Net cash used in operating activities	(1,140,290)	(1,172,238)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	818,656	6,086,120
Net cash provided by investing activities	818,656	6,086,120
Cash flows from financing activities
Distributions to partners	(261,830)	(1,500,000)
Net cash used in financing activity	(261,830)	(1,500,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(583,464)	3,413,882
Cash and cash equivalents, beginning	5,463,659	2,049,777
Cash and cash equivalents, end	4,880,195	5,463,659
Series Fifteen [Member]
Cash flows from operating activities
Net income (loss)	133,226	(105,519)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	(325,050)	(129,038)
Changes in assets and liabilities
Other assets	69,038	(16,900)
Accounts payable and accrued expenses	(37,500)	2,400
Accounts payable - affiliates	(265,407)	191,525
Net cash used in operating activities	(425,693)	(57,532)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	325,050	78,000
Net cash provided by investing activities	325,050	78,000
Cash flows from financing activities
Distributions to partners	0	0
Net cash used in financing activity	0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(100,643)	20,468
Cash and cash equivalents, beginning	299,446	278,978
Cash and cash equivalents, end	198,803	299,446
Series Sixteen [Member]
Cash flows from operating activities
Net income (loss)	(166,198)	(271,999)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	(148,294)	(204,525)
Changes in assets and liabilities
Other assets	2,500	0
Accounts payable and accrued expenses	(7,500)	12,500
Accounts payable - affiliates	116,741	259,748
Net cash used in operating activities	(202,751)	(204,276)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	146,510	204,525
Net cash provided by investing activities	146,510	204,525
Cash flows from financing activities
Distributions to partners	0	0
Net cash used in financing activity	0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(56,241)	249
Cash and cash equivalents, beginning	416,806	416,557
Cash and cash equivalents, end	360,565	416,806
Series Seventeen [Member]
Cash flows from operating activities
Net income (loss)	(25,508)	457,716
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	(247,646)	(819,215)
Changes in assets and liabilities
Other assets	0	(33,200)
Accounts payable and accrued expenses	(30,000)	36,000
Accounts payable - affiliates	71,531	(368,641)
Net cash used in operating activities	(231,623)	(727,340)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	247,646	856,715
Net cash provided by investing activities	247,646	856,715
Cash flows from financing activities
Distributions to partners	0	0
Net cash used in financing activity	0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	16,023	129,375
Cash and cash equivalents, beginning	328,413	199,038
Cash and cash equivalents, end	344,436	328,413
Series Eighteen [Member]
Cash flows from operating activities
Net income (loss)	169,974	(211,851)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	0	0
Changes in assets and liabilities
Other assets	(10,000)	0
Accounts payable and accrued expenses	5,000	(15,000)
Accounts payable - affiliates	(293,494)	172,587
Net cash used in operating activities	(128,520)	(54,264)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	0	0
Net cash provided by investing activities	0	0
Cash flows from financing activities
Distributions to partners	0	0
Net cash used in financing activity	0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(128,520)	(54,264)
Cash and cash equivalents, beginning	293,045	347,309
Cash and cash equivalents, end	164,525	293,045
Series Nineteen [Member]
Cash flows from operating activities
Net income (loss)	(39,453)	4,848,054
Adjustments to reconcile net income (loss) to net cash used in operating activities
Share of income from operating limited partnerships	(99,450)	(4,946,880)
Changes in assets and liabilities
Other assets	0	2,200
Accounts payable and accrued expenses	(12,800)	(32,200)
Accounts payable - affiliates	0	0
Net cash used in operating activities	(151,703)	(128,826)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships	99,450	4,946,880
Net cash provided by investing activities	99,450	4,946,880
Cash flows from financing activities
Distributions to partners	(261,830)	(1,500,000)
Net cash used in financing activity	(261,830)	(1,500,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(314,083)	3,318,054
Cash and cash equivalents, beginning	4,125,949	807,895
Cash and cash equivalents, end	$ 3,811,866	$ 4,125,949

XML 19 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'

'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'

'+ "\n"+' '+ "\n"+'

'+ "\n"+'

'+raw+'

'+ "\n"+'

'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 20 R7.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2012

Accounting Policies [Abstract]

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

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The BACs issued in each series at March 31, 2012 and 2011 are as follows:

	2012		2011
Series 15		3,870,500		3,870,500
Series 16		5,429,402		5,429,402
Series 17		5,000,000		5,000,000
Series 18		3,616,200		3,616,200
Series 19		4,080,000		4,080,000
		21,996,102		21,996,102

Investments in Operating Limited Partnerships

	2012		2011
Series 15	$	36,759	$	36,759
Series 16		8,318		8,318
Series 17		60,785		173,285
Series 18		62,536		62,536
Series 19		25,120		25,120
	$	193,518	$	306,018

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. 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 is required to consolidate the VIE.

Income Taxes

Cash Equivalents

Cash equivalents include money market accounts having original maturities at their acquisition dates of three months or less.

Fiscal Year

Use of Estimates

Net Income (Loss) per Beneficial Assignee Certificate

	2012		2011
Series 15		3,869,900		3,870,500
Series 16		5,427,102		5,427,602
Series 17		4,999,000		5,000,000
Series 18		3,616,200		3,616,200
Series 19		4,080,000		4,080,000
		21,992,202		21,994,302

Recent Accounting Pronouncements

XML 21 R3.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2012	Mar. 31, 2011
Units of assignor limited partner's capital, authorized	22,000,000	22,000,000
Beneficial assignee certificate of assignor limited partner's capital, par value (in dollars per unit)	$ 10	$ 10
Units of assignor limited partner's capital, issued	21,996,102	21,996,102
Units of limited partnership interest, issued	21,996,102	21,996,102
Units of limited partnership interest, outstanding	21,992,202	21,994,302
Series Fifteen [Member]
Units of assignor limited partner's capital, authorized	22,000,000	22,000,000
Beneficial assignee certificate of assignor limited partner's capital, par value (in dollars per unit)	$ 10	$ 10
Units of assignor limited partner's capital, issued	3,870,500	3,870,500
Units of limited partnership interest, issued	3,870,500	3,870,500
Units of limited partnership interest, outstanding	3,869,900	3,870,500
Series Sixteen [Member]
Units of assignor limited partner's capital, authorized	22,000,000	22,000,000
Beneficial assignee certificate of assignor limited partner's capital, par value (in dollars per unit)	$ 10	$ 10
Units of assignor limited partner's capital, issued	5,429,402	5,429,402
Units of limited partnership interest, issued	5,429,402	5,429,402
Units of limited partnership interest, outstanding	5,427,102	5,427,602
Series Seventeen [Member]
Units of assignor limited partner's capital, authorized	22,000,000	22,000,000
Beneficial assignee certificate of assignor limited partner's capital, par value (in dollars per unit)	$ 10	$ 10
Units of assignor limited partner's capital, issued	5,000,000	5,000,000
Units of limited partnership interest, issued	5,000,000	5,000,000
Units of limited partnership interest, outstanding	4,999,000	5,000,000
Series Eighteen [Member]
Units of assignor limited partner's capital, authorized	22,000,000	22,000,000
Beneficial assignee certificate of assignor limited partner's capital, par value (in dollars per unit)	$ 10	$ 10
Units of assignor limited partner's capital, issued	3,616,200	3,616,200
Units of limited partnership interest, issued	3,616,200	3,616,200
Units of limited partnership interest, outstanding	3,616,200	3,616,200
Series Nineteen [Member]
Units of assignor limited partner's capital, authorized	22,000,000	22,000,000
Beneficial assignee certificate of assignor limited partner's capital, par value (in dollars per unit)	$ 10	$ 10
Units of assignor limited partner's capital, issued	4,080,000	4,080,000
Units of limited partnership interest, issued	4,080,000	4,080,000
Units of limited partnership interest, outstanding	4,080,000	4,080,000

- Definition

The number of limited partner units issued.

+ References+ Details

- Definition

The number of limited partner units outstanding.

+ References+ Details

XML 22 R1.htm IDEA: XBRL DOCUMENT

DOCUMENT AND ENTITY INFORMATION (USD $)	12 Months Ended
DOCUMENT AND ENTITY INFORMATION (USD $)	Mar. 31, 2012
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	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2012
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float	$ 0

ZIP 23 0001144204-12-037159-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-12-037159-xbrl.zip M4$L#!!0````(`&)1W4`\2S$'[VX``/B)"@`4`!P`8F-T8VEI:2TR,#$R,#,S M,2YX;6Q55`D``WBW[4]XM^U/=7@+``$$)0X```0Y`0``[%U;<]LXEG[NK=K_ MH/'#/+5LW`FXDTPYCKWE[=PJ=KJZ:VLK14NTS6J9\I!4$N^O7U`7F[0E2A`! M$I"1KNF>B!=\'W%P<"[`P:M__;P=];Y':1:/D]=[_W^XJUOPTR^13XS?0':A[W' MB].?WBU:_"!A7<6E)O^(HQ]1VOMCWJA$OT_W>?&NBTF4#^>_!))=G@YR`=Q'+_>N\GSN\.#@Q\_?NQ? MCK-\G`S"NS@/1_N#\>V4$,`8[LV?&L7)WY5'BC?NC]-K>2?`!\7E2\ES<7MQ M=?C81OEF=C"[^'#KLU?_P--[H1#B8'KUX=8L7G:C?"D\^//#^_/!370;]N,D MR\-D4,$2UV!_>G^ M/#RW_J'J`\/H+HT&A5"N!"<.PG20CD?1P54XR/O1S[M1F(3Y.+T_E7]?O"B- MKE:^@1W(JP\0H[RFJ6D[\I9*K^=+>YW.>OWAUL%XDN3I??7>+!KL7X^_'\PO M%D((^P#V'\5P,$E3.7Q7/3>_NN3!810O?T9>6')[]'-PL_S^XLJ2!^+D>Y3E MRQ^975OR4!+&@VSY,]-+2Q[)XL'R!^2%9;?G=^F*^^65)0],LOYU&-X]/',5 M9I?3/IQ?6/U(/\SSU8_)BVE\./9TF>F5Y:T]7-4,RS_?%_H"JGT M?GE5:(W#;*H/OD17O:D6.9R/C'I=KU7A;?WHT> M?KN9CJ6Y4NTOU.;^SVRX=S"%4DP!Q^,DCW[FO?-HD!>*?*:;?YDKY\'\:BR' M]?S.;Z=_G7S#L/\A3(MWPBFKQ?URJHCS^^DOBY_B8?&CG#O2WI1UE>2BSX_/ M?M][`^0?'@A*Z:N#IP_/6CEXULR\%?E=XO&PTK!4G6G^3JHD^:L$"OJ`R!Z3 M\\[!\^N_E!@,'Y^178QE%S\^\WCU$9:?Q51Y%R8?H]C)*V_SB#Q\SNBZ@S7Z;_3B4C4L='@_B?(:K M-XSE/3-K9CZX#I>2VGLS%\K#)>Q>'2Q]^1S-P7,X+U8HSN.?.RP4%79>*#86 MBNB[O+##8E'EYP5C4\$XB:]O=E@NJO2\6&PJ%A]CZ27MKEA4Z7FQ*(O%EVA4 M..R?):K[BS1,LG#J`F1O[\M7IK+R7U$2I>&H^$'^'_=D97.J>V\6SRSC[`5( MHP#MIL?3BJAY#VPGA-Q9#\Y)(?<>93="[JY'ZJ:8>P^Y&T%WU\-V4LZ]Q]^- MF+L;,7!2S'T$0XN8OX]OX_D/+R:"L8RS%Z"MSK>/&'@QMUC,JRZQ%_/M(P9>S%L6 M\Z/LVZY"N^R>-5`]]D-Q<&V):(M[6#G4V*VY:$MK:#W4T(VY>` MM;63W4V&6I=\M+6+W4T$6I=X:Z^+JWX6LM;\?&+(PRT,>=2>OXJ\R=J!=^>T M4'@SUPN%-XV]8&PF&-Z<]F+A37`O%H]BX7?OV;U[;]<%:#<]'B>7"'L/K!,A M=]:#;>0^Y&T-WUL)V4<^_Q=R/F[D8,G!1S'\'0(N:N MK]MTV_WA=SOWO.[]UZ"H/O=>W[WW@L0<[][ MS^_>HLZV!N@N][!W@#= M_4[V!NC.=[$W0'>BB_T^-,OVH74G#/Y(0;N%H=7:08TUPVZZ<4ZN8GX1;J4_ MS](+K->P[L=1G!38%Q'7\8>I>H'U&G87`IENBNS+"*SZTWR]T'I-NR/9!"=E M]F5D-_QATEYDO9;=B82>DR+[,A*,_BQS+[*[K&5=W]/FQL8R1_27%X9=UPR^ M9(TO6>.4]O("ZP5V9S2LKY?DZR4YI6&]P'J!=4O#^F)=OEB7N[8K`OI`2KGX/T`Z)[$LI2>LW5.R,S+Z4$KM^=?K.B.S+*!GL MS]VT.RQC48EPO[[3K^]T2F#]$UB_C\,LX'!-9GQ/W M.?&61/8?_7[O:Q+GO?-H2K?7Z_>+"X_B/"FN%K+\]?S=WIOYC[=1F$W2Z$V< MC0F"P:&\MGC[XM+B[\7S\S\='G\\NCM[W+H[^[!U_.7EW=M$[_?KQ7>_L M[*SWOO?YU<&J5J8?X_'BL827AJ.S9!C]_#VZWPQ#>72L?-5#0\>3-)673N-L M$([^BL+T9';TYV9M]6==/VMHU:N>D#J-1U%Z+'^_'J<;4CJ_#4?RH=Z7Z&Z< MYG%RW3L>W]Z%R7V98>6]"^$I?8#Q[>TX.<_'@[_/;\(TRCY-\D),A\7KEJ%X M?FYIKQ"BZ3W9]`U[O6$TB"6V[/4>D!^^\KUKFGOX(._&@TDA@A?W=QM^<`CZ MO\^:*3_[\,(C^R-5Q)^-'MEY>EG(#]/1["2>#PJARKFRJN> M-303H-D]I_*W;+/&3O^J-O+L-2L:*B15H9GBW\L:>GC-M)F%:CX.LYNC9%C\ MY^3?D_A[.)(/9$?Y<9BF]U(4_@A'D^4?\]GZM9+X%3JP*GN4,,RH>'6@U+`I MJ`I+3>I((2$(82YPJJY&J.-$(./`#4Y/$M9UK##B!&(76#W):-:+'P:$ND#J M20,TNZ"M3/*8"((`@L@:K+3@NX"+@+G)3L M-$J=Z"<5G0:%`-B)GE+0:9@$&%ABT2B=WEA'B@,YJ!HIZD_Y390>95F4+_=L MU1S,@(JRX)1>WJQ132J(5>6Z'7B;:Q-$`6@=G8)>(*1]?`HCO'5L"@/5`+9Z MMPB:Z2Q=#D[KT#8?A>U#ZWP(ZG,5DNI5M;JYI,*OD+$?DJ-Z@,;V@]*7*[8*NX'+" M0"#KX"NH'"05*+>-@$H>@U-JG>BKJ92VL=?;/`)BU@4H=W6)SO!5!T-1G_G2 MD2[1EQ/M1I?H-$\VQ;XP8TH1(BWA'8$"+$H&7^G]S=K5%;"!0/#ROH-V`*J$ M8!CG&+0.4,U+01S3MB$JA4DP!K3U7MX^U:8+W[IP1A%^Y71 ME^ZI5,$VLE!0,'TD""8=C8MZ*T'>02&@'8F[+DM"*AZ.`F@C"27%PP/6T12@ MSR(I%$^`NQ)V?8J'=0-5:9,2Q+"\ M24DWTC4&!!0T"*B`!@%H&]4,<,B"KI"JC&H$:6!RI&B<[QD3E):#F.UB51G5 MTC0!E9()[4)MLC5*-]+ZBCU]A!@@"!B<`775X9&C6MIJ@<$94%=UG7X@_U3V MX;6,5&54!Q!),][@4-%6"4>.:B35NL$)2%M]FX!1((SV?].SD]?$"@3#R*"F MAZ;Q/PFR6O?]-<9#*#$X>!MWE*F(LUL]JA0<(I@;=?.L(5H-OSO6HTJ1,H$` M-3@=&.[3)MD(MWI5,7!(@4%WW&RG-LG-N-6G*F%43!`W&V.SA>G33%6G?;KT M1)UUV2P0<&XT<&N4``PPYHP8M5$W-KW,4L6%@XD,,E7(!AAFBCD,A$&_22%" M899I@#"&Q*`KKI`W,?'-RPCO^Z-@T`-%3[WS8FVY\78!V3!F<,V,:EP;D$ME%I M"LH"U!7I-/14F4&N=KLT2(5C8@5GA#!9> M7KG<*6:5HOR,6"(="BJ!E;=M=8E902,@B,O59#9!/3T;<79#8\L``E@YRKST M[B9MZC(!<-GS;@.;PE0O(&P9F\KX1;2\AZP->"JG?4-4G@?;0*A/EK/CBQ5NWIJOF)RU_!K.H-A]U`2PG:PVC4CI* M"J+6@*G,=YB6#1FSN!3&&`.X?`1%4USU"T MW1&[MK)1R:6+HFZ[%9SJ+0@NAP>Q`Z>N)3^(`NH`(X5P-^%($`<8J9P-0H+* M'E9;.;FFP;1964*09J/HQY4"W'URI.E2@@!0R8PUEO;T`&,#'XE;19 M$52@SF"J9,PJZ;R682HMKEH7J#*G*<(8!"G!W M6%7"F"((,.D.JLHI8(`@#DU"79-.D")(@-'VM>7/.<-&]8^V;#HEC!G5/QJ= MUS=40RBEHK;)<3.7S_=M'R?!H>!LG<987Z]6^1R<_ M[Z(DTS%W$U9>YKNF/=W8=-GG@);M-)M(*.@&45DE;A4)I5B>*"=8;**A9B>P MYX=<6<%"1=<(WAV+-:X_P()W)B?:UC8`@)X?764%"07%0S!_?N:3'224#A@G MY4B63324CAF'O+LAJTWQ<*$Z(2_LH8MQ'H[F%S2D"2A@4SVS]/7-&M:V!E^` M`+:/4"$6P7&`0`<(E?("@J$.^EDEFD@H9J1]B"KCEA8EYDU`7+/P`%!F9@SH MVZ-/*.\`H4+T'W)#XJ5QCA80&)(O;;$$2#FGHGV,*L.4`WCU$I MZ@=A9;%T6QA5EOYQPBM%6W5B-%EN=CK4K82M4U&X1U!)S93KS3M#4%%)N<=0 M4<49FB@L*2);*$A#*MQHE4;&1*4^2B>6D.'ZN(`04W.`)=5BBR(M0?>6F%E1 MI1CB#CBV61X6`1&4`X[=6()FNS$0@@;8!,?ZV(RT(H@1#:UO^0=&R(BKHNU\ M=L@8%+P#B"HE^A&EH`.,*LD1)D1@9$;2%IKI8R$5KAF()OT]0[Z"+6>*%#K" M/7YJ&L9%@HKZR3V&2E5:@8-C4$TW=M^#RH97`#'JVOXQ>P08AEQT,*NVZ.=! M5N1>.[>_##M!%)FR/"SQ\R#CJ'O[S_!1/0)0=2O\:#0:#XJF+\;5)C4D_6I# M7:L;-@567_R_)KQE&2V5J']=2,LV6DJQ_IHPEF6\U+8NU(2N+..E$M>O#5>U MSFM-B*O&Q&L?JL:JHBO-.LM8*3FZ-::<;;34W-O5YIMEO)1"=C4FFV6TU%S9 MU69:0UI5%US3JJWU4)\T:PIJ"\LW+".E9\F&;:3T+-.PC)6FI1F6L=*T'*-U M5FOSDM8`-9^EL(R3GLR$;:3T9",L8Z4G`V$9*3U9AVU(?8[23Y,\R\-D&"?7 M3^R[F_CNJT2B;K)]NRO2+#=A&I71H[TW8'^E9[H)$O,\ME5]*QGWP3Y8Y03@Z&@S&DR1_5U1UB"\GTTQXXYAE'U)0_"D5M5S?J@F4FCQ[RXEL[L[; M3D3!A;>[JA%.]9O[_J'<$LM6[(@?,>_A,*T MX-:7V&)]LBVSGATKTBW_$.TM7+?]0[2XO-WR3]'B*GC+OT2;B^4MT9OU"Q7Z MB$&.NP>Y*S:[KI4)MA-QR68V<6Z>C4Q40AFV#'N3D8PI2>7HZ@XB&,P2"?1\'T<7L:C.(\UG+6! M*ZO'&R!IDY&N0SS(KG'?W-J'B.X<>9631QC8-?IJQR7L''VES24(N4=_3;R: M(^X@)UT;BW'@H#K3MEMO!\FK[.K#P$%MIBWX[J(JUQ>OAVVIO7>3Z&)\='4E M[Y;(FQO>B%)4WHN^MD7]^+2=L@5I^?18VYBHG/0M`L(M9J*D%1EGY1K@MI%1 MVN*,*`_LI;+=HKCV6:PQ(7$`&.I4)6FS!Q&C!'0J,;J,.PA9T.TPUF>I!9!B MBZDH%9(1F)0+M=G&I1N5-#6V/MU%Q4G!R?51ED6YCE)88@,3[TFKAH#J,IF8 M(Y2V6CY@,1V5$"'>)$AD`:GMTOGV\E%*REO31VML*R:GOEK/HD6DNHPLJ<3< MX*12S&^34)H-E+9;SF0O(15W<*-XGP6<=!EA:_E\C/+C,+OYG(Z_Q\-H^/;^ M:Q8-Y7,/CPSR^+N>A'$?2F\%`2VG)QB%)\CRR1SC4$'(0%(6"9NVDP[@B@3V"5R M2GH0!4^.H+>=G%*14PP9+T@C'.KN-5;?AQR1IE5>#4I/(PH MH';UA*XD*F$4NL1,0>,A$C#BD#RZJO&T&7E"D.:C;(5A.+M=;\3OF8FW>=L& M(9LQ\NRGMKV9YP"W!H:>_>RV4WSV\VIB[-G`3LWVP`K+10 MS@K`:@M(;("LID)L0*R@'%H>?O5&SZ(*6DM87%,%&HL96@'81E6@TYJP`;&" M*E`9?6N,B=,X"9.![A5@3PNX;MZX0@4+1#M!R5^&U&/6QB%>3DM);LBN>.4J&Q7^*!.'W M<%38A)\EG")+6-TRT+PL'(&8\])">)76C<+65?L-$,9=HZ>0^R/".7(*.A`B M@0/J&L,&R_W=(*B@%3&&'%`+&:ZQ!"G'Q,:.T;;R'P+`"':-H,+J?\I0N9Z& M(_Q4E",#R+D.;+(%P`V&2@4J(0%<1Q^NJGO\+LX&HW$V2:,+R>/M:#SX>R/= M^.:?H_RWNUZ6WX^BUWNW87H=)X<]<)?+__W\K7+O>7PK[>PD^M%+ MQ[=A\NOLAU][F01]]=O>/Z_SWSY^NCCIO>WU>U].WA]=G+SK?3[Z+"#;2F(@=@Q+>X&]7Q:MF9;5F]'TI'M& MBO;77Y(]3VE>G"?)*2".7M,D3Y%=11:KZOPSN/IR_NGR_-W5AU\_7:KN7O?4 MA__\IUUV_=_97>_-7^2;\F9A#PK_RZQ3?)6]_'M0]XN;QS?!EMV^'U1R@Q_T M;_/@,<^J.LB[\@002/&V;@-&(%!"#K)N6WTC?U0?O!G(']7+7\E/%MU^*1N\ M5S0'07]J0H.'HG\;W*LU-ZB#;%)(IKS1K7QMJ!&"7E.;&F1+K?%XG M,TL!=+.O^L69]QP$62T%W>F4#_7W!YVO(RV3#604%&HQ]8M^1_Y>KI&L*__K M#N33>OW<31Z^R?/@6NJ)=B"[>"6^':V0[.O7*O\JUXQ4!'5?_3;K=(),+1C] M7*N\ZW7R/^38LY;406HU7C_J)\M1-E+0&0ZL-QF81-;)Z[KIXDY5851-M_*J MGQ7=Z0].CU$ME"KOE95N58ZXEI\LY(@K^567<%RO[U?!U7-D1:VQ5(6600.^ M-12UTH&3.Y^[K*T[RC/Y>M9:BRO9KNY7`TC3L6SEAR4Z+?W1*3_(^JL;DJ*[ MSSL-B@6BTL*1ED5U]41D\A4?5&J>U&A47_-$.I3C.*-L>E&IMZY:7UME5;[6 MF[JWE[*O5\:PEX>BW;_]/DC8MV^"Z[)JY]7+EAQ9UJOS[X/1=P9]#U_JEYW\ M1CU0=-^\&+:K;+9U<+:,X+7_0KG9.Z&\S7YU62NGG9Z%-5V+:7[M9([ ML+8RA&7U??"75NOFIM5Z$VRE]8*AI>71M\T3S7DW(&()SN$SY-NY-GW^,PM[ M'K7RS9H/5\K9,'E:#!\G:0HB9=N,8"T<-F*/0D@C6`[-+/X8[NDRT@$@OFS^!,*-/%H\3,.E!]G\>]<[R>6R3;BD/#0 MF[7"HP3BI7M;M_"UB:?A52TY/67HZNAO-DTO34/!)! MI0$WV\)O)P/?)"B-0)K,TYXHP#67((DABLT.T)O(X*"V]=D(Z2NQU2R;/C]W M,G0C0;L<7'?R15.][%QLV.CT),N=7P@L,MK]H1!GA1BS%$**(MQ"A((38&;[ MR@U%.*-N7NM+QLG/>*N)-VCKWVHNVY[AK2;>:KHK2;S5=.%6,\#+S!5;!%\N M,ZG<'@EJY-7QYD8O9I`(LYVA+]!)I([@^YIVO,P<.8%%"C$W\A59[03F$5"V MS%OJ&!S"0(0[Q8.7F1,_::+TJS^K)8I`>'29R4@,U,P+:Z_>M^TR,Z9RK:ZC9IVQ?EQ(7(M,?):&^$(GQVMQZ&P&.S8'0G;S5W MU<.JU%B=Y&J0QFIG%FL<[O&^]^"7O!9N)N9=Q.@#WP:9J&[!,[Z2MNS`-'Q# M(N[XA0V/!(3A:=Y:B'"/T/'28ISE8"QFJ[T]:J^T8SSHY9](EQOK(ZM72RPH MB".M%M_=XGSW;^)Q_>'2#'M7]Q-/M7Y23%R)-(HBW?%?< M\N%-X]E5$<3S3F>I8^^AD!^XSK6##W3YRW+05P4R\RJO^Q#Z;C.%_ZG'[ZKN5Q0?/ M=>.+JWN6_6PYQJS5J@:RV0?99_`-92KQ6/Y+="/JYY0F$!(&.I@AELV3'X]?OF&YEU50,RV8N*#.9+7M1[/3( M>YN!9>$6%YWSNQK@,?U;\QSR6Y[QS=S.^I&75CDIC@T`?>-6+@MKD!SI,B]^ M>IFW+*ID+Q=:&\[`N)EP5%>1"6#1OHH+HA".JL,L\\+[H\.&)Q&7-1GZWS== MF>AY/[#LT.=^1'?Q)K811?@DQX%!E!ZBF)+__G;M=M0NS"D.J4.YVC\O=K4O M<*@>5$)'FIB?AJY4Y0_-VG=%MZC[2A;W^<11/:;ZN7XTY//:!V%73O6^'FVA1X#HV:IO_<=/8E># ME],NY*R_T.E7Y;TJKW/UZ!RN^H9+?3E+^C@>5:H7V85R#(X&T2\W<6!.^97_ M]GI0O_R:9;WOO^0=":6M/O9X567=.FMI1^3[HFYURGI0Y5=2K&\[9>NWO__Y M3__UM]%S%[\/BO[CQ[Q_6[8_=._SNJ^ZG?>8II^7/WS);WYX\:[Y_E\__O/B M7XR\E-)[J>3VXN][G\E/OUY=!._D_'WX]+\7EUDJOXE9YU^OD?^1-D'G0'=Q=-Q'P M*WJ28VDZ,QC_DI?Y^G'HM,>H;?3)HT\>??)6!"`R1\NJ[`R_V1$0O?/&CB?F M42WXXY2.]M\K;U8;T>HUPHR<]<2+OWX'LL?"V*XB+ MWO>=^8[WT?K,58N1QD,Y+HQS.:7JQ_OP4JY;**)Q][6+NE?6\@/E39"K:Y)Y>ZK\E9>W.XJO8P"O36$>%E-U_AN)_N>UB/HE<59:7'?=C@ M[O.@'MS)-AY'P>C-V(HFUGA2"4.5DGXBRJ*VS]&YIX+1X2MQG)+1YFR*+;2\<0[`CD?BZM`M(7X^I/BF.7%=F_I_2)-< M=1Y=U!@NBQW?N*W$]V%X`^SU MV^AZ\Q8NC`<]DMEA4T[4:F\GYR`)V/X*PIHKH#VB^-( M$2",NAX!,@IA,\B<`9`3?++C9&O@;)J:.4#,J(!2.QOY8C1WC?OH;Z!6K M+^P]JA['(Q#$H_17G@!-78ZGF'F#+8O*VJE0R11\4.]H`'8^;\ MLUO>(/%G3IRNIHU1C)N^71C$B/5[=R2[-`5N>`Y'`1Y!@#9$T8Y_/8JV(E2% M6ZDFKQ3SDL&L^Q,.NM7,8U3MT!UX&E+<4WT0DD"T91F=4Q&E5)4-9*JN![HED<%5311(,0)UY'08Z_\XF!M-R6]1@P]V2J&WI'H M=H+1[1C=[FST'$:W^S%T2Z+\,,P:H]LM'CN^<1C=[M;(,;K=B;?0F8!^(0A3") M@-!#!&A[+$3"8B#"S"^-4>[;1[E_(XBZ#U`UR=7LM57$O-U]?416=;#@"'8JG([[[>757C\*_E8";P264Q&\4#>2(F%058L\S MQ3ZY+'Y]BN^R4++^?5!4\A/]4H[]MWQN"D&M_JJ>6A$8K_@KZ_S)H].6S7*_%[]M>[EK>*FD'_OR)8Z M6E(3TDW96M9MOY:+9MB>_,MA(_B/OY04K>CLI$R1[*XB#$#&4&0,1<907QE# M5T;1;.GD-`L7L-!+>VP`ASWY+^*/799!:V6`T8@_5800AOL*-W%%!@3B=%^1 M5GAE/W%'4REG?]AD=P\'+X='5ZH)".%/A,?NX>"5)%Y)HNR.KT314?SDJH(` MB]#5OHT$&1!^"+Y5J_WL^I=%MYUW]4UJX]3;1+Q9[JB5!Q(#^?A:9RD;O+])K?UJW`(GS-9F_2W=+06._`+O/Q..#) MG-6I+\-7RE'_/&9%_7*H.Z*1>^/=W#NO7E:T]65'OPRN\^;'E?"G$`H"@IL58/0% M/6$0A2%$L5ETCD6Y>NNH`JO=*OOJ%B'9#\E:XZG;.V_]/BB&(3VMLN[KF(OE MAM&N24N!Q`0X\R>WA0`E"22ID;JV'%$L=Q_"[/8.K8Z=^@PAN0#);JMS^=AM MR[ZFK(Z.+W7)[IRQ"+@PS[C]SBX8=H7H6(,$C0MJ8H3DIG%Y-[@;=*09N=<5 MUJ?<@.[9&.VT,ZLO9:.1.2,A)!NBKM>5E0Z M8:M3UG63%#6=P^66L8F!A0R2Q+S,DVV*.HEBX*&Y`\TV'!22B`!+=G',1)N# M"AHAV6)SYH5A;&Z(E/7)-SW@'#Z0Y3`!O&"N\%%A* M@88[JLQT4K(C%$1(($KV)CPTYFCY$)(MQMSLC?E@%,@M_QI<9YVLV\J#^C;/ M^Y8=&_$"R7,D!S,U+)Q;F@X-#4*R%9+=AF:41A3<-J6XFK)<6Y2%"MJK&9GI MD-GZ-I/G4E4?[%KQ,`^+A+65P5-/3[7:B'>8Y#0:7-9J:9;LI\^M.-Q.F@IN MBJZTF85LJ^YG_;PQMYD*;YS,9_`^;^5WU]+"CIF6S^I<#SL/SFUS!C*>R/.8 M^\Y9PH'R92DJ;L!(&:1X&>BP\D9(+D!RT<1FSX+JGZ?CSK.2XP:&UDXEH&5U MG??'-2-7V&>+K1Y26T8&[H1H3D`B2[ M+=A&MXBZ=+,N:'Q;28MS)X^2M_6STV!CXM8P6V,K^.2X5U23`Z$V@3/GM?9` M5[UM%S:4";D9'4IOM(`%I_"&-_*$>(RR")/8G_6Y_SM/#EZ[QN,[*XDDZ M?D&.TZBNLIRKVQ>,!ZJELI/Z0ANIOD4"V*XG'(I#&\%G970N?A\4_4>U"]-Q MS2M+`NC-F_)>?.T6_]$V9S#FO,B;MN[R_FW95DT-??NJK17[M">6R\Z:S&=< M%:9F0.A6Q:G=Q9\`BR(09EM`?^"GD$0AQ'S'\-&G@@X(A.2<*5UR*]`I'V03 MK?(N#V[+0:TOTN>4EAO;4OW0]:.[/G]&.`CJCV<@B2!-S?W^ML(A+`22['1Z MT&BAAD=(;AHM7_-:MTAKM75Y;IK>:BN>S=-@T;+UC.5#:)5@8Z%W'^;/.*(,PY$"7QABL M.W'&5LMUZ<4@"(%H*9\C"F^!\"*(N"IFN$?A(6L;LK8Y$TUHUWEI;:*O90FKHX/"&Q$PQV$7`A%&^FC_P M"?`P`9YN%66&OAGK3OT(R05(UEI/W9[S'&X4&$U`F!%46KT,)2(2JKAH;Q`1 M$%1`N-LY0JN#*AHAN6EU/.!P\Z?B([+1H7&Q16TA)!<@V6U)7J<'"(B@+-=S`D:'=30",D6HX,<;OMI>N;8P2#B7!H"HTKKF-?1"(]#&J<0 MFMD>%)X67@*J?@5A.\J+06-NBYE`2"Y`LOL$B1QN=JY%1'+;DMAU%02O9V?J=)C=2,PAX4:!_5:Z.H47KF>10H2T.`YK=(3D`B07 M[2X2NSU7EY%0=&@8>F@-DK,H9!";.?^1V.]%J+,$)%&$)3J#V2G"HDBL'8GH[ M,(6:N]U9NXM#5K;U3?QS6JX(DC"$A)A55/:(E4Q$0F[@S**7O($O%#^":44) M)&6S]:2-D%R`9*TE7>+1/SE2-L(A9OX)/W:`(4C.3;4WD%UHLA.0< M)+LMEJ]IJIMGJ=JZ.C?/5K47T:99JVB,K%-S",D%2$C)9EL*H'*B(9_8!G*C MD,9FA;I1<$IP5-6-W5NR+II?M%4(R9:S(/*O'9L$BX(0$:1FB3?((-8(CX-B M(3>]7T7A:>$1X)1`3/:X\I!^;7OZ-8+T:QCP-XDRNBK[66=O(SP^OFKP#NXRJ`QG77&1$+_#E1DVD M`IA9E`%2KUE_X$=(+D"RUHSJ]IRG7I/*/6;2MC'S=&%;UR&1NCJ2B(P\$U8C MHA"%<@]B1OV*9L=.A8:07(!DM]GQ@'L-&X_<+#B)Q@4A.0?);N/B$?>: MD`>!>(-MLV5&YHS(,XW[);;..$F`8F$JAS470G(!DC/VQ:NTEC.JZ@THVI!= M:+@C&QP((PYIY+[-$2`X!\9W@02M#JIHA&2+U4'ZM?TT/5-*-H4PY4"B[<(\ M3S.;@X3`TQAXC#E$&PA/'A4YA8@MB\O:2GAHS='T(21;K+G9&X/\:W:N141R MW.LPY%]#2(Y!LMO0'(5_C1R6?VUAHNABIK5@,J%/F=9"BXO?G<4I`1J[[Y^E MD3P=&9V,K(21,D@IW@>ZJ[P1D@N07#2QJZG6YEM)GZG6"*2,09B81[9;AR11 MI''N&S`N&/#$O.P?6C!;="-"<@&2W18,J=8.NL0(D#B!6/A3;96(&-(-SG.V MXMF?\Q1YUK#LRDY'>'Q$_XQ_ZNM!(=O6 MWRT\9^[B`FC,(!1F]8.]82Y+@1,J-[T1M;I.83D`B1D;[,L@Y"%5)XOS-Q(KERS'"@' M4W`I0;.BYYB\*IOAL:H9;K1!VFCIH45&\X60;#D?(J';L6FUJ``F8HC%=JKW M1$G)Y*$^"B%"1K=-A!<#IPR(X:TU,KHAHQN&%AX_+&W96^O*F7`5QF7L3;Y@ M7$;1A!QN+G*X;>IVRC$20B$&9DVJY(VV;N^H,(;D`Z=AALDC;MINF9XX=$40\E7OV':6_G%+RQAD1P%)Y M_#0KZXO"T$+@(4)I,F.DE_0F-MB)A"2"Y#L/D$B:YN=:Q&1'/U;3*?@5.L;5$8RO.L>:DXVW"0<*,"?K;!$"E$X2[N-/$LA_8( M(?ED8I&U;8[U2@6PI>P.3JA]?PZ)T$V!D)RSI$ON#DZ.T(T2B!(CJV#U2DXB2#V"(]%0HPAP:\+)T&(A).<@ MV6VQ?,U]W3SUU=;5N7D*K+V(-DV%16-DG9I#2"Y`0C(W^_(*(VY6PQOS,;7< M.,1IA((S%IPJ1!OMC?L.S2_:*H1DRUD0F=N.39\E3VUI!,PLQP>YQQKA,8@3 M`2'9SEJ=J/`410B%B&ZW1T+BMJ?$;6/--D6V-IO-OV9F1]9_EJS8L+@A==O. MPPC7"_0AK/&)_OKQ[8=/%^^#RW]\_'C^Y6Z MAGW3H8T6\9ZV2)Y'6UDTE'W&_-D3,7E5]K/.WD9X?'RCB-!ECFI?,"[;+MC- M-#A"ICYW?GDY3TU[>*1$2"Y`VH=;[/2DB)!<@&1MP,.S8/>W@^+_V;O:WC:. M)/WY#KC_,`@20'LH9?O])9L-H)5D@(`M&38-W'TR&)I.B)-%'4GEG/SZZQZ2 MLB69(_5PAJR>J6"#<"6*G*>FIY[J[NKGN8KO6I16LM-/-_/9'ZL5JCNKV-%X MO.J0"+.W#Y.;^60\+3V.*@*&TC!4>%#:`A-M.88BQV_`6052)/6#=`:^<&`Y M!V;35M+(+Q9[KB5(.4#:`R,^^_EX&:@.5\RY!,$5Z#0O;]3#B(=T*P+C=.>X MO`#N!%C1:!L\L0:E6(*$91[55/?>6M^L(A1=ZZD2$IA7X$S:2=AYK2[K$W43S_4.TG[;[&MU]=7*CYGW1/&0'*TQ MH/AN#DBI8>A8&$.YHQ@#QAIK:NQC%*4#KEWJ6>R:422Z)FXC2(>?::][5!*Y M^N7@Y%^#EX/AX/QM<7)Q5KP^>3.\.'_S=@5IU7!_>O)Z,#QY61R=G;\8G`Z& MR"1!:"SV%Q*1#PTE@G1X\JFC#_)J-E_^-OIMLFJ1&<^N%\OY[;BTP;B:C:X7 MX2__+,]]-'ZGTEH>5O,[RT,]K<&HI$,OK0^Z&E`D`^,,"(]+=ZH.$@]1.]SI M]L2VB5,H`1.D;#CE9"4#?,<=);6,QN/Y[>1#,?E\,[E>3)#)23E@0H$TC>KF M'1215!*$[(Z8E`3%!6C3:,L-L0RE9(*$A64::U"YFHY^G5Y-E]-OTDQ7FP-B M#[QS8%U#JDF][+#PL0M2IDF^4P3O]\8J*<&SM(,HU*.2#R\0I!P@H9>"[&=V M](&E96!IGV8J0QQS;S(H@(79H#!4ZM0/HE+1\!%DXI%1E$R]PVH5;;83I(P@ M'6I2OGIN_.9A_]=LL9Q=%Z=K5]_AZ'-QNO*[*?UQ!H-!\?+'US_BNB-'\2`' M"VFO4@7GV]^++`4<6="<@ZETL)30Z=P>Q6[4.A+!M(WM,.VPPR`Z)BXJX>0 M]DG'='"9#B[O,XQT<+F)*![NX/*A+4;(320'-Y$\+$2*X^+T\F(XN'AW?O9< M$B8[D9Y?2C_L1#96%%5SP%Q:-9["6'6\KRL8JS;ND*ZH/T`6WT>6(@0)$R2R M%*&!T1=(:,^S]MA21&K0RH/S:?#N\0 M>Q"D')J*\#F**!#1=-UU1]T@&GE;D*)+B*37M3JMB330I2."E`.D;/4:>F8F2-E"(C\1E)U0 M2H/4#HRF?K)=^LDX,,=W[I?O>12%!6LL:+N/L4AL3=1&D`X_S][8B9!S"`V[ M+D(BGJ&A1)`.SS.)73'EYV7E'*(\:./B/`35F*MCM\%!1DF0M+5CC$@$`Q]G M-;)1)$0IE'\)4IZ4DJ%Q"`<>-=VE0E*&(9G/F+ M(.4`*=M&E'X:AQ@0TH-+DQ*E3HH'K&F=!Y]F3T4Q?-`5%8TDI4FJI7!WHTCV M6!*6R)L@(89$OB$HH%4XXRVD`A2 MMI#(-01?=CR*AG/2@M=$+>G!T\`U!]W46=L^Q4YI#U8A6F\B4B8&ZR$D\@[9 MFL3HD'+>4:1#RDU$\7"'E`]M';+&LW%BN)^W,O$38>0G@M=/Y+ED?#@9\(Y[ M'P;^XPJ;^^N8*Q2`44Z4[^/K.+0$OF&$"1$D.AH M$@TE@G1XXDAL*NRQTPC7'KQ2($7:LD%GO#8XR&BZJM)Z7;H"7TDP6@-+W!DC MJQ'LN98@Y0`)TZ8G/JL1'HW9=4A0N.1V=H$D@'L&+,W8"C4B68H["=NH"`>Q M!J58@H1E'D5>([7/ZX726D@0F@X]U@^B#I-3!;RIGOI>QC`P=!R'LGW#%J)N MXCF"=!CJICZ^NKU3C(&5,4'N1M1];T%SX+0`5;FM3E%\(HHZ:C$9T&PWASIR M&\%,!`0I!TB(6EW(;:0_PZZ#D(AG:"@1I,/S3&)G3/EY6;F-<._"5$Z#3A.: M:WW0U;$;L<",!&>S1Z(9:!#R('K2)Q) M-ET4PP>=L%$IDZ494%)'2D;,0)!R@$26(RBSHQ1@O`5#IE8[1%$ZT$:!4E3L MU`^B8>"T"TS=?K5#GB,9$`9!R@$2>8[4OR-'(LHZ6K`ZW8<960HXXC'O(5!Y7VE%/LRID6L%): M?[>6=22Z:;0219"RA42V(_BRXY'DX.,2BB1:KN.C9GG@%]'0'D>O8J=#.<-! M)\J2)<2.Z)BXBR#AH&,ZJ$P'E?<:1CJHW$`4#W=0&9OCR(.O7?UW;3Q"/B,/ MOH%\1K;YC!3'Q>GEQ7!P\>[\[+E\7/_C5Z-X[I>6M9;'&TH>*Q:4N)%,7[5.VCLS,8MX]F46)KHC:"=/AY M-CF)T+#K,B3B&1I*!.GP/)/8%5-^7E9.(MJ""/,0CVR#K8Z1"`<7UX[3['\Q M(A&QO<0#5TFS:Z(4G,F*(.4`"3>EY&@D`M)Z<")=70[KP!,@-`/&DL0:4"/B M((0&E28+13R#,X,1I!P@9=N*TD\G$0O2:V`[[M#TNY#*#QP M[T'*]LU8R$ M(.4`B4Q$MB8O.J*<=Q3IB'(343S<$>7^>8@LEJ/E2G3D&`_/'(7X>0N@LE=Y.WP9'C^ZOQB^+:X?%%'Q;6PWJKJ`NH*QJA[#L^`>7[^9 M_#&YOFWAM"N^B2!!R@'2WCJ<8ZWUV"CA3?A=91K&J'H?YH&6&;"^GZ+_NNRG ML(D>D%U!;T%X#=JDS5Y;<#S8VYFH\LDM/VT0:7BR6)8G;F>QX01%>;"?C06G M8SL4G=O9H6-"&_!I#644P0<1U.!V--_%U$[=\K(!YL*+(.4`:?]'G/J;W*0* M917?2W[K;A!#::H\F$JW58KA4^?K MN`)L@-DPE92-"MH=%)$U%J3&)9JX"QX>Y09!-2L#><`CJE^>B+.OG&97NFF? M9N%K_MIF/7O`F^!`J-@'BTO!52&H\]K MU=KI]>)V/KH>(]NVD^"]#T,J:24:]7`RUJ9._U#C<)\6+R\ M?/OX>.;V=)?YZ>\C!49H8&ZWJ=I744@1M\D]>%8PT&D[HA2Z5>A\")W5N[46 M5H:NO4.#_4K.!"D'2!@H-%'XYV*R+*YFBT4QNKJ:C4=1[6(Y*YZI,_V?/4J5 M"IC2((AG:E&T9.#8;NW7/0T=!\99''M$TMC3/T'*`1(&DJZ@WEE=R?K<$YVV M'JQK<2[2V=#QN-K<&#_46F_./(+.@^B#]-X]5;BUB-MR=E-^TU>J#NR'A*_< MB,%M`E$NA!1:D?>*=#!77 M]LM+5_[MYO^%+YM/%C>3\7+ZQ^3J3XB*A26#7,^6X3?CV6_7I<)A(+')2J1P M\K^WT^6?Q:?)\O?9A_CVT)R>*X.+V\&`XNWIV?/;<21=K: MTWF)1TS7T@^YR3O":^TJ\6"LFMAT!6/5`A^>WHSXFB0G"1(J2"0Y^63T'ZD. M>O!.@4L[J],9S44#0@D0B2MF74&_,H.2*FU/B10GL^\,%9Z!K!2WIM[:I_02 M.>C*>I0B^$0$&0.5)NV"1@GK`"L'F.LN@I0#)%*LU) M#IQY8)7;V'D-)R=DZGD-U'B43^XMSH)%LM"<%*!$F`^GN2^@'DX7 MR'?4X.CWDJT5H"T%<(?-%Q%FTAY MW0VB#=/14**2X.0.,=1@56SJ(L')#J1T@I0#)#Q"'/T3G'3&@-^1=/LIMG$4 M)FAQ\3=ML92"MQYW*AHJD)85^N1,D'*`A(%"27"RG52Y5I(AEJE#T6OI'0I> M>O#6.D5$T=B3/T'*`1(&BJX@WM[*3?)`KY*U.!/I;N@L`R];)(CN1DY9#4RW M*"%.^I((]"7C[R.\S3OBZ^/%]*_)URORJZE,_-43G[]U,YT4*:M'^;<"1XJ4 MK2E2LGXJ4JX^^BX'Y21.^=Q:%6GKSS8UNMV^B2[EV7.8CJE1#F?5$FBY-$P\ MI=)8->?I"L:JE3\\31OQ-2E1$B14D$B)\LGH/U(CE`Z,\V!5/\48#83Z'[Q( M4PSJ"OHPTU8FA,"D+2:2%F7V3:-1GL*#H$4GP(O9S9ZQI3)*4S]$E,CZ, M6Y)4W&'A5H/7Y&55/X!6A=E$)W2Q:(.9(.4`B20I#RD"';T*'+BTZ3EQQH/= M#*$=:)+UW*5P$2#BEE#:,BI6[B5-2H*$'Q(>M8[^:5(:T-J#WM&`H:?*$EX: M$&VJ-G4W=!PT<\#3''A(\HH8AR#A)5%2I6PG66KP/.X-D2YEC>`Y&^;%9K>U MZ)Z&+I"T8L`,Z5*B3_\$*0=(&$CZCGJGU^/9ITEQ%"GX;R10N9H.JW+]C\BB M1I'B@9%`98W(20[.-[;^\MSL0SJ5]U+PWG0JOS5OB:\?"4NNZ]920G)=AI6O MA9?@I%[]7*ZF!BMI26,9",LZ+2U)*I*D(DDJDF^+X^+T\F(XN'AW?O;<*A-I MYT['91P174H_%"7O.*ZUJ\2#L:K3HRL8JR9C>-HNXFM2E21(J""1JN23T7\L M+,B!.0DZ[<1Y9W05#0AA0:FT);"NH%=@.0OWOBU%41*53"X/]J1X)20802=^ MZD=0,`E2DV!8_0AR;<#LV(A'DI(H"B^"E`,DDI3<8W+CH%CTP:+#*?6#:$"5 M;F,4P_HQ5.",!:':/YQ,BI+$.OV`1(J27XN>2`=,-ZK"=E!$'*14P--:>Y`C M8DZ`YH?1.2)-R?6#8I0#F]9KAWQ869Y\E`XY(J%9N$^'TD.T]'/)?AP*ON5%<"F#=@6:,5,*E)HEMQ%"S,IP[;;^$,9BF6XM5TXIVEPE2#I!(3_*0^4Z"#+-S+MN7T.UN$&TL3N/9 M0XIA?2EQ<"&&QI*<9`=2.D'*`1(>D8W^R4E&*0,)/FW[FW0@-L$3-FZ)DA9G M'2U.%5LO6AQWI%1%C-,?2!A(E.0D6^.9E88,\4PM3<25Z`X%KX:\VDJAB$@: M>_HG2#E`PD#2=]1+,`1>D/9P>.J$M\!U->%)#T+$0'@DK@)M]38E) M4/)>$MZ;H&3\?82W>4=\?;R8_C7Y>IU^-;V)OWKB\[=NL9,^Y:-Q_O/?;Q?' MOXU&-S^=EU_RJOR.P?4?D\6RU&L\FR[&X>INYY-A".N_`B/^SR__\>__%O[W M\Z_CY7@ZG?YTLEB$6,_F+U?2C:_7'+DYW+29MH[#G0L?\6;R\9_?G:Y>OS]9 MO+_\^%[RXU>C^;%@G'\78$]7[WGW]NR[@&T\_32Z6L0A^@O[^>]IW_E+6Y?Y M_NU&T/+M>'(]FD]G)Y^GB_>K6_QB^G$YF5R_*O4INP#H[?1SQP!%E;-N03J/ MI-DI1!?3ZTENB$0FE]FU_%4-*,/\]02@'/-7-:0<\U_#6]5M. M5C5B`V77,;=2.J/,EV*Q\BN;OKB&DM5Q`,&M9QA1/#]#'5O-A!(X422DI6/# MG=!*8<21D(N.E;%>.I0P$A*04LPJ+PZ#HKIH"ME'"Z.E/=#%-99]A/+.'RB' M-E4?'5MCC-!>^ M>G%RN_Q]MG(C22V)%K^/0NWUX**%8.4_3Y9NE=>R)S"UDEC'86_+>EV'O35- M=ASXUKS:<=Q;$W'VN$6GP/0S1]>K3+L.N[LYNF;MVW'<>>3HL^EB.9_^>AN5 M^%Y/YO'S+C_>_XL[!X8:RX[O;R;S]V\CX`=X>2K2A`M%$(6Z*PP4K[2U#(I7 MZJH)12QQ?88"EK@2U-.`"8K"+FOK%"]BOG;W"RABQ'SM[H%D$K!RTCA8+&X; MVS?AWAO.1)W)Z^HZ]@"BN;4XZ2S3]:;J.-`F+<%I);S*^=XFKKSI^@LQ./"F M+;A)PXW(&6[:.IMB#OO=?7H+)(-TV^#61P;IML$=CPS2;:,;'1FDVR;W-S)( MMTUN:S23;I_50]1B59OZ_2U>=`MI-1=T]=)H-NAJILU<\-5,D[G`JYD6\2D$UD>OT4+3>(_V-C6; M2A.G"VAPIJ52Y>,-S?*.=BB5'K@@?0ATL^#Y9A(N?CR]6KF?7WY\,8VNM=/1 MU=W57DR6@U*D\N5LL1C.5J^'H\]O)LO;^?4WQ+J^&8X7_WU^+]W^TJ38W<7E M\+PX*XZ+-^>GEQ>G@Y>#D^'@\J*X?%&\&%R#D^&YZ_.+X9%=)@8 M7)Q>OCHOCJ+3Q-^*X>7F!\.3_PJ?,GSWYN*A;E[[RGPW57)RQ8.O7?UW)7^7 M>`4O9O.-[NAR]+FXN9W?S!;Q/5'Y[6/4]YY/;F;SY:*X792";\799%P.S$+R MXL])N(>3ZP\_%L/P]B@'OD+D!+?_B-_\4-0T"M=]W`RK]4>7'QN^*'[_O!Q( M=Y=1OC]>2?RB(GQ1F/&%83/^/7PY%''P%--%J5H7QVWXY2C^R=75[/\6/^W_ MGMU34US+#'K]PS^*M0+E.%S9Z&8Q^:G8O*HAJ[@1;5]I':X_^DY2<4>)Q5K2 MS?LWGAI'RIM'597IQD9AU_`?MJF`;R/,#4,^+72[^>QZ`NK%@T^I$EK^^H]7 M*LI?)(37?VX%,)5D9__P`IX%`R-T+B4(4976NHO]B!L#/-$]^<$E[&!545>\ M_]G&.?TR32!(.4!"RWKEYUW>3/Z?O:OM;1Q'TI_O@/L/PN(6\`#LC-Y?MN<6 MR*0[,][K21KIS`![7Q:R3"?:MBVO9"6=_?5714JR_!+'V1+** MQ2H6JYYB&@I+-I;G%=7E%O?Q#.P<%DH'OX['#[*P>#A\`!O(U9JXGJ$SPVFD MTI^]A>*$9)B@FH/.K*:>P;RM'M*N12FFAX@3S$DX#>_$ M^;4VXES<=+$@3!OR81ZA`>J5OTFOJWX(JFU)'T'V[.[(X,W\ZG%]("YCLF"/1P35<7(9+;O M,W>/;;VJ%+F.#C0UNJ>>;(::VHA(:@-):OLKVX_#,!3$UV[H>RDT5%SAM^7Z M/K7FO6-* M:F[3MIAM-0JX*TF'Y;G@S1[BB)#L#REK(DD5^[,IA;.A4?H0CT8\Y=.(:\.< M:_,$O*$,!B23Q=$[$F:I+.U_"P]> ML/4_"@#FXF]"Z1)*=WW."*6K",)SVZ%>6QRFEVCZ\OU]2S/8D[0W+^D`(TJ:H](:@-) M:ANGMX+)-2T/]N4=*'9G.\SV6E_LKN>Y3&^6*$#&1RFU1B2U@:13XW0(D+NG ME.P+BL1:.P:SK&;Y9P3)%;;59X'9+'F-&">$3K?`)6ZT*2$HKOK&@TAJ`TFG M-O$$Q3TV`-)T\(*0U]6*>.L84H/9%D;E#L;%)@:^YR!O#X9K,\]PF:V_S3MS>X;N M,&=KA8$7A]`V%'+/]`P6-+N0D:"XJI[Q$$EM($E9@[=#&F);H+@!L_S6IXCW M7&8V*YJK)!4>L_1#Y$&252$53"2UTZIT&H%K.@XHZN[`JXS`8([9G>L/32=@ MGDU`JPYH.2*I#201('DN@7/;J_B( MI#:0I+9Y>BO@7"RJ8#+3:7]@Q[0,9C4K_JTD'1;083MT87M[-1N1U`:23@W> M(7SNGE*R]Z6E8![`26E6LX]@IG*;8#O,:>;>$>03()4`N`7*;[$O4`7/2W;C=H)'NQMVK)QK*Z9V1G;V.-PC*=3R$Y;YF!#O1 MH2+M/=,PF.^\"H_<-DBNS7S;9[ISK*N!Z12.CJR(I-89OAT2$5L"SK69L.Y6IIO,-QWF-@LU*RU&O@WTV!TJ4,%T'R@R"*#;`6U$)+6! M)+4]%@+HBBP?,["8;[7_]D*#.9:`&[>>$M?3F>D=`FI,YHET.9'43O/T5@"Z MM@[VIQE^1$FM;=C6@6J6GI8.WV2F?0B4,1D?TM1$DBK&A]"Y)\9)>@[SZ0;8 MYHS#,KD'8MM.P^P:_WH.TTV'V?;1P,UDZ,DJ$DFJ&GJ"Z!X;*FDPK!YA>LTR MSND6W16_T_68VZR`/$%UI?PY#O.:Q35;?H/NX;"YB*D=5GY-I@WX_)'SJ0#$ MQM,'GLTG(D$Z?N%L+5OS;83[LX@59?-PSF5;BR?FRTA;DVEAR@E@^Z8!MG3C M;7=HI!MO]^J)AG)Z-V)G?V$-7-MO9#;?U3V+52=BVXY:11AFSPJ8;YO,/?3E MJ(J3';#```_(;58KINU4PW[--F&R_5>A;ND\3963&B*I#22IE(C^,0/W)D2; MEMVCYY:,1-Y@55)I?I]RKDW`/;K/-I56,M6:,*PU!THM<#N0#6BYS&]V(J4&DR7,JI1"*I#22I;;CZDUD8IZ(4A'"-XFDMKO;R M^:!:$]C#RPPQ7]WOP(6&KL=LO?UY]R98'(-9/ETHU5X51B2U@22U#&"%5Y:P[=>P,YMLV\ZV#S@V9$]*]1-)IS,D! M\$[/E1GZ_GE&WP+C$0XLYGL_L8%-X M]+`\)`M-YHQ(4L7A.Q!TJ5GZ89@5$3&^*=[UG(IM.62DD>-&4"5B7JN8IPI, MJ4[/$>X5).S22@^$75($]T*7`W:#1KH<<*^>:"BG]R5V=AH(OU2#M+C,]!UF MZ&_J\CR$+[D>\[UFYTUMI]I@IF,PSR/T4B<.:XBD-I!$Z*7C98+9F-'FMQ[S MT[,<#X&EK:<#K(L1'&(ZR*20_B626N=9B?8(N/3>9;ZN,_^P-P^=E**`.:X# M-JIY%KRJ%#F8"\^K04W:![9(S$RR(R2RK M.PZ,9?C,,@]ZM3L9%=+`1-)IC`K!E_9`C=BVSW2[$823D#99[)E1)(J/A]AE]:GI[T($F(>,>\TS"/LTO?'+AF$72+L M$MV[U!T:Z=ZEO7JBH9S>C]C983@F;FE;H$=)+(NM,\>PF/G&@$NPE9#)+6!I"Y!ES:9B1-.6,]@AN"QH M%H-3D0ZZ>*D#&HM(:@-)RGI8HCW"+[VW'69Z%FRW#YI==E*2`F8;)MC;[D"R MP/O539@H_:`IC62Y2,T32>VT7-U",)F(H/7W2D)7S+7`6W9=NQ.W[#K,L6UF MV73W4GN5&)'4!I+4-C7J0YCH[B5U*:&[ESJDJ(BD-I!$X"750",&"^#')N3- M*YAH"2/O!71_U?X\-)D1@)OM'!]%1Q::S!F1I(K#1_BE]>EI+XJ$F$?,.PWS M"+]$^"7"+]'=2T>ED>Y>(@P3#67GGI0-'A&&J89J\9CE&LQJ6+^H[5@>7T!Y MO&;W1+2>:H,Y/LRWUZCV*P&85#VL(9+:0!(!F(Z8"69Z>Y4?52VCS;9-9OK- M;X%0C0ZZ>ZGERHI(:@-)RGI6HCW"+KWWF>_JS'::9RBK*LC@,`4.4-3\V@A5 M*7+`$0J8X5/Q\@YH1"*I#22I;;>ZA5QRF&D$S-.;8TU5'48DM8$DM2V-^L`ENGM)?8KH[J7.J"LBJ0TD$7Q),=2(Q0S; MPSUUDUDFY,V*771]EQG-+#WQR9812:KX?(1=6I^>]B)( MB'G$O-,P[QGLTD\_#J)Y%,?Q7VYXE$RC>!R#9DBFUZ/+,C[^I43I7/%Y?QHE M$_XIR;+;1/Y^&WZ[$4G*'^(L&B=9GO);&/+/XR3Z^M?_^L__^"G/WMV%X>PO M%]`Z-)**YF_B[.N&%S08`A)\PT?_\Z<+^?L_+O_^\1^6\>ZW,'UGZH;YI[\B M!8VP4.\;(H&NKF\_:A]!#UY<7UU\O+J].;_M7U]IUY?:QP'E$K]@AL1#.,;PU2`< MAP(R!D8FXV#XPK$61A&816EX'L(T3O*LEGL!3<[C>8XRD9UIV%_5!J8.WO$I M-C)^P@=!4H;:X$FD95SRH6C]`YBI+)YK??P:W],NDA0LEY`RK7?YH7_Q@Y;/ MM'FB93,>Q:,8VA!6+\.F>!C=U\=PIIW/2S[,ZX.9A/#PMXC#V_!YQN5X1(>R MM??:??*(),L71\BU^U!FGO!O,P2^P,-#8-M3F93R&,_OP<[BN.8XP'B9@=A= MEF'V)%*QZ/!,^RV?0F9:!``"540A?1O4EAPW)4V!0 M/=G7M=XE62]/+?\69\"\4(QL*6_3/%L(YT\_-EGW2XKB,HS3/\)QSAD*#+9OV\: MWOO599[F<@.:\C$8%!2Y!$^20)(R/I?0T$I7S,(G@;F$K>AH)&P2SY;DOEQ: M0RDCR%P6Q4"%O7]Y(FN$[OPFG\;T$#K'5Q/"+^^#G,XNQZ]!G>A&[D1WD63T%? M?N!9E,8S_.A\.CR7`ZR!;M-[4(:,;$OZ??[VJ>SSV=:#\6T5#ZF_O[S MPJ&M/C7>XX*K/81-U+[]07L4,/,45_LB`W0!;AA"LMG M-I?P/"-@\!.`.2RQ#D5&J5B!$5C3%$21P59A/!2_X$*"Y89[&%A=")38D,,: M(VJ29SOY[H_W,>BO1XXCDZNG4"^B<\Y`,3SP<3)CH(;OPP&H'*2(%`2S,?_&RX'\*P=Y$'NNDB&? MDL=WTG/0?DUR079M4H%*4)EQ=K_8Z>&WL$9A5K1SV*D`CXS`=V&C!DL[12Z. MG^26:],H<(:0=6D#1>XF.II[4(SXM$D_=E4W(24"$+`P/_9_G@GXN-FS9+ MDX(^"LT4ELP-3/@TQWWQD$O;BX06[ZV,<7%.5`Q5VI]B%UY*6MF% MV.."?5Q9H^=9ED32DE7+4QB,>[XJL^+MB]L+\2"\!ZH#6(,[^/45'99?K[11 M7\!G'=-^G_,TRW$G7TS7%Q[E:3Q'#'VU%BRKYG'`'@+%7+O$Y?+EG6'`#-^! M%!4N0.7*R]W_2I,X21^_P<*8WJ&X3"9QAB(%*W\T`EF+'[CVMW":A^F39MI" MT9FL6.=1`IY/L0E+L'((RMB:3LYA:4?:=?']DN:M[7F6MI`#$#WP9G!?(04` MMBK%`HF$B/5J'?Q\?I$MM9KRF=PBB+V+>%]NDJ`[V%3-J]52ZZ;4MN57VS1R MI1Z>D4VY?(2E@G4,DB!"7J3-=%S\:#AZKG_RWH6N@C_!OH2@R\+^J M92XYB'IIB@I>FR2H"T15!="(4PV/AG"F@0YS:\O"0M0&TJ2G99LG)<$^D]W` M'FV(;PWR\=?"#(E",L((R437)!6C":'[88XN<03ZHQS8*5?P`7P@P0-8-CD7 M7!#'"P735@O;F&*](=Q1S0(WOG64`C<&5;=9+7^!PG"T`2I!WK:DZJ.&J/<* MPA4+P"LK&NQRN_A1*C'L&?VLFC'_7&:P^)[.'/U55\KN-)@WS89C)$[4Y6]3 M\903QM<=9IL!L_5&>5%*9PP+:82%>&?61HG*=9_"=1U7\H,HJP9/Z6#"J24ZWC+2N%33"^`U/>9E4)SH: MXMBSE3[D(7W9=U773QQP;^UZ*9J3\BP?RZA+\5*YGK!E3%%96E=8LHG'#QRC M)\B`-.?#,^W7>IZ=&')5V2DK:M0/XX=XF,-RVGUH14Y>,AT_E6L2IA,I%YEU M&X-32^4-%XD[+TS%,.%E6F"93[B68`,MK?`?F20TR_!!YN%A_M36CLZTWZ>U MFE?%&&7P.)O)NHLB^CT:91PZN,/\3ICC7`2:=V4B/(C!_./%;8[5[FG6\_EH M7J25U.=6KFV,AI)3*$.%X&`'M=%NR-"HB\WB]8T=4#B,PF$4 M#J-PV`$*DU?A'Y=Y3J/JM^J$P%0F_8V%O7QF;;VCI5V'V`>GYLV%NUR=>7YW M2K`:GL7,P]+SQB)=KLF(SIL,,DP)C6+>+X^N'F#^NG;CO=KUJO*@G_7C/IW@RKB'B M!T_94TV".42`((K3*)]D\Q)?/A0`BL7I]H8C:(&%K<<9$`6/)]<#<=*'F`^< MD3/MIOP#H41/>#HXX6&%UP\%:"I,XRR9/HG(F3 M4EZ+VV4"7B_@71*A*T-I\\6IYPM"$:\NM:-*`^184`%#,!3).8GMVF208QL@WPZQ7I.=,^Y&G) MY2<>IAOO?EJ@(FKQG6$\K&[P2#%H42<-3ZZ[AOLJH70(45Y$PUZ,^,BPLXC? M%=)?26[Y<8I5-C9\6L0+1O%4PB3E%W+5O]0O2,FFX6*T0J`MAWDD/XDQ;C_' M55-?4D5$0Z!D%R"I69K\4ZSJ&H9*SG^VD2PQZ$5G3>OJ%[D`F^@H8/Q=D['; MES5C6?6E`*MNO+A[(.)+&+L!]HUA18>I6-V5IA0S!ZP2>C09ZIYL+@G$UI59;A5>%(T(MSN(28Q1$`>X!T(X^P`&+^./T)"`T8:U M8D'2\A6U/K;W4-BGS8.M)%@0AGNU*KVABZIE>?J*="I1A:#8&6%"B=3:J*EE MH%IH[8:[X!I6?_OLW(KU[6%1ZT94G>`H03@)N0`BX]:>EYEW7"3_Q=)-B@`+/B[ MY)E-G]"VQ<*GD-4DX@FB_"M4O/A=%DR*9>VEGO&#?#1YQ'R6!,A,1>ZDF.$Z M0_$3I$0XFA/,(JN5*,/";C"`XD5X;"D[!1=0,HDC!(<+WHG,$&!QSY2]+ZON M<)`EZ:!*QDI+_5K0,2^*I$5B6F8))G?)/0!PIEXVK3`G8A;`[YKDXWD\&V,9 M)EFZ2NH5)$^FSPA'1S""X;HO=M$,J['A@T\R6T;47RFGK9R%JJ.WH!!N-R]8 M63]K6JXR(?$H,,5:$E]OE\W"@1T6M7GB:3R7E1P>DO'#2KT+VW(2"'U+&L4A@5JU>>"=/B^./-)QF(]%?6<*M M5,KEIE]4MEE:*J6U1%XDA;M9.[Z(-W.B4O&H2ERI:>+(HG5AG( MJY9H+<-YJ?387*Q@:'5Q/^X2%6%62 ]-+9Y#-B6=/$H&'0$1<5E'Y518S!?O-Q2ZIED"^E-[^XKR4YP58^D>N^F+U MU$Y(EI+=JY)O8D^88=%89-I2=G]Y.J'-GV:\5F)Q)>/_N5WH@J/+E90*FAL> MC+$&&>=,FXUS.6NBQ"R,'#@;SJJRE;53OQE&/9(\*V:[.)9.INNTLD49)SD] MD_!;/,DG>.XOJU3"P,0I\/^W=VT];1Q1^*]L_91*-HX:FLH617()EM)6M,+0 M*D]H8`?;8KQC[>QB^/@U.Z@CB[@MB;W/SG#-GSOG.-\T=K[\6*GE. MY*`J$*=I'$M`DYM%C+(6_/#'RX:=."0CBKSGRQRKXA42S`RI5&(7$##J938% MVV1MMM4R@N*U=5H*6(,+*3WVVA'[NM%^=?;D[E*%2-XNQ(/<)A/H^UPF+F*S M1ZHXN`7315@F0P%3PYA>,:^4C*:V3#EA$<7T5E6)K-@Q0;ZM@`M\&.O_**H"&1 M86R9#]F;%'9VA;B3E,9$0V]C@)R>E:=LN#)AY./&MD7K86W;B-Q^O'K@\DU7 MT;"$':K43#&:?>K+U_=5L)U56>>,]=`N=R4R2`67ICFD:--:A:DOA]N45HD>;A7W0;]H/>J( M%5^#KHNZ0BF<#6W9AXEYR1S7IS`%TFJC!;3C1CBKP,1[>C`0 MD/D?&;3Y%V!KRYARL;3P$701":+RM1`F:X7Q#INC'^$8@RA.$N]9[58.XV+0 M$W?!-U2E+^*"F@0J(JO7FY-:"P7<0Y949RH+U,*)(G&%D=(I6#.%+7*+Y MC0W!8(@N!IKX4=H'V3N3>/X-Z94W>#33CTRF&RB-1XXY^20P)^^M@.)H6"W[ M1OG1:.*1COTXR`9-WE"A;DKV7/,.@9!].->RDNB.`W-T6:`CG_SH:179QHM& M_8.6#[A-@&X3H-L$Z&^[[07?0\@&W?,`[9L_]Y4O9S5YUZB/WZ'W+ M!_R?1O&P.Q@,6C[@E]86KRQ+NN4#;G.E7U>J;\L'_#V-89LQ_4($MC^!BFOY M@':(]\&$M@1OS$)`Q%_[-*DHJ$6G[BQT"EF M29F&#^&15(09RV0$B\9\&LVQ,(>YM:"X7"Y!=EQ9C`5$N`3"(@2!01JQWYE0 MCY3@Q[D3A*^P[[MGW/@GL=RKN5(.I6A!(A0O:7,=OC#7P0WDM%$6$"@TWJYV9O3E`X2$:^ M1'\&K9<]WP&9S;!'J0MB">IH$$($2Z&]XL4,R_?%P$4X??.6(N.$`.`$^FL) MFH00\X)X9<_TO3V(^.AB&+,+LHD2,80)5P#.*M3[6G9#D1H*C< M"`O16L=8/@,*#X=_?],CO>GP\%3.AZ?T2_TKE?HCTZML(H4!+91^1!V9;W?P M]YD^ZC];5*W"?[2"EL$$',\5`MJ^HJ):$;4*3E@KGKNPYX01:UO5\TF:N*+F MHFKU\8FM8Z5)E:Q7,C)7?]U6JJ%8%[US.?G0009BD$YE,')S_#:N/RJ:*OVA MUTO&6A>4(#F1G,3?Z]$S-<_NAK?VX9]PD3S0+<1'_]HAFFZ0J8Z]"\L+W)T5 MQ7+8[Z]6JX.'ZUP=Z'S:!XEXU\?'?7RQ0V7WUPJ'VT?XR7S(0<&4^G(%>OEJ M@CJP/BL7J%)T[FY:CHWCN=&'("E#*.BH7WWDKAN_QYL?)"X, M65.Q?$6:V3Q5;J6(?K7UT6LX(#@FM=YS^9VOK9R'F:_Q+UQ_!E!+`P04```` M"`!B4=U`/1E4L&D%``"G,P``&``<`&)C=&-I:6DM,C`Q,C`S,S%?8V%L+GAM M;%54"0`#>+?M3WBW[4]U>`L``00E#@``!#D!``#=6VUSVC@0_GXS]Q]\[M<: M`[GV$J:T0Q.XX88T&?(R_=81]@*:"HF39%[NUY]D[`2,L06AQLGD0Q)GM=IG MG]7N:DT^?5E,B#4#+C"C3;M6J=H64(_YF(Z:]L-]QSFWOWS^_;=/?SC.]Z_] MGG7%O&`"5%K72F:(P;?F6(ZM]G_.(X8Y<.MQI6^O$^`.&CY7OK MGX""5?_XWJI7:W6K6FM4+QH?_K):UY;CZ$T(IC\'2("EC**B:8^EG#9<=SZ? M5Q8#3BJ,C]QZM7KFQH+V2K*Q$'A#>GX6R];<[]>].V\,$^1@*B2BWO,JK29M M7>WBXL(-_ZI$!6Z(<'V/>4B&;LJUR]HIH7]S8C%'/W)J=>>L5ED(W]8^X(Q` M'X96N'U#+J?0M`6>3(DV.WPVYC!LV@-/>AAC1[NR>K92\.Y.(@F:GIMA!U.% M%2-RRP369C]0CR`A0M* MF[A:RGW93JY&ZB'B!21\TE.X-A##0@+UP8\QZSU_O5EA##)OPQ*B66=\T_F1 M(2&U0R0&(;^!<$8(317/M9H+1(KXB>:HYE1K$:PB"5<$DTFHS<$J#N+U0\XFJ9Z--V2'`+`8]X$W[;K*F8%0UK&I MWAD1VYH#'HVERJ>%_!HL+C>3)NC-$09[^&)\KP?[]&E$C@(N=NJ/16<,&9V>#@9-Z:>*%^R35@<61J5D\RF(&M= M>1DSQ'W,#'LZ#>Y+5/:Z\A.5@[M\27FMS*BR?2>9]W/,B+)2Z,N8 M7)IUVNE+RU$],V%M'[2UJFN8_UX;QJU0-DP?;F*&I*Y_JZ^CC=&ZU&,3>)X6 MM1<>"?1TM-_NWA\\,LO16L1X+,>$@B_2?9@!#3)OT4\B15_RXR9DY;%H7$A' M&:;N6G'244O2Q%K9C7G`RJ>\$U+]&%(W">J`V MSZ!_6[:LCLU`5]H;B9XU^A-,L9`ZY6`U;WT M&N28*:0SU?_J@Y+%E]GZ5\ZCH9/R:ZIS$H(Y(`%7L/JN@.OV^AE]WMMQ0P6O MGV(C-^67XO)P;/(6=W_BC;2^S6@P+@^3:-\?VEG,B M3FO5,I&Z`_FJ)KVP9TQ34OBDPP/PPY)[APC<#/?O3LQUG/`UP?XTI@Q.3%U5 MOE?&.^!''UA]612G*3G*O$A5@-"A-\,K?5V//]R1,37:M:)\@9?A^>1@::<; M\L/,*3K.TC_&>@L83_],HA[]#U!+`P04````"`!B4=U`_!O`AI$,``#LT``` M&``<`&)C=&-I:6DM,C`Q,C`S,S%?9&5F+GAM;%54"0`#>+?M3WBW[4]U>`L` M`00E#@``!#D!``#M75M3XS@6?M^J_0]9YG5"X4^ M102?'UB'1P<]B!WB(OQ\?O`T&?>_'/SRS[__[>=_]/N_?WVXZ5T2)UA`S'JW MO,P,0;?WAMB\=_5G_SN";]#O?8_:ZO&F#D\.O_3XQTD`J0L^?NS]*\"P-_ST M8V]X9`U[1];9T>G9R>?>Z+;7[XN7>`C_,044]C@H3,\/YHR]G`T&;V]OA^]3 MWSLD_O-@>'1T/(@+'D0ES]XI2I1^.X[+6H/?;V\>G3E<@#["E`'LK&N)9K+J M6:>GIX/P6UZ4HC,:UK\A#F"AF@IQ]7)+B+_Z<;&^>-2WAOUCZ_"=NBM!Y_D\!PQCY> MX/D!18L7#\;/YCZ$ ME"P`PLT`C9K>"6?81'\!%U/HUPDRT>XN".<J@EQ90 M`)L2R@AVP`MBP#MTR&(0BBAM:'>*6DR&^E M5BZN^4*_@&M-7+T[7B!6_H>KZTEEO1>T6JL$7#D,(T'@C M3N)%GC"7B)\Y1X;SXPS0:3A)!K3_#,`+GRPM:P`]1N,G0J=6_\A:VD<_+!_; M*U5PZ>`U_TCCMWA@"KWPW79^8?LHTI(.Q!,P77<@&=JPH&VE^1SY2'S`_@!5)HM`Y?":O`Q>BB!_^(4T+?V1'O?@!/B/*?(#9 M-[#((B:OJ#UL@II,VZT:21+@,4W6%D_[4/D%Q^T#C\]=\/TW^"'5>:JL?=P: MI6\CC[4^W+/6+P)?F!!C1+D%\1$_"OL7H:K3Z;B\XK;/[5`]Q+PL?J/M73Z M,?*@?\&1/!-?WN43)>V3%B@]&W>L[Y\R]2W^-3[1D,6"X$=&G#\>Y]R,IG!T1L24YXLSDT;!:QO[1`X2G`L6H_[UFU M(X[!%3C&'LCKXHDR]FD+E)M&'&OWBZ:.>P]]1%SY*II9UK:.6J#N7.BQWD\U MZ3U:U2-88_XL:]RG&M)_)ORUZ:Z5!&%:J5.P*FU;;=@U2<"OU*]G MZ_1OZ'F_8?*&'R&@!$/WFM)@+7*F,9-3Q[;:LY>2B+`B9-^[J@C9=^(%F`$_ MLG[S1D-F6=MJPX8J%_I*\7KV4\N-W@-\(3[C]JR0)W^\YC M;XK'O@:2'AV(`3>41^](J6=MEF_&DR_)<9!0N**E@+X4_EP6]T[($M<3IB_0 M">>?RT2R3!8I>74:\O;GI/%(6$EK.X<QD<;UQ MK*JZWI*ACJBN@JJ_<=.ZA*J3Q?5&L*JJ>DL&>4!WGT;,B%+(Z&@JDEJ<+(]# M=D'C@UVYL.M.V*FN>I%Z.,*N^._J?P%Z!1X7B8[8!?#]#X2?OP,OD.V6E>KK MC9-M:S^;)651C#'^[]@<^I%X$HHV2ND-F*D2D0)LSF`I5'4,6F=43%7+:ZQU M)[)55_`-`E/D<8U!E=4@H[3Y4;`"\.9P,7(<$O`)\!Y\""<6GQGY$S^`[@;R M90"#?_>-8"?Z0S8\*C:I-[26QU3.L-I!1F,6ELL`3LAH-N-X>8\NR7)Q9;TQ MNG)\JDG3^'Y\>93E@F#FHVD0!GV674RR>Y'4TANO4^-`40QSYLP-L=36+=O2 MN6TO-Q)2L.O.OZZN]=1Q+P7+(:>&;9F>FZH@0.,>%&XXHF=,_!NT0`RZ,91K MS*`/*5N=WK90YV;?77> ME(4Q9__Y*^0(@5>:+VD]>ZC3)U">KT)AS#$'MHXSJRY(]E"G!Z$$QGPS3$/ M-JT<[(;'9^;$X^"H&!]CK&=E14^9?;;&+9"8YARM36[8)\R_+J"*1.5GD MQ:CE]X55:J=-"854?,%%Q%UXH`L/=.&!+CQ@MO>Y"P\83E`7'NC" M`UUXP#PU=^&!+CS0A0>Z\(!IX8%ZC)@',>("I5./Z:+&^_\EP,U)K8[]RI&3 M87FQGM1-E%-#KTL^2\?9;$C@&V/:AP?!(X`2(C9*Z?6:JRL_!=F<81"+H##_ MZ'5GJ^MZ$Z\Y1P,B\F\(I6,N6Y2#?0O9G+C7^)4/2S&GREA0JM\>Y[2R..8P MN)HRK]Y?^*Y>:>W.K6/^Y=%*(I@3U[OWR0Q2&KY\#*436KJHWM/I6A.'';A+O@&A7R,/0* MEQ)*>G]!3;T'U*L,!@6!&O=F3`@#7HQ9,C`2Y?2>/J\R*+;@FS/_?X-L;5-( MNG^BG-XCYV56X2W8YK@R$M!&7O@FZ$Y(*O]`E9/\%O0>-*_,EER@@J0+`WA, MG;^NP&.J!;T'T.O@,4.@NG^,KR8>[Z&_D>63ZG]S]"+R@%0956E+[T'VRMRJ MBE;PNX![3Y%*7SC0Y41U.5'MSXEZ@!Y8CK^/B0\PY5:IN`+LZ\?F-P6)4NJ- MM"A[JI10QKCU-[$5INIL%]:=1%5.Z<7$F9=2M3-!AB11-<646DI5M9_$KNMV MJ-RXOJRXUM2@[#$A=?*DP9OCD$O:C(5D9!77FCM4AHP<\.:$:NI)JF[$$;K' MI.K/!@V/>I-VF_&;[IA5_3F7'8DL]BEU5SULRM"2O6N_QZ,K:WI:B%9G5>D\N5]7VMA"MR*W6F[155=G; M0I@3DJQ^#V]KTK(R@)MC[1??]B'-SRJNK3=E:Y>+^W.$,6?O7#&10NNYI^J) M%)^*EHB]A_3$S]&-/?)&K[&+?.BP]04(77BO"^_]!<)[W94'AL7GNBL/NBL/ MC''.=5<>F'>0MKORH+ORH+ORP`3'7'?E07?E00FOG$E7'O"=M]C;WOOD%?$M M\M>/)[X%N<:K1GUI/?@0[C*Q5%]Q_$#Z&[\2FEYQE5:U1LH M;K(;J$IO\LB_#."$C&8S#I?OC\IU@51=O1'HAHC.D-&H1`'%U:R6?;S>BTEJ MWB*6D-EXPB/CLR8'CJ0QO=>EU.#!*9#-'*(Y<`="-]QF/`(/WLW*;]^4V]![ M!TM%JK)Y+R6S,3:;N@IJ&]R0IMCB.7@'B,,^)ZUGHEVUHJ:C<[_"61T/29-D/@6L:;/=3I#JN%W6I" MFS/3"M!\9R[^$Z;`*S<*Q)8=^DC8`\GMGH3S,LW8P[8<82@KE3FA[&SD(]Y' M??^#=\?OP`O*\YFJ;P_;&UL550) M``-XM^U/>+?M3W5X"P`!!"4.```$.0$``-U=;7/;.)+^?%=U_P'G^Y"DRHKC MF=J]26IFMA2_W&K7L7V6DMNKU-441$(6-C2I(RG'GE^_`/@B$@1`0"(!>#_, M1):ZP6[@Z4:C`31__M/30P0>49KA)/[EZ/3MNR.`XB`)<7S_R]'GQ>7DIZ,_ M_?IO__KSOT\F?_MX=P7.DV#[@.(G/X!WIQ_>O?_PA_\$TT]@,J$/ MB7#\;0DS!(A0K>;!&#W""XRR'<;#CHLV(^$[?OW]_PGXEI!G^D#'^JR2` M.>NF7KF`E(+^-:G()O2KR>D/DQ]/WSYEX1'I@W_Y.4TB=(=6@#W_0_Z\0;\< M9?AA$U&YV7?K%*W$0D1I>D+Y3V)T#W,4T@?\-"'/*![P'^771X`2?;Z;U:VP M%K;9R3:;W$.X*1J)X!)%55-')Z-(]YZJ?_K'IG17]+%=$?F^?-]JJV"R)N,M M2G$27L3["9%[LBSV])AIYR%(?4%1;?4DZ%8R_\(9T0:)NDT21H M-1?1N2%)VYHN@SS`&$_H;/?NQ](%EU_^5DVDTY@X@ASGS[-XE:0/;(:9+K,\ MA4%>-<=48`_YS8C]I!26LK?$35&6;-,`&6E?#$);(K@TDXC.O(29!A M'_U:!Q0P#D'!"!J=@#2Y4TR1Y=H"BO`Q5J M6Z>3=Z=5@%-^_1N9HW)$Y5K`YQ(0FC%8J1"\@"J"OOT#VF+C[.K^&#R,M*2:W@5B$H#X!R M=M[1`4IH'[4CB&P#LWV0J!#;BX=Q\7I&;"2%T8P$_D]_1<]*P/*TEA';%54R M_B4A8)2`D+H$[9!2V\6M!!I=X,IP,19RS[9I2AYYB;,`1O^+8'H1A^?$WTO` M*R6WAE^%P#P82E)0T`)*3-9)(:#D;F`\FO"VT-P'ER:@>[$RKC>^Q!%*S\CS M[I-4[8O;E)8],2^FQ*,Q,E#1N73"`PELU_\*P=#UOB(D\/^-'D4D#P])/,^3 MX-M\#\HA(;(38IQ,39RBU5?\>Q+\IUHXT%-;QW! M(I&E>"B7Y24L&+E;)`\OO6U$2R$C0K4<+W:03?,9^KC>43M"=5/(Y@EL0HG&79%J42/*MY+&<7Y*)+ MEN&48<(X0,4""AZ7*87]U/BFIX;=/$(/F+HIA#XDC8O]+TFTC7.8%@D_F0\7 MTUK&>E=4"3AJPB+UZLAY#RZT71Q+@-'%KPP5(^>&BRV5.[1)TAS']_1HAC0$ M4;+8S@?+!)?E3VB50"`+D1%H^_@E.7-ZA+',`XP69DF&>XY M:V_$[N8DIEHA^3''FQ6H&4'%Z?2L_6"J)<:J.3G5J0%%Z3E/'1PZL*YY@&*8 MXF3ZA+6.,;?HW=@/)[(45<>@HB1((K0^&,B`LCNQ`!%?SY`'B6(5S*8]=K"M$[V"FI#TKPM:!WB?D1=;"*_3X8=?#?BZ&# M+R+.48I1=HE7.4+Q)_2P%*885=16KQF*Q>V`@%&!D@Q\+0@=W[-3]#1_K4[5 MS0.-^!P_&8QXF]K!B//B2D:\)/-JQ(4]+1YQ<3+HD7&/2\9>TMT#C?X%OE\;##Y'[F#L.P)+AKZB\VKDQ;TM'GA)5P\T M[M.P))QK^B\&G=Q;XO'7=+5]E8UTRQ#>::1`>,(K:Y?.D)V MCB@R`B^25_VRSN<7B[G;18AXU/F5AV3([8'S#&;K:1S2?R[^?XL?841FQVR: MG\$T?<;Q_1<8;565'?3XK4)95Z7.53/"P(J(L`\-UF,PS4'%#1B[._`?K%U` M/Z`=ZPBJY(TZ4C:'"?+#=`Q88:H15-QTBGS9&[%CL$3W.(['N0JTX8JNV=0+ MQ:%;KVWD#GEG;N8+[?GXFWR-TF*F47CR)I55?]T6CT<+^Q44/[OSNCHRPK%D MU'*GATAHT\($8.3M2(1$V^%Z;YCN(CR7AN6N8W&I8.--P%I&8=QM]E<(ZI6! M`_Q?8;C$$<[)TEECS2JBMFH98G'Y\6Y0>;&$U91Z-OTXNYHM9A>.%[,*3/"X M50'"HA,/@F1+@J];^$QKSI&HC'R3;E'8$*\\T$=^NR:]4/RA8J76WK\LC)M8$E>=)&G5#OGEK=N- M+:XO[N:OP-GT=K:87H'7YQ>7L[/9XHU;9/<`AT=Y'VH.7@-,LPS?QTEZA1\P M?3-6^;Q93"(1$FZ4SU4L!S0;L+HRT%9*L&G!&$')"6HSJ'@K>W"W8CA%.M0C=Z:ON,5_7<6?*XC$OW4Z6UBA3X"%?1H0:V MNO&B#K#L&KN0,'P&TD MK&4`O!7KH=_9.E!__>=TW:>QWO-FD:>0]56=Q7P=HA4.<"Y8W-FQ1-^$-C@\ M[:?H&J>CO1%<]`;O8<26&J/#E(5FJL+QN;HX9&^-6"=12&2BA\5ST;MYM%F= MG;B3**(Z?DE0HY/OHZDE;>9-Z5-J0ZE*@TH(,SEA\A MZ=(`S=<(Y<3GH#A?HQP'RB2\/J_5/*6.*CR$2A[`F$"+RXMWC-O4R6:>3AMV M?(I.'W-C)?/;JZ3/,:SP-8Y!F$01/3BW(;U(7=$8*9=!7>]A?=C=S0V;&*MZH: M]W!J>[GN?3R:Q8B4O99CF&BT;,H_M]Q6]-`HM&C(7@`1F&)>V/4)PM4OZ5^OW8\LT7U&]^U#=+I"^V'TE;3-!.QKK[:IP#$ MYD8J0K`]2YW%0?*`ZA<;:%R!D'%8M3ZYV#SR"DJP>R.+#U<@1A+?IG7T`(>W M@S[4V$/\'2ULO=4JVM,AM8IQ@:`\.BH2+T"M(6^!`K?`E8T_CUCIX-MTSL7$ M6'3;37755NFROLX!>DQJ(E=^F9CZ;$'L.[!2MIF M(88"V$TJ^U4W:_'$]2+O$`G;+S(ZN8'2;3@NP=DCL`RP!\NH7X)S3PFME^!L M(U-8@I.#I?U01B.$<1.Z*$(6]W&*7>&T+$,A&CLDZ859\*B3!4[.5K-7299= M$K&+,XN?4+Y.PEE==T5E+7K\#E:Z_2I)%HZO*><;0'G+DZF@X`8-=M<+87/M MYFM:L299E08!*$H;M6@$629G-GVPBK.&BG6@5N<-J6K@]75"0H]SA_"2UK7%7$7B1.3%2XD)98 MM1H9]^&E$R?W@L7B;<\T6:$LPTD,HTNDC)X[I';O>W8%[5PR:Y``2N/PQJ>A MM"NAM%:OQ$F`T+D3)T/!P0>K+K=Q^`G&\)XEQ4G;`BS*::T>C1*)RH\OI0$[ M(@I(=P>;=`1N!%'@82?W:A2Y=0\HZ0C.#EC&\9;:$>WTMO`@(%'5/0F;:'W% M*`*0AD_L1Q)^;"+T1"8^6D,G!,MG1:E($"-V1#-%FR1EOU*;=7R.26HR_$$E MN;U8+P]""VB'#SBF9S=)-S^B MVL"V-JY+WEM2QD%)D3ZCD105Z;68@R=MEHFKXEC%A-VFLSI9\R**DXGRM82M M.;I/SNZ"S55Y;"\DU8T@](9_=T&CLGN:A*'EZ4,0;E.J"XT-:,7G*DX@S\;Y ML^,(0&A__.PO-CY[,_\URG?)'L4\WZ:S.JOS(O(H(;^#=A9YFA=W3UB9\$52 MWO$>PR1)!-H[C^O(7V857T=4?GF/L8"E8W:`?5T&QGRJ6.SGQAOYM1>DD-'^/>?W)5)/?P MGWP+7OC/KEJ&_I,OT.J?_]1346%Z]WY4;G6GGP^.16)_NHY%9GR.',LM2ALW M<3BOM\8;>E='U\5HM>7.V6BJVNMVCEFQD$93G="-[JO0UH[!1YCAP!-/=(#^ M;9NE=2P^3L^L5?@P=TI#J^J1)S(Q6*5/,K)6>]ZIOBMUL^)O#_8?SM%@MNI_ MM)3IG`VK+[W=K+IE-'PXN7.@6LE*PM.OG10KC M#++W#V8?GYN_3)^P^C2]=B.6S]L;*-<]],Y(&!2?09.=3-O/H/WS5]J(TTN& M(VFZU-74[E%[4]!V#^,;(]:-39XG#Q!W-K4D?5$2.[.Q6E@UPKX6=)Z8R\%" MNT)^&QHJA'.XH$^(UH;J/]W3)G?XUI]:X)YWS8"O!:5C<*AZ6_VN&:ZK M757$Z06(D-QA?1LI0/@2H7X`1-7;Z@HMS@#27^Y1>5!=@]OI.VK%ZO2^K[:N MA=3B].:U1IIJM7ZG^5WYOI_+M]@J(-?W1EL5WIRD3,Y@MKZ,DN\Z-YF4;*[2 M)"(%E`D2R@`8AV^I$3-5$FU5'&5#I-!2Y$'DN+*ZW4'%N$V31QRB\./SYPR% ML[@^N3@E*\/'XMTO_3:S1V.V-SS,E16EP1D6JV9H/N0U;0G,XC>-R[B[UKRP MO4&49XJOF!%REW)AS>Y\.V!/0`OV`_9%LSW[G89_WY97A!?)':*=A"/4VLI8 M),-9^"B/L^H#1NJP3L7OW6/H\8OZ0:![3H/\_!+]B8..)$%R6G=DW-F.)#_3 M+P/:F5O:?SCVT$&-:;&\"QO57*U6<$D1S-`Y*OYMR*>_^VG0B.U:+OK*"0JZ M,";PNF)_0[Q&PVGXM#%ZD*9G:_(7NXU"SU:BO'C+8K1[-Z'S"B"&$!64`3'% MIU,+I$7.=FZ"#8F9]8D:<&UY8J5TK8X5J6M,V(S?*WO3TZ]B`*^K)MZPN93I M!P?7RKBHT'Y:W2C%=^PL%-:DX2A4IN3<291YP.P6/M,[8O0N;A"D6S+2.^=M M[CFT6O7!G6BJ;^1CJC9!V6AQI;YH%ERIYD3'OF?/SJCUW33TA:6^?EQ0'P#\ MFH9NA'R7UG^^18MDNEH1F8AC-[-QGM>Q)7=5T;17PD@7^#O68W!&;U./Z3H['@4%YKYN3MR^*Z(/_ZEJ*,ZT&ZFJC$?_(U:64._ M4S?FV^[#(,KSNYFXUM9S>]4`M*;=ZJ#9:A76`*&0%4*>PPC=K,S+M>NW8;MN MJ[9J@A*IC+>HV$ZYZ=D>#RNW#Z(D,\409YLDP^S-X,G*TRKNPZE;O@V]H;*X MJ+OSVKAFYBDHFFMHFS[&#H/$#+[&"L/$""\A,%!%\)M*T^6S9E3@='TRNG9^ MQCR'QSK^^)E+',,X&&B-HFK,![^C5M;0_]2-O9`UBIGR_!IE56OKN;UJ`%K3 M;G70?'`!WUOXS"*/FU7?]9H^#JM%?>5B=Z_1%)1TZ>#XXHRY\&,+K%M$5U]B M6HR?3;;)-J?F6UCOIAH$LJ8)^0M`]XTBW/PR1U!>=^P#%P>.DNQ*DYOZP#WF MS5<*[K-M'\.%0<($7\.#8<*"EQ`+Z&PL=(*`9\\6)"/JY6=H+4DR3,>WM8X5W,6K&JG\Q5%`8>]/9F'UHM,"*W&&6=>V< M^G#G8P[4=G9]=G=_!M/K\^+#Q7]_GGV97EU<+^:N M7,Z!:I;5R@]4U:87VL=,>3^TEXU:O,96'+\A#O$VB7"@>1E-SF3W2IE*>,E! M*I;8+ZF]2%;LJP1UC^5L1I8N=_5;P;24LWKOJA=BG=M3_?BR^#;6]![&^'>V M0#TC2Q$B4Y=M\*.W(7=BX<-)YW#%I/+&K?LEQ,\ZGDZ_*YH/'@ZG1WUV_0IP/V M>)=OJO6O6Y,1N]7J*W5M&'WGM;Q6+-Y]D4^-"*.7U8N"GHJ)6E[),6[)JG^9J\LB5'I)DT1]K!53->#$E M'JYR4TE<1KGA(UF@([HEU[R)-M\N,QQBF&+ZUS3+DJ#\Q;!S;-KVGM#G[7M? MW#NW<;.IUZ`1'RQ;;SJ2&[5W\ZYK/3VP3(-)=P^T'GSPIRJ+A-F"]F95)S/K M2HU78-Z5!.T64B.S M6_D%>1XH'MBR%(?3^S]]!]H\S#.>R?+G@$:T5X\ MN-&,[OE'.YU(STZ2IG#*+D5574#ZLG'IZU4FJ`"Y2M+J#!'I[[3>C*3+F2YE M^4U..CPM.GRS33?$B6?L9WHGZQG!E(@2HG#0`YBNY@S_D/LRIPUI(#N^M^S[ MSVIV&&??Z(KY,^G^-(=DV:QW<$/-9S<#W*-"QTHH/?,G+0XO4D,O@$Q/V:?\36Q:2LZ MP.)M1`M5;FU#9\I1\SFW#I4GEH'*B]G%BC*N;:1W(M%#EP?G:DD,V3SI)EK# MZ4PUP[3OQSE9PRXQ.+C)5B'-MNG)6$'^P8^ISD8'>3,3#FH@VF=-][*.%^(U MS%:`@S_JY?@2O>77(&[%N[7H/UW'O1B?9;`J'LDV&_^5_7A%GOXK^4S^6<(, M$:I_`%!+`P04````"`!B4=U`"H."(-@/``"V"0$`&``<`&)C=&-I:6DM,C`Q M,C`S,S%?<')E+GAM;%54"0`#>+?M3WBW[4]U>`L``00E#@``!#D!``#M7=US MXC@2?]ZKNO^!R[XN26!V9B=3,[=%$IAE-P$*G-SNDTNQ!>C&R)QDYV/^^I-M MOK%DR1AD>_TP%6`DN;M_W:V/;K4___HZTQ&JO&ACI_?_ZQQCX:/J0V>/NI]KN/8:WYX:=:\[+1K%TV/EU>?7K_2ZUU M7ZO7@XM[\T\7%R\O+^>L3<6]S M^.6,HMG<">@.?YL2./YR]F1Y%D*H'LCR\ETTPH]+>%K8;F,/>6]=/';)+*3[ MK!8,_3#L;C'PY%+/Q1:8(P\XYY8[NPA:70@'NCB+DL"=EP.HU<`*M&TTA]`:`,$JF MT$,6<)38X(^2+1I=9OTSN)9%^]5R_,`=#-M=([7D$T;-E@4F'@\S-W03$926 MYMUALB7R!M!IQW%?:!?;B$#+6PLG+<&B(3,@OD\F`*/OH6$PMS#R9S-`WOKC M$9I@9D$68-["LER?N0L\&;@.LA!44YAT3\B`M6'[KF6T;P>MH?&7,6SU1JT; MH]OOC92HYPZ2`8'=WF-[9-RW>\:HV^L/VL.6T>U]O>O>=Q=/[+6'H]^Z`S6* MY4?-0L;08B0@!X7P;CCCE0;WH!?YB3N74L.-/AO@=0@]GZA-7P<_+&3X8)YO M&!'L661!Q0V!-O*&B'Y38H8_2@:P=``BC\#QX8:0NFRA1,+I7\U^D\92(S=N M#>40$CT*PPD#T@Y64%?!"JKQ(>1F\?,=>((ON4*@MS2XIS`BES8*'_O6-D;!$(7SV(;6@O20P&.'B'%3SVA\^.:VT] MR@EVH"Z1\.J+'TW10UI/S#,#RUL.YP0L?\$TH^)VVYL^%DOP^]4O1-TXN^QN? M!`QV$+6`\Q<$A*V^;\/CFECQ\YJ;[PN"@("!)0A-30;000XD-XR6B4O$ZK_5 MTOQ0$-''T[Z4^CN.U)?_CNY^W-G,Q2//M;Z-IHQOVO>](+(2G.>*?9&@H_FQ M4-@DL+*$ZOW)#62YPC38L!PP-IN85P41^P[12P%_.+F`6XP*.Z"DXP">NF^U M,1N7!9'Q'ME+*?^B38U7YUR"F3:VK=G0M==+J]E[Y"^E_U&;]*.Y/R*LPWZ+ MVY<)VYN-W.S-)%&(96&)Q)5F)()5F#P.J]9FHRC[+0$#ZX6_ID7G?Z#C_('= M%SR"@+H8VEU*?4B$*QY.'[-1K&V8@(T5+*??D$6T/;J.S^1'HN4RSS)BVYJ- MHNS%N.2OQ*]K*[;8)0[AW"5!6#[@B.N?1%W,1K%V9WPN5ICP-FK'QF3@/SG( MZC@NB#OY5 MB"B-'8@%^G<-$8TLB`%;G+=>D524:+-]\0)%.]27!83#!BFV)(.VCL08COX>PI=O,C:*T_^"22_39< M8C:R`LHY!D(C]*J`T%9K_<&IM`CMLL&/$^8"(OC,A*$`TG9[_8&LU##M,<*/ M)>8!J#::3!5PVFYN:M]3I85ICP]^[#$/*/78EE$!I>WF^B./:5':XV.)TOXN M^.@HY2,3+#?13/5,L*OLIBS-R_L6I="C$F<'VPUS&2>]XB&X3[OVQ7LVZ`6W MR%K8#OZT_^>C9^`P@="6=P,(>4-X$E[P$(`JU5]_=#8&OWB@I?DI"?Y];PI) M)!T!RANM],=XI;'H/`TL#M28XL^V!MW.+YZ0(W2'PA!SDL46; MQ+P8TSJ7$6/NY,AAH#3V%EU"I@/P%BSSV.S`?B$^(W[-]R(\R/ZOYV(K^B*R MT)1#Z@]A\[#F&/8!?)9D@KWUH>&VQN/P=C)4U)/DSOKCZ&H:(<>1?MVJ]DLZO$7CYNC07[*5&=^4,O.5# M.XF&TI]:?1S7LN:N+!&L`Y1#=0C]:=QJL1!YKC);S^=>&<054U.-4[0,<476 M,MM%[.N&IN)`">]$.[G61O2L")3(DN/TJ,)J"D;#EV$53*N":84%LPJF5<&T M0AU;5L&TO"-4!=.*`5,53"L"3%4PK0@H5<&T*IB6P^7],/#QOE0M@]VFQ8B6 MB:@O"XC+$$QT`K$H02T\C^3TT!_!BH4I'E$!#]KW9AD6\(G8$V"YT4I_E$D! MOQVZRV*,2PE(>%+]\1\%N#:)+D>^A-7;N+GYECB5YU MGW1HGM"_6,$<:9;*$NU=31OMUSG$5&HAQ.VCOX2/"M9"-LH2P!T0=PPI#4GO M0*%7WFVJO_R.&*%X5..XT+X<$AX+='QLWP,,)J'B,IH%9P)[;?57UU$!2X9P^+YM#SW#A7P$%IC04W\%GC0&*<&4_LE4:*!&L$A;Y&#*ZH3,6/HK]:36#EGV^&]++VJ*ZFY=)GW1PCU:U%Y-R:O2 M5&6JIK`?D3B3HJ$E2UH=0@&W%0D47/MZ9=9@,QA3&.>WS'N M;27B&]=<>]YF%OAR&-.8<)NG*R:Z0P>'73$I3\0@VSLFNH,$7+0XX`H8T;ZV M/O(=$]TA`J'LXR,$\6R4]HZ)_AS/M!#M\5'N6R;:,S?3`[7/29GOF6A/T4P- MU#XC9;YIHCTW,S5.^XS\[>^:Y"<)4_VR22/#$O.ZL_%2OQTBCYF5_'=OQ5"? MU0IQSDS'H(VCZ.R[-;3)1-IS]-4@G2/]NQN M/#!%*:+_SZ#0[N+5_<)ZH/E(,=![3Y+"OZT;Q2T'CWK/II)B9G4T71V)S9:3Z9;]G_]17D9PQU" MR\46N1\H/H3X0YO3XIB*9$OFF7ZZ#8XEJ$E,(D MYR0Q@/ZL'$5XI76$PVQYG4[`\")QA0[`6[`;#2H661;Q&9T(/"$G-#EUG9$9 M57_"SS$5258"Y?4^MSXTW-9XS)AE>J^F1#M]]2<2'4E58O@LRW5J^7U))@<[ M^I.5LM[P*S!>CM*\')ZC/4!&1X*"P?07K\O@2#"!O[+,-HQM"T([W"^.@`/[ M8_6]N/08^FOBI00[7G.4^"[/&;*D`#-Q*?JKZF6J,6J,9^9C\C@9=1`&V,IH M,A(,5KAJ?"GXT[_2%68-L)U;Z`;[XZ1;+@D]]-?.2XE/?%J!@,N2')7(BRL3 MFS>;NL]G,]&/=(R78[8(&&YA._@3+*:>V;(J./L);XWL[OH%.J,RC-G4?0ZK M,D.H8?1#RQDSA$3B^NC[L]#>;NL]1#U>$&)8R2U/+P>79$^F! M[D/2(^C!^CSTX/+-NN_P]WW1J>W?E[]2:E7Q8J[:O$$/*+8UM5R7.H3*&/7"J-HMU() M&#BVJL9E.2ROVWMLCXS[=L\8=7O]07O8,KJ]KW?=^^["'GOMX>BW[D"#*7). MY9E+_-U%V'MD7Q@D,I:I.)(60^70J&:G\H-H-U-U3#A6J\1S.8QVF4&(PF'[ MX\71$G!6&Y"=U,+HLP%>AY!)%:O8LO"(^%!"UB`)K/AX#U,T]!.)0F3H1WR: M-H]P5'PY9_C'D=^IO+F8C\ M*&/GY(JY(F@M=1D+$W738F!Q!,E8EK"?=I-*$#/'HI)X.K$I?;X(J'P"%+(O M_P=02P,$%`````@`8E'=0,4OM>LT"```@#4``!0`'`!B8W1C:6EI+3(P,3(P M,S,Q+GAS9%54"0`#>+?M3WBW[4]U>`L``00E#@``!#D!``#M6EMOVS@6?NX` M\Q\X?MD98!3'R:;3!$D'JB.GVK6E0%(R[2X6`UJF;:(RY2&IQNFOWT-*\D61 M%#E.N]XB+PFM<^=''EX.SW]?S"+TF7!!8W;1ZAPI+@2J#DX. MWB!H!@D1(WS_*_I'P@@Z>OTK.CKL'*'#SMGAZ=G);\@<(,-01D0X)3.,).83 M(AT\(V*.0W+1FDHY/VNW[^[N#H:QD#$+\9Q*'!V$\:RM=!T>'W?`\8@HUWHQ MGUV2,4XB>='Z*\&1]K.%(%(FSH:A#"FEC95JJ0WNN^.#F$^`Y;#3_C#H^]KI M7'U$V:<-[L601SG_<5N1AUB0G%U11W(IL,Y\TDZ)2]:H1N^'/BA>5TIKF"D3 M$K-PY<0#I[,0.Z>GIVU-S5D9F6!)1I7*3]L\CD@[8\NE$F%,,)XOI<98#+5$ M1E#=W3$..\:RPW,1`TM9+09$3H>))"(7"^.$27Z_V:&"A`>3^',[(Y98"Q/. M8=A7R674$L$1H>4R0"AA)XMP6LZO*"4"E'TF0I:+I+02(89I*,IE-*E$1-"P M7``(Y>C(^SD1I=!H2ID-.><51H!2(L#)N'*@O6X#=87"G)/PD8&)>:C'YAB' MTB"+>809EC&_[\'O9<_%C"6S-8?7_UZES-S#.E/0`AI!HWGOU(9M/.Y%G<9".+ M22KO;5#*9]I("U'HQEJ.U'QF?T3&E%'M'F1$9*R6"&BZW9N!Y03(="X1_+># MC\AV>JXW,`/;=<[;10WKBA-!1BY[J]N`KP"5VKQ*=9EDQE(EM5+<7";$49A$ M=8:R3WF_[XJ%#U'I=8UAF9!3(BFX MD2)33:[N]>/:7D?_WM#SGQ<4-N>0#;O7&5D-=&L11HG:SGJ6'3R<+X^P5Z/T M]P)*?F`&ELIU/G)[R+VV/)WB7F9)`1\8O9+!&:&;\CP`I$BO1N"D%H'N>].Y MLGQ8;M"UZ06.Y?E_0UWSV@[,/OKYTNK973OXY06=372Z6$Q[47PG;#:BL*>2 MJYGQ`*DZWFK47M>C9OKO4:_O_O$R;Q0R+I]@1K]HB[`3\Y/9#/-[=^S3"8,5 M/<2P00OUL08RUG4L%68>M9?1CYERHY?0P\ MT_'-KEXP4O@JJ=4(O2DBE.G0^>\C6M?R`@``8#NWEA_HU&,[V8+M7/7M@9UU MO%HSWMO7&2+-V:LA.BU"M*94K51+M2C3B]85OZ"FI@T)X2N-J+:Y=N!9+BH. MD>FNKA\+$<1I.\`+C\B$9\?;G;548MPY?#@-NZ[3M?MVFBHA/?9L!W;T-FQ$ MEJL?-_3B7G'<="%;Q`?SP#LMZUJ4=(,_V__D=(?%T$'J8\EL<)61M!ME, M2*XO@+*=R&-,U8`<%0'IF;:';LW^C;4YC6S'#SQ]T_3])4GU1Y4,/#)&^B[^ M3%T17K0$GOOTWU96E6W##R\L6?$./!8A;E7$I_36%`8UKLELQVKB*[ M1JTO%X"2>$ZXA"WEJN31?K:H`(-MH]J$;0]CBO!PVYA`A$1[&@X,^6W#*U$R;N+$4 MTJU=S#^LI3:QOY)*F[MX4"S.-K&?RZC&3K:+-=M&QG,AW=K2_&-O#9IDI8CS M#2F5FDY5.NR\WLF%ADEQS;S.FE/ZDOUYA#.67H\J)-8MDO[LYE$NMO3 MCXG.X!ME$UN2F3J>M!#.N"Y:<(Q3>T'-!5LO&H\"+3=*>/:<@-$(=JIJZY;R MB@2$J4P4]8K'R3PW0D%]:80^Z"6B1\>2$#8@LR'AFP&5,J3^IT\ZSD;Q#%-6 M%L`81^(;1>#317T$!88]C(!\AD_U,119]B\*BTZF]4$4.?8O!H?"&E(;0Y%C MGV+(JKO=F*4O^-1#E&M\KY1NAE++N)ZA9C%$B_G]5B&EQS*9DX;I:XV+5JBO M"Y\C4%,(.F$Q[],9\(SRZK8-,X3#B6"C"I['W%1F'\-_V`.53V#*UZ8&[/NS M,%4@E2&4U5=O&)7"3.0TYO2+VJ@VP/H1#1L],(5>$D_#_1OUP"45R]E[3;@* MQQUO2N2#^PF]LY7V+`E"!H0.\577[77/:>1M(9*GCYM<^G\X9DKS0B]AHP&< M-B;IHWU22/PEY)WSW6KJ%Q+>B`R?)]T',?0^'*,($_E#C#R@`NG_(!A89W6% MQAVO3[%"6)5,7R_`YUN==RT#KXI3Y8O9U]"_/ZO?\T47D(5\%\7AIZ_5?6L& M-K;!,O_^[7;"/_YPWDYO`^#7?P%02P$"'@,4````"`!B4=U`/$LQ!^]N``#X MB0H`%``8```````!````I($`````8F-T8VEI:2TR,#$R,#,S,2YX;6Q55`4` M`WBW[4]U>`L``00E#@``!#D!``!02P$"'@,4````"`!B4=U`/1E4L&D%``"G M,P``&``8```````!````I($];P``8F-T8VEI:2TR,#$R,#,S,5]C86PN>&UL M550%``-XM^U/=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`8E'=0/P;P(:1 M#```[-```!@`&````````0```*2!^'0``&)C=&-I:6DM,C`Q,C`S,S%?9&5F M+GAM;%54!0`#>+?M3W5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`&)1W4`6 M5*^GM!@``!=;`0`8`!@```````$```"D@=N!``!B8W1C:6EI+3(P,3(P,S,Q M7VQA8BYX;6Q55`4``WBW[4]U>`L``00E#@``!#D!``!02P$"'@,4````"`!B M4=U`"H."(-@/``"V"0$`&``8```````!````I('AF@``8F-T8VEI:2TR,#$R M,#,S,5]P&UL550%``-XM^U/=7@+``$$)0X```0Y`0``4$L!`AX#%``` M``@`8E'=0,4OM>LT"```@#4``!0`&````````0```*2!"ZL``&)C=&-I:6DM M,C`Q,C`S,S$N>'-D550%``-XM^U/=7@+``$$)0X```0Y`0``4$L%!@`````& -``8`+`(``(VS```````` ` end XML 24 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6

STATEMENTS OF OPERATIONS (USD $)
12 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Income

Interest income $ 26,922 $ 21,951

Other income 30,350 101,777

Total income 57,272 123,728

Share of income from operating limited partnerships 820,440 6,099,658

Expenses

Professional fees 160,346 181,876

Partnership management fee 541,340 1,200,472

General and administrative expenses 103,985 124,637

Operating Expenses 805,671 1,506,985

NET INCOME (LOSS) 72,041 4,716,401

Net income (loss) allocated to general partner 720 47,164

Net income (loss) allocated to limited partners 71,321 4,669,237

Net income (loss) per BAC (in dollars per unit) $ 0 $ 0.21

Series Fifteen [Member]

Income

Interest income 1,439 2,201

Other income 1,318 2,313

Total income 2,757 4,514

Share of income from operating limited partnerships 325,050 129,038

Expenses

Professional fees 35,926 40,864

Partnership management fee 138,632 167,675

General and administrative expenses 20,023 30,532

Operating Expenses 194,581 239,071

NET INCOME (LOSS) 133,226 (105,519)

Net income (loss) allocated to general partner 1,332 (1,055)

Net income (loss) allocated to limited partners 131,894 (104,464)

Net income (loss) per BAC (in dollars per unit) $ 0.03 $ (0.03)

Series Sixteen [Member]

Income

Interest income 1,848 3,285

Other income 2,024 3,911

Total income 3,872 7,196

Share of income from operating limited partnerships 148,294 204,525

Expenses

Professional fees 39,313 40,659

Partnership management fee 254,665 413,509

General and administrative expenses 24,386 29,552

Operating Expenses 318,364 483,720

NET INCOME (LOSS) (166,198) (271,999)

Net income (loss) allocated to general partner (1,662) (2,720)

Net income (loss) allocated to limited partners (164,536) (269,279)

Net income (loss) per BAC (in dollars per unit) $ (0.03) $ (0.05)

Series Seventeen [Member]

Income

Interest income 1,642 5,552

Other income 16,209 12,574

Total income 17,851 18,126

Share of income from operating limited partnerships 247,646 819,215

Expenses

Professional fees 34,300 37,427

Partnership management fee 234,245 317,273

General and administrative expenses 22,460 24,925

Operating Expenses 291,005 379,625

NET INCOME (LOSS) (25,508) 457,716

Net income (loss) allocated to general partner (255) 4,577

Net income (loss) allocated to limited partners (25,253) 453,139

Net income (loss) per BAC (in dollars per unit) $ (0.01) $ 0.09

Series Eighteen [Member]

Income

Interest income 630 2,237

Other income 10,485 31,276

Total income 11,115 33,513

Share of income from operating limited partnerships 0 0

Expenses

Professional fees 26,832 27,866

Partnership management fee (203,875) 197,734

General and administrative expenses 18,184 19,764

Operating Expenses (158,859) 245,364

NET INCOME (LOSS) 169,974 (211,851)

Net income (loss) allocated to general partner 1,700 (2,119)

Net income (loss) allocated to limited partners 168,274 (209,732)

Net income (loss) per BAC (in dollars per unit) $ 0.05 $ (0.06)

Series Nineteen [Member]

Income

Interest income 21,363 8,676

Other income 314 51,703

Total income 21,677 60,379

Share of income from operating limited partnerships 99,450 4,946,880

Expenses

Professional fees 23,975 35,060

Partnership management fee 117,673 104,281

General and administrative expenses 18,932 19,864

Operating Expenses 160,580 159,205

NET INCOME (LOSS) (39,453) 4,848,054

Net income (loss) allocated to general partner (395) 48,481

Net income (loss) allocated to limited partners $ (39,058) $ 4,799,573

Net income (loss) per BAC (in dollars per unit) $ (0.01) $ 1.18

X

- Definition

The annual fund management fee charged on all apartment complexes owned by the operating partnerships net of reporting fees.

+ References

No definition available.

+ Details

Name: bctciii_FundManagementFee

Namespace Prefix: bctciii_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Total amount of expenses incurred during the year by the entity.

+ References

No definition available.

+ Details

Name: bctciii_TotalExpenses

Namespace Prefix: bctciii_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_GeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6382870&loc=d3e33749-111570

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 19

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 6

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 11

-Article 7

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 9

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.12)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_IncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Interest generated from day to day operating activities of the business. This element represents a revenue generating activity and is therefore gross (before any related cost of revenue items).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1(e))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_InterestIncomeOperating

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Aggregate amount of net income allocated to general partners.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section F

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770

+ Details

Name: us-gaap_NetIncomeLossAllocatedToGeneralPartners

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Aggregate amount of net income allocated to limited partners.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770

+ Details

Name: us-gaap_NetIncomeLossAllocatedToLimitedPartners

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Net income (loss) allocated to each outstanding limited partnership unit.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section F

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770

+ Details

Name: us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit

Namespace Prefix: us-gaap_

Data Type: us-types:perUnitItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_OperatingExpensesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 04

-Paragraph 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.4)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

+ Details

Name: us-gaap_OtherIncome

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 946

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.6-07.2(a),(b),(c),(d))

-URI http://asc.fasb.org/extlink&oid=6488393&loc=d3e606610-122999

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 946

-SubTopic 225

-Section 45

-Paragraph 3

-Subparagraph (k)

-URI http://asc.fasb.org/extlink&oid=6488370&loc=d3e13550-115849

+ Details

Name: us-gaap_ProfessionalFees

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 1

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_RevenuesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 25 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6

FAIR VALUE OF FINANCIAL INSTRUMENTS
12 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]
NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Funds’s financial instruments relate to other assets and accounts payable - affiliates. Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical. The other assets and accounts payable - affiliates are due from or owed to affiliates of the Fund. The unique nature of these financial instruments makes determination of any fair value impractical. See note B for disclosure of the carrying amount and terms of these financial instruments.

X

- Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17-22, 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15C, 15D

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

-Subparagraph a-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44A, 44B

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 3, 10, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15B

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32, 33, 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_FairValueDisclosuresTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 26 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6

CONCENTRATION OF CREDIT RISK
12 Months Ended

Mar. 31, 2012

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]
NOTE E - CONCENTRATION OF CREDIT RISK

The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the fund has not experienced any losses with respect to it balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2012.

X

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6404-108592

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 94-6

-Paragraph 21, 22, 24

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6442-108592

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13531-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6327-108592

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 18

-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6351-108592

+ Details

Name: us-gaap_ConcentrationRiskDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_RisksAndUncertaintiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 27 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) (USD $)

Limited Partner [Member]

General Partner [Member]

Total

Series Fifteen [Member]

Limited Partner [Member]

Series Fifteen [Member]

General Partner [Member]

Series Fifteen [Member]

Series Sixteen [Member]

Limited Partner [Member]

Series Sixteen [Member]

General Partner [Member]

Series Sixteen [Member]

Series Seventeen [Member]

Limited Partner [Member]

Series Seventeen [Member]

General Partner [Member]

Series Seventeen [Member]

Series Eighteen [Member]

Limited Partner [Member]

Series Eighteen [Member]

General Partner [Member]

Series Eighteen [Member]

Series Nineteen [Member]

Limited Partner [Member]

Series Nineteen [Member]

General Partner [Member]

Series Nineteen [Member]

Partners' capital (deficit) at Mar. 31, 2010 $ (20,507,883) $ (2,096,320) $ (22,604,203) $ (3,277,326) $ (358,548) $ (3,635,874) $ (7,233,141) $ (544,384) $ (7,777,525) $ (6,635,683) $ (492,055) $ (7,127,738) $ (4,469,652) $ (358,509) $ (4,828,161) $ 1,107,919 $ (342,824) $ 765,095

Distributions to partners (1,500,000) 0 (1,500,000) 0 0 0 0 0 0 0 0 0 0 0 0 (1,500,000) 0 (1,500,000)

Net income (loss) 4,669,237 47,164 4,716,401 (104,464) (1,055) (105,519) (269,279) (2,720) (271,999) 453,139 4,577 457,716 (209,732) (2,119) (211,851) 4,799,573 48,481 4,848,054

Partners' capital (deficit) at Mar. 31, 2011 (17,338,646) (2,049,156) (19,387,802) (3,381,790) (359,603) (3,741,393) (7,502,420) (547,104) (8,049,524) (6,182,544) (487,478) (6,670,022) (4,679,384) (360,628) (5,040,012) 4,407,492 (294,343) 4,113,149

Distributions to partners (259,212) (2,618) (261,830) 0 0 0 0 0 0 0 0 0 0 0 0 (259,212) (2,618) (261,830)

Net income (loss) 71,321 720 72,041 131,894 1,332 133,226 (164,536) (1,662) (166,198) (25,253) (255) (25,508) 168,274 1,700 169,974 (39,058) (395) (39,453)

Partners' capital (deficit) at Mar. 31, 2012 $ (17,526,537) $ (2,051,054) $ (19,577,591) $ (3,249,896) $ (358,271) $ (3,608,167) $ (7,666,956) $ (548,766) $ (8,215,722) $ (6,207,797) $ (487,733) $ (6,695,530) $ (4,511,110) $ (358,928) $ (4,870,038) $ 4,109,222 $ (297,356) $ 3,811,866

X

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The amount of ownership interest of different classes of partners in limited partnership.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 272

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 272

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Practice Bulletin (PB)

-Number 14

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PartnersCapital

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Total distributions to each class of partners (i.e., general, limited and preferred partners).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Practice Bulletin (PB)

-Number 14

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PartnersCapitalAccountDistributions

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

XML 28 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6

RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN
12 Months Ended

Mar. 31, 2012

Reconciliation of Financial Statement Net Income (Loss) to Income Tax Return Disclosure [Abstract]

Reconciliation of Financial Statement Net Income (Loss) to Income Tax Return Disclosure [Text Block]
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

Total Series 15 Series 16

Net income (loss) for financial reporting purposes $ 72,041 $ 133,226 $ (166,198 )

Operating limited partnership rents received in advance (10,156 ) 2,199 (1,715 )

Accrued fund management fees not deducted (deducted) for tax purposes (212,295 ) (265,407 ) 116,741

Other 9,652,956 2,488,615 650,482

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (4,045,294 ) (730,809 ) (1,010,045 )

Excess of tax depreciation over book depreciation on operating limited partnership assets (1,178,940 ) (243,438 ) (376,657 )

Difference due to fiscal year for book purposes and calendar year for tax purposes (722,510 ) 472,240 (51,316 )

Income (loss) for tax return purposes, year ended December 31, 2011 $ 3,555,802 $ 1,856,626 $ (838,708 )

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

Series 17 Series 18 Series 19

Net income (loss) for financial reporting purposes $ (25,508 ) $ 169,974 $ (39,453 )

Operating limited partnership rents received in advance (10,640 ) - -

Accrued fund management fees not deducted (deducted) for tax purposes 71,531 (135,160 ) -

Other 2,197,089 (428 ) 4,317,198

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (733,673 ) (1,197,176 ) (373,591 )

Excess of tax depreciation over book depreciation on operating limited partnership assets (237,315 ) (245,477 ) (76,053 )

Difference due to fiscal year for book purposes and calendar year for tax purposes (1,011,334 ) (28,923 ) (103,177 )

Income (loss) for tax return purposes, year ended December 31, 2011 $ 250,150 $ (1,437,190 ) $ 3,724,924

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

Total Series 15 Series 16

Net income (loss) for financial reporting purposes $ 4,716,401 $ (105,519 ) $ (271,999 )

Operating limited partnership rents received in advance (9,388 ) (6,210 ) (7,306 )

Accrued fund management fees not deducted (deducted) for tax purposes 255,219 191,525 259,748

Other 6,444,195 968,093 719,234

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (5,917,343 ) (877,260 ) (1,540,061 )

Excess of tax depreciation over book depreciation on operating limited partnership assets (1,192,258 ) (231,374 ) (331,455 )

Difference due to fiscal year for book purposes and calendar year for tax purposes (5,377,289 ) (145,560 ) (135,679 )

Income (loss) for tax return purposes, year ended December 31, 2010 $ (1,080,463 ) $ (206,305 ) $ (1,307,518 )

For income tax purposes, the fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

Series 17 Series 18 Series 19

Net income (loss) for financial reporting purposes $ 457,716 $ (211,851 ) $ 4,848,054

Operating limited partnership rents received in advance 4,128 - -

Accrued fund management fees not deducted (deducted) for tax purposes (368,641 ) 172,587 -

Other 2,825,605 845,649 1,085,614

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (1,293,835 ) (1,535,917 ) (670,270 )

Excess of tax depreciation over book depreciation on operating limited partnership assets (403,879 ) (143,306 ) (82,244 )

Difference due to fiscal year for book purposes and calendar year for tax purposes (75,823 ) 5,213 (5,025,440 )

Income (loss) for tax return purposes, year ended December 31, 2010 $ 1,145,271 $ (867,625 ) $ 155,714

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012, are as follows:

Total Series 15 Series 16

Investments in operating limited partnerships - tax return December 31, 2011 $ (39,842,699 ) $ (9,915,268 ) $ (12,422,684 )

Estimated share of loss for the three months ended March 31, 2012 (1,012,965 ) (136,871 ) -

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 40,003,128 8,366,571 9,860,741

Impairment loss in investment in operating limited partnerships (17,303,883 ) (867,409 ) (2,861,385 )

Historic tax credits 5,325,806 - 1,844,836

Other 12,830,613 2,552,977 3,578,492

Investments in operating limited partnerships - as reported $ - $ - $ -

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2012, are as follows:

Series 17 Series 18 Series 19

Investments in operating limited partnerships - tax return December 31, 2011 $ (6,285,101 ) $ (9,967,872 ) $ (1,251,774 )

Estimated share of loss for the three months ended March 31, 2012 (467,481 ) (357,422 ) (51,191 )

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 6,800,814 9,565,423 5,409,579

Impairment loss in investment in operating limited partnerships (4,596,588 ) (4,363,063 ) (4,615,438 )

Historic tax credits 1,100,310 2,062,333 318,327

Other 3,448,046 3,060,601 190,497

Investments in operating limited partnerships - as reported $ - $ - $ -

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2011, are as follows:

Total Series 15 Series 16

Investments in operating limited partnerships - tax return December 31, 2010 $ (40,513,201 ) $ (11,515,636 ) $ (11,524,050 )

Estimated share of loss for the three months ended March 31, 2011 (1,178,753 ) (157,946 ) -

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 45,273,057 9,412,754 13,025,203

Impairment loss in investment in operating limited partnerships (20,818,310 ) (1,064,965 ) (5,544,345 )

Historic tax credits 5,325,806 - 1,844,836

Other 11,911,401 3,325,793 2,198,356

Investments in operating limited partnerships - as reported $ - $ - $ -

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2011, are as follows:

Series 17 Series 18 Series 19

Investments in operating limited partnerships - tax return December 31, 2010 $ (7,361,346 ) $ (8,524,791 ) $ (1,587,378 )

Estimated share of loss for the three months ended March 31, 2011 (527,327 ) (442,289 ) (51,191 )

Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 8,860,455 8,595,458 5,379,187

Impairment loss in investment in operating limited partnerships (5,219,704 ) (4,376,821 ) (4,612,475 )

Historic tax credits 1,100,310 2,062,333 318,327

Other 3,147,612 2,686,110 553,530

Investments in operating limited partnerships - as reported $ - $ - $ -

X

- Details

Name: bctciii_ReconciliationOfFinancialStatementNetIncomeLossToIncomeTaxReturnDisclosureAbstract

Namespace Prefix: bctciii_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure of partnership's net income (loss) for financial reporting and income (loss) for income tax return purposes for the year ended.

+ References

No definition available.

+ Details

Name: bctciii_ReconciliationOfFinancialStatementNetIncomeLossToIncomeTaxReturnDisclosureTextBlock

Namespace Prefix: bctciii_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 29 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 90 59 1 false 7 0 false 3 false false R1.htm 001 - Document - DOCUMENT AND ENTITY INFORMATION Sheet http://www.bostoncapital.com/role/DocumentAndEntityInformation DOCUMENT AND ENTITY INFORMATION true false R2.htm 002 - Statement - BALANCE SHEETS Sheet http://www.bostoncapital.com/role/StatementOfFinancialPositionUnclassified-RealEstateOperations BALANCE SHEETS false false R3.htm 003 - Statement - BALANCE SHEETS [Parenthetical] Sheet http://www.bostoncapital.com/role/BalanceSheetParenthetical BALANCE SHEETS [Parenthetical] false false R4.htm 004 - Statement - STATEMENTS OF OPERATIONS Sheet http://www.bostoncapital.com/role/StatementOfIncomeRealEstateExcludingREITs STATEMENTS OF OPERATIONS false false R5.htm 005 - Statement - STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) Sheet http://www.bostoncapital.com/role/StatementOfPartnersCapital STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) false false R6.htm 006 - Statement - STATEMENTS OF CASH FLOWS Sheet http://www.bostoncapital.com/role/StatementOfCashFlowsIndirectRealEstate STATEMENTS OF CASH FLOWS false false R7.htm 007 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sheet http://www.bostoncapital.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES false false R8.htm 008 - Disclosure - RELATED PARTY TRANSACTIONS Sheet http://www.bostoncapital.com/role/RELATEDPARTYTRANSACTIONS RELATED PARTY TRANSACTIONS false false R9.htm 009 - Disclosure - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS Sheet http://www.bostoncapital.com/role/INVESTMENTSINOPERATINGLIMITEDPARTNERSHIPS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS false false R10.htm 010 - Disclosure - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN Sheet http://www.bostoncapital.com/role/ReconciliationOfFinancialStatementNetIncomeLossToIncomeTaxReturn RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN false false R11.htm 011 - Disclosure - CONCENTRATION OF CREDIT RISK Sheet http://www.bostoncapital.com/role/ConcentrationOfCreditRisk CONCENTRATION OF CREDIT RISK false false R12.htm 012 - Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS Sheet http://www.bostoncapital.com/role/FairValueOfFinancialInstruments FAIR VALUE OF FINANCIAL INSTRUMENTS false false All Reports Book All Reports Process Flow-Through: 002 - Statement - BALANCE SHEETS Process Flow-Through: Removing column 'Mar. 31, 2010' Process Flow-Through: 003 - Statement - BALANCE SHEETS [Parenthetical] Process Flow-Through: 004 - Statement - STATEMENTS OF OPERATIONS Process Flow-Through: 006 - Statement - STATEMENTS OF CASH FLOWS bctciii-20120331.xml bctciii-20120331.xsd bctciii-20120331_cal.xml bctciii-20120331_def.xml bctciii-20120331_lab.xml bctciii-20120331_pre.xml true true

STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
STATEMENTS OF OPERATIONS (USD $)	Mar. 31, 2012	Mar. 31, 2011
Income
Interest income	$ 26,922	$ 21,951
Other income	30,350	101,777
Total income	57,272	123,728
Share of income from operating limited partnerships	820,440	6,099,658
Expenses
Professional fees	160,346	181,876
Partnership management fee	541,340	1,200,472
General and administrative expenses	103,985	124,637
Operating Expenses	805,671	1,506,985
NET INCOME (LOSS)	72,041	4,716,401
Net income (loss) allocated to general partner	720	47,164
Net income (loss) allocated to limited partners	71,321	4,669,237
Net income (loss) per BAC (in dollars per unit)	$ 0	$ 0.21
Series Fifteen [Member]
Income
Interest income	1,439	2,201
Other income	1,318	2,313
Total income	2,757	4,514
Share of income from operating limited partnerships	325,050	129,038
Expenses
Professional fees	35,926	40,864
Partnership management fee	138,632	167,675
General and administrative expenses	20,023	30,532
Operating Expenses	194,581	239,071
NET INCOME (LOSS)	133,226	(105,519)
Net income (loss) allocated to general partner	1,332	(1,055)
Net income (loss) allocated to limited partners	131,894	(104,464)
Net income (loss) per BAC (in dollars per unit)	$ 0.03	$ (0.03)
Series Sixteen [Member]
Income
Interest income	1,848	3,285
Other income	2,024	3,911
Total income	3,872	7,196
Share of income from operating limited partnerships	148,294	204,525
Expenses
Professional fees	39,313	40,659
Partnership management fee	254,665	413,509
General and administrative expenses	24,386	29,552
Operating Expenses	318,364	483,720
NET INCOME (LOSS)	(166,198)	(271,999)
Net income (loss) allocated to general partner	(1,662)	(2,720)
Net income (loss) allocated to limited partners	(164,536)	(269,279)
Net income (loss) per BAC (in dollars per unit)	$ (0.03)	$ (0.05)
Series Seventeen [Member]
Income
Interest income	1,642	5,552
Other income	16,209	12,574
Total income	17,851	18,126
Share of income from operating limited partnerships	247,646	819,215
Expenses
Professional fees	34,300	37,427
Partnership management fee	234,245	317,273
General and administrative expenses	22,460	24,925
Operating Expenses	291,005	379,625
NET INCOME (LOSS)	(25,508)	457,716
Net income (loss) allocated to general partner	(255)	4,577
Net income (loss) allocated to limited partners	(25,253)	453,139
Net income (loss) per BAC (in dollars per unit)	$ (0.01)	$ 0.09
Series Eighteen [Member]
Income
Interest income	630	2,237
Other income	10,485	31,276
Total income	11,115	33,513
Share of income from operating limited partnerships	0	0
Expenses
Professional fees	26,832	27,866
Partnership management fee	(203,875)	197,734
General and administrative expenses	18,184	19,764
Operating Expenses	(158,859)	245,364
NET INCOME (LOSS)	169,974	(211,851)
Net income (loss) allocated to general partner	1,700	(2,119)
Net income (loss) allocated to limited partners	168,274	(209,732)
Net income (loss) per BAC (in dollars per unit)	$ 0.05	$ (0.06)
Series Nineteen [Member]
Income
Interest income	21,363	8,676
Other income	314	51,703
Total income	21,677	60,379
Share of income from operating limited partnerships	99,450	4,946,880
Expenses
Professional fees	23,975	35,060
Partnership management fee	117,673	104,281
General and administrative expenses	18,932	19,864
Operating Expenses	160,580	159,205
NET INCOME (LOSS)	(39,453)	4,848,054
Net income (loss) allocated to general partner	(395)	48,481
Net income (loss) allocated to limited partners	$ (39,058)	$ 4,799,573
Net income (loss) per BAC (in dollars per unit)	$ (0.01)	$ 1.18

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) (USD $)	Limited Partner [Member]	General Partner [Member]	Total	Series Fifteen [Member] Limited Partner [Member]	Series Fifteen [Member] General Partner [Member]	Series Fifteen [Member]	Series Sixteen [Member] Limited Partner [Member]	Series Sixteen [Member] General Partner [Member]	Series Sixteen [Member]	Series Seventeen [Member] Limited Partner [Member]	Series Seventeen [Member] General Partner [Member]	Series Seventeen [Member]	Series Eighteen [Member] Limited Partner [Member]	Series Eighteen [Member] General Partner [Member]	Series Eighteen [Member]	Series Nineteen [Member] Limited Partner [Member]	Series Nineteen [Member] General Partner [Member]	Series Nineteen [Member]
Partners' capital (deficit) at Mar. 31, 2010	$ (20,507,883)	$ (2,096,320)	$ (22,604,203)	$ (3,277,326)	$ (358,548)	$ (3,635,874)	$ (7,233,141)	$ (544,384)	$ (7,777,525)	$ (6,635,683)	$ (492,055)	$ (7,127,738)	$ (4,469,652)	$ (358,509)	$ (4,828,161)	$ 1,107,919	$ (342,824)	$ 765,095
Distributions to partners	(1,500,000)	0	(1,500,000)	0	0	0	0	0	0	0	0	0	0	0	0	(1,500,000)	0	(1,500,000)
Net income (loss)	4,669,237	47,164	4,716,401	(104,464)	(1,055)	(105,519)	(269,279)	(2,720)	(271,999)	453,139	4,577	457,716	(209,732)	(2,119)	(211,851)	4,799,573	48,481	4,848,054
Partners' capital (deficit) at Mar. 31, 2011	(17,338,646)	(2,049,156)	(19,387,802)	(3,381,790)	(359,603)	(3,741,393)	(7,502,420)	(547,104)	(8,049,524)	(6,182,544)	(487,478)	(6,670,022)	(4,679,384)	(360,628)	(5,040,012)	4,407,492	(294,343)	4,113,149
Distributions to partners	(259,212)	(2,618)	(261,830)	0	0	0	0	0	0	0	0	0	0	0	0	(259,212)	(2,618)	(261,830)
Net income (loss)	71,321	720	72,041	131,894	1,332	133,226	(164,536)	(1,662)	(166,198)	(25,253)	(255)	(25,508)	168,274	1,700	169,974	(39,058)	(395)	(39,453)
Partners' capital (deficit) at Mar. 31, 2012	$ (17,526,537)	$ (2,051,054)	$ (19,577,591)	$ (3,249,896)	$ (358,271)	$ (3,608,167)	$ (7,666,956)	$ (548,766)	$ (8,215,722)	$ (6,207,797)	$ (487,733)	$ (6,695,530)	$ (4,511,110)	$ (358,928)	$ (4,870,038)	$ 4,109,222	$ (297,356)	$ 3,811,866