UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2015
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        0-26200

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

Delaware	04-3208648
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts  02108
(Address of principal executive offices)    (Zip Code)

                   (617) 624-8900                   

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý No 

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

Yes ý No 

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

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company ý

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

Yes  No ý

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2015

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
			Pages
	Item 1. Condensed Financial Statements
		Condensed Balance Sheets			3-30
		Condensed Statements of Operations Three Months			31-58
		Condensed Statements of Changes in  Partners' Capital (Deficit)			59-68
		Condensed Statements of Cash Flows			69-96
		Notes to Condensed Financial Statements			97-132
	Item 2. Management's Discussion and Analysis of          Financial Condition and Results of Operations			133-181
	Item 3. Quantitative and Qualitative Disclosures About         Market Risk			185
	Item 4. Controls and Procedures			185
PART II OTHER INFORMATION
	Item 1. Legal Proceedings			186
	Item 1A. Risk Factors			186
	Item 2. Unregistered Sales of Equity Securities and         Use of Proceeds			186
	Item 3. Defaults Upon Senior Securities			186
	Item 4. Mine Safety Disclosures			186
	Item 5. Other Information			186
	Item 6. Exhibits			186
	Signatures			187

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

			June 30, 2015				March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$		1,727,768		$		1,798,718
OTHER ASSETS
Cash and cash equivalents			24,141,139				23,720,352
Notes receivable			22,790				22,790
Other assets			203,083				412,350
	$		26,094,780		$		25,954,210
LIABILITIES
Accounts payable and accrued expenses		$		173,363		$		182,339
Accounts payable affiliates (Note C)			49,437,811				52,101,042
Capital contributions payable			587,465				587,465
			50,198,639				52,870,846
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  83,651,080 issued and 83,569,146 outstanding as of June 30, 2015 and March 31, 2015.			(16,696,601)				(19,481,250)
General Partner			(7,407,258)				(7,435,386)
			(24,103,859)				(26,916,636)
	$		26,094,780		$		25,954,210

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		234,403		310,195
Notes receivable		-		-
Other assets		-		-
	$	234,403	$	310,195
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,442,345		1,504,687
Capital contributions payable		-		-
		1,442,345		1,504,687
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,866,700 issued and 3,857,700 outstanding as of June 30, 2015 and March 31, 2015.		(887,611)		(874,295)
General Partner		(320,331)		(320,197)
		(1,207,942)		(1,194,492)
	$	234,403	$	310,195

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		448,232		127,394
Notes receivable		-		-
Other assets		3,000		3,000
	$	451,232	$	130,394
LIABILITIES
Accounts payable and accrued expenses	$	8,000	$	5,000
Accounts payable affiliates (Note C)		1,454,714		1,440,389
Capital contributions payable		-		-
		1,462,714		1,445,389
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  1,892,700 issued and 1,888,200 outstanding as of June 30, 2015 and March 31, 2015.		(839,416)		(1,139,894)
General Partner		(172,066)		(175,101)
		(1,011,482)		(1,314,995)
	$	451,232	$	130,394

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		114,299		117,048
Notes receivable		-		-
Other assets		-		-
	$	114,299	$	117,048
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,822,742		2,809,752
Capital contributions payable		9,352		9,352
		2,832,094		2,819,104
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,564,400 issued and 2,560,800 outstanding as of June 30, 2015 and March 31, 2015.		(2,471,534)		(2,455,952)
General Partner		(246,261)		(246,104)
		(2,717,795)		(2,702,056)
	$	114,299	$	117,048

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 23

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		213,500		205,359
Notes receivable		-		-
Other assets		-		-
	$	213,500	$	205,359
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,224,395		2,206,713
Capital contributions payable		-		-
		2,224,395		2,206,713
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,336,727 issued and 3,333,227 outstanding as of June 30, 2015 and March 31, 2015.		(1,705,940)		(1,696,494)
General Partner		(304,955)		(304,860)
		(2,010,895)		(2,001,354)
	$	213,500	$	205,359

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		1,065,705		1,005,871
Notes receivable		-		-
Other assets		-		80,040
	$	1,065,705	$	1,085,911
LIABILITIES
Accounts payable and accrued expenses	$	-	$	6,335
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-
		-		6,335
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,169,878 issued and 2,162,378 outstanding as of June 30, 2015 and March 31, 2015.		1,240,345		1,254,077
General Partner		(174,640)		(174,501)
		1,065,705		1,079,576
	$	1,065,705	$	1,085,911

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 25

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		3,802,393		3,811,919
Notes receivable		-		-
Other assets		1,250		1,250
	$	3,803,643	$	3,813,169
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-
		-		-
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,026,109 issued and 3,024,509 outstanding as of June 30, 2015 and March 31, 2015.		4,023,050		4,032,481
General Partner		(219,407)		(219,312)
		3,803,643		3,813,169
	$	3,803,643	$	3,813,169

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		3,029,933		3,013,320
Notes receivable		-		-
Other assets		-		69,000
	$	3,029,933	$	3,082,320
LIABILITIES
Accounts payable and accrued expenses	$	4,960	$	20,467
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-
		4,960		20,467
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,995,900 issued and 3,990,700 outstanding as of June 30, 2015 and March 31, 2015.		3,334,976		3,371,487
General Partner		(310,003)		(309,634)
		3,024,973		3,061,853
	$	3,029,933	$	3,082,320

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		1,017,478		1,051,663
Notes receivable		-		-
Other assets		-		-
	$	1,017,478	$	1,051,663
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-
		-		-
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,460,700 issued and 2,459,700 outstanding as of June 30, 2015 and March 31, 2015.		1,213,751		1,247,594
General Partner		(196,273)		(195,931)
		1,017,478		1,051,663
	$	1,017,478	$	1,051,663

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 28

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		6,950,243		5,774,634
Notes receivable		-		-
Other assets		1,250		1,250
	$	6,951,493	$	5,775,884
LIABILITIES
Accounts payable and accrued expenses	$	3,000	$	3,000
Accounts payable affiliates (Note C)		3,021		-
Capital contributions payable		-		-
		6,021		3,000
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  4,000,738 issued and 3,998,738 outstanding as of June 30, 2015 and March 31, 2015.		7,219,765		6,058,903
General Partner		(274,293)		(286,019)
		6,945,472		5,772,884
	$	6,951,493	$	5,775,884

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 29

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		371,758		501,274
Notes receivable		-		-
Other assets		-		-
	$	371,758	$	501,274
LIABILITIES
Accounts payable and accrued expenses	$	5,000	$	1,500
Accounts payable affiliates (Note C)		3,561,530		3,814,638
Capital contributions payable		8,235		8,235
		3,574,765		3,824,373
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,991,800 issued and 3,989,500 outstanding as of June 30, 2015 and March 31, 2015.		(2,832,330)		(2,951,221)
General Partner		(370,677)		(371,878)
		(3,203,007)		(3,323,099)
	$	371,758	$	501,274

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 30

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		300,381		322,775
Notes receivable		-		-
Other assets		500		51,500
	$	300,881	$	374,275
LIABILITIES
Accounts payable and accrued expenses	$	600	$	-
Accounts payable affiliates (Note C)		1,785,717		1,833,832
Capital contributions payable		105,139		105,139
		1,891,456		1,938,971
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,651,000 issued and 2,643,000 outstanding as of June 30, 2015 and March 31, 2015.		(1,347,613)		(1,321,993)
General Partner		(242,962)		(242,703)
		(1,590,575)		(1,564,696)
	$	300,881	$	374,275

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 31

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		679,529		3,106,480
Notes receivable		-		-
Other assets		25,000		25,000
	$	704,529	$	3,131,480
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		523,948		2,902,513
Capital contributions payable		66,294		66,294
		590,242		2,968,807
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  4,417,857 issued and 4,409,757 outstanding as of June 30, 2015 and March 31, 2015.		492,403		540,305
General Partner		(378,116)		(377,632)
		114,287		162,673
	$	704,529	$	3,131,480

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 32

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		252,466		354,807
Notes receivable		-		-
Other assets		-		-
	$	252,466	$	354,807
LIABILITIES
Accounts payable and accrued expenses	$	-	$	993
Accounts payable affiliates (Note C)		3,243,759		3,280,553
Capital contributions payable		1,229		1,229
		3,244,988		3,282,775
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  4,754,198 issued and 4,748,198 outstanding as of June 30, 2015 and March 31, 2015.		(2,556,233)		(2,492,325)
General Partner		(436,289)		(435,643)
		(2,992,522)		(2,927,968)
	$	252,466	$	354,807

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 33

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		1,322,038		281,704
Notes receivable		-		-
Other assets		-		-
	$	1,322,038	$	281,704
LIABILITIES
Accounts payable and accrued expenses	$	6,403	$	4,053
Accounts payable affiliates (Note C)		2,030,702		2,060,048
Capital contributions payable		69,154		69,154
		2,106,259		2,133,255
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,636,533 issued and 2,635,533 outstanding as of June 30, 2015 and March 31, 2015.		(550,599)		(1,607,256)
General Partner		(233,622)		(244,295)
		(784,221)		(1,851,551)
	$	1,322,038	$	281,704

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		379,145		838,027
Notes receivable		-		-
Other assets		-		-
	$	379,145	$	838,027
LIABILITIES
Accounts payable and accrued expenses	$	5,000	$	5,802
Accounts payable affiliates (Note C)		3,605,123		4,077,757
Capital contributions payable		-		-
		3,610,123		4,083,559
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,529,319 issued and 3,523,219 outstanding as of June 30, 2015 and March 31, 2015.		(2,898,279)		(2,912,687)
General Partner		(332,699)		(332,845)
		(3,230,978)		(3,245,532)
	$	379,145	$	838,027

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		1,143,175		231,626
Notes receivable		-		-
Other assets		-		-
	$	1,143,175	$	231,626
LIABILITIES
Accounts payable and accrued expenses	$	9,400	$	1,500
Accounts payable affiliates (Note C)		2,443,372		2,405,390
Capital contributions payable		-		-
		2,452,772		2,406,890
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,300,463 issued and 3,295,763 outstanding as of June 30, 2015 and March 31, 2015.		(1,014,476)		(1,871,486)
General Partner		(295,121)		(303,778)
		(1,309,597)		(2,175,264)
	$	1,143,175	$	231,626

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		429,889		430,583
Notes receivable		-		-
Other assets		-		-
	$	429,889	$	430,583
LIABILITIES
Accounts payable and accrued expenses	$	131,000	$	131,000
Accounts payable affiliates (Note C)		1,223,897		1,190,777
Capital contributions payable		-		-
		1,354,897		1,321,777
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,106,838 issued and 2,102,504 outstanding as of June 30, 2015 and March 31, 2015.		(737,095)		(703,619)
General Partner		(187,913)		(187,575)
		(925,008)		(891,194)
	$	429,889	$	430,583

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 37

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		351,459		345,467
Notes receivable		-		-
Other assets		-		-
	$	351,459	$	345,467
LIABILITIES
Accounts payable and accrued expenses	$	-	$	1,024
Accounts payable affiliates (Note C)		2,383,417		2,344,087
Capital contributions payable		138,438		138,438
		2,521,855		2,483,549
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,512,500 issued and 2,512,500 outstanding as of June 30, 2015 and March 31, 2015.		(1,933,128)		(1,901,137)
General Partner		(237,268)		(236,945)
		(2,170,396)		(2,138,082)
	$	351,459	$	345,467

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		281,811		280,864
Notes receivable		-		-
Other assets		-		-
	$	281,811	$	280,864
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,922,332		1,881,232
Capital contributions payable		-		-
		1,922,332		1,881,232
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,543,100 issued and 2,543,100 outstanding as of June 30, 2015 and March 31, 2015.		(1,405,831)		(1,366,080)
General Partner		(234,690)		(234,288)
		(1,640,521)		(1,600,368)
	$	281,811	$	280,864

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		167,380		166,118
Notes receivable		-		-
Other assets		-		-
	$	167,380	$	166,118
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,713,469		1,681,984
Capital contributions payable		-		-
		1,713,469		1,681,984
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,292,151 issued and 2,291,151 outstanding as of June 30, 2015 and March 31, 2015.		(1,334,186)		(1,304,265)
General Partner		(211,903)		(211,601)
		(1,546,089)		(1,515,866)
	$	167,380	$	166,118

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		93,812		97,731
Notes receivable		-		-
Other assets		-		-
	$	93,812	$	97,731
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,090,983		3,039,139
Capital contributions payable		102		102
		3,091,085		3,039,241
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,630,256 issued and 2,628,756 outstanding as of June 30, 2015 and March 31, 2015.		(2,742,356)		(2,687,151)
General Partner		(254,917)		(254,359)
		(2,997,273)		(2,941,510)
	$	93,812	$	97,731

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		205,760		158,957
Notes receivable		-		-
Other assets		1,218		1,218
	$	206,978	$	160,175
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,351,895		3,292,504
Capital contributions payable		100		100
		3,351,995		3,292,604
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,891,626 issued and 2,891,626 outstanding as of June 30, 2015 and March 31, 2015.		(2,864,398)		(2,851,936)
General Partner		(280,619)		(280,493)
		(3,145,017)		(3,132,429)
	$	206,978	$	160,175

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		434,198		420,023
Notes receivable		22,790		22,790
Other assets		51,003		90,963
	$	507,991	$	533,776
LIABILITIES
Accounts payable and accrued expenses	$	-	$	1,665
Accounts payable affiliates (Note C)		2,277,815		2,319,763
Capital contributions payable		73,433		73,433
		2,351,248		2,394,861
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,744,262 issued and 2,744,262 outstanding as of June 30, 2015 and March 31, 2015.		(1,583,886)		(1,601,536)
General Partner		(259,371)		(259,549)
		(1,843,257)		(1,861,085)
	$	507,991	$	533,776

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 43

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		417,329		354,147
Notes receivable		-		-
Other assets		85,341		85,341
	$	502,670	$	439,488
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,931,703		2,855,008
Capital contributions payable		99,265		99,265
		3,030,968		2,954,273
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,637,987 issued and 3,637,987 outstanding as of June 30, 2015 and March 31, 2015.		(2,181,494)		(2,168,116)
General Partner		(346,804)		(346,669)
		(2,528,298)		(2,514,785)
	$	502,670	$	439,488

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 44

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		14,363		9,744
Notes receivable		-		-
Other assets		30,733		-
	$	45,096	$	9,744
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,078,956		1,973,504
Capital contributions payable		-		-
		2,078,956		1,973,504
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,701,973 issued and 2,701,973 outstanding as of June 30, 2015 and March 31, 2015.		(1,776,073)		(1,706,674)
General Partner		(257,787)		(257,086)
		(2,033,860)		(1,963,760)
	$	45,096	$	9,744

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 45

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	824,580	$	838,105
OTHER ASSETS
Cash and cash equivalents		163,457		147,398
Notes receivable		-		-
Other assets		-		-
	$	988,037	$	985,503
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,833,235		1,760,413
Capital contributions payable		16,724		16,724
		1,849,959		1,777,137
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  4,014,367 issued and 4,014,367 outstanding as of June 30, 2015 and March 31, 2015.		(499,641)		(430,056)
General Partner		(362,281)		(361,578)
		(861,922)		(791,634)
	$	988,037	$	985,503

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 46

		June 30, 2015		March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	903,188	$	960,613
OTHER ASSETS
Cash and cash equivalents		257,003		255,224
Notes receivable		-		-
Other assets		3,788		3,788
	$	1,163,979	$	1,219,625
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,488,741		1,426,359
Capital contributions payable		-		-
		1,488,741		1,426,359
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,980,998 issued and 2,979,998 outstanding as of June 30, 2015 and March 31, 2015.		(58,772)		58,076
General Partner		(265,990)		(264,810)
		(324,762)		(206,734)
	$	1,163,979	$	1,219,625

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

		2015		2014
Income
Interest income	$	13,703	$	8,307
Other income		212,454		412,269
		226,157		420,576
Share of income (loss) from  Operating Partnerships (Note D)		3,650,235		6,369,551
Expenses
Professional fees		119,700		125,455
Fund management fee, net (Note C)		863,134		937,358
Amortization		-		16,698
General and administrative expenses		80,781		83,598
		1,063,615		1,163,109
NET INCOME (LOSS)	$	2,812,777	$	5,627,018
Net income (loss) allocated to  assignees	$	2,784,649	$	5,570,749
Net income (loss) allocated to general partner	$	28,128	$	56,269
Net income (loss) per BAC	$	.03	$	.07

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 20

		2015		2014
Income
Interest income	$	135	$	152
Other income		-		-
		135		152
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		3,480		3,820
Fund management fee, net (Note C)		6,855		18,746
Amortization		-		-
General and administrative expenses		3,250		3,640
		13,585		26,206
NET INCOME (LOSS)	$	(13,450)	$	(26,054)
Net income (loss) allocated to  assignees	$	(13,316)	$	(25,793)
Net income (loss) allocated to general partner	$	(134)	$	(261)
Net income (loss) per BAC	$	(.00)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 21

		2015		2014
Income
Interest income	$	83	$	82
Other income		-		-
		83		82
Share of income (loss) from  Operating Partnerships (Note D)		323,096		-
Expenses
Professional fees		2,820		3,030
Fund management fee, net (Note C)		14,325		(20,675)
Amortization		-		-
General and administrative expenses		2,521		2,681
		19,666		(14,964)
NET INCOME (LOSS)	$	303,513	$	15,046
Net income (loss) allocated to  assignees	$	300,478	$	14,896
Net income (loss) allocated to general partner	$	3,035	$	150
Net income (loss) per BAC	$	.16	$	.01

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 22

		2015		2014
Income
Interest income	$	38	$	43
Other income		-		284
		38		327
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		3,645		3,820
Fund management fee, net (Note C)		9,279		8,304
Amortization		-		-
General and administrative expenses		2,853		3,073
		15,777		15,197
NET INCOME (LOSS)	$	(15,739)	$	(14,870)
Net income (loss) allocated to  assignees	$	(15,582)	$	(14,721)
Net income (loss) allocated to general partner	$	(157)	$	(149)
Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 23

		2015		2014
Income
Interest income	$	67	$	43
Other income		-		7,590
		67		7,633
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		3,975		3,820
Fund management fee, net (Note C)		2,453		22,180
Amortization		-		-
General and administrative expenses		3,180		3,400
		9,608		29,400
NET INCOME (LOSS)	$	(9,541)	$	(21,767)
Net income (loss) allocated to  assignees	$	(9,446)	$	(21,549)
Net income (loss) allocated to general partner	$	(95)	$	(218)
Net income (loss) per BAC	$	(.00)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 24

		2015		2014
Income
Interest income	$	689	$	641
Other income		1,680		1,680
		2,369		2,321
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		3,480		4,130
Fund management fee, net (Note C)		9,898		13,493
Amortization		-		-
General and administrative expenses		2,862		3,321
		16,240		20,944
NET INCOME (LOSS)	$	(13,871)	$	(18,623)
Net income (loss) allocated to  assignees	$	(13,732)	$	(18,437)
Net income (loss) allocated to general partner	$	(139)	$	(186)
Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 25

		2015		2014
Income
Interest income	$	2,853	$	2,055
Other income		-		-
		2,853		2,055
Share of income (loss) from  Operating Partnerships (Note D)		-		1,221,595
Expenses
Professional fees		3,315		3,345
Fund management fee, net (Note C)		5,934		8,459
Amortization		-		-
General and administrative expenses		3,130		3,717
		12,379		15,521
NET INCOME (LOSS)	$	(9,526)	$	1,208,129
Net income (loss) allocated to  assignees	$	(9,431)	$	1,196,048
Net income (loss) allocated to general partner	$	(95)	$	12,081
Net income (loss) per BAC	$	(.00)	$	.40

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 26

		2015		2014
Income
Interest income	$	1,415	$	963
Other income		-		1,819
		1,415		2,782
Share of income (loss) from  Operating Partnerships (Note D)		-		396,166
Expenses
Professional fees		6,120		7,285
Fund management fee, net (Note C)		28,615		(25,381)
Amortization		-		-
General and administrative expenses		3,560		4,184
		38,295		(13,912)
NET INCOME (LOSS)	$	(36,880)	$	412,860
Net income (loss) allocated to  assignees	$	(36,511)	$	408,731
Net income (loss) allocated to general partner	$	(369)	$	4,129
Net income (loss) per BAC	$	(.01)	$	.10

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 27

		2015		2014
Income
Interest income	$	879	$	895
Other income		-		-
		879		895
Share of income (loss) from  Operating Partnerships (Note D)		-		232,182
Expenses
Professional fees		3,810		5,315
Fund management fee, net (Note C)		28,358		32,235
Amortization		-		-
General and administrative expenses		2,896		3,276
		35,064		40,826
NET INCOME (LOSS)	$	(34,185)	$	192,251
Net income (loss) allocated to  assignees	$	(33,843)	$	190,328
Net income (loss) allocated to general partner	$	(342)	$	1,923
Net income (loss) per BAC	$	(.01)	$	.08

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 28

		2015		2014
Income
Interest income	$	4,327	$	1,157
Other income		6,400		256,356
		10,727		257,513
Share of income (loss) from  Operating Partnerships (Note D)		1,197,000		4,741,256
Expenses
Professional fees		5,295		5,390
Fund management fee, net (Note C)		26,455		2,765
Amortization		-		-
General and administrative expenses		3,389		3,431
		35,139		11,586
NET INCOME (LOSS)	$	1,172,588	$	4,987,183
Net income (loss) allocated to  assignees	$	1,160,862	$	4,937,311
Net income (loss) allocated to general partner	$	11,726	$	49,872
Net income (loss) per BAC	$	.29	$	1.23

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 29

		2015		2014
Income
Interest income	$	245	$	187
Other income		-		-
		245		187
Share of income (loss) from  Operating Partnerships (Note D)		153,500		-
Expenses
Professional fees		4,965		5,390
Fund management fee, net (Note C)		25,385		66,907
Amortization		-		-
General and administrative expenses		3,303		3,590
		33,653		75,887
NET INCOME (LOSS)	$	120,092	$	(75,700)
Net income (loss) allocated to  assignees	$	118,891	$	(74,943)
Net income (loss) allocated to general partner	$	1,201	$	(757)
Net income (loss) per BAC	$	.03	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 30

		2015		2014
Income
Interest income	$	199	$	169
Other income		-		-
		199		169
Share of income (loss) from  Operating Partnerships (Note D)		6,000		-
Expenses
Professional fees		4,800		4,605
Fund management fee, net (Note C)		24,515		36,387
Amortization		-		-
General and administrative expenses		2,763		2,795
		32,078		43,787
NET INCOME (LOSS)	$	(25,879)	$	(43,618)
Net income (loss) allocated to  assignees	$	(25,620)	$	(43,182)
Net income (loss) allocated to general partner	$	(259)	$	(436)
Net income (loss) per BAC	$	(.01)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 31

		2015		2014
Income
Interest income	$	775	$	352
Other income		-		-
		775		352
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		6,120		6,020
Fund management fee, net (Note C)		39,502		59,254
Amortization		-		-
General and administrative expenses		3,539		3,464
		49,161		68,738
NET INCOME (LOSS)	$	(48,386)	$	(68,386)
Net income (loss) allocated to  assignees	$	(47,902)	$	(67,702)
Net income (loss) allocated to general partner	$	(484)	$	(684)
Net income (loss) per BAC	$	(.01)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 32

		2015		2014
Income
Interest income	$	106	$	129
Other income		-		2,278
		106		2,407
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		4,470		4,445
Fund management fee, net (Note C)		56,622		59,728
Amortization		-		-
General and administrative expenses		3,568		3,614
		64,660		67,787
NET INCOME (LOSS)	$	(64,554)	$	(65,380)
Net income (loss) allocated to  assignees	$	(63,908)	$	(64,726)
Net income (loss) allocated to general partner	$	(646)	$	(654)
Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,

(Unaudited)

Series 33

		2015		2014
Income
Interest income	$	201	$	139
Other income		-		2,777
		201		2,916
Share of income (loss) from  Operating Partnerships (Note D)		1,097,000		-
Expenses
Professional fees		3,480		3,345
Fund management fee, net (Note C)		23,733		24,352
Amortization		-		-
General and administrative expenses		2,658		2,701
		29,871		30,398
NET INCOME (LOSS)	$	1,067,330	$	(27,482)
Net income (loss) allocated to  assignees	$	1,056,657	$	(27,207)
Net income (loss) allocated to general partner	$	10,673	$	(275)
Net income (loss) per BAC	$	.40	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 34

		2015		2014
Income
Interest income	$	233	$	70
Other income		16,763		4,731
		16,996		4,801
Share of income (loss) from  Operating Partnerships (Note D)		37,000		-
Expenses
Professional fees		4,305		4,748
Fund management fee, net (Note C)		30,093		61,887
Amortization		-		-
General and administrative expenses		5,044		3,073
		39,442		69,708
NET INCOME (LOSS)	$	14,554	$	(64,907)
Net income (loss) allocated to  assignees	$	14,408	$	(64,258)
Net income (loss) allocated to general partner	$	146	$	(649)
Net income (loss) per BAC	$	.00	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 35

		2015		2014
Income
Interest income	$	240	$	113
Other income		6,178		6,305
		6,418		6,418
Share of income (loss) from  Operating Partnerships (Note D)		904,000		-
Expenses
Professional fees		3,810		4,105
Fund management fee, net (Note C)		37,982		46,520
Amortization		-		-
General and administrative expenses		2,959		3,050
		44,751		53,675
NET INCOME (LOSS)	$	865,667	$	(47,257)
Net income (loss) allocated to  assignees	$	857,010	$	(46,784)
Net income (loss) allocated to general partner	$	8,657	$	(473)
Net income (loss) per BAC	$	.26	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 36

		2015		2014
Income
Interest income	$	267	$	309
Other income		2,683		4,754
		2,950		5,063
Share of income (loss) from  Operating Partnerships (Note D)		-		25,054
Expenses
Professional fees		3,810		3,660
Fund management fee, net (Note C)		30,378		28,710
Amortization		-		-
General and administrative expenses		2,576		2,566
		36,764		34,936
NET INCOME (LOSS)	$	(33,814)	$	(4,819)
Net income (loss) allocated to  assignees	$	(33,476)	$	(4,771)
Net income (loss) allocated to general partner	$	(338)	$	(48)
Net income (loss) per BAC	$	(.02)	$	(.00)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 37

		2015		2014
Income
Interest income	$	173	$	164
Other income		9,240		14,770
		9,413		14,934
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		3,315		3,185
Fund management fee, net (Note C)		35,816		40,698
Amortization		-		-
General and administrative expenses		2,596		2,612
		41,727		46,495
NET INCOME (LOSS)	$	(32,314)	$	(31,561)
Net income (loss) allocated to  assignees	$	(31,991)	$	(31,245)
Net income (loss) allocated to general partner	$	(323)	$	(316)
Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 38

		2015		2014
Income
Interest income	$	82	$	75
Other income		3,160		-
		3,242		75
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		3,810		3,660
Fund management fee, net (Note C)		36,900		41,100
Amortization		-		-
General and administrative expenses		2,685		2,657
		43,395		47,417
NET INCOME (LOSS)	$	(40,153)	$	(47,342)
Net income (loss) allocated to  assignees	$	(39,751)	$	(46,869)
Net income (loss) allocated to general partner	$	(402)	$	(473)
Net income (loss) per BAC	$	(.02)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 39

		2015		2014
Income
Interest income	$	87	$	79
Other income		3,160		-
		3,247		79
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		3,645		3,500
Fund management fee, net (Note C)		27,285		34,200
Amortization		-		-
General and administrative expenses		2,540		2,542
		33,470		40,242
NET INCOME (LOSS)	$	(30,223)	$	(40,163)
Net income (loss) allocated to  assignees	$	(29,921)	$	(39,761)
Net income (loss) allocated to general partner	$	(302)	$	(402)
Net income (loss) per BAC	$	(.01)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 40

		2015		2014
Income
Interest income	$	25	$	22
Other income		-		-
		25		22
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		4,800		4,605
Fund management fee, net (Note C)		48,504		48,504
Amortization		-		-
General and administrative expenses		2,484		2,605
		55,788		55,714
NET INCOME (LOSS)	$	(55,763)	$	(55,692)
Net income (loss) allocated to  assignees	$	(55,205)	$	(55,135)
Net income (loss) allocated to general partner	$	(558)	$	(557)
Net income (loss) per BAC	$	(.02)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 41

		2015		2014
Income
Interest income	$	129	$	117
Other income		36,109		9,229
		36,238		9,346
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		5,295		6,571
Fund management fee, net (Note C)		40,720		53,503
Amortization		-		-
General and administrative expenses		2,811		2,872
		48,826		62,946
NET INCOME (LOSS)	$	(12,588)	$	(53,600)
Net income (loss) allocated to  assignees	$	(12,462)	$	(53,064)
Net income (loss) allocated to general partner	$	(126)	$	(536)
Net income (loss) per BAC	$	(.00)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 42

		2015		2014
Income
Interest income	$	142	$	90
Other income		66,129		50,000
		66,271		50,090
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		5,625		6,726
Fund management fee, net (Note C)		40,228		38,109
Amortization		-		-
General and administrative expenses		2,590		2,704
		48,443		47,539
NET INCOME (LOSS)	$	17,828	$	2,551
Net income (loss) allocated to  assignees	$	17,650	$	2,525
Net income (loss) allocated to general partner	$	178	$	26
Net income (loss) per BAC	$	.01	$	.00

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 43

		2015		2014
Income
Interest income	$	129	$	107
Other income		39,347		49,274
		39,476		49,381
Share of income (loss) from  Operating Partnerships (Note D)		-		(5,425)
Expenses
Professional fees		5,955		5,705
Fund management fee, net (Note C)		44,122		54,360
Amortization		-		16,698
General and administrative expenses		2,912		3,055
		52,989		79,818
NET INCOME (LOSS)	$	(13,513)	$	(35,862)
Net income (loss) allocated to  assignees	$	(13,378)	$	(35,503)
Net income (loss) allocated to general partner	$	(135)	$	(359)
Net income (loss) per BAC	$	(.00)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 44

		2015		2014
Income
Interest income	$	2	$	5
Other income		-		-
		2		5
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		3,975		3,975
Fund management fee, net (Note C)		63,657		58,731
Amortization		-		-
General and administrative expenses		2,470		2,788
		70,102		65,494
NET INCOME (LOSS)	$	(70,100)	$	(65,489)
Net income (loss) allocated to  assignees	$	(69,399)	$	(64,834)
Net income (loss) allocated to general partner	$	(701)	$	(655)
Net income (loss) per BAC	$	(.03)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 45

		2015		2014
Income
Interest income	$	42	$	29
Other income		21,605		422
		21,647		451
Share of income (loss) from  Operating Partnerships (Note D)		(13,525)		(122,563)
Expenses
Professional fees		6,945		6,810
Fund management fee, net (Note C)		68,513		64,940
Amortization		-		-
General and administrative expenses		2,952		3,272
		78,410		75,022
NET INCOME (LOSS)	$	(70,288)	$	(197,134)
Net income (loss) allocated to  assignees	$	(69,585)	$	(195,163)
Net income (loss) allocated to general partner	$	(703)	$	(1,971)
Net income (loss) per BAC	$	(.02)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 46

		2015		2014
Income
Interest income	$	140	$	120
Other income		-		-
		140		120
Share of income (loss) from  Operating Partnerships (Note D)		(53,836)		(118,714)
Expenses
Professional fees		4,635		4,445
Fund management fee, net (Note C)		57,007		59,342
Amortization		-		-
General and administrative expenses		2,690		2,915
		64,332		66,702
NET INCOME (LOSS)	$	(118,028)	$	(185,296)
Net income (loss) allocated to  assignees	$	(116,848)	$	(183,443)
Net income (loss) allocated to general partner	$	(1,180)	$	(1,853)
Net income (loss) per BAC	$	(.04)	$	(.06)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2015
(Unaudited)

		Assignees		General Partner		Total
Partners' capital (deficit)   April 1, 2015	$	(19,481,250)	$	(7,435,386)	$	(26,916,636)
Net income (loss)		2,784,649		28,128		2,812,777
Partners' capital (deficit),   June 30, 2015	$	(16,696,601)	$	(7,407,258)	$	(24,103,859)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2015
(Unaudited)

		Assignees		General Partner		Total
Series 20
Partners' capital (deficit)   April 1, 2015	$	(874,295)	$	(320,197)	$	(1,194,492)
Net income (loss)		(13,316)		(134)		(13,450)
Partners' capital (deficit),   June 30, 2015	$	(887,611)	$	(320,331)	$	(1,207,942)

		Assignees		General Partner		Total
Series 21
Partners' capital (deficit)   April 1, 2015	$	(1,139,894)	$	(175,101)	$	(1,314,995)
Net income (loss)		300,478		3,035		303,513
Partners' capital (deficit),   June 30, 2015	$	(839,416)	$	(172,066)	$	(1,011,482)

		Assignees		General Partner		Total
Series 22
Partners' capital (deficit)   April 1, 2015	$	(2,455,952)	$	(246,104)	$	(2,702,056)
Net income (loss)		(15,582)		(157)		(15,739)
Partners' capital (deficit),   June 30, 2015	$	(2,471,534)	$	(246,261)	$	(2,717,795)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2015
(Unaudited)

		Assignees		General Partner		Total
Series 23
Partners' capital (deficit)   April 1, 2015	$	(1,696,494)	$	(304,860)	$	(2,001,354)
Net income (loss)		(9,446)		(95)		(9,541)
Partners' capital (deficit),   June 30, 2015	$	(1,705,940)	$	(304,955)	$	(2,010,895)

		Assignees		General Partner		Total
Series 24
Partners' capital (deficit)   April 1, 2015	$	1,254,077	$	(174,501)	$	1,079,576
Net income (loss)		(13,732)		(139)		(13,871)
Partners' capital (deficit),   June 30, 2015	$	1,240,345	$	(174,640)	$	1,065,705

		Assignees		General Partner		Total
Series 25
Partners' capital (deficit)   April 1, 2015	$	4,032,481	$	(219,312)	$	3,813,169
Net income (loss)		(9,431)		(95)		(9,526)
Partners' capital (deficit),   June 30, 2015	$	4,023,050	$	(219,407)	$	3,803,643

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2015
(Unaudited)

		Assignees		General Partner		Total
Series 26
Partners' capital (deficit)   April 1, 2015	$	3,371,487	$	(309,634)	$	3,061,853
Net income (loss)		(36,511)		(369)		(36,880)
Partners' capital (deficit),   June 30, 2015	$	3,334,976	$	(310,003)	$	3,024,973

		Assignees		General Partner		Total
Series 27
Partners' capital (deficit)   April 1, 2015	$	1,247,594	$	(195,931)	$	1,051,663
Net income (loss)		(33,843)		(342)		(34,185)
Partners' capital (deficit),   June 30, 2015	$	1,213,751	$	(196,273)	$	1,017,478

		Assignees		General Partner		Total
Series 28
Partners' capital (deficit)   April 1, 2015	$	6,058,903	$	(286,019)	$	5,772,884
Net income (loss)		1,160,862		11,726		1,172,588
Partners' capital (deficit),   June 30, 2015	$	7,219,765	$	(274,293)	$	6,945,472

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2015
(Unaudited)

		Assignees		General Partner		Total
Series 29
Partners' capital (deficit)   April 1, 2015	$	(2,951,221)	$	(371,878)	$	(3,323,099)
Net income (loss)		118,891		1,201		120,092
Partners' capital (deficit),   June 30, 2015	$	(2,832,330)	$	(370,677)	$	(3,203,007)

		Assignees		General Partner		Total
Series 30
Partners' capital (deficit)   April 1, 2015	$	(1,321,993)	$	(242,703)	$	(1,564,696)
Net income (loss)		(25,620)		(259)		(25,879)
Partners' capital (deficit),   June 30, 2015	$	(1,347,613)	$	(242,962)	$	(1,590,575)

		Assignees		General Partner		Total
Series 31
Partners' capital (deficit)   April 1, 2015	$	540,305	$	(377,632)	$	162,673
Net income (loss)		(47,902)		(484)		(48,386)
Partners' capital (deficit),   June 30, 2015	$	492,403	$	(378,116)	$	114,287

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2015
(Unaudited)

		Assignees		General Partner		Total
Series 32
Partners' capital (deficit)   April 1, 2015	$	(2,492,325)	$	(435,643)	$	(2,927,968)
Net income (loss)		(63,908)		(646)		(64,554)
Partners' capital (deficit),   June 30, 2015	$	(2,556,233)	$	(436,289)	$	(2,992,522)

		Assignees		General Partner		Total
Series 33
Partners' capital (deficit)   April 1, 2015	$	(1,607,256)	$	(244,295)	$	(1,851,551)
Net income (loss)		1,056,657		10,673		1,067,330
Partners' capital (deficit),   June 30, 2015	$	(550,599)	$	(233,622)	$	(784,221)

		Assignees		General Partner		Total
Series 34
Partners' capital (deficit)   April 1, 2015	$	(2,912,687)	$	(332,845)	$	(3,245,532)
Net income (loss)		14,408		146		14,554
Partners' capital (deficit),   June 30, 2015	$	(2,898,279)	$	(332,699)	$	(3,230,978)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2015
(Unaudited)

		Assignees		General Partner		Total
Series 35
Partners' capital (deficit)   April 1, 2015	$	(1,871,486)	$	(303,778)	$	(2,175,264)
Net income (loss)		857,010		8,657		865,667
Partners' capital (deficit),   June 30, 2015	$	(1,014,476)	$	(295,121)	$	(1,309,597)

		Assignees		General Partner		Total
Series 36
Partners' capital (deficit)   April 1, 2015	$	(703,619)	$	(187,575)	$	(891,194)
Net income (loss)		(33,476)		(338)		(33,814)
Partners' capital (deficit),   June 30, 2015	$	(737,095)	$	(187,913)	$	(925,008)

		Assignees		General Partner		Total
Series 37
Partners' capital (deficit)   April 1, 2015	$	(1,901,137)	$	(236,945)	$	(2,138,082)
Net income (loss)		(31,991)		(323)		(32,314)
Partners' capital (deficit),   June 30, 2015	$	(1,933,128)	$	(237,268)	$	(2,170,396)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2015
(Unaudited)

		Assignees		General Partner		Total
Series 38
Partners' capital (deficit)   April 1, 2015	$	(1,366,080)	$	(234,288)	$	(1,600,368)
Net income (loss)		(39,751)		(402)		(40,153)
Partners' capital (deficit),   June 30, 2015	$	(1,405,831)	$	(234,690)	$	(1,640,521)

		Assignees		General Partner		Total
Series 39
Partners' capital (deficit)   April 1, 2015	$	(1,304,265)	$	(211,601)	$	(1,515,866)
Net income (loss)		(29,921)		(302)		(30,223)
Partners' capital (deficit),   June 30, 2015	$	(1,334,186)	$	(211,903)	$	(1,546,089)

		Assignees		General Partner		Total
Series 40
Partners' capital (deficit)   April 1, 2015	$	(2,687,151)	$	(254,359)	$	(2,941,510)
Net income (loss)		(55,205)		(558)		(55,763)
Partners' capital (deficit),   June 30, 2015	$	(2,742,356)	$	(254,917)	$	(2,997,273)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2015
(Unaudited)

		Assignees		General Partner		Total
Series 41
Partners' capital (deficit)   April 1, 2015	$	(2,851,936)	$	(280,493)	$	(3,132,429)
Net income (loss)		(12,462)		(126)		(12,588)
Partners' capital (deficit),   June 30, 2015	$	(2,864,398)	$	(280,619)	$	(3,145,017)

		Assignees		General Partner		Total
Series 42
Partners' capital (deficit)   April 1, 2015	$	(1,601,536)	$	(259,549)	$	(1,861,085)
Net income (loss)		17,650		178		17,828
Partners' capital (deficit),   June 30, 2015	$	(1,583,886)	$	(259,371)	$	(1,843,257)

		Assignees		General Partner		Total
Series 43
Partners' capital (deficit)   April 1, 2015	$	(2,168,116)	$	(346,669)	$	(2,514,785)
Net income (loss)		(13,378)		(135)		(13,513)
Partners' capital (deficit),   June 30, 2015	$	(2,181,494)	$	(346,804)	$	(2,528,298)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2015
(Unaudited)

		Assignees		General Partner		Total
Series 44
Partners' capital (deficit)   April 1, 2015	$	(1,706,674)	$	(257,086)	$	(1,963,760)
Net income (loss)		(69,399)		(701)		(70,100)
Partners' capital (deficit),   June 30, 2015	$	(1,776,073)	$	(257,787)	$	(2,033,860)

		Assignees		General Partner		Total
Series 45
Partners' capital (deficit)   April 1, 2015	$	(430,056)	$	(361,578)	$	(791,634)
Net income (loss)		(69,585)		(703)		(70,288)
Partners' capital (deficit),   June 30, 2015	$	(499,641)	$	(362,281)	$	(861,922)

		Assignees		General Partner		Total
Series 46
Partners' capital (deficit)   April 1, 2015	$	58,076	$	(264,810)	$	(206,734)
Net income (loss)		(116,848)		(1,180)		(118,028)
Partners' capital (deficit),   June 30, 2015	$	(58,772)	$	(265,990)	$	(324,762)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	2,812,777	$	5,627,018
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		16,698
Distributions from Operating    Partnerships		3,589		4,207
Share of (income) loss from     Operating Partnerships		(3,650,235)		(6,369,551)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(8,976)		24,428
Decrease (Increase) in other    assets		(30,733)		(57,513)
(Decrease) Increase in accounts    payable affiliates		(2,663,231)		1,135,182
Net cash (used in) provided by  operating activities		(3,536,809)		380,469
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		3,957,596		6,588,905
Net cash (used in) provided by investing activities		3,957,596		6,588,905
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		420,787		6,969,374
Cash and cash equivalents, beginning		23,720,352		12,797,054
Cash and cash equivalents, ending	$	24,141,139	$	19,766,428

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 20

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(13,450)	$	(26,054)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(62,342)		19,446
Net cash (used in) provided by  operating activities		(75,792)		(6,608)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(75,792)		(6,608)
Cash and cash equivalents, beginning		310,195		204,785
Cash and cash equivalents, ending	$	234,403	$	198,177

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 21

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	303,513	$	15,046
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		(323,096)		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		3,000		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		14,325		14,325
Net cash (used in) provided by  operating activities		(2,258)		29,371
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		323,096		-
Net cash (used in) provided by investing activities		323,096		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		320,838		29,371
Cash and cash equivalents, beginning		127,394		116,749
Cash and cash equivalents, ending	$	448,232	$	146,120

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 22

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(15,739)	$	(14,870)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		12,990		15,615
Net cash (used in) provided by  operating activities		(2,749)		745
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,749)		745
Cash and cash equivalents, beginning		117,048		98,564
Cash and cash equivalents, ending	$	114,299	$	99,309

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 23

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(9,541)	$	(21,767)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		17,682		22,680
Net cash (used in) provided by  operating activities		8,141		913
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		8,141		913
Cash and cash equivalents, beginning		205,359		118,542
Cash and cash equivalents, ending	$	213,500	$	119,455

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 24

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(13,871)	$	(18,623)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(6,335)		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		-		-
Net cash (used in) provided by  operating activities		(20,206)		(18,623)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		80,040		-
Net cash (used in) provided by investing activities		80,040		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		59,834		(18,623)
Cash and cash equivalents, beginning		1,005,871		890,715
Cash and cash equivalents, ending	$	1,065,705	$	872,092

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 25

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(9,526)	$	1,208,129
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		(1,221,595)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		4,029
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		-		-
Net cash (used in) provided by  operating activities		(9,526)		(9,437)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		1,221,595
Net cash (used in) provided by investing activities		-		1,221,595
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(9,526)		1,212,158
Cash and cash equivalents, beginning		3,811,919		2,550,061
Cash and cash equivalents, ending	$	3,802,393	$	3,762,219

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 26

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(36,880)	$	412,860
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		(396,166)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(15,507)		10,000
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		-		-
Net cash (used in) provided by  operating activities		(52,387)		26,694
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		69,000		396,000
Net cash (used in) provided by investing activities		69,000		396,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		16,613		422,694
Cash and cash equivalents, beginning		3,013,320		2,510,330
Cash and cash equivalents, ending	$	3,029,933	$	2,933,024

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 27

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(34,185)	$	192,251
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		(232,182)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		5,000
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		-		(44,238)
Net cash (used in) provided by  operating activities		(34,185)		(79,169)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		230,000
Net cash (used in) provided by investing activities		-		230,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(34,185)		150,831
Cash and cash equivalents, beginning		1,051,663		1,049,687
Cash and cash equivalents, ending	$	1,017,478	$	1,200,518

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 28

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	1,172,588	$	4,987,183
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		(1,197,000)		(4,741,256)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		5,399
Decrease (Increase) in other    assets		-		1,567
(Decrease) Increase in accounts    payable affiliates		3,021		55,893
Net cash (used in) provided by  operating activities		(21,391)		308,786
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		1,197,000		4,716,256
Net cash (used in) provided by investing activities		1,197,000		4,716,256
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,175,609		5,025,042
Cash and cash equivalents, beginning		5,774,634		515,862
Cash and cash equivalents, ending	$	6,950,243	$	5,540,904

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 29

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	120,092	$	(75,700)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		(153,500)		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		3,500		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(253,108)		66,907
Net cash (used in) provided by  operating activities		(283,016)		(8,793)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		153,500		-
Net cash (used in) provided by investing activities		153,500		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(129,516)		(8,793)
Cash and cash equivalents, beginning		501,274		224,155
Cash and cash equivalents, ending	$	371,758	$	215,362

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 30

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(25,879)	$	(43,618)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		(6,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		600		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(48,115)		38,787
Net cash (used in) provided by  operating activities		(79,394)		(4,831)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		57,000		-
Net cash (used in) provided by investing activities		57,000		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(22,394)		(4,831)
Cash and cash equivalents, beginning		322,775		253,948
Cash and cash equivalents, ending	$	300,381	$	249,117

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 31

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(48,386)	$	(68,386)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(2,378,565)		76,254
Net cash (used in) provided by  operating activities		(2,426,951)		7,868
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,426,951)		7,868
Cash and cash equivalents, beginning		3,106,480		852,580
Cash and cash equivalents, ending	$	679,529	$	860,448

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 32

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(64,554)	$	(65,380)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(993)		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(36,794)		66,228
Net cash (used in) provided by  operating activities		(102,341)		848
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(102,341)		848
Cash and cash equivalents, beginning		354,807		310,949
Cash and cash equivalents, ending	$	252,466	$	311,797

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 33

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	1,067,330	$	(27,482)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		(1,097,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		2,350		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(29,346)		30,852
Net cash (used in) provided by  operating activities		(56,666)		3,370
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		1,097,000		-
Net cash (used in) provided by investing activities		1,097,000		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,040,334		3,370
Cash and cash equivalents, beginning		281,704		194,920
Cash and cash equivalents, ending	$	1,322,038	$	198,290

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 34

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	14,554	$	(64,907)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		(37,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(802)		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(472,634)		61,887
Net cash (used in) provided by  operating activities		(495,882)		(3,020)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		37,000		-
Net cash (used in) provided by investing activities		37,000		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(458,882)		(3,020)
Cash and cash equivalents, beginning		838,027		299,036
Cash and cash equivalents, ending	$	379,145	$	296,016

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 35

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	865,667	$	(47,257)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		(904,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		7,900		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		37,982		50,520
Net cash (used in) provided by  operating activities		7,549		3,263
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		904,000		-
Net cash (used in) provided by investing activities		904,000		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		911,549		3,263
Cash and cash equivalents, beginning		231,626		278,190
Cash and cash equivalents, ending	$	1,143,175	$	281,453

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 36

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(33,814)	$	(4,819)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		(25,054)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		33,120		33,120
Net cash (used in) provided by  operating activities		(694)		3,247
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		25,054
Net cash (used in) provided by investing activities		-		25,054
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(694)		28,301
Cash and cash equivalents, beginning		430,583		448,179
Cash and cash equivalents, ending	$	429,889	$	476,480

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 37

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(32,314)	$	(31,561)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(1,024)		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		39,330		51,216
Net cash (used in) provided by  operating activities		5,992		19,655
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		5,992		19,655
Cash and cash equivalents, beginning		345,467		305,167
Cash and cash equivalents, ending	$	351,459	$	324,822

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 38

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(40,153)	$	(47,342)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		41,100		41,100
Net cash (used in) provided by  operating activities		947		(6,242)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		947		(6,242)
Cash and cash equivalents, beginning		280,864		236,887
Cash and cash equivalents, ending	$	281,811	$	230,645

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 39

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(30,223)	$	(40,163)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		31,485		34,200
Net cash (used in) provided by  operating activities		1,262		(5,963)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,262		(5,963)
Cash and cash equivalents, beginning		166,118		144,094
Cash and cash equivalents, ending	$	167,380	$	138,131

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 40

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(55,763)	$	(55,692)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		51,844		51,757
Net cash (used in) provided by  operating activities		(3,919)		(3,935)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(3,919)		(3,935)
Cash and cash equivalents, beginning		97,731		96,711
Cash and cash equivalents, ending	$	93,812	$	92,776

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 41

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(12,588)	$	(53,600)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		59,391		59,391
Net cash (used in) provided by  operating activities		46,803		5,791
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		46,803		5,791
Cash and cash equivalents, beginning		158,957		167,428
Cash and cash equivalents, ending	$	205,760	$	173,219

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 42

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	17,828	$	2,551
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(1,665)		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(41,948)		62,175
Net cash (used in) provided by  operating activities		(25,785)		64,726
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		39,960		-
Net cash (used in) provided by investing activities		39,960		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		14,175		64,726
Cash and cash equivalents, beginning		420,023		266,762
Cash and cash equivalents, ending	$	434,198	$	331,488

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 43

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(13,513)	$	(35,862)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		16,698
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		5,425
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		(7,356)
(Decrease) Increase in accounts    payable affiliates		76,695		76,695
Net cash (used in) provided by  operating activities		63,182		55,600
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		63,182		55,600
Cash and cash equivalents, beginning		354,147		303,384
Cash and cash equivalents, ending	$	417,329	$	358,984

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 44

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(70,100)	$	(65,489)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		(30,733)		(51,724)
(Decrease) Increase in accounts    payable affiliates		105,452		115,401
Net cash (used in) provided by  operating activities		4,619		(1,812)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,619		(1,812)
Cash and cash equivalents, beginning		9,744		38,362
Cash and cash equivalents, ending	$	14,363	$	36,550

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 45

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(70,288)	$	(197,134)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		13,525		122,563
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		72,822		72,589
Net cash (used in) provided by  operating activities		16,059		(1,982)
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		16,059		(1,982)
Cash and cash equivalents, beginning		147,398		126,153
Cash and cash equivalents, ending	$	163,457	$	124,171

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 46

		2015		2014
Cash flows from operating activities:
Net income (loss)	$	(118,028)	$	(185,296)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		3,589		4,207
Share of (income) loss from     Operating Partnerships		53,836		118,714
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		62,382		62,382
Net cash (used in) provided by  operating activities		1,779		7
Cash flows from investing activities:
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,779		7
Cash and cash equivalents, beginning		255,224		194,854
Cash and cash equivalents, ending	$	257,003	$	194,861

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
June 30, 2015
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring and, as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner of the Fund is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. On April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:

Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$38,667,000
Series 21	December 31, 1994	1,892,700	$18,927,000
Series 22	December 28, 1994	2,564,400	$25,644,000
Series 23	June 23, 1995	3,336,727	$33,366,000
Series 24	September 22, 1995	2,169,878	$21,697,000
Series 25	December 29, 1995	3,026,109	$30,248,000
Series 26	June 25, 1996	3,995,900	$39,959,000
Series 27	September 17, 1996	2,460,700	$24,607,000
Series 28	January 29, 1997	4,000,738	$39,999,000

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE A - ORGANIZATION (continued)

Series	Closing Date	BACs Sold	Equity Raised
Series 29	June 10, 1997	3,991,800	$39,918,000
Series 30	September 10, 1997	2,651,000	$26,490,750
Series 31	January 18, 1998	4,417,857	$44,057,750
Series 32	June 23, 1998	4,754,198	$47,431,000
Series 33	September 21, 1998	2,636,533	$26,362,000
Series 34	February 11, 1999	3,529,319	$35,273,000
Series 35	June 28, 1999	3,300,463	$33,004,630
Series 36	September 28, 1999	2,106,838	$21,068,375
Series 37	January 28, 2000	2,512,500	$25,125,000
Series 38	July 31, 2000	2,543,100	$25,431,000
Series 39	January 31, 2001	2,292,151	$22,921,000
Series 40	July 31, 2001	2,630,256	$26,269,256
Series 41	January 31, 2002	2,891,626	$28,916,260
Series 42	July 31, 2002	2,744,262	$27,442,620
Series 43	December 31, 2002	3,637,987	$36,379,870
Series 44	April 30, 2003	2,701,973	$27,019,730
Series 45	September 16, 2003	4,014,367	$40,143,670
Series 46	December 19, 2003	2,980,998	$29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2015 and for the three months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2015.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2015 and 2014, an impairment loss of $133,584 and $1,139,623, respectively, was recorded. As of March 31, 2015, acquisition costs were fully amortized or impaired.

Accumulated amortization of acquisition costs for Series 43 as of June 30, 2015 and 2014, are as follows:

	2015	2014
Series 43	-	150,282
	$     -	$150,282

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

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

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended June 30, 2015 and 2014, are as follows:

	2015	2014
Series 20	$    8,238	$   19,446
Series 21	14,325	14,325
Series 22	12,990	15,615
Series 23	17,682	22,680
Series 24	12,588	16,683
Series 25	5,934	8,459
Series 26	28,615	45,438
Series 27	38,358	44,235
Series 28	31,455	55,893
Series 29	25,385	66,907
Series 30	24,515	38,787
Series 31	47,002	76,254
Series 32	56,622	66,228
Series 33	23,733	30,852
Series 34	30,093	61,887
Series 35	37,982	50,520
Series 36	33,120	33,120
Series 37	39,330	51,216
Series 38	41,100	41,100
Series 39	31,485	34,200
Series 40	50,004	50,004
Series 41	59,391	59,391
Series 42	61,560	62,175
Series 43	76,695	76,695
Series 44	63,657	63,657
Series 45	70,800	70,800
Series 46	62,382	62,382
	$1,005,041	$1,238,949

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the three months ended June 30, 2015 and 2014 are as follows:

	2015	2014
Series 20	$   70,580	$        -
Series 24	12,588	16,683
Series 25	5,934	8,459
Series 26	28,615	45,438
Series 27	38,358	88,473
Series 28	28,434	-
Series 29	278,493	-
Series 30	72,630	-
Series 31	2,425,567	-
Series 32	93,416	-
Series 33	53,079	-
Series 34	502,727	-
Series 42	103,508	-
	$3,713,929	$  159,053

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2015 and 2014, the Fund has limited partnership interests in 297 and 354 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at June 30, 2015 and 2014 are as follows:

	2015	2014
Series 20	4	8
Series 21	3	4
Series 22	6	8
Series 23	9	11
Series 24	6	7
Series 25	4	5
Series 26	16	22
Series 27	7	9
Series 28	10	16
Series 29	9	17
Series 30	10	16
Series 31	19	22
Series 32	11	14
Series 33	5	8
Series 34	8	12
Series 35	7	10
Series 36	9	9

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

Series 37	6	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	19	19
Series 42	20	21
Series 43	23	23
Series 44	8	8
Series 45	28	28
Series 46	15	15
	297	354

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at June 30, 2015 and 2014, are as follows:

	2015	2014
Series 22	$  9,352	$  9,352
Series 26	-	1,127
Series 27	-	7,838
Series 28	-	15,968
Series 29	8,235	8,235
Series 30	105,139	127,396
Series 31	66,294	66,294
Series 32	1,229	3,486
Series 33	69,154	69,154
Series 37	138,438	138,438
Series 40	102	102
Series 41	100	100
Series 42	73,433	73,433
Series 43	99,265	99,265
Series 45	16,724	16,724
	$587,465	$636,912

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the three months ended June 30, 2015 the Fund disposed of nine Operating Partnerships. A summary of the dispositions by Series for June 30, 2015 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition
Series 21	1	-	$	323,096	$	323,096
Series 24	-	-		80,040		-
Series 26	1	-		69,000		-
Series 28	1	-		1,197,000		1,197,000
Series 29	-	1		153,500		153,500
Series 30	1	-		57,000		6,000
Series 33	1	-		1,097,000		1,097,000
Series 34	1	-		37,000		37,000
Series 35	1	1		904,000		904,000
Series 42	-	-		39,960		-
Total	7	2	$	3,957,596	$	3,717,596

* Fund proceeds from disposition include $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively, recorded as a receivable as of March 31, 2015.

During the three months ended June 30, 2014 the Fund disposed of seven Operating Partnerships. The Fund also received additional proceeds from one operating limited partnership that was disposed of in the prior year in the amount of $25,054. A summary of the dispositions by Series for June 30, 2014 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition
Series 25	1	-	$	1,221,595	$	1,221,595
Series 26	-	2		396,000		396,166
Series 27	1	-		230,000		232,182
Series 28	3	-		4,716,256		4,741,256
Series 36	-	-		25,054		25,054
Total	5	2	$	6,588,905	$	6,616,253

* Fund proceeds from disposition does not include the following amounts which were due to writeoffs of capital contribution payables of $166, $2,182 and $25,000, for Series 26, Series 27, and Series 28, respectively.

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

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the three months ended March 31, 2015.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

		2015	2014
Revenues
	Rental	$  24,122,148	$  29,398,505
	Interest and other	649,330	789,309
		24,771,478	30,187,814
Expenses
	Interest	4,308,164	5,205,191
	Depreciation and amortization	6,415,732	8,352,808
	Operating expenses	16,785,273	20,387,995
		27,509,169	33,945,994
NET LOSS		$ (2,737,691)	$ (3,758,180)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (2,710,313)	$ (3,720,595)
Net loss allocated to other Partners		$    (27,378)	$    (37,585)

* Amounts include $(2,642,952) and $(3,473,893) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 20

		2015	2014
Revenues
	Rental	$   210,550	$   455,802
	Interest and other	8,827	18,313
		219,377	474,115
Expenses
	Interest	23,642	90,941
	Depreciation and amortization	50,644	131,612
	Operating expenses	150,061	382,175
		224,347	604,728
NET LOSS		$   (4,970)	$ (130,613)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$   (4,920)	$ (129,307)
Net loss allocated to other Partners		$      (50)	$   (1,306)

* Amounts include $(4,920) and $(129,307) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 21

		2015	2014
Revenues
	Rental	$  186,127	$   472,382
	Interest and other	1,527	5,775
		187,654	478,157
Expenses
	Interest	26,766	122,484
	Depreciation and amortization	31,425	78,762
	Operating expenses	129,816	294,041
		188,007	495,287
NET LOSS		$     (353)	$  (17,130)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$     (349)	$  (16,959)
Net loss allocated to other Partners		$       (4)	$     (171)

* Amounts include $(349) and $(16,959) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 22

		2015	2014
Revenues
	Rental	$   316,462	$   377,666
	Interest and other	6,870	11,454
		323,332	389,120
Expenses
	Interest	50,636	69,012
	Depreciation and amortization	72,911	87,225
	Operating expenses	224,303	285,714
		347,850	441,951
NET LOSS		$  (24,518)	$  (52,831)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (24,273)	$  (52,303)
Net loss allocated to other Partners		$     (245)	$     (528)

* Amounts include $(24,273) and $(52,303) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 23

		2015	2014
Revenues
	Rental	$   836,752	$   768,587
	Interest and other	24,767	31,082
		861,519	799,669
Expenses
	Interest	113,187	123,125
	Depreciation and amortization	216,657	178,819
	Operating expenses	614,988	584,298
		944,832	886,242
NET LOSS		$  (83,313)	$  (86,573)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (82,479)	$  (85,706)
Net loss allocated to other Partners		$     (834)	$     (867)

* Amounts include $(82,479) and $(85,706) for 2015 and 2014, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 24

		2015	2014
Revenues
	Rental	$   249,137	$   286,615
	Interest and other	4,538	4,437
		253,675	291,052
Expenses
	Interest	23,719	34,720
	Depreciation and amortization	69,058	80,376
	Operating expenses	197,905	219,241
		290,682	334,337
NET LOSS		$  (37,007)	$  (43,285)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (36,637)	$  (42,852)
Net loss allocated to other Partners		$     (370)	$     (433)

* Amounts include $(36,637) and $(42,852) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 25

		2015	2014
Revenues
	Rental	$   211,094	$   237,018
	Interest and other	3,221	4,451
		214,315	241,469
Expenses
	Interest	34,116	38,469
	Depreciation and amortization	38,832	67,323
	Operating expenses	149,488	156,776
		222,436	262,568
NET LOSS		$   (8,121)	$  (21,099)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$   (8,040)	$  (20,888)
Net loss allocated to other Partners		$      (81)	$     (211)

* Amounts include $(8,040) and $(20,888) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 26

		2015	2014
Revenues
	Rental	$   697,669	$  905,408
	Interest and other	12,616	18,706
		710,285	924,114
Expenses
	Interest	107,767	122,241
	Depreciation and amortization	171,190	275,742
	Operating expenses	569,417	737,004
		848,374	1,134,987
NET LOSS		$ (138,089)	$ (210,873)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (136,708)	$ (208,764)
Net loss allocated to other Partners		$   (1,381)	$   (2,109)

* Amounts include $(136,708) and $(208,764) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 27

		2015	2014
Revenues
	Rental	$ 1,057,831	$ 1,126,919
	Interest and other	15,553	28,732
		1,073,384	1,155,651
Expenses
	Interest	214,189	235,822
	Depreciation and amortization	220,062	252,049
	Operating expenses	655,121	755,332
		1,089,372	1,243,203
NET LOSS		$  (15,988)	$  (87,552)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (15,828)	$  (86,676)
Net loss allocated to other Partners		$     (160)	$     (876)

* Amounts include $(15,828) and $(86,676) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 28

		2015	2014
Revenues
	Rental	$    526,810	$  1,156,404
	Interest and other	9,281	21,660
		536,091	1,178,064
Expenses
	Interest	43,134	131,567
	Depreciation and amortization	182,846	377,166
	Operating expenses	425,598	802,155
		651,578	1,310,888
NET LOSS		$  (115,487)	$  (132,824)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (114,332)	$  (131,496)
Net loss allocated to other Partners		$    (1,155)	$    (1,328)

* Amounts include $(114,332) and $(131,496) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 29

		2015	2014
Revenues
	Rental	$    512,625	$  1,511,882
	Interest and other	47,467	43,975
		560,092	1,555,857
Expenses
	Interest	105,040	255,825
	Depreciation and amortization	139,851	530,949
	Operating expenses	422,748	1,001,753
		667,639	1,788,527
NET LOSS		$  (107,547)	$  (232,670)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (106,472)	$  (230,343)
Net loss allocated to other Partners		$    (1,075)	$    (2,327)

* Amounts include $(106,472) and $(230,343) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 30

		2015	2014
Revenues
	Rental	$   777,196	$ 1,170,681
	Interest and other	11,165	16,822
		788,361	1,187,503
Expenses
	Interest	76,532	147,232
	Depreciation and amortization	146,116	260,902
	Operating expenses	628,796	973,235
		851,444	1,381,369
NET LOSS		$  (63,083)	$ (193,866)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (62,452)	$ (191,927)
Net loss allocated to other Partners		$     (631)	$   (1,939)

* Amounts include $(62,452) and $(191,927) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 31

		2015	2014
Revenues
	Rental	$  1,418,086	$  2,399,552
	Interest and other	41,257	85,519
		1,459,343	2,485,071
Expenses
	Interest	169,297	333,358
	Depreciation and amortization	314,868	670,334
	Operating expenses	1,121,866	1,713,648
		1,606,031	2,717,340
NET LOSS		$  (146,688)	$  (232,269)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (145,221)	$  (229,946)
Net loss allocated to other Partners		$    (1,467)	$    (2,323)

* Amounts include $(145,221) and $(229,946) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 32

		2015	2014
Revenues
	Rental	$  1,185,949	$  1,358,815
	Interest and other	36,908	54,886
		1,222,857	1,413,701
Expenses
	Interest	240,075	254,963
	Depreciation and amortization	423,632	513,367
	Operating expenses	803,146	947,043
		1,466,853	1,715,373
NET LOSS		$  (243,996)	$  (301,672)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (241,556)	$  (298,655)
Net loss allocated to other Partners		$    (2,440)	$    (3,017)

* Amounts include $(241,556) and $(298,655) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 33

		2015	2014
Revenues
	Rental	$   339,761	$   688,602
	Interest and other	9,074	19,467
		348,835	708,069
Expenses
	Interest	55,051	141,616
	Depreciation and amortization	105,019	229,209
	Operating expenses	225,555	465,812
		385,625	836,637
NET LOSS		$  (36,790)	$ (128,568)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (36,422)	$ (127,282)
Net loss allocated to other Partners		$     (368)	$   (1,286)

* Amounts include $(36,422) and $(127,282) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 34

		2015	2014
Revenues
	Rental	$   687,500	$ 1,366,358
	Interest and other	20,080	34,560
		707,580	1,400,918
Expenses
	Interest	113,505	191,109
	Depreciation and amortization	171,254	469,635
	Operating expenses	469,672	981,469
		754,431	1,642,213
NET LOSS		$  (46,851)	$ (241,295)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (46,382)	$ (238,882)
Net loss allocated to other Partners		$     (469)	$   (2,413)

* Amounts include $(46,382) and $(238,882) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 35

		2015	2014
Revenues
	Rental	$   782,421	$ 1,127,641
	Interest and other	30,501	41,752
		812,922	1,169,393
Expenses
	Interest	157,142	195,502
	Depreciation and amortization	229,096	349,834
	Operating expenses	473,383	706,211
		859,621	1,251,547
NET LOSS		$  (46,699)	$  (82,154)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (46,232)	$  (81,332)
Net loss allocated to other Partners		$     (467)	$     (822)

* Amounts include $(46,232) and $(81,332) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 36

		2015	2014
Revenues
	Rental	$   755,337	$   742,396
	Interest and other	12,077	15,338
		767,414	757,734
Expenses
	Interest	135,444	139,311
	Depreciation and amortization	223,028	209,029
	Operating expenses	535,236	489,490
		893,708	837,830
NET LOSS		$ (126,294)	$  (80,096)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (125,031)	$  (79,295)
Net loss allocated to other Partners		$   (1,263)	$     (801)

* Amounts include $(125,031) and $(79,295) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 37

		2015	2014
Revenues
	Rental	$   979,753	$ 1,137,309
	Interest and other	20,056	26,421
		999,809	1,163,730
Expenses
	Interest	204,446	174,250
	Depreciation and amortization	283,860	337,691
	Operating expenses	783,797	946,451
		1,272,103	1,458,392
NET LOSS		$ (272,294)	$ (294,662)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (269,571)	$ (291,715)
Net loss allocated to other Partners		$   (2,723)	$   (2,947)

* Amounts include $(269,571) and $(291,715) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 38

		2015	2014
Revenues
	Rental	$   925,671	$   951,294
	Interest and other	25,348	20,770
		951,019	972,064
Expenses
	Interest	171,918	184,014
	Depreciation and amortization	245,242	243,943
	Operating expenses	641,772	592,524
		1,058,932	1,020,481
NET LOSS		$ (107,913)	$  (48,417)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (106,834)	$  (47,933)
Net loss allocated to other Partners		$   (1,079)	$     (484)

* Amounts include $(106,834) and $(47,933) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 39

		2015	2014
Revenues
	Rental	$   682,961	$   697,952
	Interest and other	30,474	21,580
		713,435	719,532
Expenses
	Interest	122,779	131,620
	Depreciation and amortization	196,102	197,777
	Operating expenses	537,744	544,512
		856,625	873,909
NET LOSS		$ (143,190)	$ (154,377)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (141,758)	$ (152,833)
Net loss allocated to other Partners		$   (1,432)	$   (1,544)

* Amounts include $(141,758) and $(152,833) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 40

		2015	2014
Revenues
	Rental	$ 1,078,979	$ 1,023,102
	Interest and other	39,482	26,197
		1,118,461	1,049,299
Expenses
	Interest	224,002	204,466
	Depreciation and amortization	320,526	268,786
	Operating expenses	736,881	732,846
		1,281,409	1,206,098
NET LOSS		$ (162,948)	$ (156,799)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (161,319)	$ (155,231)
Net loss allocated to other Partners		$   (1,629)	$   (1,568)

* Amounts include $(161,319) and $(155,231) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 41

		2015	2014
Revenues
	Rental	$ 1,455,639	$ 1,403,193
	Interest and other	38,991	35,027
		1,494,630	1,438,220
Expenses
	Interest	286,370	283,929
	Depreciation and amortization	370,559	360,227
	Operating expenses	936,889	898,162
		1,593,818	1,542,318
NET LOSS		$  (99,188)	$ (104,098)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (98,196)	$ (103,057)
Net loss allocated to other Partners		$     (992)	$   (1,041)

* Amounts include $(98,196) and $(103,057) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 42

		2015	2014
Revenues
	Rental	$ 1,553,147	$ 1,566,628
	Interest and other	63,337	61,605
		1,616,484	1,628,233
Expenses
	Interest	306,400	297,270
	Depreciation and amortization	408,078	415,854
	Operating expenses	994,744	973,628
		1,709,222	1,686,752
NET LOSS		$  (92,738)	$  (58,519)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (91,811)	$  (57,934)
Net loss allocated to other Partners		$     (927)	$     (585)

* Amounts include $(91,811) and $(57,934) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 43

		2015	2014
Revenues
	Rental	$ 1,955,258	$ 1,924,225
	Interest and other	42,677	61,516
		1,997,935	1,985,741
Expenses
	Interest	342,836	313,111
	Depreciation and amortization	549,685	545,949
	Operating expenses	1,253,321	1,270,964
		2,145,842	2,130,024
NET LOSS		$ (147,907)	$ (144,283)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (146,428)	$ (142,840)
Net loss allocated to other Partners		$   (1,479)	$   (1,443)

* Amounts include $(146,428) and $(137,415) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 44

		2015	2014
Revenues
	Rental	$  1,487,031	$  1,451,376
	Interest and other	36,013	31,859
		1,523,044	1,483,235
Expenses
	Interest	399,238	407,160
	Depreciation and amortization	385,784	380,591
	Operating expenses	852,959	806,806
		1,637,981	1,594,557
NET LOSS		$  (114,937)	$  (111,322)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (113,788)	$  (110,209)
Net loss allocated to other Partners		$    (1,149)	$    (1,113)

* Amounts include $(113,788) and $(110,209) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 45

		2015	2014
Revenues
	Rental	$  1,807,037	$  1,707,070
	Interest and other	30,452	30,055
		1,837,489	1,737,125
Expenses
	Interest	250,958	277,250
	Depreciation and amortization	499,315	493,165
	Operating expenses	1,328,026	1,227,896
		2,078,299	1,998,311
NET LOSS		$  (240,810)	$  (261,186)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (238,402)	$  (258,574)
Net loss allocated to other Partners		$    (2,408)	$    (2,612)

* Amounts include $(224,877) and $(136,011) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 46

		2015	2014
Revenues
	Rental	$ 1,445,365	$ 1,383,628
	Interest and other	26,771	17,350
		1,472,136	1,400,978
Expenses
	Interest	309,975	304,824
	Depreciation and amortization	350,092	346,492
	Operating expenses	922,041	898,809
		1,582,108	1,550,125
NET LOSS		$ (109,972)	$ (149,147)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (108,872)	$ (147,656)
Net loss allocated to other Partners		$   (1,100)	$   (1,491)

* Amounts include $(55,036) and $(28,942) for 2015 and 2014, respectively, of net loss not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended December 31, 2015 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2011 remain open.

NOTE G - SUBSEQUENT EVENTS

Subsequent to June 30, 2015, the Fund has entered into an agreement to sell or transfer the interest in thirteen operating limited partnerships. The estimated sale or transfer price and other terms for the dispositions of the operating limited partnerships has been determined. The estimated proceeds to be received for the operating limited partnerships are $6,367,915. The estimated gain on the sale or transfer of the operating limited partnerships are $6,260,404 and is expected to be recognized in the second quarter of fiscal year ending March 31, 2016.

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

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2015. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds was the proceeds of its Public Offering.  Other sources of liquidity include (i) interest earned on capital contributions unpaid for the three months ended June 30, 2015 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves.  These sources of liquidity, along with the Fund's working capital reserve, are available to meet the obligations of the Partnership.  The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee.  Fund management fees accrued during the quarter ended June 30, 2015 were $1,005,041 and total fund management fees accrued as of June 30, 2015 were $47,919,880. During the three months ended June 30, 2015, $3,713,929 of the accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund.  The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.

Liquidity (continued)

As of June 30, 2015, an affiliate of the general partner of the Fund advanced a total of $1,517,931 to the Fund to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable affiliates. During the three months ended June 30, 2015, $45,657 was advanced to the Fund from an affiliate of the general partner. The advances made in the three months ended, as well as the total advances made as of June 30, 2015, are as follows:

	Current
	Period	Total
Series 33	$     -	$   54,660
Series 34	-	133,578
Series 39	-	220,455
Series 40	1,840	372,244
Series 41	-	359,757
Series 42	-	221,615
Series 44	41,795	130,415
Series 45	2,022	25,207
	$45,657	$1,517,931

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

Capital Resources

The Fund offered BACs in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,256, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,908,998 BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of June 30, 2015.

Series 20

The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970. Series 20 has since sold its interest in 20 of the Operating Partnerships and 4 remain.

Prior to the quarter ended June 30, 2015, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in 11 of the Operating Partnerships and 3 remain.

Prior to the quarter ended June 30, 2015, Series 21 had released all payments of its capital contributions to the Operating Partnerships.

Series 22

The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. Series 22 has since sold its interest in 23 of the Operating Partnerships and 6 remain.

During the quarter ended June 30, 2015, Series 22 did not record any releases of capital contributions. Series 22 has outstanding contributions payable to 2 Operating Partnerships in the amount of $9,352 as of June 30, 2015. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. Series 23 has since sold its interest in 13 of the Operating Partnerships and 9 remain.

Prior to the quarter ended June 30, 2015, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309. Series 24 has since sold its interest in 18 of the Operating Partnerships and 6 remain.

Prior to the quarter ended June 30, 2015, Series 24 had released all payments of its capital contributions to the Operating Partnerships.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in 18 of the Operating Partnerships and 4 remain.

Prior to the quarter ended June 30, 2015, Series 25 had released all payments of its capital contributions to the Operating Partnerships.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215. Series 26 has since sold its interest in 29 of the Operating Partnerships and 16 remain.

Prior to the quarter ended June 30, 2015, Series 26 had released all payments of its capital contributions to the Operating Partnerships.

Series 27

The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574. Series 27 has since sold its interest in 9 of the Operating Partnerships and 7 remain.

Prior to the quarter ended June 30, 2015, Series 27 had released all payments of its capital contributions to the Operating Partnerships.

Series 28

The Fund commenced offering BACs in Series 28 on September 30,1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983. Series 28 has since sold its interest in 16 of the Operating Partnerships and 10 remain.

Prior to the quarter ended June 30, 2015, Series 28 had released all payments of its capital contributions to the Operating Partnerships.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in 13 of the Operating Partnerships and 9 remain.

During the quarter ended June 30, 2015, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 2 Operating Partnerships in the amount of $8,235 as of June 30, 2015. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since disposed of its interest in 10 of the Operating Partnerships and 10 remain.

During the quarter ended June 30, 2015, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 3 Operating Partnerships in the amount of $105,139 as of June 30, 2015. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since disposed of its interest in 8 of the Operating Partnerships and 19 remain.

During the quarter ended June 30, 2015, Series 31 did not record any releases of capital contributions. Series 31 has outstanding contributions payable to 3 Operating Partnerships in the amount of $66,294 as of June 30, 2015. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of one Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $41,294 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in 6 of the Operating Partnerships and 11 remain. The series has also purchased membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. In December 2010, the investment general partner sold its membership interests and a gain on the sale of the membership interests has been recorded in the amount of $499,998 as of December 31, 2010. Under the terms of these Assignments of Membership Interests dated December 1, 1998, the series is entitled to various profits, losses, tax credits, cash flow, proceeds from capital transactions and capital accounts as defined in the individual Operating Partnership Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment.

During the quarter ended June 30, 2015, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 1 Operating Partnership in the amount of $1,229 as of June 30, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 33

The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100. Series 33 has since sold its interest in 5 of the Operating Partnerships and 5 remain.

During the quarter ended June 30, 2015, Series 33 did not record any releases of capital contributions. Series 33 has outstanding contributions payable to 2 Operating Partnerships in the amount of $69,154 as of June 30, 2015. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 34

The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978. Series 34 has since sold its interest in 6 of the Operating Partnerships and 8 remain.

Prior to the quarter ended June 30, 2015, Series 34 had released all payments of its capital contributions to the Operating Partnerships.

Series 35

The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391. Series 35 has since sold its interest in 4 of the Operating Partnerships and 7 remain.

Prior to the quarter ended June 30, 2015, Series 35 had released all payments of its capital contributions to the Operating Partnerships.

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041. Series 36 has since sold its interest in 2 of the Operating Partnerships and 9 remain.

Prior to the quarter ended June 30, 2015, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

Series 37

The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142. Series 37 has since sold its interest in 1 of the Operating Partnerships and 6 remain.

During the quarter ended June 30, 2015, Series 37 did not record any releases of capital contributions. Series 37 has outstanding contributions payable to 1 Operating Partnership in the amount of $138,438 as of June 30, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. In addition, the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended June 30, 2015, Series 38 had released all payments of its capital contributions to the Operating Partnerships.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492 as of June 30, 2015. In addition, the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended June 30, 2015, Series 39 had released all payments of its capital contributions to the Operating Partnerships.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,030,772 as of June 30, 2015. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a membership interest in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended June 30, 2015, Series 40 did not record any releases of capital contributions. Series 40 has outstanding contributions payable to 1 Operating Partnership in the amount of $102 as of June 30, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 41

The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. In addition, the Fund committed and used $195,249 of Series 41 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. Series 41 has since sold its interest in 4 of the Operating Partnerships and 19 remain.

During the quarter ended June 30, 2015, Series 41 did not record any releases of capital contributions. Series 41 has outstanding contributions payable to 1 Operating Partnership in the amount of $100 as of June 30, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in 3 of the Operating Partnerships and 20 remain.

During the quarter ended June 30, 2015, Series 42 did not record any releases of capital contributions. Series 42 has outstanding contributions payable to 2 Operating Partnerships in the amount of $73,433 as of June 30, 2015. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $9,757 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 43

The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in June 30, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,326,543. The Fund also committed and used $805,160 of Series 43 net offering proceeds to acquire membership interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. In addition, the Fund committed and used $268,451 of Series 43 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended June 30, 2015, Series 43 did not record any releases of capital contributions. Series 43 has outstanding contributions payable to 2 Operating Partnerships in the amount of $99,265 as of June 30, 2015. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $35,589 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 44

The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. In addition, the Fund committed and used $164,164 of Series 44 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes. Series 44 has since sold its interest in 2 of the Operating Partnerships and 8 remain.

Prior to the quarter ended June 30, 2015, Series 44 had released all payments of its capital contributions to the Operating Partnerships.

Series 45

The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,232,512. In addition, the Fund committed and used $302,862 of Series 45 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes. Series 45 has since sold its interest in 3 of the Operating Partnerships and 28 remain.

During the quarter ended June 30, 2015, Series 45 did not record any releases of capital contributions. Series 45 has outstanding contributions payable to 1 Operating Partnership in the amount of $16,724 as of June 30, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 46

The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. In addition, the Fund committed and used $228,691 of Series 46 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended June 30, 2015, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of June 30, 2015 and 2014, the Fund held limited partnership interests in 297 and 354 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the three months ended June 30, 2015, are as follows:

	3 Months Gross Fund Management Fee	3 Months Asset Management and Reporting Fee	3 Months Fund Management Fee Net of Asset Management and Reporting Fee
Series 20	$    8,238	$  1,383	$  6,855
Series 21	14,325	-	14,325
Series 22	12,990	3,711	9,279
Series 23	17,682	15,229	2,453
Series 24	12,588	2,690	9,898
Series 25	5,934	-	5,934
Series 26	28,615	-	28,615
Series 27	38,358	10,000	28,358
Series 28	31,455	5,000	26,455
Series 29	25,385	-	25,385
Series 30	24,515	-	24,515
Series 31	47,002	7,500	39,502
Series 32	56,622	-	56,622
Series 33	23,733	-	23,733
Series 34	30,093	-	30,093
Series 35	37,982	-	37,982
Series 36	33,120	2,742	30,378
Series 37	39,330	3,514	35,816
Series 38	41,100	4,200	36,900
Series 39	31,485	4,200	27,285
Series 40	50,004	1,500	48,504
Series 41	59,391	18,671	40,720
Series 42	61,560	21,332	40,228
Series 43	76,695	32,573	44,122
Series 44	63,657	-	63,657
Series 45	70,800	2,287	68,513
Series 46	62,382	5,375	57,007
	$1,005,041	$141,907	$863,134

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 20

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 20 reflects a net loss from Operating Partnerships of $(4,970) and $(130,613), respectively, which includes depreciation and amortization of $50,644 and $131,612, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2014, the investment general partner transferred its interest in Northfield Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,609,616 and cash proceeds to the investment partnership of $121,186. Of the total proceeds received, $119,686 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which included third party legal costs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Shady Lane Seniors Apartments, A Louisiana Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $858,917 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Harrisonburg Seniors Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $627,177 and cash proceeds to the investment partnership of $23,424. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,924 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,924 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Coushatta Seniors II Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $659,429 and cash proceeds to the investment partnership of $23,424. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,924 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,924 as of December 31, 2014.

Series 21

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 21 reflects a net loss from Operating Partnerships of $(353) and $(17,130), respectively, which includes depreciation and amortization of $31,425 and $78,762, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2015, the investment general partner transferred its interest in Centrum - Fairfax Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,185,225 and cash proceeds to the investment partnership of $331,096. Of the total proceeds received, $8,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $323,096 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $323,096 as of June 30, 2015.

Series 22

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 22 reflects a net loss from Operating Partnerships of $(24,518) and $(52,831), respectively, which includes depreciation and amortization of $72,911 and $87,225, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2014, the investment general partner transferred its interest in Marksville Square Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $883,578 and cash proceeds to the investment partnership of $27,280. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $24,780 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $24,780 as of December 31, 2014.

In August 2014, the operating general partner of Kimbark 1200 Associates Limited Partnership entered into an agreement to sell the property to a third-party buyer and the transaction closed on December 12, 2014. The sales price of the property was $3,400,000, which included the outstanding mortgage balance of approximately $1,773,796 and cash proceeds to the investment partnerships of $162,866 and $488,596 for Series 22 and Series 23, respectively. Of the total proceeds received by the investment partnerships, $19,500 and $58,500 for Series 22 and Series 23, respectively, represents reporting fees due to an affiliate of the investment partnerships. Of the remaining proceeds, $1,250 and $3,750 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $142,116 and $426,346 for Series 22 and Series 23, respectively, will be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $142,116 and $426,346, as of December 31, 2014.

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

Elks Tower Limited Partnership

Series 23

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 23 reflects a net loss from Operating Partnerships of $(83,313) and $(86,573), respectively, which includes depreciation and amortization of $216,657 and $178,819, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In August 2014, the operating general partner of Kimbark 1200 Associates Limited Partnership entered into an agreement to sell the property to a third-party buyer and the transaction closed on December 12, 2014. The sales price of the property was $3,400,000, which included the outstanding mortgage balance of approximately $1,773,796 and cash proceeds to the investment partnerships of $162,866 and $488,596 for Series 22 and Series 23, respectively. Of the total proceeds received by the investment partnerships, $19,500 and $58,500 for Series 22 and Series 23, respectively, represents reporting fees due to an affiliate of the investment partnerships. Of the remaining proceeds, $1,250 and $3,750 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $142,116 and $426,346 for Series 22 and Series 23, respectively, will be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $142,116 and $426,346, as of December 31, 2014.

Halls Ferry Apartments LP (Riverview Apartments) is a 42-unit complex located in St. Louis, MO.  Despite average physical occupancy of 90% in the third quarter of 2014, the property operated below breakeven due to low economic occupancy caused by a soft rental market and insufficient rental rates. Historically, the operating general partner had continued to fund operating deficits despite the expiration of the operating deficit guarantees and had advanced $146,810 to date. However, in the second quarter of 2014, the operating general partner indicated that he would not continue to support the operations due to financial constraints. As the result, the Operating Partnership was not able to pay its real estate taxes due to cash flow shortfalls.  In August 2014, the investment general partner has been notified that the collector of the City of St. Louis has filed a lawsuit against the property and that lender had issued a notice of default due to delinquent real estate taxes. The lender promptly initiated a foreclosure action and the foreclosure sale occurred on August 29, 2014. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Halls Ferry Apartments LP. A foreclosure sale occurring in 2014 would not result in any recapture or penalties because the property is beyond the compliance period. 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 foreclosure of the Operating Partnership has been recorded as of September 30, 2014.

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

Colonna Redevelopment Company

Village Woods Estates, L.P.

Series 24

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 24 reflects a net loss from Operating Partnerships of $(37,007) and $(43,285), respectively, which includes depreciation and amortization of $69,058 and $80,376, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2014, the operating general partner of Commerce Parkway Limited Dividend Housing Associates approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2015. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $1,313,275 and cash proceeds to the investment partnerships of $208,661 and $104,174 for Series 24 and Series 42, respectively.  Of the total proceeds received by the investment partnerships, $78,039 and $38,961 for Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale.  Of the remaining proceeds, $3,335 and $1,665 for Series 24 and Series 42, respectively was paid to BCAMLP for expenses related to the sale, which include third party legal costs.  The remaining proceeds from the sale of $127,287 and $63,548 for Series 24 and Series 42, respectively, were returned to cash reserves.  The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $127,287 and $63,548 for Series 24 and Series 42, respectively, as of March 31, 2015. On April 8, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership's cash in the amount of $80,040 and $39,960 for Series 24 and Series 42, respectively, which was recorded as a receivable as of March 31, 2015 and returned to the cash reserves.

Series 25

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 25 reflects a net loss from Operating Partnerships of $(8,121) and $(21,099), respectively, which includes depreciation and amortization of $38,832 and $67,323, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In October 2014, the investment general partner transferred its interest in Dublin Housing Associates, Phase II to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $633,541 and cash proceeds to the investment partnership of $78,529. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $73,529 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $73,529 as of December 31, 2014.

In April 2014, the investment general partner transferred its interest in Hurricane Hills, LC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $790,385 and cash proceeds to the investment partnership of $1,225,624. Of the total proceeds received, $4,029 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,221,595 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,221,595 as of June 30, 2014.

Series 26

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 26 reflects a net loss from Operating Partnerships of $(138,089) and $(210,873), respectively, which includes depreciation and amortization of $171,190 and $275,742, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2014 the investment general partner transferred its interest in M.B. Apartments Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $742,608 and cash proceeds to the investment partnership of $32,500. Of the total proceeds received, $27,292 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 include third party legal costs. The remaining proceeds of approximately $208 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $208 as of December 31, 2014.

In January 2015, the investment general partner transferred their respective interests in Jackson Bond, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,500,000 and cash proceeds to the investment partnerships of $34,325 and $67,229 for Series 26 and Series 32, respectively. Of the total proceeds received, $507 and $993 for Series 26 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $33,818 and $66,236 for Series 26 and Series 32, respectively, were returned to cash reserves held by Series 26 and Series 32, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $33,818 and $66,236 for Series 26 and Series 32, respectively as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $1,127 and $2,257 for Series 26 and Series 32, respectively, was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In February 2014, the operating general partner of East Park Apartments II, LP approved an agreement to sell the property to a third party buyer to and the transaction closed in June 2014. The sales price for the property is $850,000, which includes the outstanding mortgage balance of approximately $395,000 and cash proceeds to the investment partnership of $275,000. Of the proceeds received by the investment partnership, $34,500 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 include third party legal costs. The remaining proceeds from the sale of $235,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $235,500 as of June 30, 2014. In November 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $36,272, which were returned to the cash reserves held by Series 26.

In February 2014, the operating general partner of Grandview Apartments, LP approved an agreement to sell the property to a third party buyer and the transaction closed in June 2014. The sales price for the property is $1,700,000, which includes the outstanding mortgage balance of approximately $880,000 and cash proceeds to the investment partnership of $200,000. Of the proceeds received by the investment partnership, $34,500 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 include third party legal costs. The remaining proceeds from the sale of $160,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $160,500 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $166 was recorded as gain on the sale of the Operating Partnership as of June 30, 2014. In November 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $24,534, which were returned to the cash reserves held by Series 26.

In August 2014, the investment general partner transferred its interest in Grayson Manor Village to an entity affiliated to the operating general partner for its assumption of the outstanding mortgage balance of approximately $911,170 and cash proceeds to the investment partnership of $80,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $75,000 as of September 30, 2014.

In August 2014, the investment general partner transferred its interest in Powell Valley Village to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $537,427 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $1,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $11,000 as of September 30, 2014.

In March 2015, the investment general partner transferred its interest in V.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,076,922 and cash proceeds to the investment partnership of $72,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $69,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $69,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015.

In May 2015, the investment general partner transferred its interest in Butler Estates, A LDHA to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $221,740 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 26. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of June 30, 2015.

In July 2015, the investment general partner transferred its interest in G.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,064,433 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,500 were returned to cash reserves held by Series 26. 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 July 2015, the investment general partner transferred its interest in W.P.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,074,108 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,500 were returned to cash reserves held by Series 26. 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.

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

Beckwood Manor One Limited Partnership

Southwind Apartments, A L.D.H.A.

T.R. Bobb Apartments Partnership, A L.D.H.A.

Warrensburg Heights, L.P.

Series 27

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 27 reflects a net loss from Operating Partnerships of $(15,988) and $(87,552), respectively, which includes depreciation and amortization of $220,062 and $252,049, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2014 the investment general partner transferred its interest in Kiehl Partners, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,493,472 and cash proceeds to the investment partnerships of $5,124 and $142,187 for Series 27 and Series 29, respectively. Of the total proceeds received, $696 and $19,304 for Series 27 and Series 29, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $52 and $1,448 for Series 27 and Series 29, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $4,376 and $121,435 for Series 27 and Series 29, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,376 and $121,435 for Series 27 and Series 29, respectively, as of December 31, 2014.

In August 2014, the investment general partner transferred its interest in C.R. Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,847,909 and cash proceeds to the investment partnership of $15,000. The proceeds received of $15,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded. However, equity outstanding for the Operating Partnership in the amount of $1,338 was recorded as gain on the sale of the Operating Partnership as of September 30, 2014.

In June 2014, the investment general partner transferred its interest in AHAB Project I, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $389,876 and cash proceeds to the investment partnership of $235,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $230,000 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $230,000 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $2,182 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2014.

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

Angelou Court

Series 28

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 28 reflects a net loss from Operating Partnerships of $(115,487) and $(132,824), respectively, which includes depreciation and amortization of $182,846 and $377,166, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In January 2015, the investment general partner transferred its interest in 1374 Boston Road Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $176,311 and cash proceeds to the investment partnership of $500,000. Of the total proceeds received, $22,400 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $472,600 were returned to cash reserves held by Series 28 The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $472,600 as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $6,000 was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In May 2013, the investment general partner transferred 49% of its interest in Sumner House LP to an entity affiliated with the operating general partner for cash proceeds to the investment partnership of $122,500. Of the total proceeds received, $65,000 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 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $50,000 were returned to cash reserves held by Series 28. The remaining 51% investment limited partner interest in the Operating Partnership was transferred on June 30, 2014 for cash proceeds of $133,450, which were returned to the cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $50,000 as of June 30, 2013, and $133,450 as of June 30, 2014.

In April 2014, the investment general partner transferred its interest in Pin Oak Elderly Associates LP to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $8,275,570 and cash proceeds to the investment partnership of $4,582,400. Of the total proceeds received, $17,628 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,966 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $4,560,806 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,560,806 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $25,000 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2014.

In April 2014, the investment general partner transferred its interest in Sand Lane Manor Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $650,168 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $22,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of June 30, 2014.

In August 2014, the investment general partner transferred its interest in Neighborhood Restorations VII to an entity affiliated with the operating general partner resulting in cash proceeds to the investment partnership of $535,000. There was no existing mortgage debt encumbering the property. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $531,500 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $531,500 as of September 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $9,968 was recorded as gain on the sale of the Operating Partnership as of September 30, 2014.

In December 2014 the investment general partner transferred its interest in Blanchard Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $842,985 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014 the investment general partner transferred its interest in Bienville III Apartments, A Louisiana Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $896,580 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014, the investment general partner transferred its interests in Athens Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,061,229 and cash proceeds to the investment partnerships of $42,585 and $32,125 for Series 28 and Series 32, respectively. Of the total proceeds received, $5,700 and $4,300 for Series 28 and Series 32, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $855 and $645 for Series 28 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $36,030 and $27,180 for Series 28 and Series 32, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $36,030 and $27,180 for Series 28 and Series 32, respectively, as of December 31, 2014.

In June 2015, the investment general partner transferred its interest in Fort Bend NHC, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,589,698 and cash proceeds to the investment partnership of $1,200,000. Of the total proceeds received, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,197,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,197,000 as of June 30, 2015.

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

Jackson Place Apartments, L.P.

Maplewood Apartments Partnership, A LA Partnership

Series 29

As of June 30, 2015 and 2014, the average Qualified Occupancy for the Series was 100% and 99.0%, respectively. The series had a total of 9 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 29 reflects a net loss from Operating Partnerships of $(107,547) and $(232,670), respectively, which includes depreciation and amortization of $139,851 and $530,949, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Lombard Partners, LP (Lombard Heights Apts.) was a 24 unit family property located in Springfield, Missouri. It was sold at a foreclosure sale on July 31, 2008. As a result of the foreclosure, the operating partnership lost remaining credits of $47,840 and experienced recapture and interest penalties of $199,516. This represented a loss of tax credits, and recapture and interest penalties of $12 and $49, respectively, per 1,000 BACs. Since the foreclosure sale, the investment general partner has pursued legal action against the operating general partner and guarantors in an effort to recover a portion of the lost tax credits, recapture costs and interest penalties. Counsel for the investment general partner initially needed to resolve jurisdictional issues which ultimately allowed pursuit of the guarantors in Massachusetts. After much legal maneuvering in 2009 thru early 2011, a Massachusetts court approved a damages judgment of $389,043, plus legal costs and interest of $29,726.

As a follow up to the judgment rendered by the Massachusetts court, counsel for the investment general partner filed a motion "in aid of judgment" in mid-April 2011 requesting that the court authorize him to depose the defendants regarding their current financial situation and their ability to pay the aforementioned judgment. In late December 2011, the attorney for the operating general partner and the guarantors filed a motion to quash the aforementioned deposition. This motion was subsequently withdrawn by the attorney for the guarantors on January 12, 2012. On February 28, 2012, new counsel for the operating general partner filed a motion in Missouri to quash the deposition and to stay enforcement of the Massachusetts judgment. On March 1, 2012, the Missouri Court approved the aforementioned motion. This sent the case back to the Massachusetts court to correct the original judgment. On May 21, 2012, the Massachusetts court denied the operating general partner's motion for relief from judgment and amended the judgment previously entered. At the end of the second quarter of 2012, counsel for the investment general partner was notified by counsel for the operating general partner that it intends to file an appeal of the May 21, 2012 ruling. On June 20, 2012, the Missouri court lifted its stay and authorized commencement of post-judgment discovery.

Counsel for the investment general partner took a deposition from the operating general partner on August 8, 2012 in an effort to ascertain whether the operating general partner has the financial capacity to pay the judgment and penalties that have been awarded to date. Based on information revealed during the deposition, it appeared that the operating general partner had been depleting its assets via transfers of assets to various family members. Counsel for the investment general partner filed a petition in Missouri Circuit Court on October 30, 2012 arguing that the aforementioned asset transfers were fraudulent, notifying the transferees that the assets they received from the guarantors were transferred to them fraudulently, and requesting that the subject transfers be voided. In late December 2012, the guarantors filed a motion with the court denying that the conveyance of assets was fraudulent. Counsel for the investment general partner responded in early January 2013 by requesting documentation on the asset transfers and explanations from the guarantors as to why the transfers were not fraudulent in nature under the Missouri Uniform Fraudulent Transfer Act. The defendant filed an appeal of the judgment in Massachusetts Court on January 22, 2013. On March 7, 2013, counsel for the investment general partner filed its appeal brief with the Massachusetts Court. The Appellate Court Hearing was held on September 17, 2013. On February 27, 2014, the Appellate Court ruled in favor of the plaintiff (i.e. the investment limited partner) and re-affirmed the March 30, 2011 judgment. With this favorable ruling from the Massachusetts appellate judge counsel for the plaintiff filed a motion in Missouri Court in October 2014 to record the aforementioned judgment and lift the stay. On January 6, 2015, the defendant's counsel confirmed that it was not contesting the judgment and motion to lift the stay. Consequently, the judgement and order to lift the stay were finally approved by the Missouri Court in late February 2015. As a result, the defendant began to provide piecemeal information on its current financial situation to the investment general partner in March and April 2015. As of June 30, 2015, the investment general partner has concluded that the guarantors have the financial wherewithal to pay some portion of the judgement amount. In mid-July 2015, the Missouri court issued an ordered for mediation to the plaintiff and defendant. Both parties have agreed to participate. Counsel for the investment general partner expects that the mediation conference will occur before the end of the third quarter of 2015.

In December 2014, the investment general partner transferred its interest in Bryson Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $304,849 and cash proceeds to the investment partnership of $41,978. Of the total proceeds received, $1,719 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,759 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,759 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Northfield Apartments III Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,250,000 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $13,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014 the investment general partner transferred its interest in Kiehl Partners, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,493,472 and cash proceeds to the investment partnerships of $5,124 and $142,187 for Series 27 and Series 29, respectively. Of the total proceeds received, $696 and $19,304 for Series 27 and Series 29, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $52 and $1,448 for Series 27 and Series 29, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $4,376 and $121,435 for Series 27 and Series 29, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,376 and $121,435 for Series 27 and Series 29, respectively, as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Jackson Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,755,000 and cash proceeds to the investment partnership of $3,000. Of the total proceeds received, $1,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Rhome Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $399,667 and cash proceeds to the investment partnership of $113,221. Of the total proceeds received, $1,175 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $109,546 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $109,546 as of December 31, 2014.

In December 2014 the investment general partner transferred its interest in Jacksboro Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $478,389 and cash proceeds to the investment partnership of $3,125. Of the total proceeds received, $625 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Glenbrook Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $394,599 and cash proceeds to the investment partnership of $13,453. Of the total proceeds received, $1,200 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,753 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $9,753 as of December 31, 2014.

In February 2015, the operating general partner of Forest Hill Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 29, 2015. The sales price of the property was $5,200,000, which included the outstanding mortgage balance of approximately $4,223,181 and cash proceeds to the investment partnership of $158,500. Of the total proceeds received by the investment partnership, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $153,500 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $153,500 as of June 30, 2015.

In July 2015, the investment general partner transferred its interest in Dogwood Rural Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,258,767 and cash proceeds to the investment partnership of $48,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,500 were returned to cash reserves held by Series 29. 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.

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

Edgewood Apartments Partnership, A Louisiana Partnership

Westfield Apartments Partnership, A Louisiana Partnership

Series 30

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 30 reflects a net loss from Operating Partnerships of $(63,083) and $(193,866), respectively, which includes depreciation and amortization of $146,116 and $260,902, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2014 the investment general partner transferred its interest in Nocona Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $592,788 and cash proceeds to the investment partnership of $35,230. Of the total proceeds received, $11,100 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,630 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $21,630 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Madison Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,454,045 and cash proceeds to the investment partnership of $48,000. Of the total proceeds received, $46,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Graham Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,228,988 and cash proceeds to the investment partnership of $3,975. Of the total proceeds received, $1,475 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Bowie Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,020 and cash proceeds to the investment partnership of $3,425. Of the total proceeds received, $925 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In March 2015, the investment general partner transferred its interest in F.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $840,102 and cash proceeds to the investment partnership of $54,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $51,000 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $51,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $22,257 was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In April 2015, the investment general partner transferred their respective interests in Hillside Terrace Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,513,389 and cash proceeds to the investment partnerships of $6,600 and $48,400 for Series 30 and Series 35, respectively. Of the total proceeds received, $600 and $4,400 for Series 30 and Series 35, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,000 and $44,000 for Series 30 and Series 35, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,000 and $44,000 for Series 30 and Series 35, respectively, as of June 30, 2015.

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

Bellwood Four Limited Partnership

JMC Limited Liability Company

Linden Partners II, L.L.C.

Series 31

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 31 reflects a net loss from Operating Partnerships of $(146,688) and $(232,269), respectively, which includes depreciation and amortization of $314,868 and $670,334, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2014, the investment general partner transferred its interest in Windsor Park Partners Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $6,500,000 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $8,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 31. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Cleveland Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,415,234 and cash proceeds to the investment partnership of $205,201. Of the total proceeds received, $16,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $187,701 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $187,701 as of December 31, 2014.

The operating general partner of Level Creek Partners, L.P. entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on March 18, 2015. The sales price of the property was $16,005,000, which included the outstanding mortgage balance of approximately $11,301,146 and cash proceeds to the investment partnership of $2,660,062. Of the total proceeds received by the investment partnership, $2,500 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 include third party legal costs. The remaining proceeds from the sale of $2,652,562 will be returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $2,652,562 as of March 31, 2015.

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

Mesquite Trails Apartments

Riverbend Housing Associates, LP

Seagraves Apartments, L.P., A Texas Limited Partnership

Sencit Hampden Associates L.P.

Series 32

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at June 30, 2015, all of which were at 100% Qualified Occupancy

For the three month periods ended June 30, 2015 and 2014, Series 32 reflects a net loss from Operating Partnerships of $(243,996) and $(301,672), respectively, which includes depreciation and amortization of $423,632 and $513,367, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In September 2014, the investment general partner transferred its interest in Chardonnay Limited Partnership to an entity affiliated with the operating general partner for cash proceeds to the investment partnership of $15,000. The mortgage has been paid off. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $12,000 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $12,000 as of September 30, 2014.

In December 2014, the investment general partner transferred its interests in Athens Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,061,229 and cash proceeds to the investment partnerships of $42,585 and $32,125 for Series 28 and Series 32, respectively. Of the total proceeds received, $5,700 and $4,300 for Series 28 and Series 32, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $855 and $645 for Series 28 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $36,030 and $27,180 for Series 28 and Series 32, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $36,030 and $27,180 for Series 28 and Series 32, respectively, as of December 31, 2014.

In January 2015, the investment general partner transferred their respective interests in Jackson Bond, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,500,000 and cash proceeds to the investment partnerships of $34,325 and $67,229 for Series 26 and Series 32, respectively. Of the total proceeds received, $507 and $993 for Series 26 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $33,818 and $66,236 for Series 26 and Series 32, respectively, were returned to cash reserves held by Series 26 and Series 32, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $33,818 and $66,236 for Series 26 and Series 32, respectively as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $1,127 and $2,257 for Series 26 and Series 32, respectively, was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

Parkside Plaza LP, (Parkside Apartments) consists of 35 family units located in Harlem, New York. The property operated below breakeven in 2014 due to high operating expenses. The property operated above breakeven through the second quarter of 2015. The investment limited partner will continue to work with management and the operating general partner to improve operations. The operating general partner's operating deficit guarantee expired in June 2007. The fifteen year low income housing tax credit compliance period expires on December 31, 2015.

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

Cogic Village LDHA Limited Partnership

Indiana Development Limited Partnership

Pyramid Four Limited Partnership

Series 33

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 33 reflects a net loss from Operating Partnerships of $(36,790) and $(128,568), respectively, which includes depreciation and amortization of $105,019 and $229,209, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In January 2015, the investment general partners transferred its interest in Merchants Court, LLP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,231,808 and cash proceeds to the investment partnerships of $41,722 and $81,278 for Series 33 and Series 34, respectively. Of the total proceeds received, $41,213 and $80,287 for Series 33 and Series 34, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $509 and $991 for Series 33 and Series 34, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 33 and Series 34, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property in Millinocket, ME. The property operated below breakeven during the second quarter 2015 due to high maintenance and utility expenses. The 2014 audit was issued with a Going Concern. The investment limited partner will continue to work with management and the operating general partner to improve operations. The operating general partner's operating deficit guarantee is unlimited in time and amount. The 15-year low income housing tax credit compliance period with respect to Stearns Assisted Housing Associates expires on December 31, 2015.

In January 2015, the investment general partner transferred its interest in Southaven Partners I, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,670,000 and cash proceeds to the investment partnerships of $53,220 and $504,062 for Series 33 and Series 34, respectively. Of the total proceeds received, $141 and $1,335 for Series 33 and Series 34, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $53,079 and $502,727 for Series 33 and Series 34, respectively, were returned to cash reserves held by Series 33 and Series 34, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $53,079 and $502,727 for Series 33 and Series 34, respectively, as of March 31, 2015.

In June 2015, the investment general partner transferred its interest in NHC Partnership 5, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,472,725 and cash proceeds to the investment partnership of $1,100,000. Of the total proceeds received, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,097,000 were returned to cash reserves held by Series 33. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,097,000 as of June 30, 2015.

Series 34

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 34 reflects a net loss from Operating Partnerships of $(46,851) and $(241,295), respectively, which includes depreciation and amortization of $171,254 and $469,635, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In January 2015, the investment general partner transferred its interest in HWY. 18 Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,555,229 and cash proceeds to the investment partnerships of $8,837 and $19,002 for Series 34 and Series 37, respectively. Of the total proceeds received, $8,361 and $17,978 for Series 34 and Series 37, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $476 and $1,024 for Series 34 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 34 and Series 37, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

In January 2015, the investment general partners transferred its interest in Merchants Court, LLP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,231,808 and cash proceeds to the investment partnerships of $41,722 and $81,278 for Series 33 and Series 34, respectively. Of the total proceeds received, $41,213 and $80,287 for Series 33 and Series 34, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $509 and $991 for Series 33 and Series 34, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 33 and Series 34, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

In January 2015, the investment general partner transferred its interest in Southaven Partners I, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,670,000 and cash proceeds to the investment partnerships of $53,220 and $504,062 for Series 33 and Series 34, respectively. Of the total proceeds received, $141 and $1,335 for Series 33 and Series 34, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $53,079 and $502,727 for Series 33 and Series 34, respectively, were returned to cash reserves held by Series 33 and Series 34, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $53,079 and $502,727 for Series 33 and Series 34, respectively, as of March 31, 2015.

In April 2015, the investment general partner transferred its interest in Howard Park, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $400,000 and cash proceeds to the investment partnership of $42,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,000 were returned to cash reserves held by Series 34. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,000 as of June 30, 2015.

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

Belmont Affordable Housing II, L.P.

RHP 96-I, L.P.

Series 35

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 35 reflects a net loss from Operating Partnerships of $(46,699) and $(82,154), respectively, which includes depreciation and amortization of $229,096 and $349,834, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. Due to high operating expenses and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired; however, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Woods, LP expires on December 31, 2016.

In January 2015, the investment general partner transferred its interest in Ashton Cove, Limited Partnership to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,397,813 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $8,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 35. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

In April 2015, the investment general partner transferred their respective interests in Hillside Terrace Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,513,389 and cash proceeds to the investment partnerships of $6,600 and $48,400 for Series 30 and Series 35, respectively. Of the total proceeds received, $600 and $4,400 for Series 30 and Series 35, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,000 and $44,000 for Series 30 and Series 35, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,000 and $44,000 for Series 30 and Series 35, respectively, as of June 30, 2015.

In March 2015, the operating general partner of Mulvane Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 7, 2015. The sales price of the property was $2,800,000, which included the outstanding mortgage balance of approximately $1,186,526 and cash proceeds to the investment partnership of $865,000. Of the total proceeds received by the investment partnership, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $860,000 were returned to cash reserves held by Series 35. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $860,000 as of June 30, 2015.

Series 36

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 36 reflects a net loss from Operating Partnerships of $(126,294) and $(80,096), respectively, which includes depreciation and amortization of $223,028 and $209,029, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2012, the operating general partner of Aloha Housing LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 21, 2012. The sales price of the property was $5,500,000, which included the outstanding mortgage balance of approximately $1,749,703, a seller's note equal to $750,000 (which the investment limited partnership has a 50% ownership interest), and cash proceeds to the investment partnership of $1,324,272. Of the total proceeds received by the investment partnership, $77,000 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 include third party legal costs. The remaining proceeds from the sale of $1,242,272 were returned to cash reserves held by Series 36. 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. The buyer executed a Post Transfer Compliance and Indemnity Agreement indemnifying Series 36 in the event of recapture. Note that the operating general partner wired an additional $131,000 from its share of the net sale proceeds to the investment general partner to be held as security for the Post Transfer Compliance and Indemnity Agreement. The $131,000 will be returned to the operating general partner approximately three years after the expiration of the compliance period assuming there is no event of recapture. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $1,242,272 as of December 31, 2012. In April 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash accounts in the amount of $25,054, which were returned to the cash reserves held by Series 36.

Wingfield Apartments Limited Partnership (Wingfield Apartments) is a 40-unit family property in Kinder, LA. The property continues to perform below breakeven due to high operating expenses and low occupancy. The investment general partner will continue to work with the operating general partner and management company to improve occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

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

Nowata Village, Limited Partnership

Series 37

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 37 reflects a net loss from Operating Partnerships of $(272,294) and $(294,662), respectively, which includes depreciation and amortization of $283,860 and $337,691, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. Due to high operating expenses and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired; however, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Woods, LP expires on December 31, 2016.

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property in Millinocket, ME. The property operated below breakeven during the second quarter 2015 due to high maintenance and utility expenses. The 2014 audit was issued with a Going Concern. The investment general partner will continue to work with management and the operating general partner to improve operations. The operating general partner's operating deficit guarantee is unlimited in time and amount. The 15-year low income housing tax credit compliance period with respect to Stearns Assisted Housing Associates expires on December 31, 2015.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. This partnership has operated with significant operating deficits for several years due to a lack of rent growth, high operating expenses and high debt service payments. As a result of the ongoing deficits, the partnership has high accounts payable and deferred maintenance issues, is severely delinquent on its real estate tax payments, and was in monetary default of its mortgage payments. On August 30, 2011, Baldwin Villas entered into a settlement agreement (the "First Settlement Agreement") with the lender resulting in a new mortgage note (the "New Note") being executed that was guaranteed by the operating general partner and its principals. The Operating Partnership did not make all required payments and was in default under the First Settlement Agreement and New Note. On December 31, 2014, the Operating Partnership entered into a second settlement agreement (the "Second Settlement Agreement") with the lender. Under terms of the Second Settlement Agreement, the total indebtedness due to the lender, $5,113,317, was bifurcated into two promissory notes, one named the MHT Note for $1,950,000 and one named the Deficiency Note for $3,163,317. The MHT note was purchased by MHT Housing, Inc., an affiliate of the operating general partner, for its face amount, $1,950,000, at the time of closing on the Second Settlement Agreement. Certain loan and title documents were assigned to MHT Housing, Inc., including a "confession judgment" issued by the Circuit Court of Oakland County, MI, which would have allowed the lender after a default of the First Settlement Agreement to immediately appoint a receiver who would have had the authority to sell the property. Also, the lender agreed to accept $1,950,000 as full payment over time for the Deficiency Note as long as required interest and quarterly principal payments are made when due. The principals of the operating general partner pledged their economic interests in several real estate partnerships to the lender as security for the Deficiency Note. Furthermore, in the case of a default under the Deficiency Note, the lender still retains its rights including the pursuit of a foreclosure action. The Second Settlement agreement was executed without the knowledge or consent of the investment general partner.

From inception through June 30, 2015, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,439,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the second quarter of 2015, this sales program had not commenced. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $188,224 is equivalent to recapture and interest of $75 per 1,000 BACs. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015.

In January 2015, the investment general partner transferred its interest in HWY. 18 Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,555,229 and cash proceeds to the investment partnerships of $8,837 and $19,002 for Series 34 and Series 37, respectively. Of the total proceeds received, $8,361 and $17,978 for Series 34 and Series 37, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $476 and $1,024 for Series 34 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 34 and Series 37, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

Series 38

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at June 30, 2015, all of which were at 100% qualified occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 38 reflects a net loss from Operating Partnerships of $(107,913) and $(48,417), respectively, which includes depreciation and amortization of $245,242 and $243,943, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family property in Woodstock, GA. Due to high operating expenses and high debt service payments the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs. The mortgage cannot be refinanced because of a high prepayment penalty. The operating general partner's operating deficit guaranty has expired but they continue to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Creek, LP expires on December 31, 2016.

Series 39

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 39 reflects net loss from Operating Partnerships of $(143,190) and $(154,377), respectively, which includes depreciation and amortization of $196,102 and $197,777, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family property in Woodstock, GA. Due to high operating expenses and high debt service payments the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs. The mortgage cannot be refinanced because of a high prepayment penalty. The operating general partner's operating deficit guaranty has expired but they continue to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Creek, LP expires on December 31, 2016.

In November 2014, the investment general partner transferred 50% of its interest in Gouverneur Senior Housing Associates, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $529,091 and cash proceeds to the investment partnership of $34,999. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,999 were returned to cash reserves held by Series 39. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in December 2015 for the assumption of approximately $592,091 of the remaining outstanding mortgage balance and nominal consideration. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $29,999 as of December 31, 2014.

Series 40

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at June 30, 2015, all of which at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 40 reflects a net loss from Operating Partnerships of $(162,948) and $(156,799), respectively, which includes depreciation and amortization of $320,526 and $268,786, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. This partnership has operated with significant operating deficits for several years due to a lack of rent growth, high operating expenses and high debt service payments. As a result of the ongoing deficits, the partnership has high accounts payable and deferred maintenance issues, is severely delinquent on its real estate tax payments, and was in monetary default of its mortgage payments. On August 30, 2011, Baldwin Villas entered into a settlement agreement (the "First Settlement Agreement") with the lender resulting in a new mortgage note (the "New Note") being executed that was guaranteed by the operating general partner and its principals. The Operating Partnership did not make all required payments and was in default under the First Settlement Agreement and New Note. On December 31, 2014, the Operating Partnership entered into a second settlement agreement (the "Second Settlement Agreement") with the lender. Under terms of the Second Settlement Agreement, the total indebtedness due to the lender, $5,113,317, was bifurcated into two promissory notes, one named the MHT Note for $1,950,000 and one named the Deficiency Note for $3,163,317. The MHT note was purchased by MHT Housing, Inc., an affiliate of the operating general partner, for its face amount, $1,950,000, at the time of closing on the Second Settlement Agreement. Certain loan and title documents were assigned to MHT Housing, Inc., including a "confession judgment" issued by the Circuit Court of Oakland County, MI, which would have allowed the lender after a default of the First Settlement Agreement to immediately appoint a receiver who would have had the authority to sell the property. Also, the lender agreed to accept $1,950,000 as full payment over time for the Deficiency Note as long as required interest and quarterly principal payments are made when due. The principals of the operating general partner pledged their economic interests in several real estate partnerships to the lender as security for the Deficiency Note. Furthermore, in the case of a default under the Deficiency Note, the lender still retains its rights including the pursuit of a foreclosure action. The Second Settlement agreement was executed without the knowledge or consent of the investment general partner.

From inception through June 30, 2015, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,439,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the second quarter of 2015, this sales program had not commenced. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $38,594 is equivalent to recapture and interest of $15 per 1,000 BACs. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015.

Center Place Apartments II Limited Partnership (Center Place Apartments) is a 32-unit family property in Center, TX. The property continues to operate just below breakeven due to low occupancy. The investment general partner will work with the operating general partner and the management company to improve occupancy. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Sedgwick Sundance Apartments, Limited Partnership (Sedgwick - Sundance Apartments) is a 24-unit senior property in Sedgwick, Kansas. Due to insufficient rental rates and high operating expenses, the property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and its affiliated management company to monitor and improve operations. The operating general partner continues to advance funds and accrue management fees to fund the deficit. The operating deficit guarantee remains in place through the end of the tax credit compliance period. The low income housing tax credit compliance period expires on December 31, 2016.

Oakland Partnership (Oakland Apartments) is a 46-unit family property in Oakdale, LA. The property continues to operate just below breakeven due to low average occupancy. The investment general partner continues to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Western Gardens Partnership (Western Gardens Apartments) is a 48-unit family property in Dequincey, LA. The property operated just below breakeven due to high operating expenses. The investment general partner continues to work with the operating general partner and the management company to reduce operating costs and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Arbors at Ironwood II LP (Arbors at Ironwood Apartments II) is a 40-unit family property in Mishawaka, IN. The property began operating below breakeven in 2012 due to increased operating expenses. High maintenance expenses have been an issue due to the age of the property. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Arbors at Ironwood II, L.P. expires on December 31, 2016.

Capitol Five Limited Partnership (Mason's Points Apartments) is a 41-unit family property in Hopkinsville, Kentucky. Due to low occupancy and increased operating expenses, the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Capitol Five Limited Partnership expires on December 31, 2016.

MA NO 2. LLC (Parkview Apartments) is a 25 unit family property located in Springfield, MA. Due to high operating expenses, the property operated below breakeven in 2014. The investment general partner will continue to work with the operating general partner and the management company to reduce operating expenses. The operating general partner's operating deficit guarantee expired on December 31, 2006. The 15-year low income housing tax credit compliance period with respect to MA NO 2. LLC expires on December 31, 2016.

Series 41

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 41 reflects a net loss from Operating Partnerships of $(99,188) and $(104,098), respectively, which includes depreciation and amortization of $370,559 and $360,227, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rural Housing Partners of Mt. Carroll, LP (Mill Creek Village) is a 12-unit family property in Mt. Carroll, IL. Due to low occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mt. Carroll, LP expires on December 31, 2016.

Rural Housing Partners of Mendota, LP (Northline Terrace) is a 24-unit family property in Mendota, IL. Due to low occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mendota, LP expires on December 31, 2016.

Rural Housing Partners of Franklin Grove, LP (Franklin Green) is a 12-unit family property in Franklin Grove, IL. Due to low occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Franklin Grove, LP expires on December 31, 2016.

Cranberry Cove Limited Partnership (Cranberry Cove Apartments) owns a 28-unit property located in Beckley, West Virginia. During the first half of 2015, the property operated nominally below breakeven due to high operating expenses. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Cranberry Cove, LP expires on December 31, 2016.

Red Hill Apartments I Partnership (Red Hill Apartments I) is a 32-unit family property in Farmerville, LA. Due to high operating expenses, property manager turnover, and low occupancy the property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs, increase occupancy, and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Red Hill Apartments I Partnership, A L.P. expires on December 31, 2015.

In July 2015, the investment general partner transferred its interest in DS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,806,690 and cash proceeds to the investment partnership of $466,222. Of the total proceeds received, $8,782 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $457,440 were returned to cash reserves held by Series 41. 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.

Series 42

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 42 reflects a net loss from Operating Partnerships of $(92,738) and $(58,519), respectively, which includes depreciation and amortization of $408,078 and $415,854, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2014, the operating general partner of Commerce Parkway Limited Dividend Housing Associates approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2015. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $1,313,275 and cash proceeds to the investment partnerships of $208,661 and $104,174 for Series 24 and Series 42, respectively.  Of the total proceeds received by the investment partnerships, $78,039 and $38,961 for Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale.  Of the remaining proceeds, $3,335 and $1,665 for Series 24 and Series 42, respectively was paid to BCAMLP for expenses related to the sale, which include third party legal costs.  The remaining proceeds from the sale of $127,287 and $63,548 for Series 24 and Series 42, respectively, were returned to cash reserves.  The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $127,287 and $63,548 for Series 24 and Series 42, respectively, as of March 31, 2015. On April 8, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership's cash in the amount of $80,040 and $39,960 for Series 24 and Series 42, respectively, which was recorded as a receivable as of March 31, 2015 and returned to the cash reserves.

Wingfield Apartments Partnership II, LP (Wingfield Apartments II) is a 42-unit elderly property in Kinder, LA. The property continues to perform below breakeven due to high operating expenses and low occupancy. The investment general partner will work with the operating general partner and the management company to increase occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2016.

Lynnelle Landing Limited Partnership (Lynnelle Landing Apartments) owns a 56-unit property located in Charleston, West Virginia. First and second quarter financials have not been provided by the operating general partner. The most recent communication from the operating general partner indicated that the physical occupancy at the property was 95% as of March 31, 2015. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Lynnelle Landing Limited Partnership expires on December 31, 2017.

Natchez Place Apartments II, LP (Natchez Place Apartments) is a 32-unit property located in Natchez, Louisiana. Due to high operating expenses and fluctuating occupancy the property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs and improve occupancy. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Natchez Place Apartments II, LP expires on December 31, 2016.

In July 2015, the investment general partner transferred its interest in CC Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $795,600 and cash proceeds to the investment partnership of $630,264. Of the total proceeds received, $9,755 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $620,509 were returned to cash reserves held by Series 42. 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 July 2015, the investment general partner transferred its interest in CT Housing Limited Partnership an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,144,603 and cash proceeds to the investment partnership of $852,446. Of the total proceeds received, $11,055 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $841,391 were returned to cash reserves held by Series 42. 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 July 2015, the investment general partner transferred its interest in HS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,418,804 and cash proceeds to the investment partnership of $513,359. Of the total proceeds received, $9,054 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $504,305 were returned to cash reserves held by Series 42. 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 July 2015, the investment general partner transferred its interest in SM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,174,506 and cash proceeds to the investment partnership of $560,788. Of the total proceeds received, $9,327 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $551,461 were returned to cash reserves held by Series 42. 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 July 2015, the investment general partner transferred its interest in TS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,875,600 and cash proceeds to the investment partnership of $698,864. Of the total proceeds received, $10,160 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $688,704 were returned to cash reserves held by Series 42. 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.

Series 43

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 43 reflects a net loss from Operating Partnerships of $(147,907) and $(144,283), respectively, which includes depreciation and amortization of $549,685 and $545,949, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Carpenter School I Elderly Apartments, LP (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, Mississippi. The property continues to operate below breakeven as well as under-funding the replacement reserve account due to low rental rates. The investment general partner will continue to work with the operating general partner to improve operations. The mortgage, real estate taxes, insurance, and account payables are all current. The operating deficit guarantee expired in December 2014. The low income housing tax credit compliance period expires on December 31,

2017.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments)is a 72-unit family property located in Benton Harbor, MI. Due to drooping occupancy and high maintenance expense associated with unit turnover this property is operating below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located approximately 30 miles northeast of Atlanta, in Lawrenceville, GA. Alexander Mills has operated below breakeven every year since 2005 as a result of lower than projected rents and economic occupancy. The first mortgage loan was scheduled to mature on September 1, 2015. The investment general partner has continually worked with the operating general partner to improve operations. This effort plus the combination of an improved economy in the first half of 2015 in the Atlanta metro area and the low interest rate environment allowed the operating partnership to close on a first mortgage refinancing on June 29, 2015. The refinancing significantly reduced the partnership's monthly debt service obligation and materially reduces the risk of a payment default. Note that the operating general partners' operating deficit guaranty expired at the end of June 2008 and the compliance period ends on December 21, 2017.

Bohannon Place, Limited (Bohannon Place Apartments) is a 12-unit family property in Bowling Green, KY. Due to a bed bug issue that caused low occupancy and increased maintenance expense in 2012 and 2013, the property operated below breakeven. Sustained 100% occupancy levels in 2014 resulted in the property operating above breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired on July 31, 2014. The 15-year low income housing tax credit compliance period with respect to Bohannon Place, LP expires on December 31, 2017.

Parkside Plaza LP, (Parkside Apartments) consists of 35 family units located in Harlem, New York. The property operated below breakeven in 2014 due to high operating expenses. The property operated above breakeven through the second quarter of 2015. The investment limited partner will continue to work with Management and the operating general partner to improve operations. The operating general partner's operating deficit guarantee expired in June 2007. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

In July 2015, the investment general partner transferred its interest in AM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,031,810 and cash proceeds to the investment partnership of $1,168,898. Of the total proceeds received, $12,963 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs, and $2,827 will be applied against outstanding receivables. The remaining proceeds of approximately $1,153,108 were returned to cash reserves held by Series 43. 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 July 2015, the investment general partner transferred its interest in AP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,480,510 and cash proceeds to the investment partnership of $575,871. Of the total proceeds received, $9,415 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $566,456 were returned to cash reserves held by Series 43. 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 July 2015, the investment general partner transferred its interest in KP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,576,140 and cash proceeds to the investment partnership of $296,983. Of the total proceeds received, $7,759 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $289,224 were returned to cash reserves held by Series 43. 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 July 2015, the investment general partner transferred its interest in SG Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,026,283 and cash proceeds to the investment partnership of $492,220. Of the total proceeds received, $8,914 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $483,306 were returned to cash reserves held by Series 43. 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.

Series 44

As of June 30, 2015 and 2014, the average Qualified Occupancy was 100%. The series had a total of 8 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 44 reflects a net loss from Operating Partnerships of $(114,937) and $(111,322), respectively, which includes depreciation and amortization of $385,784 and $380,591, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the "Servicer"). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $27,710, and incurred recapture and interest penalty costs of $59,646, equivalent to approximately $10 and $22 per 1,000 BACs respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located approximately 30 miles northeast of Atlanta, in Lawrenceville, GA. Alexander Mills has operated below breakeven every year since 2005 as a result of lower than projected rents and economic occupancy. The first mortgage loan was scheduled to mature on September 1, 2015. The investment general partner has continually worked with the operating general partner to improve operations. This effort plus the combination of an improved economy in the first half of 2015 in the Atlanta metro area and the low interest rate environment allowed the operating partnership to close on a first mortgage refinancing on June 29, 2015. The refinancing significantly reduced the partnership's monthly debt service obligation and materially reduces the risk of a payment default. Note that the operating general partners' operating deficit guaranty expired at the end of June 2008 and the compliance period ends on December 21, 2017.

United Development CO. 2001 LP (Memphis 102) is a 102-unit single family home scattered site development, located in Memphis, TN. In September 2013, the court-appointed receiver for the Operating Partnership entered into an agreement to sell the property to a third-party buyer for $1,173,000; the sale transaction closed on November 26, 2013. After payment of the outstanding real estate taxes, the remaining proceeds of $210,000 were paid to the first mortgage lender. There were no cash proceeds to the investment partnership. The buyer agreed to operate the property in accordance with the land use and regulatory agreement as well as Section 42 of the Tax Code; therefore, resulting in no tax credit recapture or interest penalties for the investment limited partner stemming from the sale. The investment limited partners will; however, lose federal tax credits in 2013 and 2014 totaling $30,660 and $131,253, respectively, in addition to the recapture in 2012 totaling $281,707, equivalent to $104 per 1,000 BACs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Despite the sale of the property, the low income housing tax credit compliance period for the tax credits received remains unchanged and will expire on December 31, 2018.

United Development Limited Partnership 2001 (Families First II) is a 66-unit single family house development located in West Memphis, AR. Due to low occupancy, deferred maintenance, high operating expenses and high debt service, the partnership operates below breakeven. The operating general partner, whose operating deficit guarantee has expired, provides limited oversight of property operations. For the most part, it is the third party property management company and the investment general partner who are directing property operations. Beginning in the fourth quarter of 2013 and continuing through June 30, 2015, the investment limited partner has advanced $150,487 from fund reserves to Families First II to finance operating deficits. Should operating deficits persist during the second half of 2015 a mortgage payment default and subsequent foreclosure may occur. In that event, the estimated tax credit recapture cost and interest penalty of $1,001,179 is equivalent to recapture and interest of $371 per 1,000 BACs. Note that the 15-year low income housing tax credit compliance period for Families First II expires on December 31, 2018.

Series 45

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 28 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 45 reflects a net loss from Operating Partnerships of $(240,810) and $(261,186), respectively, which includes depreciation and amortization of $499,315 and $493,165 respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. This partnership has operated with significant operating deficits for several years due to a lack of rent growth, high operating expenses and high debt service payments. As a result of the ongoing deficits, the partnership has high accounts payable and deferred maintenance issues, is severely delinquent on its real estate tax payments, and was in monetary default of its mortgage payments. On August 30, 2011, Baldwin Villas entered into a settlement agreement (the "First Settlement Agreement") with the lender resulting in a new mortgage note (the "New Note") being executed that was guaranteed by the operating general partner and its principals. The Operating Partnership did not make all required payments and was in default under the First Settlement Agreement and New Note. On December 31, 2014, the Operating Partnership entered into a second settlement agreement (the "Second Settlement Agreement") with the lender. Under terms of the Second Settlement Agreement, the total indebtedness due to the lender, $5,113,317, was bifurcated into two promissory notes, one named the MHT Note for $1,950,000 and one named the Deficiency Note for $3,163,317. The MHT note was purchased by MHT Housing, Inc., an affiliate of the operating general partner, for its face amount, $1,950,000, at the time of closing on the Second Settlement Agreement. Certain loan and title documents were assigned to MHT Housing, Inc., including a "confession judgment" issued by the Circuit Court of Oakland County, MI, which would have allowed the lender after a default of the First Settlement Agreement to immediately appoint a receiver who would have had the authority to sell the property. Also, the lender agreed to accept $1,950,000 as full payment over time for the Deficiency Note as long as required interest and quarterly principal payments are made when due. The principals of the operating general partner pledged their economic interests in several real estate partnerships to the lender as security for the Deficiency Note. Furthermore, in the case of a default under the Deficiency Note, the lender still retains its rights including the pursuit of a foreclosure action. The Second Settlement agreement was executed without the knowledge or consent of the investment general partner.

From inception through June 30, 2015, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,439,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the second quarter of 2015, this sales program had not commenced. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $11,329 is equivalent to recapture and interest of $3 per 1,000 BACs. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the "Servicer"). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $742,037, and incur recapture and interest penalty costs of $1,597,239, equivalent to approximately $185 and $398 per 1,000 BACs respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

Farmington Associates I, L.P. (Orchard View Apartments) is a 40-unit family property in Farmington, MO. The property has low economic occupancy due to new competition in the immediate area. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018.

Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. The property is operating at breakeven due to high vacancy, high utility expenses, and insufficient rental rates. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations in conjunction with The Virginia Housing Development Authority workout plan. The operating general partner's has an unlimited operating deficit guarantee. The low income housing tax credit compliance period expires on December 31, 2019.

Series 46

As of June 30, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 46 reflects a net loss from Operating Partnerships of $(109,972) and $(149,147), respectively, which includes depreciation and amortization of $350,092 and $346,492, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Agent Kensington LP (Kensington Heights Apartments) is a 126-unit senior property in Kansas City, MO.  Due to high operating expenses resulting from a bed bug issue that has been on and off since 2010, the property operated below breakeven in 2013 and 2014. Expenses have decreased in 2015, the bed bug issue is under control, and the property is now operating above breakeven. The 15-year low income housing tax credit compliance period with respect to Agent Kensington, LP expires on December 31, 2018.

Rosehill Place of Topeka, L.L.C. (Rosehill Apartments) owns a 48-unit senior apartment complex in Topeka, Kansas.  Due to burdensome debt service and elevated repair costs related to flooring work on an off-line unit the property operated below breakeven during the first half of 2015. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired at the end of May 2008. The 15-year low income housing tax credit compliance period with respect to Rosehill Place of Topeka, LLC expires on December 31, 2018.

Deer Meadow Apartments, LP (Deer Meadow Apartments) is a 24-unit property in Tishomingo, OK. Due to fluctuating low occupancy and high operating expenses in 2014, the property operated below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired on January 1, 2009. The 15-year low income housing tax credit compliance period with respect to Deer Meadow Apartments, LP expires on December 31, 2018.

Jacksonville Square Ltd (Jacksonville Square Apartments) is a 44-unit family property in Jacksonville, TX. The property continues to operate below breakeven due to high operating expenses and low occupancy. The investment general partner continues to work with the operating general partner and the management company to reduce operating costs and increase occupancy. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Panola Housing Ltd. (Panola Apartments) is a 32-unit family property in Carthage, TX. The property continues to operate just below breakeven due to low occupancy and high operating expenses. The investment general partner continues to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

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

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

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

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended March 31, 2015 and 2014. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors.  A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE. 

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations.  However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities.  The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund's balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss.  The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Recent Accounting Pronouncement

In February, 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis". This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund is currently evaluating the potential impact of the adoption of this guidance on its financial statements.

Item 3
	Not Applicable

Item 4	Controls and Procedures
	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)	Changes in Internal Controls
		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended June 30, 2015 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings
	None
Item 1A.	Risk Factors
	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2015.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	None
Item 3.	Defaults Upon Senior Securities
	None
Item 4.	Mine Safety Disclosures
	Not Applicable
Item 5.	Other Information
	None
Item 6.	Exhibits
		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith
		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith
		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith
		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith
		101. The following materials from the Boston Capital Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herein

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

	Boston Capital Tax Credit Fund IV L.P.
	By:	Boston Capital Associates IV L.P. General Partner
	By:	BCA Associates Limited Partnership General Partner
	By:	C&M Management, Inc. General Partner
Date: August 13, 2015		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:
August 13, 2015	/s/ John P. Manning	Director, President (Principal Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
	John P. Manning
August 13, 2015	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) C&M Management Inc.; Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) BCTC IV Assignor Corp.