BF Garden Tax Credit Fund IV L.P. - FORM 10-Q

Attached files

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EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40617cert906mnt.htm
EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40617cert906jpm.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40617cert302mnt.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40617cert302jpm.htm

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, 2017
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, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □		Accelerated Filer □
Non-accelerated filer □ (Do not check if a smaller reporting company)
		Smaller Reporting Company ý
		Emerging Growth Company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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

Yes 

No ý

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2017

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
			Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets			4-31
		Condensed Statements of Operations			32-59
		Condensed Statements of Changes in Partners' Capital (Deficit)			60-69
		Condensed Statements of Cash Flows			70-97
		Notes to Condensed Financial Statements			98-133

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			134-172

	Item 3. Quantitative and Qualitative Disclosures About Market Risk			173

	Item 4. Controls and Procedures			173

PART II OTHER INFORMATION

	Item 1. Legal Proceedings			174

	Item 1A. Risk Factors			174

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			174

	Item 3. Defaults Upon Senior Securities			174

	Item 4. Mine Safety Disclosures			174

	Item 5. Other Information			174

	Item 6. Exhibits			174

	Signatures			175

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


		June 30, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		29,518,217		27,209,997
Notes receivable		22,790		22,790
Other assets		251,573		164,773

	$	29,792,580	$	27,397,560




LIABILITIES

Accounts payable and accrued expenses	$	660,050	$	697,432
Accounts payable affiliates (Note C)		38,235,676		39,637,826
Capital contributions payable		538,150		578,113

		39,433,876		40,913,371


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 83,310,666 outstanding as of June 30, 2017 and March 31, 2017.		(2,502,356)		(6,338,126)
General Partner		(7,138,940)		(7,177,685)

		(9,641,296)		(13,515,811)

	$	29,792,580	$	27,397,560

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		265,694		271,060
Notes receivable		-		-
Other assets		-		-

	$	265,694	$	271,060




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,472,437		1,466,902
Capital contributions payable		-		-

		1,472,437		1,466,902


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,833,200 outstanding as of June 30, 2017 and March 31, 2017.		(886,423)		(875,631)
General Partner		(320,320)		(320,211)

		(1,206,743)		(1,195,842)

	$	265,694	$	271,060

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		235,458		241,102
Notes receivable		-		-
Other assets		-		-

	$	235,458	$	241,102




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,323,956		1,321,237
Capital contributions payable		-		-

		1,323,956		1,321,237


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,879,500 outstanding as of June 30, 2017 and March 31, 2017.		(915,662)		(907,383)
General Partner		(172,836)		(172,752)

		(1,088,498)		(1,080,135)

	$	235,458	$	241,102

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		245,836		252,064
Notes receivable		-		-
Other assets		-		-

	$	245,836	$	252,064




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,856,200		2,848,897
Capital contributions payable		-		-

		2,856,200		2,848,897


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,557,045 outstanding as of June 30, 2017 and March 31, 2017.		(2,365,177)		(2,351,781)
General Partner		(245,187)		(245,052)

		(2,610,364)		(2,596,833)

	$	245,836	$	252,064

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,616,983		659,167
Notes receivable		-		-
Other assets		-		-

	$	1,616,983	$	659,167




LIABILITIES

Accounts payable and accrued expenses	$	5,000	$	-
Accounts payable affiliates (Note C)		2,091,680		2,089,674
Capital contributions payable		-		-

		2,096,680		2,089,674


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,314,827 outstanding as of June 30, 2017 and March 31, 2017.		(190,053)		(1,131,355)
General Partner		(289,644)		(299,152)

		(479,697)		(1,430,507)

	$	1,616,983	$	659,167

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		408,733		427,181
Notes receivable		-		-
Other assets		-		-

	$	408,733	$	427,181




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; 2,169,878 issued and 2,154,253 outstanding as of June 30, 2017 and March 31, 2017.		583,897		602,161
General Partner		(175,164)		(174,980)

		408,733		427,181

	$	408,733	$	427,181

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		331,575		344,461
Notes receivable		-		-
Other assets		1,250		1,250

	$	332,825	$	345,711




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 3,016,809 outstanding as of June 30, 2017 and March 31, 2017.		553,113		565,870
General Partner		(220,288)		(220,159)

		332,825		345,711

	$	332,825	$	345,711

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		647,452		677,679
Notes receivable		-		-
Other assets		-		-

	$	647,452	$	677,679




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; 3,995,900 issued and 3,977,000 outstanding as of June 30, 2017 and March 31, 2017.		959,320		989,245
General Partner		(311,868)		(311,566)

		647,452		677,679

	$	647,452	$	677,679

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		6,838,012		3,606,473
Notes receivable		-		-
Other assets		-		-

	$	6,838,012	$	3,606,473




LIABILITIES

Accounts payable and accrued expenses	$	3,877	$	31,673
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		3,877		31,673


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,446,400 outstanding as of June 30, 2017 and March 31, 2017.		6,972,241		3,745,499
General Partner		(138,106)		(170,699)

		6,834,135		3,574,800

	$	6,838,012	$	3,606,473

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		797,925		812,483
Notes receivable		-		-
Other assets		-		-

	$	797,925	$	812,483




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; 4,000,738 issued and 3,990,738 outstanding as of June 30, 2017 and March 31, 2017.		1,071,783		1,086,195
General Partner		(273,858)		(273,712)

		797,925		812,483

	$	797,925	$	812,483

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		337,714		345,648
Notes receivable		-		-
Other assets		-		-

	$	337,714	$	345,648




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,499,738		3,479,192
Capital contributions payable		8,235		8,235

		3,507,973		3,487,427


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,965,300 outstanding as of June 30, 2017 and March 31, 2017.		(2,799,909)		(2,771,714)
General Partner		(370,350)		(370,065)

		(3,170,259)		(3,141,779)

	$	337,714	$	345,648

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		463,971		270,126
Notes receivable		-		-
Other assets		75,500		-

	$	539,471	$	270,126




LIABILITIES

Accounts payable and accrued expenses	$	3,000	$	-
Accounts payable affiliates (Note C)		1,658,630		1,641,976
Capital contributions payable		65,176		105,139

		1,726,806		1,747,115


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,631,000 outstanding as of June 30, 2017 and March 31, 2017.		(948,406)		(1,235,163)
General Partner		(238,929)		(241,826)

		(1,187,335)		(1,476,989)

	$	539,471	$	270,126

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		2,019,232		2,047,648
Notes receivable		-		-
Other assets		25,000		25,000

	$	2,044,232	$	2,072,648




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		66,294		66,294

		66,294		66,294


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,395,557 outstanding as of June 30, 2017 and March 31, 2017.		2,337,417		2,365,549
General Partner		(359,479)		(359,195)

		1,977,938		2,006,354

	$	2,044,232	$	2,072,648

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		801,198		837,185
Notes receivable		-		-
Other assets		-		-

	$	801,198	$	837,185




LIABILITIES

Accounts payable and accrued expenses	$	2,000	$	2,000
Accounts payable affiliates (Note C)		2,750,001		2,772,531
Capital contributions payable		1,229		1,229

		2,753,230		2,775,760


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,740,198 outstanding as of June 30, 2017 and March 31, 2017.		(1,526,148)		(1,512,826)
General Partner		(425,884)		(425,749)

		(1,952,032)		(1,938,575)

	$	801,198	$	837,185

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		337,514		337,765
Notes receivable		-		-
Other assets		-		-

	$	337,514	$	337,765




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,207,226		1,190,828
Capital contributions payable		69,154		69,154

		1,276,380		1,259,982


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,626,533 outstanding as of June 30, 2017 and March 31, 2017.		(703,698)		(687,215)
General Partner		(235,168)		(235,002)

		(938,866)		(922,217)

	$	337,514	$	337,765

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		599,249		849,078
Notes receivable		-		-
Other assets		-		-

	$	599,249	$	849,078




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,991,463		3,221,597
Capital contributions payable		-		-

		2,991,463		3,221,597


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,517,419 outstanding as of June 30, 2017 and March 31, 2017.		(2,067,902)		(2,048,404)
General Partner		(324,312)		(324,115)

		(2,392,214)		(2,372,519)

	$	599,249	$	849,078

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,977,744		2,392,767
Notes receivable		-		-
Other assets		-		-

	$	1,977,744	$	2,392,767




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		160,463		551,982
Capital contributions payable		-		-

		160,463		551,982


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,288,363 outstanding as of June 30, 2017 and March 31, 2017.		2,081,133		2,104,402
General Partner		(263,852)		(263,617)

		1,817,281		1,840,785

	$	1,977,744	$	2,392,767

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		2,310,561		2,934,317
Notes receivable		-		-
Other assets		-		-

	$	2,310,561	$	2,934,317




LIABILITIES

Accounts payable and accrued expenses	$	131,000	$	131,000
Accounts payable affiliates (Note C)		152,631		767,505
Capital contributions payable		-		-

		283,631		898,505


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,095,704 outstanding as of June 30, 2017 and March 31, 2017.		2,185,324		2,194,117
General Partner		(158,394)		(158,305)

		2,026,930		2,035,812

	$	2,310,561	$	2,934,317

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		2,062,076		2,096,039
Notes receivable		-		-
Other assets		-		-

	$	2,062,076	$	2,096,039




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,008,805		2,043,715
Capital contributions payable		138,438		138,438

		2,147,243		2,182,153


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,495,600 outstanding as of June 30, 2017 and March 31, 2017.		131,250		130,312
General Partner		(216,417)		(216,426)

		(85,167)		(86,114)

	$	2,062,076	$	2,096,039

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		3,022,625		3,042,864
Notes receivable		-		-
Other assets		-		-

	$	3,022,625	$	3,042,864




LIABILITIES

Accounts payable and accrued expenses	$	-	$	6,543
Accounts payable affiliates (Note C)		1,527,119		1,515,985
Capital contributions payable		-		-

		1,527,119		1,522,528


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,540,100 outstanding as of June 30, 2017 and March 31, 2017.		1,698,835		1,723,417
General Partner		(203,329)		(203,081)

		1,495,506		1,520,336

	$	3,022,625	$	3,042,864

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		893,198		1,248,898
Notes receivable		-		-
Other assets		-		-

	$	893,198	$	1,248,898




LIABILITIES

Accounts payable and accrued expenses	$	-	$	6,543
Accounts payable affiliates (Note C)		813,394		1,154,240
Capital contributions payable		-		-

		813,394		1,160,783


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,288,351 outstanding as of June 30, 2017 and March 31, 2017.		275,449		283,677
General Partner		(195,645)		(195,562)

		79,804		88,115

	$	893,198	$	1,248,898

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		192,393		248,318
Notes receivable		-		-
Other assets		-		-

	$	192,393	$	248,318




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,664,824		2,684,058
Capital contributions payable		102		102

		2,664,926		2,684,160


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,622,756 outstanding as of June 30, 2017 and March 31, 2017.		(2,222,864)		(2,186,540)
General Partner		(249,669)		(249,302)

		(2,472,533)		(2,435,842)

	$	192,393	$	248,318

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		250,102		322,902
Notes receivable		-		-
Other assets		1,218		1,218

	$	251,320	$	324,120




LIABILITIES

Accounts payable and accrued expenses	$	-	$	4,500
Accounts payable affiliates (Note C)		3,269,194		3,286,255
Capital contributions payable		100		100

		3,269,294		3,290,855


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,884,126 outstanding as of June 30, 2017 and March 31, 2017.		(2,738,626)		(2,687,899)
General Partner		(279,348)		(278,836)

		(3,017,974)		(2,966,735)

	$	251,320	$	324,120

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,010,945		1,072,528
Notes receivable		22,790		22,790
Other assets		62,303		51,003

	$	1,096,038	$	1,146,321




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		73,433		73,433

		73,433		73,433


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,736,262 outstanding as of June 30, 2017 and March 31, 2017.		1,253,317		1,303,097
General Partner		(230,712)		(230,209)

		1,022,605		1,072,888

	$	1,096,038	$	1,146,321

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		388,596		351,638
Notes receivable		-		-
Other assets		82,514		82,514

	$	471,110	$	434,152




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		829,487		771,794
Capital contributions payable		99,265		99,265

		928,752		871,059


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,632,487 outstanding as of June 30, 2017 and March 31, 2017.		(131,545)		(111,017)
General Partner		(326,097)		(325,890)

		(457,642)		(436,907)

	$	471,110	$	434,152

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		62,665		66,324
Notes receivable		-		-
Other assets		-		-

	$	62,665	$	66,324




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,645,612		2,584,641
Capital contributions payable		-		-

		2,645,612		2,584,641


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,699,473 outstanding as of June 30, 2017 and March 31, 2017.		(2,319,670)		(2,255,686)
General Partner		(263,277)		(262,631)

		(2,582,947)		(2,518,317)

	$	62,665	$	66,324

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		758,294		803,153
Notes receivable		-		-
Other assets		-		-

	$	758,294	$	803,153




LIABILITIES

Accounts payable and accrued expenses	$	515,173	$	515,173
Accounts payable affiliates (Note C)		2,373,546		2,357,846
Capital contributions payable		16,724		16,724

		2,905,443		2,889,743


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 4,009,667 outstanding as of June 30, 2017 and March 31, 2017.		(1,772,015)		(1,712,062)
General Partner		(375,134)		(374,528)

		(2,147,149)		(2,086,590)

	$	758,294	$	803,153

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		642,472		651,129
Notes receivable		-		-
Other assets		3,788		3,788

	$	646,260	$	654,917




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,939,270		1,886,971
Capital contributions payable		-		-

		1,939,270		1,886,971


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,971,998 outstanding as of June 30, 2017 and March 31, 2017.		(1,017,337)		(956,991)
General Partner		(275,673)		(275,063)

		(1,293,010)		(1,232,054)

	$	646,260	$	654,917

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)

		2017		2016

Income
Interest income	$	13,934	$	12,813
Other income		87,713		128,173

		101,647		140,986



Share of income from Operating Partnerships (Note D)		4,529,631		7,788,656


Expenses
Professional fees		129,367		186,023
Fund management fee, net (Note C)		520,374		587,049
General and administrative expenses		107,022		120,712

		756,763		893,784


NET INCOME (LOSS)	$	3,874,515	$	7,035,858




Net income (loss) allocated to assignees	$	3,835,770	$	6,965,499




Net income (loss) allocated to general partner	$	38,745	$	70,359




Net income (loss) per BAC	$	.05	$	.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 20

		2017		2016

Income
Interest income	$	35	$	104
Other income		-		-

		35		104



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		2,980		3,063
Fund management fee, net (Note C)		3,718		7,538
General and administrative expenses		4,238		4,992

		10,936		15,593


NET INCOME (LOSS)	$	(10,901)	$	(15,489)




Net income (loss) allocated to assignees	$	(10,792)	$	(15,334)




Net income (loss) allocated to general partner	$	(109)	$	(155)




Net income (loss) per BAC	$	(.00)	$	(.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 21

		2017		2016

Income
Interest income	$	29	$	224
Other income		-		-

		29		224



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		2,630		2,982
Fund management fee, net (Note C)		2,256		2,255
General and administrative expenses		3,506		3,588

		8,392		8,825


NET INCOME (LOSS)	$	(8,363)	$	(8,601)




Net income (loss) allocated to assignees	$	(8,279)	$	(8,515)




Net income (loss) allocated to general partner	$	(84)	$	(86)




Net income (loss) per BAC	$	(.00)	$	(.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 22

		2017		2016

Income
Interest income	$	84	$	106
Other income		-		-

		84		106



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		2,980		3,355
Fund management fee, net (Note C)		6,803		6,802
General and administrative expenses		3,832		4,197

		13,615		14,354


NET INCOME (LOSS)	$	(13,531)	$	(14,248)




Net income (loss) allocated to assignees	$	(13,396)	$	(14,106)




Net income (loss) allocated to general partner	$	(135)	$	(142)




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

		2017		2016

Income
Interest income	$	866	$	91
Other income		1,977		-

		2,843		91



Share of income from Operating Partnerships (Note D)		959,665		3,550


Expenses
Professional fees		3,755		5,081
Fund management fee, net (Note C)		3,806		7,472
General and administrative expenses		4,137		4,863

		11,698		17,416


NET INCOME (LOSS)	$	950,810	$	(13,775)




Net income (loss) allocated to assignees	$	941,302	$	(13,637)




Net income (loss) allocated to general partner	$	9,508	$	(138)




Net income (loss) per BAC	$	.28	$	(.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 24

		2017		2016

Income
Interest income	$	82	$	105
Other income		-		1,680

		82		1,785



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		3,325		3,519
Fund management fee, net (Note C)		11,421		9,398
General and administrative expenses		3,784		4,730

		18,530		17,647


NET INCOME (LOSS)	$	(18,448)	$	(15,862)




Net income (loss) allocated to assignees	$	(18,264)	$	(15,703)




Net income (loss) allocated to general partner	$	(184)	$	(159)




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

		2017		2016

Income
Interest income	$	71	$	88
Other income		-		-

		71		88



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		2,980		3,030
Fund management fee, net (Note C)		5,934		5,934
General and administrative expenses		4,043		5,645

		12,957		14,609


NET INCOME (LOSS)	$	(12,886)	$	(14,521)




Net income (loss) allocated to assignees	$	(12,757)	$	(14,376)




Net income (loss) allocated to general partner	$	(129)	$	(145)




Net income (loss) per BAC	$	(.00)	$	(.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 26

		2017		2016

Income
Interest income	$	136	$	349
Other income		420		420

		556		769



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		4,725		5,665
Fund management fee, net (Note C)		21,545		23,717
General and administrative expenses		4,513		6,931

		30,783		36,313


NET INCOME (LOSS)	$	(30,227)	$	(35,544)




Net income (loss) allocated to assignees	$	(29,925)	$	(35,189)




Net income (loss) allocated to general partner	$	(302)	$	(355)




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 27

		2017		2016

Income
Interest income	$	4,338	$	1,236
Other income		-		-

		4,338		1,236



Share of income from Operating Partnerships (Note D)		3,291,567		2,995,000


Expenses
Professional fees		17,770		34,369
Fund management fee, net (Note C)		14,968		26,358
General and administrative expenses		3,832		3,850

		36,570		64,577


NET INCOME (LOSS)	$	3,259,335	$	2,931,659




Net income (loss) allocated to assignees	$	3,226,742	$	2,902,342




Net income (loss) allocated to general partner	$	32,593	$	29,317




Net income (loss) per BAC	$	1.32	$	1.18

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

		2017		2016

Income
Interest income	$	148	$	302
Other income		446		7,976

		594		8,278



Share of income from Operating Partnerships (Note D)		-		5,000


Expenses
Professional fees		4,025		4,415
Fund management fee, net (Note C)		6,844		10,147
General and administrative expenses		4,283		6,320

		15,152		20,882


NET INCOME (LOSS)	$	(14,558)	$	(7,604)




Net income (loss) allocated to assignees	$	(14,412)	$	(7,528)




Net income (loss) allocated to general partner	$	(146)	$	(76)




Net income (loss) per BAC	$	(.00)	$	(.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 29

		2017		2016

Income
Interest income	$	92	$	278
Other income		-		-

		92		278



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		3,675		39,049
Fund management fee, net (Note C)		20,546		20,546
General and administrative expenses		4,351		5,065

		28,572		64,660


NET INCOME (LOSS)	$	(28,480)	$	(64,382)




Net income (loss) allocated to assignees	$	(28,195)	$	(63,738)




Net income (loss) allocated to general partner	$	(285)	$	(644)




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 30

		2017		2016

Income
Interest income	$	57	$	218
Other income		1,243		1,243

		1,300		1,461



Share of income from Operating Partnerships (Note D)		263,893		-


Expenses
Professional fees		3,675		4,384
Fund management fee, net (Note C)		(31,900)		9,605
General and administrative expenses		3,764		3,919

		(24,461)		17,908


NET INCOME (LOSS)	$	289,654	$	(16,447)




Net income (loss) allocated to assignees	$	286,757	$	(16,283)




Net income (loss) allocated to general partner	$	2,897	$	(164)




Net income (loss) per BAC	$	.11	$	(.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 31

		2017		2016

Income
Interest income	$	1,017	$	754
Other income		476		476

		1,493		1,230



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		5,425		5,839
Fund management fee, net (Note C)		20,199		35,021
General and administrative expenses		4,285		4,978

		29,909		45,838


NET INCOME (LOSS)	$	(28,416)	$	(44,608)




Net income (loss) allocated to assignees	$	(28,132)	$	(44,162)




Net income (loss) allocated to general partner	$	(284)	$	(446)




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 32

		2017		2016

Income
Interest income	$	323	$	626
Other income		-		1,800

		323		2,426



Share of income from Operating Partnerships (Note D)		14,506		-


Expenses
Professional fees		4,025		4,455
Fund management fee, net (Note C)		19,870		33,580
General and administrative expenses		4,391		5,142

		28,286		43,177


NET INCOME (LOSS)	$	(13,457)	$	(40,751)




Net income (loss) allocated to assignees	$	(13,322)	$	(40,343)




Net income (loss) allocated to general partner	$	(135)	$	(408)




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 33

		2017		2016

Income
Interest income	$	91	$	599
Other income		-		1,800

		91		2,399



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		3,150		3,685
Fund management fee, net (Note C)		9,898		9,898
General and administrative expenses		3,692		3,811

		16,740		17,394


NET INCOME (LOSS)	$	(16,649)	$	(14,995)




Net income (loss) allocated to assignees	$	(16,483)	$	(14,845)




Net income (loss) allocated to general partner	$	(166)	$	(150)




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 34

		2017		2016

Income
Interest income	$	339	$	472
Other income		-		11,691

		339		12,163



Share of income from Operating Partnerships (Note D)		-		27,500


Expenses
Professional fees		3,675		4,400
Fund management fee, net (Note C)		12,366		11,317
General and administrative expenses		3,993		4,432

		20,034		20,149


NET INCOME (LOSS)	$	(19,695)	$	19,514




Net income (loss) allocated to assignees	$	(19,498)	$	19,319




Net income (loss) allocated to general partner	$	(197)	$	195




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 35

		2017		2016

Income
Interest income	$	1,454	$	1,321
Other income		-		4,893

		1,454		6,214



Share of income from Operating Partnerships (Note D)		-		2,294,803


Expenses
Professional fees		3,500		4,057
Fund management fee, net (Note C)		17,481		(7,607)
General and administrative expenses		3,977		4,409

		24,958		859


NET INCOME (LOSS)	$	(23,504)	$	2,300,158




Net income (loss) allocated to assignees	$	(23,269)	$	2,277,156




Net income (loss) allocated to general partner	$	(235)	$	23,002




Net income (loss) per BAC	$	(.01)	$	.69

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

		2017		2016

Income
Interest income	$	1,405	$	563
Other income		2,674		1,146

		4,079		1,709



Share of income from Operating Partnerships (Note D)		-		2,417,303


Expenses
Professional fees		3,675		3,835
Fund management fee, net (Note C)		5,716		(18,208)
General and administrative expenses		3,570		3,483

		12,961		(10,890)


NET INCOME (LOSS)	$	(8,882)	$	2,429,902




Net income (loss) allocated to assignees	$	(8,793)	$	2,405,603




Net income (loss) allocated to general partner	$	(89)	$	24,299




Net income (loss) per BAC	$	(.00)	$	1.16

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

		2017		2016

Income
Interest income	$	1,161	$	172
Other income		11,225		4,811

		12,386		4,983



Share of income from Operating Partnerships (Note D)		-		2,500


Expenses
Professional fees		3,325		3,509
Fund management fee, net (Note C)		4,483		28,812
General and administrative expenses		3,631		3,658

		11,439		35,979


NET INCOME (LOSS)	$	947	$	(28,496)




Net income (loss) allocated to assignees	$	938	$	(28,211)




Net income (loss) allocated to general partner	$	9	$	(285)




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 38

		2017		2016

Income
Interest income	$	735	$	154
Other income		386		31,791

		1,121		31,945



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		4,025		4,036
Fund management fee, net (Note C)		18,234		27,782
General and administrative expenses		3,692		3,753

		25,951		35,571


NET INCOME (LOSS)	$	(24,830)	$	(3,626)




Net income (loss) allocated to assignees	$	(24,582)	$	(3,590)




Net income (loss) allocated to general partner	$	(248)	$	(36)




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 39

		2017		2016

Income
Interest income	$	247	$	127
Other income		386		660

		633		787



Share of income from Operating Partnerships (Note D)		-		22,500


Expenses
Professional fees		3,675		3,845
Fund management fee, net (Note C)		1,709		17,017
General and administrative expenses		3,560		3,487

		8,944		24,349


NET INCOME (LOSS)	$	(8,311)	$	(1,062)




Net income (loss) allocated to assignees	$	(8,228)	$	(1,051)




Net income (loss) allocated to general partner	$	(83)	$	(11)




Net income (loss) per BAC	$	(.00)	$	(.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 40

		2017		2016

Income
Interest income	$	29	$	132
Other income		1,660		-

		1,689		132



Share of income from Operating Partnerships (Note D)		-		20,500


Expenses
Professional fees		4,900		5,079
Fund management fee, net (Note C)		29,766		37,216
General and administrative expenses		3,714		3,712

		38,380		46,007


NET INCOME (LOSS)	$	(36,691)	$	(25,375)




Net income (loss) allocated to assignees	$	(36,324)	$	(25,121)




Net income (loss) allocated to general partner	$	(367)	$	(254)




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 41

		2017		2016

Income
Interest income	$	151	$	223
Other income		11,143		-

		11,294		223



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		5,599		5,627
Fund management fee, net (Note C)		52,990		50,199
General and administrative expenses		3,944		4,039

		62,533		59,865


NET INCOME (LOSS)	$	(51,239)	$	(59,642)




Net income (loss) allocated to assignees	$	(50,727)	$	(59,046)




Net income (loss) allocated to general partner	$	(512)	$	(596)




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 42

		2017		2016

Income
Interest income	$	345	$	2,039
Other income		-		-

		345		2,039



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		5,018		5,945
Fund management fee, net (Note C)		41,835		42,002
General and administrative expenses		3,775		3,798

		50,628		51,745


NET INCOME (LOSS)	$	(50,283)	$	(49,706)




Net income (loss) allocated to assignees	$	(49,780)	$	(49,209)




Net income (loss) allocated to general partner	$	(503)	$	(497)




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 43

		2017		2016

Income
Interest income	$	99	$	2,046
Other income		34,072		1,759

		34,171		3,805



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		5,843		6,332
Fund management fee, net (Note C)		44,950		31,651
General and administrative expenses		4,113		4,387

		54,906		42,370


NET INCOME (LOSS)	$	(20,735)	$	(38,565)




Net income (loss) allocated to assignees	$	(20,528)	$	(38,179)




Net income (loss) allocated to general partner	$	(207)	$	(386)




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 44

		2017		2016

Income
Interest income	$	7	$	12
Other income		-		13,649

		7		13,661



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		4,025		4,301
Fund management fee, net (Note C)		56,826		61,470
General and administrative expenses		3,786		3,794

		64,637		69,565


NET INCOME (LOSS)	$	(64,630)	$	(55,904)




Net income (loss) allocated to assignees	$	(63,984)	$	(55,345)




Net income (loss) allocated to general partner	$	(646)	$	(559)




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 45

		2017		2016

Income
Interest income	$	366	$	311
Other income		21,605		28,826

		21,971		29,137



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		12,087		7,234
Fund management fee, net (Note C)		65,811		40,120
General and administrative expenses		4,632		5,366

		82,530		52,720


NET INCOME (LOSS)	$	(60,559)	$	(23,583)




Net income (loss) allocated to assignees	$	(59,953)	$	(23,347)




Net income (loss) allocated to general partner	$	(606)	$	(236)




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 46

		2017		2016

Income
Interest income	$	227	$	161
Other income		-		13,552

		227		13,713



Share of income from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		4,900		4,932
Fund management fee, net (Note C)		52,299		57,007
General and administrative expenses		3,984		4,363

		61,183		66,302


NET INCOME (LOSS)	$	(60,956)	$	(52,589)




Net income (loss) allocated to assignees	$	(60,346)	$	(52,063)




Net income (loss) allocated to general partner	$	(610)	$	(526)




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 CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2017
(Unaudited)


		Assignees		General Partner		Total


Partners' capital (deficit) April 1, 2017	$	(6,338,126)	$	(7,177,685)	$	(13,515,811)

Net income (loss)		3,835,770		38,745		3,874,515


Partners' capital (deficit), June 30, 2017	$	(2,502,356)	$	(7,138,940)	$	(9,641,296)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 20
Partners' capital (deficit) April 1, 2017	$	(875,631)	$	(320,211)	$	(1,195,842)

Net income (loss)		(10,792)		(109)		(10,901)


Partners' capital (deficit), June 30, 2017	$	(886,423)	$	(320,320)	$	(1,206,743)

		Assignees		General Partner		Total

Series 21
Partners' capital (deficit) April 1, 2017	$	(907,383)	$	(172,752)	$	(1,080,135)

Net income (loss)		(8,279)		(84)		(8,363)


Partners' capital (deficit), June 30, 2017	$	(915,662)	$	(172,836)	$	(1,088,498)

		Assignees		General Partner		Total

Series 22
Partners' capital (deficit) April 1, 2017	$	(2,351,781)	$	(245,052)	$	(2,596,833)

Net income (loss)		(13,396)		(135)		(13,531)


Partners' capital (deficit), June 30, 2017	$	(2,365,177)	$	(245,187)	$	(2,610,364)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 23
Partners' capital (deficit) April 1, 2017	$	(1,131,355)	$	(299,152)	$	(1,430,507)

Net income (loss)		941,302		9,508		950,810


Partners' capital (deficit), June 30, 2017	$	(190,053)	$	(289,644)	$	(479,697)

		Assignees		General Partner		Total

Series 24
Partners' capital (deficit) April 1, 2017	$	602,161	$	(174,980)	$	427,181

Net income (loss)		(18,264)		(184)		(18,448)


Partners' capital (deficit), June 30, 2017	$	583,897	$	(175,164)	$	408,733

		Assignees		General Partner		Total

Series 25
Partners' capital (deficit) April 1, 2017	$	565,870	$	(220,159)	$	345,711

Net income (loss)		(12,757)		(129)		(12,886)


Partners' capital (deficit), June 30, 2017	$	553,113	$	(220,288)	$	332,825

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 26
Partners' capital (deficit) April 1, 2017	$	989,245	$	(311,566)	$	677,679

Net income (loss)		(29,925)		(302)		(30,227)


Partners' capital (deficit), June 30, 2017	$	959,320	$	(311,868)	$	647,452

		Assignees		General Partner		Total

Series 27
Partners' capital (deficit) April 1, 2017	$	3,745,499	$	(170,699)	$	3,574,800

Net income (loss)		3,226,742		32,593		3,259,335


Partners' capital (deficit), June 30, 2017	$	6,972,241	$	(138,106)	$	6,834,135

		Assignees		General Partner		Total

Series 28
Partners' capital (deficit) April 1, 2017	$	1,086,195	$	(273,712)	$	812,483

Net income (loss)		(14,412)		(146)		(14,558)


Partners' capital (deficit), June 30, 2017	$	1,071,783	$	(273,858)	$	797,925

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 29
Partners' capital (deficit) April 1, 2017	$	(2,771,714)	$	(370,065)	$	(3,141,779)

Net income (loss)		(28,195)		(285)		(28,480)


Partners' capital (deficit), June 30, 2017	$	(2,799,909)	$	(370,350)	$	(3,170,259)

		Assignees		General Partner		Total

Series 30
Partners' capital (deficit) April 1, 2017	$	(1,235,163)	$	(241,826)	$	(1,476,989)

Net income (loss)		286,757		2,897		289,654


Partners' capital (deficit), June 30, 2017	$	(948,406)	$	(238,929)	$	(1,187,335)

		Assignees		General Partner		Total

Series 31
Partners' capital (deficit) April 1, 2017	$	2,365,549	$	(359,195)	$	2,006,354

Net income (loss)		(28,132)		(284)		(28,416)


Partners' capital (deficit), June 30, 2017	$	2,337,417	$	(359,479)	$	1,977,938

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 32
Partners' capital (deficit) April 1, 2017	$	(1,512,826)	$	(425,749)	$	(1,938,575)

Net income (loss)		(13,322)		(135)		(13,457)


Partners' capital (deficit), June 30, 2017	$	(1,526,148)	$	(425,884)	$	(1,952,032)

		Assignees		General Partner		Total

Series 33
Partners' capital (deficit) April 1, 2017	$	(687,215)	$	(235,002)	$	(922,217)

Net income (loss)		(16,483)		(166)		(16,649)


Partners' capital (deficit), June 30, 2017	$	(703,698)	$	(235,168)	$	(938,866)

		Assignees		General Partner		Total

Series 34
Partners' capital (deficit) April 1, 2017	$	(2,048,404)	$	(324,115)	$	(2,372,519)

Net income (loss)		(19,498)		(197)		(19,695)


Partners' capital (deficit), June 30, 2017	$	(2,067,902)	$	(324,312)	$	(2,392,214)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 35
Partners' capital (deficit) April 1, 2017	$	2,104,402	$	(263,617)	$	1,840,785

Net income (loss)		(23,269)		(235)		(23,504)


Partners' capital (deficit), June 30, 2017	$	2,081,133	$	(263,852)	$	1,817,281

		Assignees		General Partner		Total

Series 36
Partners' capital (deficit) April 1, 2017	$	2,194,117	$	(158,305)	$	2,035,812

Net income (loss)		(8,793)		(89)		(8,882)


Partners' capital (deficit), June 30, 2017	$	2,185,324	$	(158,394)	$	2,026,930

		Assignees		General Partner		Total

Series 37
Partners' capital (deficit) April 1, 2017	$	130,312	$	(216,426)	$	(86,114)

Net income (loss)		938		9		947


Partners' capital (deficit), June 30, 2017	$	131,250	$	(216,417)	$	(85,167)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 38
Partners' capital (deficit) April 1, 2017	$	1,723,417	$	(203,081)	$	1,520,336

Net income (loss)		(24,582)		(248)		(24,830)


Partners' capital (deficit), June 30, 2017	$	1,698,835	$	(203,329)	$	1,495,506

		Assignees		General Partner		Total

Series 39
Partners' capital (deficit) April 1, 2017	$	283,677	$	(195,562)	$	88,115

Net income (loss)		(8,228)		(83)		(8,311)


Partners' capital (deficit), June 30, 2017	$	275,449	$	(195,645)	$	79,804

		Assignees		General Partner		Total

Series 40
Partners' capital (deficit) April 1, 2017	$	(2,186,540)	$	(249,302)	$	(2,435,842)

Net income (loss)		(36,324)		(367)		(36,691)


Partners' capital (deficit), June 30, 2017	$	(2,222,864)	$	(249,669)	$	(2,472,533)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 41
Partners' capital (deficit) April 1, 2017	$	(2,687,899)	$	(278,836)	$	(2,966,735)

Net income (loss)		(50,727)		(512)		(51,239)


Partners' capital (deficit), June 30, 2017	$	(2,738,626)	$	(279,348)	$	(3,017,974)

		Assignees		General Partner		Total

Series 42
Partners' capital (deficit) April 1, 2017	$	1,303,097	$	(230,209)	$	1,072,888

Net income (loss)		(49,780)		(503)		(50,283)


Partners' capital (deficit), June 30, 2017	$	1,253,317	$	(230,712)	$	1,022,605

		Assignees		General Partner		Total

Series 43
Partners' capital (deficit) April 1, 2017	$	(111,017)	$	(325,890)	$	(436,907)

Net income (loss)		(20,528)		(207)		(20,735)


Partners' capital (deficit), June 30, 2017	$	(131,545)	$	(326,097)	$	(457,642)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 44
Partners' capital (deficit) April 1, 2017	$	(2,255,686)	$	(262,631)	$	(2,518,317)

Net income (loss)		(63,984)		(646)		(64,630)


Partners' capital (deficit), June 30, 2017	$	(2,319,670)	$	(263,277)	$	(2,582,947)

		Assignees		General Partner		Total

Series 45
Partners' capital (deficit) April 1, 2017	$	(1,712,062)	$	(374,528)	$	(2,086,590)

Net income (loss)		(59,953)		(606)		(60,559)


Partners' capital (deficit), June 30, 2017	$	(1,772,015)	$	(375,134)	$	(2,147,149)

		Assignees		General Partner		Total

Series 46
Partners' capital (deficit) April 1, 2017	$	(956,991)	$	(275,063)	$	(1,232,054)

Net income (loss)		(60,346)		(610)		(60,956)


Partners' capital (deficit), June 30, 2017	$	(1,017,337)	$	(275,673)	$	(1,293,010)

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)

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	3,874,515	$	7,035,858
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(4,529,631)		(7,788,656)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(37,382)		(16,627)
Decrease (Increase) in other assets		(11,300)		-
(Decrease) Increase in accounts payable affiliates		(1,402,150)		(4,451,954)


Net cash (used in) provided by operating activities		(2,105,948)		(5,221,379)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		4,414,168		7,788,656


Net cash (used in) provided by investing activities		4,414,168		7,788,656

		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,308,220		2,567,277


Cash and cash equivalents, beginning		27,209,997		21,728,069


Cash and cash equivalents, ending	$	29,518,217	$	24,295,346

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(10,901)	$	(15,489)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		5,535		8,238


Net cash (used in) provided by operating activities		(5,366)		(7,251)


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		(5,366)		(7,251)


Cash and cash equivalents, beginning		271,060		180,896


Cash and cash equivalents, ending	$	265,694	$	173,645

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

		2017		2016


Cash flows from operating activities:
Net income (loss)	$	(8,363)	$	(8,601)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		2,719		2,718


Net cash (used in) provided by operating activities		(5,644)		(5,883)


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		(5,644)		(5,883)


Cash and cash equivalents, beginning		241,102		425,168


Cash and cash equivalents, ending	$	235,458	$	419,285

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(13,531)	$	(14,248)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		7,303		7,302


Net cash (used in) provided by operating activities		(6,228)		(6,946)


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		(6,228)		(6,946)


Cash and cash equivalents, beginning		252,064		295,650


Cash and cash equivalents, ending	$	245,836	$	288,704

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	950,810	$	(13,775)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(959,665)		(3,550)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		5,000		995
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		2,006		9,552


Net cash (used in) provided by operating activities		(1,849)		(6,778)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		959,665		3,550


Net cash (used in) provided by investing activities		959,665		3,550

		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		957,816		(3,228)


Cash and cash equivalents, beginning		659,167		219,677


Cash and cash equivalents, ending	$	1,616,983	$	216,449

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(18,448)	$	(15,862)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		-		-


Net cash (used in) provided by operating activities		(18,448)		(15,862)


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		(18,448)		(15,862)


Cash and cash equivalents, beginning		427,181		502,552


Cash and cash equivalents, ending	$	408,733	$	486,690

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(12,886)	$	(14,521)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		-		-


Net cash (used in) provided by operating activities		(12,886)		(14,521)


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		(12,886)		(14,521)


Cash and cash equivalents, beginning		344,461		395,797


Cash and cash equivalents, ending	$	331,575	$	381,276

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(30,227)	$	(35,544)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		-		-


Net cash (used in) provided by operating activities		(30,227)		(35,544)


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		(30,227)		(35,544)


Cash and cash equivalents, beginning		677,679		809,362


Cash and cash equivalents, ending	$	647,452	$	773,818

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	3,259,335	$	2,931,659
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(3,291,567)		(2,995,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(27,796)		5,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(60,028)		(58,341)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		3,291,567		2,995,000


Net cash (used in) provided by investing activities		3,291,567		2,995,000

		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		3,231,539		2,936,659


Cash and cash equivalents, beginning		3,606,473		899,636


Cash and cash equivalents, ending	$	6,838,012	$	3,836,295

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(14,558)	$	(7,604)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(5,000)
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		-		-


Net cash (used in) provided by operating activities		(14,558)		(17,604)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		5,000


Net cash (used in) provided by investing activities		-		5,000

		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(14,558)		(12,604)


Cash and cash equivalents, beginning		812,483		884,427


Cash and cash equivalents, ending	$	797,925	$	871,823

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(28,480)	$	(64,382)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		20,546		(132,954)


Net cash (used in) provided by operating activities		(7,934)		(197,336)


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		(7,934)		(197,336)


Cash and cash equivalents, beginning		345,648		618,758


Cash and cash equivalents, ending	$	337,714	$	421,422

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	289,654	$	(16,447)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(263,893)		-
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		16,654		17,421


Net cash (used in) provided by operating activities		45,415		974


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		148,430		-


Net cash (used in) provided by investing activities		148,430		-

		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		193,845		974


Cash and cash equivalents, beginning		270,126		304,293


Cash and cash equivalents, ending	$	463,971	$	305,267

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(28,416)	$	(44,608)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
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		-		-


Net cash (used in) provided by operating activities		(28,416)		(47,608)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(28,416)		(47,608)


Cash and cash equivalents, beginning		2,047,648		1,351,761


Cash and cash equivalents, ending	$	2,019,232	$	1,304,153

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(13,457)	$	(40,751)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(14,506)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(22,530)		(55,710)


Net cash (used in) provided by operating activities		(50,493)		(96,461)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		14,506		-


Net cash provided by investing activities		14,506		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(35,987)		(96,461)


Cash and cash equivalents, beginning		837,185		1,061,685


Cash and cash equivalents, ending	$	801,198	$	965,224

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(16,649)	$	(14,995)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		16,398		16,398


Net cash (used in) provided by operating activities		(251)		1,403


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		(251)		1,403


Cash and cash equivalents, beginning		337,765		1,266,455


Cash and cash equivalents, ending	$	337,514	$	1,267,858

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(19,695)	$	19,514
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(27,500)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(230,134)		(267,683)


Net cash (used in) provided by operating activities		(249,829)		(275,669)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		27,500


Net cash (used in) provided by investing activities		-		27,500

		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(249,829)		(248,169)


Cash and cash equivalents, beginning		849,078		674,173


Cash and cash equivalents, ending	$	599,249	$	426,004

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(23,504)	$	2,300,158
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(2,294,803)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		1,250
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(391,519)		(898,357)


Net cash (used in) provided by operating activities		(415,023)		(891,752)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		2,294,803


Net cash (used in) provided by investing activities		-		2,294,803

		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(415,023)		1,403,051


Cash and cash equivalents, beginning		2,392,767		1,693,223


Cash and cash equivalents, ending	$	1,977,744	$	3,096,274

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(8,882)	$	2,429,902
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(2,417,303)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(1,250)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(614,874)		(547,909)


Net cash (used in) provided by operating activities		(623,756)		(536,560)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		2,417,303


Net cash (used in) provided by investing activities		-		2,417,303

		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(623,756)		1,880,743


Cash and cash equivalents, beginning		2,934,317		979,340


Cash and cash equivalents, ending	$	2,310,561	$	2,860,083

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	947	$	(28,496)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(2,500)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(34,910)		39,330


Net cash (used in) provided by operating activities		(33,963)		8,334


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		2,500


Net cash (used in) provided by investing activities		-		2,500

		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(33,963)		10,834


Cash and cash equivalents, beginning		2,096,039		340,689


Cash and cash equivalents, ending	$	2,062,076	$	351,523

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(24,830)	$	(3,626)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(6,543)		(4,779)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		11,134		4,515


Net cash (used in) provided by operating activities		(20,239)		(3,890)


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		(20,239)		(3,890)


Cash and cash equivalents, beginning		3,042,864		333,474


Cash and cash equivalents, ending	$	3,022,625	$	329,584

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(8,311)	$	(1,062)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(22,500)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(6,543)		(4,894)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(340,846)		21,217


Net cash (used in) provided by operating activities		(355,700)		(7,239)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		22,500


Net cash (used in) provided by investing activities		-		22,500

		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(355,700)		15,261


Cash and cash equivalents, beginning		1,248,898		313,691


Cash and cash equivalents, ending	$	893,198	$	328,952

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(36,691)	$	(25,375)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(20,500)
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		(19,234)		(249,006)


Net cash (used in) provided by operating activities		(55,925)		(299,881)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		20,500

		-		-
Net cash (used in) provided by investing activities		-		20,500

		-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(55,925)		(279,381)


Cash and cash equivalents, beginning		248,318		510,705


Cash and cash equivalents, ending	$	192,393	$	231,324

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(51,239)	$	(59,642)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(4,500)		51
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(17,061)		(43,852)


Net cash (used in) provided by operating activities		(72,800)		(103,443)


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		(72,800)		(103,443)


Cash and cash equivalents, beginning		322,902		331,029


Cash and cash equivalents, ending	$	250,102	$	227,586

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(50,283)	$	(49,706)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		(11,300)		-
(Decrease) Increase in accounts payable affiliates		-		(1,593,865)


Net cash (used in) provided by operating activities		(61,583)		(1,643,571)


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		(61,583)		(1,643,571)


Cash and cash equivalents, beginning		1,072,528		3,412,757


Cash and cash equivalents, ending	$	1,010,945	$	1,769,186

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(20,735)	$	(38,565)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		57,693		(992,069)


Net cash (used in) provided by operating activities		36,958		(1,030,634)


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		36,958		(1,030,634)


Cash and cash equivalents, beginning		351,638		2,886,991


Cash and cash equivalents, ending	$	388,596	$	1,856,357

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(64,630)	$	(55,904)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		60,971		66,100


Net cash (used in) provided by operating activities		(3,659)		10,196


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		(3,659)		10,196


Cash and cash equivalents, beginning		66,324		44,503


Cash and cash equivalents, ending	$	62,665	$	54,699

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(60,559)	$	(23,583)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		15,700		74,278


Net cash (used in) provided by operating activities		(44,859)		50,695


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		(44,859)		50,695


Cash and cash equivalents, beginning		803,153		748,100


Cash and cash equivalents, ending	$	758,294	$	798,795

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(60,956)	$	(52,589)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		52,299		62,382


Net cash (used in) provided by operating activities		(8,657)		9,793


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		(8,657)		9,793


Cash and cash equivalents, beginning		651,129		243,277


Cash and cash equivalents, ending	$	642,472	$	253,070

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, 2017
(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, 2017
(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, 2017 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, 2017.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(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, 2017 and 2016, are as follows:

	2017	2016
Series 20	$ 5,535	$ 8,238
Series 21	2,719	2,718
Series 22	7,303	7,302
Series 23	5,556	9,552
Series 24	12,588	12,588
Series 25	5,934	5,934
Series 26	22,545	24,717
Series 27	14,968	38,358
Series 28	8,844	18,147
Series 29	20,546	20,546
Series 30	16,654	17,421
Series 31	21,699	37,521
Series 32	26,370	43,080
Series 33	16,398	16,398
Series 34	12,366	23,317
Series 35	17,481	29,893
Series 36	7,626	23,702
Series 37	12,501	39,330
Series 38	18,234	36,936
Series 39	1,709	21,217
Series 40	29,766	38,716
Series 41	53,439	56,148
Series 42	42,870	42,870
Series 43	57,693	57,693
Series 44	57,826	63,657
Series 45	70,359	70,800
Series 46	52,299	62,382
	$621,828	$829,181

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the three months ended June 30, 2017 and 2016 are as follows:

	2017	2016
Series 23	$ 3,550	$ -
Series 24	12,588	12,588
Series 25	5,934	5,934
Series 26	22,545	24,717
Series 27	14,968	38,358
Series 28	8,844	18,147
Series 29	-	153,500
Series 31	21,699	37,521
Series 32	48,900	98,790
Series 34	242,500	291,000
Series 35	409,000	928,250
Series 36	622,500	571,611
Series 37	47,411	-
Series 38	7,100	32,421
Series 39	122,100	-
Series 40	49,000	287,722
Series 41	70,500	100,000
Series 42	42,870	1,636,735
Series 43	-	1,049,762
	$1,752,009	$5,287,056

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2017 and 2016, the Fund has limited partnership interests in 205 and 246 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at June 30, 2017 and 2016 are as follows:

	2017	2016
Series 20	3	4
Series 21	2	2
Series 22	3	3
Series 23	3	5
Series 24	6	6
Series 25	4	4
Series 26	13	14
Series 27	4	6
Series 28	5	5
Series 29	8	8
Series 30	6	8
Series 31	10	17
Series 32	7	10
Series 33	5	5
Series 34	4	6
Series 35	3	5
Series 36	3	3
Series 37	2	5
Series 38	4	8
Series 39	1	6
Series 40	10	13
Series 41	17	18
Series 42	15	15
Series 43	19	19
Series 44	7	8
Series 45	27	28
Series 46	14	15
	205	246

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, 2017 and 2016, are as follows:

	2017	2016
Series 29	$ 8,235	$ 8,235
Series 30	65,176	105,139
Series 31	66,294	66,294
Series 32	1,229	1,229
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
	$538,150	$578,113

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the three months ended June 30, 2017 the Fund disposed of four Operating Partnerships. A summary of the dispositions by Series for June 30, 2017 is as follows:

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

Series 23	-	1	$	959,665	$	959,665
Series 27	-	1		3,291,567		3,291,567
Series 30	1	1		148,430		263,893
Series 32	-	-		14,506		14,506
Total	1	3	$	4,414,168	$	4,529,631

* Fund proceeds from disposition does not include $75,500 recorded as a receivable, as well as $39,963 which was due to a writeoff of capital contribution payable as of June 30, 2017, for Series 30.

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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the three months ended June 30, 2016 the Fund disposed of twelve Operating Partnerships. A summary of the dispositions by Series for June 30, 2016 is as follows:

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

Series 23	1	-		3,550		3,550
Series 27	-	1		2,995,000		2,995,000
Series 28	1	-		5,000		5,000
Series 34	1	-		27,500		27,500
Series 35	-	1		2,294,803		2,294,803
Series 36	3	1		2,417,303		2,417,303
Series 37	1	-		2,500		2,500
Series 39	1	-		22,500		22,500
Series 40	1	-		20,500		20,500
Total	9	3	$	7,788,656	$	7,788,656

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(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, 2017.

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

		2017	2016

Revenues
	Rental	$ 14,029,090	$ 18,509,973
	Interest and other	446,491	599,115
		14,475,581	19,109,088

Expenses
	Interest	2,382,891	3,086,598
	Depreciation and amortization	3,780,719	4,966,028
	Operating expenses	10,381,532	13,311,714
		16,545,142	21,364,340

NET LOSS		$ (2,069,561)	$ (2,255,252)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (2,048,864)	$ (2,232,699)

Net loss allocated to other Partners		$ (20,697)	$ (22,553)

* Amounts include $(2,048,864) and $(2,232,699) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 20

		2017	2016
Revenues
	Rental	$ 133,471	$ 201,185
	Interest and other	8,457	10,498
		141,928	211,683

Expenses
	Interest	12,868	22,806
	Depreciation and amortization	36,093	51,151
	Operating expenses	117,558	141,812
		166,519	215,769

NET LOSS		$ (24,591)	$ (4,086)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (24,345)	$ (4,045)

Net loss allocated to other Partners		$ (246)	$ (41)

* Amounts include $(24,345) and $(4,045) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 21

		2017	2016
Revenues
	Rental	$ 123,389	$ 129,146
	Interest and other	860	725
		124,249	129,871

Expenses
	Interest	9,916	15,458
	Depreciation and amortization	20,720	20,760
	Operating expenses	98,300	93,936
		128,936	130,154

NET LOSS		$ (4,687)	$ (283)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (4,640)	$ (280)

Net loss allocated to other Partners		$ (47)	$ (3)

* Amounts include $(4,640) and $(280) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 22

		2017	2016
Revenues
	Rental	$ 127,528	$ 126,604
	Interest and other	4,554	4,482
		132,082	131,086

Expenses
	Interest	11,342	14,772
	Depreciation and amortization	27,089	26,718
	Operating expenses	136,469	109,352
		174,900	150,842

NET LOSS		$ (42,818)	$ (19,756)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (42,390)	$ (19,558)

Net loss allocated to other Partners		$ (428)	$ (198)

* Amounts include $(42,390) and $(19,558) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 23

		2017	2016
Revenues
	Rental	$ 105,624	$ 418,453
	Interest and other	5,298	15,301
		110,922	433,754

Expenses
	Interest	6,020	27,296
	Depreciation and amortization	22,449	78,456
	Operating expenses	87,804	356,530
		116,273	462,282

NET LOSS		$ (5,351)	$ (28,528)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (5,297)	$ (28,242)

Net loss allocated to other Partners		$ (54)	$ (286)

* Amounts include $(5,297) and $(28,242) for 2017 and 2016, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 24

		2017	2016
Revenues
	Rental	$ 256,294	$ 260,224
	Interest and other	5,121	5,022
		261,415	265,246

Expenses
	Interest	22,563	23,138
	Depreciation and amortization	70,348	67,545
	Operating expenses	206,766	213,912
		299,677	304,595

NET LOSS		$ (38,262)	$ (39,349)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (37,879)	$ (38,956)

Net loss allocated to other Partners		$ (383)	$ (393)

* Amounts include $(37,879) and $(38,956) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 25

		2017	2016
Revenues
	Rental	$ 214,392	$ 209,643
	Interest and other	5,238	4,694
		219,630	214,337

Expenses
	Interest	20,184	34,116
	Depreciation and amortization	44,177	35,886
	Operating expenses	164,759	162,479
		229,120	232,481

NET LOSS		$ (9,490)	$ (18,144)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (9,395)	$ (17,963)

Net loss allocated to other Partners		$ (95)	$ (181)

* Amounts include $(9,395) and $(17,963) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 26

		2017	2016
Revenues
	Rental	$ 543,233	$ 586,364
	Interest and other	14,389	11,708
		557,622	598,072

Expenses
	Interest	76,663	91,631
	Depreciation and amortization	143,109	144,008
	Operating expenses	462,402	558,083
		682,174	793,722

NET LOSS		$ (124,552)	$ (195,650)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (123,306)	$ (193,693)

Net loss allocated to other Partners		$ (1,246)	$ (1,957)

* Amounts include $(123,306) and $(193,693) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 27

		2017	2016
Revenues
	Rental	$ 201,149	$ 711,261
	Interest and other	2,811	3,550
		203,960	714,811

Expenses
	Interest	11,753	116,238
	Depreciation and amortization	60,321	163,727
	Operating expenses	164,799	492,795
		236,873	772,760

NET LOSS		$ (32,913)	$ (57,949)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (32,584)	$ (57,369)

Net loss allocated to other Partners		$ (329)	$ (580)

* Amounts include $(32,584) and $(57,369) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 28

		2017	2016
Revenues
	Rental	$ 250,570	$ 263,917
	Interest and other	6,318	3,748
		256,888	267,665

Expenses
	Interest	40,758	30,526
	Depreciation and amortization	56,444	57,693
	Operating expenses	195,958	210,878
		293,160	299,097

NET LOSS		$ (36,272)	$ (31,432)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (35,909)	$ (31,118)

Net loss allocated to other Partners		$ (363)	$ (314)

* Amounts include $(35,909) and $(31,118) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 29

		2017	2016
Revenues
	Rental	$ 437,102	$ 502,120
	Interest and other	42,050	18,745
		479,152	520,865

Expenses
	Interest	98,351	91,472
	Depreciation and amortization	123,879	122,083
	Operating expenses	388,803	388,451
		611,033	602,006

NET LOSS		$ (131,881)	$ (81,141)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (130,562)	$ (80,330)

Net loss allocated to other Partners		$ (1,319)	$ (811)

* Amounts include $(130,562) and $(80,330) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 30

		2017	2016
Revenues
	Rental	$ 257,521	$ 378,193
	Interest and other	6,320	10,062
		263,841	388,255

Expenses
	Interest	23,407	50,242
	Depreciation and amortization	72,625	101,332
	Operating expenses	202,203	293,819
		298,235	445,393

NET LOSS		$ (34,394)	$ (57,138)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (34,050)	$ (56,567)

Net loss allocated to other Partners		$ (344)	$ (571)

* Amounts include $(34,050) and $(56,567) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 31

		2017	2016
Revenues
	Rental	$ 426,560	$ 976,281
	Interest and other	12,249	140,449
		438,809	1,116,730

Expenses
	Interest	42,067	110,227
	Depreciation and amortization	143,308	297,978
	Operating expenses	378,566	766,298
		563,941	1,174,503

NET LOSS		$ (125,132)	$ (57,773)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (123,881)	$ (57,195)

Net loss allocated to other Partners		$ (1,251)	$ (578)

* Amounts include $(123,881) and $(57,195) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 32

		2017	2016
Revenues
	Rental	$ 568,464	$ 878,707
	Interest and other	17,896	32,582
		586,360	911,289

Expenses
	Interest	89,004	124,969
	Depreciation and amortization	167,867	269,883
	Operating expenses	440,872	769,520
		697,743	1,164,372

NET LOSS		$ (111,383)	$ (253,083)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (110,269)	$ (250,552)

Net loss allocated to other Partners		$ (1,114)	$ (2,531)

* Amounts include $(110,269) and $(250,552) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 33

		2017	2016
Revenues
	Rental	$ 352,356	$ 344,977
	Interest and other	12,747	9,095
		365,103	354,072

Expenses
	Interest	59,782	52,140
	Depreciation and amortization	89,646	100,376
	Operating expenses	269,458	259,971
		418,886	412,487

NET LOSS		$ (53,783)	$ (58,415)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (53,245)	$ (57,831)

Net loss allocated to other Partners		$ (538)	$ (584)

* Amounts include $(53,245) and $(57,831) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 34

		2017	2016
Revenues
	Rental	$ 242,936	$ 399,297
	Interest and other	8,753	12,376
		251,689	411,673

Expenses
	Interest	26,066	61,004
	Depreciation and amortization	68,907	107,674
	Operating expenses	188,617	301,745
		283,590	470,423

NET LOSS		$ (31,901)	$ (58,750)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (31,582)	$ (58,162)

Net loss allocated to other Partners		$ (319)	$ (588)

* Amounts include $(31,582) and $(58,162) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 35

		2017	2016
Revenues
	Rental	$ 313,246	$ 601,315
	Interest and other	9,606	14,369
		322,852	615,684

Expenses
	Interest	51,614	109,503
	Depreciation and amortization	92,481	206,136
	Operating expenses	185,357	367,285
		329,452	682,924

NET LOSS		$ (6,600)	$ (67,240)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (6,534)	$ (66,568)

Net loss allocated to other Partners		$ (66)	$ (672)

* Amounts include $(6,534) and $(66,568) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 36

		2017	2016
Revenues
	Rental	$ 161,046	$ 161,678
	Interest and other	4,589	3,182
		165,635	164,860

Expenses
	Interest	32,208	27,174
	Depreciation and amortization	42,278	48,891
	Operating expenses	124,116	120,630
		198,602	196,695

NET LOSS		$ (32,967)	$ (31,835)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (32,637)	$ (31,517)

Net loss allocated to other Partners		$ (330)	$ (318)

* Amounts include $(32,637) and $(31,517) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 37

		2017	2016
Revenues
	Rental	$ 203,958	$ 939,788
	Interest and other	20,176	23,505
		224,134	963,293

Expenses
	Interest	32,077	168,919
	Depreciation and amortization	69,701	245,958
	Operating expenses	158,294	648,742
		260,072	1,063,619

NET LOSS		$ (35,938)	$ (100,326)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (35,579)	$ (99,323)

Net loss allocated to other Partners		$ (359)	$ (1,003)

* Amounts include $(35,579) and $(99,323) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 38

		2017	2016
Revenues
	Rental	$ 443,713	$ 902,172
	Interest and other	5,418	18,406
		449,131	920,578

Expenses
	Interest	61,781	153,120
	Depreciation and amortization	93,157	213,938
	Operating expenses	320,254	569,860
		475,192	936,918

NET LOSS		$ (26,061)	$ (16,340)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (25,800)	$ (16,177)

Net loss allocated to other Partners		$ (261)	$ (163)

* Amounts include $(25,800) and $(16,177) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 39

		2017	2016
Revenues
	Rental	$ 42,108	$ 453,274
	Interest and other	-	13,646
		42,108	466,920

Expenses
	Interest	1,559	82,679
	Depreciation and amortization	7,273	101,015
	Operating expenses	36,625	340,499
		45,457	524,193

NET LOSS		$ (3,349)	$ (57,273)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (3,316)	$ (56,700)

Net loss allocated to other Partners		$ (33)	$ (573)

* Amounts include $(3,316) and $(56,700) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 40

		2017	2016
Revenues
	Rental	$ 622,783	$ 730,485
	Interest and other	14,318	15,015
		637,101	745,500

Expenses
	Interest	135,162	132,739
	Depreciation and amortization	177,693	233,335
	Operating expenses	490,299	521,117
		803,154	887,191

NET LOSS		$ (166,053)	$ (141,691)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (164,392)	$ (140,274)

Net loss allocated to other Partners		$ (1,661)	$ (1,417)

* Amounts include $(164,392) and $(140,274) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 41

		2017	2016
Revenues
	Rental	$ 1,349,185	$ 1,347,760
	Interest and other	28,304	40,724
		1,377,489	1,388,484

Expenses
	Interest	284,800	258,443
	Depreciation and amortization	319,024	339,429
	Operating expenses	931,604	903,535
		1,535,428	1,501,407

NET LOSS		$ (157,939)	$ (112,923)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (156,360)	$ (111,794)

Net loss allocated to other Partners		$ (1,579)	$ (1,129)

* Amounts include $(156,360) and $(111,794) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 42

		2017	2016
Revenues
	Rental	$ 911,872	$ 902,739
	Interest and other	38,065	46,682
		949,937	949,421

Expenses
	Interest	197,800	186,584
	Depreciation and amortization	280,472	273,144
	Operating expenses	680,302	639,652
		1,158,574	1,099,380

NET LOSS		$ (208,637)	$ (149,959)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (206,551)	$ (148,459)

Net loss allocated to other Partners		$ (2,086)	$ (1,500)

* Amounts include $(206,551) and $(148,459) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 43

		2017	2016
Revenues
	Rental	$ 1,309,676	$ 1,304,500
	Interest and other	65,602	54,715
		1,375,278	1,359,215

Expenses
	Interest	205,990	179,952
	Depreciation and amortization	431,594	439,711
	Operating expenses	1,010,064	968,611
		1,647,648	1,588,274

NET LOSS		$ (272,370)	$ (229,059)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (269,646)	$ (226,768)

Net loss allocated to other Partners		$ (2,724)	$ (2,291)

* Amounts include $(269,646) and $(226,768) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 44

		2017	2016
Revenues
	Rental	$ 1,465,870	$ 1,564,348
	Interest and other	45,471	35,681
		1,511,341	1,600,029

Expenses
	Interest	350,607	366,966
	Depreciation and amortization	341,954	375,606
	Operating expenses	878,513	884,555
		1,571,074	1,627,127

NET LOSS		$ (59,733)	$ (27,098)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (59,136)	$ (26,827)

Net loss allocated to other Partners		$ (597)	$ (271)

* Amounts include $(59,136) and $(26,827) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 45

		2017	2016
Revenues
	Rental	$ 1,810,088	$ 1,777,506
	Interest and other	36,785	30,356
		1,846,873	1,807,862

Expenses
	Interest	242,578	258,058
	Depreciation and amortization	492,220	501,193
	Operating expenses	1,310,510	1,281,022
		2,045,308	2,040,273

NET LOSS		$ (198,435)	$ (232,411)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (196,451)	$ (230,087)

Net loss allocated to other Partners		$ (1,984)	$ (2,324)

* Amounts include $(196,451) and $(230,087) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 46

		2017	2016
Revenues
	Rental	$ 1,154,956	$ 1,438,036
	Interest and other	25,096	19,797
		1,180,052	1,457,833

Expenses
	Interest	235,971	296,426
	Depreciation and amortization	285,890	342,402
	Operating expenses	752,260	946,625
		1,274,121	1,585,453

NET LOSS		$ (94,069)	$ (127,620)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (93,128)	$ (126,344)

Net loss allocated to other Partners		$ (941)	$ (1,276)

* Amounts include $(93,128) and $(126,344) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended December 31, 2017 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 2013 remain open.

NOTE G - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

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, 2017. 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, 2017 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, 2017 were $621,828 and total fund management fees accrued as of June 30, 2017 were $38,026,478. During the three months ended June 30, 2017, $1,752,009 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, 2017, an affiliate of the general partner of the Fund advanced a total of $209,198 to Series 44 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, 2017, $3,145 was advanced to Series 44 from an affiliate of the general partner, as well as $220,455 and $54,659 was paid back from Series 39 and Series 45, respectively, to an affiliate of the general partner. 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 2,980,998 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, 2017.

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 21 of the Operating Partnerships and 3 remain.

Prior to the quarter ended June 30, 2017, 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 12 of the Operating Partnerships and 2 remain.

Prior to the quarter ended June 30, 2017, 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 26 of the Operating Partnerships and 3 remain.

Prior to the quarter ended June 30, 2017, Series 22 had released all payments of its capital contributions to the Operating Partnerships.

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 19 of the Operating Partnerships and 3 remain.

Prior to the quarter ended June 30, 2017, 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, 2017, 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, 2017, 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 32 of the Operating Partnerships and 13 remain.

Prior to the quarter ended June 30, 2017, 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 12 of the Operating Partnerships and 4 remain.

Prior to the quarter ended June 30, 2017, 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 21 of the Operating Partnerships and 5 remain.

Prior to the quarter ended June 30, 2017, 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 14 of the Operating Partnerships and 8 remain.

During the quarter ended June 30, 2017, 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, 2017. 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 14 of the Operating Partnerships and 6 remain.

During the quarter ended June 30, 2017, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 2 Operating Partnerships in the amount of $65,176 as of June 30, 2017. 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 17 of the Operating Partnerships and 10 remain.

During the quarter ended June 30, 2017, 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, 2017. 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 10 of the Operating Partnerships and 7 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, 2017, 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, 2017. 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, 2017, 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, 2017. 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 10 of the Operating Partnerships and 4 remain.

Prior to the quarter ended June 30, 2017, 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 8 of the Operating Partnerships and 3 remain.

Prior to the quarter ended June 30, 2017, 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 8 of the Operating Partnerships and 3 remain.

Prior to the quarter ended June 30, 2017, 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 5 of the Operating Partnerships and 2 remain.

During the quarter ended June 30, 2017, 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, 2017. 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. Series 38 has since sold its interest in 6 of the Operating Partnerships and 4 remain. 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, 2017, 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. Series 39 has since sold its interest in 8 of the Operating Partnerships and 1 remains. 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, 2017, 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. Series 40 has since sold its interest in 6 of the Operating Partnerships and 10 remain. 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, 2017, 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, 2017. 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. Series 41 has since sold its interest in 6 of the Operating Partnerships and 17 remain. 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.

During the quarter ended June 30, 2017, 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, 2017. 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 8 of the Operating Partnerships and 15 remain.

During the quarter ended June 30, 2017, 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, 2017. 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. Series 43 has since sold its interest in 4 of the Operating Partnerships and 19 remain. 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, 2017, 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, 2017. 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. Series 44 has since sold its interest in 3 of the Operating Partnerships and 7 remain. 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.

Prior to the quarter ended June 30, 2017, 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. Series 45 has since sold its interest in 4 of the Operating Partnerships and 27 remain. 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.

During the quarter ended June 30, 2017, 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, 2017. 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. Series 46 has since sold its interest in 1 of the Operating Partnerships and 14 remain. 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, 2017, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of June 30, 2017 and 2016, the Fund held limited partnership interests in 205 and 246 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, 2017, 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	$ 5,535	$ 1,817	$ 3,718
Series 21	2,719	463	2,256
Series 22	7,303	500	6,803
Series 23	5,556	1,750	3,806
Series 24	12,588	1,167	11,421
Series 25	5,934	-	5,934
Series 26	22,545	1,000	21,545
Series 27	14,968	-	14,968
Series 28	8,844	2,000	6,844
Series 29	20,546	-	20,546
Series 30	16,654	48,554	(31,900)
Series 31	21,699	1,500	20,199
Series 32	26,370	6,500	19,870
Series 33	16,398	6,500	9,898
Series 34	12,366	-	12,366
Series 35	17,481	-	17,481
Series 36	7,626	1,910	5,716
Series 37	12,501	8,018	4,483
Series 38	18,234	-	18,234
Series 39	1,709	-	1,709
Series 40	29,766	-	29,766
Series 41	53,439	449	52,990
Series 42	42,870	1,035	41,835
Series 43	57,693	12,743	44,950
Series 44	57,826	1,000	56,826
Series 45	70,359	4,548	65,811
Series 46	52,299	-	52,299
	$621,828	$101,454	$520,374

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, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 20 reflects a net loss from Operating Partnerships of $(24,591) and $(4,086), respectively, which includes depreciation and amortization of $36,093 and $51,151, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2016, the operating general partner of Franklinton Elderly Housing entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $1,655,869, which included the outstanding mortgage balance of approximately $1,514,869 and cash proceeds to the investment partnership of $141,000. Of the total proceeds received by the investment partnership, $3,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $138,000 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 sale of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $138,000 as of September 30, 2016.

Series 21

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 21 reflects a net loss from Operating Partnerships of $(4,687) and $(283), respectively, which includes depreciation and amortization of $20,720 and $20,760, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 22

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 22 reflects a net loss from Operating Partnerships of $(42,818) and $(19,756), respectively, which includes depreciation and amortization of $27,089 and $26,718, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 23

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 23 reflects a net loss from Operating Partnerships of $(5,351) and $(28,528), respectively, which includes depreciation and amortization of $22,449 and $78,456, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2016, the investment general partner of Boston Capital Tax Credit Fund III - Series 16 and Series 23 transferred their respective interests in Mid City Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,890,361 and cash proceeds to the investment partnerships of $124,955 and $4,545, for Series 16 and Series 23, respectively. Of the total proceeds received, $27,340 and $995, for Series 16 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $97,615 and $3,550, for Series 16 and Series 23, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $97,615 and $3,550, for Series 16 and Series 23, respectively, as of June 30, 2016.

In March 2017, the investment general partner transferred its interest in Colonna Redevelopment Company to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $375,000 and cash proceeds to the investment partnership of $500,000. Of the total proceeds received, $15,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $485,000 were returned to cash reserves held by Series 23. 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 $485,000 as of March 31, 2017.

In January 2017, the operating general partner of Sacramento SRO Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 21, 2017. The sales price of the property was $3,800,000, which included the outstanding mortgage balance of approximately $2,701,113 and cash proceeds to the investment partnership of $964,665. 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 from the sale of $959,665 were returned to cash reserves held by Series 23. 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 $959,665 as of June 30, 2017.

Series 24

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 24 reflects a net loss from Operating Partnerships of $(38,262) and $(39,349), respectively, which includes depreciation and amortization of $70,348 and $67,545, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 25

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 25 reflects a net loss from Operating Partnerships of $(9,490) and $(18,144), respectively, which includes depreciation and amortization of $44,177 and $35,886, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 26

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 13 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 26 reflects a net loss from Operating Partnerships of $(124,552) and $(195,650), respectively, which includes depreciation and amortization of $143,109 and $144,008, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In July 2016, the investment general partner transferred its interest in Holly Hills Properties, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,392 and cash proceeds to the investment partnership of $22,500. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $18,500 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 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 $18,500 as of September 30, 2016.

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.

Brookhaven Apartments Partnership, A LP

Beauregard Apartments Partnership, A L.D.H.A.

Series 27

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 27 reflects a net loss from Operating Partnerships of $(32,913) and $(57,949), respectively, which includes depreciation and amortization of $60,321 and $163,727, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In February 2016, the operating general partner of Centrum - Fairfax II LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on June 20, 2016. The sales price of the property was $9,550,000, which included the outstanding mortgage balance of approximately $4,907,553 and cash proceeds to the investment partnership of $3,000,000. Of the total proceeds received by the investment partnership, $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 $2,995,000 will be 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 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 $2,995,000 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Sunday Sun Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,703 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,000 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 $21,000 as of September 30, 2016.

In October 2016, the investment general partner transferred 50% of its interest in Canisteo Manor, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $438,188 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 27. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in November 2017 for the assumption of approximately $438,188 of the remaining outstanding mortgage balance and nominal consideration.

In December 2016, the operating general partner of Wayne Housing Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 27, 2017. The sales price of the property was $12,800,000, which included the outstanding mortgage balance of approximately $5,844,046 and cash proceeds to the investment partnership of $3,291,567 which 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 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 $3,291,567 as of June 30, 2017.

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, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 28 reflects a net loss from Operating Partnerships of $(36,272) and $(31,432), respectively, which includes depreciation and amortization of $56,444 and $57,693, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2016, the investment general partner transferred its interest in Senior Suites Chicago Austin Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,875,732 and cash proceeds to the investment partnership of $10,000. 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 $5,000 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 $5,000 as of June 30, 2016.

Jackson Place Apartments, L.P.

Maplewood Apartments Partnership, A LA Partnership

Series 29

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 29 reflects a net loss from Operating Partnerships of $(131,881) and $(81,141), respectively, which includes depreciation and amortization of $123,879 and $122,083, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Edgewood Apartments Partnership, A Louisiana Partnership

Westfield Apartments Partnership, A Louisiana Partnership

Harbor Pointe/MHT LDHA

The Lincoln Hotel

Poplarville Housing Inc.

Series 30

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 30 reflects a net loss from Operating Partnerships of $(34,394) and $(57,138), respectively, which includes depreciation and amortization of $72,625 and $101,332, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In February 2017, the operating general partner of Linden Partners II, LLC entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 28, 2017. The sales price of the property was $1,125,000, which included the outstanding mortgage balance of approximately $681,507 and cash proceeds to the investment partnership of $192,168. Of the total proceeds received by the investment partnership, $40,738 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $3,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $148,430 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 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 $148,430 as of June 30, 2017.

In June 2017, the investment general partner transferred its interest in C.V.V.A. Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,432,770 and cash proceeds to the investment partnership of $78,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,500 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. The transfer proceeds were not received as of June 30, 2017, so a receivable in the amount of $75,500 was recorded. 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 $75,500 as of June 30, 2017. In addition, equity outstanding for the Operating Partnership in the amount of $39,963 for Series 30 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2017.

Pyramid One, LP

Bellwood Four Limited Partnership

JMC Limited Liability Company

Series 31

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 31 reflects a net loss from Operating Partnerships of $(125,132) and $(57,773), respectively, which includes depreciation and amortization of $143,308 and $297,978, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2016, the investment general partner transferred its interest in Eagles Ridge Terrace Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,391,732 and cash proceeds to the investment partnership of $72,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $69,500 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, net of the overhead and expense reimbursement, has been recorded in the amount of $69,500 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Henderson Terrace Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $399,366 and cash proceeds to the investment partnership of $19,200. 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 $16,700 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, net of the overhead and expense reimbursement, has been recorded in the amount of $16,700 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Lakeview Little Elm Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $340,752 and cash proceeds to the investment partnership of $19,200. 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 $16,700 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, net of the overhead and expense reimbursement, has been recorded in the amount of $16,700 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Mesquite Trails Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $523,176 and cash proceeds to the investment partnership of $28,800. 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 $26,300 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, net of the overhead and expense reimbursement, has been recorded in the amount of $26,300 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Pilot Point Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $587,525 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,500 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, net of the overhead and expense reimbursement, has been recorded in the amount of $29,500 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Seagraves Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $354,789 and cash proceeds to the investment partnership of $12,800. 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 $10,300 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, net of the overhead and expense reimbursement, has been recorded in the amount of $10,300 as of December 31, 2016.

In November 2016, the investment general partner transferred its interest in Silver Creek Apartments/MHT, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,332,447 and cash proceeds to the investment partnership of $627,947. 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 $622,947 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. The transfer proceeds were received in the first quarter of 2017; so a receivable in the amount of $622,947 was recorded as of December 31, 2016. 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 $622,947 as of December 31, 2016. In March 2017, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $85,464, which were returned to the cash reserves held by the Series.

Canton Housing One, L.P.

Canton Housing Two, L.P.

Canton Housing Three, L.P.

Canton Housing Four, L.P.

Series 32

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at June 30, 2017, all of which were at 100% Qualified Occupancy

For the three month periods ended June 30, 2017 and 2016, Series 32 reflects a net loss from Operating Partnerships of $(111,383) and $(253,083), respectively, which includes depreciation and amortization of $167,867 and $269,883, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2016, the investment general partner transferred its interest in Indiana Development Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,129,504 and cash proceeds to the investment partnership of $47,500. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,000 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, net of the overhead and expense reimbursement, has been recorded in the amount of $45,000 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Granada Rose, Limited Partnership, a Texas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $124,650 and cash proceeds to the investment partnership of $6,400. 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 $3,900 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, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of December 31, 2016.

In November 2016, the operating general partner of Cogic Village LDHA Limited Partnership entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on February 8, 2017. The sales price of the property was $3,275,000, which included the outstanding mortgage balance of approximately $1,991,521, and cash proceeds to the investment partnership of $522,652. Of the total proceeds received by the investment partnership, $2,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $520,652 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 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 $520,652 as of March 31, 2017. In June 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $14,506 which was returned to the cash reserves.

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

Pecan Manor Apartments

Series 33

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 33 reflects a net loss from Operating Partnerships of $(53,783) and $(58,415), respectively, which includes depreciation and amortization of $89,646 and $100,376, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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

Stearns Assisted Housing Associates, LP

Harbor Pointe/MHT LDHA

Series 34

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 34 reflects a net loss from Operating Partnerships of $(31,901) and $(58,750), respectively, which includes depreciation and amortization of $68,907 and $107,674, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In May 2016, the investment general partner transferred its interest in Northwood Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $500,053 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $27,500 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 $27,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Kerrville Meadows Apartments, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,144,914 and cash proceeds to the investment partnership of $225,000. Of the total proceeds received, $10,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $215,000 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 $215,000 as of September 30, 2016.

In December 2016, the investment general partner transferred their respective interests in Washington Courtyards Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,958,317 and cash proceeds to the investment partnerships of $394,536 and $165,090 for Series 34 and Series 35, respectively. Of the total proceeds received, $2,115 and $885 for Series 34 and Series 35, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $4,230 and $1,770 for Series 34 and Series 35, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $388,191 and $162,435 for Series 34 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 $388,191 and $162,435 for Series 34 and Series 35, respectively, as of December 31, 2016.

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

RHP 96-I, L.P.

Belmont Affordable Housing II, LP

Series 35

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 35 reflects a net loss from Operating Partnerships of $(6,600) and $(67,240), respectively, which includes depreciation and amortization of $92,481 and $206,136, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2016, the operating general partner of Wedgewood Park Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $13,900,000, which included the outstanding mortgage balance of approximately $4,364,386 and cash proceeds to the investment partnerships of $2,333,553 and $2,333,553 for Series 35 and Series 36, respectively. Of the total proceeds received by the investment partnerships, $37,500 and $37,500 for Series 35 and Series 36, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale. Of the remaining proceeds, $1,250 and $1,250 for Series 35 and Series 36, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,294,803 and $2,294,803 for Series 35 and Series 36, 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 $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, as of June 30, 2016. In September 2016, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $85,949 and $85,949 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series. In January 2017, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $12,121 and $12,121 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series.

In November 2016, the operating general partner of Columbia Woods, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on February 6, 2017. The sales price of the property was $7,450,000, which included the outstanding mortgage balance of approximately $3,865,108 and cash proceeds to the investment partnerships of $168,307 and $422,243 for Series 35 and Series 37, respectively. Of the total proceeds received by the investment partnerships, $2,850 and $7,150 for Series 35 and Series 37, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $165,457 and $415,093 for Series 35 and Series 37, 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 $165,457 and $415,093 for Series 35 and Series 37, respectively, as of March 31, 2017.

Series 36

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 36 reflects a net loss from Operating Partnerships of $(32,967) and $(31,835), respectively, which includes depreciation and amortization of $42,278 and $48,891, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In May 2016, the investment general partner transferred its interest in Paris Place Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,065,498 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 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. 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 June 30, 2016.

In May 2016, the investment general partner transferred its interest in Valleyview Estates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $259,710 and cash proceeds to the investment partnership of $50,000. 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 $45,000 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. 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 $45,000 as of June 30, 2016.

In June 2016, the investment general partner of Series 36 and Series 37 transferred their respective interests in Senior Suites Chicago Washington Heights Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,321,470 and cash proceeds to the investment partnerships of $5,000 and $5,000 for Series 36 and Series 37, respectively. Of the total proceeds received, $2,500 and $2,500 for Series 36 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,500 and $2,500 for Series 36 and Series 37, 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 $2,500 and $2,500 for Series 36 and Series 37, respectively, as of June 30, 2016.

Wingfield Apartments Limited Partnership

Ashton Ridge L.D.H.A., L.P.

Series 37

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 37 reflects a net loss from Operating Partnerships of $(35,938) and $(100,326), respectively, which includes depreciation and amortization of $69,701 and $245,958, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2016, the investment general partner transferred their respective interests in Baldwin Villas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,226,317 and no cash proceeds to the investment partnerships and no cash proceeds returned to the cash reserves held by Series 37, Series 40 and Series 45, 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 has been recorded as of December 31, 2016.

In September 2016, the investment general partner transferred its interest in FAH Silver Pond Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,695,732 and cash proceeds to the investment partnership of $1,932,139. The proceeds of approximately $1,932,139 were returned to cash reserves held by Series 37. 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 $1,932,139 as of September 30, 2016.

Stearns Assisted Housing Associates, LP

Ashton Ridge L.D.H.A., L.P.

Series 38

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at June 30, 2017, all of which were at 100% qualified occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 38 reflects a net loss from Operating Partnerships of $(26,061) and $(16,340), respectively, which includes depreciation and amortization of $93,157 and $213,938, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2016, the operating general partner of Columbia Creek, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 3, 2017. The sales price of the property was $12,700,000, which included the outstanding mortgage balance of approximately $4,897,221 and cash proceeds to the investment partnerships of $1,112,310 and $1,157,711 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $4,900 and $5,100 for Series 38 and Series 39, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, were returned to cash reserves held by Series 38 and Series 39, 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 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 $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, as of March 31, 2017.

In June 2016, the operating general partner of Andover Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated third party buyer and the transaction closed on November 15, 2016. The sales price of the property was $4,402,000, which included the outstanding mortgage balance of approximately $2,136,141 and cash proceeds to the investment partnership of $1,790,410. Of the total proceeds received by the investment partnership, $2,500 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,787,910 was returned to cash reserves held by Series 38. 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 $1,787,910 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Edna Vanderbilt, LP, A Texas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $216,530 and cash proceeds to the investment partnership of $9,600. 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 $7,100 were returned to cash reserves held by Series 38. 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 $7,100 as of December 31, 2016.

In October 2016, the operating general partner of Arbors at Eagle Crest LDHA LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 26, 2017. The sales price of the property was $3,700,000, which included the outstanding mortgage balance of approximately $2,078,128 and cash proceeds to the investment partnerships of $377,821 and $377,821 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $6,543 and $6,543 for Series 38 and Series 39, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $371,278 and $371,278 for Series 38 and Series 39, 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 $371,278 and $371,278 for Series 38 and Series 39, respectively, as of March 31, 2017.

Series 39

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 1 property at June 30, 2017, which was at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 39 reflects net loss from Operating Partnerships of $(3,349) and $(57,273), respectively, which includes depreciation and amortization of $7,273 and $101,015, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In May 2016, the investment general partner transferred its interest in Hillview, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $771,823 and cash proceeds to the investment partnership of $25,500. 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 $22,500 were returned to cash reserves held by Series 39. 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 $22,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Daystar Village, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $634,353 and cash proceeds to the investment partnership of $75,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $70,500 were returned to cash reserves held by Series 39. 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 $70,500 as of September 30, 2016.

In August 2016, the investment general partner transferred its interest in Tally Ho Apartments Partnership, A Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $479,836 and cash proceeds to the investment partnership of $22,100. 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 $17,100 were returned to cash reserves held by Series 39. 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 $17,100 as of September 30, 2016.

In July 2016, the investment general partner transferred its interest in Austin Acres, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $793,420 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $4,000 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 39. 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 $12,000 as of September 30, 2016.

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

Timber Trails I Partnership, A L.P.

Series 40

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at June 30, 2017, all of which at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 40 reflects a net loss from Operating Partnerships of $(166,053) and $(141,691), respectively, which includes depreciation and amortization of $177,693 and $233,335, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In May 2016, the investment general partner transferred its interest in Londontown Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $385,627 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,500 were returned to cash reserves held by Series 40. 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 $20,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Southbrook Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $333,131 and cash proceeds to the investment partnership of $32,500. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,500 were returned to cash reserves held by Series 40. 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 $28,500 as of September 30, 2016.

In January 2017, the investment general partner transferred its interest in Azle Fountainhead, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $924,937 and cash proceeds to the investment partnership of $47,200. 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 $44,700 were returned to cash reserves held by Series 40. 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 $44,700 as of March 31, 2017.

Center Place Apartments II Limited Partnership

Oakland Partnership

Western Gardens Partnership

Series 41

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 41 reflects a net loss from Operating Partnerships of $(157,939) and $(112,923), respectively, which includes depreciation and amortization of $319,024 and $339,429, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. 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 monitor and improve operations. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period will expire on December 31, 2017.

In March 2017, the investment general partner transferred its interest in Sunshine Village Apartments, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $680,145 and cash proceeds to the investment partnership of $75,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $70,500 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. 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 $70,500 as of March 31, 2017.

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

Bienville Partnership, A L.P.

San Diego/Fox Hollow, LP

Red Hill Apartments I Partnership, A L.P.

Series 42

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 42 reflects a net loss from Operating Partnerships of $(208,637) and $(149,959), respectively, which includes depreciation and amortization of $280,472 and $273,144, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

New Chester Townhouses II, A Limited Partnership (Chester Townhouses) is a 52-unit family property in Chester, SC. As of the second quarter of 2017 operations are above breakeven due to higher revenue and lower operating expenses. The investment general partner will continue to work with the operating general partner and management company to 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 New Chester Townhouses II, A Limited Partnership expires on December 31, 2021.

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

San Diego/Fox Hollow LP.

Wingfield Apartments Partnership II, LP

Natchez Place Apartments II L.P.

Series 43

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 43 reflects a net loss from Operating Partnerships of $(272,370) and $(229,059), respectively, which includes depreciation and amortization of $431,594 and $439,711, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

San Diego/ Fox Hollow LP.

Series 44

As of June 30, 2017 and 2016, the average Qualified Occupancy was 100%. The series had a total of 7 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 44 reflects a net loss from Operating Partnerships of $(59,733) and $(27,098), respectively, which includes depreciation and amortization of $341,954 and $375,606, 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.

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 has been the third party property management company and the investment general partner who have directed property operations since January 2014. Beginning in the fourth quarter of 2013 and continuing through October 23, 2015, the investment limited partner had advanced $201,849 from fund reserves to Families First II to finance operating deficits. No further advances were made by the investment limited partner through the remainder of the fourth quarter of 2015 or during the first half of 2016. Starting in November 2015, mortgage payments were not made by the Operating Partnership. As a result, the lender issued a default notice on December 8, 2015, and accelerated payment of the mortgage note. On February 10, 2016 the court appointed a receiver to manage the property. The foreclosure on the property occurred on July 21, 2016. The tax credit recapture costs and interest penalties as a result of the foreclosure sale is estimated at $780,762. This is equivalent to recapture costs and interest penalties of $289 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 or loss on the foreclosure of the Operating Partnership has been reported. Note that the 15-year low income housing tax credit compliance period for Families First II would have expired on December 31, 2018.

Series 45

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 27 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 45 reflects a net loss from Operating Partnerships of $(198,435) and $(232,411), respectively, which includes depreciation and amortization of $492,220 and $501,193 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 $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.

Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. Due to a workout agreement with the Lender, VHDA, the property was operating above breakeven. However, the workout agreement ended May 1, 2016. Operations have been below breakeven throughout 2016, but the property has been generating cash flow of $12,030. A large part of this turnaround is due to the decrease in legal expenses, since the Operating Partnership was successful in being awarded "no findings" from the Fair Housing hearing in December 2016. Despite this reduction in legal expenses and the decrease in maintenance expenses, bad debt expenses, tenant receivables, high payables, and rising gas and water & sewer expenses are consistent issues for the property that need to be monitored. As of June 30, 2017, the property is 95% occupied. 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. The operating general partner's has an unlimited operating deficit guarantee. The low income housing tax credit compliance period expires on December 31, 2019.

Bartlett Bayou, L.P. (Bartlett Bayou Apartments) is a 48-unit family property in Pascagoula, MS. A drop in occupancy at the beginning of 2017 due to job loss and relocation caused below breakeven operations to continue through the first and second quarters. However, occupancy improved to 98% in June 2017 and is averaging 93% for the year. The investment general partner will continue to work with the operating general partner and the management company to improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period for Bartlett Bayou, L.P. expires on December 31, 2021.

Borger Fountainhead L.P. (La Mirage Apartments) is a 48-unit family property in Borger, Texas. The property operated below breakeven in 2016 due to high maintenance and administrative expenses and low occupancy. Occupancy has improved to 93% in 2017 and maintenance and administrative expenses have both decreased. 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 housing tax credit compliance period will expire on December 31, 2018.

Series 46

As of June 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 46 reflects a net loss from Operating Partnerships of $(94,069) and $(127,620), respectively, which includes depreciation and amortization of $285,890 and $342,402, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Panola Housing Ltd. (Panola Apartments) is a 32-unit family property in Carthage, TX. The property operated below breakeven in 2016 and through the second quarter of 2017. High operating expenses continue to be an issue at the property. The investment general partner continues to work with the operating general partner and the management company to ensure stabilized property operations. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018.

Linden-Shawnee Partners, Limited Partnership (Linden's Apartments) is a 54-unit family property in Shawnee, OK. Operations were below breakeven in 2016, largely due to management's inability to increase rents and retain current tenants, while incurring additional operating expenses. The investment general partner will continue to work with the operating general partner and management company to improve occupancy and overall operations. The operating general partner's operating deficit guarantee expires on December 31, 2020. The 15-year low income housing tax credit compliance period expires on December 31, 2020.

On November 22, 2016, the operating general partner of Agent Kensington Limited Partnership sold the property to an unrelated third party buyer. The sales price of the property was $6,625,000, which included the outstanding mortgage balance of approximately $4,023,594 and cash proceeds to the investment partnership of $398,183. Of the total proceeds received by the investment partnership, $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 $393,183 were returned to cash reserves held by Series 46. 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 $393,183 as of December 31, 2016.

Saint Martin Apartments, L.P. (Saint Martin Apartments) is a 40-unit family property in McComb, MS. The property operated slightly above breakeven in 2016 but is operating below breakeven through the second quarter of 2017, mainly due to low occupancy. The investment limited partner will continue to work with the operating general partner on improving occupancy and will monitor operations. The 15-year low income housing tax credit compliance period for Saint Martin Apartments, L.P. expires on December 31, 2020.

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, 2017 and 2016. 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.

Item 3	Quantitative and Qualitative Disclosures About Market Risk

	Not Applicable

Item 4	Controls and Procedures

	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)	Changes in Internal Controls

		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended June 30, 2017 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, 2017.

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, 2017 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 11, 2017		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 11, 2017	/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 11, 2017	/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.

BF Garden Tax Credit Fund IV L.P. - FORM 10-Q - August 11, 2017

Attached files

BF Garden Tax Credit Fund IV L.P. Reports