BOSTON CAPITAL TAX CREDIT FUND IV LP - 10-Q Quarterly Report

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FORM 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(Mark One)

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

For the quarterly period ended June 30, 2003

( ) 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)

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceeding 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

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2003

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Financial Statements

		Balance Sheets	3-28
		Statements of Operations	29-54
		Statements of Changes in Partners' Capital	55-68
		Statements of Cash Flows	68-120
		Notes to Financial Statements	121-151

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		152-191

	Item 3. Quantitative and Qualitative Disclosure About Market Risk		192

	Item 4. Evaluation of Disclosure and Procedures		192

PART II - OTHER INFORMATION

	Item 6. Exhibits and Reports on Form 8-K		193


	Signatures		194

	Certification		195-196

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$429,471,999	$424,883,445

OTHER ASSETS

	Cash and cash equivalents	22,762,981	25,882,162
	Investments	12,006,030	6,018,380
	Notes receivable	15,572,985	14,733,948
	Acquisition costs	31,569,441	30,817,914
	Other assets	12,164,882	13,158,071
		$523,548,318	$515,493,920

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ 284,450	$ 1,090,107
	Accounts payable affiliates	16,783,936	15,528,445
	Capital contributions payable	37,287,489	34,899,189
	Line of credit	-	-
		54,355,875	51,517,741

PARTNERS' CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 73,953,742 issued and outstanding, as of June 30, 2003	471,013,360	465,720,104
General Partner		(1,867,523)	(1,790,531)
Unrealized gain (loss) on securities
	available for sale, net	46,606	46,606
		469,192,443	463,976,179
		$523,548,318	$515,493,920

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 20

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 11,621,146	$ 12,675,770

OTHER ASSETS
	Cash and cash equivalents	249,776	244,384
	Investments	-	-
	Notes receivable	-	-
	Acquisition costs	83,053	83,947
	Other assets	2,120,184	1,199,682
		$ 14,074,159	$ 14,203,783

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ 9,902
	Accounts payable affiliates	3,283,942	3,190,282
	Capital contributions payable	388,026	388,026
	Line of credit	-	-
		3,671,968	3,588,210

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 3,866,700 issued and outstanding, as of June 30, 2003	10,628,734	10,839,982
General Partner		(226,543)	(224,409)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		10,402,191	10,615,573
		$ 14,074,159	$ 14,203,783

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 21

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 2,212,550	$ 2,393,876

OTHER ASSETS
	Cash and cash equivalents	202,045	211,070
	Investments	-	-
	Notes receivable	457,639	457,639
	Acquisition costs	45,427	45,916
	Other assets	451,826	451,825
		$ 3,369,487	$ 3,560,326

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	683,490	627,029
	Capital contributions payable	457,642	457,642
	Line of credit	-	-
		1,141,132	1,084,671

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 1,892,700 issued and outstanding, as of June 30, 2003	2,368,024	2,612,851
General Partner		(139,669)	(137,196)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		2,228,355	2,475,655
		$ 3,369,487	$ 3,560,326

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 22

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 9,266,251	$ 9,514,695

OTHER ASSETS
	Cash and cash equivalents	351,209	354,902
	Investments	-	-
	Notes receivable	450,981	450,981
	Acquisition costs	142,750	144,285
	Other assets	167,344	167,919
		$10,378,535	$10,632,782

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	1,698,570	1,634,923
	Capital contributions payable	479,496	480,996
	Line of credit	-	-
		2,178,066	2,115,919

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,564,400 issued and outstanding, as of June 30, 2003	8,337,546	8,650,776
General Partner		(137,077)	(133,913)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		8,200,469	8,516,863
		$10,378,535	$10,632,782

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 23

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$16,089,454	$16,373,993

OTHER ASSETS
	Cash and cash equivalents	161,235	167,196
	Investments	-	-
	Notes receivable	-	-
	Acquisition costs	212,290	214,573
	Other assets	269,371	269,370
		$16,732,350	$17,025,132

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	1,134,277	1,074,211
	Capital contributions payable	117,797	117,796
	Line of credit	-	-
		1,252,074	1,192,007

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 3,336,727 issued and outstanding, June 30, 2003	15,610,319	15,959,640
General Partner		(130,043)	(126,515)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		15,480,276	15,833,125
		$16,732,350	$17,025,132

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 24

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 8,453,079	$ 9,168,660

0THER ASSETS
	Cash and cash equivalents	245,999	233,010
	Investments	-	-
	Notes receivable	155,478	155,478
	Acquisition costs	237,256	239,807
	Other assets	885,594	318,194
		$9,977,406	$10,115,149

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ 35,516	$ 39,878
	Accounts payable affiliates	1,210,098	1,154,667
	Capital contributions payable	368,239	368,239
	Line of credit	-	-
		1,613,853	1,562,784

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,169,878 issued and outstanding, as of June 30, 2003	8,465,216	8,652,140
0eneral Partner		(101,663)	(99,775)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		8,363,553	8,552,365
		$ 9,977,406	$10,115,149

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 25

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$15,018,928	$15,315,756

OTHER ASSETS
	Cash and cash equivalents	506,248	489,697
	Investments	-	-
	Notes receivable	-	-
	Acquisition costs	238,272	240,834
	Other assets	746,785	747,614
		$16,510,233	$16,793,901

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ 25,134	$ 30,878
	Accounts payable affiliates	931,550	863,380
	Capital contributions payable	943,704	943,704
	Line of credit	-	-
		1,900,388	1,837,962

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 3,026,109 issued and outstanding, as of June 30, 2003	14,721,191	15,063,824
General Partner		(111,346)	(107,885)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		14,609,845	14,955,939
		$16,510,233	$16,793,901

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 26

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$23,273,710	$23,716,013

OTHER ASSETS
	Cash and cash equivalents	424,532	516,145
	Investments	-	-
	Notes receivable	135,822	135,822
	Acquisition costs	418,370	422,596
	Other assets	1,594,656	1,594,656
		$25,847,090	$26,385,232

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ 9,738	$ 100,683
	Accounts payable affiliates	1,763,564	1,654,168
	Capital contributions payable	1,475,380	1,475,380
	Line of credit	-	-
		3,248,682	3,230,231

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 3,995,900 issued and outstanding, as of June 30, 2003	22,712,677	23,263,704
General Partner		(114,269)	(108,703)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		22,598,408	23,155,001
		$25,847,090	$26,385,232

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 27

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$14,450,300	$14,645,587

OTHER ASSETS
	Cash and cash equivalents	343,282	339,714
	Investments	-	-
	Notes receivable	-	-
	Acquisition costs	347,511	351,248
	Other assets	172,425	172,425
		$15,313,518	$15,508,974

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	1,318,910	1,240,107
	Capital contributions payable	39,749	39,749
	Line of credit	-	-
		1,358,659	1,279,856

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,460,700 issued and outstanding, as of June 30, 2003	14,021,758	14,293,274
General Partner		(66,899)	(64,156)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		13,954,859	14,229,118
		$15,313,518	$15,508,974

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 28

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$24,854,215	$25,184,476

OTHER ASSETS
	Cash and cash equivalents	253,122	304,688
	Investments	469,240	150,337
	Notes receivable	638,346	638,346
	Acquisition costs	76,737	77,562
	Other assets	6,484	353,370
		$26,298,144	$26,708,779

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	-	-
	Capital contributions payable	116,702	148,783
	Line of credit	-	-
		116,702	148,783

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 4,000,738 issued and outstanding, as of June 30, 2003	26,263,108	26,637,876
General Partner		(81,937)	(78,151)
Unrealized gain (loss) on securities
	available for sale, net	271	271
		26,181,442	26,559,996
		$26,298,144	$26,708,779

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 29

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$22,086,969	$22,450,900

OTHER ASSETS
	Cash and cash equivalents	287,411	468,746
	Investments	187,212	49,929
	Notes receivable	20,935	20,935
	Acquisition costs	76,938	77,761
	Other assets	2,128	150,723
		$22,661,593	$23,218,994

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	507,296	422,795
	Capital contributions payable	102,762	304,770
	Line of credit	-	-
		610,058	727,565

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 3,991,800 issued and outstanding, as of June 30, 2003	22,169,762	22,605,257
General Partner		(118,130)	(113,731)
Unrealized gain (loss) on securities
	available for sale, net	(97)	(97)
		22,051,535	22,491,429
		$22,661,593	$23,218,994

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 30

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$16,310,970	$16,661,934

OTHER ASSETS
	Cash and cash equivalents	86,009	121,470
	Investments	-	-
	Notes receivable	301,842	301,842
	Acquisition costs	493,753	499,058
	Other assets	1,771	1,773
		$17,194,345	$17,586,077

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	18,717	309
	Capital contributions payable	128,167	134,311
	Line of credit	-	-
		146,884	134,620

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,651,000 issued and outstanding, as of June 30, 2003	17,104,043	17,503,999
General Partner		(56,582)	(52,542)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		17,047,461	17,451,457
		$17,194,345	$17,586,077

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 31

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$25,115,001	$25,656,110

OTHER ASSETS
	Cash and cash equivalents	117,435	294,050
	Investments	-	-
	Notes receivable	655,675	655,675
	Acquisition costs	-	-
	Other assets	548,380	483,572
		$26,436,491	$27,089,407

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	-	-
	Capital contributions payable	695,771	705,771
	Line of credit	-	-
		695,771	705,771

PARTNERS CAPITAL
Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 4,417,857 issued and outstanding, as of June 30, 2003	25,862,572	26,499,059
General Partner		(121,852)	(115,423)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		25,740,720	26,383,636
		$26,436,491	$27,089,407

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 32

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$30,729,684	$31,094,955

OTHER ASSETS
	Cash and cash equivalents	312,998	303,823
	Investments	-	-
	Notes receivable	573,581	573,581
	Acquisition costs	706,863	714,463
	Other assets	448,301	448,301
		$32,771,427	$33,135,123

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	429,188	345,962
	Capital contributions payable	929,074	936,164
	Line of credit	-	-
		1,358,262	1,282,126

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 4,754,198 issued and outstanding, as of June 30, 2003	31,505,394	31,940,828
General Partner		(92,229)	(87,831)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		31,413,165	31,852,997
		$32,771,427	$33,135,123

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 33

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$17,586,542	$17,734,775

OTHER ASSETS
	Cash and cash equivalents	194,881	179,335
	Investments	-	-
	Notes receivable	91,051	111,787
	Acquisition costs	634,248	641,071
	Other assets	133,131	133,131
		$18,639,853	$18,800,099

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	336,893	293,402
	Capital contributions payable	202,285	202,285
	Line of credit	-	-
		539,178	495,687

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,636,533 issued and outstanding, as of June 30, 2003	18,145,448	18,347,148
General Partner		(44,773)	(42,736)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		18,100,675	18,304,412
		$18,639,853	$18,800,099

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 34

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$21,712,675	$22,240,109

OTHER ASSETS
	Cash and cash equivalents	278,384	286,228
	Investments	-	-
	Notes receivable	3,547	3,547
	Acquisition costs	1,007,990	1,018,828
	Other assets	-	-
		$23,002,596	$23,548,712

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	670,295	596,996
	Capital contributions payable	85,968	95,968
	Line of credit	-	-
		756,263	692,964

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 3,529,319 issued and outstanding, as of June 30, 2003	22,324,260	22,927,581
General Partner		(77,927)	(71,833)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		22,246,333	22,855,748
		$23,002,596	$23,548,712

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 35

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$19,616,701	$19,767,681

OTHER ASSETS
	Cash and cash equivalents	582,856	581,040
	Investments	-	-
	Notes receivable	322,784	322,784
	Acquisition costs	2,856,533	2,887,248
	Other assets	203,172	203,170
		$23,582,046	$23,761,923

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	129,212	72,122
	Capital contributions payable	603,740	603,740
	Line of credit	-	-
		732,952	675,862

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 3,300,463 issued and outstanding, as of June 30, 2003	22,902,628	23,137,225
General Partner		(53,534)	(51,164)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		22,849,094	23,086,061
		$23,582,046	$23,761,923

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 36

		June 30, 2003 (Unaudited)		March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)			$12,356,650		$12,486,013

OTHER ASSETS
	Cash and cash equivalents		78,538		96,390
	Investments		-		-
	Notes receivable		322,784		322,784
	Acquisition costs		1,961,377		1,982,467
	Other assets		338,833		338,833
			$15,058,182		$15,226,487

LIABILITIES

	Accounts payable & accrued expenses (Note C)		$ -		$ -
	Accounts payable affiliates		498,516		457,898
	Capital contributions payable		657,998		680,429
	Line of credit		-		-
			1,156,514		1,138,327

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,106,837 issued and outstanding, as of June 30, 2003		13,941,315		14,125,942
General Partner			(39,647)		(37,782)
Unrealized gain (loss) on securities
	available for sale, net		-		-
			13,901,668		14,088,160
			$15,058,182		$15,226,487

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 37

		June 30, 2003 (Unaudited)		March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)			$16,027,265		$16,153,757

OTHER ASSETS
	Cash and cash equivalents		243,406		305,836
	Investments		-		-
	Notes receivable		1,767,322		1,810,486
	Acquisition costs		2,182,355		2,204,852
	Other assets		219,635		219,635
			$20,439,983		$20,694,566

LIABILITIES

	Accounts payable & accrued expenses (Note C)		$ -		$ -
	Accounts payable affiliates		302,871		258,632
	Capital contributions payable		1,842,907		1,944,309
	Line of credit		-		-
			2,145,778		2,202,941

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,512,500 issued and outstanding, as of June 30, 2003		18,326,826		18,522,272
General Partner			(32,621)		(30,647)
Unrealized gain (loss) on securities
	available for sale, net		-		-
			18,294,205		18,491,625
			$20,439,983		$20,694,566

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 38

		June 30, 2003 (Unaudited)		March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)			$16,531,628		$16,658,700

OTHER ASSETS
	Cash and cash equivalents		152,828		155,345
	Investments		-		-
	Notes receivable		-		-
	Acquisition costs		2,469,453		2,493,427
	Other assets		85,396		85,396
			$19,239,305		$19,392,868

LIABILITIES

	Accounts payable & accrued expenses (Note C)		$ -		$ -
	Accounts payable affiliates		274,530		233,429
	Capital contributions payable		117,735		135,173
	Line of credit		-		-
			392,265		368,602

PARTNERS CAPITAL
Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,543,100 issues and outstanding, June 30, 2003		18,876,854		19,052,308
General Partner			(29,814)		(28,042)
Unrealized gain (loss) on securities
	available for sale, net		-		-
			18,847,040		19,024,266
			$19,239,305		$19,392,868

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 39

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$14,516,894	$14,730,373

OTHER ASSETS
	Cash and cash equivalents	39,980	49,200
	Investments	-	-
	Notes receivable	-	-
	Acquisition costs	2,282,341	2,304,288
	Other assets	299,374	299,374
		$17,138,589	$17,383,235

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ -	$ -
	Accounts payable affiliates	221,845	187,645
	Capital contributions payable	153,767	161,805
	Line of credit	-	-
		375,612	349,450

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,292,152 issued and outstanding, as of June 30, 2003	16,791,789	17,059,889
General Partner		(28,812)	(26,104)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		16,762,977	17,033,785
		$17,138,589	$17,383,235

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 40

		June 30, 2003 (Unaudited)	March 31, 2003 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$18,030,604	$18,256,397

OTHER ASSETS
	Cash and cash equivalents	87,556	97,331
	Investments	-	-
	Notes receivable	312,318	312,318
	Acquisition costs	2,768,951	2,789,041
	Other assets	325,658	312,625
		$21,525,087	$21,767,712

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ 37,533	$ 37,533
	Accounts payable affiliates	463,481	414,409
	Capital contributions payable	623,552	651,411
	Line of credit	-	-
		1,124,566	1,103,353

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,630,256 issued and outstanding, as of June 30, 2003	20,421,458	20,682,658
General Partner		(20,937)	(18,299)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		20,400,521	20,664,359
		$21,525,087	$21,767,712

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 41

		June 30, 2003 (Unaudited)	March 31, 2003 (Unaudited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$19,793,000	$19,421,142

OTHER ASSETS
	Cash and cash equivalents	639,129	930,843
	Investments	483,293	496,399
	Notes receivable	372,883	372,883
	Acquisition costs	3,018,383	3,047,101
	Other assets	428,665	1,320,885
		$24,735,353	$25,589,253

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ 2,110	$ 2,800
	Accounts payable affiliates	447,384	378,757
	Capital contributions payable	1,860,017	2,284,064
	Line of credit	-	-
		2,309,511	2,665,621

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,891,626 issued and outstanding, as of June 30, 2003	22,452,176	22,944,988
General Partner		(26,301)	(21,323)
Unrealized gain (loss) on securities
	available for sale, net	(33)	(33)
		22,425,842	22,923,632
		$24,735,353	$25,589,253

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 42

		June 30, 2003 (Unaudited)	March 31, 2003 (Unaudited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$19,941,955	$19,580,498

OTHER ASSETS
	Cash and cash equivalents	411,252	1,528,577
	Investments	2,619,319	3,524,918
	Notes receivable	3,361,150	3,361,150
	Acquisition costs	3,046,363	3,044,611
	Other assets	706,115	1,039,347
		$30,086,154	$32,079,101

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ 1,068	$ 1,038
	Accounts payable affiliates	301,310	264,878
	Capital contributions payable	6,946,554	8,777,237
	Line of credit	-	-
		7,248,932	9,043,153

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 2,744,262 issued and outstanding, as of June 30, 2003	22,800,927	22,997,666
General Partner		(8,304)	(6,317)
Unrealized gain (loss) on securities
	available for sale, net	44,599	44,599
		22,837,222	23,035,948
		$30,086,154	$32,079,101

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 43*

		June 30, 2003 (Unaudited)	March 31, 2003 (Unaudited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$21,870,466	$ 18,349,599

OTHER ASSETS
	Cash and cash equivalents	5,651,393	11,183,205
	Investments	5,114,165	1,796,797
	Notes receivable	3,361,995	3,361,995
	Acquisition costs	3,743,931	3,706,564
	Other assets	1,081,356	2,762,634
		$40,823,306	$41,160,794

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ 111,966	$ 111,966
	Accounts payable affiliates	133,604	97,417
	Capital contributions payable	9,505,967	9,830,712
	Line of credit	-	-
		9,751,537	10,040,095

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 3,637,978 issued and outstanding, as of June 30, 2003	31,075,296	31,123,737
General Partner		(5,393)	(4,904)
Unrealized gain (loss) on securities
	available for sale, net	1,866	1,866
		31,071,769	31,120,699
		$40,823,306	$41,160,794

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 44

		June 30, 2003 (Unaudited)	March 31 2003 (Unaudited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$12,005,362	$ 4,651,676

OTHER ASSETS
	Cash and cash equivalents	10,861,477	6,439,937
	Investments	3,132,801	-
	Notes receivable	2,266,852	1,363,915
	Acquisition costs	2,518,296	1,586,366
	Other assets	928,298	83,617
		$31,713,086	$14,125,511

LIABILITIES

	Accounts payable & accrued expenses (Note C)	$ 61,385	$ 755,429
	Accounts payable affiliates	24,393	65,027
	Capital contributions payable	8,444,490	3,030,725
	Line of credit	-	-
		8,530,268	3,851,181

PARTNERS CAPITAL

Limited Partners
	Units of limited partnership interest, $10 stated value per BAC; 87,500,000 authorized BACs; 3,637,978 issued and outstanding, as of June 30, 2003	23,184,039	10,275,480
General Partner		(1,221)	(1,150)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		23,182,818	10,274,330
		$31,713,086	$14,125,511

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

		2003	2002

Income
	Interest income	$ 104,622	$ 240,736
	Other income	-	18,738
		104,622	259,474

Share of loss from Operating Partnerships (Note D)		(6,002,081)	(5,771,092)

Expenses
	Professional fees	161,725	132,158
	Fund management fee (Note C)	1,306,363	1,240,607
	Organization costs	-	20,000
	Amortization	242,361	177,400
	General and administrative expenses	91,399	142,616
		1,801,848	1,712,781

NET INCOME (LOSS)		$(7,699,307)	$(7,224,399)

Net income (loss) allocated to limited partners		$(7,622,315)	$(7,152,153)

Net income (loss) allocated to general partner		$ (76,992)	$ (72,246)

Net income (loss) per BAC		$ (2.48)	$ (2.26)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 20

		2003	2002

Income
	Interest income	$ 358	$ 465
	Other income	-	2,336
		358	2,801

Share of loss from Operating Partnerships(Note D)		(134,121)	(460,300)

Expenses
	Professional fees	8,133	6,126
	Fund management fee (Note C)	68,618	89,186
	Organization costs	-	-
	Amortization	893	893
	General and administrative expenses	1,975	4,060
		79,619	100,265

NET INCOME (LOSS)		$ (213,382)	$ (557,764)

Net income (loss) allocated to limited partners		$ (211,248)	$ (552,186)

Net income (loss) allocated to general partner		$ (2,134)	$ (5,578)

Net income (loss) per BAC		$ (.05)	$ (.14)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 21

		2003	2002

Income
	Interest income	$ 329	$ 31,895
	Other income	-	-
		329	31,895

Share of loss from Operating Partnerships(Note D)		(181,326)	(128,336)

Expenses
	Professional fees	7,529	5,310
	Fund management fee (Note C)	56,460	25,460
	Organization costs	-	-
	Amortization	488	488
	General and administrative expenses	1,826	2,962
		66,303	34,220

NET INCOME (LOSS)		$ (247,300)	$ (130,661)

Net income (loss) allocated to limited partners		$ (244,827)	$ (129,354)

Net income (loss) allocated to general partner		$ (2,473)	$ (1,307)

Net income (loss) per BAC		$ (.13)	$ (.07)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 22

		2003	2002

Income
	Interest income	$ 558	$ 3,326
	Other income	-	-
		558	3,326

Share of loss from Operating Partnerships(Note D)		(248,442)	(261,196)

Expenses
	Professional fees	5,013	7,037
	Fund management fee (Note C)	60,432	60,774
	Organization costs	0	-
	Amortization	1,535	1,535
	General and administrative expenses	1,530	4,064
		68,510	73,410

NET INCOME (LOSS)		$ (316,394)	$ (331,280)

Net income (loss) allocated to limited partners		$ (313,230)	$ (327,967)

Net income (loss) allocated to general partner		$ (3,164)	$ (3,313)

Net income (loss) per BAC		$ (.12)	$ (.13)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 23

		2003	2002

Income
	Interest income	$ 247	$ 401
	Other income	-	-
		247	401

Share of loss from Operating Partnerships(Note D)		(284,539)	(246,419)

Expenses
	Professional fees	7,685	5,881
	Fund management fee (Note C)	56,816	58,316
	Organization costs	-	-
	Amortization	2,283	2,283
	General and administrative expenses	1,773	4,175
		68,557	70,655

NET INCOME (LOSS)		$ (352,849)	$ (316,673)

Net income (loss) allocated to limited partners		$ (349,321)	$ (313,506)

Net income (loss) allocated to general partner		$ (3,528)	$ (3,167)

Net income (loss) per BAC		$ (.10)	$ (.09)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 24

		2003	2002

Income
	Interest income	$ 375	$ 3,995
	Other income	-	-
		375	3,995

Share of loss from Operating Partnerships(Note D)		(152,581)	(194,920)

Expenses
	Professional fees	5,306	6,481
	Fund management fee (Note C)	27,553	42,232
	Organization costs	-	-
	Amortization	2,551	2,551
	General and administrative expenses	1,196	3,704
		36,606	54,968

NET INCOME (LOSS)		$ (188,812)	$ (245,893)

Net income (loss) allocated to limited partners		$ (186,924)	$ (243,434)

Net income (loss) allocated to general partner		$ (1,888)	$ (2,459)

Net income (loss) per BAC		$ (.09)	$ (.11)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 25

		2003	2002

Income
	Interest income	$ 645	$ 5,051
	Other income	-	-
		645	5,051

Share of loss from Operating Partnerships(Note D)		(285,406)	(153,498)

Expenses
	Professional fees	6,166	6,311
	Fund management fee (Note C)	49,278	47,661
	Organization costs	-	-
	Amortization	3,805	3,805
	General and administrative expenses	2,084	4,505
		61,333	62,282

NET INCOME (LOSS)		$ (346,094)	$ (210,729)

Net income (loss) allocated to limited partners		$ (342,633)	$ (208,622)

Net income (loss) allocated to general partner		$ (3,461)	$ (2,107)

Net income (loss) per BAC		$ (.11)	$ (.07)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 26

		2003	2002

Income
	Interest income	$ 687	$ 783
	Other income	-	-
		687	783

Share of loss from Operating Partnerships(Note D)		(439,974)	(330,342)

Expenses
	Professional fees	12,768	8,726
	Fund management fee (Note C)	98,573	103,457
	Organization costs	-	-
	Amortization	4,226	4,226
	General and administrative expenses	1,739	4,508
		117,306	120,917

NET INCOME (LOSS)		$ (556,593)	$ (450,476)

Net income (loss) allocated to limited partners		$ (551,027)	$ (445,971)

Net income (loss) allocated to general partner		$ (5,566)	$ (4,505)

Net income (loss) per BAC		$ (.14)	$ (.11)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 27

		2003	2002

Income
	Interest income	$ 362	$ 4,423
	Other income	-	15,742
		362	20,165

Share of loss from Operating Partnerships(Note D)		(195,111)	(150,096)

Expenses
	Professional fees	4,356	5,926
	Fund management fee (Note C)	69,978	62,172
	Organization costs	-	-
	Amortization	3,914	3,914
	General and administrative expenses	1,262	3,834
		79,510	75,846

NET INCOME (LOSS)		$ (274,259)	$ (205,777)

Net income (loss) allocated to limited partners		$ (271,516)	$ (203,719)

Net income (loss) allocated to general partner		$ (2,743)	$ (2,058)

Net income (loss) per BAC		$ (.11)	$ (.08)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 28

		2003	2002

Income
	Interest income	$ 5,258	$ 7,969
	Other income	-	-
		5,258	7,969

Share of loss from Operating Partnerships(Note D)		(309,038)	(443,943)

Expenses
	Professional fees	10,218	7,097
	Fund management fee (Note C)	60,322	66,921
	Organization costs	-	-
	Amortization	825	825
	General and administrative expenses	3,409	5,384
		74,774	80,227

NET INCOME (LOSS)		$ (378,554)	$ (516,201)

Net income (loss) allocated to limited partners		$ (374,768)	$ (511,039)

Net income (loss) allocated to general partner		$ (3,786)	$ (5,162)

Net income (loss) per BAC		$ (.09)	$ (.13)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 29

		2003	2002

Income
	Interest income	$ 2,859	$ 4,997
	Other income	-	-
		2,859	4,997

Share of loss from Operating Partnerships(Note D)		(361,320)	(453,101)

Expenses
	Professional fees	6,941	6,259
	Fund management fee (Note C)	70,896	82,995
	Organization costs	-	-
	Amortization	827	827
	General and administrative expenses	2,769	5,062
		81,433	95,143

NET INCOME (LOSS)		$ (439,894)	$ (543,247)

Net income (loss) allocated to limited partners		$ (435,495)	$ (537,815)

Net income (loss) allocated to general partner		$ (4,399)	$ (5,432)

Net income (loss) per BAC		$ (.11)	$ (.13)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 30

		2003	2002

Income
	Interest income	$ 178	$ 3,004
	Other income	-	-
		178	3,004

Share of loss from Operating Partnerships(Note D)		(344,819)	(272,535)

Expenses
	Professional fees	3,863	5,895
	Fund management fee (Note C)	48,912	45,841
	Organization costs	-	-
	Amortization	5,309	5,310
	General and administrative expenses	1,271	3,314
		59,355	60,360

NET INCOME (LOSS)		$ (403,996)	$ (329,891)

Net income (loss) allocated to limited partners		$ (399,956)	$ (326,592)

Net income (loss) allocated to general partner		$ (4,040)	$ (3,299)

Net income (loss) per BAC		$ (.15)	$ (.12)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 31

		2003	2002

Income
	Interest income	$ 352	$ 6,013
	Other income	-	-
		352	6,013

Share of loss from Operating Partnerships(Note D)		(541,110)	(490,023)

Expenses
	Professional fees	4,713	7,165
	Fund management fee (Note C)	95,479	87,160
	Organization costs	-	-
	Amortization	-	-
	General and administrative expenses	1,966	5,069
		102,158	99,394

NET INCOME (LOSS)		$ (642,916)	$ (583,404)

Net income (loss) allocated to limited partners		$ (636,487)	$ (577,570)

Net income (loss) allocated to general partner		$ (6,429)	$ (5,834)

Net income (loss) per BAC		$ (.14)	$ (.13)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 32

		2003	2002

Income
	Interest income	$ 414	$ 1,470
	Other income	-	-
		414	1,470

Share of loss from Operating Partnerships(Note D)		(363,689)	(339,330)

Expenses
	Professional fees	6,940	9,226
	Fund management fee (Note C)	58,161	73,026
	Organization costs	-	-
	Amortization	9,181	7,500
	General and administrative expenses	2,275	5,841
		76,557	95,593

NET INCOME (LOSS)		$ (439,832)	$ (433,453)

Net income (loss) allocated to limited partners		$ (435,434)	$ (429,118)

Net income (loss) allocated to general partner		$ (4,398)	$ (4,335)

Net income (loss) per BAC		$ (.09)	$ (.09)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 33

		2003	2002

Income
	Interest income	$ 289	$ 1,010
	Other income	-	-
		289	1,010

Share of loss from Operating Partnerships(Note D)		(148,236)	(229,188)

Expenses
	Professional fees	4,189	4,401
	Fund management fee (Note C)	43,491	32,571
	Organization costs	-	-
	Amortization	6,820	6,819
	General and administrative expenses	1,290	4,445
		55,790	48,236

NET INCOME (LOSS)		$ (203,737)	$ (276,414)

Net income (loss) allocated to limited partners		$ (201,700)	$ (273,650)

Net income (loss) allocated to general Partner		$ (2,037)	$ (2,764)

Net income (loss) per BAC		$ (.08)	$ (.10)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 34

		2003	2002

Income
	Interest income	$ 399	$ 785
	Other income	-	-
		399	785

Share of loss from Operating Partnerships(Note D)		(527,289)	(314,349)

Expenses
	Professional fees	3,113	4,891
	Fund management fee (Note C)	66,715	73,298
	Organization costs	-	-
	Amortization	10,984	10,984
	General and administrative expenses	1,713	5,035
		82,525	94,208

NET INCOME (LOSS)		$ (609,415)	$ (407,772)

Net income (loss) allocated to limited partners		$ (603,321)	$ (403,694)

Net income (loss) allocated to general partner		$ (6,094)	$ (4,078)

Net income (loss) per BAC		$ (.17)	$ (.11)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 35

		2003	2002

Income
	Interest income	$ 1,056	$ 49,606
	Other income	-	660
		1,056	50,266

Share of loss from Operating Partnerships(Note D)		(149,383)	(265,565)

Expenses
	Professional fees	2,713	4,587
	Fund management fee (Note C)	52,090	52,052
	Organization costs	-	-
	Amortization	32,310	32,309
	General and administrative expenses	1,527	5,037
		88,640	93,985

NET INCOME (LOSS)		$ (236,967)	$ (309,284)

Net income (loss) allocated to limited partners		$ (234,597)	$ (306,191)

Net income (loss) allocated to general partner		$ (2,370)	$ (3,093)

Net income (loss) per BAC		$ (.07)	$ (.09)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 36

		2003	2002

Income
	Interest income	$ 135	$ 776
	Other income	-	-
		135	776

Share of loss from Operating Partnerships(Note D)		(128,338)	(167,217)

Expenses
	Professional fees	4,598	4,521
	Fund management fee (Note C)	30,418	34,146
	Organization costs	-	-
	Amortization	22,116	22,116
	General and administrative expenses	1,157	5,349
		58,289	66,132

NET INCOME (LOSS)		$ (186,492)	$ (232,573)

Net income (loss) allocated to limited partners		$ (184,627)	$ (230,247)

Net income (loss) allocated to general partner		$ (1,865)	$ (2,326)

Net income (loss) per BAC		$ (.09)	$ (.11)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 37

		2003	2002

Income
	Interest income	$ 405	$ 2,242
	Other income	-	-
		405	2,242

Share of loss from Operating Partnerships(Note D)		(125,284)	(115,279)

Expenses
	Professional fees	3,631	4,026
	Fund management fee (Note C)	44,238	41,456
	Organization costs	-	-
	Amortization	23,706	23,706
	General and administrative expenses	966	5,608
		72,541	74,796

NET INCOME (LOSS)		$ (197,420)	$ (187,833)

Net income (loss) allocated to limited partners		$ (195,446)	$ (185,955)

Net income (loss) allocated to general partner		$ (1,974)	$ (1,878)

Net income (loss) per BAC		$ (.08)	$ (.07)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 38

		2003	2002

Income
	Interest income	$ 222	$ 24,081
	Other income	-	-
		222	24,081

Share of loss from Operating Partnerships(Note D)		(115,025)	(56,431)

Expenses
	Professional fees	15,051	3,185
	Fund management fee (Note C)	20,198	40,533
	Organization costs	-	-
	Amortization	26,234	793
	General and administrative expenses	940	4,059
		62,423	48,570

NET INCOME (LOSS)		$ (177,226)	$ (80,920)

Net income (loss) allocated to limited partners		$ (175,454)	$ (80,111)

Net income (loss) allocated to general partner		$ (1,772)	$ (809)

Net income (loss) per BAC		$ (.07)	$ (.03)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 39

		2003	2002

Income
	Interest income	$ 62	$ 1,361
	Other income	-	-
		62	1,361

Share of loss from Operating Partnerships(Note D)		(212,843)	(215,441)

Expenses
	Professional fees	5,742	4,356
	Fund management fee (Note C)	28,765	24,614
	Organization costs	-	-
	Amortization	22,581	22,581
	General and administrative expenses	939	6,109
		58,027	57,660

NET INCOME (LOSS)		$ (270,808)	$ (271,740)

Net income (loss) allocated to limited partners		$ (268,100)	$ (269,023)

Net income (loss) allocated to general partner		$ (2,708)	$ (2,717)

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

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 40

		2003	2002

Income
	Interest income	$ 136	$ 32,501
	Other income	-	-
		136	32,501

Share of loss from Operating Partnerships(Note D)		(183,871)	(286,892)

Expenses
	Professional fees	6,148	6,599
	Fund management fee (Note C)	44,170	37,345
	Organization costs	-	-
	Amortization	28,429	-
	General and administrative expenses	1,356	18,594
		80,103	62,538

NET INCOME (LOSS)		$ (263,838)	$ (316,929)

Net income (loss) allocated to limited partners		$ (261,200)	$ (313,760)

Net income (loss) allocated to general partner		$ (2,638)	$ (3,169)

Net income (loss) per BAC		$ (.10)	$ (.12)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 41

		2003	2002

Income
	Interest income	$ 1,690	$ 66,943
	Other income	-	-
		1,690	66,943

Share of loss from Operating Partnerships(Note D)		(385,962)	(101,244)

Expenses
	Professional fees	7,974	6,906
	Fund management fee (Note C)	68,010	47,583
	Organization costs	0	-
	Amortization	33,344	-
	General and administrative expenses	4,190	19,374
		113,518	73,863

NET INCOME (LOSS)		$ (497,790)	$ (108,164)

Net income (loss) allocated to limited partners		$ (492,812)	$ (107,082)

Net income (loss) allocated to general partner		$ (4,978)	$ (1,082)

Net income (loss) per BAC		$ (.17)	$ (.05)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 42

		2003	2002

Income
	Interest income	$ 30,724	$ 9,064
	Other income	-	-
		30,724	9,064

Share of loss from Operating Partnerships(Note D)		(174,520)	-

Expenses
	Professional fees	6,359	-
	Fund management fee (Note C)	34,857	28,107
	Organization costs	-	20,000
	Amortization	-	-
	General and administrative expenses	13,714	9,222
		54,930	57,329

NET INCOME (LOSS)		$(198,726)	$(48,265)

Net income (loss) allocated to limited partners		$(196,739)	$(47,782)

Net income (loss) allocated to general partner		$ (1,987)	$ (483)

Net income (loss) per BAC		$ (.07)	$ (.02)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 43*

		2003

Income
	Interest income	$ 29,142
	Other income	-
		29,142

Share of loss from Operating Partnerships(Note D)		(9,854)

Expenses
	Professional fees	8,473
	Fund management fee (Note C)	35,187
	Organization costs	-
	Amortization	-
	General and administrative expenses	24,558
		68,218

NET INCOME (LOSS)		$ (48,930)

Net income (loss) allocated to limited partners		$ (48,441)

Net income (loss) allocated to general partner		$ (489)

Net income (loss) per BAC		$ (0.01)

*Series 43 did not commence operations until after June 30, 2002, therefore it does not have comparative information to report

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
Boston Capital Tax Credit Fund IV L.P.

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

Series 44*

		2003

Income
	Interest income	$ 27,740
	Other income	-
		27,740

Share of loss from Operating Partnerships(Note D)		-

Expenses
	Professional fees	4,103
	Fund management fee (Note C)	16,746
	Organization costs	-
	Amortization	-
	General and administrative expenses	13,974
		34,823

NET INCOME (LOSS)		$ (7,083)

Net income (loss) allocated to limited partners		$ (7,012)

Net income (loss) allocated to general partner		$ (71)

Net income (loss) per BAC		$ (0.00)

*Series 44 did not commence operations until after June 30, 2002, therefore it does not have comparative information to report

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total

Partners' capital (deficit) April 1, 2003	$ 465,720,104	$ (1,790,531)	$ 46,606	$ 463,976,179

Capital contributions	14,228,760	-	-	14,228,760

Selling commissions and registration costs	(1,313,189)	- -	- -	(1,313,189)

Net income (loss)	(7,622,315)	(76,992)	-	(7,699,307)

Partners' capital (deficit), June 30, 2003	$ 471,013,360	$ (1,867,523)	$ 46,606	$ 469,192,443

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 20
Partners' capital (deficit) April 1, 2003	$ 10,839,982	$ (224,409)	$ -	$ 10,615,573

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(211,248)	(2,134)	-	(213,382)

Partners' capital (deficit), June 30, 2003	$ 10,628,734	$ (226,543)	$ -	$ 10,402,191

Series 21
Partners' capital (deficit) April 1, 2003	$ 2,612,851	$ (137,196)	$	$ 2,475,655

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(244,827)	(2,473)	-	(247,300)

Partners' capital (deficit), June 30, 2003	$ 2,368,024	$ (139,669)	$ -	$ 2,228,355

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 22
Partners' capital (deficit) April 1, 2003	$ 8,650,776	$ (133,913)	$ -	$ 8,516,863

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(313,230)	(3,164)	-	(316,394)

Partners' capital (deficit), June 30, 2003	$ 8,337,546	$ (137,077)	$ -	$ 8,200,469

Series 23
Partners' capital (deficit) April 1, 2003	$ 15,959,640	$ (126,515)	$ -	$ 15,833,125

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(349,321)	(3,528)	-	(352,849)

Partners' capital (deficit), June 30, 2003	$ 15,610,319	$ (130,043)	$ -	$ 15,480,276

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 24
Partners' capital (deficit) April 1, 2003	$ 8,652,140	$ (99,775)	$ -	$ 8,552,365

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(186,924)	(1,888)	-	(188,812)

Partners' capital (deficit), June 30, 2003	$ 8,465,216	$ (101,663)	$ -	$ 8,363,553

Series 25
Partners' capital (deficit) April 1, 2003	$ 15,063,824	$ (107,885)	$ -	$ 14,955,939

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(342,633)	(3,461)	-	(346,094)

Partners' capital (deficit), June 30, 2003	$ 14,721,191	$ (111,346)	$ -	$ 14,609,845

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 26
Partners' capital (deficit) April 1, 2003	$ 23,263,704	$ (108,703)	$ -	$ 23,155,001

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(551,027)	(5,566)	-	(556,593)

Partners' capital (deficit), June 30, 2003	$ 22,712,677	$ (114,269)	$ -	$ 22,598,408

Series 27
Partners' capital (deficit) April 1, 2003	$ 14,293,274	$ (64,156)	$ -	$ 14,229,118

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(271,516)	(2,743)	-	(274,259)

Partners' capital (deficit), June 30, 2003	$ 14,021,758	$ (66,899)	$ -	$ 13,954,859

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 28
Partners' capital (deficit) April 1, 2003	$ 26,637,876	$ (78,151)	$ 271	$ 26,559,996

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(374,768)	(3,786)	-	(378,554)

Partners' capital (deficit), June 30, 2003	$ 26,263,108	$ (81,937)	$ 271	$ 26,181,442

Series 29
Partners' capital (deficit) April 1, 2003	$ 22,605,257	$ (113,731)	$ (97)	$ 22,491,429

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(435,495)	(4,399)	-	(439,894)

Partners' capital (deficit), June 30, 2003	$ 22,169,762	$ (118,130)	$ (97)	$ 22,051,535

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 30
Partners' capital (deficit) April 1, 2003	$ 17,503,999	$ (52,542)	$ -	$ 17,451,457

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(399,956)	(4,040)	-	(403,996)

Partners' capital (deficit), June 30, 2003	$ 17,104,043	$ (56,582)	$ -	$ 17,047,461

Series 31
Partners' capital (deficit) April 1, 2003	$ 26,499,059	$ (115,423)	$ -	$ 26,383,636

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(636,487)	(6,429)	-	(642,916)

Partners' capital (deficit), June 30, 2003	$ 25,862,572	$ (121,852)	$ -	$ 25,740,720

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 32
Partners' capital (deficit) April 1, 2003	$ 31,940,828	$ (87,831)	$ -	$ 31,852,997

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(435,434)	(4,398)	-	(439,832)

Partners' capital (deficit), June 30, 2003	$ 31,505,394	$ (92,229)	$ -	$ 31,413,165

Series 33
Partners' capital (deficit) April 1, 2003	$ 18,347,148	$ (42,736)	$ -	$ 18,304,412

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(201,700)	(2,037)	-	(203,737)

Partners' capital (deficit), June 30, 2003	$ 18,145,448	$ (44,773)	$ -	$ 18,100,675

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 34
Partners' capital (deficit) April 1, 2003	$ 22,927,581	$ (71,833)	$ -	$ 22,855,748

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(603,321)	(6,094)	-	(609,415)

Partners' capital (deficit), June 30, 2003	$ 22,324,260	$ (77,927)	$ -	$ 22,246,333

Series 35
Partners' capital (deficit) April 1, 2003	$ 23,137,225	$ (51,164)	$ -	$ 23,086,061

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(234,597)	(2,370)	-	(236,967)

Partners' capital (deficit), June 30, 2003	$ 22,902,628	$ (53,534)	$ -	$ 22,849,094

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 36
Partners' capital (deficit) April 1, 2003	$ 14,125,942	$ (37,782)	$ -	$ 14,088,160

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	-

Net income (loss)	(184,627)	(1,865)	-	(186,492)

Partners' capital (deficit), June 30, 2003	$ 13,941,315	$ (39,647)	$ -	$ 13,901,668

Series 37
Partners' capital (deficit) April 1, 2003	$ 18,522,272	$ (30,647)	$ -	$ 18,491,625

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(195,446)	(1,974)	-	(197,420)

Partners' capital (deficit), June 30, 2003	$ 18,326,826	$ (32,621)	$ -	$ 18,294,205

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 38
Partners' capital (deficit) April 1, 2003	$ 19,052,308	$ (28,042)	$ -	$ 19,024,266

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(175,454)	(1,772)	-	(177,226)

Partners' capital (deficit), June 30, 2003	$ 18,876,854	$ (29,814)	$ -	$ 18,847,040

Series 39
Partners' capital (deficit) April 1, 2003	$ 17,059,889	$ (26,104)	$ -	$ 17,033,785

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	-	- -

Net income (loss)	(268,100)	(2,708)	-	(270,808)

Partners' capital (deficit), June 30, 2003	$ 16,791,789	$ (28,812)	$ -	$ 16,762,977

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 40
Partners' capital (deficit) April 1, 2003	$ 20,682,658	$ (18,299)	$ -	$ 20,664,359

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(261,200)	(2,638)	-	(263,838)

Partners' capital (deficit), June 30, 2003	$ 20,421,458	$ (20,937)	$ -	$ 20,400,521

Series 41
Partners' capital (deficit) April 1, 2003	$ 22,944,988	$ (21,323)	$ (33)	$ 22,923,632

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(492,812)	(4,978)	-	(497,790)

Partners' capital (deficit), June 30, 2003	$ 22,452,176	$ (26,301)	$ (33)	$ 22,425,842

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 42
Partners' capital (deficit) April 1, 2003	$ 22,997,666	$ (6,317)	$ 44,599	$ 23,035,948

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(196,739)	(1,987)	-	(198,726)

Partners' capital (deficit), June 30, 2003	$ 22,800,927	$ (8,304)	$ 44,599	$ 22,837,222

Series 43
Partners' capital (deficit) April 1, 2003	$ 31,123,737	$ (4,904)	$ 1,866	$ 31,120,699

Capital contributions	-	-	-	-

Selling commissions and registration costs	- -	- -	- -	- -

Net income (loss)	(48,441)	(489)	-	(48,930)

Partners' capital (deficit), June 30, 2003	$ 31,075,296	$ (5,393)	$ 1,866	$ 31,071,769

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Three months Ended June 30, 2003
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 44
Partners' capital (deficit) April 1, 2003	$ 10,275,480	$ (1,150)	$ -	$ 10,274,330

Capital contributions	14,228,760	-	-	14,228,760

Selling commissions and registration costs	(1,313,189)	- -	- -	(1,313,189)

Net income (loss)	(7,012)	(71)	-	(7,083)

Partners' capital (deficit), June 30, 2003	$ 23,184,039	$ (1,221)	$ -	$ 23,182,812

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$(7,669,307)	$(7,224,399)
	Adjustments
		Amortization		242,361	177,400
		Distributions from Operating Partnerships		52,839	77,821
		Share of Loss from Operating Partnerships		6,002,081	5,771,092
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		(805,655)	49,503
		Decrease (Increase) in prepaid expenses		- -	- -
		Decrease (Increase) in accounts receivable		2,521,671	(1,270,340)
		(Decrease) Increase in accounts payable affiliates		1,255,485	1,169,865
		Line of credit		-	(5,708,074)

			Net cash (used in) provided by operating activities	1,599,475	(6,957,132)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			(986,844)	(1,959,555)
	Capital contributions paid to Operating Partnerships			(9,769,960)	(11,204,660)
	Advances to Operating Partnerships			(859,773)	(1,273,845)
	Investments			(5,987,747)	(1,205,907)

			Net cash (used in) provided by investing activities	(17,604,324)	(15,643,967)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		(1,313,189)	(1,918,880)
	Capital contributions received		14,228,760	14,622,740

		Net cash (used in) provided by financing activities	12,915,571	12,703,860


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(3,119,278)	(9,897,239)

Cash and cash equivalents, beginning			25,882,259	18,950,441

Cash and cash equivalents, ending			$ 22,762,981	$ 9,053,202

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ 7,194,595	$ 11,532,639

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 20

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (213,382)	$ (557,764)
	Adjustments
		Amortization		893	893
		Distributions from Operating Partnerships		- -	460,300
		Share of Loss from Operating Partnerships		134,121	- -
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses			- -
		Decrease (Increase) in accounts receivable		(9,900)	178,467
		(Decrease) Increase in accounts payable affiliates		93,660	- -
		Line of credit		-	-

			Net cash (used in) provided by operating activities	5,392	81,896


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			- -	- -
	Advances to Operating Partnerships			-	(83,656)
	Investments			-	-

			Net cash (used in) provided by investing activities	-	(83,656)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 20

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			5,392	(1,760)

Cash and cash equivalents, beginning			244,384	217,550

Cash and cash equivalents, ending			$ 249,776	$ 215,790

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 21

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (247,300)	$ (130,661)
	Adjustments
		Amortization		488	488
		Distributions from Operating Partnerships		- -	- -
		Share of Loss from Operating Partnerships		181,326	128,336
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	- -
		Decrease (Increase) in accounts receivable			(26,751)
		(Decrease) Increase in accounts payable affiliates		56,461	56,460
		Line of credit		-	-
			Net cash (used in) provided by operating activities	(9,025)	27,872


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			- -	(138,337)
	Advances to Operating Partnerships			-	183,903
	Investments			-	(1,984)

			Net cash (used in) provided by investing activities	-	43,582

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 21

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(9,025)	71,454

Cash and cash equivalents, beginning			211,070	237,787

Cash and cash equivalents, ending			202,045	309,241

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 22

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (316,394)	$ (331,280)
	Adjustments
		Amortization		1,535	1,535
		Distributions from Operating Partnerships		- -	3,342
		Share of Loss from Operating Partnerships		248,442	261,196
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	4,425
		Decrease (Increase) in prepaid expenses		- -	- -
		Decrease (Increase) in accounts receivable		- -	(219)
		(Decrease) Increase in accounts payable affiliates		577	13,648
		Line of credit		63,647	-

			Net cash (used in) provided by operating activities	(2,193)	(47,353)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			(1,500)	(1,500)
	Advances to Operating Partnerships			-	-
	Investments			-	(37,587)

			Net cash (used in) provided by investing activities	(1,500)	(39,087)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 22

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(3,693)	(86,440)

Cash and cash equivalents, beginning			354,902	254,977

Cash and cash equivalents, ending			$ 351,209	$ 168,537

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 23

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (352,849)	$ (316,673)
	Adjustments
		Amortization		2,283	2,283
		Distributions from Operating Partnerships		-	- -
		Share of Loss from Operating Partnerships		284,539	246,419
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	- -
		Decrease (Increase) in prepaid expenses		- -	- -
		Decrease (Increase) in accounts receivable		- -	- -
		(Decrease) Increase in accounts payable affiliates		60,066	10,066
		Line of credit		-	-

			Net cash (used in) provided by operating activities	(5,961)	(57,905)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			-	- -
	Advances to Operating Partnerships			-	-
	Investments			-	-

			Net cash (used in) provided by investing activities	-	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 23

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(5,961)	(57,905)

Cash and cash equivalents, beginning			167,196	176,646

Cash and cash equivalents, ending			$ 161,235	$ 118,741

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 24

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (188,812)	$ (245,893)
	Adjustments
		Amortization		2,551	2,551
		Distributions from Operating Partnerships		- -	- -
		Share of Loss from Operating Partnerships		152,581	194,920
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		(4,362)	(270)
		Decrease (Increase) in accounts receivable		(4,400)	58,339
		(Decrease) Increase in accounts payable affiliates		55,431	- -
		Line of credit		-	-
			Net cash (used in) provided by operating activities	12,989	9,647


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			- -	- -
	Advances to Operating Partnerships			-	-
	Investments			-	(45,959)

			Net cash (used in) provided by investing activities	-	(45,959)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 24

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			12,989	(36,312)

Cash and cash equivalents, beginning			233,010	264,742

Cash and cash equivalents, ending			$ 245,999	$ 228,430

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 25

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (346,094)	$ (210,729)
	Adjustments
		Amortization		3,805	3,805
		Distributions from Operating Partnerships		10,179	12,139
		Share of Loss from Operating Partnerships		285,406	153,498
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		(5,744)	- -
		Decrease (Increase) in accounts receivable		829	19,675
		(Decrease) Increase in accounts payable affiliates		68,170	68,169
		Line of credit		-	-

			Net cash (used in) provided by operating activities	16,551	46,557


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			- -	(24,556)
	Advances to Operating Partnerships			-	-
	Investments			-	(55,578)

			Net cash (used in) provided by investing activities	-	(80,134)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 25

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			16,551	(33,577)

Cash and cash equivalents, beginning			489,697	463,598

Cash and cash equivalents, ending			$ 506,248	$ 430,021

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,

(Unaudited)

Series 26

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (556,593)	$ (450,476)
	Adjustments
		Amortization		4,226	4,226
		Distributions from Operating Partnerships		2,329	1,780
		Share of Loss from Operating Partnerships		439,974	330,342
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		(90,945)	- -
		Decrease (Increase) in accounts receivable		- -	17,717
		(Decrease) Increase in accounts payable affiliates		109,396	109,395
		Line of credit		-	-

			Net cash (used in) provided by operating activities	(91,613)	12,984


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			- -	(52,560)
	Advances to Operating Partnerships			-	-
	Investments			-	(52,560)

			Net cash (used in) provided by investing activities	-	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 26

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(91,613)	(39,576)

Cash and cash equivalents, beginning			516,145	324,565

Cash and cash equivalents, ending			$ 424,532	$ 284,989

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 27

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (274,259)	$ (205,777)
	Adjustments
		Amortization		3,914	3,914
		Distributions from Operating Partnerships		- -	- -
		Share of Loss from Operating Partnerships		195,111	150,096
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	- -
		Decrease (Increase) in accounts receivable		- -	742
		(Decrease) Increase in accounts payable affiliates		78,802	(16,026)
		Line of credit		-	78,802

			Net cash (used in) provided by Operating activities	3,568	11,751


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			- -	(91,722)
	Advances to Operating Partnerships			-
	Investments			-	(48,647)

			Net cash (used in) provided by investing activities	-	(140,369)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 27

		2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid	-	-
	Capital contributions received	-	-

	Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		3,568	(128,618)

Cash and cash equivalents, beginning		339,714	430,440

Cash and cash equivalents, ending		$ 343,282	$ 301,822

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships		$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 28

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (378,554)	$ (516,201)
	Adjustments
		Amortization		825	825
		Distributions from Operating Partnerships		21,223	27,787
		Share of Loss from Operating Partnerships		309,038	443,943
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	- -
		Decrease (Increase) in accounts receivable		346,886	(542)
		(Decrease) Increase in accounts payable affiliates		- -	- -
		Line of credit		-	-

			Net cash (used in) provided by operating activities	299,418	(44,188)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			(32,081)	- -
	Advances to Operating Partnerships			-	-
	Investments			(318,903)	(92,665)

			Net cash (used in) provided by investing activities	(350,984)	(92,665)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 28

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(51,566)	(136,853)

Cash and cash equivalents, beginning			304,688	510,061

Cash and cash equivalents, ending			$ 253,122	$ 373,208

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,

(Unaudited)

Series 29

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (439,894)	$ (543,247)
	Adjustments
		Amortization		827	827
		Distributions from Operating Partnerships		2,611	- -
		Share of Loss from Operating Partnerships		361,320	453,101
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses			- -
		Decrease (Increase) in accounts receivable		148,595	(286)
		(Decrease) Increase in accounts payable affiliates		84,496	84,495
		Line of credit		-	-

			Net cash (used in) provided by operating activities	157,955	(5,110)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			(202,008)	- -
	Advances to Operating Partnerships			(137,380)	-
	Investments			-	(48,869)

			Net cash (used in) provided by investing activities	(339,388)	(380,169)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 29

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(181,433)	(53,979)

Cash and cash equivalents, beginning			468,844	577,830

Cash and cash equivalents, ending			$ 287,411	$ 523,851

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 30

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (403,996)	$ (329,891)
	Adjustments
		Amortization		5,309	5,310
		Distributions from Operating Partnerships		6,145	4,230
		Share of Loss from Operating Partnerships		344,819	272,535
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	- -
		Decrease (Increase) in accounts receivable		- -	(755)
		(Decrease) Increase in accounts payable affiliates		(2)	- -
		Line of credit		18,408	-

			Net cash (used in) provided by operating activities	(29,317)	(48,571)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			- -	- -
	Advances to Operating Partnerships			(6,144)	-
	Investments			-	(33,992)

			Net cash (used in) provided by investing activities	(6,144)	(33,992)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 30

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(35,461)	(82,563)

Cash and cash equivalents, beginning			121,470	256,324

Cash and cash equivalents, ending			$ 86,009	$ 173,761

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 31

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$(642,916)	$(583,403)
	Adjustments
		Amortization		-	-
		Distributions from Operating Partnerships		- -	6,062
		Share of Loss from Operating Partnerships		541,110	490,023
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	3,758
		Decrease (Increase) in accounts receivable		(64,809)	(112,568)
		(Decrease) Increase in accounts payable affiliates		- -	- -
		Line of credit		-	-

			Net cash (used in) provided by operating activities	(166,615)	(196,128)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			(10,000)	(25,000)
	Advances to Operating Partnerships			-	(65,178)
	Investments			-	-

			Net cash (used in) provided by investing activities	(10,000)	(90,178)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 31

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(176,615)	(286,306)

Cash and cash equivalents, beginning			294,050	680,648

Cash and cash equivalents, ending			$ 117,435	$ 394,342

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 32

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (439,832)	$ (433,453)
	Adjustments
		Amortization		9,181	7,500
		Distributions from Operating Partnerships		- -	8,500
		Share of Loss from Operating Partnerships		363,689	339,330
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		-	- -
		Decrease (Increase) in accounts receivable		- -	(1,840)
		(Decrease) Increase in accounts payable affiliates		- -	82,026
		Line of credit		83,226	-

			Net cash (used in) provided by operating activities	16,264	2,063


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			(7,089)	- -
	Advances to Operating Partnerships			-	-
	Investments			-	-

			Net cash (used in) provided by investing activities	(7,089)	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 32

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			9,175	2,063

Cash and cash equivalents, beginning			303,823	491,354

Cash and cash equivalents, ending			$ 312,998	$ 493,417

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 33

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (203,737)	$ (276,414)
	Adjustments
		Amortization		6,820	6,819
		Distributions from Operating Partnerships		- -	- -
		Share of Loss from Operating Partnerships		148,236	229,188
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	- -
		Decrease (Increase) in accounts receivable		20,736	- -
		(Decrease) Increase in accounts payable affiliates		43,491	43,490
		Line of credit		-	-

			Net cash (used in) provided by operating activities	15,546	3,083


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			- -	(549,081)
	Advances to Operating Partnerships			-	-
	Investments			-	-

			Net cash (used in) provided by investing activities	-	(549,081)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 33

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			15,546	(545,998)

Cash and cash equivalents, beginning			179,335	724,344

Cash and cash equivalents, ending			$ 194,881	$ 178,346

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 34

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (609,415)	$ (407,772)
	Adjustments
		Amortization		10,984	10,984
		Distributions from Operating Partnerships		- -	- -
		Share of Loss from Operating Partnerships		527,289	314,349
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	- -
		Decrease (Increase) in accounts receivable		- -	73,298
		(Decrease) Increase in accounts payable affiliates		73,299	- -
		Line of credit		-	-

			Net cash (used in) provided by operating activities	2,157	(9,141)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			(10,000)	(14,486)
	Advances to Operating Partnerships			-	-
	Investments			-	-

			Net cash (used in) provided by investing activities	(10,000)	(14,486)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 34

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(7,843)	(23,627)

Cash and cash equivalents, beginning			286,227	382,970

Cash and cash equivalents, ending			$ 278,384	$ 359,343

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 35

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (236,967)	$ (309,285)
		Adjustments
		Amortization		32,310	32,309
		Distributions from Operating Partnerships		- -	- -
		Share of Loss from Operating Partnerships		149,383	265,565
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	(6,045)
		Decrease (Increase) in accounts receivable		- -	15,795
		(Decrease) Increase in accounts payable affiliates		57,090	- -
		Line of credit		-	-

			Net cash (used in) provided by operating activities	1,816	(1,661)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			- -	(530,889)
	Advances to Operating Partnerships			-	395,535
	Investments			-	(8,613)

			Net cash (used in) provided by investing activities	-	(143,967)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 35

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			1,816	(145,628)

Cash and cash equivalents, beginning			581,040	708,626

Cash and cash equivalents, ending			$ 582,856	$ 562,998

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 36

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (186,492)	$ (232,573)
	Adjustments
		Amortization		22,116	22,116
		Distributions from Operating Partnerships		- -	3,881
		Share of Loss from Operating Partnerships		128,338	167,217
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	(6,669)
		Decrease (Increase) in accounts receivable		- -	- -
		(Decrease) Increase in accounts payable affiliates		40,618	40,145
		Line of credit		-	-

			Net cash (used in) provided by operating activities	4,580	(5,883)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	- -
	Capital contributions paid to Operating Partnerships			(22,432)	- -
	Advances to Operating Partnerships			-	-
	Investments			-	-

			Net cash (used in) provided by investing activities	(22,432)	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 36

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(17,852)	(5,883)

Cash and cash equivalents, beginning			96,390	45,839

Cash and cash equivalents, ending			$ 78,538	$ 39,956

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 37

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (197,420)	$ (187,833)
	Adjustments
		Amortization		23,706	23,706
		Distributions from Operating Partnerships		- -	3,881
		Share of Loss from Operating Partnerships		125,284	115,279
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		44,239	(100,000)
		Decrease (Increase) in accounts receivable		- -	- -
		(Decrease) Increase in accounts payable affiliates		- -	43,956
		Line of credit		-	-

			Net cash (used in) provided by operating activities	(4,191)	(101,011)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			- -	(689)
	Capital contributions paid to Operating Partnerships			(101,403)	- -
	Advances to Operating Partnerships			43,164	-
	Investments			-	-

			Net cash (used in) provided by investing activities	(58,239)	(689)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 37

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(62,430)	(101,700)

Cash and cash equivalents, beginning			305,836	559,002

Cash and cash equivalents, ending			$ 243,406	$ 457,302

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 38

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (177,226)	$ (209,976)
	Adjustments
		Amortization		26,234	24,728
		Distributions from Operating Partnerships		- -	2,218
		Share of Loss from Operating Partnerships		115,025	151,878
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	- -
		Decrease (Increase) in accounts receivable		- -	100,002
		(Decrease) Increase in accounts payable affiliates		41,101	40,533
		Line of credit		-	-

			Net cash (used in) provided by operating activities	5,134	109,383


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			(7,651)	(1,172)
	Capital contributions paid to Operating Partnerships			- -	(9,206)
	Advances to Operating Partnerships			-	-
	Investments			-	1,682

			Net cash (used in) provided by investing activities	-	(8,696)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 38

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(2,517)	100,687

Cash and cash equivalents, beginning			155,345	644,013

Cash and cash equivalents, ending			$ 152,828	$ 744,700

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 39

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (270,808)	$ (271,740)
	Adjustments
		Amortization		22,581	22,581
		Distributions from Operating Partnerships		- -	- -
		Share of Loss from Operating Partnerships		212,843	215,441
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		- -	- -
		Decrease (Increase) in accounts receivable		- -	883,781
		(Decrease) Increase in accounts payable affiliates		34,200	34,200
		Line of credit		-	-

			Net cash (used in) provided by operating activities	(1,184)	884,263


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired				(1,332)
	Capital contributions paid to Operating Partnerships			(8,036)	(1,098,537)
	Advances to Operating Partnerships			-	-
	Investments			-	(5,815)

			Net cash (used in) provided by investing activities	(8,036)	(1,105,684)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 39

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(9,220)	(221,421)

Cash and cash equivalents, beginning			49,200	532,334

Cash and cash equivalents, ending			$ 39,980	$ 310,913

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 40

				2003		2002
Cash flows from operating activities:

	Net income (xloss)				$ (263,838)		$ (316,929)
	Adjustments
		Amortization		28,429		-
		Distributions from Operating Partnerships		5,400		- -
		Share of Loss from Operating Partnerships		183,871		286,892
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -		- -
		(Decrease) Increase in accounts payable and accrued expenses		- -		114,088
		Decrease (Increase) in accounts receivable		- -		(722,823)
		(Decrease) Increase in accounts payable affiliates		49,072		42,745
		Line of credit		-		-

			Net cash (used in) provided by operating activities	2,934		(596,027)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired				(5,505)		(190,031)
	Capital contributions paid to Operating Partnerships				(7,204)		(762,577)
	Advances to Operating Partnerships				-		-
	Investments				-		933,796

			Net cash (used in) provided by investing activities	(12,709)		(18,812)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 40

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid			-
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(9,775)	(614,839)

Cash and cash equivalents, beginning			97,331	795,646

Cash and cash equivalents, ending			$ 87,556	$ 180,807

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ 718,652

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 41

				2003	2002

Cash flows from operating activities:

	Net income (loss)			$ (497,790)	$ (108,164)
	Adjustments
		Amortization		33,344	-
		Distributions from Operating Partnerships		4,498	4,000
		Share of Loss from Operating Partnerships		385,962	101,244
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		(690)	54,774
		Decrease (Increase) in accounts receivable		903,428	(944,446)
		(Decrease) Increase in accounts payable affiliates		68,627	12,636
		Line of credit		-	(3,010,000)

			Net cash (used in) provided by operating activities	897,379	(3,889,956)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			(29)	(315,450)
	Capital contributions paid to Operating Partnerships			(1,202,170)	(2,981,721)
	Advances to Operating Partnerships			-	372,407
	Investments			13,106	306,041

			Net cash (used in) provided by investing activities	(1,189,093)	(2,618,723)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 41

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	(4,707)
	Capital contributions received		-	-

		Net cash (used in) provided by financing activities	-	(4,707)


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(291,714)	(6,513,386)

Cash and cash equivalents, beginning			930,843	8,231,905

Cash and cash equivalents, ending			$ 639,129	$ 1,718,519

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ -	$ 3,152,205

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 42

				2003	2002
Cash flows from operating activities:

	Net income (loss)			$ (198,726)	$ (48,265)
	Adjustments
		Amortization		-	-
		Distributions from Operating Partnerships		- -	- -
		Share of Loss from Operating Partnerships		174,520	- -
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -	- -
		(Decrease) Increase in accounts payable and accrued expenses		30	(21,615)
		Decrease (Increase) in accounts receivable		333,234	(458,944)
		(Decrease) Increase in accounts payable affiliates		36,432	83,200
		Line of credit		-	(2,698,074)

			Net cash (used in) provided by operating activities	345,490	(3,143,698)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			(1,752)	(1,450,881)
	Capital contributions paid to Operating Partnerships			(2,366,662)	(4,924,487)
	Advances to Operating Partnerships			-	(2,142,034)
	Investments			905,599	(2,002,539)

			Net cash (used in) provided by investing activities	(1,462,815)	(10,519,941)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

Series 42

			2003	2002

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-	(1,914,173)
	Capital contributions received		-	14,622,740

		Net cash (used in) provided by financing activities	-	12,708,567


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(1,117,325)	(955,072)

Cash and cash equivalents, beginning			1,528,577	1,439,240

Cash and cash equivalents, ending			$ 411,252	$ 484,168

Supplemental schedule of non-cash investing and financing activities the fund has increased its inves0tments for unpaid capital contributions due to the Operating Partnerships			$ -	$ 7,661,782

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

				Series 43* 2003
Cash flows from operating activities:

	Net income (loss)			$ (48,930)
	Adjustments
		Amortization		-
		Distributions from Operating Partnerships		454
		Share of Loss from Operating Partnerships		9,854
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -
		(Decrease) Increase in accounts payable and accrued expenses		- -
		Decrease (Increase) in accounts receivable		1,681,278
		(Decrease) Increase in accounts payable affiliates		36,187
		Line of credit		-

			Net cash (used in) provided by operating activities	1,678,843


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			(47,627)
	Capital contributions paid to Operating Partnerships			(3,845,660)
	Advances to Operating Partnerships			-
	Investments			(3,317,368)

			Net cash (used in) provided by investing activities	(7,210,655)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

			Series 43* 2003

Continued

Cash flows from financing activities:

	Sales and registration costs paid		-
	Capital contributions received		-

		Net cash (used in) provided by financing activities	-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(5,531,812)

Cash and cash equivalents, beginning			11,183,205

Cash and cash equivalents, ending			$ 5,651,393

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ 1,770,392

*Series 43 did not commence operations until after June 30, 2002,
therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

				Series 44 2003
Cash flows from operating activities:

	Net income (loss)			$ (7,083)
	Adjustments
		Amortization		-
		Distributions from Operating Partnerships		- -
		Share of Loss from Operating Partnerships		- -
	Changes in assets and liabilities
		Decrease (Increase) in organization costs		- -
		(Decrease) Increase in accounts payable and accrued expenses		(694,044)
		Decrease (Increase) in accounts receivable		(844,681)
		(Decrease) Increase in accounts payable affiliates		(40,634)
		Line of credit		-

			Net cash (used in) provided by operating activities	(1,586,442)


Cash flows from investing activities:

	Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired			(931,931)
	Capital contributions paid to Operating Partnerships			(1,939,920)
	Advances to Operating Partnerships			(902,937)
	Investments			(3,132,801)

			Net cash (used in) provided by investing activities	(6,907,589)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three months Ended June 30,
(Unaudited)

			Series 44* 2003

Continued

Cash flows from financing activities:

	Sales and registration costs paid		(1,313,189)
	Capital contributions received		14,228,760

		Net cash (used in) provided by financing activities	12,915,571


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			4,421,540

Cash and cash equivalents, beginning			6,439,937

Cash and cash equivalents, ending			$ 10,861,477

Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships			$ 5,424,213

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2003
(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 is now 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 Ca pital Partners, Inc. The limited partner of the General Partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates. The Assignor Limited Partner is BCTC 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. One 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 regi stered 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.

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 FINANCIAL STATEMENTS - CONTINUED
June 30, 2003
(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	2,106,837	$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	2,292,152	$22,921,000
Series 40	July 31, 2001	2,630,256	$26,629,250
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

The Fund commenced offering BACs in Series 45 on July 2, 2003 and was continuing to offer BACs in Series 45 as of the date of this filing.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2003 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 principals have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.

Investment Securities

The Fund has determined that all of its investment securities are to be categorized as securities available for sale. Securities classified as available for sale are those debt securities that the Fund purchased that may be liquidated prior to the maturity date should the need arise.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2003
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued)

These securities are carried at approximate fair market value. All of the investments held by the Fund are tax-exempt municipal bonds and Certificates of Deposit.

The amortized cost of securities available for sale as of June 30, 2003 by contractual maturity are as follows:

Amortized Cost

Due in one year or less

$ 2,265,777

Due after one year

9,693,647

Total

$11,959,424

The fair market value of the securities is $12,006,030. The difference being an unrealized gain on securities available for sale of $46,606, as of June 30, 2003.

Amortization

The Fund began amortizing unallocated and deferred acquisition costs over 330 months as of June 1999. Accumulated amortization of acquisition costs by Series as of June 30, 2003 and 2002 is as follows:

	2002	2002
Series 20	$ 15,182	$ 11,610
Series 21	8,304	6,350
Series 22	26,094	19,954
Series 23	34,479	25,348
Series 24	43,369	33,165
Series 25	43,555	33,307
Series 26	74,081	57,177
Series 27	63,524	48,577
Series 28	14,026	10,726
Series 29	13,932	10,624
Series 30	90,129	68,894
Series 32	127,906	97,509
Series 33	115,022	87,742
Series 34	182,478	139,123
Series 35	518,464	364,881
Series 36	351,549	267,189
Series 37	289,173	199,185
Series 38	167,806	23,975
Series 39	131,660	43,878
Series 40	46,583	-
Series 41	143,730	-
	$2,501,046	$1,549,214

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2003
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

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

For the quarter ended June 30, 2003, Boston Capital Services, Inc. received $135,772 for Series 44 as Dealer-Manager fees for marketing advice and investment banking services performed at the time of the Fund's offering of BACs. 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 and Series 43 completed payment of all Dealer-Manager fees prior to the quarter ended June 30, 2003.

Boston Capital Holdings L.P. is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the Fund's acquisition of interest in the Operating Partnerships. During the quarter ended June 30, 2003, Series 44 paid $844,166 for acquisition fees to Boston Capital Holdings Limited Partnership. 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 and Series 43 completed payment of all acquisition fees prior to the quarter ended June 30, 2003.

An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued or paid to Boston Capital Asset Management L.P.

The fund management fees accrued for the quarters ended June 30, 2003 and 2002 are as follows:

	2003	2002
Series 20	$ 93,660	$ 94,811
Series 21	56,460	56,460
Series 22	63,647	13,648
Series 23	60,066	10,066
Series 24	55,431	58,339
Series 25	68,170	68,169
Series 26	109,396	109,395
Series 27	78,802	78,802
Series 29	84,496	84,495
Series 30	18,408	-
Series 32	83,226	82,026
Series 33	43,491	43,490
Series 34	73,298	73,298
Series 35	57,090	15,795
Series 36	40,150	40,145
Series 37	44,238	43,956

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2003
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

	2003	2002
Series 38	41,101	40,533
Series 39	34,200	34,200
Series 40	48,570	42,745
Series 41	68,010	12,824
Series 42	36,432	28,107
Series 43	36,187	-
Series 44	16,746	-
	$1,311,275	$1,031,304

The fund management fees paid for the quarters ended June 30, 2003 and 2002 are as follows:

	2003	2002
Series 21	$ -	$ 50,000
Series 23	-	50,000
Series 28	83,529	83,529
Series 30	36,816	55,179
Series 31	99,360	99,360
Series 35	-	41,256
Series 41	-	36,159
	$ 219,705	$ 415,483

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2003 and 2002 the Fund has limited partnership interests in 466 and 421 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at June 30, 2003 and 2002 is as follows:

	2003	2002
Series 20	24	24
Series 21	14	14
Series 22	29	29
Series 23	22	22
Series 24	24	24
Series 25	22	22
Series 26	45	45
Series 27	16	16
Series 28	26	26

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2003
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

	2003	2002
Series 29	22	22
Series 30	20	20
Series 31	27	27
Series 32	17	17
Series 33	10	10
Series 34	14	14
Series 35	11	11
Series 36	11	11
Series 37	7	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	23	19
Series 42	22	6
Series 43	19	-
Series 44	6	-
	466	421

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, 2003 and 2002 are as follows:

	2003	2002
Series 20	$ 388,026	$ 388,026
Series 21	457,642	503,206
Series 22	479,496	480,996
Series 23	117,797	117,796
Series 24	368,239	1,214,204
Series 25	943,704	2,049,336
Series 26	1,475,380	2,144,873
Series 27	39,749	48,924
Series 28	116,702	148,783
Series 29	102,762	304,770
Series 30	128,167	528,451
Series 31	695,771	1,005,019
Series 32	929,074	1,074,248
Series 33	202,285	202,285
Series 34	85,968	792,518
Series 35	603,740	1,185,347
Series 36	657,998	680,429
Series 37	1,842,907	2,165,429
Series 38	117,735	1,227,737
Series 39	153,767	963,674
Series 40	623,552	3,402,116
Series 41	1,860,017	9,679,195
Series 42	6,946,554	8,793,529
Series 43	9,505,967	-
Series 44	8,444,490	-
	$37,287,489	$39,100,891

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2003
(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, 2003.

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

Series 20

		2003	2002

Revenues
	Rental	$ 1,938,878	$ 2,334,848
	Interest and other	112,829	156,014
		2,051,707	2,490,862

Expenses
	Interest	533,497	858,929
	Depreciation and amortization	543,953	734,421
	Operating expenses	1,128,561	1,384,292
		2,206,011	2,977,642

NET LOSS		$ (154,304)	$ (486,780)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (134,121)	$ (460,300)

Net loss allocated to other partners		$ (1,543)	$ (4,868)

Net loss suspended		$ (18,640)	$ (21,612)

The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnerships results of operations and for any distributions received or accrued. However, the Partnership 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 FINANCIAL STATEMENTS
June 30, 2003
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 21

		2003	2002

Revenues
	Rental	$ 876,523	$ 895,745
	Interest and other	14,569	27,364
		891,092	923,109

Expenses
	Interest	324,747	382,734
	Depreciation and amortization	222,115	224,326
	Operating expenses	611,673	502,772
		1,158,535	1,109,832

NET LOSS		$ (267,443)	$ (186,723)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (181,326)	$ (128,336)

Net loss allocated to other Partners		$ (2,674)	$ (1,867)

Net loss suspended		$ (83,443)	$ (56,520)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2003
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 22

		2003	2002

Revenues
	Rental	$ 1,295,333	$ 1,322,159
	Interest and other	79,972	72,165
		1,375,305	1,394,324

Expenses
	Interest	321,764	354,921
	Depreciation and amortization	426,874	445,622
	Operating expenses	883,427	868,452
		1,632,065	1,668,995

NET LOSS		$ (256,760)	$ (274,671)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (248,442)	$ (261,196)

Net loss allocated to other Partners		$ (2,568)	$ (2,747)

Net loss suspended		$ ( 5,750)	$ (10,728)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2003
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 23

		2003	2002

Revenues
	Rental	$ 1,474,258	$ 1,450,931
	Interest and other	58,227	76,096
		1,532,485	1,527,027

Expenses
	Interest	427,767	447,859
	Depreciation and amortization	440,202	446,907
	Operating expenses	951,929	881,169
		1,819,898	1,775,935

NET LOSS		$ (287,413)	$ (248,908)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (284,539)	$ (246,419)

Net loss allocated to other Partners		$ (2,874)	$ (2,489)

Net loss suspended		$ -	$ -

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2003
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 24

		2003	2002

Revenues
	Rental	$ 1,073,219	$ 1,299,207
	Interest and other	120,440	30,921
		1,193,659	1,330,128

Expenses
	Interest	280,143	375,130
	Depreciation and amortization	341,297	415,187
	Operating expenses	740,057	764,958
		1,361,497	1,555,275

NET LOSS		$ (167,838)	$ (225,147)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (152,581)	$ (194,920)

Net loss allocated to other Partners		$ (1,677)	$ (2,250)

Net loss suspended		$ (13,580)	$ (27,977)

Boston Capital Tax Credit Fund IV L.P.

Series 25

		2003	2002

Revenues
	Rental	$ 1,922,436	$ 2,031,071
	Interest and other	63,718	52,243
		1,986,154	2,083,314

Expenses
	Interest	554,517	585,760
	Depreciation and amortization	521,863	479,882
	Operating expenses	1,233,443	1,172,721
		2,309,823	2,238,363

NET LOSS		$ (323,669)	$ (155,049)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (285,406)	$ (153,498)

Net loss allocated to other Partners		$ (3,237)	$ (1,551)

Net loss suspended		$ (35,025)	$ -

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 20030
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 26

		2003	2002

Revenues
	Rental	$ 2,377,224	$ 2,227,075
	Interest and other	60,140	67,020
		2,437,364	2,294,095

Expenses
	Interest	701,896	616,252
	Depreciation and amortization	725,280	735,619
	Operating expenses	1,550,208	1,336,537
		2,977,384	2,688,408

NET LOSS0		$ (540,020)	$ (394,313)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (439,974)	$ (330,342)

Net loss allocated to other Partners		$ (5,400)	$ (3,943)

Net loss suspended		$ (94,646)	$ (60,028)

Boston Capital Tax Credit Fund IV L.P.

Series 27

		2003	2002

Revenues
	Rental	$ 1,661,620	$ 1,627,077
	Interest and other	18,566	23,794
		1,680,186	1,650,871

Expenses
	Interest	700,579	694,276
	Depreciation and amortization	430,392	438,317
	Operating expenses	800,742	702,218
		1,931,713	1,834,811

NET LOSS		$ (251,527)	$ (183,940)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (195,111)	$ (150,096)

Net loss allocated to other Partners		$ (2,515)	$ (1,839)

Net loss suspended		$ (53,901)	$ (32,005)

Boston Capital Tax Credit Fund IV L.P.

Series 28

		2003	2002

Revenues
	Rental	$ 1,542,875	$ 1,454,911
	Interest and other	39,516	41,082
		1,582,391	1,495,993

Expenses
	Interest	415,731	449,688
	Depreciation and amortization	557,962	585,371
	Operating expenses	920,857	909,361
		1,894,550	1,944,420

NET LOSS		$ (312,159)	$ (448,427)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (309,038)	$ (443,943)

Net loss allocated to other Partners		$ (3,121)	$ (4,484)

Boston Capital Tax Credit Fund IV L.P.

Series 29

		2003	2002

Revenues
	Rental	$ 1,731,613	$ 1,667,266
	Interest and other	61,171	55,687
		1,792,784	1,722,953

Expenses
	Interest	433,426	522,645
	Depreciation and amortization	644,660	635,945
	Operating expenses	1,079,668	1,022,041
		2,157,754	2,180,631

NET LOSS		$ (364,970)	$ (457,678)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (361,320)	$ (453,101)

Net loss allocated to other Partners		$ (3,650)	$ (4,577)

Boston Capital Tax Credit Fund IV L.P.

Series 30

		2003	2002

Revenues
	Rental	$ 1,188,014	$ 1,200,025
	Interest and other	38,288	57,817
		1,226,302	1,257,842

Expenses
	Interest	325,843	337,271
	Depreciation and amortization	374,693	377,191
	Operating expenses	874,069	818,667
		1,574,605	1,533,129

NET LOSS		$ (348,303)	$ (275,287)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (344,819)	$ (272,535)

Net loss allocated to other Partners		$ (3,484)	$ (2,752)

Boston Capital Tax Credit Fund IV L.P.

Series 31

		2003	2002

Revenues
	Rental	$ 2,405,464	$ 2,335,847
	Interest and other	114,373	100,886
		2,519,837	2,436,733

Expenses
	Interest	585,521	596,376
	Depreciation and amortization	880,526	873,015
	Operating expenses	1,600,366	1,462,315
		3,066,413	2,931,706

NET LOSS		$ (546,576)	$ (494,973)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (541,110)	$ (490,023)

Net loss allocated to other Partners		$ (5,466)	$ (4,950)

Boston Capital Tax Credit Fund IV L.P.

Series 32

		2003	2002

Revenues
	Rental	$ 1,452,409	$ 1,378,888
	Interest and other	62,788	76,725
		1,515,197	1,455,613

Expenses
	Interest	354,287	350,884
	Depreciation and amortization	632,038	639,413
	Operating expenses	939,256	868,708
		1,925,581	1,859,005

NET LOSS		$ (410,384)	$ (403,392)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (363,689)	$ (339,330)

Net loss allocated to other Partners		$ (4,104)	$ (4,034)

Net loss suspended		$ (42,591)	$ (60,028)

Boston Capital Tax Credit Fund IV L.P.

Series 33

		2003	2002

Revenues
	Rental	$ 794,433	$ 773,620
	Interest and other	30,719	38,894
		825,152	812,514

Expenses
	Interest	272,226	286,225
	Depreciation and amortization	296,998	318,754
	Operating expenses	405,662	439,039
		974,886	1,044,018

NET LOSS		$ (149,734)	$ (231,504)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (148,236)	$ (229,188)

Net loss allocated to other Partners		$ (1,498)	$ (2,316)

Boston Capital Tax Credit Fund IV L.P.

Series 34

		2003	2002

Revenues
	Rental	$ 1,349,328	$ 1,364,242
	Interest and other	61,148	81,352
		1,410,476	1,445,594

Expenses
	Interest	389,500	429,363
	Depreciation and amortization	579,187	560,699
	Operating expenses	974,405	773,057
		1,943,092	1,763,119

NET LOSS		$ (532,616)	$ (317,525)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (527,289)	$ (314,349)

Net loss allocated to other Partners		$ (5,327)	$ (3,176)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2003
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,

Series 35

		2003	2002

Revenues
	Rental	$ 1,070,934	$ 923,115
	Interest and other	29,258	30,423
		1,100,192	953,538

Expenses
	Interest	265,007	287,294
	Depreciation and amortization	369,748	358,733
	Operating expenses	616,327	575,759
		1,251,082	1,221,786

NET LOSS		$ (150,890)	$ (268,248)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (149,383)	$ (265,565)

Net loss allocated to other Partners		$ (1,507)	$ (2,683)

Boston Capital Tax Credit Fund IV L.P.

Series 36

		2003	2002

Revenues
	Rental	$ 750,697	$ 735,982
	Interest and other	27,592	19,358
		778,289	755,340

Expenses
	Interest	255,516	268,467
	Depreciation and amortization	276,072	245,789
	Operating expenses	376,336	409,990
		907,924	924,246

NET LOSS		$ (129,635)	$ (168,906)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (128,338)	$ (167,217)

Net loss allocated to other Partners		$ (1,297)	$ (1,689)

Boston Capital Tax Credit Fund IV L.P.

Series 37

		2003	2002

Revenues
	Rental	$ 1,097,188	$ 872,416
	Interest and other	74,815	23,858
		1,172,003	896,274

Expenses
	Interest	291,679	168,479
	Depreciation and amortization	355,388	328,091
	Operating expenses	651,487	516,147
		1,298,554	1,012,717

NET LOSS		$ (126,551)	$ (116,443)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (125,284)	$ (115,279)

Net loss allocated to other Partners		$ (1,267)	$ (1,164)

Boston Capital Tax Credit Fund IV L.P.

Series 38

		2003	2002

Revenues
	Rental	$ 751,059	$ 609,678
	Interest and other	30,142	8,238
		781,201	617,916

Expenses
	Interest	197,325	194,723
	Depreciation and amortization	265,914	223,843
	Operating expenses	434,150	352,762
		897,389	771,328

NET LOSS		$ (116,188)	$ (153,412)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (115,025)	$ (151,878)

Net loss allocated to other Partners		$ (1,163)	$ (1,534)

Boston Capital Tax Credit Fund IV L.P.

Series 39

		2003	2002

Revenues
	Rental	$ 534,519	$ 279,975
	Interest and other	44,731	16,225
		579,250	296,200

Expenses
	Interest	131,506	80,307
	Depreciation and amortization	228,514	202,337
	Operating expenses	434,224	231,174
		794,244	513,818

NET LOSS		$ (214,994)	$ (217,618)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (212,843)	$ (215,441)

Net loss allocated to other Partners		$ (2,151)	$ (2,177)

Boston Capital Tax Credit Fund IV L.P.

Series 40

		2003	2002

Revenues
	Rental	$ 847,881	$ 412,071
	Interest and other	18,179	36,597
		866,060	448,668

Expenses
	Interest	237,576	147,694
	Depreciation and amortization	355,574	257,733
	Operating expenses	458,638	333,031
		1,051,788	738,458

NET LOSS		$ (185,728)	$ (289,790)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (183,871)	$ (286,892)

Net loss allocated to other Partners		$ (1,857)	$ (2,898)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2003

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 41

		2003	2002

Revenues
	Rental	$ 690,383	$ 209,089
	Interest and other	32,434	6,830
		722,817	215,919

Expenses
	Interest	251,386	59,948
	Depreciation and amortization	382,310	112,740
	Operating expenses	478,981	145,497
		1,112,677	318,185

NET LOSS		$ (389,860)	$ (102,266)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (385,962)	$ (101,244)

Net loss allocated to other Partners		$ (3,898)	$ (1,022)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2003

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

		Series 42* 2003

Revenues
	Rental	$ 630,222
	Interest and other	29,104
		659,326

Expenses
	Interest	255,437
	Depreciation and amortization	211,470
	Operating expenses	368,702
		835,609

NET LOSS		$ (176,283)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (174,520)

Net loss allocated to other Partners		$ (1,763)

*The Operating Partnerships in Series 42 did not commence operations until after March 31, 2002, therefore, they do not have comparative information to report.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2003

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

		Series 43* 2003

Revenues
	Rental	$ 194,486
	Interest and other	10,155
		204,641

Expenses
	Interest	40,935
	Depreciation and amortization	14,511
	Operating expenses	159,149
		214,595

NET LOSS		$ (9,954)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.		$ (9,854)

Net loss allocated to other Partners		$ (100)

*The Operating Partnerships in Series 43 did not commence operations until after March 31, 2002, therefore, they do not have comparative information to report.

**The Operating Partnerships in Series 44 did not commence operations until after March 31, 2003, therefore, they do not have current or comparative information to report.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2003
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED

When comparing the results of operations from the Operating Partnerships for the Three months ended March 31, 2003 and 2002 numerous variances, some material in nature, exist. The variances, in most cases, are the result of a number of factors including an increase in the number of Operating Partnerships owned, an increase in the number which have completed construction, and an increase in the number which have completed the lease-up phase.

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the fiscal year ended March 31, 2004 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. No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually.

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

Liquidity

The Fund's primary source of funds is the proceeds of its Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment and on working capital (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

Boston Capital Tax Credit Fund IV LP and other Funds sponsored and offered by Boston Capital Services, Inc. have entered into a line of credit financing agreement with Fleet National Bank whereby they can collectively borrow up to $40 million for up to 180 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank. As of June 30, 2003 Boston Capital Tax Credit Fund IV LP did have any amounts outstanding on the line of credit.

The Fund is currently accruing the fund management fee for Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 29, Series 30, Series 32, Series 33, Series 34, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43 and Series 44. The fund is also accruing a portion of the fund management fee for Series 35. Pursuant to the Partnership Agreement, such liabilities will be deferred until the Fund receives sales or refinancing proceeds from the Operating Partnerships, which will be used to satisfy such liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations.

Capital Resources

The Fund offered BACs in a 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 and $27,019,730 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, 2,630,257, 2,891,626, 2,744,262, 3,637,987 and 2,701,973 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 and Series 44, respectively, as of June 30, 2003.

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 $28,614,472.

During the quarter ended June 30, 2003, Series 20 did not record any releases of capital contributions. Series 20 has outstanding contributions payable in the amount of $388,026 as of June 30, 2003. Of the amount outstanding, $252,771 has been advanced to the Operating Partnerships. The advances will be converted to capital and the remaining contributions of $132,255 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 21

The Fund commenced offering BACs in Series 21 on July 1, 1994. Offers and sales of BACs in Series 21 were completed on December 31, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,730.

During the quarter ended June 30, 2003, Series 21 did not record any releases of capital contributions. Series 21 has outstanding contributions payable in the amount of $457,642 as of June 30, 2003 all of which has been loaned to the Operating Partnerships. The loans will be converted to capital proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 22

The Fund commenced offering BACs in Series 22 on October 10, 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.

During the quarter ended June 30, 2003, Series 22 recorded releases of capital contributions of $1,500. Series 22 has outstanding contributions payable in the amount of $479,496 as of June 30, 2003. Of the amount outstanding, $450,981 has been loaned to the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $28,515 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on September 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.

During the quarter ended June 30, 2003, Series 23 did not record any releases of capital contributions. Series 23 has outstanding contributions payable of $117,797 as of June 30, 2003, all of which has previously been advanced or loaned to the Operating Partnerships. The advances and loans will be converted to capital when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

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 $15,980,237.

During the quarter ended June 30, 2003, Series 24 did not record any releases of capital contributions. Series 24 has outstanding contributions payable in the amount of $368,239 as of June 30, 2003. Of the amount outstanding, $358,239 has been advanced or loaned to some of the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $10,000 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 25

The Fund commenced offering BACs in Series 25 on December 31, 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 $22,472,722.

During the quarter ended June 30, 2003, Series did not record any releases of capital contributions. Series 25 has outstanding contributions payable in the amount of $943,704 as of June 30, 2003. Of the amount outstanding, $706,465 has been advanced or loaned to some of the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $237,239, will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

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 25, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,390,862.

During the quarter ended June 30, 2003, Series 26 did not record any releases of capital contributions. Series 26 has outstanding contributions payable in the amount of $1,475,380 as of June 30, 2003. Of the amount outstanding, $1,400,060 has been advanced or loaned to some of the Operating Partnerships. In addition, $30,031 has been funded into escrow accounts on behalf of other Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $75,320, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their Partnership agreements.

Series 27

The Fund commenced offering BACs in Series 27 on June 24, 1996. Offers and sales of BACs in Series 27 were completed on September 17, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,901,046.

During the quarter ended June 30, 2003, Series 27 did not record any releases of capital contributions. Series 27 has outstanding contributions payable in the amount of $39,749 as of June 30, 2003. Of the amount outstanding, $6,500 has been advanced to the Operating Partnerships. The advances will be converted to capital and the remaining contributions of $33,249 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 28

The Fund commenced offering BACs in Series 28 on December 31,1996. 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 $29,261,233.

During the quarter ended June 30, 2003, Series 28 recorded capital contribution releases of $32,081. Series 28 has outstanding contributions payable in the amount of $116,702 as of June 30, 2003. The remaining contributions will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

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 10, 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.

During the quarter ended June 30, 2003, Series recorded capital contribution releases of $202,008. Series 29 has outstanding contributions payable in the amount of $102,762 as of June 30, 2003. Of the amount outstanding, $20,935 has been loaned to the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $81,827 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their 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 $19,492,770.

During the quarter ended June 30, 2003, Series 30 recorded capital contribution releases of $6,144. Series 30 has outstanding contributions payable in the amount of $128,167 as of June 30, 2003. The remaining contributions will be released from available net offering proceeds and collection of account receivable, when the Operating Partnerships have achieved the conditions set forth in their 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.

During the quarter ended June 30, 2003, Series 31 recorded capital contribution releases of $10,000. Series 31 has outstanding contributions payable in the amount of $695,771 as of June 30, 2003. Of the amount outstanding, $615,674 has been advanced or loaned to some of the Operating Partnerships. In addition, $25,000 has been funded into an escrow account on behalf of one of the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $80,097, will be released from the escrow account and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their 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 16 Operating Partnerships in the amount of $34,121,207. The series has also purchased assignments 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. Under the terms of the Assignments of Membership Interests dated December 1, 1998 the series is entitled to certain profits, losses, tax credits, cash flow, proceeds from capital transactions and capital account as defined in the individual Operating Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment.

During the quarter ended June 30, 2003, Series 32 recorded capital contribution releases of $7,089. Series 32 has outstanding contributions payable in the amount of $929,074 as of June 30, 2003. Of the amount outstanding, $488,244 has been loaned or advanced to the Operating Partnerships. In addition, $125,000 has been funded into escrow accounts on behalf of other Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $440,830 will be released from the escrow accounts, available net offering proceeds and collection of accounts receivable, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

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 $19,614,594.

During the quarter ended June 30, 2003, Series 33 did not record any releases of capital contributions. Series 33 has outstanding contributions payable in the amount of $202,285 as of June 30, 2003. Of the amount outstanding, $74,635 has been loaned to the Operating Partnerships. In addition, $125,000 has been funded into an escrow account on behalf of other Operating Partnerships. The loans will be converted to capital and the remaining contributions of $127,650, will be released from the escrow account and available net offering proceeds, 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 $25,754,977.

During the quarter ended June 30, 2003, Series 34 recorded capital contribution releases of $10,000. Series 34 has outstanding contributions payable to the Operating Partnerships in the amount of $85,968 as of June 30, 2003. The remaining contributions of will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

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 25, 1999. The fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,147,034.

During the quarter ended June 30, 2003, Series 35 did not record any releases of capital contributions. Series 35 has outstanding contributions payable in the amount of $603,740 as of June 30, 2003. Of the amount outstanding, $422,172 has been loaned to some of the Operating Partnerships. In addition, $10,855 has been funded into escrow accounts on behalf of other Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $181,568, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

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.

During the quarter ended June 30, 2003, Series 36 recorded capital contribution releases of $22,432. Series 36 has outstanding contributions payable in the amount of $657,998 as of June 30, 2003 all of which has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to capital when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

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, 1999. The fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,725,646.

During the quarter ended June 30, 2003, Series recorded capital contribution releases of $101,403. Series 37 has outstanding contributions payable in the amount of $1,842,907 as of June 30, 2003. Of the amount outstanding, $1,733,152 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $109,755, will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. In addition the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a 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, 2003, Series 38 recorded capital contribution releases of $7,651. Series 38 has outstanding contributions payable in the amount of $117,735 as of June 30, 2003. The remaining contributions will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492 as of June 30, 2003. In addition the Fund committed and used $192,987 of Series 39 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, 2003, Series 39 recorded capital contribution releases of $8,036. Series 39 has outstanding contributions payable in the amount of $153,767 as of June 30, 2003. The remaining contributions will be released from available net offering proceeds and collections of accounts receivable when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

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 $19,043,469 as of June 30, 2003. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire limited partnership equity 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.

During the quarter ended June 30, 2003, Series 40 recorded capital contribution releases of $7,204. Series 40 has outstanding contributions payable in the amount of $623,552 as of June 30, 2003. Of the amount outstanding, $483,555 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $139,997 will be released from available net offering proceeds and collections of notes and accounts receivable, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

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 $21,277,513. In addition, the Fund committed and used $195,249 of Series 41 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, 2003, Series 41 recorded capital contribution releases of $1,202,170. Series 41 has outstanding contributions payable in the amount of $1,860,017 as of June 30, 2003. Of the amount outstanding, $548,553 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $1,311,464, will be released from collections of notes and accounts receivable and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

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 22 Operating Partnerships in the amount of $20,606,499.

During the quarter ended June 30, 2003, Series 42 recorded capital contribution releases of $2,366,662. Series 42 has outstanding contributions payable in the amount of $6,946,554 as of June 30, 2003. Of the amount outstanding, $3,794,113 has

been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $3,152,441 will be released from available net offering proceeds and collection of notes and accounts receivable, when the Operating Partnerships have achieved the conditions set forth in their 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 December 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 19 Operating Partnerships in the amount of $21,110,030. In addition, the Fund committed and used $1,073,611 of Series 43 net offering proceeds to acquire limited partnership equity 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.

During the quarter ended June 30, 2003, Series 43 recorded capital contribution releases of $3,845,660. Series 43 has outstanding contributions payable in the amount of $9,505,967 as of June 30, 2003. Of the amount outstanding, $3,733,440 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $5,772,527 will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 44

The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BCAs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 6 Operating Partnerships in the amount of $11,533,929. In addition, the Fund committed and used $164,164 of Series 44 net offering proceeds to acquire limited partnership equity 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.

During the quarter ended June 30, 2003, Series 44 recorded capital contribution releases of $1,939,920. Series 44 has outstanding contributions payable in the amount of $8,444,490 as of June 30, 2003. Of the amount outstanding, $1,483,915 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $6,960,575 will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Line of Credit

Boston Capital Tax Credit Fund IV LP and other Funds sponsored and offered by Boston Capital Services, Inc. have entered into a line of credit financing agreement with Fleet National Bank whereby they can collectively borrow up to $40 million for up to 90 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank. As of June 30, 2003 Boston Capital Tax Credit Fund IV LP did not have any amounts outstanding on the line of credit.

Results of Operations

As of June 30, 2003 and 2002 the Fund held limited partnership interests in 466 and 421 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 hereinafter 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 believes that there is adequate casualty insurance on the properties.

The Fund's results of operations for future periods will vary significantly from those for the period ended June 30, 2003 as Series 42, Series 43 and Series 44 continue to use the funds raised to invest in partnership interests of additional Operating Partnerships, and the Fund begins to admit investors in Series 45.

The variance in net loss per BAC for Series 33 through Series 41 of the Fund for the current three-month period to the prior three-month period is a mainly a result of a decrease in interest income and a variance in the losses from Operating Partnerships reported by each series. Interest income reported is expected to decrease for each series from year to year as limited partner contributions raised in the first year are expended on payments to Operating Partnerships in subsequent years. Losses reported from Operating Partnerships are expected to fluctuate until the series has fully invested in its Operating Partnerships and they achieve stabilized operations.

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 certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred for the quarter ended June 30, 2003 for 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 and Series 43 were $68,618, $56,460, $60,432, $56,816, $27,553, $49,278, $98,573, $69,978, $60,322, $70,896, $48,912, $95,479, $58,161, $43,491, $66,715, $52,090, $30,418, $44,238, $20,198, $28,765, $44,170, $68,010, $34,857, $35,187 and $16,746 respectively.

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

Series 20

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 24 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 20 reflects a net loss from Operating Partnerships of $154,304. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $389,649. This is an interim period estimate; it is not indicative of the final year end results.

Series 20 reported a decrease in net loss per BAC in the current three-month period from the prior three-month period. The decrease is mainly a result of the Series no longer recording a portion of the operations of 3 of the Operating Partnerships in the current three-month period. A portion of the remaining credits for these 3 Operating Partnerships were sold to a new Investment Limited Partner in the current quarter. For further information refer to the disclosure on Breeze Cove Limited Partnership.

Series 20 has invested in 4 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The Operating Partnerships are Coushatta Seniors II Apartments, Floral Acres Apartments II, Harrisonburg Seniors Apartments and Shady Lane Apartments. The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 112 apartment units in total. The low income housing tax credit available annually to Series 20 from the Calhoun Partnerships is approximately $143,240, which is approximately 3% of the total annual tax credit available to investors in Series 20.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 20 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective Partnerships, thereby improperly inflating the cost certif ication and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming. Sentencing is scheduled for late September, 2003 and is likely to involve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

The Investment General Partner and its affiliates have has also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Breeze Cove Limited Partnership (Breeze Cove Apartments) operated significantly below breakeven due to high debt, high operating expenses, low occupancy, and poor tenant rental collections. The Investment General Partner and the Operating General Partner, an affiliate of the Investment General Partner, successfully negotiated a debt restructure with US Bank which closed in the fourth quarter of 2002. The agreement called for a pay down of the mortgage balance from $2,650,000 to $1,850,000; the establishment of a $100,000 operating reserve; a recasting of the debt over a thirty year payment schedule with a maturity of January 2, 2010; and a reduction of the interest rate from a fixed 9% to a floating rate of prime plus 2.5% through December 8, 2003, then prime plus 3%. In order to fund the debt paydown and operating escrow, Series 20 sold 33.33% of its interest in 3 Operating Partnerships to Series 41 on April 1, 2003. Since the debt restructure needed to be funded prior to the April 1, 2003 transfer date, Series 41 loaned the sales proceeds to the Operating Partnership at the time of the debt restructure. The only alternative to the debt restructure would have been bankruptcy and a costly Chapter 11 filing. The outcome to such a filing was likely to be negative and would have included a recapture of credits previously taken by the Series 20 investors. The Investment General Partner believed it was in the best interest of the Series 20 investors to avoid recapture by selling a portion of their future credits and using the proceeds to complete the debt restructure. Future tax credit benefits estimated to be $.3184 per BAC will not be realized by the investors in Series 20, however, the consequences of recapture and penalties to the investors, estimated to be approximately $.6825 per BAC, were avoided.

Effective January 25, 2003, East Douglas Apartments Limited Partnership (East Douglas Apartments) retained SanMar Properties for property management. Physical occupancy in 2002 averaged 94% and has averaged 95% through June 2003. The property passed the 2003 compliance inspection performed by Illinois Housing Development Authority (IDHA), the state agency responsible for monitoring tax credit compliance. The Operating Partnership petitioned HUD and IHDA to increase rents in late 2001. IHDA denied that and subsequent requests to increase rents citing the HOME Loan rent restrictions. In the second quarter of 2003, IHDA finally responded favorably to the Partnership's most recent request for a rent rate increase. Although the increase averaged less than 2% for all unit styles combined, IHDA's willingness to grant the increase is taken as an indication they have recognized that the property is operating smoothly and is in full compliance with the IHDA guidelines. The Partnership is already working with IH DA to secure another rent increase as soon as possible. The Operating Partnership is also working with the city to secure historical preservation funding to assist with the cost of restoring original windows and needed tuck-pointing of the brick exterior walls. Historically, the mortgage company has been reluctant to utilize replacement reserve funds for this purpose. However, in recent discussions, the mortgage company has indicated a willingness to review a proposal. There was a small kitchen fire in April 2003 that resulted in minor fire damage to one unit and water damage to two others. The total cost of the repairs was slightly higher than the insurance deductible of $10,000. It was not, however, worth filing a claim. As a result of the need to fund these repairs from operations, the property was faced with a temporary cash flow shortage. In response to this need, the ILP loaned the Partnership $9,983 to be repaid with proceeds from the TIF refund in the fourth quarter of 2003. The mortgage, pr operty taxes, insurance expense and accounts payable are all current as of June 30, 2003.

Series 21

As of the June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 21 reflects a net loss from Operating Partnerships of $267,443. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss from operations of $45,328. This is an interim period estimate; it is not indicative of the final year end results.

Series 21 reported an increase in net loss per BAC in the current three-month period from the prior three-month period. The increase is mainly a result of an increase in the net losses from the Operating Partnerships. The Series did not include the operations of one of the Operating Partnerships, Atlantic City Housing, in the prior three-month period, as its continuation as an Operating Partnership in Series 21 was uncertain last year. More recent developments with the Operating Partnership, further disclosed below, indicate that at least a portion of its operations will continue to effect the operations of the Series. Therefore, the losses from the Operating Partnership have been included in the current quarter operations.

Atlantic City Housing Urban Renewal Associates L.P. (Atlantic City Apartments) continued to operate below breakeven for the second quarter of 2003. The Operating Partnership filed for protection under Chapter 11 of the Bankruptcy Code in June of 2001. Two bondholder entities, PCM and Green Leaf Construction, had filed objections to the Operating Partnership's proposed reorganization plan and announced that competing plans would be proposed. However, the Investment Limited Partner is negotiating with Green Leaf to join with it and a not-for-profit community development corporation, Vision 2000, to submit a revised plan and the withdrawal of Green Leaf's objection to the current plan. Throughout the quarter, court hearings, legal filings and numerous drafts were developed. It is anticipated that a revised Plan will be submitted during the third quarter that will reflect $1,500,000 in payment to the bondholders. The bankruptcy court has continued to authorize cash collateral for payment of the property oper ating expenses. Occupancy for the second quarter of 2003 decreased to 67%. The City of Atlantic City Housing Authority will not approve any further rental of the vacant units until all code violations are addressed. Funds for these repairs are provided for in the Plan. The Operating General Partner is diligently working toward resolving these issues, but has limited capital with which to complete the required repairs. One component of the Reorganization Plan is the funding of $500,000 from the Investment Limited Partner. Partial sale of remaining credits and advances from the series will be the source of this contribution. The timeline for bondholder voting and Plan confirmation by the Bankruptcy Court is expected to be during the third quarter 2003.

Centrum Fairfax LP (Forest Glen at Sully Station)is a 119-unit senior complex located in Fairfax, VA. This property continues to experience low occupancy. In 2002, average physical occupancy was 83%. The occupancy continues to decline in 2003. Average occupancy declined to 75% in the second quarter of 2003. The management company is offering concession on the apartment types that are not leasing. In 2003 the management company will continue working to attract prospective tenants and improve occupancy by increasing the advertisements and promotions, organizing monthly events at the property and creating resident referral programs. The property is in excellent physical condition. The Operating General Partners continue to fund operating deficits in accordance with the Partnership Agreement; however, the guarantee is due to expire in the third quarter 2003. The mortgage, taxes, insurance and payables are current.

Pumphouse Crossing II, LP (Pumphouse Crossing II Apartments) is a 48-unit, family property located in Chippewa, Wisconsin. The property operated with an average occupancy of 79% for the year 2002. The occupancy has increased to an average of 88% through the second quarter of 2003. The operating expenses are below the state average. As a result of the high vacancy rate and the low rental rates in the area, the property did not achieve breakeven operations in the first quarter of 2003. The management company continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The Operating General Partner continues to financially support the Operating Partnership. The mortgage, taxes, insurance and payables are current.

Black River Run, LP (River Run Apartments) is a 48-unit, family property located in Black River Falls, Wisconsin. The property operated with an average occupancy of 86% for the year 2002. The occupancy has increased to an average of 93%, through the second quarter of 2003. The operating expenses are below the state average. Although the occupancy increased slightly, the low rental rates in the area prevented the property from achieving breakeven operations through the second quarter of 2003. The management agent continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The Operating General Partner continues to financially support the partnership. The mortgage, taxes, insurance and payables are current.

Lookout Ridge LP (Lookout Ridge Apts.) is a 30 unit development located in Covington, KY. Average occupancy of the property is high at 99%, but it is unable to support its operations due to high operating expenses and low rental rates. It is currently operating with a debt coverage ratio of .27 and has outstanding payables of $59,000. Operating expenses of $4,347 per unit are very high for the area and must be reduced significantly in order for the property to break even. The Operating General Partner indicated that a portion of the high expenses have been attributable to improper tenant screening by the management company, which resulted in high turnover and repair cost. The screening problem has since been corrected. The Investment General Partner conducted a site visit at the property on in July 2003 and found the property in good condition. In an attempt to control operating expenses, the full time maintenance person was let go and the property manager's hours have been reduced from 40 to 20. The managem ent agent has also implemented a $40 per unit, per month rent increase. The property's operating reserve account has a balance of $33,940, and the Operating General Partner has an obligation to fund any operating deficits through 2007.

Pinedale II, LP (Pinedale Apartments II) is a 60-unit, family property located in Menomonie, Wisconsin. The property operated with an average occupancy of

95% for the year 2002. Occupancy has decreased to an average of 91% through the second quarter of 2003. The property's operating expenses are below the state average. Despite occupancy in the 90's, low rental rates in the area prevented the property from achieving breakeven operations through the second quarter of 2003. The management agent continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The Operating General Partner continues to financially support the partnership. The mortgage, taxes, insurance and payables are current.

Series 22

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 29 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 22 reflects a net loss from Operating Partnerships of $256,760. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $170,114. This is an interim period estimate; it is not indicative of the final year end results.

Roxbury Veterans Housing, Limited Partnership (Highland House) is a 14 unit property located in Roxbury, Massachusetts. The Operating General partner has been very inconsistent in reporting occupancy and operational numbers to the Investment General Partner. In addition, the Investment General Partner identified potential discrepancies in the tax returns submitted and is currently working with the Operating General Partner to resolve these issues.

Series 23

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 23 reflects a net loss from Operating Partnerships of $287,413. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $152,789. This is an interim period estimate; it is not indicative of the final year end results.

Series 23 has invested in 2 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The Operating Partnerships are Mathis Apartments. Ltd. and Orange Grove Seniors. The affordable housing properties owned by the Calhoun Partnerships are located in Texas and consist of approximately 56 apartment units in total. The low income housing tax credit available annually to Series 23 from the Calhoun Partnerships is approximately $73,077, which is approximately 2% of the total annual tax credit available to investors in Series 23.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 23 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certi fication and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

South Hills Apartments L.P. (South Hills Apartments) is a 72-unit, family property located in Bellevue, Nebraska. The property operated with an average occupancy of 83% in 2002. The average occupancy improved slightly to 86% through June 30, 2003. There were several evictions in 2002 and during the first half of 2003 due to non-payment of rents and other lease violations. Currently, there is a nine-month waiting list for housing authority subsidized rental assistance. There are few qualified prospective residents that can afford the tax credit rents without rental assistance. The management company continues to offer rental concessions to increase applicant traffic. The Operating General Partner continues to fund the operating deficits, as needed. The property's mortgage, taxes and insurance are all current.

Series 24

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 99.9%. The series had a total of 23 properties at June 30, 2003. Out of the total 22 were at 100% Qualified Occupancy.

For the three months being reported Series 24 reflects a net loss from Operating Partnerships of $167,838. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $173,459. This is an interim period estimate; it is not indicative of the final year end results.

Series 24 has invested in Zwolle Partnership, A LA Partnership in Commendam (the "Calhoun Partnership") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The affordable housing property owned by the Calhoun Partnership is located in Louisiana and consist of approximately 32 apartment units in total. The low income housing tax credit available annually to Series 24 from the Calhoun Partnership is approximately $39,393, which is approximately 1% of the total annual tax credit available to investors in Series 24.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was

under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 24 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

Elm Street Associates Limited Partnership (Elm Street Apartments) is located in Yonkers, New York. The neighborhood has been a difficult one in which to operate due in part to high crime. Almost all tenants have some public subsidy, making this a very management-intensive property. Poor tenancy has historically resulted in operating deficits. Management issues, including poor rent collections and deferred maintenance, had negatively impacted the property. Consequently, the existing management company was replaced by Westhab, Inc. on January 1, 2003. Westhab is a non-profit housing developer and manager dedicated to providing housing for low income residents of Westchester County. An affiliate of Westhab also was admitted as a replacement Operating General Partner on January 1, 2003.

Subsequent to the Westhab takeover, property operations have improved markedly. Physical occupancy at the property through the second quarter of 2003 ranged from 94% to 97%. Westhab however may need to evict some of the current residents in order to complete the process of restablizing the property.

In early February 2002, the Operating Partnership concluded a restructure of the first mortgage loan with the loan servicer, Community Preservation Corporation (CPC). The loan had been in default for more than a year. The newly restructured loan has a lower loan balance, a longer amortization schedule and a lower interest rate, which will make the loan more affordable to the Partnership. Series 24 has contributed approximately $35,000 to the restructure of the Partnership and the first mortgage loan. It is anticipated that Westhab will continue the stabilization process and that going forward the property will operate at or near breakeven.

Los Lunas Apartments Limited (Hillridge Apartments) was foreclosed upon on January 14, 2002 by New Mexico Housing Finance Authority. In the third quarter of 2002, the Investment General Partner was successful in rescinding the foreclosure sale by restructuring the debt. In order to fund the debt restructure, Series 24 sold 33.33% of its interest in 5 Operating Partnerships to Series 42 on April 1, 2003. Since the debt restructure needed to be funded prior to the April 1, 2003 transfer date, Series 42 loaned the sales proceeds to the Operating Partnership at the time of the debt restructure. The purpose of the rescission was to avoid the consequences of a recapture of the credits previously taken by Series 24, thereby protecting the yield to its investors. Future tax credit benefits that were sold to Series 42, estimated to be $.487 per BAC, will not be realized by the investors in Series 24, however, the consequences of recapture and penalties to the investors, estimated to be approximately $.568 per BAC , were avoided.

North Hampton Place Limited Partnership (North Hampton Place), located in Columbia, Missouri, operated below breakeven during 2002 and the first and second quarters of 2003. The main reason for its continuing cash deficit is low occupancy, which averaged 87% for the first quarter of 2003, 97% for the second quarter and 71% overall in 2002, and high operating expenses. The mortgage was refinanced in the fourth quarter of 2002 with a more favorable interest rate and amortization period, and this should help to alleviate the property's cash deficit. To address the low occupancy at the property, the management company replaced the site manager. New management is marketing the property to possible tenants through newspapers, churches and civic groups and occupancy had improved to 97% at June 30, 2003. The property's mortgage, taxes and insurance are all current.

Series 25

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 99.9%. The series had a total of 22 properties at June 30, 2003. Out of the total 21 were at 100% Qualified Occupancy.

For the three months being reported Series 25 reflects a net loss from Operating Partnerships of $323,669. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $198,194. This is an interim period estimate; it is not indicative of the final year end results.

Ohio Investors Limited Partnership (Washington Arms) is a 93 unit property located in Dayton, Ohio. The property operated significantly below breakeven due to low occupancy, low rental rates, and high debt service. Average occupancy for the second quarter of 2003 was 86%. The management company attributes the low occupancy to high turnover. The project requested a rent increase; however, the project is currently charging the maximum allowable rent possible, per section 8 requirements. Average physical occupancy for 2002 was 92%, and the property expended cash of just over $50,500. The Operating General Partner contributed $57,500 to the property during 2002 to cover the excess expenses, despite the fact that his guarantee expired in September of 2001. The Operating General Partner tried to restructure the debt with the current lender, Key Bank; however, was unable to agree upon the terms with the lender. Therefore, the Operating General Partner continues to fund operating deficits and as of the se cond quarter of 2003, the General Partner has funded a total of $40,000 to the property for operating shortfalls in 2003.

Sutton Place Apartments, L.P. (Sutton Place Apartments) is a 357 unit apartment complex in Indianapolis, Indiana. The property operated with an average occupancy rate of 95% in 2002 compared to an average of 93% for the

year that ended December 31, 2001. Economic occupancy also improved and, through December 31, 2002 it was 95%. Despite this improvement in overall operations during 2002 the property was still unable to support its operations. Current year performance through June 2003 has been disappointing as occupancy has decreased to 91%. Based upon its second quarter 2003 year to date performance, it is anticipated that the property will experience a slight decline in revenue in 2003 due to lower than expected occupancy. Management believes that stability in the office staff and maintenance staff will result in occupancy increasing throughout the remainder of 2003.

The property still suffers somewhat from high maintenance expenses as a result of tenant abuse and unit turnover, but the property was able to control operating expenses throughout 2002 and has continued to do so through the second quarter of 2003. The Operating General Partner is obligated under his guarantee to fund operating deficits and in 2002 he funded $96,250. The mortgage, taxes and insurance are all current.

352 Lenox Associates, LP, (Lenox Avenue Apartments) is an 18 unit property located in Manhattan, NY. During 2002, the property operated below breakeven, primarily as a result of high operating expenses. The property has an inefficient gas fired boiler, which failed in December 2002 and had to be replaced. As of June 30, 2003, the property has negative cash flow resulting in high payables and insufficient working capital. A fire on the property in May partially destroyed some of the common area hallways. An insurance claim has been filed and renovations will be paid for from the proceeds. The physical occupancy at the property has been consistently strong since inception, averaging 98%. At the end of the second quarter 2003, occupancy is 100%. The Investment General Partner is working with the Operating General Partner to decrease operating expenses and stabilize the property. The Operating General Partner is funding all operating deficits. The mortgage, taxes, and property insurance are all current.

M.R.H., L.P. (The Mary Ryder Home), a 48 unit property located in St. Louis, MO, received a 60-day letter issued by the IRS proposing to reduce the amount of low income housing tax credits allowable because it asserts that certain fees and other expenditures were not includible in the eligible basis of the property. The 60-day letter was the result of an IRS audit of the Operating Partnership's books and records. As a result of their audit, the IRS has proposed an adjustment that would disallow approximately 18% of past and future tax credits. The adjustment would also include interest. The Investment General Partner and its counsel along with the Operating General Partner and its counsel filed an appeal on June 30, 2003 and continue negotiations with the IRS Appeals Office."

Series 26

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 45 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 26 reflects a net loss from Operating Partnerships of $540,020. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $185,260. This is an interim period estimate; it is not indicative of the final year end results.

Series 26 has invested in 6 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The operating partnerships are Bearuegard Apartments Partnership, Brookhaven Apartments Partnership, Butler Estates, Cameron Apartments Partnership, Southwind Apartments and TR Bobb Apartments A LDHA. The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 191 apartment units in total. The low income housing tax credit available annually to Series 26 from the Calhoun Partnerships is approximately $617,547, which is approximately 13% of the total annual tax credit available to investors in Series 26.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Oartnerships in which Series 26 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certi fication and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Warrensburg Heights, Limited Partnership, (Warrensburg Heights) located in Warrensburg, Missouri, operated below breakeven during 2002 and the first and second quarters of 2003. The main reason for its continuing cash deficit is low occupancy, which averaged 80% for the second quarter of 2003 and 89% overall in 2002, and high operating expenses. High turnover at the property has caused occupancy levels to stagnate, and operating expenses were high during the first quarter due to the high turnover. During the fourth quarter of 2002, the site manager at the property was replaced, and the property is being marketed through newspapers, churches and civic groups. The new site manager is implementing better screening to improve tenant selection and reduce turnover.

Country Edge LP (Country Edge Apts.) is a 48 unit property located in Fargo, North Dakota. During 2002, the property operated below breakeven, primarily due to strong competition stemming from a significant increase in newer tax credit properties with more amenities in Fargo. The significant increase in competition has negatively impacted the occupancy at the property. As a result of the negative cash flow, the property had insufficient working capital during the year. During 2002, the Operating General Partner decreased rents and implemented concessions to stabilize occupancy, which averaged 90% for the year. As of June 30, 2003, occupancy was 87%. The property continues to operate below breakeven 2003 due to lower occupancy and continued reduced rents and concessions. The Investment General Partner will continue to work with the Operating General Partner to stabilize the occupancy. The Operating General Partner continues to fund all operating deficits, despite the expiration of their guarantee. The mortgage, trade payables, property taxes, and insurance are current.

Grandview Apartments (Grandview Apts.) is a 48 unit property located in Fargo, North Dakota. During 2002, the property operated below breakeven primarily due to strong competition stemming from a significant increase in newer tax credit properties with more amenities in Fargo. The significant increase in competition has negatively impacted the occupancy at the property. During 2002, the Operating General Partner decreased rents and implemented concessions to stabilize occupancy, which averaged 87% for the year. As of June 30, 2003, occupancy was 93.75% The property continues to operate below breakeven during 2003 due to the continued reduced rents and concessions. The Investment Limited Partner will continue to work with the Operating General Partner to stabilize the physical occupancy. The Operating General Partner continues to fund all operating deficits, despite the expiration of their guarantee. The mortgage, trade payables, property taxes, and insurance are current.

Series 27

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 27 reflects a net loss from Operating Partnerships of $251,527. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $178,865. This is an interim period estimate; it is not indicative of the final year end results.

Series 27 has invested in Magnolia Place Apartments Partnership (the "Calhoun Partnership") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The affordable housing property owned by the Calhoun

Partnership is located in Mississippi and consist of approximately 40 apartment units in total. The low income housing tax credit available annually to Series 27 from the Calhoun Partnership is approximately $129,037, which is approximately 5% of the total annual tax credit available to investors in Series 27.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 27 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certi fication and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of

Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement of general partners noted above.

Angelou Court (Angelou Court Apts.) is a 23 unit property located in Harlem, New York. During 2002, the property operated below breakeven, primarily due to high operating expenses. Physical occupancy has been consistent at 100% since inception of the property. At the end of the second quarter 2003, occupancy was 100%. As of June 30, 2003 the property has negative cash flow resulting in insufficient working capital to cover trade accounts payable and an under-funded replacement reserve. Utility expenses will be reduced significantly as a result of the Operating General Partner charging the tenants for utilities as per the lease agreement. Additionally, the GP is reviewing all expenses to determine alternativies to improve cash flow. The Investment General Partner will work with the Operating General Partner to develop a plan to reduce operating expenses and stabilize the property. The Operating General Partner is responsible for funding all operating deficits and has an unlimited guarantee to the p roperty. The mortgage and property insurance are current. The property pays no property taxes as the result of a tax abatement.

Series 28

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 28 reflects a net loss from Operating Partnerships of $312,159. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $245,803. This is an interim period estimate; it is not indicative of the final year end results.

Series 28 has invested in 6 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The Operating Partnerships are Bienville III Apartments, Blanchard Partnership, Cottonwood Partnership, in Commendam, Evangeline Partnership, Jackson Place Apartments LP and Maplewood Apartments Partnership. The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 200 apartment units in total. The low income housing tax credit available annually to Series 28 from the Calhoun Partnerships is approximately $516,536, which is approximately 12% of the total annual tax credit available to investors in Series 28.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 28 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certi fication and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

1374 Boston Road L.P. (1374 Boston Road) is a 15 unit property located in New York City. During 2002 the property operated below breakeven, primarily due to high debt service and operating expenses. As of June 30, 2003 the property has negative cash flow resulting in insufficient working capital. In 2002, the property lost it's commercial tenant, which represented $30,000 per year in rental income. A new commercial tenant was put in place on July 1, 2003. Additionally, the property is implementing a 2%-4% rental rate increase effective July 1, 2003. The Investment General Partner will work with the Operating General Partner to develop potential refinance options and explore strategies to reduce operating expenses and stabilize the property. The Operating General Partner is responsible for funding all operating deficits. The mortgage, property taxes and insurance are current.

Series 29

As of June 30, 2003 and 2002 the average Qualified Occupancy for the Series was 100%. The series had a total of 22 properties at June 30, 2003 all of which were 100% Qualified Occupancy.

For the three months being reported Series 29 reflects a net loss from Operating Partnerships of $364,970. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $279,690. This is an interim period estimate; it is not indicative of the final year end results.

Series 29 has invested in 3 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The Operating Partnerships are Edgewood Apartments Partnership, Plametto Place Apartments and Westfield Apartments Partnership. The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 152 apartment units in

total. The low income housing tax credit available annually to Series 29 from the Calhoun Partnerships is approximately $603,385, which is approximately 14% of the total annual tax credit available to investors in Series 29.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 29 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certific ation and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Lombard Partners LP (Lombard Heights Apts.) located in Springfield, Missouri, operated below breakeven during the first quarter of 2003. The main reason for its continuing cash expenditure is its low occupancy, which averaged 88% for the first quarter. To address the low occupancy at the property, management is marketing the property through newspapers, churches and civic groups. The Operating General Partner is working closely with the management agent to ensure proper marketing of the property.

Series 30

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at June 30, 2003 all of which were at 100% Qualified Occupancy.

For the three months being reported Series 30 reflects a net loss from Operating Partnerships of $348,303. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $26,390. This is an interim period estimate; it is not indicative of the final year end results.

Mesa Grande, LP (Mesa Grande Apartments) is a 72-unit, family property located in Carlsbad, New Mexico. On May 2, 2003, a Form 8823 was issued by the New Mexico Mortgage Finance Authority for failure to pay the annual tax credit monitoring fee. The monitoring fee was paid the Operating General Partner and a correction to the Form 8823 was issued on July 8, 2003. The mortgage lender issued a default notice on April 2, 2003 for monetary and non-monetary defaults. Although the monetary defaults of the letter were resolved, the non-monetary default, not achieving a debt service coverage ratio of 1.15, has not been remedied. As a result, the Lender notified the Operating General Partner on June 16, 2003 of its right to accelerate the note. In addition, the semi-annual tax payment due in May 2003 is delinquent as well as the July 2003 mortgage payment. As a result of the defaults by the Operating General Partner and Management Company, which is a related entity of the Operating General Partner, the Invest ment General Partner is seeking to remove the current Management Company. With competent management, the Operating Partnership should be able to support its operations, however the Operating General Partner has resisted this change in management. As a result the Investment General Partner contacted the Non-Profit Co-Operating General Partner to seek approval to remove the current Management Company. The Non-Profit Operating General Partner agreed with the suggested change in Management on August 8, 2003, and actions are currently being pursued to make the change in management.

Sunrise Homes, LP (Broadway Place Apartments) is a 32-unit, family property located in Hobbs, New Mexico. On May 2, 2003, a Form 8823 was issued by the New Mexico Mortgage Finance Authority for failure to pay the annual tax credit monitoring fee. The monitoring fee was paid by the Operating General Partner and a correction to the Form 8823 was issued on July 8, 2003. The mortgage lender issued a default notice on April 2, 2003 for monetary and non-monetary defaults. Although the monetary defaults of the letter were resolved, the non-monetary default, not achieving a debt service coverage ratio of 1.15, has not been remedied. As a result, the Lender notified the General Partner on June 16, 2003 of its right to accelerate the note. In addition, the semi-annual tax payment due in May 2003 is delinquent as well as the July 2003 mortgage payment. As a result of the defaults by the Operating General Partner and Management Company, which is a related entity of the Operating General Partner, the Investment General Partner is seeking to remove the current Management Company. With competent management, the Operating Partnership should be able to support its operations, however the Operating General Partner has resisted this change in management. As a result the Investment General Partner contacted the Non-Profit Co-Operating General Partner to seek approval to remove the current Management Company. The Non-Profit Operating General Partner agreed with the suggested change in Management on August 8, 2003, and actions are currently being pursued to make the change in management.

JMC Limited Liability Company (Farwell Mills Apts.) is a 27-unit development located in Lisbon, ME. For the first 2 quarters of 2003, occupancy was 93%, which is consistent with past performance. The property has been unable to break even due to high operating expenses. In 2002, operating expenses were $4,827 per unit, which is $553 per unit higher than the Investment General Partner's state average of $4,274. Through the first two quarters of 2003 operating expenses are trending even higher. Despite favorable financing arrangements, the property is operating with a debt coverage ratio of .12. The Investment General Partner has been working closely with the management company to improve operations on this property. Despite the increase in 2003 operating expenses over 2002 levels, operating expenses during the second quarter decreased 11% over first quarter expenses. Effective June 1, 2003 the management company was able to secure a 4% increase from the Maine State Housing Authority in voucher amounts fo r the units. They have also transferred who they consider to be their best site manager to the property to improve operations and control operating expenses.

Linden Partners II (Western Trails Apartments II) is a 30-unit property located in Council Bluffs, IA, which suffered from high payables and high tenant account receivables in 2002. Although the occupancy was stabilized, there was a cash flow deficit as a result of high operating expenses. The tax expense for 2002 was paid in full along with the 2001 tax deficit. The property was reassessed in 2002 and the reassessed value decreased the annual tax liability. As of June 30, 2003, the accounts payable balance was reduced to $772 and the tenant receivables were only 8% of the monthly rental income. The year-to-date net income was $765 and the partnership had a debt service coverage ratio of 1.02. If operating and financial performance continue to improve, this Operating Partnership will no longer require special disclosure.

Series 31

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 27 properties at June 30, 2003 all of which were at 100% Qualified Occupancy.

For the three months being reported Series 31 reflects a net loss from Operating Partnerships of $546,576. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $333,950. This is an interim period estimate; it is not indicative of the final year end results.

Seagraves Apartments, Limited Partnership (Western Hills Apartments) is a 16-unit family property located in Ferris, TX. Occupancy averaged 91% in 2002, but extremely high utility expenses caused the property to operate below breakeven. Occupancy dropped to 83% for the first quarter 2003 due to a rental increase that was implemented in January 2003, but increased to 94% in the second quarter 2003. This increase in occupancy helped the property operate above breakeven in the second quarter of 2003. The Operating General Partner's focus is to increase occupancy to the mid 90s and reduce utility expenses. The Investment General Partner will continue to monitor this property on a monthly basis.

Series 32

As of June 30, 2003 and 2002, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at June 30, 2003, all of which were at 100% Qualified Occupancy

For the three months being reported Series 32 reflects a net loss from Operating Partnerships of $410,383. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $221,654. This is an interim period estimate; it is not indicative of the final year end results.

Series 32 has invested in 3 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The Operating Partnerships are Pearlwood Apartments LP, Pecan Manor Apartments and Pineridge Apartments Partnership. The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana or Mississippi and consist of approximately 120 apartment units in total. The low income housing tax credit available annually to Series 32 from the Calhoun Partnerships is approximately $537,868, which is approximately 11% of the total annual tax credit available to investors in Series 32.

In the summer of 2002, the US Attorney for the Western District of Louisiana

notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 32 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Series 32 invested in FFLM Associates an Operating Partnership that owns 3 limited partner interests, one of which is Carriage Pointe Investors, LP. Carriage Pointe Investors LP (Carriage Pointe Apartments) historically has suffered from negative cash flow, high accounts payables, and under-funded replacement reserves, in part due to the fact that the property only has 18 units. Several options were considered in recent months to improve the performance of the property, including replacement of the Operating General Partner and refinancing the first mortgage. Neither of these options proved to be viable. The Operating General Partner continues to fund all operating deficits and the first mortgage lender is content to leave the loan in place.

Martinsville I, Ltd. (Martinsville Apartments) is a 13-unit property located in Shelbyville, Kentucky. The property was 100% occupied and had positive cash flow through the second quarter of 2003. The Operating General Partner refuses to consider settling with plaintiffs in lawsuits regarding sub-contractor payment disputes. There has been no legal activity regarding these suits so far in 2003. The Operating General Partner has rebuffed attempts of the Investment General Partner to assist in settling the sub-contractor issues. So long as these matters are outstanding, the Operating General Partners' personal guarantees remain in place.

Indiana Development Limited Partnership (Clear Creek Apartments), located in North Manchester, Indiana is a 64-unit development. The occupancy level at this property declined to a second quarter 2003 average of 80%, resulting in below break even operations for the quarter. The Operating General indicated that the decline in occupancy is the direct result of hiring a new management company that has been focusing on evicting bad tenants. The Operating General Partner anticipates that occupancy will rebound over the next several months.

Series 33

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 33 reflects a net loss from Operating Partnerships of $149,734. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $147.264. This is an interim period estimate; it is not indicative of the final year end results.

Series 33 has invested in Forest Park Apartments (the "Calhoun Partnership") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The affordable housing property owned by the Calhoun Partnership is located in Louisiana and consist of approximately 40 apartment units in total. The low income housing tax credit available annually to Series 33 from the Calhoun Partnership is approximately $208,599, which is approximately 8% of the total annual tax credit available to investors in Series 33.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 33 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certi fication and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

management services for the apartment properties owned by the Calhoun Partnerships. Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Series 33 invested in FFLM Associates an Operating Partnership that owns 3 limited partner interests, one of which is Carriage Pointe Investors, LP. Carriage Pointe Investors LP (Carriage Pointe Apartments) historically has suffered from negative cash flow, high accounts payables, and under-funded replacement reserves, in part due to the fact that the property only has 18 units. Several options were considered in recent months to improve the performance of the property, including replacement of the Operating General Partner and refinancing the first mortgage. Neither of these options proved to be viable. The Operating General Partner continues to fund all operating deficits and the first mortgage lender is content to leave the loan in place.

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing), is a 20-unit property in Millinocket, ME providing congregate housing to seniors. Stearns Assisted Housing is the rehabilitation of the George Stearns High School. The building contains another property, which is affiliated with the Investment General Partner called Stearns Congregate Housing. The property had suffered from low occupancy and high operating expenses and has not been able to support its operations.

Through its marketing efforts the property has been able to improve occupancy which has averaged over 90% over the past 6 quarters. Operating expenses, however, continue to be an issue. Due to the inefficiency of the old building the property occupies, utility expenses are abnormally high. Through December 31, 2002 utility expense was $2,579 per unit. The Investment General Partner is currently working with management to investigate methods to reduce the property's utility expense.

Coastal Affordable, a non-profit organization, became a co-general partner in June 2002. The admission of the non-profit general partner allows the partnership to utilize a PILOT Program that will reduce real estate taxes from $40,000 to $20,000 annually. Until the property can substantially reduce its operating expenses, it will continue to operate at a loss. The property was recently granted a rent increase of $93 per month on 9 of its 20 units, which will help offset a portion of the unusually high utility expenses. The Operating General Partner is obligated, as part of his development guarantee, to fund all deficits.

Bradford Group Partners of Jefferson County, L.P. (Bradford Square North Apartments) is a 50 unit senior complex located in Jefferson City, TN. The occupancy at this property averaged 85% for 2002 decreasing from the 2001 average of 99%. Due to a downturn in the local economy, occupancy averaged 84% for the first quarter of 2003. Some vacating tenants moved into a nearby, subsidized housing project, which has rental assistance. The site manager was replaced in July of 2002. The new manager aggressively marketed the property, which resulted in an increase in occupancy in the second quarter to 89%. The taxes and insurance are being properly escrowed and the mortgage is current. Continued improvements in occupancy is expected.

Series 34

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 34 reflects a net loss from Operating Partnerships of $532,616. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $46,581. This is an interim period estimate; it is not indicative of the final year end results.

RHP 96-I Limited Partnership (Hillside Club Apartments), a 56-unit property located in Petosky, Michigan, operated below breakeven during the first quarter of 2003 as a result of a low occupancy, which averaged 64% for the first quarter of 2003. Occupancy improved to 77% in the second quarter of 2003. The Operating General Partner indicates that the local economy relies heavily on seasonal employment. These types of businesses have been negatively impacted by the overall downturn in the economy, which has resulted in higher than normal move outs at the property.

Series 35

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100% and 91.3%, respectively. The series had a total of 11 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 35 reflects a net loss from Operating Partnerships of $150,890. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss from operations of $218,858. This is an interim period estimate; it is not indicative of the final year end results.

Series 36

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 36 reflects a net loss from Operating Partnerships of $129,635. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $146,437. This is an interim period estimate; it is not indicative of the final year end results.

Series 36 has invested in 2 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The Operating Partnerships are Willowbrook Apartments Partnership and Wingfield Apartments LP. The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 80 apartment units in total. The low income housing tax credit available annually to Series 36 from the Calhoun Partnerships is approximately $382,522, which is approximately 18% of the total annual tax credit available to investors in Series 36.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 36 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certi fication and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Annadale Housing Partners (Annadale Apartments) has historically reported net losses due to operational issues associated with the property. As a result of efforts by the management company operations have improved significantly. Rental increases combined with improved collections, increased rental revenues by $96,611 in 2002. Expenses (particularly maintenance) saw increases in 2002. This is in part due to repairs mandated by the Housing Agency as a result of a site inspection done during 2002. Another factor affecting maintenance costs are the provisions of the loan documents, which stipulate that the Operating Partnership must spend a minimum of $55,000 per year on capital improvements funded from operations. As a result of the increased rental revenues, the property operated at breakeven despite the increase in expenses. A welfare tax exemption was approved in 2001, and the Partnership received a refund of $29,982 in January 2002. Occupancy averaged 88.29% in 2002, however, occupancy drop ped to 86% in December and has averaged only 82.21% through the second quarter of 2003. The majority of the vacancies are in the elderly designated units. Management is trying to broaden the scope of advertising to attract more potential residents to the site. Although operations have demonstrated significant improvement, the Investment General Partner will continue to monitor this Partnership until occupancy increases and stabilizes.

Series 37

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100% and 94.9%, respectively. The series had a total of 7 properties at June 30, 2003, all of which were at 100% Qualified Occupancy.

For the three months being reported Series 37 reflects a net loss from Operating Partnerships of $126,551. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $228,837. This is an interim period estimate; it is not indicative of the final year end results.

Series 38

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100% and 97.3%, respectively. The series had a total of 10 properties at June 30, 2003, all of which were at 100% qualified occupancy.

For the three months being reported Series 38 reflects a net loss from Operating Partnerships of $116,188. When adjusted for depreciation, which is a non-cash item, the Operating Partnerships reflect positive operations of $149,726. This is an interim period estimate; it is not indicative of the final year end results.

Series 38 has invested in 2 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The Operating Partnerships are Hammond Place Apartments Partnership and Willowbrook II Apartments Partnership. The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 80 apartment units in total. The low income housing tax credit available annually to Series 38 from the Calhoun Partnerships is approximately $386,388, which is approximately 16% of the total annual tax credit available to investors in Series 38.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner affiliate that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 38 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships. Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun. The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each o f the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement of general partners noted above.

Series 39

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100% and 93.9% respectively. The series had a total of 9 properties at June 30, 2003, all of which were at 100% Qualified Occupancy..

For the three months being reported Series 39 reflects a net loss from Operating Partnerships of $214,994. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive from operations of $13,520. This is an interim period estimate; it is not indicative of the final year end results.

Series 39 has invested in 2 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The Operating Partnerships are Tally-Ho II Partnership and Timber Trails I Partnership. The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 58 apartment units in total. The low income housing tax credit available annually to Series 39 from the Calhoun Partnerships is approximately $126,268, which is approximately 6% of the total annual tax credit available to investors in Series 39.

Partnerships (as well as with respect to approximately 38 other operating partnerships in which Series 39 is not an investor). The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

Series 40

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 100% and 95.6%, respectively. The series had a total of 16 properties at June 30, 2003, all of which at 100% Qualified Occupancy.

For the three months being reported Series 40 reflects a net loss from Operating Partnerships of $185,728. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $169,846. This is an interim period estimate; it is not indicative of the final year end results.

Series 40 has invested in 3 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The Operating Partnerships are Center Place Apartments II LP and Oakland Partnership. The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana or Texas and consist of approximately 126 apartment units in total. The low income housing tax credit available annually to Series 40 from the Calhoun Partnerships is approximately $255,292, which is approximately 10% of the total annual tax credit available to investors in Series 40.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation for each of the Calhoun Partnerships (as well as with respect to approximately 37 other operating partnerships in which Series 40 is not an investor). The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in

the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

Series 41

As of June 30, 2003 and 2002 the average Qualified Occupancy for the series was 98.1% and 94.0%. The series had a total of 23 properties at June 30, 2003. Out of the total 21 were at 100% Qualified Occupancy and 1 was in active lease-up. The Series also had 1 property that was still under construction at June 30, 2003.

For the three months being reported Series 41 reflects a net loss from Operating Partnerships of $389,860. When adjusted for depreciation, which is a non-cash item, the Operating Partnerships reflect a net loss from operations of $7,550. This is an interim period estimate; it is not indicative of the final year end results.

Series 41 has invested in 2 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The Operating Partnerships are Bienville Partnership and Red Hill Apartments I Partnership. The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 64 apartment units in total. The low income housing tax credit available annually to Series 41 from the Calhoun Partnerships is approximately $128,767, which is approximately 5% of the total annual tax credit available to investors in Series 41.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation for each of the Calhoun Partnerships (as well as with respect to approximately 38 other operating partnerships in which Series 41 is not an investor). The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its limited Partner, BCP/Fox Hollow LLC have filed a law suit against the former Operating General Partner and its affiliates for breaches of various agreements. The former Operating General Partner and its affiliates have filed a counter law suit against the Operating Limited Partnership, its Limited Partner and affiliates. The law suits are still in discovery stage. A trial date has been set for November 2003. The Investment General Partner believes the counter claim is without merit and intends to defend it position vigorously.

Series 42

As of June 30, 2003 the average Qualified Occupancy was 93.9%. The series had a total of 22 properties at June 30, 2003. Out of the total 15 were at 100% Qualified Occupancy and 6 were under construction as of June 30, 2003. The series also had one property with multiple buildings some of which were under construction and some of which were in active lease-up as of June 30, 2003. Since all of the properties acquired as of June 30, 2002 were under construction, there is no comparative information to report.

For the three months being reported Series 42 reflects a net loss from Operating Partnerships of $176,283. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $35,187. This is an interim period estimate; it is not indicative of the final year end results.

Series 42 has invested in 2 Operating Partnerships (the "Calhoun Partnerships") in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with or controlled by Riemer Calhoun (the "Riemer Calhoun Group"). The Operating Partnerships are Natchez Place II Partnership and Wingfield Apartments Partnership II. The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 74 apartment units in total. The low income housing tax credit available annually to Series 42 from the Calhoun Partnerships is approximately $286,417, which is approximately 13% of the total annual tax credit available to investors in Series 42.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation for each of the Calhoun Partnerships (as well as with respect to approximately 38 other operating partnerships in which Series 42 is not an investor). The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun's) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits. At the Investment General Partner and its affiliate's insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS. It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships. Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its limited Partner, BCP/Fox Hollow LLC have filed a law suit against the former Operating General Partner and its affiliates for breaches of various agreements. The former Operating General Partner and its affiliates have filed a counter law suit against the Operating Limited Partnership, its Limited Partner and affiliates. The law suits are still in discovery stage. A trial date has been set for November 2003. The Investment General Partner believes the counter claim is without merit and intends to defend it position vigorously.

Series 43

As of June 30, 2003 the average Qualified Occupancy was 84.8%. The series had a total of 19 properties at June 30, 2003. Out of the total 8 were at 100% Qualified Occupancy and 1 was in active lease-up. The series also had 8 properties that were still under construction and 2 properties with multiple buildings some of which were under construction and some of which were in lease-up at June 30, 2003. Since all of the properties were acquired after June 30, 2003, there is no comparative information to report.

For the three months being reported Series 43 reflects a net income from Operating Partnerships of $9,954. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $4,577. This is an interim period estimate; it is not indicative of the final year end results.

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its limited Partner, BCP/Fox Hollow LLC have filed a law suit against the former Operating General Partner and its affiliates for breaches of various agreements. The former Operating General Partner and its affiliates have filed a counter law suit against the Operating Limited Partnership, its Limited Partner and affiliates. The law suits are still in discovery stage. A trial date has been set for November 2003. The Investment General Partner believes the counter claim is without merit and intends to defend it position vigorously.

Series 44

As of June 30, 2003 the average Qualified Occupancy was 85.1%. The series had a total of 6 properties at June 30, 2003. Out of the total 2 were at 100% Qualified Occupancy and 1 was in active lease-up. The series also had 2 properties that were still under construction and 1 property with multiple buildings some of which were under construction and some of which were in lease-up at June 30, 2003. Since all of the properties were acquired after June 30, 2003, there is no comparative information to report.

Only one property had just begun initial lease-up as of March 31, 2003, therefore the series does not have any current operations to report.

Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the Partnership to make certain estimates and assumptions. A summary of significant accounting policies is provided in Note A to the financial statements. The following section is a summary of certain aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of Partnership's financial condition and results of operations. The Partnership 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 Partnership accounts for its investment in local partnerships in accordance with the equity method of accounting since the Partnership does not control the operations of an Operating Partnership.

If the book value of Partnership's investment in a Operating Partnership exceeds the estimated value derived by management, the Partnership reduces its investment in any such Operating Partnership and includes such reduction in equity in loss of investment in operating partnerships.

Item 3	Quantitative and Qualitative Disclosure About Market Risk

	Not Applicable

Item 4	Controls & Procedures

	(a)	Evaluation of Disclosure Controls and Procedures
		Within the 90 days prior to the date of this report, the Partnership's Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the Partnership's "disclosure controls and procedures" as defined in the Securities Exchange Act of 1934 Rules 13a-14(c) and 15(d)-14(c). Based on that evaluation, the Partnership's Chief Executive Officer and Principal Financial Officer have concluded that as of the date of the evaluation, the Partnership's disclosure controls and procedures were adequate and effective in timely alerting them to material information relating to the Partnership required to be included in the Partnership's periodic SEC filings.

	(b)	Changes in Internal Controls
		There were no significant changes in the Partnership's internal controls or in other factors that could significantly affect the Partnership's internal controls subsequent to the date of that evaluation.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

None

Item 2.

Changes in Securities

None

Item 3.

Defaults upon Senior Securities

None

Item 4.

Submission of Matters to a Vote of Security
Holders

None

Item 5.

Other Information

None

Item 6.

Exhibits and Reports on Form 8-K

(a)Exhibits

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

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

(b)Reports on Form 8-K

None

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 20, 2003		By:	/s/ John P. Manning John P. Manning

I, John P. Manning, certify that:

I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund IV L.P. (the "Fund");
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this quarterly report;
The Fund's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the Company and we have:

designed such disclosure controls and procedures to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
evaluated the effectiveness of the Fund's disclosure controls and procedures as of a date (the "Evaluation Date") within 45 days prior to the filing date of this quarterly report; and
presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

The Fund's other certifying officer and I have disclosed, based on our most recent evaluation, to the Fund's auditors and the audit committee of the Fund's board of directors (or persons performing the equivalent function):

all significant deficiencies in the design or operation of internal controls which could adversely affect the Fund's ability to record, process, summarize and report financial data and have identified for the Fund's auditors any material weaknesses in internal controls; and
any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund's internal controls; and

The Fund's other certifying officer and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the Evaluation Date, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: August 20, 2003	/s/ John P. Manning
	John P. Manning
	Director, President
	(Principal Executive
	Officer), C&M
	Management Inc.;

I, Marc Teal, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund IV L.P. (the "Fund");

Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this quarterly report;
The Fund's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the Company and we have:

designed such disclosure controls and procedures to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
evaluated the effectiveness of the Fund's disclosure controls and procedures as of a date (the "Evaluation Date") within 45 days prior to the filing date of this quarterly report; and
presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

The Fund's other certifying officer and I have disclosed, based on our most recent evaluation, to the Fund's auditors and the audit committee of the Fund's board of directors (or persons performing the equivalent function):

all significant deficiencies in the design or operation of internal controls which could adversely affect the Fund's ability to record, process, summarize and report financial data and have identified for the Fund's auditors any material weaknesses in internal controls; and
any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund's internal controls; and

The Fund's other certifying officer and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the Evaluation Date, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: August 20, 2003	/s/ Marc N. Teal
	Marc N. Teal, Chief Financial Officer

	Amortized Cost

Due in one year or less	$ 2,265,777
Due after one year	9,693,647
Total	$11,959,424

Item 1.	Legal Proceedings

	None

Item 2.	Changes in Securities

	None

Item 3.	Defaults upon Senior Securities

	None

Item 4.	Submission of Matters to a Vote of Security Holders

	None

Item 5.	Other Information

	None

Item 6.	Exhibits and Reports on Form 8-K

	(a)Exhibits

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

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

	(b)Reports on Form 8-K

			None