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          <PersonNm>CLARK CHAMBERS</PersonNm>
          <USAddress>
            <AddressLine1Txt>6340 WEST 38TH AVENUE SUITE 100</AddressLine1Txt>
            <CityNm>WHEAT RIDGE</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>80033</ZIPCd>
          </USAddress>
          <TitleTxt>FACILITY MANAGER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>63308</CompensationAmt>
          <EmployeeBenefitsAmt>10462</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>PROVIDING TAX CREDIT AND SUBSIDIZED HOUSING TO PERSONS 62 YEARS OR OLDER AND/OR PERSONS WITH QUALIFIED DISABILITIES</Description1Txt>
        <Expenses1Amt>358843</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>3307083</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>244428</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>3551511</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>3551511</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>53273</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>3498238</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>174912</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>174912</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>1955</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>1955</TotalTaxAmt>
        <DistributableBeforeAdjAmt>172957</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>172957</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>172957</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>211034</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>211034</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>172957</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>2140</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>211034</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>2140</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>172957</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>35937</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>35937</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>35937</ExcessDistriCyovToNextYrAmt>
        <ExcessFromCurrentYearAmt>35937</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <TotalGrantOrContriPdDurYrAmt>0</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <ProgramServiceRevenueDtl>
          <Desc>MANAGEMENT FEE</Desc>
          <BusinessCd>531110</BusinessCd>
          <RelatedOrExemptFunctionIncmAmt>152048</RelatedOrExemptFunctionIncmAmt>
        </ProgramServiceRevenueDtl>
        <ProgramServiceRevenueDtl>
          <Desc>PARTNERSHIP MANAGEMENT FEE</Desc>
          <BusinessCd>531110</BusinessCd>
          <RelatedOrExemptFunctionIncmAmt>4567</RelatedOrExemptFunctionIncmAmt>
        </ProgramServiceRevenueDtl>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>2835</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>91406</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>46418</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>K-1 - HIGHLAND WEST LLLP</Desc>
          <BusinessCd>531110</BusinessCd>
          <RelatedOrExemptFunctionIncmAmt>-28</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>140659</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>156587</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>297246</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>1A-C</LineNumberTxt>
          <RelationshipStatementTxt>OPERATION OF A 237-UNIT APARTMENT COMPLEX UNDER SECTION 221(D)(4) OF THE NATIONAL HOUSING ACT.</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <GeneralExplanationAttachment documentId="RetDoc2258700001">
      <GeneralExplanationGrp>
        <IdentifierTxt>SCHEDULE OF CONTROLLED ENTITIES</IdentifierTxt>
        <FormAndLineReferenceDesc>PART VII-A, LINE 11</FormAndLineReferenceDesc>
        <MediumExplanationTxt>NAME OF CONTROLLED ENTITY: HIGHLAND WEST DEVELOPMENT LLCADDRESS: 6340 W 38TH AVE SUITE 100, WHEAT RIDGE, CO 80033EIN: 46-4795351EXCESS BUSINESS HOLDING: NO</MediumExplanationTxt>
      </GeneralExplanationGrp>
    </GeneralExplanationAttachment>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2044400001">
      <InvestmentsCorporateBondsGrp>
        <BondNm>LIFESTRATEGY MOD GROWTH</BondNm>
        <EOYBookValueAmt>3544764</EOYBookValueAmt>
        <EOYFMVAmt>3544764</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <OtherAssetsSchedule documentId="RetDoc2046600001">
      <OtherAssetsScheduleGrp>
        <Desc>INTEREST RECEIVABLE</Desc>
        <BOYBookValueAmt>3105055</BOYBookValueAmt>
        <EOYBookValueAmt>3105055</EOYBookValueAmt>
        <EOYFMVAmt>3105055</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>DEVELOPER FEE RECEIVABLE</Desc>
        <BOYBookValueAmt>144525</BOYBookValueAmt>
        <EOYBookValueAmt>144525</EOYBookValueAmt>
        <EOYFMVAmt>144525</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>DUE FROM HIGHLAND WEST LLLP</Desc>
        <BOYBookValueAmt>500000</BOYBookValueAmt>
        <EOYBookValueAmt>500000</EOYBookValueAmt>
        <EOYFMVAmt>500000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>INVESTMENT - HIGHLAND WEST LLLP</Desc>
        <BOYBookValueAmt>510330</BOYBookValueAmt>
        <EOYBookValueAmt>510301</EOYBookValueAmt>
        <EOYFMVAmt>510301</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>15013</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>6395</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>8618</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>15</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>6</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>9</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PAYROLL ADMIN EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>1130</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>481</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>649</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>8763</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3733</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>5030</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>MANAGEMENT FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>152048</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>152048</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>PARTNERSHIP MANAGEMENT FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>4567</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>4567</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>K-1 - HIGHLAND WEST LLLP</Desc>
        <RevenueAndExpensesPerBooksAmt>-28</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-28</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>NET UNREALIZED GAINS (LOSSES) ON INVESTMENTS</Desc>
        <Amt>337539</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>PAYROLL TAXES</CategoryTxt>
        <Amt>20737</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>8833</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>11904</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>