TY 2010 Form 990

(A) Name and Title	(B) Average hours per week (describe hours for related organizations in Schedule O)	(C) Position (check all that apply)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)
(1) Joseph Hagan Director, President & CEO	18.0	X	X		551,064	47,810
(2) Lawrence Howard Sereda Director & SVP	18.0	X	X		197,697	13,748
(3) Robert Mantle Director	.1	X			0	0
(4) Kevin Boes SVP, Treasurer & CFO	20.0		X		295,493	42,099
(5) Thomas Flanagan VP & Secretary	18.0		X		160,006	20,801
(6) Peter Harrison SVP	18.0		X		264,346	42,177
(7) Darrell Hubbard SVP left 6/30/10	20.0		X		459,808	43,586
(8) Karen Przypyszny SVP	18.5		X		259,463	38,277
(9) Judy Schneider SVP	20.0		X		298,082	40,066
(10) Greg Schuler SVP & Asst. Sec	18.0		X		278,081	39,775
(11) Mark Siranovic SVP	18.0		X		278,840	43,759
(12) Sue Ann Reed VP	0.0			X	191,141	25,116
(13) Deborah Burkardt VP	0.0			X	191,326	16,905
(14) Gaylene Domer VP	0.0			X	150,897	31,863
(15) Todd Fabian VP	0.0			X	212,976	36,303
(16) Matthew Huber VP	0.0			X	161,570	35,216
(17) Michael Jacobs VP	0.0			X	240,625	27,349

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.	(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses
1	Grants and other assistance to governments and organizations in the U.S. See Part IV, line 21	0
2	Grants and other assistance to individuals in the U.S. See Part IV, line 22	0
3	Grants and other assistance to governments, organizations, and individuals outside the U.S. See Part IV, lines 15 and 16	0
4	Benefits paid to or for members	0
5	Compensation of current officers, directors, trustees, and key employees ....	0
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....	0
7	Other salaries and wages	0
8	Pension plan contributions (include section 401(k) and section 403(b) employer contributions) ....	0
9	Other employee benefits .......	0
10	Payroll taxes ...........	0
11	Fees for services (non-employees):
a	Management ......	0
b	Legal .........	0
c	Accounting ...........	11,650	9,245	2,405	0
d	Lobbying ...........	0
e	Professional fundraising. See Part IV, line 17..	0
f	Investment management fees ......	0
g	Other ..........	16,765,140	13,644,431	3,120,709	0
12	Advertising and promotion ....	0
13	Office expenses .......	0
14	Information technology ......	0
15	Royalties ..	0
16	Occupancy ...........	0
17	Travel ............	0
18	Payments of travel or entertainment expenses for any federal, state, or local public officials ......	0
19	Conferences, conventions, and meetings ....	0
20	Interest ...........	0
21	Payments to affiliates .......	0
22	Depreciation, depletion, and amortization .....	0
23	Insurance ..............	0
24	Other expenses. Itemize expenses not covered above. (Expenses grouped together and labeled miscellaneous may not exceed 5% of total expenses shown on line 25 below.)
a	INVENTORY WRITE DOWN	3,000,000	3,000,000	0	0
b	MISCELLANEOUS	489	409	80	0
c
d
e
f	All other expenses
25	Total functional expenses. Add lines 1 through 24f	19,777,279	16,654,085	3,123,194	0
26	Joint costs. Check here if following SOP 98-2 (ASC 958-720). Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation

Part X Balance Sheet
	1	Cashnon-interest-bearing ..........	126,099	1	216,118
2	Savings and temporary cash investments .......		2
3	Pledges and grants receivable, net .........		3
4	Accounts receivable, net .........		4
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........		5
6	Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
	Schedule L ..........		6
7	Notes and loans receivable, net .............		7
8	Inventories for sale or use ..............		8
9	Prepaid expenses and deferred charges ............		9
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a
b	Less: accumulated depreciation. .....	10b			10c
11	Investments—publicly traded securities ..........		11
12	Investments—other securities. See Part IV, line 11 ......		12
13	Investments—program-related. See Part IV, line 11 ..	200	13	200
14	Intangible assets .........		14
15	Other assets. See Part IV, line 11 ...........	70,851,795	15	13,240,706
16	Total assets. Add lines 1 through 15 (must equal line 34)...	70,978,094	16	13,457,024
	17	Accounts payable and accrued expenses .		17
18	Grants payable ..........		18
19	Deferred revenue ..........	0	19	66,889
20	Tax-exempt bond liabilities ..........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D..		21
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........		22
23	Secured mortgages and notes payable to unrelated third parties ..		23
24	Unsecured notes and loans payable to unrelated third parties ....		24
25	Other liabilities. Complete Part X of Schedule D.....	54,586,122	25	0
26	Total liabilities. Add lines 17 through 25.....	54,586,122	26	66,889
		Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....	16,391,972	27	13,390,135
28	Temporarily restricted net assets .....		28
29	Permanently restricted net assets .....		29
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....		30
31	Paid-in or capital surplus, or land, building or equipment fund .....		31
32	Retained earnings, endowment, accumulated income, or other funds		32
33	Total net assets or fund balances .....	16,391,972	33	13,390,135
34	Total liabilities and net assets/fund balances .....	70,978,094	34	13,457,024

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11, or 12.
SchDMd Bullet

Attach to Form 990. SchDMd Bullet

See separate instructions.

OMB No. 1545-0047

2010

Open to Public Inspection

Name of the organization

NEF COMMUNITY INVESTMENT INC

Employer identification number

36-4229337

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .......
2	Aggregate contributions to (during year) ...
3	Aggregate grants from (during year) ...
4	Aggregate value at end of year .......

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds may be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit. ...................................

Yes No

Part II

Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or pleasure) Preservation of an historically importantly land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a–2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements .......................	2a
b	Total acreage restricted by conservation easements ..................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 8/17/06 ........	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the taxable year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................

Yes No

Staff and volunteer hours devoted to monitoring, inspecting and enforcing conservation easements during the year SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section
170(h)(4)(B)(i) and 170(h)(4)(B)(ii)? ....................................

Yes No

In Part XIV, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.

If the organization elected, as permitted under SFAS 116, not to report in its revenue statement and balance sheet works of
art, historical treasures, or other similar assets held for public exhibition, education or research in furtherance of public service,
provide, in Part XIV, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under SFAS 116, to report in its revenue statement and balance sheet works of art,
historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service,
provide the following amounts relating to these items:

(i)

Revenues included in Form 990, Part VIII, line 1 ........................ SchDMd Bullet

(ii)

Assets included in Form 990, Part X .............................. SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 relating to these items:

Revenues included in Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990

Cat. No. 52283D

Schedule D (Form 990) 2010

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s accession and other records, check any of the following that are a significant use of its collection
items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIV.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No

If "Yes," explain the arrangement in Part XIV and complete the following table:


c	Beginning balance .................................	1c
d	Additions during the year ..............................	1d
e	Distributions during the year .............................	1e
f	Ending balance ...................................	1f

Did the organization include an amount on Form 990, Part X, line 21? .....................

Yes No

If “Yes,” explain the arrangement in Part XIV.

Part V

Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.

		(a)Current Year	(b)Prior Year	(c)Two Years Back	(d)Three Years Back	(e)Four Years Back
1a	Beginning of year balance ....
b	Contributions ........
c	Investment earnings or losses ...
d	Grants or scholarships .....
e	Other expenditures for facilities and programs ........
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the year end balance held as:

Board designated or quasi-endowment: SchDMd Bullet

Permanent endowment: SchDMd Bullet

Term endowment: SchDMd Bullet

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) unrelated organizations ........................

3a(i)

(ii) related organizations ........................

3a(ii)

If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIV the intended uses of the organization's endowment funds.

Part VI

InvestmentsLand, Buildings, and Equipment. See Form 990, Part X, line 10.

Description of investment		(a) Cost or other basis (investment)	(b)Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value
1a	Land .................
b	Buildings ................
c	Leasehold improvements ............
d	Equipment ................
e	Other .................
Total. Add lines 1a-1e. (Column (d) should equal Form 990, Part X, column (B), line 10(c).)........

Schedule D (Form 990) 2010

Page 3

Part VII

InvestmentsOther Securities. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)		(b)Book value	(c) Method of valuation: Cost or end-of-year market value
(1)Financial derivatives
(2)Closely-held equity interests
Other








Total. (Column (b) should equal Form 990, Part X, col.(B) line 12.)

Part VIII

InvestmentsProgram Related. See Form 990, Part X, line 13.

(a) Description of investment type		(b) Book value	(c) Method of valuation: Cost or end-of-year market value









Total. (Column (b) should equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets. See Form 990, Part X, line 15.

(a) Description				(b) Book value
(1) DUE FROM NATIONAL EQUITY FUND				13,107,582
(2) OTHER RECEIVABLES				133,124







Total. (Column (b) should equal Form 990, Part X, col.(B) line 15.)...........				13,240,706

Part X

Other Liabilities. See Form 990, Part X, line 25.

1.(a) Description of Liability		(b) Amount
Federal Income Taxes		0









Total. (Column (b) should equal Form 990, Part X, col.(B) line 25.)		0
2. Fin 48 (ASC 740) Footnote. In Part XIV, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC740).

Schedule D (Form 990) 2010

Page 4

Part XI Reconciliation of Change in Net Assets from Form 990 to Financial Statements
1	Total revenue (Form 990, Part VIII, column (A), line 12) ....................	1	31,425,771
2	Total expenses (Form 990, Part IX, column (A), line 25) .....................	2	19,777,279
3	Excess or (deficit) for the year. Subtract line 2 from line 1 .............	3	11,648,492
4	Net unrealized gains (losses) on investments ..........................	4
5	Donated services and use of facilities .............................	5
6	Investment expenses ...................................	6
7	Prior period adjustments ..................................	7
8	Other (Describe in Part XIV) .................................	8	-8,641,593
9	Total adjustments (net). Add lines 4 - 8 .............................	9	-8,641,593
10	Excess or (deficit) for the year per financial statements. Combine lines 3 and 9 .........	10	3,006,899

Part XII Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
1	Total revenue, gains, and other support per audited financial statements .......			1	49,247,424
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains on investments ..........	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIV): ............	2d	17,471,982
e	Add lines 2a through 2d .....................			2e	17,471,982
3	Subtract line 2e from line 1.....................			3	31,775,442
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIV): ...........	4b	-349,671
c	Add lines 4a and 4b.......................			4c	-349,671
5	Total Revenue. Add lines 3 and 4c. (This should equal Form 990, Part I, line 12.) ......			5	31,425,771

Part XIII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
1	Total expenses and losses per audited financial statements .............			1	46,240,526
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities ..........	2a
b	Prior year adjustments ..............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIV): ............	2d	26,463,247
e	Add lines 2a through 2d......................			2e	26,463,247
3	Subtract line 2e from line 1.....................			3	19,777,279
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIV): ............	4b
c	Add lines 4a and 4b.......................			4c
5	Total expenses. Add lines 3 and 4c. (This should equal Form 990, Part I, line 18.) ......			5	19,777,279

Part XIV

Supplemental Information

Complete this part to provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X; Part XI, line 8; Part XII, lines 2d and 4b; and Part XIII, lines 2d and 4b. Also complete this part to provide any additional information.

Identifier	Return Reference	Explanation
SCH D, PART XI, LINE 8	RECONCILIATION of NET ASSETS	Loss from low-income housing partnerships $ 349,671 Elimination of related entities activity $ (8,991,264) Total to Line 8 $ (8,641,593)
SCH D, PART XII, LINE 2D AND 4B	RECONCILIATION OF REVENUE	Line 2d Elimination of related entities activity $ (17,471,982) Line 4b Loss from low-income housing partnerships $ 349,671
SCH D, PART XIII, LINE 2D	RECONCILIATION OF EXPENSES	Elimination of related entities activity $ 26,463,247
SCH D, PART X	FIN 48	IN JUNE 2006, THE FASB ISSUED GUIDANCE ON ACCOUNTING FOR UNCERTAIN TAX POSITIONS. THE GUIDANCE CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES BY CREATING A FRAMEWORK FOR HOW COMPANIES SHOULD RECOGNIZE, MEASURE, PRESENT AND DISCLOSURE IN THEIR FINANCIAL STATEMENTS UNCERTAIN TAX POSITIONS THAT THEY HAVE TAKEN OR EXPECT TO TAKE IN A TAX RETURN. THE GUIDANCE IS EFFECTIVE FOR FISCAL YEARS BEGINS AFTER DECEMBER 15, 2008 AND WAS ADOPTED BY THE CORPORATION BEGINNING JANUARY, 2009. THE CORPORATION'S POLICY IS TO EVALUATE POTENTIAL UNCERTAIN TAX POSITIONS AND IT BELIEVES IT HAS NO UNRECOGNIZED TAX BENEFITS AS OF DECEMBER 31, 2010 and 2009.

Schedule D (Form 990) 2010

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" to Form 990,
Part IV, question 23.
SchJMediumBullet

Attach to Form 990. SchJMediumBullet

See separate instructions.

OMB No. 1545-0047

2010

Open to Public Inspection

Name of the organization

NEF COMMUNITY INVESTMENT INC

Employer identification number

36-4229337

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed in Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement orprovision of all the expenses described above? If "No," complete Part III to explain....

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
officers, directors, trustees, and the CEO/Executive Director, regarding the items checked in line 1a? ....

Indicate which, if any, of the following the organization uses to establish the compensation of the
organization's CEO/Executive Director. Check all that apply.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed in Form 990, Part VII, Section A, line 1a with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? ...............

Yes

Participate in, or receive payment from, a supplemental nonqualified retirement plan? ........

Participate in, or receive payment from, an equity-based compensation arrangement? ........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3) and 501(c)(4) organizations only must complete lines 5-9.

For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 5a or 5b, describe in Part III.

For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 6a or 6b, describe in Part III.

For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regs. section 53.4958-4(a)(3)? If "Yes," describe
in Part III .............................

If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990

Cat. No. 50053T

Schedule J (Form 990) 2010

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use Schedule J-1 if additional space needed.

For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.

Note. The sum of columns (B)(i)-(iii) must equal the applicable column (D) or column (E) amounts on Form 990, Part VII, line 1a.

(A) Name		(B) Breakdown of W-2 and/or 1099-MISC compensation			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation reported in prior Form 990 or Form 990-EZ
(A) Name		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
(1) Kevin Boes	(i) (ii)	0 185,212	0 101,000	0 9,281	0 21,624	0 22,261	0 339,378	0 0
(2) Thomas Flanagan	(i) (ii)	0 136,288	0 22,428	0 1,290	0 14,749	0 6,638	0 181,393	0 0
(3) Joseph Hagan	(i) (ii)	0 319,720	0 200,000	0 31,344	0 28,175	0 20,221	0 599,460	0 0
(4) Peter Harrison	(i) (ii)	0 180,627	0 70,000	0 13,719	0 20,042	0 25,481	0 309,869	0 0
(5) Darrell Hubbard	(i) (ii)	0 110,434	0 85,000	0 264,374	0 22,701	0 21,658	0 504,167	0 0
(6) Karen Przypyszny	(i) (ii)	0 160,244	0 85,000	0 14,219	0 18,642	0 21,301	0 299,406	0 0
(7) Judy Schneider	(i) (ii)	0 195,363	0 90,000	0 12,719	0 20,431	0 21,301	0 339,814	0 0
(8) Greg Schuler	(i) (ii)	0 186,737	0 85,000	0 6,344	0 20,140	0 20,221	0 318,442	0 0
(9) Lawrence Howard Sereda	(i) (ii)	0 197,052	0 0	0 645	0 0	0 14,041	0 211,738	0 0
(10) Mark Siranovic	(i) (ii)	0 183,371	0 80,000	0 15,469	0 21,624	0 24,101	0 324,565	0 0
(11) Sue Ann Reed	(i) (ii)	0 141,297	0 40,000	0 9,844	0 16,675	0 11,217	0 219,033	0 0
(12) Deborah Burkardt	(i) (ii)	0 145,636	0 45,000	0 690	0 15,601	0 1,890	0 208,817	0 0
(13) Gaylene Domer	(i) (ii)	0 105,553	0 40,000	0 5,344	0 12,228	0 20,221	0 183,346	0 0
(14) Todd Fabian	(i) (ii)	0 144,155	0 68,521	0 300	0 16,668	0 20,221	0 249,865	0 0
(15) Matthew Huber	(i) (ii)	0 121,270	0 40,000	0 300	0 14,381	0 23,221	0 199,172	0 0
(16) Michael Jacobs	(i) (ii)	0 140,225	0 99,950	0 450	0 16,668	0 14,027	0 271,320	0 0
(17) Anthony Lyons	(i) (ii)	0 144,155	0 56,033	0 690	0 16,668	0 20,221	0 237,767	0 0
(18) Colleen Mulcahy	(i) (ii)	0 130,478	0 0	0 4,206	0 4,421	0 8,807	0 147,912	0 0
(19) Denise Notice-Scott	(i) (ii)	0 164,012	0 0	0 690	0 17,267	0 8,497	0 190,466	0 0
(20) Robert Poznanski	(i) (ii)	0 128,550	0 85,000	0 690	0 14,564	0 23,321	0 252,125	0 0
(21) Ed Simon	(i) (ii)	0 157,914	0 60,000	0 5,281	0 16,500	0 26,527	0 266,222	0 0
(22) Patrick Maher	(i) (ii)	0 113,942	0 0	0 217	0 12,154	0 10,943	0 137,256	0 0

Schedule J (Form 990) 2010

Page 3

Part III

Supplemental Information

Complete this part to provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 4c, 5a, 5b, 6a, 6b, 7, and 8. Also complete this part for any additional information.

Identifier	Return Reference	Explanation
Change-of-control payment & non- fixed payments	Schedule J, Part I, Line 4a	Severance payment Darrell Hubbard - severance paid $251,000

Schedule J (Form 990) 2010

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE N
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Liquidation, Termination, Dissolution or Significant Disposition of Assets

Complete if the organization answered "Yes" to Form 990, Part IV, lines 31 or 32 or Form 990-EZ, line 36.
bullet

Attach certified copies of any articles of dissolution, resolutions or plans.
bullet

Attach to Form 990 or 990-EZ.

OMB No. 1545-0047

2010

Open to Public
Inspection

Name of the organization
NEF COMMUNITY INVESTMENT INC

Employer identification number
36-4229337

Part I

Liquidation, Termination or Dissolution. Complete if the organization answered "Yes" to Form 990, Part IV, line 31, or Form 990-EZ, line
36. Use Part III if additional space is needed. Click to see list of attachments

1(a)Description of asset(s) distributed or transaction expenses paid	(b)Date of distribution	(c)Fair market value of asset(s) distributed or amount of transaction expenses	(d)Method of determining FMV for asset(s) distributed or transaction expenses	(e)EIN of recipient	(f)Name and address of recipient	(g)IRC section of recipient(s) (if tax-exempt) or type of entity

Yes

Did or will any officer, director, trustee, or key employee of the organization:

Become a director or trustee of a successor or transferee organization? . . . . . . . . . . . . . . . . . . . . .

Become an employee of, or independent contractor for, a successor or transferee organization? . . . . . . . . . . . . . . . .

Become a direct or indirect owner of a successor or transferee organization? . . . . . . . . . . . . . . . . . . . .

Receive, or become entitled to, compensation or other similar payments as a result of the organization's liquidation, termination, or dissolution? . . . . .

If the organization answered "Yes" to any of the questions in this line, provide the name of the person involved and explain in Part III. bullet

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990 or Form 990-EZ.

Cat. No. 50087Z

Schedule N (Form 990 or 990-EZ) 2010

Page 2

Part I

Liquidation, Termination or Dissolution (continued)

Note. If the organization distributed all of its assets during the tax year, then Form 990, Part X, column (B) should equal -0-.

Yes

Did the organization distribute its assets in accordance with its governing instrument(s)? If “No,” describe in Part III . . . . . . . . . . .

Is the organization required to notify the attorney general or other appropriate state official of its intent to dissolve, liquidate, or terminate? . . . . . .

If “Yes,” did the organization provide such notice? . . . . . . . . . . . . . . . . . . . . . . . . . .

Did the organization discharge or pay all liabilities in accordance with state laws? . . . . . . . . . . . . . . . . . . .

Did the organization have any tax-exempt bonds outstanding during the year? . . . . . . . . . . . . . . . . . . . .

Did the organization discharge or defease tax-exempt bond liabilities in accordance with the Internal Revenue Code and state laws? . . . . . . . .

If “Yes,” describe in Part III how the organization defeased or otherwise settled these liabilities. If “No,” explain in Part III.

Part II

Sale, Exchange, Disposition or Other Transfer of More Than 25% of the Organization's Assets. Complete if the organization answered "Yes" to Form 990, Part IV, line 32, or Form 990-EZ, line 36. Use Part III if additional space is needed.

1(a)Description of asset(s) distributed or transaction expenses paid	(b)Date of distribution	(c)Fair market value of asset(s) distributed or amount of transaction expenses	(d)Method of determining FMV for asset(s) distributed or transaction expenses	(e)EIN of recipient	(f)Name and address of recipient	(g)IRC section of recipient(s) (if tax-exempt) or type of entity
DISTRIBUTION OF EARNINGS	12-31-2010	15,000,000	CASH	36-3490231	NATIONAL EQUITY FUND INC 120 S RIVERSIDE PLAZA CHICAGO,IL60606	501(C)(4)

Yes

Did or will any officer, director, trustee, or key employee of the organization:

Become a director or trustee of a successor or transferee organization? . . . . . . . . . . . . . . . . . . . . .

Become an employee of, or independent contractor for, a successor or transferee organization? . . . . . . . . . . . . . . . .

Become a direct or indirect owner of a successor or transferee organization? . . . . . . . . . . . . . . . . . . . . .

Receive, or become entitled to, compensation or other similar payments as a result of the organization’s significant disposition of assets? . . . . . . .

If the organization answered "Yes" to any of the questions in this line, provide the name of the person involved and explain in Part III.

Schedule N(Form 990 or 990-EZ) 2010

Schedule N (Form 990 or 990-EZ) 2010

Page 3

Part III

Supplemental Information. Complete to provide the information required by Parts I and II,
and any additional information.

Identifier	Return Reference	Explanation

Schedule N (Form 990 or 990-EZ) 2010

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.

OMB No. 1545-0047

2010

Open to Public
Inspection

Name of the organization

NEF COMMUNITY INVESTMENT INC

Employer identification number

36-4229337

Identifier	Return Reference	Explanation
PART VI GOVERNANCE, MANAGEMENT, AND DISCLOSURE	SECTION A. LINES 6 & 7a	National Equity Fund, inc. is the parent and sole voting member of NEF Community Investments, Inc. National Equity Fund, Inc., is a section 501(c)(4) tax-exempt organization whose mission is to facilitate low-income housing development and community development. National Equity Fund, Inc. approves and appoints all board members to NEFCI, Inc.'s board.
PART VI GOVERNANCE, MANAGEMENT, AND DISCLOSURE	SECTION B. LINE 11	The Form 990 for NEF Community Investments, Inc. is prepared by an independent accounting firm based on information provided the organization. The draft return is then reviewed by the finance and legal departments, and any appropriate changes are made. The final draft of the return is then sent for review and approval to the audit committee of the board of directors of National Equity Fund, Inc., the parent organization of NEF Community Investments, Inc. The directors of NEF Community Investments, Inc., who all also serve as directors or officers of National Equity Fund, Inc., have delegated responsibility to review the Form 990 to the audit committee of the parent organization. A copy of the final Form 990 was sent to each member of the full board of NEF Community Investments, Inc. prior to filing with the Internal Revenue Service.
PART VI GOVERNANCE, MANAGEMENT, AND DISCLOSURE	SECTION B. LINE 12	NEFCI has a conflict of interest policy covering its board members and officers. All Directors and Officers are required to certify their compliance with the Organization's Conflict of Interest Policy, and disclose any potential conflicts annually. Any changes in status during the year should immediately be reported to the individual's supervisor or the Legal Department. The general counsel is responsible for reviewing the certifications and any disclosures. If a potential conflict of interest is reported, it is the general counsel's responsibility to determine whether or not a conflict does, in fact, exist and to review the situation with the CEO, the Chairman of the Board, and the Chairman of the Audit Committee to determine how the issue should be resolved. A conflicted officer or Board member would be excluded from participating in deliberations and decisions concerning the matter.
PART VI GOVERNANCE, MANAGEMENT, AND DISCLOSURE	SECTION B. LINE 15	NEF Community Investments, Inc. does not have any employees. Its operations are carried out by employees of its parent organization, National Equity Fund, Inc., a section 501(c)(4) tax-exempt organization. NEF Community Investments, Inc. does not reimburse National Equity Fund for the compensation related to these employees. Compensation for senior management is determined by the personnel committee of National Equity Fund, Inc.'s board of directors. No individuals with a conflict of interest may be involved in the compensation determination process. National Equity Fund, Inc. periodically engages independent compensation consultants to provide comparability data for similarly qualified persons in functionally comparable positions at similarly situated organizations. National Equity Fund, Inc. generally sets compensation at approximately 75% of the going market salary range for each position. The minutes of the personnel committee document the committee's deliberations and decisions regarding compensation. Due to the clarification of the instructions for line 15 in 2010, the organization must answer "no" since compensation is not paid directly from the organization.
PART VI GOVERNANCE, MANAGEMENT, AND DISCLOSURE	SECTION C. LINE 19	NEF Community Investments, Inc.'s consolidated financial statements are available on the website of its parent organization, National Equity Fund, Inc. It does not currently make its governing documents or conflict of interest policy available to the public.
PART IX, LINE 24		NEFCI purchased the investor member interest in a project partnership of a Fund, where the project partnership was severely underperforming and the third party project manager failed to perform its guaranty obligation under the project operating agreement. NEFCI made this purchase in order to obtain exclusive right to pursue legal action and seek recovery of damages against the project manager. NEFCI impaired the value of this interest by $3MM due to the above circumstances and the uncertainty of recovery.
PART X, LINE 25	DECREASE IN LIABILITIES DUE TO NEF	During 2010, the organization offset its intercompany liability account for payables due to NEF Inc against its intercompany receivable account due from NEF Inc. The result of this transaction was a net receivable balance due from NEF Inc of $13,107,582.
PART XI, LINE 5	OTHER CHANGES IN NET ASSETS/FUND BALANCE	Capital Contributions to affiliate ($15,000,000) Loss from low-income housing partnerships $ 349,671 Total to Line 5 ($14,650,329)
AMENDED RETURN DISCLOSURE	SCHEDULE N, PART II	THE 2010 FORM 990 HAS BEEN AMENDED TO REFLECT THE ORGANIZATION'S DISPOSITION OF MORE THAN 25% OF ITS NET ASSETS. SCHEDULE N, PART II HAS BEEN COMPLETED TO REFLECT THE $15,000,000 DISTRIBUTION OF EARNINGS TO THE ORGANIZATION'S PARENT COMPANY, NATIONAL EQUITY FUND, INC.
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Joseph Hagan TITLE:Director, President & CEO HOURS:23
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Lawrence (Howard) Sereda TITLE:Director & SVP HOURS:22
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Robert Mantle TITLE:Director HOURS:2
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Kevin Boes TITLE:SVP, Treasurer & CFO HOURS:20
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Thomas Flanagan TITLE:VP & Secretary HOURS:22
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Peter Harrison TITLE:SVP HOURS:22
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Darrell Hubbard TITLE:SVP left 6/30/10 HOURS:20
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Karen Przypyszny TITLE:SVP HOURS:19
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Judy Schneider TITLE:SVP HOURS:20
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Greg Schuler TITLE:SVP & Asst. Sec HOURS:22
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Mark Siranovic TITLE:SVP HOURS:22
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Sue Ann Reed TITLE:VP HOURS:40
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Deborah Burkardt TITLE:VP HOURS:34
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Gaylene Domer TITLE:VP HOURS:40
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Todd Fabian TITLE:VP HOURS:40
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Matthew Huber TITLE:VP HOURS:40
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Michael Jacobs TITLE:VP HOURS:40
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Anthony Lyons TITLE:VP HOURS:40
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Colleen Mulcahy TITLE:Former VP HOURS:27
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Denise Notice-Scott TITLE:Former VP HOURS:37
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Robert Poznanski TITLE:VP HOURS:40
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Ed Simon TITLE:VP and CIO HOURS:40
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:Patrick Maher TITLE:Former Asst Secretary HOURS:37

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2010

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" to Form 990, Part IV, line 33, 34, 35, 36, or 37.
MediumBullet

Attach to Form 990. MediumBullet

See separate instructions.

OMB No. 1545-0047

2010

Open to Public Inspection

Name of the organization

NEF COMMUNITY INVESTMENT INC

Employer identification number

36-4229337

Part I

Identification of Disregarded Entities (Complete if the organization answered "Yes" on Form 990, Part IV, line 33.)

(a) Name, address, and EIN of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity
(1) NATIONAL EQUITY FUND 2009 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 26-4818669	LOW-INC HOUSG	IL	-467	112,750	NA
(2) MS FUND MANAGER LLC 27-3716762	LOW-INC HOUSG	IL	0	2,504	NA
(3) BOACHIF FUND MANAGER LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-3402669	LOW-INC HOUSG	DE	0	0	NA
(4) NEF NEIGHBORHOOD REVIT FUND II MGR LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-4033150	LOW-INC HOUSG	DE	0	8,819,836	NA

Part II

Identification of Related Tax-Exempt Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled organization
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1) Community Housing Preservation Corp 120 S Riverside Plaza 15th Floor Chicago,IL60606 27-0280127	Support	OR	501(c)(3)	9	Oregon Corp
(2) Local Initiatives Managed Asset Corp 501 Seventh Avenue NEW YORK,NY10018 11-2848981	LOW-INC HOUSI	NY	501(c)(3)	9	LISC
(3) Local Initiatives Support Corporation 501 Seventh Avenue New York,NY10018 13-3030229	Community Dev	NY	501(c)(3)	7	NA
(4) National Equity Fund Inc 120 S Riverside Plaza 15th Floor CHICAGO,IL60606 36-3490231	LOW-INC HOUSI	IL	501(c)(4)	N/A	LISC
(5) New York Equity Fund Inc 120 S Riverside Plaza 15th Floor Chicago,IL60606 36-4041986	Low-Inc Housi	IL	501(c)(4)	N/A	NEF Inc
(6) Oregon Corp for Affordable Housing 120 S Riverside Plaza 15th Floor Chicago,IL60606 93-1113844	LOW-INC HOUSI	OR	501(c)(3)	9	NEF Inc
(7) The Retail Initiative Inc 501 Seventh Avenue NEW YORK,NY10018 13-3690780	LOW-INC HOUSI	NY	501(c)(3)	9	LISC

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2010

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Predominant income(related, unrelated, excluded from tax under sections 512-514)	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity		(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No
(1) CALIFORNIA EQUITY FUND 1990 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3738507	LOW-INCOME HO	CA	NA					No	0		No
(2) CALIFORNIA EQUITY FUND 1991 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3794783	LOW-INCOME HO	CA	NA					No	0		No
(3) CALIFORNIA EQUITY FUND 1992 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3843751	LOW-INCOME HO	CA	NA					No	0		No
(4) CALIFORNIA EQUITY FUND 1993 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3885995	LOW-INCOME HO	CA	NA					No	0		No
(5) CALIFORNIA EQUITY FUND 1994 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3961576	LOW-INCOME HO	CA	NA					No	0		No
(6) CALIFORNIA EQUITY FUND 1994 SERIES II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3997618	LOW-INCOME HO	CA	NA					No	0		No
(7) CALIFORNIA EQUITY FUND 1995 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4025432	LOW-INCOME HO	CA	NA					No	0		No
(8) CALIFORNIA EQUITY FUND 1996 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4089379	LOW-INCOME HO	CA	NA					No	0		No
(9) CALIFORNIA EQUITY FUND 1997 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4159240	LOW-INCOME HO	CA	NA					No	0		No
(10) CALIFORNIA EQUITY FUND 1998 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4234307	LOW-INCOME HO	CA	NA					No	0		No
(11) CALIFORNIA EQUITY FUND 1999 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4296157	LOW-INCOME HO	CA	NA					No	0		No
(12) CALIFORNIA EQUITY FUND 2000 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4380675	LOW-INCOME HO	DE	NA					No	0		No
(13) CALIFORNIA EQUITY FUND 2002 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 94-3427611	LOW-INCOME HO	DE	NA					No	0		No
(14) CALIFORNIA EQUITY FUND 2003 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-0233867	LOW-INCOME HO	DE	NA					No	0		No
(15) CALIFORNIA EQUITY FUND 2004 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-1384513	LOW-INCOME HO	DE	NA					No	0		No
(16) NATIONAL EQUITY FUND 1987 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3539334	LOW-INCOME HO	DE	NA					No	0		No
(17) NATIONAL EQUITY FUND 1988 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3602378	LOW-INCOME HO	DE	NA					No	0		No
(18) NATIONAL EQUITY FUND 1990 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3725144	LOW-INCOME HO	DE	NA					No	0		No
(19) NATIONAL EQUITY FUND 1991 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3793575	LOW-INCOME HO	DE	NA					No	0		No
(20) NATIONAL EQUITY FUND 1992 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3843752	LOW-INCOME HO	DE	NA					No	0		No
(21) NATIONAL EQUITY FUND 1993 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3878944	LOW-INCOME HO	DE	NA					No	0		No
(22) NATIONAL EQUITY FUND 1994 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3958151	LOW-INCOME HO	DE	NA					No	0		No
(23) NATIONAL EQUITY FUND 1995 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4025434	LOW-INCOME HO	DE	NA					No	0		No
(24) NATIONAL EQUITY FUND 1995 SERIES II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4025433	LOW-INCOME HO	DE	NA					No	0		No
(25) NATIONAL EQUITY FUND 1996 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4094851	LOW-INCOME HO	DE	NA					No	0		No
(26) NATIONAL EQUITY FUND 1996 SERIES II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4097771	LOW-INCOME HO	DE	NA					No	0		No
(27) NATIONAL EQUITY FUND 1997 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4188807	LOW-INCOME HO	DE	NA					No	0		No
(28) NATIONAL EQUITY FUND 1997 SERIES II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4192679	LOW-INCOME HO	DE	NA					No	0		No
(29) NATIONAL EQUITY FUND 1999 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4262821	LOW-INCOME HO	DE	NA					No	0		No
(30) NATIONAL EQUITY FUND 1999 SERIES II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4284872	LOW-INCOME HO	DE	NA					No	0		No
(31) NATIONAL EQUITY FUND 2000 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4373745	LOW-INCOME HO	DE	NA					No	0		No
(32) NATIONAL EQUITY FUND 2001 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4437162	LOW-INCOME HO	DE	NA					No	0		No
(33) NATIONAL EQUITY FUND 2002 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 75-3045298	LOW-INCOME HO	DE	NA					No	0		No
(34) NATIONAL EQUITY FUND 2003 LLC 120 S RIVERSIDE PLAZA 15TH Floor CHICAGO,IL60606 20-0083344	LOW-INCOME HO	DE	NA					No	0		No
(35) NATIONAL EQUITY FUND 2004 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-1909507	LOW-INCOME HO	DE	NA					No	0		No
(36) NEW YORK EQUITY FUND 1988 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3602373	LOW-INCOME HO	NY	NA					No	0		No
(37) NEW YORK EQUITY FUND 1989 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3680405	LOW-INCOME HO	NY	NA					No	0		No
(38) NEW YORK EQUITY FUND 1990 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3744662	LOW-INCOME HO	NY	NA					No	0		No
(39) NEW YORK EQUITY FUND 1992 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3831681	LOW-INCOME HO	NY	NA					No	0		No
(40) NEW YORK EQUITY FUND 1993 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3924008	LOW-INCOME HO	NY	NA					No	0		No
(41) NEW YORK EQUITY FUND 1994 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-3970081	LOW-INCOME HO	NY	NA					No	0		No
(42) NEW YORK EQUITY FUND 1995 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4033218	LOW-INCOME HO	NY	NA					No	0		No
(43) NEW YORK EQUITY FUND 2000 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4187874	LOW-INCOME HO	NY	NA					No	0		No
(44) BANC OF AMERICA CHIF II LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-0296106	LOW-INCOME HO	DE	NA					No	0		No
(45) BANC OF AMERICA CHIF III LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-3697681	LOW-INCOME HO	DE	NA					No	0		No
(46) BANK OF AMERICA CHIF IV LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 26-1851404	LOW-INCOME HO	DE	NA					No	0		No
(47) CITIGROUP CCDE INVESTMENT FUND LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4425650	LOW-INCOME HO	DE	NA					No	0		No
(48) FIRST CHICAGO LEASING IF LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-1005813	LOW-INCOME HO	DE	NA					No	0		No
(49) FNBC LEASING INVESTMENT FUND LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-5046285	LOW-INCOME HO	DE	NA					No	0		No
(50) JP MORGAN CHASE LOW-INCOME HF LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4406946	LOW-INCOME HO	DE	NA					No	0		No
(51) KEY CDC INVESTMENT FUND LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 95-4893445	LOW-INCOME HO	DE	NA					No	0		No
(52) KEY USA INVESTMENT FUND LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 95-4893448	LOW-INCOME HO	DE	NA					No	0		No
(53) METLIFE INVESTMENT FUND LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4426157	LOW-INCOME HO	DE	NA					No	0		No
(54) NATIONAL CITY INVESTMENT FUND LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 95-4893437	LOW-INCOME HO	DE	NA					No	0		No
(55) NATIONAL AFFORDABLE HOUSING INV XIV-NEF 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-0690738	LOW-INCOME HO	DE	NA					No	0		No
(56) NATIONAL AFFORDABLE HOUSIN INV XVII-NEF 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-1308405	LOW-INCOME HO	DE	NA					No	0		No
(57) NATIONAL AFFORDABLE HOUSIN INV XVIII-NEF 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-0973916	LOW-INCOME HO	DE	NA					No	0		No
(58) NEF COMMUNITY INVESTMENT FUND II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-1309458	LOW-INCOME HO	DE	NA					No	0		No
(59) NEF HEARTLAND FUND LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-0083309	LOW-INCOME HO	DE	NA					No	0		No
(60) NEW YORK ACQUISITION FUND LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 22-3928216	LOW-INCOME HO	NY	NA					No	0		No
(61) NEWARK COMMUNITY INVESTMENT FUND LLC 120 S RIVERSIDE PLAZA 15TH FLORO CHICAGO,IL60606 36-4424438	LOW-INCOME HO	DE	NA					No	0		No
(62) ONE ECONOMY FUND I LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-2660021	LOW-INCOME HO	DE	NA					No	0		No
(63) US AFFORDABLE HOUSING CIF LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 94-3414697	LOW-INCOME HO	DE	NA					No	0		No
(64) WASHINGTON MUTUAL CIF LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4419044	LOW-INCOME HO	DE	NA					No	0		No
(65) CHICAGO EQUITY FUND 1995 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4039330	LOW-INCOME HO	IL	NA	RELATED	-235	-267,244		No	0	Yes		1.000 %
(66) CHICAGO EQUITY FUND 1996 LP 120 S RIVERSIDE PLAZA 15TH FlOOR CHICAGO,IL60606 36-4098780	LOW-INCOME HO	IL	NA	RELATED	-131,122	-1,517,478		No	0	Yes		1.000 %
(67) CHICAGO EQUITY FUND 1997 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4186158	LOW-INCOME HO	IL	NA	RELATED	-111,306	1,015,647		No	0	Yes		0.100 %
(68) CHICAGO EQUITY FUND 1998 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4282144	LOW-INCOME HO	IL	NA	RELATED	-76,952	-122,690		No	0	Yes		0.010 %
(69) CHICAGO EQUITY FUND 2000 LP 120 S RIVERSIDE PLAZA 15TH FLOOR ILLINOIS,IL60606 36-4325575	LOW-INCOME HO	IL	NA	RELATED	-16,890	19,326		No	0	Yes		0.010 %
(70) CHICAGO EQUITY FUND 2001 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4416840	LOW-INCOME HO	IL	NA	RELATED	-92	161,459		No	0	Yes		0.010 %
(71) CHICAGO EQUITY FUND 2002 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 30-0066665	LOW-INCOME HO	IL	NA	RELATED	-130	321,047		No	0	Yes		0.010 %
(72) CHICAGO EQUITY FUND 2003 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 30-0149138	LOW-INCOME HO	IL	NA	RELATED	-5,476	149,692		No	0	Yes
(73) CHICAGO EQUITY FUND 2004 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 32-0106888	LOW-INCOME HO	IL	NA	RELATED	-8	301,665		No	0	Yes		0.001 %
(74) NATIONAL EQUITY FUND 2005 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-3052057	LOW-INCOME HO	DE	NA	RELATED	-99	502,696		No	0	Yes		0.001 %
(75) NATIONAL EQUITY FUND 2006 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-4587136	LOW-INCOME HO	DE	NA	RELATED	-17	1,002,297		No	0	Yes		0 %
(76) NATIONAL EQUITY FUND 2006 SERIES II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-5575038	LOW-INCOME HO	DE	NA	RELATED	-11	1,122,552		No	0	Yes		0 %
(77) NATIONAL EQUITY FUND 2007 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-8189381	LOW-INCOME HO	DE	NA	RELATED	-18	1,986,951		No	0	Yes		0 %
(78) NATIONAL EQUITY FUND 2007 SERIES II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-8864796	LOW-INCOME HO	DE	NA	RELATED	-6	650,012		No	0	Yes		0 %
(79) NATIONAL EQUITY FUND 2008 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 26-1775928	LOW-INCOME HO	DE	NA	RELATED	-9	876,924		No	0	Yes		0 %
(80) NATIONAL EQUITY FUND 2008 SERIES II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 26-2740220	LOW-INCOME HO	DE	NA	RELATED	495	6,235		No	0	Yes		0.010 %
(81) CRESCENT COMMUNITY INVESTMENT FUND LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 26-0859985	LOW-INCOME HO	DE	NA	RELATED	-407	14,232		No	0	Yes		0.010 %
(82) MLI INVESTMENT FUND II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 26-2554858	LOW-INCOME HO	DE	NA	RELATED	-57	410		No	0	Yes		0.010 %
(83) NATIONAL AFFORDABLE HOUSING INV I LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 26-1177748	LOW-INCOME HO	DE	NA	RELATED	-192	788		No	0	Yes		0.010 %
(84) NAHIF XX - NEF LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-1651241	LOW-INCOME HO	DE	NA	RELATED	-408	12,337		No	0	Yes		0.010 %
(85) PRESERVATION LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-5160740	LOW-INCOME HO	DE	NA	RELATED	0	8,499		No	0	Yes		0 %
(86) TD BANKNORTH HOUSING INVESTMENT FUND LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-4417284	LOW-INCOME HO	DE	NA	RELATED	-294	4,633		No	0	Yes		0.010 %
(87) US AFFORDABLE HOUSING CIF II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-4417160	LOW-INCOME HO	DE	NA					No	0		No
(88) NEW YORK EQUITY FUND 1995 SERIES II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4047569	LOW-INCOME HO	NY	NA					No	0		No
(89) NEW YORK EQUITY FUND 2000 SERIES II LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4190655	LOW-INCOME HO	NY	NA					No	0		No
(90) NEW YORK EQUITY FUND 2001 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4402575	LOW-INCOME HO	DE	NA					No	0		No
(91) NEW YORK EQUITY FUND 2002 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 72-1536444	LOW-INCOME HO	DE	NA					No	0		No
(92) NEW YORK EQUITY FUND 2003 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-0335458	LOW-INCOME HO	DE	NA					No	0		No
(93) NEW YORK EQUITY FUND 2004 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 80-0132471	LOW-INCOME HO	DE	NA					No	0		No
(94) NEW YORK EQUITY FUND 2005 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-3760899	LOW-INCOME HO	DE	NA					No	0		No
(95) NEW YORK EQUITY FUND 2006 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 20-5705331	LOW-INCOME HO	DE	NA					No	0		No
(96) NEW YORK EQUITY FUND 2008 LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 26-2775151	LOW-INCOME HO	DE	NA					No	0		No
(97) CASA PUEBLA INVESTORS LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4473104	LOW-INCOME HO	DE	NA	RELATED	0	0		No	0	Yes		0.010 %
(98) DEBORAH'S PLACE III INVESTORS LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4261308	LOW-INCOME HO	IL	NA	RELATED	-32	697		No	0	Yes		0.010 %
(99) SOUTH LOOP INVESTORS LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 36-4243402	LOW-INCOME HO	IL	NA	RELATED	-69	772,324		No	0	Yes		0.010 %
(100) NEF NEIGHBORHOOD REVITALIZ FUND II LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-4033192	LOW-INCOME HO	DE	NN REV FND II M	Related	0	0		No	0	Yes		0.010 %
(101) NAHIF XVII - NEF LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 90-6061443	Low-Income Ho	DE	NA					No	0		No
(102) National Equity Fund 2009 LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 26-4818735	Low-Income Ho	DE	NEF 2009 LLC	Related	-467	112,750		No	0	Yes		0.010 %
(103) Bank of America CHIF V LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 26-3751207	Low-Income Ho	DE	NA	RELATED	-366	39,319		No	0	Yes		0.010 %
(104) Covington Investment Fund LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-1490747	Low-Income Ho	DE	NA	RELATED	-89	606		No	0	Yes		0.010 %
(105) Fifth Third Investment Fund LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 95-3427804	Low-Income Ho	DE	NA	RELATED	-3	144,641		No	0	Yes		0.001 %
(106) Four Eighty-One Housing Investment Fund 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-0711050	Low-Income Ho	DE	NA	RELATED	-68	5,117,041		No	0	Yes		0.010 %
(107) The La Quinta Equity Fund LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 26-2400960	Low-Income Ho	DE	NA	RELATED	-262	13,547		No	0	Yes		0.010 %
(108) NEF INVESTMENT PARTNERS FUND I LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-0186285	Low-Income Ho	DE	NA	RELATED	-161	32,649		No	0	Yes		0.010 %
(109) NEF National Community Investment Fund L 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-1312355	Low-Income Ho	DE	NA	RELATED	-267	362,193		No	0	Yes		0.010 %
(110) NEF New York Special Tax Credit Fund 200 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-0365747	Low-Income Ho	DE	NA	RELATED	-28	10,812		No	0	Yes		0.010 %
(111) GS-NYEF 2009 120 S Riverside Pl CHICAGO,IL60606 27-1086070	Low-Income Ho	DE	NA					No	0		No
(112) NEF NEIGHBORHOOD REVITALIATION FUND I 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-0186322	Low-Income Ho	DE	NA	RELATED	-3,481	2,572		No	0	Yes		0.010 %
(113) NEF AFFORD HOUS INVST FUND LP 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-0719219	Low-Income Ho	DE	NA	RELATED	-587	6,197,131		No	0	Yes		0.010 %
(114) MS Single Investor Fund I LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-1499871	Low-Income Ho	DE	MS FUND MGR LLC	Related	0	2,504		No	0	Yes		0 %
(115) MS Shared Investment Fund I LLC 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 27-1490797	Low-Income Ho	DE	NA	RELATED	0	1,093,252		No	0	Yes		0 %
(116) CL DELLUMS (OAKLAND) 120 S RIVERSIDE PLAZA 15TH FLOOR CHICAGO,IL60606 94-3194785	Low-Income Ho	CA	NA					No	0		No
(117) Carmen Allende Houses 120 S Riverside Pl Chicago,IL60606 13-3796506	Low-Income Ho	NY	NA					No	0		No
(118) Harry Derienzo Houses 120 S Riverside Pl CHICAGO,IL60606 13-3665255	Low-Income Ho	NY	NA					No	0		No
(119) Raul Morales Terrace 120 S Riverside Pl CHICAGO,IL60606 13-3796501	Low-Income Ho	NY	NA					No	0		No
(120) Phillip C Dean Apartments 120 S Riverside Pl CHICAGO,IL60606 38-3684910	Low-Income Ho	MI	NA					No	0		No
(121) McClellan Place Apartments 120 S Riverside Pl CHICAGO,IL60606 71-0781493	Low-Income Ho	AZ	NA					No	0		No
(122) Rebecca Walker Complex 120 S Riverside Pl CHICAGO,IL60606 36-3954083	Low-Income Ho	IL	NA					No	0		No
(123) Meridian Stratford 120 S Riverside Pl CHICAGO,IL60606 38-3628164	Low-Income Ho	MI	NA					No	0		No
(124) Maury Senior Retirement 120 S Riverside Pl CHICAGO,IL60606 54-1984348	Low-Income Ho	VA	NA					No	0		No
(125) Corinthian Homes II 120 S Riverside Pl CHICAGO,IL60606 22-3442618	Low-Income Ho	NJ	NA					No	0		No
(126) Corinthian Homes 120 S Riverside Pl CHICAGO,IL60606 22-3293204	Low-Income Ho	NJ	NA					No	0		No
(127) TOTCO Homes 120 S Riverside Pl CHICAGO,IL60606 34-1823570	Low-Income Ho	OH	NA					No	0		No
(128) CDC Tax Credit I 120 S Riverside Pl CHICAGO,IL60606 36-4140910	Low-Income Ho	IL	NA					No	0		No
(129) CDC Tax Credit II 120 S Riverside Pl CHICAGO,IL60606 36-4215475	Low-Income Ho	IL	NA					No	0		No
(130) CDC Tax Credit III 120 S Riverside Pl CHICAGO,IL60606 36-4235882	Low-Income Ho	IL	NA					No	0		No
(131) BOF AMERICA CHIF LLC 120 S Riverside Pl CHICAGO,IL60606 36-4401581	Low-Income Ho	IL	NA					No	0		No
(132) Victory Square Limited Partnership 501 Seventh Avenue NEW YORK,NY10018 51-0389589	Community Dev	PA	NA					No	0		No
(133) Coral New Haven Associates II LLC 501 Seventh Avenue NEW YORK,NY10018 06-1526805	Community Dev	CT	NA					No	0		No
(134) East Harlem Abyssinian Triangle LLC 501 Seventh Avenue NEW YORK,NY10018 13-3874719	Community Dev	NY	NA					No	0		No
(135) New Markets Investment I LLC 501 Seventh Avenue NEW YORK,NY10018 20-0192507	Community Dev	DE	NA					No	0		No
(136) New Markets Investment II LLC 501 Seventh Avenue NEW YORK,NY10018 20-0192519	Community Dev	DE	NA					No	0		No
(137) Bloom Lake New Markets Investment Fd LLC 501 Seventh Avenue NEW YORK,NY10018 20-1276053	Community Dev	DE	NA					No	0		No
(138) New Markets Investment III LLC 501 Seventh Avenue NEW YORK,NY10018 20-0192549	Community Dev	DE	NA					No	0		No
(139) New Markets Investment IV LLC 501 Seventh Avenue NEW YORK,NY10018 20-0192561	Community Dev	DE	NA					No	0		No
(140) Asbury Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 20-2008414	Community Dev	DE	NA					No	0		No
(141) New Markets Investment V LLC 501 Seventh Avenue NEW YORK,NY10018 20-0192571	Community Dev	DE	NA					No	0		No
(142) New Markets Investment VI LLC 501 Seventh Avenue NEW YORK,NY10018 20-1582060	Community Dev	DE	NA					No	0		No
(143) West Allis Investment Fund 501 Seventh Avenue NEW YORK,NY10018 20-1952870	Community Dev	MO	NA					No	0		No
(144) New Markets Investment VII LLC 501 Seventh Avenue NEW YORK,NY10018 20-1582099	Community Dev	DE	NA					No	0		No
(145) New Markets Investment VIII LLC 501 Seventh Avenue NEW YORK,NY10018 20-1582135	Community Dev	DE	NA					No	0		No
(146) MGM Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 20-3464214	Community Dev	MO	NA					No	0		No
(147) NEW MARKETS INVESTMENT IX LLC 501 Seventh Avenue NEW YORK,NY10018 20-1582167	Community Dev	DE	NA					No	0		No
(148) New Markets Investment X LLC 501 Seventh Avenue NEW YORK,NY10018 20-3164710	Community Dev	DE	NA					No	0		No
(149) New Markets Investment XI LLC 501 Seventh Avenue NEW YORK,NY10018 20-3158031	Community Dev	DE	NA					No	0		No
(150) Pike's Place Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 61-1497318	Community Dev	MO	NA					No	0		No
(151) New Markets Investment XII LLC 501 Seventh Avenue NEW YORK,NY10018 20-3158120	Community Dev	DE	NA					No	0		No
(152) New Markets Investment XIII LLC 501 Seventh Avenue NEW YORK,NY10018 20-3158182	Community Dev	DE	NA					No	0		No
(153) New Markets Investment XIV LLC 501 Seventh Ave NEW YORK,NY10018 20-3158233	Community Dev	DE	NA					No	0		No
(154) Tangerine Plaza Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 20-3937882	Community Dev	DE	NA					No	0		No
(155) New Markets Investment XV LLC 501 Seventh Avenue NEW YORK,NY10018 20-3158279	Community Dev	DE	NA					No	0		No
(156) 60 Valley Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 20-4169561	Community Dev	DE	NA					No	0		No
(157) New Markets Investment XVI LLC 501 Seventh Avenue NEW YORK,NY10018 20-3158319	Community Dev	DE	NA					No	0		No
(158) NMI XVI Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 04-3844149	Community Dev	DE	NA					No	0		No
(159) New Markets Investment XVII LLC 501 Seventh Avenue NEW YORK,NY10018 20-3158359	Community Dev	DE	NA					No	0		No
(160) Hope Street Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 20-8212251	Community Dev	DE	NA					No	0		No
(161) New Markets Investment XVIII LLC 501 Seventh Avenue NEW YORK,NY10018 20-3158395	Community Dev	DE	NA					No	0		No
(162) New Markets Investment XIX LLC 501 Seventh Avenue NEW YORK,NY10018 20-3158430	Community Dev	DE	NA					No	0		No
(163) New Markets Investment XX LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200245	Community Dev	DE	NA					No	0		No
(164) Achievement Academy Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 20-5854903	Community Dev	MO	NA					No	0		No
(165) New Markets Investment XXI LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200280	Community Dev	DE	NA					No	0		No
(166) Chase NMTC CUCS LLC (CUCS IF) 501 Seventh Avenue NEW YORK,NY10018 20-8203584	Community Dev	DE	NA					No	0		No
(167) New Markets Investment XXII LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200310	Community Dev	DE	NA					No	0		No
(168) New Markets Investment XXIII LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200340	Community Dev	DE	NA					No	0		No
(169) Northwest Harvest Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 20-8059574	Community Dev	DE	NA					No	0		No
(170) New Markets Investment XXIV LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200364	Community Dev	DE	NA					No	0		No
(171) New Markets Investment XXV LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200396	Community Dev	DE	NA					No	0		No
(172) New Markets Investment XXVI LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200422	Community Dev	DE	NA					No	0		No
(173) New Markets Investment XXVI LLC 501 Seventh Avenue NEW YORK,NY10018 20-8307117	Community Dev	DE	NA					No	0		No
(174) New Markets Investment XXVII LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200447	Community Dev	DE	NA					No	0		No
(175) New Markets Investment XXVIII LLC 501 Seventh Avenue NEW YORK,NY10018 90-0370007	Community Dev	DE	NA					No	0		No
(176) CFCL Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 20-8396418	Community Dev	DE	NA					No	0		No
(177) New Markets Investment XXIX LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200500	Community Dev	DE	NA					No	0		No
(178) New Markets Investment XXX LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200545	Community Dev	DE	NA					No	0		No
(179) NMI XXX Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 20-8401857	Community Dev	MO	NA					No	0		No
(180) New Markets Investment XXXI LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200571	Community Dev	DE	NA					No	0		No
(181) Spokane Y Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 20-8401940	Community Dev	DE	NA					No	0		No
(182) New Markets Investment XXXIV LLC 501 Seventh Avenue NEW YORK,NY10018 20-5200657	Community Dev	DE	NA					No	0		No
(183) NEW MARKETS INVESTMENT 37 LLC 501 Seventh Avenue NEW YORK,NY10018 26-1283428	Community Dev	DE	NA					No	0		No
(184) New Markets Investment 38 LLC 501 Seventh Avenue NEW YORK,NY10018 26-1283547	Community Dev	DE	NA					No	0		No
(185) New Markets Investment 39 LLC 501 Seventh Avenue NEW YORK,NY10018 26-1283590	Community Dev	DE	NA					No	0		No
(186) New Markets Investment 40 LLC 501 Seventh Avenue NEW YORK,NY10018 26-1283633	Community Dev	DE	NA					No	0		No
(187) LISCBOA NM 40 Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 26-2667429	Community Dev	DE	NA					No	0		No
(188) New Markets Investment 41 LLC 501 Seventh Avenue NEW YORK,NY10018 26-1283743	Community Dev	DE	NA					No	0		No
(189) New Markets Investment 43 LLC 501 Seventh Avenue NEW YORK,NY10018 26-1284340	Community Dev	DE	NA					No	0		No
(190) New Markets Investment 44 LLC 501 Seventh Avenue NEW YORK,NY10018 26-1284745	Community Dev	DE	NA					No	0		No
(191) NM 44 Pyramid Investment Fund LLC 501 Seventh Avenue NEW YORK,NY10018 26-3487837	Community Dev	DE	NA					No	0		No
(192) New Markets Investment 47 LLC 501 Seventh Avenue NEW YORK,NY10018 26-1284910	Community Dev	DE	NA					No	0		No
(193) New Markets Investment 53 LLC 501 Seventh Avenue NEW YORK,NY10018 26-3667103	Community Dev	DE	NA					No	0		No
(194) Chase NMTC CTK LLC 501 Seventh Avenue NEW YORK,NY10018 26-4815316	Community Dev	DE	NA					No	0		No
(195) New Markets Investment 54 LLC 501 Seventh Avenue NEW YORK,NY10018 26-3667492	Community Dev	DE	NA					No	0		No
(196) Chase NMTC Winters Building LLC 501 Seventh Avenue NEW YORK,NY10018 27-0226436	Community Dev	DE	NA					No	0		No
(197) New Markets Investment 55 LLC 501 Seventh Avenue NEW YORK,NY10018 26-3667554	Community Dev	DE	NA					No	0		No
(198) Bank of America CHIF VI LP 120 S Riverside Pl CHICAGO,IL60606 27-3402632	Low-Income Ho	DE	BOACHIF Fnd Mgr					No	0		No
(199) NEF Investment Partners Fund II LLC 120 S Riverside Pl CHICAGO,IL60606 27-2772231	Low-Income Ho	DE	NA	RELATED	-2	850		No	0	Yes		0.010 %
(200) NEF AFFORD HOUS INVST FUND LP II LP 120 S Riverside Pl CHICAGO,IL60606 27-2395998	Low-Income Ho	DE	NA	RELATED	-25	5,192,219		No	0	Yes		0.010 %
(201) State Farm Good Neighbor Fund LP 120 S Riverside Pl CHICAGO,IL60606 27-1973833	Low-Income Ho	DE	NA	RELATED	-7	559		No	0	Yes		0.010 %
(202) WFCIH Investment Fund I LLC 120 S Riverside Pl CHICAGO,IL60606 27-2007684	Low-Income Ho	DE	NA	RELATED	0	986,473		No	0	Yes		0 %
(203) Wintrust Community Investment Fund LP 120 S Riverside Pl CHICAGO,IL60606 27-2440641	Low-Income Ho	DE	NA	RELATED	0	349		No	0	Yes		0.010 %
(204) Gladys McCoy Apartments LP 120 S Riverside Pl CHICAGO,IL60606 93-1211950	Low-Income Ho	OR	CHPC					No	0		No
(205) HOMESTEAD EQUITY FUND A - OREGON LP 120 S Riverside Pl CHICAGO,IL60606 93-1309851	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(206) HOMESTEAD EQUITY FUND A - WASHINGTON LP 120 S Riverside Pl CHICAGO,IL60606 93-1309850	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(207) HOMESTEAD EQUITY FUND B - OREGON LP 120 S Riverside Pl CHICAGO,IL60606 74-3068676	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(208) HOMESTEAD EQUITY FUND II LP 120 S Riverside Pl CHICAGO,IL60606 93-1305114	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(209) HOMESTEAD EQUITY FND III PROPRIET FND LP 120 S Riverside Pl CHICAGO,IL60606 76-0720406	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(210) HOMESTEAD EQUITY FUND III LP 120 S Riverside Pl CHICAGO,IL60606 26-0018664	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(211) HOMESTEAD EQUITY FUND IV LP 120 S Riverside Pl CHICAGO,IL60606 72-1552615	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(212) HOMESTEAD EQUITY FUND LP 120 S Riverside Pl CHICAGO,IL60606 93-1278206	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(213) HOMESTEAD EQUITY FUND V LP 120 S Riverside Pl CHICAGO,IL60606 20-0912383	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(214) HOMESTEAD EQUITY FUND VI LP 120 S Riverside Pl CHICAGO,IL60606 20-3624501	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(215) HOMESTEAD EQUITY FUND VII LP 120 S Riverside Pl CHICAGO,IL60606 26-0796373	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(216) HOMESTEAD NORTHERN CALIFORNIA FUND LP 120 S Riverside Pl CHICAGO,IL60606 20-4596836	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(217) HOMESTEAD WESTERN COMMUNITIES FUND LP 120 S Riverside Pl CHICAGO,IL60606 20-0912505	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(218) OREGON EQUITY FUND II LP 120 S Riverside Pl CHICAGO,IL60606 93-1169181	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(219) OREGON EQUITY FUND III LP 120 S Riverside Pl CHICAGO,IL60606 93-1231023	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(220) OREGON EQUITY FUND IV LP 120 S Riverside Pl CHICAGO,IL60606 93-1258939	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(221) Homestead Preservation LLC 120 S Riverside Pl CHICAGO,IL60606 27-3520887	Low-Income Ho	IL	Oregon Aff Hou					No	0		No
(222) HOMESTEAD EQUITY FUND VIII LP 120 S Riverside Pl CHICAGO,IL60606 26-3897389	Low-Income Ho	OR	Oregon Aff Hou					No	0		No
(223) HOMESTEAD EQUITY FUND IX LP 120 S Riverside Pl CHICAGO,IL60606 27-2021135	Low-Income Ho	OR	Oregon Aff Hou					No	0		No

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)
(1) NEF Assignment Corporation 120 S Riverside Plaza 15th Floor Chicago,IL60606 36-4326848	Low-Income Housin	IL	NA	C Corp
(2) NEF Support Corporation 120 S Riverside Plaza 15th Floor Chicago,IL60606 36-4326845	Low-Income Housin	IL	NA	C Corp
(3) NEF Mortgage Corporation 120 S Riverside Plaza 15th Floor Chicago,IL60606 83-0337773	Low-Income Housin	IL	NA	C Corp
(4) NEF Community Capital Inc 120 S Riverside Plaza 15th Floor Chicago,IL60606 36-4222908	Low-Income Housin	IL	NA	C Corp
(5) Community Development Advocates Inc 120 S Riverside Plaza 15th Floor Chicago,IL60606 36-4009754	Low-Income Housin	IL	NEF	C Corp
(6) Community Development Advocates East Inc 120 S Riverside Plaza 15th Floor Chicago,IL60606 26-0807410	Low-Income Housin	IL	NEF	C Corp
(7) Community Development Advocates South 120 S Riverside Plaza 15th Floor Chicago,IL60606 26-0807437	Low-Income Housin	IL	NA	C Corp
(8) Community Development Advocates Midwest 120 S Riverside Plaza 15th Floor Chicago,IL60606 26-0807338	Low-Income Housin	IL	NA	C Corp
(9) Community Development Advocates West Inc 120 S Riverside Plaza 15th Floor Chicago,IL60606 26-0807380	Low-Income Housin	IL	NA	C Corp
(10) Community Development Advocates Central 120 S Riverside Plaza 15th Floor Chicago,IL60606 26-1793642	Low-Income Housin	IL	NA	C Corp
(11) CDA TOTCO Inc 120 S Riverside Plaza 15th Floor Chicago,IL60606 27-0338809	Low-Income Housin	IL	NA	C Corp
(12) Community Development Advocates TCG Inc 120 S Riverside Plaza 15th Floor Chicago,IL60606 27-2082864	Low-Income Housin	IL	NA	C Corp

Schedule R (Form 990) 2010

Page 3

Part V

Transactions With Related Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35, 35A, or 36.)

Note. Complete line 1 if any entity is listed in Parts II, III or IV.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest (ii) annuities (iii) royalties (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . . .

b Gift, grant, or capital contribution to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

c Gift, grant, or capital contribution from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d Loans or loan guarantees to or for other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

e Loans or loan guarantees by other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

f Sale of assets to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

g Purchase of assets from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

h Exchange of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

i Lease of facilities, equipment, or other assets to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

j Lease of facilities, equipment, or other assets from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . .

k Performance of services or membership or fundraising solicitations for other organization(s) . . . . . . . . . . . . . . . . . . . . . .

l Performance of services or membership or fundraising solicitations by other organization(s) . . . . . . . . . . . . . . . . . . . . . .

Yes

m Sharing of facilities, equipment, mailing lists, or other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

n Sharing of paid employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

o Reimbursement paid to other organization for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

p Reimbursement paid by other organization for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

q Other transfer of cash or property to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

r Other transfer of cash or property from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of other organization	(b) Transaction type(a-r)	(c) Amount involved	(d) Method of determining amount involved
(1)
(2)
(3)
(4)
(5)
(6)

Schedule R (Form 990) 2010

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 37.)

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Are all partners section 501(c)(3) organizations?		(e) Share of end-of-year assets	(f) Disproprtionate allocations?		(g) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	(h) General or managing partner?
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(e) Share of end-of-year assets	Yes	No	(g) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Schedule R (Form 990) 2010

Page 5

Part VII

Supplemental Information

Complete this part to provide additional information for responses to questions on Schedule R (see instructions).

Identifier	Return Reference	Explanation

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: NEF COMMUNITY INVESTMENTS, INC. ASSISTS NEF, INC. IN THE DEVELOPMENT AND PRESERVATION OF HIGH-QUALITY LOW-INCOME RENTAL HOUSING BY ESTABLISHING AND MANAGING INVESTMENTS IN QUALIFYING HOUSING PROJECTS.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ....	3	3
4	Number of independent voting members of the governing body (Part VI, line 1b) ....	4	1
5	Total number of individuals employed in calendar year 2010 (Part V, line 2a) ...	5	0
6	Total number of volunteers (estimate if necessary) ....	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ..	7a	0
b	Net unrelated business taxable income from Form 990-T, line 34 ..	7b	0

Sign Here

	Signature of officer	Date

	Type or print name and title.

Paid Preparer's Use Only	Preparer's signature	Date	Check if self- employed	Preparer’s taxpayer identification number (see instructions)
	Firm’s name (or yours if self-employed), address, and ZIP + 4			EIN
				Phone no.


4a	(Code: ) (Expenses $ 16,654,085 including grants of $ 0 ) (Revenue $ 31,425,771 )
	NEF Community Investments, Inc. (NEFCI) serves as the general partner or managing member of investor limited partnerships and limited liability companies that acquire limited partner or non-managing member interests in project partnerships or project limited liability companies that acquire, own, construct, rehabilitate and operate low-income housing projects. In addition, NEFCI provides and facilitates asset management services to support such investments in low-income housing projects.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services. (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses$ 16,654,085

(A) Name and Title	(B) Average hours per week (describe hours for related organizations in Schedule O)		(D) Reportable compensation from the organization (W- 2/1099-MISC)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title
(18) Anthony Lyons VP	0.0	X	0	200,878	36,303
(19) Colleen Mulcahy Former VP	0.0	X	0	134,684	12,793
(20) Denise Notice-Scott Former VP	0.0	X	0	164,702	24,689
(21) Robert Poznanski VP	0.0	X	0	214,240	37,299
(22) Ed Simon VP and CIO	0.0	X	0	223,195	40,935
(23) Patrick Maher Former Asst Secretary	0.0	X	0	114,159	22,292

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	19,063,462	31,425,771
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	444	0
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	0	0
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)...................	19,063,906	31,425,771
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	0	0
14	Benefits paid to or for members (Part IX, column (A), line 4) ....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	0	0
16a	Professional fundraising fees (Part IX, column (A), line 11e)....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24f)....	7,796,731	19,777,279
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	7,796,731	19,777,279
19	Revenue less expenses. Subtract line 18 from line 12......	11,267,175	11,648,492
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16)............	70,978,094	13,457,024
21	Total liabilities (Part X, line 26)............	54,586,122	66,889
22	Net assets or fund balances. Subtract line 21 from line 20 .....	16,391,972	13,390,135

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)............	0	5,243,273	719,161

(A) Name and business address	(B) Description of services	(C) Compensation
NATIONAL EQUITY FUND INC 120 S RIVERSIDE PLAZA 15 FLOOR CHICAGO,IL60606	LOW INCOME HOUS. SRV	16,765,140




2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 in compensation from the organization 1

				(A) Total revenue	(B) Related or exempt function revenue	(C) Unrelated business revenue	(D) Revenue excluded from tax under sections 512, 513, or 514
1a	Federated campaigns..1a
b	Membership dues....1b
c	Fundraising events....1c
d	Related organizations...1d
e	Government grants (contributions)1e

f	All other contributions, gifts, grants, and similar amounts not included above1f
g	Noncash contributions included in lines 1a-1f:$
h	Total. Add lines 1a-1f.......			0
			Business Code
2a	LOW INCOME HOUSING REVENUE		541,610	31,425,771	31,425,771
b
c
d
e
f	All other program service revenue .
g	Total. Add lines 2a–2f........			31,425,771
3	Investment income (including dividends, interest
	and other similar amounts).....			0
4	Income from investment of tax-exempt bond proceeds..			0
5	Royalties............			0
		(i) Real	(ii) Personal
6a	Gross Rents
b	Less: rental expenses
c	Rental income or (loss)
d	Net rental income or (loss).......
		(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory
b	Less: cost or other basis and sales expenses
c	Gain or (loss)
d	Net gain or (loss)..........			0
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from fundraising events..			0
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from gaming activities...			0
10a	Gross sales of inventory, less returns and allowances .
	a
b	Less: cost of goods sold ..b
c	Net income or (loss) from sales of inventory..			0
Miscellaneous Revenue			Business Code
11a
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			0
12	Total revenue. See Instructions....			31,425,771	31,425,771	0


			(A) Beginning of year		(B) End of year
1	Cashnon-interest-bearing ..........		126,099	1	216,118
2	Savings and temporary cash investments .......			2
3	Pledges and grants receivable, net .........			3
4	Accounts receivable, net .........			4
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........			5
6	Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
	Schedule L ..........			6
7	Notes and loans receivable, net .............			7
8	Inventories for sale or use ..............			8
9	Prepaid expenses and deferred charges ............			9
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a
b	Less: accumulated depreciation. .....	10b		10c
11	Investments—publicly traded securities ..........			11
12	Investments—other securities. See Part IV, line 11 ......			12
13	Investments—program-related. See Part IV, line 11 ..		200	13	200
14	Intangible assets .........			14
15	Other assets. See Part IV, line 11 ...........		70,851,795	15	13,240,706
16	Total assets. Add lines 1 through 15 (must equal line 34)...		70,978,094	16	13,457,024
17	Accounts payable and accrued expenses .			17
18	Grants payable ..........			18
19	Deferred revenue ..........		0	19	66,889
20	Tax-exempt bond liabilities ..........			20
21	Escrow or custodial account liability. Complete Part IV of Schedule D..			21
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........			22
23	Secured mortgages and notes payable to unrelated third parties ..			23
24	Unsecured notes and loans payable to unrelated third parties ....			24
25	Other liabilities. Complete Part X of Schedule D.....		54,586,122	25	0
26	Total liabilities. Add lines 17 through 25.....		54,586,122	26	66,889
	Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....		16,391,972	27	13,390,135
28	Temporarily restricted net assets .....			28
29	Permanently restricted net assets .....			29
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....			30
31	Paid-in or capital surplus, or land, building or equipment fund .....			31
32	Retained earnings, endowment, accumulated income, or other funds			32
33	Total net assets or fund balances .....		16,391,972	33	13,390,135
34	Total liabilities and net assets/fund balances .....		70,978,094	34	13,457,024