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        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FORM 990 FOR NEF HOUSING CHARITIES IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY 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 AND BUDGET COMMITTEE OF THE BOARD OF DIRECTORS OF NATIONAL EQUITY FUND, INC., THE PARENT ORGANIZATION OF NEF HOUSING CHARITIES. THE DIRECTORS OF NEF HOUSING CHARITIES, HAVE DELEGATED RESPONSIBILITY TO REVIEW THE FORM 990 TO THE AUDIT AND BUDGET COMMITTEE OF THE PARENT ORGANIZATION. A COPY OF THE FINAL FORM 990 WAS SENT TO EACH MEMBER OF THE FULL BOARD OF NEF HOUSING CHARITIES PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>NEF HOUSING CHARITIES 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 HOUSING CHARITIES DOES NOT REIMBURSE NATIONAL EQUITY FUND, INC. FOR THE COMPENSATION RELATED TO THESE EMPLOYEES. COMPENSATION FOR SENIOR MANAGEMENT IS DETERMINED BY THE TALENT DEVELOPMENT AND COMPENSATION 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. ANNUALLY ENGAGES INDEPENDENT COMPENSATION CONSULTANTS TO PROVIDE COMPARABILITY DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE MINUTES OF THE TALENT DEVELOPMENT AND COMPENSATION COMMITTEE DOCUMENT THE COMMITTEE'S DELIBERATIONS AND DECISIONS REGARDING COMPENSATION. DUE TO THE INSTRUCTIONS FOR LINE 15, THE ORGANIZATION MUST ANSWER "NO" SINCE COMPENSATION IS NOT PAID DIRECTLY FROM THE ORGANIZATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>NEF HOUSING CHARITIES' CONSOLIDATED ANNUAL REPORT IS 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.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART IX, LINE 11G</FormAndLineReferenceDesc>
        <ExplanationTxt>CONSULTING FEES: PROGRAM SERVICE EXPENSES 113,393. MANAGEMENT AND GENERAL EXPENSES 25,668. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 139,061.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9:</FormAndLineReferenceDesc>
        <ExplanationTxt>CONTRIBUTION TO NEF INC. -1,175,940.</ExplanationTxt>
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      <IdRelatedOrgTxblPartnershipGrp>
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      <IdRelatedOrgTxblPartnershipGrp>
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      <IdRelatedOrgTxblPartnershipGrp>
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          <BusinessNameLine1Txt>CATHAY SHARED INVESTMENT FUND V LP</BusinessNameLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>CHARLOTTE HOUSING OPPORTUNITY INVESTMENT FUND II LLC</BusinessNameLine1Txt>
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          <AddressLine1Txt>28 LIBERTY ST 34TH FL</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
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          <BusinessNameLine1Txt>CHARLOTTE HOUSING OPPORTUNITY INVESTMENT FUND LLC</BusinessNameLine1Txt>
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        <EIN>834020108</EIN>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>CHASE NMTC AVONDALE INVESTMENT</BusinessNameLine1Txt>
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          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>CHASE NMTC BRUNSWICK INVESTMENT</BusinessNameLine1Txt>
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          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>CHASE NMTC EMMI ROTH INVESTMENT</BusinessNameLine1Txt>
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          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>CHICAGO EQUITY FUND 2003 LP</BusinessNameLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>CIBC BANK USA AFFORDABLE HOUSING</BusinessNameLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>CITIGROUP CCDE INVESTMENT FUND LLC</BusinessNameLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>CLEVELAND HOUSING INVESTMENT FUND LLC</BusinessNameLine1Txt>
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          <AddressLine1Txt>28 LIBERTY STREET 34TH FLOOR</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>COASTAL FUND II LP</BusinessNameLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>COVINGTON INVESTMENT FUND LLC</BusinessNameLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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        <LegalDomicileStateCd>DE</LegalDomicileStateCd>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>CRESCENT COMMUNITY INVESTMENT FUND LP</BusinessNameLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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        <LegalDomicileStateCd>DE</LegalDomicileStateCd>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>DALLAS HOUSING OPPORTUNITY FUND LLC</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>28 LIBERTY ST 34TH FL</AddressLine1Txt>
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          <StateAbbreviationCd>NY</StateAbbreviationCd>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>EDWARDS LIFESCIENCES PROPEL LLC</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>EHF LCO INVESTMENT FUND LLC</BusinessNameLine1Txt>
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          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>EHF VGMHC INVESTMENT FUND LLC</BusinessNameLine1Txt>
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          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>FI HOUSING LP</BusinessNameLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>FIFTH THIRD INVESTMENT FUND II LP</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>FIFTH THIRD INVESTMENT FUND LLC</BusinessNameLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>FIRST HAWAIIAN BANK SHARED INVESTMENT FUND I LP</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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        <EIN>994808981</EIN>
        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>FNBC LEASING INVESTMENT FUND LLC</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>FOUR EIGHTY-ONE HOUSING INVESTMENT FUND II LP</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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        <EIN>453754747</EIN>
        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>FOUR EIGHTY-ONE HOUSING INVESTMENT FUND III LP</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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        <EIN>900929576</EIN>
        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
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      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>FOUR EIGHTY-ONE HOUSING INVESTMENT FUND IV LP</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
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          <BusinessNameLine1Txt>NEF REGIONAL FUND VIII - CHICAGO LP</BusinessNameLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
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        <RelatedOrganizationName>
          <BusinessNameLine1Txt>COMMUNITY DEVELOPMENT ADVOCATES RAD</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>611858829</EIN>
        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>COMMUNITY DEVELOPMENT ADVOCATES INC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>364009754</EIN>
        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>MPEG ACCEPTANCE CORPORATION</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>800106441</EIN>
        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>MN</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>NEF ASSIGNMENT CORPORATION</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>364326848</EIN>
        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>NEF COMMUNITY CAPITAL INC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>364222908</EIN>
        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>NEF DEVELOPMENT CORPORATION</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>830337773</EIN>
        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>NEF INVESTMENT PARTNER</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>843771744</EIN>
        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>DE</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>NEF SUPPORT CORPORATION</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>540 W MADISON ST SUITE 1900</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>364326845</EIN>
        <PrimaryActivitiesTxt>LOW INCOME HOUSING</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>NEW MARKETS INVESTMENT 106 LLC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>811890795</EIN>
        <PrimaryActivitiesTxt>COMMUNITY DEV.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>DE</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>NEW MARKETS INVESTMENT 112 LLC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>812035515</EIN>
        <PrimaryActivitiesTxt>COMMUNITY DEV.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>DE</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>NEW MARKETS INVESTMENT 114 LLC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>821429642</EIN>
        <PrimaryActivitiesTxt>COMMUNITY DEV.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>DE</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>NEW MARKETS INVESTMENT 123 LLC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>821574081</EIN>
        <PrimaryActivitiesTxt>COMMUNITY DEV.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>DE</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>NEW MARKETS INVESTMENT 86 LLC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>465303240</EIN>
        <PrimaryActivitiesTxt>COMMUNITY DEV.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>DE</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>NEW MARKETS INVESTMENT 96 LLC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>609 W RANDOLPH ST SUITE 200</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60661</ZIPCd>
        </USAddress>
        <EIN>473829370</EIN>
        <PrimaryActivitiesTxt>COMMUNITY DEV.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>DE</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>0</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>1</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>0</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>0</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>0</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>0</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>0</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>0</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>1</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>1</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>1</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>1</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>0</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>NATIONAL EQUITY FUND INC</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>M</TransactionTypeTxt>
        <InvolvedAmt>139061</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>FMV</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>NATIONAL EQUITY FUND INC</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>B</TransactionTypeTxt>
        <InvolvedAmt>1175940</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>FMV</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>