America First Tax Exempt Investors, L.P. (ATAX)

[Penny Roger$]

America First Tax Exempt Investors, L.P. (the Partnership) is engaged in acquiring, holding, selling and otherwise dealing with a portfolio of federally tax-exempt mortgage revenue bonds, which have been issued to provide construction and/or permanent financing of multifamily residential properties. As of December 31, 2010, it owned 21 tax-exempt mortgage revenue bonds, which were issued to provide construction and/or permanent financing of 21 multifamily residential apartments located in Florida, Iowa, South Carolina, Texas, Ohio, Kansas, Kentucky, Minnesota and Illinois, one multifamily residential apartment complex under construction in Texas, and a 142-bed student housing facility in Nebraska. On March 31, 2011, purchased The Arboretum on Farnam Drive (Arboretum), a 145 unit independent senior living facility located in Omaha, Nebraska. It operates in three segments, Tax-Exempt Bond Investments, MF Properties, and Consolidated variable interest entities (VIEs).