See reconciliation of net income (loss) to net cash used in operating activities on page 6.

See Notes to Financial Statements.

See Notes to Financial Statements.

The accompanying unaudited financial statements of American Tax Credit Trust, a Delaware statutory business trust Series I (the "Trust"“Trust”) have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"(“GAAP”) for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of the manager of the Trust (the "Manager"“Manager”), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of December 30, 2016June 29, 2017 and the results of operations and cash flows for the interim periodsperiod presented. All adjustments are of a normal recurring nature. The results of operations for the ninethree months ended December 30, 2016June 29, 2017 are not necessarily indicative of the results that may be expected for the entire year.

The Trust initially acquired limited partner equity interests (the "Local“Local Partnership Interest"Interest” or "Local“Local Partnership Interests"Interests”) in ten partnershipsLocal Partnerships (the "Local Partnership"“Local Partnership” or "Local Partnerships"“Local Partnerships”) representing capital contributions in the aggregate amount of $14,837,956, which includes voluntary advances (the "Advances"“Advances”) made to certain Local Partnerships and all of which has been paid. As of December 30, 2016,June 29, 2017, the Trust holds a Local Partnership Interest in twoone Local Partnerships.Partnership, Vision Limited Dividend Housing Association Limited Partnership (“Vision”).  The results of operations of Vision are provided by the general partner of Vision on an unaudited basis during interim periods. The Trust has no legal obligation to fund any operating deficits of the remaining Local Partnerships. The results of operations of the Local Partnerships are provided by the general partners of the Local Partnerships (the "Local General Partners") on an unaudited basis during interim periods.Vision.

In the event the operations of a Local PartnershipVision result in a loss, equity in loss of each investment in Local PartnershipVision allocated to the Trust is recognized to the extent of the Trust'sTrust’s investment balance in each Local Partnership.Vision. Equity in loss in excess of the Trust'sTrust’s investment balance in a Local PartnershipVision is allocated to other partners'partners’ capital in any such Local Partnership.Vision. As a result of cumulative equity losses and distributions, and the sales of certain Local Partnerships' Properties and/or the Trust's Local Partnership Interests, the Trust'sTrust’s investment in local partnershipsVision reached a zero balance in a prior year.

During the ninethree months ended December 30, 2016,June 29, 2017, the Trust sold its Local Partnership Interest in ACP Housing Associates, L.P. ("ACP Housing")Creative Choice Homes VII, Ltd. to an affiliate of the Local General Partner of ACP Housing;unaffiliated third party; the Trust received $1,331,798$900,000 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the ninethree months ended December 30, 2016.June 29, 2017.

The Trust carries its investment in Pemberwick Fund, a short duration bond fund ("Pemberwick"(“Pemberwick”) at estimated fair value. The fair value of the Trust'sTrust’s investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification ("ASC"(“ASC”) Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access. Pemberwick'sPemberwick’s net asset value ("NAV"(“NAV”) is $10.02$10.03 per share as of December 30, 2016.June 29, 2017. An unrealized loss of $4,723$3,939 is reflected as accumulated other comprehensive loss in the accompanying unaudited balance sheet as of December 30, 2016.June 29, 2017. The Trust has earned $64,181$73,243 of interest revenue from the date of its initial investment in Pemberwick through December 30, 2016.June 29, 2017.

Additional information, including the audited March 30, 20162017 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Trust'sTrust’s Annual Report on Form 10-K for the fiscal year ended March 30, 20162017 on file with the Securities and Exchange Commission.

Item 2. Management'sManagement’s Discussion and Analysis of Financial Condition and Results of Operations.

As of December 30, 2016,June 29, 2017, American Tax Credit Trust, a Delaware statutory business trust Series I (the "Registrant"“Registrant”) has experienced a significant change in financial condition as compared to March 30, 20162017 resulting primarily from the receipt of approximately $1,332,000$900,000 in connection with the sale of its interest in ACP Housing Associates, L.P. ("ACP Housing"Creative Choice Homes VII, Ltd. (“Creative Choice”) (see discussion below under Results of Operations and Local Partnership Matters). Principal changes in assets are comprised of periodic transactions and adjustments. Registrant had initially acquired a limited partner equity interest (the "Local“Local Partnership Interest"Interest” or "Local“Local Partnership Interests"Interests”) in ten partnerships (the "Local Partnership"“Local Partnership” or "Local Partnerships"“Local Partnerships”), that own/owned low-income multifamily residential complexes (the "Property"“Property” or "Properties"“Properties”) that qualified for the low-income housing tax credit (the "Low-income“Low-income Housing Tax Credit"Credit”) in accordance with Section 42 of the Internal Revenue Code. As of August 1, 2017, Registrant holds a Local Partnership Interest in one Local Partnership, Vision Limited Dividend Housing Association Limited Partnership (“Vision”). During the ninethree months ended December 30, 2016,June 29, 2017, Registrant received cash from interest revenue redemptions from Pemberwick Fund, a short duration bond fund ("Pemberwick") and proceeds in connection with ACP HousingCreative Choice (see discussion above), and utilized cash for operating expenses and investments in Pemberwick.Pemberwick Fund, a short duration bond fund (“Pemberwick”). Cash and cash equivalents and investment in Pemberwick increased, in the aggregate, by approximately $1,284,000$774,000 during the ninethree months ended December 30, 2016 (which includes an unrealized loss on investmentJune 29, 2017, primarily as the result of proceeds from the sale of Registrant’s Local Partnership Interest in PemberwickCreative Choice of approximately $6,000).$900,000 (see discussion below under Local Partnership Matters), partially offset by the payment of previously deferred management fees of $100,000 and recurring operating expenses. Payable to manager and affiliates in the accompanying unaudited balance sheet as of December 30, 2016June 29, 2017 represents deferred management fees.

Registrant'sRegistrant’s operating results are dependent, in part, on the operating results of the Local PartnershipsVision and are impacted by the Local Partnerships'Vision’s policies.  In addition, the operating results herein are not necessarily the same for tax reporting. Registrant accounts for its investment in local partnershipsVision in accordance with the equity method of accounting. Accordingly, the investment is carried at cost and is adjusted for Registrant'sRegistrant’s share of each Local Partnership'sVision’s results of operations and by cash distributions received. In the event the operations of a Local PartnershipVision result in a loss, equity in loss of each investment in Local PartnershipVision allocated to Registrant is recognized to the extent of Registrant'sRegistrant’s investment balance in each Local Partnership.Vision.  Equity in loss in excess of Registrant'sRegistrant’s investment balance in a Local PartnershipVision is allocated to other partners'partners’ capital in any such Local Partnership.Vision. As a result of cumulative equity losses and distributions, and the sales of certain Local Partnerships' Properties and/or Registrant's Local Partnership Interests, Registrant'sRegistrant’s investment in local partnershipsVision reached a zero balance in a prior year.

Cumulative losses and cash distributions in excess of Registrant’s investment in local partnershipsVision may result from a variety of circumstances, including a Local Partnership'sVision’s accounting policies, subsidy structure, debt structure and operating deficits, among other things. Accordingly, cumulative losses and cash distributions in excess of the investment are not necessarily indicative of adverse operating results of a Local Partnership.Vision.

Registrant'sRegistrant’s operations for the three months ended December 30,June 29, 2017 and 2016 and 2015 resulted in lossesnet income (loss) of $22,636$871,704 and $94,778,$(32,912), respectively. The decreaseincrease in net income is primarily attributable to (i) a decrease in equity in lossgain on sale of investment in limited partner interests/local partnershipspartnership properties of approximately $56,000, which is the result of Registrant's investment in local partnerships reaching a zero balance as of March 30, 2016 and there being no equity in income (loss) recognized$900,000 during the three months ended December 30, 2016,June 29, 2017 and (ii) a decreasean increase in management feesinterest revenue of approximately $17,000. Other comprehensive loss for the three months ended December 30, 2016 resulted from an unrealized loss on investment in Pemberwick of $6,493.

Item 2. Management'sManagement’s Discussion and Analysis of Financial Condition and Results of Operations (Continued).

Registrant'sRegistrant’s primary objective, to provide Low-income Housing Tax Credits to its beneficial owners (the "Beneficial Owners"“Beneficial Owners”), has been completed. The relevant state tax credit agency allocated each of the Local Partnerships an amount of Low-income Housing Tax Credits, which are generally available for a ten year period from the year the Property is placed in service (the "Ten“Ten Year Credit Period"Period”). The Ten Year Credit Period was fully exhausted with respect to all of the Properties as of December 31, 2006. The required holding period of each Property, in order to avoid Low-income Housing Tax Credit recapture, is fifteen years from the year in which the Low-income Housing Tax Credits commence on the last building of the Property (the "Compliance Period"“Compliance Period”). The Compliance Period of all of the Local Partnerships had expired as of December 31, 2010. In addition, certain of the Local Partnerships entered into agreements with the relevant state tax credit agencies whereby the Local Partnerships must maintain the low-income nature of the Properties for a period which exceeds the Compliance Period (in certain circumstances, up to 50 years from when the Property is placed in service, but commonly 30 years from the date any such Property is placed in service), regardless of a sale of the Properties by the Local Partnerships after the Compliance Period (the "Extended“Extended Use Provisions"Provisions”).  Although the Extended Use Provisions do not extend the Compliance Period of the respective Local Partnerships, such provisions may limit the number and availability of potential purchasers of the Properties. Accordingly, a sale of a Property may happen well after the expiration of the Compliance Period and/or may be significantly discounted.  Registrant is in the process of disposing of its remaining Local Partnership Interests. As of February 2, 2017, Registrant owns two of the ten Local Partnership Interests initially acquired.Interest in Vision, which has a 30 year Extended Use Agreement.  In a prior year, Registrant served a demand on the general partners of the Local Partnerships (the "Local“Local General Partners"Partners”) to commence a sale process to dispose of the Properties. In the event a sale of the Vision Property cannot be consummated, it is the Manager'sManager’s intention to sell or assign Registrant's remainingRegistrant’s Local Partnership Interests.Interest in Vision. It is not possibleuncertain as to ascertain the amount, if any, that Registrant will receive in connection with respect to each specific Property from such salessale or assignments.assignment. Registrant intends to dissolve after the final disposition of its remaining Local Partnership Interests;Interest in Vision; there can be no assurance as to when Registrantsuch final disposition will dispose of its remaining Local Partnership Interests.occur.

The remaining Properties are principally comprised ofVision owns a 97 unit subsidized and leveraged low-income multifamily residential complexescomplex located in Florida andDetroit, Michigan. One of the two remaining Local Partnerships receives rental subsidy payments under Section 8 of Title II of the Housing and Community Development Act of 1974 ("Section 8"). The subsidy agreement is scheduled to expire in 2019. Since October 1997, the United States Department of Housing and Urban Development ("HUD") has issued a series of directives related to project based Section 8 contracts that define owners' notification responsibilities, advise owners of project based Section 8 properties of what their options are regarding the renewal of Section 8 contracts, provide guidance and procedures to owners, management agents, contract administrators and HUD staff concerning renewal of Section 8 contracts, provide policies and procedures on setting renewal rents and handling renewal rent adjustments and provide the requirements and procedures for opting-out of a Section 8 project based contract. Registrant cannot predict legislative initiatives and governmental budget negotiations, the outcome of which could result in a reduction in funds available for the various federal and state administered housing programs including the Section 8 program. Such changes could adversely affect the future net operating income before debt service ("NOI") and debtVision’s financing structure of the Local Partnership currently receiving such subsidy. Such Local Partnership's Section 8 contract is currently subject to renewal under applicable HUD guidelines.

During the remainingthree months ended June 29, 2017, Registrant sold its Local Partnerships.Partnership Interest in Creative Choice to an unaffiliated third party; Registrant received $900,000 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the three months ended June 29, 2017.

The accompanying unaudited financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"(“GAAP”), which requires Registrant to make certain estimates and assumptions. The following section is a summary of certain aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of Registrant'sRegistrant’s financial condition and results of operations. Registrant believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the accompanying unaudited financial statements.

As a cautionary note, with the exception of historical facts, the matters discussed in this quarterly report on Form 10-Q are "forward-looking"“forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"“Reform Act”). Forward-looking statements may relate to, among other things, current expectations, forecasts of future events, future actions, future performance generally, business development activities, capital expenditures, strategies, the outcome of contingencies, future financial results, financing sources and availability and the effects of regulation and competition. Words such as "anticipate," "expect," "intend," "plan," "seek," "estimate"“anticipate,” “expect,” “intend,” “plan,” “seek,” “estimate” and other words and terms of similar meaning in connection with discussions of future operating or financial performance signify forward-looking statements. Registrant may also provide written forward-looking statements in other materials released to the public. Such statements are made in good faith by Registrant pursuant to the "Safe Harbor"“Safe Harbor” provisions of the Reform Act. Registrant undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Such forward-looking statements involve known risks, uncertainties and other factors that may cause Registrant'sRegistrant’s actual results of operations or actions to be materially different from future results of operations or actions expressed or implied by the forward-looking statements.

Item 3. Quantitative and Qualitative Disclosure About Market Risk.

Registrant is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item.

Item 4. Controls and Procedures.

Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed by Registrant in reports that Registrant files or submits under the Exchange Act is recorded, processed, summarized and timely reported as provided in SEC rules and forms. Registrant periodically reviews the design and effectiveness of its disclosure controls and procedures, including compliance with various laws and regulations that apply to its operations. Registrant makes modifications to improve the design and effectiveness of its disclosure controls and procedures, and may take other corrective action, if its reviews identify a need for such modifications or actions. In designing and evaluating the disclosure controls and procedures, Registrant recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Registrant has carried out an evaluation, under the supervision and the participation of its management, including the Chief Executive Officer and Chief Financial Officer of the Manager, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act), as of the three months ended December 30, 2016.June 29, 2017. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of the Manager concluded that Registrant'sRegistrant’s disclosure controls and procedures were effective as of December 30, 2016.June 29, 2017.

There were no changes in Registrant'sRegistrant’s internal control over financial reporting during the three months ended December 30, 2016June 29, 2017 that have materially affected, or are reasonably likely to materially affect, Registrant'sRegistrant’s internal control over financial reporting.