This is the Primary Document downloaded from EDGAR on 12/12/2014 5:57:49 AM EST for EFDID 14594 and Accession Number 0001140361-11-056863.

SEC FORM D/A

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities
OMB APPROVAL
OMB Number: 3235-0076
Expires: August 31, 2015
Estimated average burden
hours per response: 4.00

1. Issuer's Identity

CIK (Filer ID Number) Previous Names
X None
Entity Type
0001471106
   Corporation
   Limited Partnership
X Limited Liability Company
   General Partnership
   Business Trust
   Other (Specify)

Name of Issuer
WNC Tax Credits 38, LLC
Jurisdiction of Incorporation/Organization
CALIFORNIA
Year of Incorporation/Organization
   Over Five Years Ago
X Within Last Five Years (Specify Year) 2008
   Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
WNC Tax Credits 38, LLC
Street Address 1 Street Address 2
17782 SKY PARK CIRCLE
City State/Province/Country ZIP/PostalCode Phone Number of Issuer
IRVINE CALIFORNIA 92614 714-662-5565

3. Related Persons

Last Name First Name Middle Name
WNC Housing Tax Credits Manager 2, LLC NA
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship:    Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

Manager of Issuer
Last Name First Name Middle Name
WNC & Associates, Inc. NA
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship:    Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

Manager of Manager of Issuer
Last Name First Name Middle Name
Cooper, Sr. Wilfred N.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship:    Executive Officer X Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Cooper, Jr. Wilfred N.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship: X Executive Officer X Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Shafer David N.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Gaber Michael J.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Wenk Melanie
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Cooper Kay L.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship:    Executive Officer X Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Cooper Jennifer E.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship:    Executive Officer X Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager

4. Industry Group

   Agriculture
Banking & Financial Services
   Commercial Banking
   Insurance
   Investing
   Investment Banking
   Pooled Investment Fund
Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?
   Yes    No
   Other Banking & Financial Services
   Business Services
Energy
   Coal Mining
   Electric Utilities
   Energy Conservation
   Environmental Services
   Oil & Gas
   Other Energy
Health Care
   Biotechnology
   Health Insurance
   Hospitals & Physicians
   Pharmaceuticals
   Other Health Care
   Manufacturing
Real Estate
   Commercial
   Construction
   REITS & Finance
   Residential
X Other Real Estate
  
Retailing
  
Restaurants
Technology
   Computers
   Telecommunications
   Other Technology
Travel
   Airlines & Airports
   Lodging & Conventions
   Tourism & Travel Services
   Other Travel
  
Other

5. Issuer Size

Revenue Range OR Aggregate Net Asset Value Range
   No Revenues    No Aggregate Net Asset Value
   $1 - $1,000,000    $1 - $5,000,000
   $1,000,001 - $5,000,000    $5,000,001 - $25,000,000
   $5,000,001 - $25,000,000    $25,000,001 - $50,000,000
   $25,000,001 - $100,000,000    $50,000,001 - $100,000,000
   Over $100,000,000    Over $100,000,000
X Decline to Disclose    Decline to Disclose
   Not Applicable    Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

   Rule 504(b)(1) (not (i), (ii) or (iii))    Rule 505
   Rule 504 (b)(1)(i) X Rule 506
   Rule 504 (b)(1)(ii)    Securities Act Section 4(5)
   Rule 504 (b)(1)(iii)    Investment Company Act Section 3(c)
   Section 3(c)(1)    Section 3(c)(9)  
   Section 3(c)(2)    Section 3(c)(10)
   Section 3(c)(3)    Section 3(c)(11)
   Section 3(c)(4)    Section 3(c)(12)
   Section 3(c)(5)    Section 3(c)(13)
   Section 3(c)(6)    Section 3(c)(14)
   Section 3(c)(7)

7. Type of Filing

   New Notice Date of First Sale 2010-04-09    First Sale Yet to Occur
X Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year?
X Yes    No

9. Type(s) of Securities Offered (select all that apply)

   Equity    Pooled Investment Fund Interests
   Debt    Tenant-in-Common Securities
   Option, Warrant or Other Right to Acquire Another Security    Mineral Property Securities
   Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security X Other (describe)
limited liability company interests

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?
   Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $25,000 USD

12. Sales Compensation

Recipient
Recipient CRD Number    None
WNC Capital Corporation 36174
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
WNC Capital Corporation 36174
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/Postal Code
Irvine CALIFORNIA 92614
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
FLORIDA
GEORGIA
HAWAII
IOWA
ILLINOIS
INDIANA
LOUISIANA
MASSACHUSETTS
MARYLAND
MINNESOTA
MISSOURI
NORTH CAROLINA
NEBRASKA
NEW JERSEY
NEW MEXICO
NEW YORK
OHIO
OREGON
PENNSYLVANIA
SOUTH CAROLINA
TENNESSEE
TEXAS
VERMONT
WASHINGTON
WISCONSIN
KANSAS
MICHIGAN
NORTH DAKOTA
NEVADA
VIRGINIA
Recipient
Recipient CRD Number    None
Securities America, Inc. 10205
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Securities America, Inc. 10205
Street Address 1 Street Address 2
12325 Port Grace Blvd.
City State/Province/Country ZIP/Postal Code
Lavista NEBRASKA 68128
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
COLORADO
FLORIDA
ILLINOIS
LOUISIANA
MINNESOTA
MISSOURI
NEBRASKA
NEW JERSEY
SOUTH CAROLINA
Recipient
Recipient CRD Number    None
Michael A. Sebald 1426782
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Landolt Securities, Inc. 28352
Street Address 1 Street Address 2
701 Oregon Street
City State/Province/Country ZIP/Postal Code
Oshkosh WISCONSIN 54902
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
WISCONSIN
Recipient
Recipient CRD Number    None
VSR Financial Services, Inc. 14503
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
VSR Financial Services, Inc. 14503
Street Address 1 Street Address 2
8620 W. 110th Street, Ste. 200
City State/Province/Country ZIP/Postal Code
Overland Park KANSAS 66210
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CONNECTICUT
IOWA
MASSACHUSETTS
MISSOURI
TEXAS
VERMONT
Recipient
Recipient CRD Number    None
Robert D'Agosta 1903105
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Berthel, Fisher and Company Financial Services, Inc. 13609
Street Address 1 Street Address 2
2821 Spring Haven Place
City State/Province/Country ZIP/Postal Code
Macungie PENNSYLVANIA 18062
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW JERSEY
Recipient
Recipient CRD Number    None
Ameritas Investment Corp. 14869
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Ameritas Investment Corp. 14869
Street Address 1 Street Address 2
5900 O Street
City State/Province/Country ZIP/Postal Code
Lincoln NEBRASKA 68510
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
FLORIDA
ILLINOIS
INDIANA
TEXAS
KANSAS
MISSOURI
NEBRASKA
OHIO
Recipient
Recipient CRD Number    None
Jeffrey D. Noard 1983392
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Allied Beacon Partners, Inc. 46227
Street Address 1 Street Address 2
11805 W. Hampton Avenue, Suite 101
City State/Province/Country ZIP/Postal Code
Milwaukee WISCONSIN 53225
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
WISCONSIN
Recipient
Recipient CRD Number    None
NPB Financial Group, LLC 137743
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
NPB Financial Group, LLC 137743
Street Address 1 Street Address 2
3500 W. Olive Ave., 3rd Floor
City State/Province/Country ZIP/Postal Code
Burbank CALIFORNIA 91505
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
COLORADO
NEW MEXICO
CALIFORNIA
Recipient
Recipient CRD Number    None
Lawrence W. Warren 1694288
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Berthel, Fisher and Company Financial Services, Inc. 13609
Street Address 1 Street Address 2
931 S. Washington St., Suite 1
City State/Province/Country ZIP/Postal Code
Bismarck NORTH DAKOTA 58504
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NORTH DAKOTA
Recipient
Recipient CRD Number    None
Transamerica Financial Advisors, Inc. 16164
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Transamerica Financial Advisors, Inc. 16164
Street Address 1 Street Address 2
570 Carillon Parkway
City State/Province/Country ZIP/Postal Code
St. Petersburg FLORIDA 33716
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
MISSOURI
COLORADO
FLORIDA
INDIANA
NORTH CAROLINA
NEVADA
OREGON
WASHINGTON
Recipient
Recipient CRD Number    None
Arlene R. Moore 2427590
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Intervest International Equities Corporation 20289
Street Address 1 Street Address 2
3205 South Gate Circle, Suite 20
City State/Province/Country ZIP/Postal Code
Sarasota FLORIDA 32439
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
Recipient
Recipient CRD Number    None
Henry K. Sterzing 1031368
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Brazos Securities, Inc. 21624
Street Address 1 Street Address 2
12400 Coit Road, Suite 2040
City State/Province/Country ZIP/Postal Code
Dallas TEXAS 75251
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
Chad M. Tusa 4524325
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Crown Capital Securities, L.P. 6312
Street Address 1 Street Address 2
1601 Belle Chasse Hwy, Suite 200
City State/Province/Country ZIP/Postal Code
Gretna LOUISIANA 70056
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
LOUISIANA
MARYLAND
TEXAS
Recipient
Recipient CRD Number    None
SagePoint Financial, Inc. 133763
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
SagePoint Financial, Inc. 133763
Street Address 1 Street Address 2
2800 N. Central Ave., Suite 2100
City State/Province/Country ZIP/Postal Code
Phoenix ARIZONA 85004
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
GEORGIA
MINNESOTA
NEW JERSEY
WISCONSIN
LOUISIANA
MARYLAND
Recipient
Recipient CRD Number    None
FSC Securities Corporation 7461
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
FSC Securities Corporation 7461
Street Address 1 Street Address 2
2300 Windy Ridge Parkway, Suite 1100
City State/Province/Country ZIP/Postal Code
Atlanta GEORGIA 30339
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
FLORIDA
IOWA
NEBRASKA
NEVADA
NEW YORK
WASHINGTON
WISCONSIN
Recipient
Recipient CRD Number    None
Royal Alliance Associates, Inc. 23131
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Royal Alliance Associates, Inc. 23131
Street Address 1 Street Address 2
One World Financial Center, 15th Floor
City State/Province/Country ZIP/Postal Code
New York NEW YORK 10281
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
NORTH CAROLINA
NEW YORK
WASHINGTON
COLORADO
OREGON
Recipient
Recipient CRD Number    None
Vernon L. Albright 1346110
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Workman Securities Corporation 31898
Street Address 1 Street Address 2
2310 West Arthur Ave., No. 3
City State/Province/Country ZIP/Postal Code
Chicago ILLINOIS 60645
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
DELAWARE
PENNSYLVANIA
Recipient
Recipient CRD Number    None
H. Beck, Inc. 1763
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
H. Beck, Inc. 1763
Street Address 1 Street Address 2
11140 Rockville Pike, Suite 400
City State/Province/Country ZIP/Postal Code
Rockville MARYLAND 20852
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
HAWAII
TEXAS
Recipient
Recipient CRD Number    None
David G. Gott 1915608
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Berthel, Fisher and Company Financial Services, Inc. 13609
Street Address 1 Street Address 2
1732 Lininger Lane
City State/Province/Country ZIP/Postal Code
North Liberty IOWA 52317
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
IOWA
Recipient
Recipient CRD Number    None
National Planning Corporation 29604
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
National Planning Corporation 29604
Street Address 1 Street Address 2
401 Wilshire Blvd., Suite 1100
City State/Province/Country ZIP/Postal Code
Santa Monica CALIFORNIA 90401
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
HAWAII
MARYLAND
MINNESOTA
PENNSYLVANIA
TEXAS
FLORIDA
Recipient
Recipient CRD Number    None
Independent Financial Group, LLC 7717
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group, LLC 7717
Street Address 1 Street Address 2
12636 High Bluff Drive, Suite 100
City State/Province/Country ZIP/Postal Code
San Diego CALIFORNIA 92130
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
OREGON
TEXAS
Recipient
Recipient CRD Number    None
Richard G. Mueller 720925
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Crown Capital Securities, L.P. 6312
Street Address 1 Street Address 2
32332 Camino Capistrano, Suite 201
City State/Province/Country ZIP/Postal Code
San Juan Capistrano CALIFORNIA 92675
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Lloyd M. Johnston 1626695
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Capital Financial Services, Inc. 8408
Street Address 1 Street Address 2
9701 Apollo Drive, Suite 301
City State/Province/Country ZIP/Postal Code
Largo MARYLAND 20774
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
MARYLAND
Recipient
Recipient CRD Number    None
Dana D. Anderson 2246831
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
United Planners Financial Services of America 20804
Street Address 1 Street Address 2
15815 Franklin Trail SE, Ste. 300
City State/Province/Country ZIP/Postal Code
Prior Lake MINNESOTA 55372
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
IOWA
Recipient
Recipient CRD Number    None
Kenneth W. Rumbaugh 1364691
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Harbour Investments, Inc. 19258
Street Address 1 Street Address 2
1301 Bellefontaine Ave., 2nd Floor
City State/Province/Country ZIP/Postal Code
Lima OHIO 45804
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OHIO
TENNESSEE
Recipient
Recipient CRD Number    None
William B. Bowers III 4433033
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
The Strategic Financial Alliance, Inc. 126514
Street Address 1 Street Address 2
1150 SE Maynard Road, Suite 250
City State/Province/Country ZIP/Postal Code
Cary NORTH CAROLINA 27511
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NORTH CAROLINA
Recipient
Recipient CRD Number    None
Jason L. Barney 3167740
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
United Planners Financial Services of America 20804
Street Address 1 Street Address 2
3655 Nobel Dr., Suite 350
City State/Province/Country ZIP/Postal Code
San Diego CALIFORNIA 92122
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Ryan S. Ponsford 4363535
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
United Planners Financial Services of America 20804
Street Address 1 Street Address 2
1745 Star Crest Place
City State/Province/Country ZIP/Postal Code
San Marcos CALIFORNIA 92078
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
James W. Olsen 857594
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Crown Capital Securities, L.P. 6312
Street Address 1 Street Address 2
1601 Belle Chase Hwy, Suite 200
City State/Province/Country ZIP/Postal Code
Gretna LOUISIANA 70056
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
LOUISIANA
MARYLAND
TEXAS
Recipient
Recipient CRD Number    None
Scott M. Lehigh 4420892
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Crown Capital Securities, Inc. 6312
Street Address 1 Street Address 2
2688 S. Rainbow Blvd., Suite B
City State/Province/Country ZIP/Postal Code
Las Vegas NEVADA 89146
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEVADA
Recipient
Recipient CRD Number    None
David H. Arnold 864817
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Intervest International Equities Corporation 20289
Street Address 1 Street Address 2
8130 Baymeadows Circle W., Suite 102
City State/Province/Country ZIP/Postal Code
Jacksonville FLORIDA 32256
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
Recipient
Recipient CRD Number    None
Cameron L. Stiles 5489636
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
SII Investments, Inc. 2225
Street Address 1 Street Address 2
200 E. Long Lake Road, Suite 170
City State/Province/Country ZIP/Postal Code
Bloomfield Hills MICHIGAN 48304
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
MICHIGAN
Recipient
Recipient CRD Number    None
Preston A. Loss 727531
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Geneos Wealth Management, Inc. 120894
Street Address 1 Street Address 2
630 Delp Road, Suite 110
City State/Province/Country ZIP/Postal Code
Lancaster PENNSYLVANIA 17601
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
PENNSYLVANIA
NORTH CAROLINA
Recipient
Recipient CRD Number    None
Roger E. Sulhoff 1057321
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
The Strategic Financial Alliance, Inc. 126514
Street Address 1 Street Address 2
329 Oak Street, Suite 201
City State/Province/Country ZIP/Postal Code
Gainesville GEORGIA 30205
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
GEORGIA
Recipient
Recipient CRD Number    None
Prakash D. Simha 2970036
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
The Strategic Financial Alliance, Inc. 126514
Street Address 1 Street Address 2
2 Yardley Road
City State/Province/Country ZIP/Postal Code
Andover MASSACHUSETTS 01810
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
MASSACHUSETTS
Recipient
Recipient CRD Number    None
Garry N. Savage Sr. 1195330
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Wall Street Strategies, Inc. 31268
Street Address 1 Street Address 2
362 North Main Street
City State/Province/Country ZIP/Postal Code
Huron OHIO 44839
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OHIO
Recipient
Recipient CRD Number    None
Jeffrey P. Morand 728191
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
United Planners Financial Services of America 20804
Street Address 1 Street Address 2
6500 S. Quebec Street, Suite 300
City State/Province/Country ZIP/Postal Code
Englewood COLORADO 80111
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
COLORADO
Recipient
Recipient CRD Number    None
David H. Yoder 4905015
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Crown Capital Securities, L.P. 6312
Street Address 1 Street Address 2
570 Pinehurst S., no. 2, 25 Down Circle
City State/Province/Country ZIP/Postal Code
Pinehurst NORTH CAROLINA 28374
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NORTH CAROLINA
Recipient
Recipient CRD Number    None
Yi-Chen C. Yang 4024717
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
MCL Financial Group, Inc. 41180
Street Address 1 Street Address 2
3773 Cherry Creek North Drive, Suite 575
City State/Province/Country ZIP/Postal Code
Denver COLORADO 80209
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
COLORADO
Recipient
Recipient CRD Number    None
John J. John 1785564
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Capital Financial Services, Inc. 8408
Street Address 1 Street Address 2
705 Old Fallston Road
City State/Province/Country ZIP/Postal Code
Fallston MARYLAND 21047
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
MARYLAND

13. Offering and Sales Amounts

Total Offering Amount $15,000,000 USD
or    Indefinite
Total Amount Sold $14,999,380 USD
Total Remaining to be Sold $620 USD
or    Indefinite

Clarification of Response (if Necessary):

14. Investors

  
Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.
Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
305

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions $1,050,000 USD
X Estimate
Finders' Fees $0 USD
   Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$2,025,000 USD
X Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against it in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Rule 505 exemption, the issuer is not disqualified from relying on Rule 505 for one of the reasons stated in Rule 505(b)(2)(iii).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer Signature Name of Signer Title Date
WNC Tax Credits 38, LLC /s/ Melanie Wenk Melanie Wenk Vice President - CFO of Managing Member of Manager of Issuer 2011-12-09

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.