**Exhibit 13**

FINANCIAL STATEMENTS ANDINDEPENDENT AUDITORS’ REPORT

 

**BOSTON CAPITAL TAX CREDIT FUND II****LIMITED PARTNERSHIP -****SERIES 7, 9 THROUGH 12, AND 14**

 

MARCH 31, 2003 AND 2002

 

----

 

Boston Capital Tax Credit Fund II Limited PartnershipSeries 7, 9 through 12, and 14

 

TABLE OF CONTENTS

 

 
| INDEPENDENT AUDITORS’ REPORT                          |
|------------------------------------------------------------|
|                                                       |
| FINANCIAL  STATEMENTS                                      |
|                                                       |
| BALANCE SHEETS                                             |
|                                                       |
| STATEMENTS OF OPERATIONS                                   |
|                                                       |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL  (DEFICIT) |
|                                                       |
| STATEMENTS OF CASH FLOWS                                   |
|                                                       |
| NOTES TO FINANCIAL STATEMENTS                              |
|                                                       |
| SCHEDULE III  - REAL ESTATE AND ACCUMULATED DEPRECIATION   |
|                                                       |
| NOTES TO SCHEDULE III                                      |

 

 

Schedules not listed areomitted because of the absence of the conditions under which they are requiredor because the information is included in the financial statements or the notesthereto.

 

F-2

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Reznick Fedder & Silverman

Certified Public Accountants * A Professional Corporation

 

7700 Old Georgetown Road * Suite 400 * Bethesda, MD 20814-6224

(301) 652-9100 * Fax (301) 652-1848

 

 

INDEPENDENTAUDITORS’ REPORT

 

 

To the Partners

Boston Capital Tax Credit FundII

  Limited Partnership

 

We haveaudited the accompanying balance sheets of Boston Capital Tax Credit Fund II LimitedPartnership, including Boston Capital Tax Credit Fund II Limited Partnership -Series 7, Series 9 through 12, and Series 14, in total and for each series, asof March 31, 2003 and 2002, and the related statements of operations, changesin partners’ capital (deficit) and cash flows for the total partnership and foreach of the series for each of the three years ended March 31, 2003.  These financial statements are theresponsibility of the partnership’s management.  Our responsibility is to express an opinion on these financialstatements based on our audits.  We didnot audit the financial statements of certain operating limited partnerships inwhich Boston Capital Tax Credit Fund II Limited Partnership owns a limitedpartnership interest.  Investments insuch partnerships comprise the following percentages of the assets as of March31, 2003 and 2002 for Series 7, Series 9 through 12, and Series 14, and thelimited partnership loss for each of the three years ended March 31, 2003 forSeries 7, Series 9 through 12, and Series 14: Total, 9% and 26% of the assetsand 7%, 23% and 20% of the partnership loss; Series 7, 0% and 5% of the assetsand 0%, 27% and 24% of the partnership loss; Series 9, 8% and 36% of the assetsand 3%, 17% and 15% of the partnership loss; Series 10, 13% and 18% of theassets and 1%, 12% and 14% of the partnership loss; Series 11, 14% and 32% ofthe assets and 13%, 28% and 14% of the partnership loss; Series 12, 11% and 14%of the assets and 21%, 28% and 21% of the partnership loss; and Series 14, 8%and 28% of the assets and 3%, 25% and 24% of the partnership loss.  The financial statements of thesepartnerships were audited by other auditors, whose reports have been furnishedto us, and our opinion, insofar as it relates to information relating to thesepartnerships, is based solely on the reports of the other auditors.

 

We conductedour audits in accordance with auditing standards generally accepted in theUnited States of America.  Thosestandards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement.  An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements.  An audit alsoincludes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statementpresentation.  We believe that ouraudits and the reports of the other auditors provide a reasonable basis for ouropinion.

 

F-3

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In ouropinion, based on our audits and the reports of the other auditors, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Boston Capital Tax Credit Fund II LimitedPartnership, including Boston Capital Tax Credit Fund II Limited Partnership -Series 7, Series 9 through 12, and Series 14, in total and for each series, asof March 31, 2003 and 2002, and the results of their operations and their cashflows for the total partnership and for each of the series for each of thethree years ended March 31, 2003, in conformity with accounting principlesgenerally accepted in the United States of America.

 

We and otherauditors have also audited the information included in the related financialstatement schedule listed in Form 10-K item 15(a) of Boston Capital Tax CreditFund II Limited Partnership - Series 7, Series 9 through 12, and Series 14 asof March 31, 2003.  In our opinion, theschedule presents fairly the information required to be set forth therein, inconformity with accounting principles generally accepted in the United Statesof America.

 

 
|                | /s/ Reznick  Fedder & Silverman |
|---------------------|-------------------------------------|
|                |                                |
|                |                                |
| Bethesda,  Maryland |                                |
| June 23,  2003      |

 

F-4

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Boston Capital Tax Credit Fund II Limited Partnership

Series 7, 9 through 12, and 14

 

BALANCE SHEETS

 

March 31, 2003 and 2002

 
|                                                                                                                                                                                                                |   | **Total**  |       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|------------|
|                                                                                                                                                                                                                |   | **2003**   |       | **2002** |   |
| ASSETS                                                                                                                                                                                                              |   |       |       |   |   |
|                                                                                                                                                                                                                |   |       |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                       |   | $          | 23,401,004 |   | $ | 34,447,755 |   |
|                                                                                                                                                                                                                |   |       |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |   |       |       |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |   | 3,633,932  |       | 1,132,906 |   |
| Investments held to maturity (notes A and G)                                                                                                                                                                        |   | —     |       | 411,470 |   |
| Notes receivable (note F)                                                                                                                                                                                           |   | 543,584    |       | 543,584 |   |
| Deferred acquisition costs, net of accumulated amortization   (notes A and C)                                                                                                                                       |   | 946,954    |       | 995,515 |   |
| Other                                                                                                                                                                                                               |   | 981,330    |       | 1,037,563 |   |
|                                                                                                                                                                                                                |   |       |       |   |   |
|                                                                                                                                                                                                                |   | $          | 29,506,804 |   | $ | 38,568,793 |   |
|                                                                                                                                                                                                                |   |       |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                             |   |       |       |   |   |
|                                                                                                                                                                                                                |   |       |       |   |   |
| LIABILITIES                                                                                                                                                                                                         |   |       |       |   |   |
| Accounts payable - trade                                                                                                                                                                                            |   | $          | 2,618      |   | $ | 3,224 |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |   | 26,173,258 |       | 24,608,073 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |   | 236,345    |       | 259,804 |   |
|                                                                                                                                                                                                                |   |       |       |   |   |
|                                                                                                                                                                                                                |   | 26,412,221 |       | 24,871,101 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                     |   |       |       |   |   |
| Assignor limited partner                                                                                                                                                                                            |   |       |       |   |   |
| Units of limited partnership interest consisting of 20,000,000  authorized beneficial assignee certificates (BAC), $10 stated value,  18,679,738 issued and outstanding to the assignees at March 31, 2003 and 2002 |   | —     |       | — |   |
| Assignees                                                                                                                                                                                                           |   |       |       |   |   |
| Units of beneficial interest of the limited partnership interest of  the assignor limited partner, 18,679,738 issued and outstanding at March 31,  2003 and 2002                                                    |   | 4,672,658  |       | 15,177,430 |   |
| General partner                                                                                                                                                                                                     |   | (1,578,075 | )          | (1,479,738 | ) |
|                                                                                                                                                                                                                |   |       |       |   |   |
|                                                                                                                                                                                                                |   | 3,094,583  |       | 13,697,692 |   |
|                                                                                                                                                                                                                |   |       |       |   |   |
|                                                                                                                                                                                                                |   | $          | 29,506,804 |   | $ | 38,568,793 |   |

 

F-5

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|                                                                                                                                                                                                               |   | **Series 7** |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|
|                                                                                                                                                                                                               |   | **2003**     |    | **2002** |   |
| ASSETS                                                                                                                                                                                                             |   |         |    |   |   |
|                                                                                                                                                                                                               |   |         |    |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                      |   | $            | 133,996 |   | $ | 263,836 |   |
|                                                                                                                                                                                                               |   |         |    |   |   |
| OTHER ASSETS                                                                                                                                                                                                       |   |         |    |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                          |   | 9,823        |    | 8,525 |   |
| Investments held to maturity (notes A and G)                                                                                                                                                                       |   | —       |    | — |   |
| Notes receivable (note F)                                                                                                                                                                                          |   | —       |    | — |   |
| Deferred acquisition costs, net of accumulated amortization  (notes A and C)                                                                                                                                       |   | —       |    | — |   |
| Other                                                                                                                                                                                                              |   | 26,450       |    | 73,704 |   |
|                                                                                                                                                                                                               |   |         |    |   |   |
|                                                                                                                                                                                                               |   | $            | 170,269 |   | $ | 346,065 |   |
|                                                                                                                                                                                                               |   |         |    |   |   |
| LIABILITIES  AND PARTNERS’ DEFICIT                                                                                                                                                                            |   |         |    |   |   |
|                                                                                                                                                                                                               |   |         |    |   |   |
| LIABILITIES                                                                                                                                                                                                        |   |         |    |   |   |
| Accounts payable - trade                                                                                                                                                                                           |   | $            | —  |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                             |   | 1,531,754    |    | 1,417,866 |   |
| Capital contributions payable (note C)                                                                                                                                                                             |   | —       |    | — |   |
|                                                                                                                                                                                                               |   |         |    |   |   |
|                                                                                                                                                                                                               |   | 1,531,754    |    | 1,417,866 |   |
| PARTNERS’ DEFICIT (note A)                                                                                                                                                                                    |   |         |    |   |   |
| Assignor limited partner                                                                                                                                                                                           |   |         |    |   |   |
| Units of limited partnership interest consisting of 20,000,000  authorized beneficial assignee certificates (BAC), $10 stated value,  1,036,100 issued and outstanding to the assignees at March 31, 2003 and 2002 |   | —       |    | — |   |
| Assignees                                                                                                                                                                                                          |   |         |    |   |   |
| Units of beneficial interest of the limited partnership interest of  the assignor limited partner, 1,036,100 issued and outstanding at March 31,  2003 and 2002                                                    |   | (1,257,943   | )       | (971,156 | ) |
| General partner                                                                                                                                                                                                    |   | (103,542     | )       | (100,645 | ) |
|                                                                                                                                                                                                               |   |         |    |   |   |
|                                                                                                                                                                                                               |   | (1,361,485   | )       | (1,071,801 | ) |
|                                                                                                                                                                                                               |   |         |    |   |   |
|                                                                                                                                                                                                               |   | $            | 170,269 |   | $ | 346,065 |   |

 

F-6

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|                                                                                                                                                                                                               |   | **Series 9** |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|-----------|
|                                                                                                                                                                                                               |   | **2003**     |      | **2002** |   |
| ASSETS                                                                                                                                                                                                             |   |         |      |   |   |
|                                                                                                                                                                                                               |   |         |      |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                      |   | $            | 1,463,578 |   | $ | 4,855,581 |   |
|                                                                                                                                                                                                               |   |         |      |   |   |
| OTHER ASSETS                                                                                                                                                                                                       |   |         |      |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                          |   | 2,030,872    |      | 215,236 |   |
| Investments held to maturity (notes A and G)                                                                                                                                                                       |   | —       |      | 97,866 |   |
| Notes receivable (note F)                                                                                                                                                                                          |   | —       |      | — |   |
| Deferred acquisition costs, net of accumulated amortization  (notes A and C)                                                                                                                                       |   | 16,962       |      | 17,832 |   |
| Other                                                                                                                                                                                                              |   | 196,033      |      | 241,754 |   |
|                                                                                                                                                                                                               |   |         |      |   |   |
|                                                                                                                                                                                                               |   | $            | 3,707,445 |   | $ | 5,428,269 |   |
|                                                                                                                                                                                                               |   |         |      |   |   |
| LIABILITIES  AND PARTNERS’ DEFICIT                                                                                                                                                                            |   |         |      |   |   |
|                                                                                                                                                                                                               |   |         |      |   |   |
| LIABILITIES                                                                                                                                                                                                        |   |         |      |   |   |
| Accounts payable - trade                                                                                                                                                                                           |   | $            | —    |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                             |   | 5,676,451    |      | 5,758,079 |   |
| Capital contributions payable (note C)                                                                                                                                                                             |   | —       |      | — |   |
|                                                                                                                                                                                                               |   |         |      |   |   |
|                                                                                                                                                                                                               |   | 5,676,451    |      | 5,758,079 |   |
| PARTNERS’ DEFICIT (note A)                                                                                                                                                                                    |   |         |      |   |   |
| Assignor limited partner                                                                                                                                                                                           |   |         |      |   |   |
| Units of limited partnership interest consisting of 20,000,000  authorized beneficial assignee certificates (BAC), $10 stated value,  4,178,029 issued and outstanding to the assignees at March 31, 2003 and 2002 |   | —       |      | — |   |
| Assignees                                                                                                                                                                                                          |   |         |      |   |   |
| Units of beneficial interest of the limited partnership interest of  the assignor limited partner, 4,178,029 issued and outstanding at March 31,  2003 and 2002                                                    |   | (1,588,976   | )         | 33,828 |   |
| General partner                                                                                                                                                                                                    |   | (380,030     | )         | (363,638 | ) |
|                                                                                                                                                                                                               |   |         |      |   |   |
|                                                                                                                                                                                                               |   | (1,969,006   | )         | (329,810 | ) |
|                                                                                                                                                                                                               |   |         |      |   |   |
|                                                                                                                                                                                                               |   | $            | 3,707,445 |   | $ | 5,428,269 |   |

 

F-7

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|                                                                                                                                                                                                               |   | **Series 10** |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                               |   | **2003**      |      | **2002** |   |
| ASSETS                                                                                                                                                                                                             |   |          |      |   |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                      |   | $             | 3,083,826 |   | $ | 5,996,854 |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
| OTHER ASSETS                                                                                                                                                                                                       |   |          |      |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                          |   | 121,830       |      | 47,305 |   |
| Investments held to maturity (notes A and G)                                                                                                                                                                       |   | —        |      | 99,621 |   |
| Notes receivable (note F)                                                                                                                                                                                          |   | —        |      | — |   |
| Deferred acquisition costs, net of accumulated amortization  (notes A and C)                                                                                                                                       |   | 67,108        |      | 70,549 |   |
| Other                                                                                                                                                                                                              |   | 38,978        |      | 41,769 |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
|                                                                                                                                                                                                               |   | $             | 3,311,742 |   | $ | 6,256,098 |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                  |   |          |      |   |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
| LIABILITIES                                                                                                                                                                                                        |   |          |      |   |   |
| Accounts payable - trade                                                                                                                                                                                           |   | $             | 1,238     |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                             |   | 3,965,785     |      | 3,761,520 |   |
| Capital contributions payable (note C)                                                                                                                                                                             |   | —        |      | — |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
|                                                                                                                                                                                                               |   | 3,967,023     |      | 3,761,520 |   |
| PARTNERS’ CAPITAL (DEFICIT) (note A)                                                                                                                                                                          |   |          |      |   |   |
| Assignor limited partner                                                                                                                                                                                           |   |          |      |   |   |
| Units of limited partnership interest consisting of 20,000,000  authorized beneficial assignee certificates (BAC), $10 stated value,  2,428,925 issued and outstanding to the assignees at March 31, 2003 and 2002 |   | —        |      | — |   |
| Assignees                                                                                                                                                                                                          |   |          |      |   |   |
| Units of beneficial interest of the limited partnership interest of  the assignor limited partner, 2,428,925 issued and outstanding at March 31,  2003 and 2002                                                    |   | (445,609      | )         | 2,680,445 |   |
| General partner                                                                                                                                                                                                    |   | (209,672      | )         | (185,867 | ) |
|                                                                                                                                                                                                               |   |          |      |   |   |
|                                                                                                                                                                                                               |   | (655,281      | )         | 2,494,578 |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
|                                                                                                                                                                                                               |   | $             | 3,311,742 |   | $ | 6,256,098 |   |

 

F-8

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|                                                                                                                                                                                                              |   | **Series 11** |      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                              |   | **2003**      |      | **2002** |   |
| ASSETS                                                                                                                                                                                                            |   |          |      |   |   |
|                                                                                                                                                                                                              |   |          |      |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                     |   | $             | 5,304,019 |   | $ | 6,453,652 |   |
|                                                                                                                                                                                                              |   |          |      |   |   |
| OTHER ASSETS                                                                                                                                                                                                      |   |          |      |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                         |   | 369,202       |      | 262,105 |   |
| Investments held to maturity (notes A and G)                                                                                                                                                                      |   | —        |      | 157,136 |   |
| Notes receivable (note F)                                                                                                                                                                                         |   | —        |      | — |   |
| Deferred acquisition costs, net of accumulated amortization (notes A  and C)                                                                                                                                      |   | 34,015        |      | 35,759 |   |
| Other                                                                                                                                                                                                             |   | 125,940       |      | 99,944 |   |
|                                                                                                                                                                                                              |   |          |      |   |   |
|                                                                                                                                                                                                              |   | $             | 5,833,176 |   | $ | 7,008,596 |   |
|                                                                                                                                                                                                              |   |          |      |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                           |   |          |      |   |   |
|                                                                                                                                                                                                              |   |          |      |   |   |
| LIABILITIES                                                                                                                                                                                                       |   |          |      |   |   |
| Accounts payable - trade                                                                                                                                                                                          |   | $             | —    |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                            |   | 3,254,555     |      | 2,928,874 |   |
| Capital contributions payable (note C)                                                                                                                                                                            |   | 22,528        |      | 22,528 |   |
|                                                                                                                                                                                                              |   |          |      |   |   |
|                                                                                                                                                                                                              |   | 3,277,083     |      | 2,951,402 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                   |   |          |      |   |   |
| Assignor limited partner                                                                                                                                                                                          |   |          |      |   |   |
| Units of limited partnership interest consisting of 20,000,000  authorized beneficial assignee certificates(BAC), $10 stated value, 2,489,599 issued  and outstanding to the assignees at March 31, 2003 and 2002 |   | —        |      | — |   |
| Assignees                                                                                                                                                                                                         |   |          |      |   |   |
| Units of beneficial interest of the limited partnership interest of  the assignor limited partner, 2,489,599 issued and outstanding at March 31,  2003 and 2002                                                   |   | 2,745,217     |      | 4,231,307 |   |
| General partner                                                                                                                                                                                                   |   | (189,124      | )         | (174,113 | ) |
|                                                                                                                                                                                                              |   |          |      |   |   |
|                                                                                                                                                                                                              |   | 2,556,093     |      | 4,057,194 |   |
|                                                                                                                                                                                                              |   |          |      |   |   |
|                                                                                                                                                                                                              |   | $             | 5,833,176 |   | $ | 7,008,596 |   |

 

F-9

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|                                                                                                                                                                                                               |   | **Series 12** |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                               |   | **2003**      |      | **2002** |   |
| ASSETS                                                                                                                                                                                                             |   |          |      |   |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                      |   | $             | 5,532,116 |   | $ | 6,265,977 |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
| OTHER ASSETS                                                                                                                                                                                                       |   |          |      |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                          |   | 39,674        |      | 48,058 |   |
| Investments held to maturity (notes A and G)                                                                                                                                                                       |   | —        |      | — |   |
| Notes receivable (note F)                                                                                                                                                                                          |   | —        |      | — |   |
| Deferred acquisition costs, net of accumulated amortization  (notes A and C)                                                                                                                                       |   | 259,677       |      | 272,994 |   |
| Other                                                                                                                                                                                                              |   | 116,367       |      | 116,367 |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
|                                                                                                                                                                                                               |   | $             | 5,947,834 |   | $ | 6,703,396 |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                            |   |          |      |   |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
| LIABILITIES                                                                                                                                                                                                        |   |          |      |   |   |
| Accounts payable - trade                                                                                                                                                                                           |   | $             | —    |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                             |   | 4,067,244     |      | 3,655,860 |   |
| Capital contributions payable (note C)                                                                                                                                                                             |   | 11,405        |      | 11,405 |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
|                                                                                                                                                                                                               |   | 4,078,649     |      | 3,667,265 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                    |   |          |      |   |   |
| Assignor limited partner                                                                                                                                                                                           |   |          |      |   |   |
| Units of limited partnership interest consisting of 20,000,000  authorized beneficial assignee certificates (BAC), $10 stated value,  2,972,795 issued and outstanding to the assignees at March 31, 2003 and 2002 |   | —        |      | — |   |
| Assignees                                                                                                                                                                                                          |   |          |      |   |   |
| Units of beneficial interest of the limited partnership interest of  the assignor limited partner, 2,972,795 issued and outstanding at March 31,  2003 and 2002                                                    |   | 2,107,752     |      | 3,263,029 |   |
| General partner                                                                                                                                                                                                    |   | (238,567      | )         | (226,898 | ) |
|                                                                                                                                                                                                               |   |          |      |   |   |
|                                                                                                                                                                                                               |   | 1,869,185     |      | 3,036,131 |   |
|                                                                                                                                                                                                               |   |          |      |   |   |
|                                                                                                                                                                                                               |   | $             | 5,947,834 |   | $ | 6,703,396 |   |

 

F-10

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|                                                                                                                                                                                                               |   | **Series 14** |       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                               |   | **2003**      |       | **2002** |   |
| ASSETS                                                                                                                                                                                                             |   |          |       |   |   |
|                                                                                                                                                                                                               |   |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)                                                                                                                                                      |   | $             | 7,883,469  |   | $ | 10,611,855 |   |
|                                                                                                                                                                                                               |   |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                       |   |          |       |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                          |   | 1,062,531     |       | 551,677 |   |
| Investments held to maturity (notes A and G)                                                                                                                                                                       |   | —        |       | 56,847 |   |
| Notes receivable (note F)                                                                                                                                                                                          |   | 543,584       |       | 543,584 |   |
| Deferred acquisition costs, net of accumulated amortization   (notes A and C)                                                                                                                                      |   | 569,192       |       | 598,381 |   |
| Other                                                                                                                                                                                                              |   | 477,562       |       | 464,025 |   |
|                                                                                                                                                                                                               |   |          |       |   |   |
|                                                                                                                                                                                                               |   | $             | 10,536,338 |   | $ | 12,826,369 |   |
|                                                                                                                                                                                                               |   |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL                                                                                                                                                                            |   |          |       |   |   |
|                                                                                                                                                                                                               |   |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                        |   |          |       |   |   |
| Accounts payable - trade                                                                                                                                                                                           |   | $             | 1,380      |   | $ | 3,224 |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                             |   | 7,677,469     |       | 7,085,874 |   |
| Capital contributions payable (note C)                                                                                                                                                                             |   | 202,412       |       | 225,871 |   |
|                                                                                                                                                                                                               |   |          |       |   |   |
|                                                                                                                                                                                                               |   | 7,881,261     |       | 7,314,969 |   |
| PARTNERS’ CAPITAL (note A)                                                                                                                                                                                    |   |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                           |   |          |       |   |   |
| Units of limited partnership interest consisting of 20,000,000  authorized beneficial assignee certificates (BAC), $10 stated value,  5,574,290 issued and outstanding to the assignees at March 31, 2003 and 2002 |   | —        |       | — |   |
| Assignees                                                                                                                                                                                                          |   |          |       |   |   |
| Units of beneficial interest of the limited partnership interest of  the assignor limited partner, 5,574,290 issued and outstanding at March 31,  2003 and 2002                                                    |   | 3,112,217     |       | 5,939,977 |   |
| General partner                                                                                                                                                                                                    |   | (457,140      | )          | (428,577 | ) |
|                                                                                                                                                                                                               |   |          |       |   |   |
|                                                                                                                                                                                                               |   | 2,655,077     |       | 5,511,400 |   |
|                                                                                                                                                                                                               |   |          |       |   |   |
|                                                                                                                                                                                                               |   | $             | 10,536,338 |   | $ | 12,826,369 |   |

 

See notes to financial statements

 

F-11

----

 

Boston Capital Tax Credit Fund II Limited Partnership

Series 7, 9 through 12, and 14

 

STATEMENTS OFOPERATIONS

 

Years ended March 31, 2003, 2002 and 2001

 
|                                                          |   | **Total**  |       |
|---------------------------------------------------------------|--------|------------|------------|
|                                                          |   | **2003**   |       | **2002** |   | **2001** |   |
| Income                                                        |   |       |       |   |   |   |   |
| Interest income                                               |   | $          | 20,587     |   | $ | 46,893 |   | $ | 51,891 |   |
| Miscellaneous income                                          |   | 35,706     |       | 6,256 |   | 9,288 |   |
|                                                          |   |       |       |   |   |   |   |
|                                                          |   | 56,293     |       | 53,149 |   | 61,179 |   |
|                                                          |   |       |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (5,855,904 | )*         | (5,815,333 | ) | (5,981,076 | ) |
|                                                          |   |       |       |   |   |   |   |
| Expenses                                                      |   |       |       |   |   |   |   |
| Professional fees                                             |   | 209,866    |       | 197,404 |   | 175,053 |   |
| Partnership management fee (note B)                           |   | 1,831,759  |       | 2,258,377 |   | 2,283,282 |   |
| Amortization (note A)                                         |   | 48,561     |       | 48,561 |   | 48,561 |   |
| Impairment loss (note A)                                      |   | 1,421,709  |       | — |   | 210,731 |   |
| General and administrative expenses (note  B)                 |   | 522,282    |       | 135,444 |   | 117,231 |   |
|                                                          |   |       |       |   |   |   |   |
|                                                          |   | 4,034,177  |       | 2,639,786 |   | 2,834,858 |   |
|                                                          |   |       |       |   |   |   |   |
| NET LOSS (note A)                                             |   | $          | (9,833,788 | ) | $ | (8,401,970 | ) | $ | (8,754,755 | ) |
|                                                          |   |       |       |   |   |   |   |
| Net loss allocated to general partner                         |   | $          | (98,337    | ) | $ | (84,020 | ) | $ | (87,549 | ) |
|                                                          |   |       |       |   |   |   |   |
| Net loss allocated to assignees                               |   | $          | (9,735,451 | ) | $ | (8,317,950 | ) | $ | (8,667,206 | ) |
|                                                          |   |       |       |   |   |   |   |
| Net loss per BAC                                              |   | $          | (0.52      | ) | $ | (0.45 | ) | $ | (0.46 | ) |

 

----

*  Includes loss on sale ofoperating limited partnership (Series 10) of $1,396,476, (Series 14) of$420,816 and gain on sale of operating limited partnership (Series 9) of$275,743.

 

F-12

----

 
|                                                          |   | **Series 7** |     |
|---------------------------------------------------------------|--------|--------------|----------|
|                                                          |   | **2003**     |     | **2002** |   | **2001** |   |
| Income                                                        |   |         |     |   |   |   |   |
| Interest income                                               |   | $            | 182      |   | $ | 64 |   | $ | 98 |   |
| Miscellaneous income                                          |   | 3,150        |     | — |   | — |   |
|                                                          |   |         |     |   |   |   |   |
| Total income                                                  |   | 3,332        |     | 64 |   | 98 |   |
|                                                          |   |         |     |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (128,780     | )        | (214,307 | ) | (226,977 | ) |
|                                                          |   |         |     |   |   |   |   |
| Expenses                                                      |   |         |     |   |   |   |   |
| Professional fees                                             |   | 12,047       |     | 11,698 |   | 12,413 |   |
| Partnership management fee (note B)                           |   | 88,996       |     | 94,584 |   | 107,283 |   |
| Amortization (note A)                                         |   | —       |     | — |   | — |   |
| Impairment loss (note A)                                      |   | —       |     | — |   | — |   |
| General and administrative expenses (note  B)                 |   | 63,193       |     | 9,933 |   | 6,695 |   |
|                                                          |   |         |     |   |   |   |   |
|                                                          |   | 164,236      |     | 116,215 |   | 126,391 |   |
|                                                          |   |         |     |   |   |   |   |
| NET LOSS (note A)                                             |   | $            | (289,684 | ) | $ | (330,458 | ) | $ | (353,270 | ) |
|                                                          |   |         |     |   |   |   |   |
| Net loss allocated to general partner                         |   | $            | (2,897   | ) | $ | (3,305 | ) | $ | (3,533 | ) |
|                                                          |   |         |     |   |   |   |   |
| Net loss allocated to assignees                               |   | $            | (286,787 | ) | $ | (327,153 | ) | $ | (349,737 | ) |
|                                                          |   |         |     |   |   |   |   |
| Net loss per BAC                                              |   | $            | (0.27    | ) | $ | (0.32 | ) | $ | (0.34 | ) |

 

F-13

----

 
|                                                          |   | **Series 9** |       |
|---------------------------------------------------------------|--------|--------------|------------|
|                                                          |   | **2003**     |       | **2002** |   | **2001** |   |
| Income                                                        |   |         |       |   |   |   |   |
| Interest income                                               |   | $            | 4,114      |   | $ | 11,112 |   | $ | 10,812 |   |
| Miscellaneous income                                          |   | 15,247       |       | — |   | 2,418 |   |
|                                                          |   |         |       |   |   |   |   |
| Total income                                                  |   | 19,361       |       | 11,112 |   | 13,230 |   |
|                                                          |   |         |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (506,208     | )*         | (1,269,639 | ) | (1,296,953 | ) |
|                                                          |   |         |       |   |   |   |   |
| Expenses                                                      |   |         |       |   |   |   |   |
| Professional fees                                             |   | 37,086       |       | 33,888 |   | 26,438 |   |
| Partnership management fee (note B)                           |   | 217,108      |       | 534,108 |   | 536,992 |   |
| Amortization (note A)                                         |   | 870          |       | 870 |   | 870 |   |
| Impairment loss (note A)                                      |   | 733,718      |       | — |   | 50,000 |   |
| General and administrative expenses (note  B)                 |   | 163,567      |       | 24,951 |   | 22,130 |   |
|                                                          |   |         |       |   |   |   |   |
|                                                          |   | 1,152,349    |       | 593,817 |   | 636,430 |   |
|                                                          |   |         |       |   |   |   |   |
| NET LOSS (note A)                                             |   | $            | (1,639,196 | ) | $ | (1,852,344 | ) | $ | (1,920,153 | ) |
|                                                          |   |         |       |   |   |   |   |
| Net loss allocated to general partner                         |   | $            | (16,392    | ) | $ | (18,523 | ) | $ | (19,202 | ) |
|                                                          |   |         |       |   |   |   |   |
| Net loss allocated to assignees                               |   | $            | (1,622,804 | ) | $ | (1,833,821 | ) | $ | (1,900,951 | ) |
|                                                          |   |         |       |   |   |   |   |
| Net loss per BAC                                              |   | $            | (0.39      | ) | $ | (0.44 | ) | $ | (0.45 | ) |

 

----

*  Includes gain on sale of operating limited partnership (Series 9)of $275,743.

 

F-14

----

 
|                                                          |   | **Series 10** |       |
|---------------------------------------------------------------|--------|---------------|------------|
|                                                          |   | **2003**      |       | **2002** |   | **2001** |   |
| Income                                                        |   |          |       |   |   |   |   |
| Interest income                                               |   | $             | 3,963      |   | $ | 4,938 |   | $ | 5,606 |   |
| Miscellaneous income                                          |   | 1,352         |       | 150 |   | — |   |
|                                                          |   |          |       |   |   |   |   |
| Total income                                                  |   | 5,315         |       | 5,088 |   | 5,606 |   |
|                                                          |   |          |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (1,912,648    | )*         | (399,663 | ) | (446,106 | ) |
|                                                          |   |          |       |   |   |   |   |
| Expenses                                                      |   |          |       |   |   |   |   |
| Professional fees                                             |   | 28,513        |       | 27,042 |   | 21,624 |   |
| Partnership management fee (note B)                           |   | 308,963       |       | 331,705 |   | 322,229 |   |
| Amortization (note A)                                         |   | 3,441         |       | 3,441 |   | 3,441 |   |
| Impairment loss (note A)                                      |   | —        |       | — |   | — |   |
| General and administrative expenses (note  B)                 |   | 132,288       |       | 20,020 |   | 16,917 |   |
|                                                          |   |          |       |   |   |   |   |
|                                                          |   | 473,205       |       | 382,208 |   | 364,211 |   |
|                                                          |   |          |       |   |   |   |   |
| NET LOSS (note A)                                             |   | $             | (2,380,538 | ) | $ | (776,783 | ) | $ | (804,711 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to general partner                         |   | $             | (23,805    | ) | $ | (7,768 | ) | $ | (8,047 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to assignees                               |   | $             | (2,356,733 | ) | $ | (769,015 | ) | $ | (796,664 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss per BAC                                              |   | $             | (0.97      | ) | $ | (0.32 | ) | $ | (0.33 | ) |

 

----

*  Includes loss on sale of operating limited partnership (Series10) of $1,396,476.

 

F-15

----

 

 
|                                                          |   | **Series 11** |       |
|---------------------------------------------------------------|--------|---------------|------------|
|                                                          |   | **2003**      |       | **2002** |   | **2001** |   |
| Income                                                        |   |          |       |   |   |   |   |
| Interest income                                               |   | $             | 5,582      |   | $ | 11,656 |   | $ | 12,343 |   |
| Miscellaneous income                                          |   | 7,339         |       | 2,038 |   | — |   |
|                                                          |   |          |       |   |   |   |   |
| Total income                                                  |   | 12,921        |       | 13,694 |   | 12,343 |   |
|                                                          |   |          |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (575,968      | )          | (753,314 | ) | (662,007 | ) |
|                                                          |   |          |       |   |   |   |   |
| Expenses                                                      |   |          |       |   |   |   |   |
| Professional fees                                             |   | 28,607        |       | 26,466 |   | 21,158 |   |
| Partnership management fee (note B)                           |   | 303,614       |       | 306,500 |   | 296,881 |   |
| Amortization (note A)                                         |   | 1,744         |       | 1,744 |   | 1,744 |   |
| Impairment loss (note A)                                      |   | 573,631       |       | — |   | 160,731 |   |
| General and administrative expenses (note  B)                 |   | 30,458        |       | 18,355 |   | 14,921 |   |
|                                                          |   |          |       |   |   |   |   |
|                                                          |   | 938,054       |       | 353,065 |   | 495,435 |   |
|                                                          |   |          |       |   |   |   |   |
| NET LOSS (note A)                                             |   | $             | (1,501,101 | ) | $ | (1,092,685 | ) | $ | (1,145,099 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to general partner                         |   | $             | (15,011    | ) | $ | (10,927 | ) | $ | (11,451 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to assignees                               |   | $             | (1,486,090 | ) | $ | (1,081,758 | ) | $ | (1,133,648 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss per BAC                                              |   | $             | (0.60      | ) | $ | (0.43 | ) | $ | (0.46 | ) |

 

F-16

----

 
|                                                          |   | **Series 12** |       |
|---------------------------------------------------------------|--------|---------------|------------|
|                                                          |   | **2003**      |       | **2002** |   | **2001** |   |
| Income                                                        |   |          |       |   |   |   |   |
| Interest income                                               |   | $             | 420        |   | $ | 799 |   | $ | 1,300 |   |
| Miscellaneous income                                          |   | 943           |       | 1,050 |   | 2,736 |   |
|                                                          |   |          |       |   |   |   |   |
| Total income                                                  |   | 1,363         |       | 1,849 |   | 4,036 |   |
|                                                          |   |          |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (726,551      | )          | (969,561 | ) | (1,036,150 | ) |
|                                                          |   |          |       |   |   |   |   |
| Expenses                                                      |   |          |       |   |   |   |   |
| Professional fees                                             |   | 33,939        |       | 34,794 |   | 37,775 |   |
| Partnership management fee (note B)                           |   | 354,616       |       | 361,681 |   | 352,368 |   |
| Amortization (note A)                                         |   | 13,317        |       | 13,317 |   | 13,317 |   |
| Impairment loss (note A)                                      |   | —        |       | — |   | — |   |
| General and administrative expenses (note  B)                 |   | 39,886        |       | 22,323 |   | 19,384 |   |
|                                                          |   |          |       |   |   |   |   |
|                                                          |   | 441,758       |       | 432,115 |   | 422,844 |   |
|                                                          |   |          |       |   |   |   |   |
| NET LOSS (note A)                                             |   | $             | (1,166,946 | ) | $ | (1,399,827 | ) | $ | (1,454,958 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to general partner                         |   | $             | (11,669    | ) | $ | (13,998 | ) | $ | (14,550 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to assignees                               |   | $             | (1,155,277 | ) | $ | (1,385,829 | ) | $ | (1,440,408 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss per BAC                                              |   | $             | (0.39      | ) | $ | (0.47 | ) | $ | (0.48 | ) |

 

F-17

----

 
|                                                          |   | **Series 14** |       |
|---------------------------------------------------------------|--------|---------------|------------|
|                                                          |   | **2003**      |       | **2002** |   | **2001** |   |
| Income                                                        |   |          |       |   |   |   |   |
| Interest income                                               |   | $             | 6,326      |   | $ | 18,324 |   | $ | 21,732 |   |
| Miscellaneous income                                          |   | 7,675         |       | 3,018 |   | 4,134 |   |
|                                                          |   |          |       |   |   |   |   |
| Total income                                                  |   | 14,001        |       | 21,342 |   | 25,866 |   |
|                                                          |   |          |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (2,005,749    | )*         | (2,208,849 | ) | (2,312,883 | ) |
|                                                          |   |          |       |   |   |   |   |
| Expenses                                                      |   |          |       |   |   |   |   |
| Professional fees                                             |   | 69,674        |       | 63,516 |   | 55,645 |   |
| Partnership management fee (note B)                           |   | 558,462       |       | 629,799 |   | 667,529 |   |
| Amortization (note A)                                         |   | 29,189        |       | 29,189 |   | 29,189 |   |
| Impairment loss (note A)                                      |   | 114,360       |       | — |   | — |   |
| General and administrative expenses (note  B)                 |   | 92,890        |       | 39,862 |   | 37,184 |   |
|                                                          |   |          |       |   |   |   |   |
|                                                          |   | 864,575       |       | 762,366 |   | 789,547 |   |
|                                                          |   |          |       |   |   |   |   |
| NET LOSS (note A)                                             |   | $             | (2,856,323 | ) | $ | (2,949,873 | ) | $ | (3,076,564 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to general partner                         |   | $             | (28,563    | ) | $ | (29,499 | ) | $ | (30,766 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to assignees                               |   | $             | (2,827,760 | ) | $ | (2,920,374 | ) | $ | (3,045,798 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss per BAC                                              |   | $             | (0.51      | ) | $ | (0.52 | ) | $ | (0.55 | ) |

 

----

*  Includes loss on sale of operating limited partnership (Series14) of $420,816.

 

See notes to financial statements

 

F-18

----

 

 

Boston Capital Tax Credit Fund II LimitedPartnership

Series 7, 9 through 12, and 14

 

STATEMENTS OFCHANGES IN PARTNERS’ CAPITAL (DEFICIT)

 

Years ended March 31, 2003, 2002 and 2001

 
| **Total**                                        |   | **Assignees** |       | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|------------|----------------------|--------|------------|--------|
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2000 |   | $             | 32,162,586 |                 | $      | (1,308,169 | )      | $ | 30,854,417 |   |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (8,667,206    | )          | (87,549              | )      | (8,754,755 | )      |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2001 |   | 23,495,380    |       | (1,395,718           | )      | 22,099,662 |   |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (8,317,950    | )          | (84,020              | )      | (8,401,970 | )      |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2002 |   | 15,177,430    |       | (1,479,738           | )      | 13,697,692 |   |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (9,735,451    | )          | (98,337              | )      | (9,833,788 | )      |
|                                             |   |          |       |                 |   |       |   |
| Distributions                                    |   | (769,321      | )          | —               |   | (769,321   | )      |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2003 |   | $             | 4,672,658  |                 | $      | (1,578,075 | )      | $ | 3,094,583 |   |

 

F-19

----

 
| **Series 7**                                     |   | **Assignees** |       | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|------------|----------------------|--------|------------|--------|
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2000 |   | $             | (294,266   | )                    | $      | (93,807    | )      | $ | (388,073 | ) |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (349,737      | )          | (3,533               | )      | (353,270   | )      |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2001 |   | (644,003      | )          | (97,340              | )      | (741,343   | )      |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (327,153      | )          | (3,305               | )      | (330,458   | )      |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2002 |   | (971,156      | )          | (100,645             | )      | (1,071,801 | )      |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (286,787      | )          | (2,897               | )      | (289,684   | )      |
|                                             |   |          |       |                 |   |       |   |
| Distributions                                    |   | —        |       | —               |   | —     |   |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2003 |   | $             | (1,257,943 | )                    | $      | (103,542   | )      | $ | (1,361,485 | ) |

 
| **Series 9**                                     |   | **Assignees** |       | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|------------|----------------------|--------|------------|--------|
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2000 |   | $             | 3,768,600  |                 | $      | (325,913   | )      | $ | 3,442,687 |   |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (1,900,951    | )          | (19,202              | )      | (1,920,153 | )      |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2001 |   | 1,867,649     |       | (345,115             | )      | 1,522,534  |   |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (1,833,821    | )          | (18,523              | )      | (1,852,344 | )      |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2002 |   | 33,828        |       | (363,638             | )      | (329,810   | )      |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (1,622,804    | )          | (16,392              | )      | (1,639,196 | )      |
|                                             |   |          |       |                 |   |       |   |
| Distributions                                    |   | —        |       | —               |   | —     |   |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2003 |   | $             | (1,588,976 | )                    | $      | (380,030   | )      | $ | (1,969,006 | ) |

 

F-20

----

 
| **Series 10**                                    |   | **Assignees** |      | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|-----------|----------------------|--------|------------|--------|
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2000 |   | $             | 4,246,124 |                 | $      | (170,052   | )      | $ | 4,076,072 |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (796,664      | )         | (8,047               | )      | (804,711   | )      |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2001 |   | 3,449,460     |      | (178,099             | )      | 3,271,361  |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (769,015      | )         | (7,768               | )      | (776,783   | )      |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2002 |   | 2,680,445     |      | (185,867             | )      | 2,494,578  |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (2,356,733    | )         | (23,805              | )      | (2,380,538 | )      |
|                                             |   |          |      |                 |   |       |   |
| Distributions                                    |   | (769,321      | )         | —               |   | (769,321   | )      |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2003 |   | $             | (445,609  | )                    | $      | (209,672   | )      | $ | (655,281 | ) |

 
| **Series 11**                                    |   | **Assignees** |      | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|-----------|----------------------|--------|------------|--------|
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2000 |   | $             | 6,446,713 |                 | $      | (151,735   | )      | $ | 6,294,978 |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (1,133,648    | )         | (11,451              | )      | (1,145,099 | )      |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2001 |   | 5,313,065     |      | (163,186             | )      | 5,149,879  |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (1,081,758    | )         | (10,927              | )      | (1,092,685 | )      |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2002 |   | 4,231,307     |      | (174,113             | )      | 4,057,194  |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (1,486,090    | )         | (15,011              | )      | (1,501,101 | )      |
|                                             |   |          |      |                 |   |       |   |
| Distributions                                    |   | —        |      | —               |   | —     |   |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2003 |   | $             | 2,745,217 |                 | $      | (189,124   | )      | $ | 2,556,093 |   |

 

F-21

----

 
| **Series 12**                                    |   | **Assignees** |      | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|-----------|----------------------|--------|------------|--------|
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2000 |   | $             | 6,089,266 |                 | $      | (198,350   | )      | $ | 5,890,916 |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (1,440,408    | )         | (14,550              | )      | (1,454,958 | )      |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2001 |   | 4,648,858     |      | (212,900             | )      | 4,435,958  |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (1,385,829    | )         | (13,998              | )      | (1,399,827 | )      |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2002 |   | 3,263,029     |      | (226,898             | )      | 3,036,131  |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (1,155,277    | )         | (11,669              | )      | (1,166,946 | )      |
|                                             |   |          |      |                 |   |       |   |
| Distributions                                    |   | —        |      | —               |   | —     |   |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2003 |   | $             | 2,107,752 |                 | $      | (238,567   | )      | $ | 1,869,185 |   |

 
| **Series 14**                                    |   | **Assignees** |       | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|------------|----------------------|--------|------------|--------|
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2000 |   | $             | 11,906,149 |                 | $      | (368,312   | )      | $ | 11,537,837 |   |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (3,045,798    | )          | (30,766              | )      | (3,076,564 | )      |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2001 |   | 8,860,351     |       | (399,078             | )      | 8,461,273  |   |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (2,920,374    | )          | (29,499              | )      | (2,949,873 | )      |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2002 |   | 5,939,977     |       | (428,577             | )      | 5,511,400  |   |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (2,827,760    | )          | (28,563              | )      | (2,856,323 | )      |
|                                             |   |          |       |                 |   |       |   |
| Distributions                                    |   | —        |       | —               |   | —     |   |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2003 |   | $             | 3,112,217  |                 | $      | (457,140   | )      | $ | 2,655,077 |   |

 

See notes to financial statements

 

F-22

----

 

Boston Capital Tax Credit Fund II LimitedPartnershipSeries 7, 9 through 12, and 14

 

STATEMENTS OFCASH FLOWS

 

Years ended March 31, 2003, 2002 and 2001

 
|                                                                                      |   | **Total** |       |
|-------------------------------------------------------------------------------------------|--------|-----------|------------|
|                                                                                      |   | **2003**  |       | **2002** |   | **2001** |   |
| Cash flows from operating activities                                                      |   |      |       |   |   |   |   |
| Net loss                                                                                  |   | $         | (9,833,788 | ) | $ | (8,401,970 | ) | $ | (8,754,755 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |      |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 231,919   |       | 46,330 |   | 102,049 |   |
| Share of losses from operating limited  partnerships                                      |   | 5,855,904 |       | 5,815,333 |   | 5,981,076 |   |
| Impairment loss                                                                           |   | 1,421,709 |       | — |   | 210,731 |   |
| Amortization                                                                              |   | 48,561    |       | 48,561 |   | 48,561 |   |
| Changes in assets and liabilities                                                         |   |      |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 1,564,579 |       | 2,528,244 |   | 2,613,754 |   |
| Other assets                                                                              |   | 12,484    |       | 5,343 |   | (23,136 | ) |
|                                                                                      |   |      |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | (698,632  | )          | 41,841 |   | 178,280 |   |
|                                                                                      |   |      |       |   |   |   |   |
| Cash flows from investing activities                                                      |   |      |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |   | —    |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |   | 43,749    |       | (43,283 | ) | (144,734 | ) |
| Proceeds from sale of operating limited  partnerships                                     |   | 3,513,760 |       | — |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |   | 411,470   |       | 231,125 |   | (31,502 | ) |
|                                                                                      |   |      |       |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | 3,968,979 |       | 187,842 |   | (176,236 | ) |
|                                                                                      |   |      |       |   |   |   |   |
| Cash flows from financing activities                                                      |   |      |       |   |   |   |   |
| Distributions paid to assignees                                                           |   | (769,321  | )          | — |   | — |   |
|                                                                                      |   |      |       |   |   |   |   |
| Net cash provided by (used in) financing  activities                                      |   | (769,321  | )          | — |   | — |   |
|                                                                                      |   |      |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                     |   | 2,501,026 |       | 229,683 |   | 2,044 |   |
|                                                                                      |   |      |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 1,132,906 |       | 903,223 |   | 901,179 |   |
|                                                                                      |   |      |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $         | 3,633,932  |   | $ | 1,132,906 |   | $ | 903,223 |   |

 

F-23

----

 
| Supplemental schedule of noncash investing  and financing activities                                                                                                                                               |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has decreased its capital  contribution obligation to the operating limited partnerships and its  investments in operating limited partnerships for low-income housing tax  credits not generated. |   | $      | 23,459 |   | $      | 1,299  |   | $ | — |   |
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has adjusted its  investments in operating limited partnerships for low-income tax credits not  generated.                                                                                         |   | $      | — |   | $      | 11,816 |   | $ | 22,154 |   |

 

F-24

----

 
|                                                                                      |   | **Series 7** |     |
|-------------------------------------------------------------------------------------------|--------|--------------|----------|
|                                                                                      |   | **2003**     |     | **2002** |   | **2001** |   |
| Cash flows from operating activities                                                      |   |         |     |   |   |   |   |
| Net loss                                                                                  |   | $            | (289,684 | ) | $ | (330,458 | ) | $ | (353,270 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |         |     |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 1,060        |     | — |   | — |   |
| Share of losses from operating limited  partnerships                                      |   | 128,780      |     | 214,307 |   | 226,977 |   |
| Impairment loss                                                                           |   | —       |     | — |   | — |   |
| Amortization                                                                              |   | —       |     | — |   | — |   |
| Changes in assets and liabilities                                                         |   |         |     |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 113,888      |     | 124,615 |   | 137,612 |   |
| Other assets                                                                              |   | —       |     | — |   | (9,687 | ) |
|                                                                                      |   |         |     |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | (45,956      | )        | 8,464 |   | 1,632 |   |
|                                                                                      |   |         |     |   |   |   |   |
| Cash flows from investing activities                                                      |   |         |     |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |   | —       |     | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |   | 47,254       |     | (6,500 | ) | — |   |
| Proceeds from sale of operating limited  partnerships                                     |   | —       |     | — |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |   | —       |     | — |   | — |   |
|                                                                                      |   |         |     |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | 47,254       |     | (6,500 | ) | — |   |
|                                                                                      |   |         |     |   |   |   |   |
| Cash flows from financing activities                                                      |   |         |     |   |   |   |   |
| Distributions paid to assignees                                                           |   | —       |     | — |   | — |   |
|                                                                                      |   |         |     |   |   |   |   |
| Net cash provided by (used in) financing  activities                                      |   | —       |     | — |   | — |   |
|                                                                                      |   |         |     |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                     |   | 1,298        |     | 1,964 |   | 1,632 |   |
|                                                                                      |   |         |     |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 8,525        |     | 6,561 |   | 4,929 |   |
|                                                                                      |   |         |     |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $            | 9,823    |   | $ | 8,525 |   | $ | 6,561 |   |

 

F-25

----

 
| Supplemental schedule of noncash investing  and financing activities                                                                                                                                               |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has decreased its capital  contribution obligation to the operating limited partnerships and its  investments in operating limited partnerships for low-income housing tax  credits not generated. |   | $      | — |   | $      | — |   | $ | — |   |
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has adjusted its  investments in operating limited partnerships for low-income tax credits not  generated.                                                                                         |   | $      | — |   | $      | — |   | $ | — |   |

 

F-26

----

 
|                                                                                      |   | **Series 9** |       |
|-------------------------------------------------------------------------------------------|--------|--------------|------------|
|                                                                                      |   | **2003**     |       | **2002** |   | **2001** |   |
| Cash flows from operating activities                                                      |   |         |       |   |   |   |   |
| Net loss                                                                                  |   | $            | (1,639,196 | ) | $ | (1,852,344 | ) | $ | (1,920,153 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |         |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 169,394      |       | 3,731 |   | 3,052 |   |
| Share of losses from operating limited  partnerships                                      |   | 506,208      |       | 1,269,639 |   | 1,296,953 |   |
| Impairment loss                                                                           |   | 733,718      |       | — |   | 50,000 |   |
| Amortization                                                                              |   | 870          |       | 870 |   | 870 |   |
| Changes in assets and liabilities                                                         |   |         |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | (81,628      | )          | 568,607 |   | 580,743 |   |
| Other assets                                                                              |   | 4,195        |       | 640 |   | (8,589 | ) |
|                                                                                      |   |         |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | (306,439     | )          | (8,857 | ) | 2,876 |   |
|                                                                                      |   |         |       |   |   |   |   |
| Cash flows from investing activities                                                      |   |         |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |   | —       |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |   | 41,526       |       | (16,783 | ) | — |   |
| Proceeds from sale of operating limited  partnerships                                     |   | 1,982,683    |       | — |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |   | 97,866       |       | (5,078 | ) | (4,283 | ) |
|                                                                                      |   |         |       |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | 2,122,075    |       | (21,861 | ) | (4,283 | ) |
|                                                                                      |   |         |       |   |   |   |   |
| Cash flows from financing activities                                                      |   |         |       |   |   |   |   |
| Distributions paid to assignees                                                           |   | —       |       | — |   | — |   |
|                                                                                      |   |         |       |   |   |   |   |
| Net cash provided by (used in) financing  activities                                      |   | —       |       | — |   | — |   |
|                                                                                      |   |         |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                     |   | 1,815,636    |       | (30,718 | ) | (1,407 | ) |
|                                                                                      |   |         |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 215,236      |       | 245,954 |   | 247,361 |   |
|                                                                                      |   |         |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $            | 2,030,872  |   | $ | 215,236 |   | $ | 245,954 |   |

 

F-27

----

 
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| Supplemental schedule of noncash investing  and financing activities                                                                                                                                               |   |   |   |   |   |   |   |
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has decreased its capital  contribution obligation to the operating limited partnerships and its  investments in operating limited partnerships for low-income housing tax  credits not generated. |   | $      | — |   | $      | — |   | $ | — |   |
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has adjusted its  investments in operating limited partnerships for low-income tax credits not  generated.                                                                                         |   | $      | — |   | $      | 9,760  |   | $ | 3,018 |   |

 

F-28

----

 
|                                                                                      |   | **Series 10** |       |
|-------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                      |   | **2003**      |       | **2002** |   | **2001** |   |
| Cash flows from operating activities                                                      |   |          |       |   |   |   |   |
| Net loss                                                                                  |   | $             | (2,380,538 | ) | $ | (776,783 | ) | $ | (804,711 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |          |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 380           |       | 20,559 |   | 22,306 |   |
| Share of losses from operating limited  partnerships                                      |   | 1,912,648     |       | 399,663 |   | 446,106 |   |
| Impairment loss                                                                           |   | —        |       | — |   | — |   |
| Amortization                                                                              |   | 3,441         |       | 3,441 |   | 3,441 |   |
| Changes in assets and liabilities                                                         |   |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 205,503       |       | 355,512 |   | 355,512 |   |
| Other assets                                                                              |   | 2,791         |       | 703 |   | (689 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | (255,775      | )          | 3,095 |   | 21,965 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash flows from investing activities                                                      |   |          |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |   | —        |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |   | —        |       | — |   | — |   |
| Proceeds from sale of operating limited  partnerships                                     |   | 1,000,000     |       | — |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |   | 99,621        |       | (5,535 | ) | (4,429 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | 1,099,621     |       | (5,535 | ) | (4,429 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Cash flows from financing activities                                                      |   |          |       |   |   |   |   |
| Distributions paid to assignees                                                           |   | (769,321      | )          | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) financing  activities                                      |   | (769,321      | )          | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                     |   | 74,525        |       | (2,440 | ) | 17,536 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 47,305        |       | 49,745 |   | 32,209 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $             | 121,830    |   | $ | 47,305 |   | $ | 49,745 |   |

 

F-29

----

 
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| Supplemental schedule of noncash investing  and financing activities                                                                                                                                               |   |   |   |   |   |   |   |
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has decreased its capital  contribution obligation to the operating limited partnerships and its  investments in operating limited partnerships for low-income housing tax  credits not generated. |   | $      | — |   | $      | — |   | $ | — |   |
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has adjusted its  investments in operating limited partnerships for low-income tax credits not  generated.                                                                                         |   | $      | — |   | $      | — |   | $ | — |   |

 

F-30

----

 
|                                                                                      |   | **Series 11** |       |
|-------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                      |   | **2003**      |       | **2002** |   | **2001** |   |
| Cash flows from operating activities                                                      |   |          |       |   |   |   |   |
| Net loss                                                                                  |   | $             | (1,501,101 | ) | $ | (1,092,685 | ) | $ | (1,145,099 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |          |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 34            |       | 2,162 |   | 54,570 |   |
| Share of losses from operating limited  partnerships                                      |   | 575,968       |       | 753,314 |   | 662,007 |   |
| Impairment loss                                                                           |   | 573,631       |       | — |   | 160,731 |   |
| Amortization                                                                              |   | 1,744         |       | 1,744 |   | 1,744 |   |
| Changes in assets and liabilities                                                         |   |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 325,681       |       | 325,680 |   | 325,681 |   |
| Other assets                                                                              |   | 4,004         |       | 1,415 |   | (1,042 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | (20,039       | )          | (8,370 | ) | 58,592 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash flows from investing activities                                                      |   |          |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |   | —        |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |   | (30,000       | )          | (20,000 | ) | — |   |
| Proceeds from sale of operating limited  partnerships                                     |   | —        |       | — |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |   | 157,136       |       | (8,851 | ) | (6,956 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | 127,136       |       | (28,851 | ) | (6,956 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Cash flows from financing activities                                                      |   |          |       |   |   |   |   |
| Distributions paid to assignees                                                           |   | —        |       | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) financing  activities                                      |   | —        |       | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                     |   | 107,097       |       | (37,221 | ) | 51,636 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 262,105       |       | 299,326 |   | 247,690 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $             | 369,202    |   | $ | 262,105 |   | $ | 299,326 |   |

 

F-31

----

 
| Supplemental schedule of noncash investing  and financing activities                                                                                                                                               |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has decreased its capital  contribution obligation to the operating limited partnerships and its  investments in operating limited partnerships for low-income housing tax  credits not generated. |   | $      | — |   | $      | — |   | $ | — |   |
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has adjusted its  investments in operating limited partnerships for low-income tax credits not  generated.                                                                                         |   | $      | — |   | $      | — |   | $ | 11,447 |   |

 

F-32

----

 
|                                                                                      |   | **Series 12** |       |
|-------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                      |   | **2003**      |       | **2002** |   | **2001** |   |
| Cash flows from operating activities                                                      |   |          |       |   |   |   |   |
| Net loss                                                                                  |   | $             | (1,166,946 | ) | $ | (1,399,827 | ) | $ | (1,454,958 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |          |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 7,310         |       | 8,145 |   | 8,866 |   |
| Share of losses from operating limited  partnerships                                      |   | 726,551       |       | 969,561 |   | 1,036,150 |   |
| Impairment loss                                                                           |   | —        |       | — |   | — |   |
| Amortization                                                                              |   | 13,317        |       | 13,317 |   | 13,317 |   |
| Changes in assets and liabilities                                                         |   |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 411,384       |       | 395,446 |   | 392,355 |   |
| Other assets                                                                              |   | —        |       | — |   | (2,751 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | (8,384        | )          | (13,358 | ) | (7,021 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Cash flows from investing activities                                                      |   |          |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |   | —        |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |   | —        |       | — |   | — |   |
| Proceeds from sale of operating limited  partnerships                                     |   | —        |       | — |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |   | —        |       | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | —        |       | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash flows from financing activities                                                      |   |          |       |   |   |   |   |
| Distributions paid to assignees                                                           |   | —        |       | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) financing  activities                                      |   | —        |       | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                     |   | (8,384        | )          | (13,358 | ) | (7,021 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 48,058        |       | 61,416 |   | 68,437 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $             | 39,674     |   | $ | 48,058 |   | $ | 61,416 |   |

 

F-33

----

 
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| Supplemental schedule of noncash investing  and financing activities                                                                                                                                               |   |   |   |   |   |   |   |
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has decreased its capital  contribution obligation to the operating limited partnerships and its  investments in operating limited partnerships for low-income housing tax  credits not generated. |   | $      | — |   | $      | — |   | $ | — |   |
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has adjusted its  investments in operating limited partnerships for low-income tax credits not  generated.                                                                                         |   | $      | — |   | $      | — |   | $ | 7,689 |   |

 

F-34

----

 
|                                                                                      |   | **Series 14** |       |
|-------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                      |   | **2003**      |       | **2002** |   | **2001** |   |
| Cash flows from operating activities                                                      |   |          |       |   |   |   |   |
| Net loss                                                                                  |   | $             | (2,856,323 | ) | $ | (2,949,873 | ) | $ | (3,076,564 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |          |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 53,741        |       | 11,733 |   | 13,255 |   |
| Share of losses from operating limited  partnerships                                      |   | 2,005,749     |       | 2,208,849 |   | 2,312,883 |   |
| Impairment loss                                                                           |   | 114,360       |       | — |   | — |   |
| Amortization                                                                              |   | 29,189        |       | 29,189 |   | 29,189 |   |
| Changes in assets and liabilities                                                         |   |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 589,751       |       | 758,384 |   | 821,851 |   |
| Other assets                                                                              |   | 1,494         |       | 2,585 |   | (378 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | (62,039       | )          | 60,867 |   | 100,236 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash flows from investing activities                                                      |   |          |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |   | —        |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |   | (15,031       | )          | — |   | (144,734 | ) |
| Proceeds from sale of operating limited  partnerships                                     |   | 531,077       |       | — |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |   | 56,847        |       | 250,589 |   | (15,834 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | 572,893       |       | 250,589 |   | (160,568 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Cash flows from financing activities                                                      |   |          |       |   |   |   |   |
| Distributions paid to assignees                                                           |   | —        |       | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) financing  activities                                      |   | —        |       | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                     |   | 510,854       |       | 311,456 |   | (60,332 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 551,677       |       | 240,221 |   | 300,553 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $             | 1,062,531  |   | $ | 551,677 |   | $ | 240,221 |   |

 

F-35

----

 
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| Supplemental schedule of noncash investing  and financing activities                                                                                                                                               |   |   |   |   |   |   |   |
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has decreased its capital  contribution obligation to the operating limited partnerships and its investments  in operating limited partnerships for low-income housing tax credits not  generated. |   | $      | 23,459 |   | $      | 1,299  |   | $ | — |   |
|                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| The partnership has adjusted its  investments in operating limited partnerships for low-income tax credits not  generated.                                                                                         |   | $      | — |   | $      | 2,056  |   | $ | — |   |

 

See notes to financial statements

 

F-36

----

 

Boston Capital Tax Credit Fund II Limited PartnershipSeries 7, 9 through 12, and 14

 

NOTES TOFINANCIAL STATEMENTS

 

March 31, 2003, 2002 and 2001

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Boston CapitalTax Credit Fund II Limited Partnership (the “partnership”) was formed under thelaws of the State of Delaware on June 28, 1989, for the purpose of acquiring,holding and disposing of limited partnership interests in operating limitedpartnerships which were to acquire, develop, rehabilitate, operate and ownnewly constructed, existing or rehabilitated low-income apartment complexeswhich qualify for the Low-Income Housing Tax Credit established by the TaxReform Act of 1986.  Accordingly, theapartment complexes are restricted as to rent charges and operatingmethods.  Certain of the apartment complexesalso qualified for the Historic Rehabilitation Tax Credit for their rehabilitationof a certified historic structure and are subject to the provisions of Section42(g)(2) of the Internal Revenue Code relating to the Rehabilitation InvestmentCredit.  The general partner of thepartnership is Boston Capital Associates II Limited Partnership and the limitedpartner is BCTC Assignor Corp. II (the “assignor limited partner”).

 

Pursuant tothe Securities Act of 1933, the partnership filed a Form S-11 RegistrationStatement with the Securities and Exchange Commission, effective August 29,1988, which covered the offering (the “Public Offering”) of the partnership’sbeneficial assignee certificates (“BACs”) representing assignments of units ofthe beneficial interest of the limited partnership interest of the assignorlimited partner.  The partnershipregistered 20,000,000 BACs at $10 per BAC for sale to the public in sixseries.  BACs sold in bulk over $100,000were offered to investors at a reduced cost per BAC.  The partnership is no longer selling any BACs related to anyseries.  The final closing in Series 14was January 27, 1993.

 

The BACsissued and outstanding in each series at March 31, 2003 and 2002 are asfollows:

 
| Series 7  |   | 1,036,100  |   |
|-----------|--------|------------|--------|
| Series 9  |   | 4,178,029  |   |
| Series 10 |   | 2,428,925  |   |
| Series 11 |   | 2,489,599  |   |
| Series 12 |   | 2,972,795  |   |
| Series 14 |   | 5,574,290  |   |
|      |   |       |   |
| Total     |   | 18,679,738 |   |

 

In accordancewith the limited partnership agreement, profits, losses, and cash flow (subjectto certain priority allocations and distributions) and tax credits areallocated 99% to the assignees and 1% to the general partner.

 

F-37

----

 

Deferred Acquisition Costs

 

Deferredacquisition costs are being amortized on the straight-line method startingApril 1, 1995 over 27.5 years (330 months).

 

As of April 1,1995, the partnership reclassified certain unallocated acquisition costsincluded in the investments in operating limited partnerships to deferredacquisition costs.  The amounts include$23,920, $94,634, and $47,968 for Series 9, Series 10 and Series 11,respectively.

 

Accumulatedamortization as of March 31, 2003 and 2002 is as follows:

 
|      |   | **2003** |    | **2002** |   |
|-----------|--------|----------|---------|----------|--------|
| Series 7  |   | $        | —  |     | $      | — |   |
| Series 9  |   | 6,960    |    | 6,090    |   |
| Series 10 |   | 27,530   |    | 24,089   |   |
| Series 11 |   | 13,953   |    | 12,209   |   |
| Series 12 |   | 106,536  |    | 93,219   |   |
| Series 14 |   | 233,513  |    | 204,324  |   |
|      |   |     |    |     |   |
|      |   | $        | 388,492 |     | $      | 339,931 |   |

 

Income Taxes

 

No provisionor benefit for income taxes has been included in these financial statementssince taxable income or loss passes through to, and is reportable by, thepartners and assignees individually.

 

F-38

----

 

Investments in Operating Limited Partnerships

 

Thepartnership accounts for its investments in operating limited partnershipsusing the equity method of accounting. Under the equity method of accounting, the partnership adjusts itsinvestment cost for its share of each operating limited partnership’s resultsof operations and for any distributions received or accrued.  However, the partnership recognizesindividual operating limited partnership losses only to the extent that thefund’s share of losses from the operating limited partnerships exceeds thecarrying amount of the investment and advances to operating limitedpartnerships.  Unrecognized losses aresuspended and offset against future individual operating limited partnershipincome.  No operating limitedpartnerships were acquired during 2003 or 2002.

 

A loss invalue of an investment in an operating limited partnership other than atemporary decline would be recorded as an impairment loss.  Impairment is measured by comparing theinvestment carrying amount to the sum of the total amount of the remaining taxcredits allocated to the partnership and the estimated residual value of theinvestment.  Accordingly, thepartnership recorded an impairment loss of $1,421,709, $0 and $210,731 duringthe years ended March 31, 2003, 2002 and 2001, respectively.

 

Capitalcontributions to operating limited partnerships are adjusted by tax creditadjusters.  Tax credit adjusters aredefined as adjustments to operating limited partnership capital contributionsdue to reductions in actual tax credits from those originally projected.  The partnership records tax credit adjustersas a reduction in investments in operating limited partnerships and capitalcontributions payable.

 

The operatinglimited partnerships maintain their financial statements based on a calendaryear and the partnership utilizes a March 31 year-end.  The fund records losses and income from theoperating limited partnerships on a calendar year basis which is not materiallydifferent from losses and income generated if the operating limitedpartnerships utilized a March 31 year-end.

 

Thepartnership records capital contributions payable to the operating limitedpartnerships once there is a binding obligation to fund a specifiedamount.  The operating limitedpartnerships record capital contributions from the partnership when received.

 

F-39

----

 

Thepartnership records certain acquisition costs as an increase in its investmentsin operating limited partnerships. Certain operating limited partnerships have not recorded the acquisitioncosts as a capital contribution from the partnership.  These differences are shown as reconciling items in note C.

 

Cash Equivalents

 

Cashequivalents include money market accounts and repurchase agreements havingoriginal maturities at the date of acquisition of three months or less.  The carrying amounts approximate fair valuebecause of the short maturity of these instruments.

 

Fiscal Year

 

For financialreporting purposes, the partnership uses a March 31 year-end, whereas forincome tax reporting purposes, the partnership uses a calendar year.  The operating limited partnerships use acalendar year for both financial and income tax reporting.

 

Net Loss per Beneficial Assignee Certificate

 

Net loss perbeneficial assignee certificate is calculated based upon the weighted averagenumber of units outstanding.  Theweighted average number of units outstanding in each series at March 31, 2003,2002 and 2001 are as follows:

 
| Series 7  |   | 1,036,100  |   |
|-----------|--------|------------|--------|
| Series 9  |   | 4,178,029  |   |
| Series 10 |   | 2,428,925  |   |
| Series 11 |   | 2,489,599  |   |
| Series 12 |   | 2,972,795  |   |
| Series 14 |   | 5,574,290  |   |
|      |   |       |   |
| Total     |   | 18,679,738 |   |

 

F-40

----

 

Use of Estimates

 

Thepreparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenue and expensesduring the reporting period.  Actual resultscould differ from those estimates.

 

Investments Held to Maturity

 

Investmentsheld to maturity consisted of certificates of deposit with original maturitiesgreater than 90 days and were carried at cost which approximated fair value.

 

Recent Accounting Pronouncements

 

In August2001, the Financial Accounting Standards Board (FASB) issued SFAS No. 144,“Accounting for the Impairment or Disposal of Long-Lived Assets.”  SFAS No. 144 provides accounting guidancefor financial accounting and reporting for the impairment or disposal oflong-lived assets.  SFAS No. 144supersedes SFAS No. 121, “Accounting for the Impairment of Long-Lived Assetsand for Long-Lived Assets to be Disposed Of.” SFAS No. 144 is effective for fiscal years beginning after December 15,2001.  The implementation of SFAS No. 144has not had a material effect on the financial position or results ofoperations of the partnership.

 

In January2003, the FASB issued Interpretation No. 46 (FIN 46), “Consolidation ofVariable Interest Entities,” an interpretation of ARB No. 51, “ConsolidatedFinancial Statements,” which provides new accounting guidance on when toconsolidate a variable interest, as defined in FIN 46, in another entity.  FIN 46 applies to variable interest invariable interest entities acquired after January 31, 2003.  FIN 46 should be implemented no later thanDecember 31, 2004.  The general partneris in the process of analyzing FIN 46 to determine the impact, if any, on thepartnership’s financial statements. Management has not yet made 

 

F-41

----

 

any determination of the potential impact FIN 46 might have on thepartnership’s current accounting for its investments in operating partnershipsor whether any of those investments might be required to be consolidated.

 

NOTE B - RELATED PARTY TRANSACTIONS

 

During the years ended March 31, 2003, 2002 and 2001, thepartnership entered into several transactions with various affiliates of thegeneral partner, including Boston Capital Partners, Inc., Boston CapitalHoldings Limited Partnership and Boston Capital Asset Management LimitedPartnership, as follows:

 

Boston Capital Asset Management Limited Partnership is entitled to anannual partnership management fee based on .5% of the aggregate cost of allapartment complexes acquired by the operating limited partnerships, less theamount of certain partnership management and reporting fees paid or payable bythe operating limited partnerships. The aggregate cost is comprised of thecapital contributions made by each series to the operating limited partnershipsand 99% of the permanent financing at the operating limited partnershiplevel.  The annual partnershipmanagement fees charged to each series’ operations during the years endedMarch 31, 2003, 2002 and 2001 are as follows:

 
|      |   | **2003** |      | **2002** | ** ** | **2001**  | ** ** |
|-----------|--------|----------|-----------|----------|------------|-----------|------------|
| Series 7  |   | $        | 88,996    |     | $          | 94,584    |       | $ | 107,283 |   |
| Series 9  |   | 217,108  |      | 534,108  |       | 536,992   |       |
| Series 10 |   | 308,963  |      | 331,705  |       | 322,229   |       |
| Series 11 |   | 303,614  |      | 306,500  |       | 296,881   |       |
| Series 12 |   | 354,616  |      | 361,681  |       | 352,368   |       |
| Series 14 |   | 558,462  |      | 629,799  |       | 667,529   |       |
|      |   |     |      |     |       |      |       |
|      |   | $        | 1,831,759 |     | $          | 2,258,377 |       | $ | 2,283,282 |   |

 

F-42

----

 

General and administrative expenses incurredby Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnershipand Boston Capital Asset Management Limited Partnership during the years endedMarch 31, 2003, 2002 and 2001 charged to each series’ operations are asfollows:

 
|      |   | **2003** |    | **2002** | ** ** | **2001** | ** ** |
|-----------|--------|----------|---------|----------|------------|----------|------------|
| Series 7  |   | $        | 9,113   |     | $          | 4,923    |       | $ | 2,427 |   |
| Series 9  |   | 33,254   |    | 12,896   |       | 11,349   |       |
| Series 10 |   | 24,273   |    | 11,485   |       | 9,110    |       |
| Series 11 |   | 21,982   |    | 10,602   |       | 8,150    |       |
| Series 12 |   | 28,927   |    | 11,824   |       | 8,286    |       |
| Series 14 |   | 52,929   |    | 20,170   |       | 17,425   |       |
|      |   |     |    |     |       |     |       |
|      |   | $        | 170,478 |     | $          | 71,900   |       | $ | 56,747 |   |

 

During the year ended March 31, 2003,the partnership paid a sales preparation fee to Boston Capital Asset ManagementLimited Partnership in connection with the sale of the operating limitedpartnerships in Series 9, Series 10 and Series 14.  During the year ended March 31, 2003, the amount charged tooperations for Series 9, Series 10 and Series 14 were $78,873, $62,502 and$21,127, respectively.

 

Accounts payable - affiliates atMarch 31, 2003 and 2002 represents general and administrative expenses,partnership management fees, and may include advances which are payable toBoston Capital Holdings Limited Partnership and Boston Capital Asset ManagementLimited Partnership.  The carrying valueof the accounts payable - affiliates approximates fair value.

 

NOTE C - INVESTMENTS IN OPERATING LIMITEDPARTNERSHIPS

 

At March 31, 2003 and 2002, thepartnership has limited partnership interests in operating limited partnershipswhich own operating apartment complexes. During the year ended March 31, 2003, the partnership disposed ofits operating limited partnership interest in one of the operating limitedpartnerships owned by Series 9, Series 10 and Series 14.  The number of operating limited partnershipsin which the partnership has limited partnership interests at March 31,2003 and 2002 by series are as follows:

 

F-43

----

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (continued)

 
|      |   | **2003** |   | **2002** | ** ** |
|-----------|--------|----------|--------|----------|------------|
| Series 7  |   | 14       |   | 14       |       |
| Series 9  |   | 53       |   | 54       |       |
| Series 10 |   | 44       |   | 45       |       |
| Series 11 |   | 40       |   | 40       |       |
| Series 12 |   | 53       |   | 53       |       |
| Series 14 |   | 100      |   | 101      |       |
|      |   |     |   |     |       |
|      |   | 304      |   | 307      |       |

 

Under the terms of the partnership’s investments in each operatinglimited partnership, the partnership is required to make capital contributionsto the operating limited partnerships. These contributions are payable in installments over several years uponeach operating limited partnership achieving specified levels of constructionor operations.

 

The contributions payable to operating limited partnerships atMarch 31, 2003 and 2002 by series are as follows:

 
|      |   | **2003** |    | **2002** | ** ** |
|-----------|--------|----------|---------|----------|------------|
| Series 7  |   | $        | —  |     | $          | — |   |
| Series 9  |   | —   |    | —   |       |
| Series 10 |   | —   |    | —   |       |
| Series 11 |   | 22,528   |    | 22,528   |       |
| Series 12 |   | 11,405   |    | 11,405   |       |
| Series 14 |   | 202,412  |    | 225,871  |       |
|      |   |     |    |     |       |
|      |   | $        | 236,345 |     | $          | 259,804 |   |

 

F-44

----

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (continued)

 

The partnership’s investments in operating limited partnerships atMarch 31, 2003 are summarized as follows:

 
|                                                                                                                                                                                                                                                                                                                                                   |   | **Total**    |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|-------------|
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                                                              |   | $            | 128,318,593 |   |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| Acquisition costs of operating limited  partnerships                                                                                                                                                                                                                                                                                                   |   | 22,387,381   |        |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| Cumulative distributions from operating  limited partnerships                                                                                                                                                                                                                                                                                          |   | (999,699     | )           |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| Impairment loss in investments in operating  limited partnerships                                                                                                                                                                                                                                                                                      |   | (2,101,176   | )           |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| Cumulative losses from operating limited  partnerships                                                                                                                                                                                                                                                                                                 |   | (124,204,095 | )           |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| Investments in operating limited  partnerships per balance sheets                                                                                                                                                                                                                                                                                      |   | 23,401,004   |        |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| The partnership (has recorded) or has not  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2003, which (have not) have been included in the  partnerships’ capital account included in the operating limited partnerships’  financial statements as of December 31, 2002 (see note A). |   | (1,011,276   | )           |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| The partnership has recorded acquisition  costs at March 31, 2003, which have not been recorded in the net assets of  the operating limited partnerships (see note A).                                                                                                                                                                                 |   | (2,519,939   | )           |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| Cumulative losses from operating limited  partnerships for the three months ended March 31, 2003, which the operating  limited partnerships have not included in their capital as of December 31,  2002 due to different year ends (see note A).                                                                                                       |   | 5,109,375    |        |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| Equity in losses from operating limited  partnerships not recognizable under the equity method of accounting (see note  A).                                                                                                                                                                                                                            |   | (39,542,381  | )           |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| The partnership has recorded low-income  housing tax credit adjusters not recorded by operating limited partnerships  (see note A).                                                                                                                                                                                                                    |   | 775,500      |        |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| Impairment loss in investments in operating  limited partnerships                                                                                                                                                                                                                                                                                      |   | 2,101,176    |        |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| Other                                                                                                                                                                                                                                                                                                                                                  |   | 4,294,247    |        |
|                                                                                                                                                                                                                                                                                                                                                   |   |         |        |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                                                         |   | $            | (7,392,294  | ) |

 

F-45

----

 
|                                                                                                      |   | **Series 7** |      | **Series 9** | ** ** | **Series 10** | ** ** |
|-----------------------------------------------------------------------------------------------------------|--------|--------------|-----------|--------------|------------|---------------|------------|
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters |   | $            | 7,486,177 |         | $          | 28,073,712    |       | $ | 15,192,897 |   |
|                                                                                                      |   |         |      |         |       |          |       |
| Acquisition costs of operating limited  partnerships                                                      |   | 1,302,313    |      | 5,201,737    |       | 2,958,341     |       |
|                                                                                                      |   |         |      |         |       |          |       |
| Cumulative distributions from operating  limited partnerships                                             |   | (3,318       | )         | (221,474     | )          | (95,563       | )          |
|                                                                                                      |   |         |      |         |       |          |       |
| Impairment loss in investments in operating  limited partnerships                                         |   | (255,418     | )         | (783,718     | )          | —        |       |
|                                                                                                      |   |         |      |         |       |          |       |
| Cumulative losses from operating limited  partnerships                                                    |   | (8,395,758   | )         | (30,806,679  | )          | (14,971,849   | )          |
|                                                                                                      |   |         |      |         |       |          |       |
| Investments in operating limited  partnerships per balance sheets                                         |   | 133,996      |      | 1,463,578    |       | 3,083,826     |       |
|                                                                                                           |        |              |           |              |            |               |            |  |  |  |

 

F-46

----

 
|                                                                                                                                                                                                                                                                                                                                                             |   | **Series 7** |       | **Series 9** | ** ** | **Series 10** | ** ** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------|--------------|------------|---------------|------------|
| The partnership (has recorded) or has not  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2003, which (have not) have been included in  the partnerships’ capital account included in the operating limited  partnerships’ financial statements as of December 31, 2002 (see note A). |   | —       |       | —       |       | —        |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| The partnership has recorded acquisition  costs at March 31, 2003, which have not been recorded in the net assets  of the operating limited partnerships (see note A).                                                                                                                                                                                      |   | (465,577     | )          | (185,244     | )          | (9,836        | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| Cumulative losses from operating limited  partnerships for the three months ended March 31, 2003, which the  operating limited partnerships have not included in their capital as of  December 31, 2002 due to different year ends (see note A).                                                                                                       |   | 125,066      |       | 1,134,799    |       | 776,692       |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| Equity in losses from operating limited  partnerships not recognizable under the equity method of accounting (see note  A).                                                                                                                                                                                                                                      |   | (3,512,018   | )          | (11,044,085  | )          | (4,998,753    | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| The partnership has recorded low-income  housing tax credit adjusters not recorded by operating limited partnerships  (see note A).                                                                                                                                                                                                                              |   | 10,025       |       | 51,433       |       | 85,358        |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| Impairment loss in investments in operating  limited partnerships                                                                                                                                                                                                                                                                                                |   | 255,418      |       | 783,718      |       | —        |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| Other                                                                                                                                                                                                                                                                                                                                                            |   | (35,634      | )          | 3,352,404    |       | (26,823       | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                                                                   |   | $            | (3,488,724 | )            | $          | (4,443,397    | )          | $ | (1,089,536 | ) |
|                                                                                                                                                                                                                                                                                                                                                                  |        |              |            |              |            |               |            |  |  |  |

 

F-47

----

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (continued)

 

The partnership’s investments in operating limited partnerships atMarch 31, 2003 are summarized as follows:

 
|                                                                                                      |   | **Series 11** |       | **Series 12** | ** ** | **Series 14** | ** ** |
|-----------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters |   | $             | 17,673,218 |          | $          | 21,360,612    |       | $ | 38,531,977 |   |
|                                                                                                      |   |          |       |          |       |          |       |
| Acquisition costs of operating limited  partnerships                                                      |   | 3,069,084     |       | 3,398,377     |       | 6,457,529     |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Cumulative distributions from operating  limited partnerships                                             |   | (400,120      | )          | (67,917       | )          | (211,307      | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Impairment loss in investments in operating  limited partnerships                                         |   | (819,063      | )          | (128,617      | )          | (114,360      | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Cumulative losses from operating limited  partnerships                                                    |   | (14,219,100   | )          | (19,030,339   | )          | (36,780,370   | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Investments in operating limited  partnerships per balance sheets                                         |   | 5,304,019     |       | 5,532,116     |       | 7,883,469     |       |
|                                                                                                           |        |               |            |               |            |               |            |  |  |  |

 

F-48

----

 
|                                                                                                                                                                                                                                                                                                                                                             |   | **Series 11** |    | **Series 12** | ** ** | **Series 14** | ** ** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|---------------|------------|---------------|------------|
| The partnership (has recorded) or has not  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2003, which (have not) have been included in  the partnerships’ capital account included in the operating limited  partnerships’ financial statements as of December 31, 2002 (see note A). |   | (10,000       | )       | (631,467      | )          | (369,809      | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |    |          |       |          |       |
| The partnership has recorded acquisition  costs at March 31, 2003, which have not been recorded in the net assets  of the operating limited partnerships (see note A).                                                                                                                                                                                      |   | (460,597      | )       | (312,956      | )          | (1,085,729    | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |    |          |       |          |       |
| Cumulative losses from operating limited  partnerships for the three months ended March 31, 2003, which the  operating limited partnerships have not included in their capital as of  December 31, 2002 due to different year ends (see note A).                                                                                                       |   | 721,702       |    | 613,706       |       | 1,737,410     |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |    |          |       |          |       |
| Equity in losses from operating limited  partnerships not recognizable under the equity method of accounting (see note  A).                                                                                                                                                                                                                                      |   | (6,122,274    | )       | (5,073,718    | )          | (8,791,533    | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |    |          |       |          |       |
| The partnership has recorded low-income  housing tax credit adjusters not recorded by operating limited partnerships  (see note A).                                                                                                                                                                                                                              |   | 112,536       |    | 192,211       |       | 323,937       |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |    |          |       |          |       |
| Impairment loss in investments in operating  limited partnerships                                                                                                                                                                                                                                                                                                |   | 819,063       |    | 128,617       |       | 114,360       |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |    |          |       |          |       |
| Other                                                                                                                                                                                                                                                                                                                                                            |   | (67,402       | )       | 102,503       |       | 969,199       |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |    |          |       |          |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                                                                   |   | $             | 297,047 |          | $          | 551,012       |       | $ | 781,304 |   |
|                                                                                                                                                                                                                                                                                                                                                                  |        |               |         |               |            |               |            |  |  |  |

 

F-49

----

 

The partnership’s investments in operating limited partnerships atMarch 31, 2002 are summarized as follows:

 
|                                                                                                                                                                                                                                                                                                                                                             |   | **Total**    |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|-------------|
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                                                                        |   | $            | 133,397,361 |   |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| Acquisition costs of operating limited  partnerships                                                                                                                                                                                                                                                                                                             |   | 22,387,381   |        |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| Cumulative distributions from operating  limited partnerships                                                                                                                                                                                                                                                                                                    |   | (767,780     | )           |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| Impairment loss in investments in operating  limited partnerships                                                                                                                                                                                                                                                                                                |   | (679,467     | )           |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| Cumulative losses from operating limited  partnerships                                                                                                                                                                                                                                                                                                           |   | (119,889,740 | )           |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| Investments in operating limited  partnerships per balance sheets                                                                                                                                                                                                                                                                                                |   | 34,447,755   |        |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| The partnership (has recorded) or has not  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2002, which (have not) have been included in  the partnerships’ capital account included in the operating limited  partnerships’ financial statements as of December 31, 2001 (see note A). |   | (1,169,636   | )           |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| The partnership has recorded acquisition  costs at March 31, 2002, which have not been recorded in the net assets  of the operating limited partnerships (see note A).                                                                                                                                                                                      |   | (2,519,939   | )           |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| Cumulative losses from operating limited  partnerships for the three months ended March 31, 2002, which the  operating limited partnerships have not included in their capital as of  December 31, 2001 due to different year ends (see note A).                                                                                                       |   | 5,109,375    |        |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| Equity in losses from operating limited  partnerships not recognizable under the equity method of accounting (see note  A).                                                                                                                                                                                                                                      |   | (30,677,654  | )           |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| The partnership has recorded low-income  housing tax credit adjusters not recorded by operating limited partnerships  (see note A).                                                                                                                                                                                                                              |   | 775,500      |        |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| Impairment loss in investments in operating  limited partnerships                                                                                                                                                                                                                                                                                                |   | 679,467      |        |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| Other                                                                                                                                                                                                                                                                                                                                                            |   | 875,357      |        |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |        |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                                                                   |   | $            | 7,520,225   |   |

 

F-50

----

 
|                                                                                                      |   | **Series 7** |      | **Series 9** | ** ** | **Series 10** | ** ** |
|-----------------------------------------------------------------------------------------------------------|--------|--------------|-----------|--------------|------------|---------------|------------|
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters |   | $            | 7,486,177 |         | $          | 29,780,652    |       | $ | 17,589,373 |   |
|                                                                                                      |   |         |      |         |       |          |       |
| Acquisition costs of operating limited  partnerships                                                      |   | 1,302,313    |      | 5,201,737    |       | 2,958,341     |       |
|                                                                                                      |   |         |      |         |       |          |       |
| Cumulative distributions from operating  limited partnerships                                             |   | (2,258       | )         | (52,080      | )          | (95,183       | )          |
|                                                                                                      |   |         |      |         |       |          |       |
| Impairment loss in investments in operating  limited partnerships                                         |   | (255,418     | )         | (50,000      | )          | —        |       |
|                                                                                                      |   |         |      |         |       |          |       |
| Cumulative losses from operating limited  partnerships                                                    |   | (8,266,978   | )         | (30,024,728  | )          | (14,455,677   | )          |
|                                                                                                      |   |         |      |         |       |          |       |
| Investments in operating limited  partnerships per balance sheets                                         |   | 263,836      |      | 4,855,581    |       | 5,996,854     |       |
|                                                                                                           |        |              |           |              |            |               |            |  |  |  |

 

F-51

----

 
|                                                                                                                                                                                                                                                                                                                                                             |   | **Series 7** |       | **Series 9** | ** ** | **Series 10** | ** ** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------|--------------|------------|---------------|------------|
| The partnership (has recorded) or has not  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2002, which (have not) have been included in  the partnerships’ capital account included in the operating limited  partnerships’ financial statements as of December 31, 2001 (see note A). |   | —       |       | —       |       | —        |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| The partnership has recorded acquisition  costs at March 31, 2002, which have not been recorded in the net assets  of the operating limited partnerships (see note A).                                                                                                                                                                                      |   | (465,577     | )          | (185,244     | )          | (9,836        | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| Cumulative losses from operating limited  partnerships for the three months ended March 31, 2002, which the  operating limited partnerships have not included in their capital as of  December 31, 2001 due to different year ends (see note A).                                                                                                       |   | 125,066      |       | 1,134,799    |       | 776,692       |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| Equity in losses from operating limited  partnerships not recognizable under the equity method of accounting (see note  A).                                                                                                                                                                                                                                      |   | (2,968,694   | )          | (8,922,870   | )          | (4,000,662    | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| The partnership has recorded low-income  housing tax credit adjusters not recorded by operating limited partnerships  (see note A).                                                                                                                                                                                                                              |   | 10,025       |       | 51,433       |       | 85,358        |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| Impairment loss in investments in operating  limited partnerships                                                                                                                                                                                                                                                                                                |   | 255,418      |       | 50,000       |       | —        |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| Other                                                                                                                                                                                                                                                                                                                                                            |   | (32,634      | )          | 1,054,836    |       | (4,659        | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |         |       |         |       |          |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                                                                   |   | $            | (2,812,560 | )            | $          | (1,961,465    | )          | $ | 2,843,747 |   |
|                                                                                                                                                                                                                                                                                                                                                                  |        |              |            |              |            |               |            |  |  |  |

 

F-52

----

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (continued)

 

The partnership’s investments in operating limited partnerships atMarch 31, 2002 are summarized as follows:

 
|                                                                                                      |   | **Series 11** |       | **Series 12** | ** ** | **Series 14** | ** ** |
|-----------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters |   | $             | 17,673,218 |          | $          | 21,360,612    |       | $ | 39,507,329 |   |
|                                                                                                      |   |          |       |          |       |          |       |
| Acquisition costs of operating limited  partnerships                                                      |   | 3,069,084     |       | 3,398,377     |       | 6,457,529     |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Cumulative distributions from operating  limited partnerships                                             |   | (400,086      | )          | (60,607       | )          | (157,566      | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Impairment loss in investments in operating  limited partnerships                                         |   | (245,432      | )          | (128,617      | )          | —        |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Cumulative losses from operating limited  partnerships                                                    |   | (13,643,132   | )          | (18,303,788   | )          | (35,195,437   | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Investments in operating limited  partnerships per balance sheets                                         |   | 6,453,652     |       | 6,265,977     |       | 10,611,855    |       |
|                                                                                                           |        |               |            |               |            |               |            |  |  |  |

 

F-53

----

 
|                                                                                                                                                                                                                                                                                                                                                             |   | **Series 11** |      | **Series 12** | ** ** | **Series 14** | ** ** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|---------------|------------|---------------|------------|
| The partnership (has recorded) or has not  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2002, which (have not) have been included in  the partnerships’ capital account included in the operating limited partnerships’  financial statements as of December 31, 2001 (see note A). |   | (10,000       | )         | (631,467      | )          | (528,169      | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |      |          |       |          |       |
| The partnership has recorded acquisition  costs at March 31, 2002, which have not been recorded in the net assets  of the operating limited partnerships (see note A).                                                                                                                                                                                      |   | (460,597      | )         | (312,956      | )          | (1,085,729    | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |      |          |       |          |       |
| Cumulative losses from operating limited  partnerships for the three months ended March 31, 2002, which the  operating limited partnerships have not included in their capital as of December 31,  2001 due to different year ends (see note A).                                                                                                       |   | 721,702       |      | 613,706       |       | 1,737,410     |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |      |          |       |          |       |
| Equity in losses from operating limited  partnerships not recognizable under the equity method of accounting (see note  A).                                                                                                                                                                                                                                      |   | (4,740,551    | )         | (3,755,785    | )          | (6,289,092    | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |      |          |       |          |       |
| The partnership has recorded low-income  housing tax credit adjusters not recorded by operating limited partnerships  (see note A).                                                                                                                                                                                                                              |   | 112,536       |      | 192,211       |       | 323,937       |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |      |          |       |          |       |
| Impairment loss in investments in operating  limited partnerships                                                                                                                                                                                                                                                                                                |   | 245,432       |      | 128,617       |       | —        |       |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |      |          |       |          |       |
| Other                                                                                                                                                                                                                                                                                                                                                            |   | (67,391       | )         | 101,391       |       | (176,186      | )          |
|                                                                                                                                                                                                                                                                                                                                                             |   |          |      |          |       |          |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                                                                   |   | $             | 2,254,783 |          | $          | 2,601,694     |       | $ | 4,594,026 |   |
|                                                                                                                                                                                                                                                                                                                                                                  |        |               |           |               |            |               |            |  |  |  |

 

F-54

----

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 7, 9 through 12, and 14 hold an interest atDecember 31, 2002 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 
|                                                         |   | **Total**   |        | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|--------------------------------------------------------------|--------|-------------|-------------|--------------|------------|--------------|------------|---------------|------------|
| ASSETS                                                       |   |        |        |         |       |         |       |          |       |
|                                                         |   |        |        |         |       |         |       |          |       |
| Buildings and improvements, net of  accumulated depreciation |   | $           | 381,962,028 |         | $          | 17,212,099   |       | $             | 69,366,543 |   | $ | 45,066,100 |   |
| Land                                                         |   | 29,854,372  |        | 1,791,570    |       | 5,595,048    |       | 3,785,251     |       |
| Other assets                                                 |   | 49,657,197  |        | 2,099,805    |       | 10,531,303   |       | 5,482,340     |       |
|                                                         |   |        |        |         |       |         |       |          |       |
|                                                         |   | $           | 461,473,597 |         | $          | 21,103,474   |       | $             | 85,492,894 |   | $ | 54,333,691 |   |
|                                                         |   |        |        |         |       |         |       |          |       |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |        |        |         |       |         |       |          |       |
|                                                         |   |        |        |         |       |         |       |          |       |
| Mortgages and construction loans payable                     |   | $           | 393,996,047 |         | $          | 19,536,095   |       | $             | 79,951,531 |   | $ | 51,374,707 |   |
| Accounts payable and accrued expenses                        |   | 13,530,379  |        | 2,981,731    |       | 4,260,760    |       | 746,174       |       |
| Other liabilities                                            |   | 30,113,156  |        | 728,119      |       | 5,278,101    |       | 1,865,183     |       |
|                                                         |   |        |        |         |       |         |       |          |       |
|                                                         |   | 437,639,582 |        | 23,245,945   |       | 89,490,392   |       | 53,986,064    |       |
| PARTNERS’ CAPITAL                                       |   |        |        |         |       |         |       |          |       |
| Boston Capital Tax Credit Fund II Limited  Partnership       |   | (7,392,294  | )           | (3,488,724   | )          | (4,443,397   | )          | (1,089,536    | )          |
| Other partners                                               |   | 31,226,309  |        | 1,346,253    |       | 445,899      |       | 1,437,163     |       |
|                                                         |   |        |        |         |       |         |       |          |       |
|                                                         |   | 23,834,015  |        | (2,142,471   | )          | (3,997,498   | )          | 347,627       |       |
|                                                         |   |        |        |         |       |         |       |          |       |
|                                                         |   | $           | 461,473,597 |         | $          | 21,103,474   |       | $             | 85,492,894 |   | $ | 54,333,691 |   |

 

F-55

----

 
|                                                         |   | **Series 11** |       | **Series 12** |   | **Series 14** | ** ** |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|------------|
| ASSETS                                                       |   |          |       |          |   |          |       |
|                                                         |   |          |       |          |   |          |       |
| Buildings and improvements, net of accumulated  depreciation |   | $             | 47,379,144 |          | $      | 71,206,600    |       | $ | 131,731,542 |   |
| Land                                                         |   | 3,234,637     |       | 4,810,783     |   | 10,637,083    |       |
| Other assets                                                 |   | 6,800,347     |       | 7,235,361     |   | 17,508,041    |       |
|                                                         |   |          |       |          |   |          |       |
|                                                         |   | $             | 57,414,128 |          | $      | 83,252,744    |       | $ | 159,876,666 |   |
|                                                         |   |          |       |          |   |          |       |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |       |          |   |          |       |
|                                                         |   |          |       |          |   |          |       |
| Mortgages and construction loans payable                     |   | $             | 49,824,457 |          | $      | 65,409,258    |       | $ | 127,899,999 |   |
| Accounts payable and accrued expenses                        |   | 1,204,645     |       | 1,223,881     |   | 3,113,188     |       |
| Other liabilities                                            |   | 4,189,675     |       | 7,095,922     |   | 10,956,156    |       |
|                                                         |   |          |       |          |   |          |       |
|                                                         |   | 55,218,777    |       | 73,729,061    |   | 141,969,343   |       |
| PARTNERS’ CAPITAL                                       |   |          |       |          |   |          |       |
| Boston Capital Tax Credit Fund II Limited  Partnership       |   | 297,047       |       | 551,012       |   | 781,304       |       |
| Other partners                                               |   | 1,898,304     |       | 8,972,671     |   | 17,126,019    |       |
|                                                         |   |          |       |          |   |          |       |
|                                                         |   | 2,195,351     |       | 9,523,683     |   | 17,907,323    |       |
|                                                         |   |          |       |          |   |          |       |
|                                                         |   | $             | 57,414,128 |          | $      | 83,252,744    |       | $ | 159,876,666 |   |

 

F-56

----

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 7, 9 through 12, and 14 hold an interest atDecember 31, 2001 are as follows:

 
|                                                         |   | **Total**   |        | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|--------------------------------------------------------------|--------|-------------|-------------|--------------|------------|--------------|------------|---------------|------------|
| ASSETS                                                       |   |        |        |         |       |         |       |          |       |
|                                                         |   |        |        |         |       |         |       |          |       |
| Buildings and improvements, net of  accumulated depreciation |   | $           | 416,349,008 |         | $          | 18,171,764   |       | $             | 80,006,764 |   | $ | 49,619,185 |   |
| Land                                                         |   | 31,017,252  |        | 1,791,570    |       | 6,000,829    |       | 4,039,887     |       |
| Other assets                                                 |   | 44,186,199  |        | 1,924,255    |       | 7,795,580    |       | 6,920,038     |       |
|                                                         |   |        |        |         |       |         |       |          |       |
|                                                         |   | $           | 491,552,459 |         | $          | 21,887,589   |       | $             | 93,803,173 |   | $ | 60,579,110 |   |
|                                                         |   |        |        |         |       |         |       |          |       |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |        |        |         |       |         |       |          |       |
|                                                         |   |        |        |         |       |         |       |          |       |
| Mortgages and construction loans payable                     |   | $           | 407,105,066 |         | $          | 19,698,193   |       | $             | 85,725,136 |   | $ | 52,972,430 |   |
| Accounts payable and accrued expenses                        |   | 14,632,768  |        | 2,680,424    |       | 3,648,372    |       | 971,936       |       |
| Other liabilities                                            |   | 29,467,905  |        | 764,596      |       | 5,979,942    |       | 2,243,070     |       |
|                                                         |   |        |        |         |       |         |       |          |       |
|                                                         |   | 451,205,739 |        | 23,143,213   |       | 95,353,450   |       | 56,187,436    |       |
| PARTNERS’ CAPITAL                                       |   |        |        |         |       |         |       |          |       |
| Boston Capital Tax Credit Fund II Limited  Partnership       |   | 7,520,225   |        | (2,812,560   | )          | (1,961,465   | )          | 2,843,747     |       |
| Other partners                                               |   | 32,826,495  |        | 1,556,936    |       | 411,188      |       | 1,547,927     |       |
|                                                         |   |        |        |         |       |         |       |          |       |
|                                                         |   | 40,346,720  |        | (1,255,624   | )          | (1,550,277   | )          | 4,391,674     |       |
|                                                         |   |        |        |         |       |         |       |          |       |
|                                                         |   | $           | 491,552,459 |         | $          | 21,887,589   |       | $             | 93,803,173 |   | $ | 60,579,110 |   |

 

F-57

----

 
|                                                         |   | **Series 11** |       | **Series 12** | ** ** | **Series 14** | ** ** |
|--------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| ASSETS                                                       |   |          |       |          |       |          |       |
|                                                         |   |          |       |          |       |          |       |
| Buildings and improvements, net of  accumulated depreciation |   | $             | 49,904,202 |          | $          | 74,171,381    |       | $ | 144,475,712 |   |
| Land                                                         |   | 3,234,637     |       | 4,814,335     |       | 11,135,994    |       |
| Other assets                                                 |   | 6,538,274     |       | 6,896,518     |       | 14,111,534    |       |
|                                                         |   |          |       |          |       |          |       |
|                                                         |   | $             | 59,677,113 |          | $          | 85,882,234    |       | $ | 169,723,240 |   |
|                                                         |   |          |       |          |       |          |       |
| LIABILITIES AND PARTNERS’ CAPITAL                       |   |          |       |          |       |          |       |
|                                                         |   |          |       |          |       |          |       |
| Mortgages and construction loans payable                     |   | $             | 49,888,508 |          | $          | 65,381,596    |       | $ | 133,439,203 |   |
| Accounts payable and accrued expenses                        |   | 1,390,664     |       | 2,058,762     |       | 3,882,610     |       |
| Other liabilities                                            |   | 3,796,421     |       | 5,840,032     |       | 10,843,844    |       |
|                                                         |   |          |       |          |       |          |       |
|                                                         |   | 55,075,593    |       | 73,280,390    |       | 148,165,657   |       |
| PARTNERS’ CAPITAL                                       |   |          |       |          |       |          |       |
| Boston Capital Tax Credit Fund II Limited  Partnership       |   | 2,254,783     |       | 2,601,694     |       | 4,594,026     |       |
| Other partners                                               |   | 2,346,737     |       | 10,000,150    |       | 16,963,557    |       |
|                                                         |   |          |       |          |       |          |       |
|                                                         |   | 4,601,520     |       | 12,601,844    |       | 21,557,583    |       |
|                                                         |   |          |       |          |       |          |       |
|                                                         |   | $             | 59,677,113 |          | $          | 85,882,234    |       | $ | 169,723,240 |   |

 

F-58

----

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (continued)

 

The combined summarized statements of operations of the operatinglimited partnerships for the year ended December 31, 2002 in which Series7, 9 through 12, and 14 hold an interest as of December 31, 2002 are asfollows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

Year ended December 31, 2002

 
|                                                                          |   | **Total**  |        | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|-------------------------------------------------------------------------------|--------|------------|-------------|--------------|------------|--------------|------------|---------------|------------|
| Revenue                                                                       |   |       |        |         |       |         |       |          |       |
| Rental                                                                        |   | $          | 65,953,274  |         | $          | 3,625,310    |       | $             | 12,791,010 |   | $ | 7,860,216 |   |
| Interest and other                                                            |   | 7,258,952  |        | 93,927       |       | 2,815,309    |       | 274,186       |       |
|                                                                          |   |       |        |         |       |         |       |          |       |
|                                                                          |   | 73,212,226 |        | 3,719,237    |       | 15,606,319   |       | 8,134,402     |       |
| Expenses                                                                      |   |       |        |         |       |         |       |          |       |
| Interest                                                                      |   | 18,550,066 |        | 1,200,301    |       | 3,951,728    |       | 1,910,658     |       |
| Depreciation and amortization                                                 |   | 20,719,588 |        | 1,049,165    |       | 4,348,387    |       | 2,517,476     |       |
| Taxes and insurance                                                           |   | 9,646,432  |        | 484,832      |       | 2,148,831    |       | 1,242,910     |       |
| Repairs and maintenance                                                       |   | 13,036,349 |        | 640,950      |       | 2,522,908    |       | 1,643,101     |       |
| Operating expenses                                                            |   | 20,707,077 |        | 1,125,172    |       | 4,072,142    |       | 2,294,825     |       |
| Other expenses                                                                |   | 3,001,481  |        | 99,129       |       | 361,624      |       | 169,784       |       |
|                                                                          |   |       |        |         |       |         |       |          |       |
|                                                                          |   | 85,660,993 |        | 4,599,549    |       | 17,405,620   |       | 9,778,754     |       |
|                                                                          |   |       |        |         |       |         |       |          |       |
| NET LOSS                                                                      |   | $          | (12,448,767 | )            | $          | (880,312     | )          | $             | (1,799,301 | ) | $ | (1,644,352 | ) |
|                                                                          |   |       |        |         |       |         |       |          |       |
| Net loss allocated to Boston Capital Tax  Credit Fund II Limited Partnership* |   | $          | (13,179,079 | )            | $          | (672,104     | )          | $             | (2,903,166 | ) | $ | (1,514,265 | ) |
|                                                                          |   |       |        |         |       |         |       |          |       |
| Net income (loss) allocated to other  partners                                |   | $          | 730,312     |         | $          | (208,208     | )          | $             | 1,103,865  |   | $ | (130,087 | ) |

 

----

*      Amountsinclude $543,324, $2,121,215, $998,093, $1,381,723, $1,317,932 and $2,502,437for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-59

----

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (continued)

 
|                                                                          |   | **Series 11** |       | **Series 12** | ** ** | **Series 14** | ** ** |
|-------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Revenue                                                                       |   |          |       |          |       |          |       |
| Rental                                                                        |   | $             | 7,946,497  |          | $          | 11,126,493    |       | $ | 22,603,748 |   |
| Interest and other                                                            |   | 307,102       |       | 453,230       |       | 3,315,198     |       |
|                                                                          |   |          |       |          |       |          |       |
|                                                                          |   | 8,253,599     |       | 11,579,723    |       | 25,918,946    |       |
| Expenses                                                                      |   |          |       |          |       |          |       |
| Interest                                                                      |   | 2,007,981     |       | 2,924,287     |       | 6,555,111     |       |
| Depreciation and amortization                                                 |   | 2,778,180     |       | 3,437,875     |       | 6,588,505     |       |
| Taxes and insurance                                                           |   | 1,166,361     |       | 1,644,994     |       | 2,958,504     |       |
| Repairs and maintenance                                                       |   | 1,425,012     |       | 2,303,583     |       | 4,500,795     |       |
| Operating expenses                                                            |   | 2,644,424     |       | 3,549,685     |       | 7,020,829     |       |
| Other expenses                                                                |   | 507,652       |       | 726,975       |       | 1,136,317     |       |
|                                                                          |   |          |       |          |       |          |       |
|                                                                          |   | 10,529,610    |       | 14,587,399    |       | 28,760,061    |       |
|                                                                          |   |          |       |          |       |          |       |
| NET LOSS                                                                      |   | $             | (2,276,011 | )             | $          | (3,007,676    | )          | $ | (2,841,115 | ) |
|                                                                          |   |          |       |          |       |          |       |
| Net loss allocated to Boston Capital Tax  Credit Fund II Limited Partnership* |   | $             | (1,957,691 | )             | $          | (2,044,483    | )          | $ | (4,087,370 | ) |
|                                                                          |   |          |       |          |       |          |       |
| Net income (loss) allocated to other  partners                                |   | $             | (318,320   | )             | $          | (963,193      | )          | $ | 1,246,255 |   |

 

----

*      Amountsinclude $543,324, $2,121,215, $998,093, $1,381,723, $1,317,932 and $2,502,437for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-60

----

 

The combined summarized statements of operations of the operatinglimited partnerships for the year ended December 31, 2001 in which Series7, 9 through 12, and 14 hold an interest as of December 31, 2001 are asfollows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

Year ended December31, 2001

 
|                                                                          |   | **Total**  |        | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|-------------------------------------------------------------------------------|--------|------------|-------------|--------------|------------|--------------|------------|---------------|------------|
| Revenue                                                                       |   |       |        |         |       |         |       |          |       |
| Rental                                                                        |   | $          | 65,755,211  |         | $          | 3,339,472    |       | $             | 12,373,299 |   | $ | 8,888,925 |   |
| Interest and other                                                            |   | 2,875,026  |        | 212,543      |       | 606,123      |       | 434,234       |       |
|                                                                          |   |       |        |         |       |         |       |          |       |
|                                                                          |   | 68,630,237 |        | 3,552,015    |       | 12,979,422   |       | 9,323,159     |       |
| Expenses                                                                      |   |       |        |         |       |         |       |          |       |
| Interest                                                                      |   | 20,250,800 |        | 1,200,917    |       | 4,077,041    |       | 2,296,944     |       |
| Depreciation and amortization                                                 |   | 20,616,258 |        | 1,005,268    |       | 4,254,573    |       | 2,650,220     |       |
| Taxes and insurance                                                           |   | 9,020,398  |        | 443,966      |       | 1,905,278    |       | 1,310,610     |       |
| Repairs and maintenance                                                       |   | 12,517,206 |        | 706,795      |       | 2,467,833    |       | 1,628,852     |       |
| Operating expenses                                                            |   | 20,505,844 |        | 1,028,074    |       | 4,041,810    |       | 2,652,921     |       |
| Other expenses                                                                |   | 2,058,125  |        | 68,505       |       | 235,909      |       | 213,522       |       |
|                                                                          |   |       |        |         |       |         |       |          |       |
|                                                                          |   | 84,968,631 |        | 4,453,525    |       | 16,982,444   |       | 10,753,069    |       |
|                                                                          |   |       |        |         |       |         |       |          |       |
| NET LOSS                                                                      |   | $          | (16,338,394 | )            | $          | (901,510     | )          | $             | (4,003,022 | ) | $ | (1,429,910 | ) |
|                                                                          |   |       |        |         |       |         |       |          |       |
| Net loss allocated to Boston Capital Tax  Credit Fund II Limited Partnership* |   | $          | (13,176,144 | )            | $          | (646,384     | )          | $             | (3,306,736 | ) | $ | (1,304,113 | ) |
|                                                                          |   |       |        |         |       |         |       |          |       |
| Net loss allocated to other partners                                          |   | $          | (3,162,250  | )            | $          | (255,126     | )          | $             | (696,286   | ) | $ | (125,797 | ) |

 

----

*      Amountsinclude $432,077, $2,037,097, $904,450, $1,086,283, $1,080,257 and $1,820,647for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-61

----

 
|                                                                          |   | **Series 11** |       | **Series 12** | ** ** | **Series 14** | ** ** |
|-------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Revenue                                                                       |   |          |       |          |       |          |       |
| Rental                                                                        |   | $             | 8,131,418  |          | $          | 10,717,371    |       | $ | 22,304,726 |   |
| Interest and other                                                            |   | 352,222       |       | 479,664       |       | 790,240       |       |
|                                                                          |   |          |       |          |       |          |       |
|                                                                          |   | 8,483,640     |       | 11,197,035    |       | 23,094,966    |       |
| Expenses                                                                      |   |          |       |          |       |          |       |
| Interest                                                                      |   | 2,397,929     |       | 3,190,304     |       | 7,087,665     |       |
| Depreciation and amortization                                                 |   | 2,757,845     |       | 3,391,766     |       | 6,556,586     |       |
| Taxes and insurance                                                           |   | 1,175,099     |       | 1,449,498     |       | 2,735,947     |       |
| Repairs and maintenance                                                       |   | 1,530,664     |       | 2,041,067     |       | 4,141,995     |       |
| Operating expenses                                                            |   | 2,340,062     |       | 3,487,717     |       | 6,955,260     |       |
| Other expenses                                                                |   | 274,878       |       | 417,262       |       | 848,049       |       |
|                                                                          |   |          |       |          |       |          |       |
|                                                                          |   | 10,476,477    |       | 13,977,614    |       | 28,325,502    |       |
|                                                                          |   |          |       |          |       |          |       |
| NET LOSS                                                                      |   | $             | (1,992,837 | )             | $          | (2,780,579    | )          | $ | (5,230,536 | ) |
|                                                                          |   |          |       |          |       |          |       |
| Net loss allocated to Boston Capital Tax  Credit Fund II Limited Partnership* |   | $             | (1,839,597 | )             | $          | (2,049,818    | )          | $ | (4,029,496 | ) |
|                                                                          |   |          |       |          |       |          |       |
| Net loss allocated to other partners                                          |   | $             | (153,240   | )             | $          | (730,761      | )          | $ | (1,201,040 | ) |

 

----

*      Amountsinclude $432,077, $2,037,097, $904,450, $1,086,283, $1,080,257 and $1,820,647for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-62

----

 

The combined summarized statements of operations of the operatinglimited partnerships for the year ended December 31, 2000 in which Series7, 9 through 12, and 14 hold an interest as of December 31, 2000 are asfollows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

Year ended December31, 2000

 
|                                                                          |   | **Total**  |        | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|-------------------------------------------------------------------------------|--------|------------|-------------|--------------|------------|--------------|------------|---------------|------------|
| Revenue                                                                       |   |       |        |         |       |         |       |          |       |
| Rental                                                                        |   | $          | 64,974,486  |         | $          | 3,253,993    |       | $             | 12,473,614 |   | $ | 8,931,237 |   |
| Interest and other                                                            |   | 3,447,545  |        | 128,823      |       | 788,045      |       | 411,547       |       |
|                                                                          |   |       |        |         |       |         |       |          |       |
|                                                                          |   | 68,422,031 |        | 3,382,816    |       | 13,261,659   |       | 9,342,784     |       |
| Expenses                                                                      |   |       |        |         |       |         |       |          |       |
| Interest                                                                      |   | 21,621,902 |        | 1,391,032    |       | 4,466,811    |       | 2,516,030     |       |
| Depreciation and amortization                                                 |   | 20,506,131 |        | 951,462      |       | 4,247,705    |       | 2,631,841     |       |
| Taxes and insurance                                                           |   | 8,174,087  |        | 405,124      |       | 1,723,830    |       | 1,253,343     |       |
| Repairs and maintenance                                                       |   | 11,432,755 |        | 563,321      |       | 2,165,434    |       | 1,553,829     |       |
| Operating expenses                                                            |   | 19,408,889 |        | 973,314      |       | 3,640,176    |       | 2,541,957     |       |
| Other expenses                                                                |   | 2,573,981  |        | 93,704       |       | 349,996      |       | 207,572       |       |
|                                                                          |   |       |        |         |       |         |       |          |       |
|                                                                          |   | 83,717,745 |        | 4,377,957    |       | 16,593,952   |       | 10,704,572    |       |
|                                                                          |   |       |        |         |       |         |       |          |       |
| NET LOSS                                                                      |   | $          | (15,295,714 | )            | $          | (995,141     | )          | $             | (3,332,293 | ) | $ | (1,361,788 | ) |
|                                                                          |   |       |        |         |       |         |       |          |       |
| Net loss allocated to Boston Capital Tax  Credit Fund II Limited Partnership* |   | $          | (12,123,829 | )            | $          | (661,714     | )          | $             | (2,944,474 | ) | $ | (1,259,939 | ) |
|                                                                          |   |       |        |         |       |         |       |          |       |
| Net loss allocated to other partners                                          |   | $          | (3,171,885  | )            | $          | (333,427     | )          | $             | (387,819   | ) | $ | (101,849 | ) |

 

----

*      Amountsinclude $434,737, $1,647,521, $813,833, $1,004,203, $866,986 and $1,375,473 forSeries 7, Series 9, Series 10, Series 11, Series 12 and Series 14,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-63

----

 
|                                                                          |   | **Series 11** |       | **Series 12** | ** ** | **Series 14** | ** ** |
|-------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Revenue                                                                       |   |          |       |          |       |          |       |
| Rental                                                                        |   | $             | 8,273,821  |          | $          | 10,444,678    |       | $ | 21,597,143 |   |
| Interest and other                                                            |   | 363,929       |       | 750,255       |       | 1,004,946     |       |
|                                                                          |   |          |       |          |       |          |       |
|                                                                          |   | 8,637,750     |       | 11,194,933    |       | 22,602,089    |       |
| Expenses                                                                      |   |          |       |          |       |          |       |
| Interest                                                                      |   | 2,666,118     |       | 3,144,929     |       | 7,436,982     |       |
| Depreciation and amortization                                                 |   | 2,737,859     |       | 3,380,169     |       | 6,557,095     |       |
| Taxes and insurance                                                           |   | 1,027,002     |       | 1,318,333     |       | 2,446,455     |       |
| Repairs and maintenance                                                       |   | 1,437,278     |       | 1,892,699     |       | 3,820,194     |       |
| Operating expenses                                                            |   | 2,401,997     |       | 3,282,641     |       | 6,568,804     |       |
| Other expenses                                                                |   | 238,940       |       | 849,942       |       | 833,827       |       |
|                                                                          |   |          |       |          |       |          |       |
|                                                                          |   | 10,509,194    |       | 13,868,713    |       | 27,663,357    |       |
|                                                                          |   |          |       |          |       |          |       |
| NET LOSS                                                                      |   | $             | (1,871,444 | )             | $          | (2,673,780    | )          | $ | (5,061,268 | ) |
|                                                                          |   |          |       |          |       |          |       |
| Net loss allocated to Boston Capital Tax  Credit Fund II Limited Partnership* |   | $             | (1,666,210 | )             | $          | (1,903,136    | )          | $ | (3,688,356 | ) |
|                                                                          |   |          |       |          |       |          |       |
| Net loss allocated to other partners                                          |   | $             | (205,234   | )             | $          | (770,644      | )          | $ | (1,372,912 | ) |

 

----

*      Amountsinclude $434,737, $1,647,521, $813,833, $1,004,203, $866,986 and $1,375,473 forSeries 7, Series 9, Series 10, Series 11, Series 12 and Series 14,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-64

----

 

NOTE D - RECONCILIATION OF FINANCIALSTATEMENT NET LOSS TO INCOME TAX RETURN

 

For income tax purposes, the partnership reports using aDecember 31 year-end.  Thepartnership’s net loss for financial reporting and tax return purposes for theyear ended March 31, 2003 is reconciled as follows:

 
|                                                                                                      |   | **Total**  |        | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|-----------------------------------------------------------------------------------------------------------|--------|------------|-------------|--------------|------------|--------------|------------|---------------|------------|
| Net loss for financial reporting purposes,  March 31, 2003                                           |   | $          | (9,833,788  | )            | $          | (289,684     | )          | $             | (1,639,196 | ) | $ | (2,380,538 | ) |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Operating limited partnership rents  received in advance                                                  |   | 7,836      |        | (458         | )          | (12,219      | )          | 12            |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Partnership management fees not recognized  for tax purposes                                              |   | 1,565,145  |        | 113,888      |       | (81,628      | )          | 204,265       |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Other                                                                                                     |   | (812,090   | )           | 208,437      |       | (470,966     | )          | (999,126      | )          |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Operating limited partnership loss not  allowed for financial reporting under equity method of accounting |   | (8,864,727 | )           | (543,324     | )          | (2,121,215   | )          | (998,091      | )          |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Impairment loss in investment in operating  limited partnership                                           |   | 1,421,709  |        | —       |       | 733,718      |       | —        |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                |   | (1,607,829 | )           | (225,039     | )          | (292,617     | )          | (186,930      | )          |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Loss on disposal of investment in operating  limited partnership                                          |   | —     |        | —       |       | —       |       | —        |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                       |   | 4,122,036  |        | 64,831       |       | 2,111,621    |       | 1,263,659     |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Loss for tax return purposes,  December 31, 2002                                                     |   | $          | (14,001,708 | )            | $          | (671,349     | )          | $             | (1,772,502 | ) | $ | (3,096,749 | ) |

 

F-65

----

 
|                                                                                                      |   | **Series 11** |       | **Series 12** | ** ** | **Series 14** | ** ** |
|-----------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Net loss for financial reporting purposes,  March 31, 2003                                           |   | $             | (1,501,101 | )             | $          | (1,166,946    | )          | $ | (2,856,323 | ) |
|                                                                                                      |   |          |       |          |       |          |       |
| Operating limited partnership rents  received in advance                                                  |   | 21,936        |       | —        |       | (1,435        | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Partnership management fees not recognized  for tax purposes                                              |   | 325,681       |       | 411,384       |       | 591,555       |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Other                                                                                                     |   | 499,828       |       | (10,023       | )          | (40,240       | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Operating limited partnership loss not  allowed for financial reporting under equity method of accounting |   | (1,381,723    | )          | (1,317,933    | )          | (2,502,441    | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Impairment loss in investment in operating  limited partnership                                           |   | 573,631       |       | —        |       | 114,360       |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                |   | 248,204       |       | (424,290      | )          | (727,157      | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Loss on disposal of investment in operating  limited partnership                                          |   | —        |       | —        |       | —        |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                       |   | (483,181      | )          | (37,481       | )          | 1,202,587     |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Loss for tax return purposes,  December 31, 2002                                                     |   | $             | (1,696,725 | )             | $          | (2,545,289    | )          | $ | (4,219,094 | ) |

 

F-66

----

 

For income tax purposes, the partnership reports using aDecember 31 year-end.  Thepartnership’s net loss for financial reporting and tax return purposes for theyear ended March 31, 2002 is reconciled as follows:

 
|                                                                                                      |   | **Total**  |        | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|-----------------------------------------------------------------------------------------------------------|--------|------------|-------------|--------------|------------|--------------|------------|---------------|------------|
| Net loss for financial reporting purposes,  March 31, 2002                                           |   | $          | (8,401,970  | )            | $          | (330,458     | )          | $             | (1,852,344 | ) | $ | (776,783 | ) |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Operating limited partnership rents  received in advance                                                  |   | (53,708    | )           | (259         | )          | (24,913      | )          | (3,602        | )          |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Partnership management fees not recognized  for tax purposes                                              |   | 2,494,378  |        | 104,771      |       | 568,607      |       | 355,512       |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Other                                                                                                     |   | 1,008,212  |        | 145,722      |       | 693,325      |       | (101,526      | )          |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Operating limited partnership loss not  allowed for financial reporting under equity method of accounting |   | (7,360,771 | )           | (432,075     | )          | (2,037,098   | )          | (904,443      | )          |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                |   | (2,039,881 | )           | (221,389     | )          | (312,660     | )          | (167,308      | )          |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                       |   | 18,934     |        | (7,611       | )          | (5,246       | )          | 6,606         |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Loss for tax return purposes,  December 31, 2001                                                     |   | $          | (14,334,806 | )            | $          | (741,299     | )          | $             | (2,970,329 | ) | $ | (1,591,544 | ) |

 

F-67

----

 
|                                                                                                      |   | **Series 11** |       | **Series 12** | ** ** | **Series 14** | ** ** |
|-----------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Net loss for financial reporting purposes,  March 31, 2002                                           |   | $             | (1,092,685 | )             | $          | (1,399,827    | )          | $ | (2,949,873 | ) |
|                                                                                                      |   |          |       |          |       |          |       |
| Operating limited partnership rents  received in advance                                                  |   | (372          | )          | 7,780         |       | (32,342       | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Partnership management fees not recognized  for tax purposes                                              |   | 325,680       |       | 383,268       |       | 756,540       |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Other                                                                                                     |   | 236,645       |       | (18,688       | )          | 52,734        |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Operating limited partnership loss not  allowed for financial reporting under equity method of accounting |   | (1,086,287    | )          | (1,080,237    | )          | (1,820,631    | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                |   | (230,490      | )          | (400,228      | )          | (707,806      | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                       |   | 13,690        |       | 7,359         |       | 4,136         |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Loss for tax return purposes,  December 31, 2001                                                     |   | $             | (1,833,819 | )             | $          | (2,500,573    | )          | $ | (4,697,242 | ) |

 

F-68

----

 

For income tax purposes, the partnership reports using aDecember 31 year-end.  Thepartnership’s net loss for financial reporting and tax return purposes for theyear ended March 31, 2001 is reconciled as follows:

 
|                                                                                                      |   | **Total**  |        | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|-----------------------------------------------------------------------------------------------------------|--------|------------|-------------|--------------|------------|--------------|------------|---------------|------------|
| Net loss for financial reporting purposes,  March 31, 2001                                           |   | $          | (8,754,755  | )            | $          | (353,270     | )          | $             | (1,920,153 | ) | $ | (804,711 | ) |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Operating limited partnership rents  received in advance                                                  |   | 27,101     |        | —       |       | 18,708       |       | 520           |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Partnership management fees not recognized  for tax purposes                                              |   | 2,509,932  |        | 113,148      |       | 575,784      |       | 355,512       |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Other                                                                                                     |   | 1,120,798  |        | 128,636      |       | 126,074      |       | 333,782       |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Operating limited partnership loss not  allowed for financial reporting under equity method of accounting |   | (6,142,757 | )           | (434,738     | )          | (1,647,521   | )          | (813,836      | )          |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Impairment loss in investment in operating  limited partnership                                           |   | 210,731    |        | —       |       | 50,000       |       | —        |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                |   | (2,065,567 | )           | (200,185     | )          | (336,780     | )          | (161,176      | )          |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Loss on disposal of investment in operating  limited partnership                                          |   | —     |        | —       |       | —       |       | —        |       |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                       |   | (7,727     | )           | (319         | )          | 2,218        |       | (5,896        | )          |
|                                                                                                      |   |       |        |         |       |         |       |          |       |
| Loss for tax return purposes,  December 31, 2000                                                     |   | $          | (13,102,244 | )            | $          | (746,728     | )          | $             | (3,131,670 | ) | $ | (1,095,805 | ) |

 

F-69

----

 
|                                                                                                      |   | **Series 11** |       | **Series 12** | ** ** | **Series 14** | ** ** |
|-----------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|------------|---------------|------------|
| Net loss for financial reporting purposes,  March 31, 2001                                           |   | $             | (1,145,099 | )             | $          | (1,454,958    | )          | $ | (3,076,564 | ) |
|                                                                                                      |   |          |       |          |       |          |       |
| Operating limited partnership rents  received in advance                                                  |   | 41            |       | 10,717        |       | (2,885        | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Partnership management fees not recognized  for tax purposes                                              |   | 325,680       |       | 383,268       |       | 756,540       |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Other                                                                                                     |   | (112,259      | )          | 475,771       |       | 168,794       |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Operating limited partnership loss not  allowed for financial reporting under equity method of accounting |   | (1,004,203    | )          | (866,987      | )          | (1,375,472    | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Impairment loss in investment in operating  limited partnership                                           |   | 160,731       |       | —        |       | —        |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                |   | (190,013      | )          | (427,077      | )          | (750,336      | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Loss on disposal of investment in operating  limited partnership                                          |   | —        |       | —        |       | —        |       |
|                                                                                                      |   |          |       |          |       |          |       |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                       |   | 3,639         |       | (249          | )          | (7,120        | )          |
|                                                                                                      |   |          |       |          |       |          |       |
| Loss for tax return purposes,  December 31, 2000                                                     |   | $             | (1,961,483 | )             | $          | (1,879,515    | )          | $ | (4,287,043 | ) |

 

F-70

----

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statements purposes atMarch 31, 2003, are as follows:

 
|                                                                               |   | **Total**  |        | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|------------------------------------------------------------------------------------|--------|------------|-------------|--------------|------------|--------------|------------|---------------|------------|
|                                                                               |   |       |        |         |       |         |       |          |       |
| Investments in operating limited  partnerships - tax return December 31, 2002 |   | $          | (14,696,396 | )            | $          | (102,707     | )          | $             | (6,038,693 | ) | $ | (2,468,554 | ) |
|                                                                               |   |       |        |         |       |         |       |          |       |
| Add back losses not recognized under the  equity method                            |   | 39,542,381 |        | 3,512,018    |       | 11,044,085   |       | 4,998,753     |       |
|                                                                               |   |       |        |         |       |         |       |          |       |
| Historic tax credits                                                               |   | 5,105,527  |        | 1,819,802    |       | 240,250      |       | —        |       |
|                                                                               |   |       |        |         |       |         |       |          |       |
| Impairment loss in investments in operating  limited partnerships                  |   | (2,101,176 | )           | (255,418     | )          | (783,718     | )          | —        |       |
|                                                                               |   |       |        |         |       |         |       |          |       |
| Less share of loss - three months ended  March 31, 2003                       |   | (5,109,374 | )           | (125,066     | )          | (1,134,799   | )          | (776,692      | )          |
|                                                                               |   |       |        |         |       |         |       |          |       |
| Impairment loss not recognized for tax  purposes                                   |   | (6,953,234 | )           | (2,873,020   | )          | (1,031,360   | )          | —        |       |
|                                                                               |   |       |        |         |       |         |       |          |       |
| Other                                                                              |   | 7,613,276  |        | (1,841,613   | )          | (832,187     | )          | 1,330,319     |       |
|                                                                               |   |       |        |         |       |         |       |          |       |
| Investments in operating limited  partnerships - as reported, March 31, 2003  |   | $          | 23,401,004  |         | $          | 133,996      |       | $             | 1,463,578  |   | $ | 3,083,826 |   |

 

F-71

----

 
|                                                                               |   | **Series 11** |      | **Series 12** | ** ** | **Series 14** | ** ** |
|------------------------------------------------------------------------------------|--------|---------------|-----------|---------------|------------|---------------|------------|
|                                                                               |   |          |      |          |       |          |       |
| Investments in operating limited  partnerships - tax return December 31, 2002 |   | $             | (891,369  | )             | $          | (1,877,774    | )          | $ | (3,317,299 | ) |
|                                                                               |   |          |      |          |       |          |       |
| Add back losses not recognized under the  equity method                            |   | 6,122,274     |      | 5,073,718     |       | 8,791,533     |       |
|                                                                               |   |          |      |          |       |          |       |
| Historic tax credits                                                               |   | 1,281,688     |      | —        |       | 1,763,787     |       |
|                                                                               |   |          |      |          |       |          |       |
| Impairment loss in investments in operating  limited partnerships                  |   | (819,063      | )         | (128,617      | )          | (114,360      | )          |
|                                                                               |   |          |      |          |       |          |       |
| Less share of loss - three months ended  March 31, 2003                       |   | (721,702      | )         | (613,706      | )          | (1,737,409    | )          |
|                                                                               |   |          |      |          |       |          |       |
| Impairment loss not recognized for tax  purposes                                   |   | —        |      | —        |       | (3,048,854    | )          |
|                                                                               |   |          |      |          |       |          |       |
| Other                                                                              |   | 332,191       |      | 3,078,495     |       | 5,546,071     |       |
|                                                                               |   |          |      |          |       |          |       |
| Investments in operating limited  partnerships - as reported, March 31, 2003  |   | $             | 5,304,019 |          | $          | 5,532,116     |       | $ | 7,883,469 |   |

 

F-72

----

 

The differencesbetween the investments in operating limited partnerships for tax purposes and financialstatements purposes at March 31, 2002, are as follows:

 
|                                                                               |   | **Total**  |       | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|------------------------------------------------------------------------------------|--------|------------|------------|--------------|------------|--------------|------------|---------------|------------|
|                                                                               |   |       |       |         |       |         |       |          |       |
| Investments in operating limited  partnerships - tax return December 31, 2001 |   | $          | (12,457    | )            | $          | 571,405      |       | $             | (4,290,186 | ) | $ | 1,400,870 |   |
|                                                                               |   |       |       |         |       |         |       |          |       |
| Add back losses not recognized under the  equity method                            |   | 30,677,654 |       | 2,968,694    |       | 8,922,870    |       | 4,000,662     |       |
|                                                                               |   |       |       |         |       |         |       |          |       |
| Historic tax credits                                                               |   | 5,105,527  |       | 1,819,802    |       | 240,250      |       | —        |       |
|                                                                               |   |       |       |         |       |         |       |          |       |
| Impairment loss in investments in operating  limited partnerships                  |   | (679,467   | )          | (255,418     | )          | (50,000      | )          | —        |       |
|                                                                               |   |       |       |         |       |         |       |          |       |
| Less share of loss - three months ended  March 31, 2002                       |   | (5,109,374 | )          | (125,066     | )          | (1,134,799   | )          | (776,692      | )          |
|                                                                               |   |       |       |         |       |         |       |          |       |
| Impairment loss not recognized for tax  purposes                                   |   | (6,953,234 | )          | (2,873,020   | )          | (1,031,360   | )          | —        |       |
|                                                                               |   |       |       |         |       |         |       |          |       |
| Other                                                                              |   | 11,419,106 |       | (1,842,561   | )          | 2,198,806    |       | 1,372,014     |       |
|                                                                               |   |       |       |         |       |         |       |          |       |
| Investments in operating limited  partnerships - as reported, March 31, 2002  |   | $          | 34,447,755 |         | $          | 263,836      |       | $             | 4,855,581  |   | $ | 5,996,854 |   |

 

F-73

----

 
|                                                                               |   | **Series 11** |      | **Series 12** | ** ** | **Series 14** | ** ** |
|------------------------------------------------------------------------------------|--------|---------------|-----------|---------------|------------|---------------|------------|
|                                                                               |   |          |      |          |       |          |       |
| Investments in operating limited  partnerships - tax return December 31, 2001 |   | $             | 794,878   |          | $          | 615,827       |       | $ | 894,749 |   |
|                                                                               |   |          |      |          |       |          |       |
| Add back losses not recognized under the  equity method                            |   | 4,740,551     |      | 3,755,785     |       | 6,289,092     |       |
|                                                                               |   |          |      |          |       |          |       |
| Historic tax credits                                                               |   | 1,281,688     |      | —        |       | 1,763,787     |       |
|                                                                               |   |          |      |          |       |          |       |
| Impairment loss in investments in operating  limited partnerships                  |   | (245,432      | )         | (128,617      | )          | —        |       |
|                                                                               |   |          |      |          |       |          |       |
| Less share of loss - three months ended  March 31, 2002                       |   | (721,702      | )         | (613,706      | )          | (1,737,409    | )          |
|                                                                               |   |          |      |          |       |          |       |
| Impairment loss not recognized for tax  purposes                                   |   | —        |      | —        |       | (3,048,854    | )          |
|                                                                               |   |          |      |          |       |          |       |
| Other                                                                              |   | 603,669       |      | 2,636,688     |       | 6,450,490     |       |
|                                                                               |   |          |      |          |       |          |       |
| Investments in operating limited  partnerships - as reported, March 31, 2002  |   | $             | 6,453,652 |          | $          | 6,265,977     |       | $ | 10,611,855 |   |

 

F-74

----

 

NOTE E - CASH EQUIVALENTS

 

On March 31, 2003 and 2002, Boston Capital Tax Credit Fund II L.P.purchased $3,500,000 and $950,000 of securities under agreements to resell onApril 1, 2003 and April 2, 2002, respectively.  Interest is earned at rates ranging from..60% to 1.23% per annum.

 

Additionally, cash equivalents of $116,894 and $131,902 as ofMarch 31, 2003 and 2002, respectively, include money market accounts withinterest rates ranging from .61% to 1.23% per annum.

 

NOTE F - NOTES RECEIVABLE

 

Notes receivable at March 31, 2003 and 2002 consist of advanceinstallments of capital contributions and/or advances made to operating limitedpartnerships of $543,584.  The notes arenoninterest bearing and due on demand. The carrying amount of the notes receivable approximates fair value.

 

NOTE G - INVESTMENTS HELD TO MATURITY

 

Investments held to maturity at March 31, 2003 and 2002 consist ofcertificates of deposit totaling $0 and $411,470, respectively.  The certificates of deposit relating to eachyear mature within the next 12 months with interest rates ranging from 3.93% to4.41% per annum.

 

NOTE H - CONTINGENCIES

 

Woodfield Commons Limited Partnership, an operating limited partnership,is in receipt of a 60-day letter issued by the IRS stating that the operatingpartnership has not met certain IRC Section 42 requirements.  The finding was the result of an IRS auditof the operating partnership’s tenant files. The IRS has proposed an adjustment that would disallow the operatingpartnership from utilizing certain past credits estimated to be $1.3million.  The Investment General Partnerand its counsel along with the Operating General Partner and its Counsel havefiled an appeal and continue ongoing discussions with the appellateofficer.  They believe the audit isnearing completion, and while an actual audit settlement has not been reached,it is their belief that there is a likelihood of a favorable settlement.  Accordingly, no adjustment has been made inthe accompanying financial statements.

 

F-75

----

 

Glenhaven Park Partners, A California L.P., an operating limitedpartnership, filed for Chapter 11 bankruptcy protection in 2001.  The property contains 12 single family unitseach with an individual mortgage note. The Reorganization Plan involved bringing current one of the sevendelinquent notes in order to remain compliant with IRS Section 42 minimumrequirements, thus avoiding disallowance and full recapture of the tax credits.The plan was successful and the bankruptcy was dismissed inFebruary 2002.  However, under theplan only one delinquent note was cured and the six remaining delinquent loanswere foreclosed upon and the related housing units were removed from theoperating partnership.  As a result ofthe foreclosure of the six notes, the operating partnership did face partialrecapture of tax credits previously taken of approximately $50,000.

 

F-76

----

 

NOTE I - QUARTERLY FINANCIAL INFORMATION - UNAUDITED

 

The following is a summary of the results of operations for each of thefour quarters for the years indicated:

 
|                                                     |   | **First  Quarter** |   | **Second  Quarter** | **    ** | **Third  Quarter** | **    ** | **Fourth  Quarter** | **    ** |
|----------------------------------------------------------|--------|--------------------|--------|---------------------|--------------------|--------------------|--------------------|---------------------|--------------------|
| 2003                                                     |   |               |   |                |               |               |               |                |               |
|                                                     |   |               |   |                |               |               |               |                |               |
| Total  revenue                                           |   | $                  | 13,420 |                | $                  | 8,632              |               | $                   | 20,262             |   | $ | 13,979 |   |
|                                                     |   |               |   |                |               |               |               |                |               |
| Loss  from operations                                    |   | (596,941           | )      | (682,995            | )                  | (369,910           | )                  | (2,328,038          | )                  |
|                                                     |   |               |   |                |               |               |               |                |               |
| Equity  in loss of investments in operating partnerships |   | (1,188,719         | )      | (2,636,066          | )                  | (1,224,671         | )                  | (806,448            | )                  |
|                                                     |   |               |   |                |               |               |               |                |               |
| Net  loss                                                |   | (1,785,660         | )      | (3,319,061          | )                  | (1,594,581         | )                  | (3,134,486          | )                  |
|                                                     |   |               |   |                |               |               |               |                |               |
| 2002                                                     |   |               |   |                |               |               |               |                |               |
|                                                     |   |               |   |                |               |               |               |                |               |
| Total  revenue                                           |   | $                  | 15,702 |                | $                  | 14,611             |               | $                   | 14,558             |   | $ | 8,278 |   |
|                                                     |   |               |   |                |               |               |               |                |               |
| Loss  from operations                                    |   | (625,341           | )      | (729,537            | )                  | (632,964           | )                  | (598,795            | )                  |
|                                                     |   |               |   |                |               |               |               |                |               |
| Equity  in loss of investments in operating partnerships |   | (1,344,547         | )      | (1,439,901          | )                  | (1,290,481         | )                  | (1,740,404          | )                  |
|                                                     |   |               |   |                |               |               |               |                |               |
| Net  loss                                                |   | (1,969,888         | )      | (2,169,438          | )                  | (1,923,445         | )                  | (2,339,199          | )                  |
|                                                     |   |               |   |                |               |               |               |                |               |
| 2001                                                     |   |               |   |                |               |               |               |                |               |
|                                                     |   |               |   |                |               |               |               |                |               |
| Total  revenue                                           |   | $                  | 16,438 |                | $                  | 13,112             |               | $                   | 18,295             |   | 13,334 |   |
|                                                     |   |               |   |                |               |               |               |                |               |
| Loss  from operations                                    |   | (587,907           | )      | (768,904            | )                  | (622,248           | )                  | (794,620            | )                  |
|                                                     |   |               |   |                |               |               |               |                |               |
| Equity  in loss of investments in operating partnerships |   | (1,731,095         | )      | (1,093,345          | )                  | (1,271,394         | )                  | (1,885,242          | )                  |
|                                                     |   |               |   |                |               |               |               |                |               |
| Net  loss                                                |   | (2,319,002         | )      | (1,862,249          | )                  | (1,893,642         | )                  | (2,679,862          | )                  |

 

F-77

----

Boston Capital Tax CreditFund II Limited Partnership - Series 7Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                        |   |                |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   |             |   | **Gross amount at  which carried at  close of period** |   |                            |   |       |   |                          |   |                      |   | **Life on which**  |   |
|-----------------------------|--------|---------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|------------------|--------|--------------------------------------------------------|--------|---------------------------------|--------|------------|--------|-------------------------------|--------|---------------------------|--------|--------------------|--------|
| **Description**             |   | **Encum-  brances** |   | **Land**                    |   | **Buildings and  improvements**                  |   | **Improvements** |   | **Land**                                               |   | **Buildings and  Improvements** |   | **Total**  |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation is  computed** |   |
|                        |   |                |   |                        |   |                                             |   |             |   |                                                   |   |                            |   |       |   |                          |   |                      |   |               |   |   |   |
| BOWDITCH  SCHOOL            |   | 1,583,824           |   | 65,961                      |   | 4,818,466                                        |   | 95,763           |   | 65,961                                                 |   | 4,914,229                       |   | 4,980,190  |   | 1,987,614                     |   | Dec-89                    |   | Dec-89             |   | 34 |   |
| BRIARWOOD  APTS LP          |   | 615,365             |   | 44,500                      |   | 747,246                                          |   | 36,638           |   | 44,500                                                 |   | 783,884                         |   | 828,384    |   | 406,243                       |   | Dec-89                    |   | Dec-89             |   | 5-27.5 |   |
| BUCKNER  PROP LP            |   | 611,779             |   | 27,500                      |   | 771,030                                          |   | 28,914           |   | 27,500                                                 |   | 799,944                         |   | 827,444    |   | 427,435                       |   | Mar-89                    |   | Dec-89             |   | 5-27.5 |   |
| CREEKSIDE                   |   | 1,076,045           |   | 89,016                      |   | 1,290,616                                        |   | 98,293           |   | 89,016                                                 |   | 1,388,909                       |   | 1,477,925  |   | 314,641                       |   | Sep-89                    |   | Jun-89             |   | 5-27.5 |   |
| DEER  HILL II LP            |   | 1,460,912           |   | 103,000                     |   | 1,424,556                                        |   | 338,656          |   | 103,000                                                |   | 1,763,212                       |   | 1,866,212  |   | 889,139                       |   | May-89                    |   | Feb-90             |   | 5-27.5 |   |
| HILLANDALE                  |   | 4,609,196           |   | 601,653                     |   | 4,198,973                                        |   | 2,898,459        |   | 601,653                                                |   | 7,097,432                       |   | 7,699,085  |   | 3,044,808                     |   | Jan-90                    |   | Dec-89             |   | 5-27.5 |   |
| KING  CITY ELDERLY          |   | 1,658,088           |   | 175,000                     |   | 2,549,870                                        |   | 65,392           |   | 175,000                                                |   | 2,615,262                       |   | 2,790,262  |   | 1,210,736                     |   | Nov-89                    |   | Jun-90             |   | 27.5 |   |
| LEBANON  PROP II LP         |   | 566,528             |   | 3,000                       |   | 730,187                                          |   | 12,188           |   | 3,000                                                  |   | 742,375                         |   | 745,375    |   | 383,671                       |   | Jul-89                    |   | Dec-89             |   | 5-27.5 |   |
| METROPOLE  APTS  ASSOC |   | 2,025,471           |   | 82,800                      |   | 2,621,625                                        |   | 94,225           |   | 82,800                                                 |   | 2,715,850                       |   | 2,798,650  |   | 1,260,912                     |   | Dec-89                    |   | Dec-89             |   | 27.5 |   |
| OAK  GROVE  EST. LP    |   | 478,062             |   | 15,200                      |   | 597,465                                          |   | 18,594           |   | 15,200                                                 |   | 616,059                         |   | 631,259    |   | 319,214                       |   | Sep-89                    |   | Dec-89             |   | 27.5 |   |
| OAKVIEW  LTD                |   | 1,111,917           |   | 35,280                      |   | 1,375,820                                        |   | 97,935           |   | 35,280                                                 |   | 1,473,755                       |   | 1,509,035  |   | 571,432                       |   | Oct-89                    |   | Dec-89             |   | 40 |   |
| ROSENBERG  HOTEL            |   | 1,742,683           |   | 452,000                     |   | 7,434,335                                        |   | (5,171,421       | )      | 415,000                                                |   | 2,262,914                       |   | 2,677,914  |   | 389,022                       |   | Jan-92                    |   | Feb-90             |   | 27.5 |   |
| WESTWOOD                    |   | 1,393,721           |   | 96,600                      |   | 1,355,174                                        |   | 403,418          |   | 96,660                                                 |   | 1,758,592                       |   | 1,855,252  |   | 874,732                       |   | Jul-90                    |   | Jul-90             |   | 5-27.5 |   |
| WINFIELD  PROP II LP        |   | 602,504             |   | 37,000                      |   | 735,086                                          |   | 23,204           |   | 37,000                                                 |   | 758,290                         |   | 795,290    |   | 399,009                       |   | May-89                    |   | Dec-89             |   | 5-27.5 |   |
|                        |   |                |   |                        |   |                                             |   |             |   |                                                   |   |                            |   |       |   |                          |   |                      |   |               |   |   |   |
|                        |   | 19,536,095          |   | 1,828,510                   |   | 30,650,449                                       |   | (959,742         | )      | 1,791,570                                              |   | 29,690,707                      |   | 31,482,277 |   | 12,478,608                    |   |                      |   |               |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end the information reported on this schedule is as ofDecember 31, 2002.

 

----

**There were no carrying costs asof December 31, 2002.  The column hasbeen omitted for presentation purposes.

 

F-78

----

 

Notes to Schedule III

Boston Capital Tax Credit Fund II LimitedPartnership - Series 7

 

Reconciliation of Land, Building &Improvements current year changes

 
| Balance at  beginning of period - 4/1/92 |   |      |   | $      | 41,816,362 |   |
|------------------------------------------|--------|-----------|--------|--------|------------|--------|
| Additions  during period:                |   |      |   |   |       |
| Acquisitions  through foreclosure        |   | $         | 0      |   |       |   |
| Other  acquisitions                      |   | 0         |   |   |       |
| Improvements,  etc                       |   | 1,735,711 |   |   |       |
| Other                                    |   | 0         |   |   |       |
|                                     |   |      |   | $      | 1,735,711  |   |
| Deductions  during period:               |   |      |   |   |       |
| Cost of real  estate sold                |   | $         | 0      |   |       |   |
| Other*                                   |   | 0         |   |   |       |
|                                     |   |      |   | $      | 0          |   |
| Balance at  close of period - 3/31/93    |   |      |   | $      | 43,552,073 |   |
| Additions  during period:                |   |      |   |   |       |
| Acquisitions  through foreclosure        |   | $         | 0      |   |       |   |
| Other  acquisitions                      |   | 0         |   |   |       |
| Improvements,  etc                       |   | 147,543   |   |   |       |
| Other                                    |   | 0         |   |   |       |
|                                     |   |      |   | $      | 147,543    |   |
| Deductions  during period:               |   |      |   |   |       |
| Cost of real  estate sold                |   | $         | 0      |   |       |   |
| Other*                                   |   | 0         |   |   |       |
|                                     |   |      |   | $      | 0          |   |
| Balance at  close of period - 3/31/94    |   |      |   | $      | 43,699,616 |   |
| Additions  during period:                |   |      |   |   |       |
| Acquisitions  through foreclosure        |   | $         | 0      |   |       |   |
| Other  acquisitions                      |   | 0         |   |   |       |
| Improvements,  etc                       |   | 58,462    |   |   |       |
| Other                                    |   | 0         |   |   |       |
|                                     |   |      |   | $      | 58,462     |   |
| Deductions  during period:               |   |      |   |   |       |
| Cost of real  estate sold                |   | $         | 0      |   |       |   |
| Other                                    |   | (261,992  | )      |   |       |
|                                     |   |      |   | $      | (261,992   | )      |
| Balance at  close of period - 3/31/95    |   |      |   | $      | 43,496,086 |   |

 

F-79

----

 
| Balance at  close of period - 3/31/95 |   |        |   | $      | 43,496,086  |   |
|---------------------------------------|--------|-------------|--------|--------|-------------|--------|
| Additions  during period:             |   |        |   |   |        |
| Acquisitions  through foreclosure     |   | $           | 0      |   |        |   |
| Other  acquisitions                   |   | 0           |   |   |        |
| Improvements,  etc                    |   | 26,794      |   |   |        |
| Other                                 |   | 0           |   |   |        |
|                                  |   |        |   | $      | 26,794      |   |
| Deductions  during period:            |   |        |   |   |        |
| Cost of real  estate sold             |   | $           | 0      |   |        |   |
| Other                                 |   | 0           |   |   |        |
|                                  |   |        |   | $      | 0           |   |
| Balance at  close of period - 3/31/96 |   |        |   | $      | 43,522,880  |   |
| Additions  during period:             |   |        |   |   |        |
| Acquisitions  through foreclosure     |   | $           | 0      |   |        |   |
| Other  acquisitions                   |   | 0           |   |   |        |
| Improvements,  etc                    |   | 0           |   |   |        |
| Other                                 |   | 0           |   |   |        |
|                                  |   |        |   | $      | 0           |   |
| Deductions  during period:            |   |        |   |   |        |
| Cost of real  estate sold             |   | $           | 0      |   |        |   |
| Other                                 |   | (12,480,477 | )      |   |        |
|                                  |   |        |   | $      | (12,480,477 | )      |
| Balance at  close of period - 3/31/97 |   |        |   | $      | 31,042,403  |   |
| Additions  during period:             |   |        |   |   |        |
| Acquisitions  through foreclosure     |   | $           | 0      |   |        |   |
| Other  acquisitions                   |   | 0           |   |   |        |
| Improvements,  etc                    |   | 44,376      |   |   |        |
| Other                                 |   | 0           |   |   |        |
|                                  |   |        |   | $      | 44,376      |   |
| Deductions  during period:            |   |        |   |   |        |
| Cost of real  estate sold             |   | $           | 0      |   |        |   |
| Other                                 |   | 0           |   |   |        |
|                                  |   |        |   | $      | 0           |   |
| Balance at  close of period - 3/31/98 |   |        |   | $      | 31,086,779  |   |

 

F-80

----

 
| Balance at  close of period - 3/31/98 |   |       |   | $      | 31,086,779 |   |
|---------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions  during period:             |   |       |   |   |       |
| Acquisitions  through foreclosure     |   | $          | 0      |   |       |   |
| Other  acquisitions                   |   | 0          |   |   |       |
| Improvements,  etc                    |   | 56,791     |   |   |       |
| Other                                 |   | 0          |   |   |       |
|                                  |   |       |   | $      | 56,791     |   |
| Deductions  during period:            |   |       |   |   |       |
| Cost of real  estate sold             |   | $          | 0      |   |       |   |
| Other                                 |   | (1,070,393 | )      |   |       |
|                                  |   |       |   | $      | (1,070,393 | )      |
| Balance at  close of period - 3/31/99 |   |       |   | $      | 30,073,177 |   |
|                                  |   |       |   |   |       |
| Additions  during period:             |   |       |   |   |       |
| Acquisitions  through foreclosure     |   | $          | 0      |   |       |   |
| Other  acquisitions                   |   | 0          |   |   |       |
| Improvements,  etc                    |   | 56,415     |   |   |       |
| Other                                 |   | 0          |   |   |       |
|                                  |   |       |   | $      | 56,415     |   |
| Deductions  during period:            |   |       |   |   |       |
| Cost of real  estate sold             |   | $          | 0      |   |       |   |
| Other                                 |   | 0          |   |   |       |
|                                  |   |       |   | $      | 0          |   |
| Balance at  close of period - 3/31/00 |   |       |   | $      | 30,129,592 |   |
|                                  |   |       |   |   |       |
| Additions  during period:             |   |       |   |   |       |
| Acquisitions  through foreclosure     |   | $          | 0      |   |       |   |
| Other  acquisitions                   |   | 0          |   |   |       |
| Improvements,  etc                    |   | 976,119    |   |   |       |
| Other                                 |   | 0          |   |   |       |
|                                  |   |       |   |   |       |
|                                  |   |       |   | $      | 976,119    |   |
| Deductions  during period:            |   |       |   |   |       |
| Cost of real  estate sold             |   | $          | 0      |   |       |   |
| Other                                 |   | 0          |   |   |       |
|                                  |   |       |   | $      | 0          |   |
| Balance at  close of period - 3/31/01 |   |       |   | $      | 31,105,711 |   |

 

F-81

----

 
| Balance at  close of period - 3/31/01 |   |    |   | $      | 31,105,711 |   |
|---------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions  during period:             |   |    |   |   |       |
| Acquisitions  through foreclosure     |   | $       | 0      |   |       |   |
| Other  acquisitions                   |   | 0       |   |   |       |
| Improvements,  etc                    |   | 323,443 |   |   |       |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 323,443    |   |
| Deductions  during period:            |   |    |   |   |       |
| Cost of real  estate sold             |   | $       | 0      |   |       |   |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 0          |   |
| Balance at  close of period - 3/31/02 |   |    |   | $      | 31,429,154 |   |
| Additions  during period:             |   |    |   |   |       |
| Acquisitions  through foreclosure     |   | $       | 0      |   |       |   |
| Other  acquisitions                   |   | 0       |   |   |       |
| Improvements,  etc                    |   | 53,123  |   |   |       |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 53,123     |   |
| Deductions  during period:            |   |    |   |   |       |
| Cost of real  estate sold             |   | $       | 0      |   |       |   |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 0          |   |
| Balance at  close of period - 3/31/03 |   |    |   | $      | 31,482,277 |   |

 

F-82

----

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at  beginning of period - 4/1/92 |   |   |      | $      | 2,312,199  |   |
|------------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year  expense                    |   | $      | 1,360,178 |   |       |   |
| Balance at  close of period - 3/31/93    |   |   |      | $      | 3,672,377  |   |
| Current year  expense                    |   | $      | 1,436,830 |   |       |   |
| Balance at  close of period - 3/31/94    |   |   |      | $      | 5,109,207  |   |
| Current year  expense                    |   | $      | 1,391,094 |   |       |   |
| Balance at  close of period - 3/31/95    |   |   |      | $      | 6,500,301  |   |
| Current year  expense                    |   | $      | 1,384,980 |   |       |   |
| Balance at  close of period - 3/31/96    |   |   |      | $      | 7,885,281  |   |
| Current year  expense                    |   | $      | (333,705  | )      |       |   |
| Balance at  close of period - 3/31/97    |   |   |      | $      | 7,551,576  |   |
| Current year  expense                    |   | $      | 980,513   |   |       |   |
| Balance at  close of period - 3/31/98    |   |   |      | $      | 8,532,089  |   |
| Current year  expense                    |   | $      | 100,126   |   |       |   |
| Balance at  close of period - 3/31/99    |   |   |      | $      | 8,632,215  |   |
| Current year  expense                    |   | $      | 956,619   |   |       |   |
| Balance at  close of period - 3/31/00    |   |   |      | $      | 9,588,834  |   |
| Current year  expense                    |   | $      | 937,982   |   |       |   |
| Balance at  close of period - 3/31/01    |   |   |      | $      | 10,526,816 |   |
| Current year  expense                    |   | $      | 939,004   |   |       |   |
| Balance at  close of period - 3/31/02    |   |   |      | $      | 11,465,820 |   |
| Current year  expense                    |   | $      | 1,012,788 |   |       |   |
| Balance at  close of period - 3/31/03    |   |   |      | $      | 12,478,608 |   |

 

F-83

----

 

Boston Capital Tax Credit Fund II LimitedPartnership - Series 9Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|               |   |                |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to  acquisition** |   | **Gross amout at which carried  at close of period** |   |     |   |                            |   |      |   | **Life on which**             |   |
|--------------------|--------|---------------------|--------|-----------------------------|--------|---------------------------------------------------|--------|------------------------------------------------------|--------|----------|--------|---------------------------------|--------|-----------|--------|-------------------------------|--------|
| **Description**    |   | **Encum-  brances** |   | **Land**                    |   | **Buildings and  improvements**                   |   | **Improvements**                                     |   | **Land** |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| 438 WARREN ST.     |   | 721,934             |   | 45,972                      |   | 1,177,081                                         |   | 60,989                                               |   | 45,972   |   | 1,238,070                       |   | 1,284,042 |   | 599,091                       |   | May-90 |   | Mar-90 |   | 28 |   |
| BEAVER BROOK       |   | 1,168,640           |   | 135,070                     |   | 1,395,155                                         |   | 76,235                                               |   | 135,070  |   | 1,471,390                       |   | 1,606,460 |   | 733,469                       |   | May-90 |   | Apr-90 |   | 27.5 |   |
| BIG LAKE SENIORS   |   | 550,159             |   | 27,804                      |   | 732,961                                           |   | 23,997                                               |   | 27,804   |   | 756,958                         |   | 784,762   |   | 140,734                       |   | Jun-95 |   | Apr-94 |   | 5-27.5 |   |
| BLAKELY            |   | 1,015,996           |   | 50,000                      |   | 1,159,403                                         |   | 112,741                                              |   | 50,000   |   | 1,272,144                       |   | 1,322,144 |   | 594,124                       |   | May-90 |   | May-90 |   | 5-27.5 |   |
| BLANCO SR          |   | 511,941             |   | 40,147                      |   | 679,816                                           |   | 0                                                    |   | 40,147   |   | 679,816                         |   | 719,963   |   | 153,192                       |   | Sep-94 |   | Dec-93 |   | 7-40 |   |
| BLOOMINGDALE       |   | 1,460,380           |   | 100,338                     |   | 1,771,660                                         |   | 20,965                                               |   | 100,338  |   | 1,792,625                       |   | 1,892,963 |   | 866,360                       |   | Mar-90 |   | May-90 |   | 5-27.5 |   |
| BREEZEWOOD         |   | 1,412,498           |   | 114,000                     |   | 1,784,173                                         |   | 35,979                                               |   | 114,000  |   | 1,820,152                       |   | 1,934,152 |   | 856,418                       |   | May-90 |   | May-90 |   | 7-27.5 |   |
| BROOKLYN           |   | 1,095,184           |   | 9,000                       |   | 1,416,895                                         |   | 128,374                                              |   | 9,000    |   | 1,545,269                       |   | 1,554,269 |   | 571,689                       |   | May-90 |   | May-90 |   | 5-27.5 |   |
| CAMBRIDGE          |   | 1,118,945           |   | 99,974                      |   | 1,381,815                                         |   | 2,550                                                |   | 99,974   |   | 1,384,365                       |   | 1,484,339 |   | 680,147                       |   | Jan-90 |   | Apr-90 |   | 7-27.5 |   |
| CEDAR RAPIDS       |   | 4,310,552           |   | 294,600                     |   | 7,692,319                                         |   | 302,572                                              |   | 294,600  |   | 7,994,891                       |   | 8,289,491 |   | 3,793,603                     |   | Jun-90 |   | Apr-90 |   | 7-27.5 |   |
| CORINTH            |   | 1,470,441           |   | 53,351                      |   | 1,865,231                                         |   | 172,660                                              |   | 53,351   |   | 2,037,891                       |   | 2,091,242 |   | 1,004,403                     |   | Feb-90 |   | Apr-90 |   | 5-27.5 |   |
| COTTON MILL ASSOC. |   | 1,453,613           |   | 75,000                      |   | 1,730,384                                         |   | 17,491                                               |   | 75,000   |   | 1,747,875                       |   | 1,822,875 |   | 525,720                       |   | Jul-93 |   | Oct-92 |   | 5-27.5 |   |
| FAWN RIVER         |   | 3,655,650           |   | 77,000                      |   | 4,396,993                                         |   | 497,959                                              |   | 77,000   |   | 4,894,952                       |   | 4,971,952 |   | 1,918,767                     |   | Oct-90 |   | Oct-90 |   | 27.5 |   |
| FOUNTAIN GREEN     |   | 700,250             |   | 68,134                      |   | 880,440                                           |   | 4,970                                                |   | 68,134   |   | 885,410                         |   | 953,544   |   | 423,893                       |   | May-90 |   | Jun-90 |   | 27.5 |   |
| GLENWOOD HOTEL     |   | 684,046             |   | 25,000                      |   | 1,128,486                                         |   | 21,864                                               |   | 25,000   |   | 1,150,350                       |   | 1,175,350 |   | 550,410                       |   | Jun-90 |   | Jun-90 |   | 7-27.5 |   |
| GREENWICH          |   | 1,463,696           |   | 85,197                      |   | 1,862,476                                         |   | 190,620                                              |   | 85,197   |   | 2,053,096                       |   | 2,138,293 |   | 963,566                       |   | Feb-90 |   | Apr-90 |   | 5-27.5 |   |
| GRIFTON            |   | 1,228,644           |   | 35,393                      |   | 1,170,847                                         |   | 385,246                                              |   | 35,393   |   | 1,556,093                       |   | 1,591,486 |   | 364,306                       |   | Feb-94 |   | Sep-93 |   | 7-27.5 |   |
| HACIENDA VILLA     |   | 3,671,164           |   | 233,165                     |   | 7,304,446                                         |   | 171,211                                              |   | 274,352  |   | 7,475,657                       |   | 7,750,009 |   | 2,483,052                     |   | Jan-90 |   | Apr-90 |   | 40 |   |
| HAINES CITY        |   | 1,419,716           |   | 100,000                     |   | 1,709,218                                         |   | 22,466                                               |   | 100,000  |   | 1,731,684                       |   | 1,831,684 |   | 864,044                       |   | Feb-90 |   | Apr-90 |   | 27.5 |   |
| HERNANDO           |   | 1,468,278           |   | 70,000                      |   | 1,975,766                                         |   | 47,566                                               |   | 70,000   |   | 2,023,332                       |   | 2,093,332 |   | 933,118                       |   | Jul-90 |   | Jun-90 |   | 27.5 |   |
| HOBE SOUND         |   | 2,752,218           |   | 261,000                     |   | 3,482,634                                         |   | 68,943                                               |   | 261,000  |   | 3,551,577                       |   | 3,812,577 |   | 1,680,207                     |   | Apr-90 |   | Apr-90 |   | 27.5 |   |
| IMMOKALEE          |   | 2,168,213           |   | 160,000                     |   | 2,732,134                                         |   | 150,545                                              |   | 160,000  |   | 2,882,679                       |   | 3,042,679 |   | 951,642                       |   | May-90 |   | May-90 |   | 7-27.5 |   |

 

F-84

----

 
|                  |   |               |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |     |   |                            |   |      |   | **Life on which**             |   |
|-----------------------|--------|--------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|---------------------------------|--------|-----------|--------|-------------------------------|--------|
| **Description**       |   | **Encumbr  ances** |   | **Land**                    |   | **Buildings and  improvements**                  |   | **Improvements**                                      |   | **Land** |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| KRISTIN PARK          |   | 1,374,053          |   | 117,179                     |   | 1,694,459                                        |   | 46,720                                                |   | 117,179  |   | 1,741,179                       |   | 1,858,358 |   | 615,808                       |   | Jun-90 |   | Mar-90 |   | 27.5 |   |
| LE GRANDE ENTERPRISES |   | 1,712,804          |   | 13,090                      |   | 2,232,493                                        |   | 0                                                     |   | 67,500   |   | 2,232,493                       |   | 2,299,993 |   | 440,736                       |   | Oct-93 |   | Nov-92 |   | 5-50 |   |
| LONGMEADOW            |   | 1,463,395          |   | 95,000                      |   | 1,765,749                                        |   | 13,182                                                |   | 95,000   |   | 1,778,931                       |   | 1,873,931 |   | 588,733                       |   | Aug-90 |   | Aug-90 |   | 10-40 |   |
| MAYWOOD               |   | 1,483,380          |   | 53,000                      |   | 1,961,139                                        |   | 54,762                                                |   | 53,000   |   | 2,015,901                       |   | 2,068,901 |   | 936,977                       |   | Jul-90 |   | Mar-90 |   | 5-27.5 |   |
| MEADOW RUN            |   | 632,816            |   | 44,400                      |   | 784,163                                          |   | 6,118                                                 |   | 44,400   |   | 790,281                         |   | 834,681   |   | 383,386                       |   | May-90 |   | May-90 |   | 27.5 |   |
| MEADOWCREST           |   | 2,836,657          |   | 286,065                     |   | 4,982,274                                        |   | 90,634                                                |   | 286,065  |   | 5,072,908                       |   | 5,358,973 |   | 2,521,997                     |   | Oct-90 |   | Sep-90 |   | 5-27.5 |   |
| NEWFANE SENIOR        |   | 936,499            |   | 30,000                      |   | 1,211,708                                        |   | 36,042                                                |   | 30,000   |   | 1,247,750                       |   | 1,277,750 |   | 513,085                       |   | Sep-92 |   | Oct-92 |   | 5-27.5 |   |
| OLD STAGE             |   | 1,250,472          |   | 39,840                      |   | 1,517,419                                        |   | 2,684                                                 |   | 39,840   |   | 1,520,103                       |   | 1,559,943 |   | 716,126                       |   | Sep-90 |   | May-90 |   | 27.5 |   |
| PEDCOR INVEST         |   | 3,576,610          |   | 170,435                     |   | 6,211,383                                        |   | 449,890                                               |   | 170,435  |   | 6,661,273                       |   | 6,831,708 |   | 2,171,377                     |   | Apr-90 |   | Mar-90 |   | 27.5 |   |
| PLEASANTON SR         |   | 611,398            |   | 40,000                      |   | 813,308                                          |   | 12,508                                                |   | 40,000   |   | 825,816                         |   | 865,816   |   | 217,508                       |   | Jul-93 |   | Dec-93 |   | 40 |   |
| POLKTON HOUSING       |   | 630,567            |   | 25,038                      |   | 754,785                                          |   | 26,313                                                |   | 25,038   |   | 781,098                         |   | 806,136   |   | 336,069                       |   | Dec-93 |   | Jan-94 |   | 5-27.5 |   |
| PRINCESS MANOR        |   | 1,475,236          |   | 57,066                      |   | 1,869,314                                        |   | 16,117                                                |   | 57,066   |   | 1,885,431                       |   | 1,942,497 |   | 883,175                       |   | Aug-90 |   | Jun-90 |   | 5-27.5 |   |
| PRINCESS VILLAS       |   | 1,474,251          |   | 63,104                      |   | 1,786,927                                        |   | 17,552                                                |   | 63,104   |   | 1,804,479                       |   | 1,867,583 |   | 836,163                       |   | Aug-90 |   | Jun-90 |   | 5-27.5 |   |
| PUTNEY FIRST          |   | 1,408,780          |   | 128,800                     |   | 1,804,424                                        |   | 2,801                                                 |   | 128,800  |   | 1,807,225                       |   | 1,936,025 |   | 488,538                       |   | May-93 |   | Dec-92 |   | 5-27.5 |   |
| QUAIL HOLLOW RRH      |   | 1,450,768          |   | 100,000                     |   | 1,861,652                                        |   | 22,566                                                |   | 100,000  |   | 1,884,218                       |   | 1,984,218 |   | 928,117                       |   | Jan-90 |   | May-90 |   | 27.5 |   |
| QUAIL HOLLOW- WARSAW  |   | 1,387,645          |   | 33,500                      |   | 1,747,578                                        |   | 8,435                                                 |   | 33,500   |   | 1,756,013                       |   | 1,789,513 |   | 558,369                       |   | Sep-90 |   | Jul-90 |   | 7-40 |   |
| RAINBOW GARDENS       |   | 1,198,055          |   | 70,000                      |   | 1,450,989                                        |   | 287                                                   |   | 70,000   |   | 1,451,276                       |   | 1,521,276 |   | 534,726                       |   | Jun-93 |   | Dec-92 |   | 7-27.5 |   |
| RAITT ST APTS         |   | 828,972            |   | 270,281                     |   | 1,221,755                                        |   | 0                                                     |   | 270,281  |   | 1,221,755                       |   | 1,492,036 |   | 416,502                       |   | Aug-93 |   | May-93 |   | 5-27.5 |   |
| SCHOOL ST. II         |   | 646,658            |   | 37,622                      |   | 1,585,434                                        |   | 37,514                                                |   | 37,622   |   | 1,622,948                       |   | 1,660,570 |   | 587,221                       |   | Jun-93 |   | Jun-93 |   | 7-27.5 |   |
| SOUTH PARIS           |   | 1,468,846          |   | 65,000                      |   | 1,853,831                                        |   | (138,730                                              | )      | 242,301  |   | 1,715,101                       |   | 1,957,402 |   | 648,219                       |   | Oct-92 |   | Nov-92 |   | 5-27.5 |   |

 

F-85

----

 
|                |   |                |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |      |   |                            |   |        |   | **Life on which**             |   |
|---------------------|--------|---------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|-----------|--------|---------------------------------|--------|-------------|--------|-------------------------------|--------|
| **Description**     |   | **Encum-  brances** |   | **Land**                    |   | **Buildings and  improvements**                  |   | **Improvements**                                      |   | **Land**  |   | **Buildings and  improvements** |   | **Total**   |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| SOUTHWESTERN        |   | 1,410,539           |   | 30,000                      |   | 1,766,094                                        |   | 66,745                                                |   | 30,000    |   | 1,832,839                       |   | 1,862,839   |   | 893,992                       |   | May-90 |   | May-90 |   | 7-27.5 |   |
| SPRINGFIELD         |   | 4,109,156           |   | 775,955                     |   | 4,177,205                                        |   | 5,175,477                                             |   | 775,955   |   | 9,352,682                       |   | 10,128,637  |   | 3,835,082                     |   | Jun-91 |   | Jun-90 |   | 5-27.5 |   |
| SUNSHINE            |   | 1,455,060           |   | 127,000                     |   | 1,729,289                                        |   | 131,897                                               |   | 118,339   |   | 1,861,186                       |   | 1,979,525   |   | 860,494                       |   | Nov-90 |   | Sep-90 |   | 5-27.5 |   |
| SURRY VILLAGE II    |   | 770,014             |   | 60,000                      |   | 938,244                                          |   | 5,695                                                 |   | 50,718    |   | 943,939                         |   | 994,657     |   | 466,745                       |   | Jan-90 |   | May-90 |   | 5-27.5 |   |
| TAPPAHANNOCK GREENS |   | 1,485,540           |   | 122,500                     |   | 1,703,483                                        |   | 39,156                                                |   | 122,500   |   | 1,742,639                       |   | 1,865,139   |   | 616,185                       |   | May-94 |   | Mar-94 |   | 5-27.5 |   |
| TWIN OAKS           |   | 1,126,917           |   | 53,636                      |   | 1,397,601                                        |   | 5,875                                                 |   | 53,636    |   | 1,403,476                       |   | 1,457,112   |   | 670,379                       |   | May-90 |   | May-90 |   | 5-27.5 |   |
| VILLAGE OAKS        |   | 723,374             |   | 42,140                      |   | 884,614                                          |   | 45,687                                                |   | 42,140    |   | 930,301                         |   | 972,441     |   | 443,223                       |   | Feb-90 |   | Jun-90 |   | 5-27.5 |   |
| WARRENSBURG         |   | 782,576             |   | 32,000                      |   | 991,475                                          |   | 19,778                                                |   | 32,000    |   | 1,011,253                       |   | 1,043,253   |   | 518,775                       |   | Apr-90 |   | Apr-90 |   | 5-27.5 |   |
| WESTSIDE            |   | 2,311,029           |   | 25,000                      |   | 4,022,240                                        |   | (43,749                                               | )      | 25,000    |   | 3,978,491                       |   | 4,003,491   |   | 1,770,454                     |   | Dec-90 |   | Jun-90 |   | 5-27.5 |   |
| WESTWOOD            |   | 1,393,721           |   | 96,660                      |   | 1,690,074                                        |   | 68,518                                                |   | 96,660    |   | 1,758,592                       |   | 1,855,252   |   | 874,732                       |   | Jul-90 |   | Jul-90 |   | 27.5 |   |
| WILMINGTON          |   | 1,033,585           |   | 75,637                      |   | 1,293,362                                        |   | 44,796                                                |   | 75,637    |   | 1,338,158                       |   | 1,413,795   |   | 624,620                       |   | Aug-90 |   | Aug-90 |   | 27.5 |   |
|                |   |                |   |                        |   |                                             |   |                                                  |   |      |   |                            |   |        |   |                          |   |   |   |   |   |   |   |
|                |   | 79,951,531          |   | 5,340,093                   |   | 109,134,798                                      |   | 8,781,213                                             |   | 5,595,048 |   | 117,916,011                     |   | 123,511,059 |   | 48,549,468                    |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end, the information reported on this schedule is asof December 31, 2002.

There we no carrying costs as of December 31, 2002. The Column has beenomitted for presentation purposes.

 

F-86

----

 

Notes to Schedule III

Boston Capital Tax Credit Fund II LimitedPartnership - Series 9

 

Reconciliation of Land, Building &Improvements current year changes

 
| Balance at  beginning of period - 4/1/92 |   |      |       | $      | 122,231,856 |   |
|------------------------------------------|--------|-----------|------------|--------|-------------|--------|
| Additions  during period:                |   |      |       |   |        |
| Acquisitions  through foreclosure        |   | $         | 0          |   |        |   |
| Other  acquisitions                      |   | 3,447,429 |       |   |        |
| Improvements,  etc                       |   | 143,343   |       |   |        |
| Other                                    |   | 0         |       |   |        |
|                                     |   |      |       | $      | 3,590,772   |   |
| Deductions  during period:               |   |      |       |   |        |
| Cost of real  estate sold                |   | $         | (7,395,934 | )      |        |   |
| Other                                    |   | (24,083   | )          |   |        |
|                                     |   |      |       | $      | (7,420,017  | )      |
| Balance at  close of period - 3/31/93    |   |      |       | $      | 118,402,611 |   |
| Additions  during period:                |   |      |       |   |        |
| Acquisitions  through foreclosure        |   | $         | 0          |   |        |   |
| Other  acquisitions                      |   | 3,591,731 |       |   |        |
| Improvements,  etc                       |   | 9,011,423 |       |   |        |
| Other                                    |   | 0         |       |   |        |
|                                     |   |      |       | $      | 12,603,154  |   |
| Deductions  during period:               |   |      |       |   |        |
| Cost of real  estate sold                |   | $         | 0          |   |        |   |
| Other                                    |   | 0         |       |   |        |
|                                     |   |      |       | $      | 0           |   |
| Balance at  close of period - 3/31/94    |   |      |       | $      | 131,005,765 |   |
| Additions  during period:                |   |      |       |   |        |
| Acquisitions  through foreclosure        |   | $         | 0          |   |        |   |
| Other  acquisitions                      |   | 2,630,397 |       |   |        |
| Improvements,  etc                       |   | 1,266,494 |       |   |        |
| Other                                    |   | 0         |       |   |        |
|                                     |   |      |       | $      | 3,896,891   |   |
| Deductions  during period:               |   |      |       |   |        |
| Cost of real  estate sold                |   | $         | 0          |   |        |   |
| Other                                    |   | 0         |       |   |        |
|                                     |   |      |       | $      | 0           |   |
| Balance at  close of period - 3/31/95    |   |      |       | $      | 134,902,656 |   |

 

F-87

----

 
| Balance at  close of period - 3/31/95 |   |       |   | $          | 134,902,656 |   |
|---------------------------------------|--------|------------|--------|------------|-------------|--------|
| Additions  during period:             |   |       |   |       |        |
| Acquisitions  through foreclosure     |   | $          | 0      |       |        |   |
| Other  acquisitions                   |   | 0          |   |       |        |
| Improvements,  etc                    |   | 818,652    |   |       |        |
| Other                                 |   | 0          |   |       |        |
|                                  |   |       |   | $          | 818,652     |   |
| Deductions  during period:            |   |       |   |       |        |
| Cost of real  estate sold             |   | $          | 0      |       |        |   |
| Other                                 |   | 0          |   |       |        |
|                                  |   |       |   | 0          |        |
| Balance at  close of period - 3/31/96 |   |       |   | $          | 135,721,308 |   |
| Additions  during period:             |   |       |   |       |        |
| Acquisitions  through foreclosure     |   | $          | 0      |       |        |   |
| Other  acquisitions                   |   | 0          |   |       |        |
| Improvements,  etc                    |   | 0          |   |       |        |
| Other                                 |   | 0          |   |       |        |
|                                  |   |       |   | $          | 0           |   |
| Deductions  during period:            |   |       |   |       |        |
| Cost of real  estate sold             |   | $          | 0      |       |        |   |
| Other                                 |   | (2,117,890 | )      |       |        |
|                                  |   |       |   | (2,117,890 | )           |
| Balance at  close of period - 3/31/97 |   |       |   | $          | 133,603,418 |   |
| Additions  during period:             |   |       |   |       |        |
| Acquisitions  through foreclosure     |   | $          | 0      |       |        |   |
| Other  acquisitions                   |   | 0          |   |       |        |
| Improvements,  etc                    |   | 355,226    |   |       |        |
| Other                                 |   | 0          |   |       |        |
|                                  |   |       |   | $          | 355,226     |   |
| Deductions  during period:            |   |       |   |       |        |
| Cost of real  estate sold             |   | $          | 0      |       |        |   |
| Other                                 |   | 0          |   |       |        |
|                                  |   |       |   | 0          |        |
| Balance at  close of period - 3/31/98 |   |       |   | $          | 133,958,644 |   |

 

F-88

----

 
| Balance at  close of period - 3/31/98 |   |     |   | $        | 133,958,644 |   |
|---------------------------------------|--------|----------|--------|----------|-------------|--------|
| Additions  during period:             |   |     |   |     |        |
| Acquisitions  through foreclosure     |   | $        | 0      |     |        |   |
| Other  acquisitions                   |   | 0        |   |     |        |
| Improvements,  etc                    |   | 570,512  |   |     |        |
| Other                                 |   | 0        |   |     |        |
|                                  |   |     |   | $        | 570,512     |   |
| Deductions  during period:            |   |     |   |     |        |
| Cost of real  estate sold             |   | $        | 0      |     |        |   |
| Other                                 |   | (990,393 | )      |     |        |
|                                  |   |     |   | (990,393 | )           |
| Balance at close  of period - 3/31/99 |   |     |   | $        | 133,538,763 |   |
| Additions  during period:             |   |     |   |     |        |
| Acquisitions  through foreclosure     |   | $        | 0      |     |        |   |
| Other  acquisitions                   |   | 0        |   |     |        |
| Improvements,  etc                    |   | 374,174  |   |     |        |
| Other                                 |   | 0        |   |     |        |
|                                  |   |     |   | $        | 374,174     |   |
| Deductions  during period:            |   |     |   |     |        |
| Cost of real  estate sold             |   | $        | 0      |     |        |   |
| Other                                 |   | (531,712 | )      |     |        |
|                                  |   |     |   | (531,712 | )           |
| Balance at  close of period - 3/31/00 |   |     |   | $        | 133,381,225 |   |
| Additions  during period:             |   |     |   |     |        |
| Acquisitions  through foreclosure     |   | $        | 0      |     |        |   |
| Other  acquisitions                   |   | 0        |   |     |        |
| Improvements,  etc                    |   | 322,286  |   |     |        |
| Other                                 |   | 0        |   |     |        |
|                                  |   |     |   | $        | 322,286     |   |
| Deductions  during period:            |   |     |   |     |        |
| Cost of real  estate sold             |   | $        | 0      |     |        |   |
| Other                                 |   | 0        |   |     |        |
|                                  |   |     |   | 0        |        |
| Balance at  close of period - 3/31/01 |   |     |   | $        | 133,703,511 |   |

 

F-89

----

 
| Balance at  close of period - 3/31/01 |   |    |        | $           | 133,703,511 |   |
|---------------------------------------|--------|---------|-------------|-------------|-------------|--------|
| Additions  during period:             |   |    |        |        |        |
| Acquisitions  through foreclosure     |   | $       | 0           |        |        |   |
| Other  acquisitions                   |   | 0       |        |        |        |
| Improvements,  etc                    |   | 523,585 |        |        |        |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | $           | 523,585     |   |
| Deductions  during period:            |   |    |        |        |        |
| Cost of real  estate sold             |   | $       | 0           |        |        |   |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | 0           |        |
| Balance at  close of period - 3/31/02 |   |    |        | $           | 134,227,096 |   |
| Additions  during period:             |   |    |        |        |        |
| Acquisitions  through foreclosure     |   | $       | 0           |        |        |   |
| Other  acquisitions                   |   | 0       |        |        |        |
| Improvements,  etc                    |   | 539,685 |        |        |        |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | $           | 539,685     |   |
| Deductions during  period:            |   |    |        |        |        |
| Cost of real  estate sold             |   | $       | (11,255,722 | )           |        |   |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | (11,255,722 | )           |
| Balance at  close of period - 3/31/03 |   |    |        | $           | 123,511,059 |   |

 

F-90

----

Reconciliation of Accumulated Depreciation currentyear changes

 
| Balance at  beginning of period - 4/1/92 |   |   |      | $      | 6,203,920  |   |
|------------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year  expense                    |   | $      | 4,059,735 |   |       |   |
| Balance at  close of period - 3/31/93    |   |   |      | $      | 10,263,655 |   |
| Current year  expense                    |   | $      | 4,195,190 |   |       |   |
| Balance at  close of period - 3/31/94    |   |   |      | $      | 14,458,845 |   |
| Current year  expense                    |   | $      | 4,588,398 |   |       |   |
| Balance at  close of period - 3/31/95    |   |   |      | $      | 19,047,243 |   |
| Current year  expense                    |   | $      | 4,535,644 |   |       |   |
| Balance at  close of period - 3/31/96    |   |   |      | $      | 23,582,887 |   |
| Current year  expense                    |   | $      | 4,517,586 |   |       |   |
| Balance at  close of period - 3/31/97    |   |   |      | $      | 28,100,473 |   |
| Current year  expense                    |   | $      | 4,359,076 |   |       |   |
| Balance at  close of period - 3/31/98    |   |   |      | $      | 32,459,549 |   |
| Current year  expense                    |   | $      | 3,444,078 |   |       |   |
| Balance at  close of period - 3/31/99    |   |   |      | $      | 35,903,627 |   |
| Current year  expense                    |   | $      | 4,028,593 |   |       |   |
| Balance at  close of period - 3/31/00    |   |   |      | $      | 39,932,220 |   |
| Current year  expense                    |   | $      | 4,198,128 |   |       |   |
| Balance at  close of period - 3/31/01    |   |   |      | $      | 44,130,348 |   |
| Current year  expense                    |   | $      | 4,089,155 |   |       |   |
| Balance at  close of period - 3/31/02    |   |   |      | $      | 48,219,503 |   |
| Current year  expense                    |   | $      | 329,965   |   |       |   |
| Balance at  close of period - 3/31/03    |   |   |      | $      | 48,549,468 |   |

 

F-91

----

 

Boston Capital Tax Credit FundII Limited Partnership - Series 10Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|               |   |                |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |     |   |                            |   |      |   | **Life on which**             |   |
|--------------------|--------|---------------------|--------|-----------------------------|--------|---------------------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|---------------------------------|--------|-----------|--------|-------------------------------|--------|
| **Description**    |   | **Encum-  brances** |   | **Land**                    |   | **Buildings and  improvements**                   |   | **Improvements**                                      |   | **Land** |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date acquired** |   | **depreciation  is computed** |   |
| ACKERMAN           |   | 550,578             |   | 42,000                      |   | 619,380                                           |   | 272,236                                               |   | 42,000   |   | 891,616                         |   | 933,616   |   | 204,996                       |   | Jun-94 |   | Sep-93 |   | 5-27.5 |   |
| ATHENS II          |   | 1,321,852           |   | 75,000                      |   | 1,642,281                                         |   | 27,124                                                |   | 75,000   |   | 1,669,405                       |   | 1,744,405 |   | 530,720                       |   | Jun-90 |   | Aug-90 |   | 5-27.5 |   |
| AUTUMN LANE        |   | 725,661             |   | 34,094                      |   | 891,072                                           |   | 1,117                                                 |   | 34,094   |   | 892,189                         |   | 926,283   |   | 413,542                       |   | Nov-90 |   | Aug-89 |   | 5-27.5 |   |
| BAYTREE            |   | 946,822             |   | 44,759                      |   | 1,099,246                                         |   | 120,085                                               |   | 44,759   |   | 1,219,331                       |   | 1,264,090 |   | 595,611                       |   | Jul-90 |   | Nov-88 |   | 5-27.5 |   |
| BENCHMARK          |   | 1,100,326           |   | 60,600                      |   | 1,137,112                                         |   | 203,487                                               |   | 60,600   |   | 1,340,599                       |   | 1,401,199 |   | 613,921                       |   | Jul-90 |   | Nov-88 |   | 5-27.5 |   |
| BRENTWOOD          |   | 943,901             |   | 64,999                      |   | 1,163,002                                         |   | 62,982                                                |   | 64,999   |   | 1,225,984                       |   | 1,290,983 |   | 384,903                       |   | Oct-90 |   | Nov-90 |   | 5-27.5 |   |
| BRIARWOOD          |   | 1,464,776           |   | 154,900                     |   | 1,898,553                                         |   | (311,585                                              | )      | 154,900  |   | 1,586,968                       |   | 1,741,868 |   | 707,763                       |   | Aug-90 |   | Aug-90 |   | 7-27.5 |   |
| BUTLER PROPERTIES  |   | 496,806             |   | 37,500                      |   | 376,730                                           |   | 223,430                                               |   | 37,500   |   | 600,160                         |   | 637,660   |   | 176,076                       |   | Feb-91 |   | Dec-90 |   | 5-27.5 |   |
| CANDLEWICK PLACE   |   | 1,239,932           |   | 70,800                      |   | 1,500,289                                         |   | 76,917                                                |   | 70,800   |   | 1,577,206                       |   | 1,648,006 |   | 456,285                       |   | Oct-92 |   | Dec-92 |   | 5-27.5 |   |
| CEDARSTONE         |   | 763,341             |   | 66,000                      |   | 955,695                                           |   | 48,246                                                |   | 66,000   |   | 1,003,941                       |   | 1,069,941 |   | 292,575                       |   | May-93 |   | May-93 |   | 5-40 |   |
| CENTREVILLE APTS.  |   | 676,132             |   | 63,073                      |   | 697,069                                           |   | 53,939                                                |   | 16,000   |   | 751,008                         |   | 767,008   |   | 420,121                       |   | Feb-90 |   | Nov-90 |   | 5-27.5 |   |
| CHARLTON COURT     |   | 1,185,259           |   | 56,144                      |   | 1,449,050                                         |   | 3,301                                                 |   | 56,144   |   | 1,452,351                       |   | 1,508,495 |   | 567,547                       |   | Jan-93 |   | Dec-92 |   | 7-27.5 |   |
| CHUCKATUCK         |   | 1,441,053           |   | 128,725                     |   | 1,731,557                                         |   | 36,672                                                |   | 128,725  |   | 1,768,229                       |   | 1,896,954 |   | 669,958                       |   | Feb-90 |   | Nov-90 |   | 12-40 |   |
| CLOVERLEAF I       |   | 844,658             |   | 54,740                      |   | 969,048                                           |   | 20,339                                                |   | 54,740   |   | 989,387                         |   | 1,044,127 |   | 479,568                       |   | Apr-90 |   | Nov-90 |   | 5-27.5 |   |
| CLOVERLEAF II      |   | 863,638             |   | 66,488                      |   | 981,480                                           |   | 22,147                                                |   | 66,488   |   | 1,003,627                       |   | 1,070,115 |   | 485,040                       |   | Apr-90 |   | Nov-90 |   | 5-27.5 |   |
| CONNELLSVILLE      |   | 1,350,784           |   | 55,440                      |   | 1,591,799                                         |   | 150,476                                               |   | 55,440   |   | 1,742,275                       |   | 1,797,715 |   | 614,225                       |   | Mar-90 |   | Nov-90 |   | 5-27.5 |   |
| DALLAS             |   | 1,303,327           |   | 230,059                     |   | 3,408,933                                         |   | (195,432                                              | )      | 230,059  |   | 3,213,501                       |   | 3,443,560 |   | 1,540,533                     |   | Oct-90 |   | Dec-91 |   | 5-27.5 |   |
| ELLAVILLE          |   | 777,013             |   | 45,000                      |   | 977,293                                           |   | 915                                                   |   | 45,000   |   | 978,208                         |   | 1,023,208 |   | 481,207                       |   | Feb-90 |   | Jul-90 |   | 5-27.5 |   |
| FORSYTH            |   | 1,441,159           |   | 55,000                      |   | 1,894,917                                         |   | 28,331                                                |   | 55,000   |   | 1,923,248                       |   | 1,978,248 |   | 889,617                       |   | Sep-90 |   | Jul-90 |   | 7-27.5 |   |
| FREEDOM APTS.      |   | 1,038,050           |   | 144,065                     |   | 1,219,436                                         |   | 89,906                                                |   | 144,065  |   | 1,309,342                       |   | 1,453,407 |   | 445,904                       |   | Sep-90 |   | Nov-90 |   | 5-27.5 |   |
| GREAT FALLS        |   | 873,877             |   | 38,292                      |   | 1,053,154                                         |   | 8,183                                                 |   | 38,292   |   | 1,061,337                       |   | 1,099,629 |   | 497,432                       |   | Oct-90 |   | Nov-90 |   | 5-27.5 |   |
| HARTWAY PROPERTIES |   | 902,613             |   | 49,000                      |   | 1,116,507                                         |   | 0                                                     |   | 49,000   |   | 1,116,507                       |   | 1,165,507 |   | 406,901                       |   | Jun-90 |   | Jul-90 |   | 5-27.5 |   |
| HILLTOP            |   | 1,470,795           |   | 105,000                     |   | 1,916,734                                         |   | 58,483                                                |   | 105,000  |   | 1,975,217                       |   | 2,080,217 |   | 922,196                       |   | Jul-90 |   | Aug-90 |   | 7-27.5 |   |

 

F-92

----

 

Boston Capital Tax Credit FundII Limited Partnership - Series 10Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003
|               |   |                |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |     |   |                            |   |      |   | **Life on which**             |   |
|--------------------|--------|---------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|---------------------------------|--------|-----------|--------|-------------------------------|--------|
| **Description**    |   | **Encumbr-  ances** |   | **Land**                    |   | **Buildings and  improvements**                  |   | **Improvements**                                      |   | **Land** |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of   construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| IRONTON ESTATES    |   | 613,797             |   | 29,500                      |   | 794,461                                          |   | 14,600                                                |   | 29,500   |   | 809,061                         |   | 838,561   |   | 331,891                       |   | Jan-93 |   | May-93 |   | 5-27.5 |   |
| LAMBERT SQUARE     |   | 980,400             |   | 41,200                      |   | 1,243,568                                        |   | 25,557                                                |   | 41,200   |   | 1,269,125                       |   | 1,310,325 |   | 327,491                       |   | Jan-93 |   | May-93 |   | 5-50 |   |
| LAWTON APTS.       |   | 1,549,883           |   | 54,400                      |   | 1,848,603                                        |   | 30,272                                                |   | 54,400   |   | 1,878,875                       |   | 1,933,275 |   | 1,035,534                     |   | Dec-92 |   | Nov-92 |   | 10-40 |   |
| LONGVIEW           |   | 862,214             |   | 25,000                      |   | 1,071,946                                        |   | 72,281                                                |   | 25,000   |   | 1,144,227                       |   | 1,169,227 |   | 557,866                       |   | Jun-90 |   | Nov-90 |   | 5-27.5 |   |
| MAIDU              |   | 1,878,192           |   | 56,500                      |   | 4,890,261                                        |   | 310,930                                               |   | 56,500   |   | 5,201,191                       |   | 5,257,691 |   | 2,254,391                     |   | Aug-90 |   | Nov-88 |   | 27.5 |   |
| MEADOWBROOK        |   | 1,459,204           |   | 75,141                      |   | 1,789,549                                        |   | 5,194                                                 |   | 75,141   |   | 1,794,743                       |   | 1,869,884 |   | 875,247                       |   | Dec-91 |   | Mar-91 |   | 5-27.5 |   |
| MERCER APTS.       |   | 898,157             |   | 46,249                      |   | 1,098,860                                        |   | 78,264                                                |   | 46,249   |   | 1,177,124                       |   | 1,223,373 |   | 409,115                       |   | Aug-90 |   | Nov-90 |   | 5-27.5 |   |
| MORGANTOWN         |   | 760,220             |   | 36,000                      |   | 930,187                                          |   | 7                                                     |   | 36,000   |   | 930,194                         |   | 966,194   |   | 284,375                       |   | Dec-90 |   | Aug-90 |   | 5-27.5 |   |
| NEWNAN             |   | 1,533,306           |   | 92,706                      |   | 4,128,942                                        |   | (241,002                                              | )      | 92,706   |   | 3,887,940                       |   | 3,980,646 |   | 1,869,657                     |   | Oct-90 |   | Dec-90 |   | 27.5 |   |
| PARKWOOD           |   | 2,814,963           |   | 316,667                     |   | 4,358,381                                        |   | 12,008                                                |   | 316,667  |   | 4,370,389                       |   | 4,687,056 |   | 1,974,294                     |   | May-91 |   | Mar-91 |   | 40 |   |
| PEDCOR INVESTMENTS |   | 3,192,845           |   | 200,000                     |   | 4,714,711                                        |   | 635,088                                               |   | 200,000  |   | 5,349,799                       |   | 5,549,799 |   | 1,643,252                     |   | Oct-90 |   | Jul-90 |   | 5-27.5 |   |
| PINETREE MANOR     |   | 968,363             |   | 30,000                      |   | 1,210,633                                        |   | 44,431                                                |   | 30,000   |   | 1,255,064                       |   | 1,285,064 |   | 318,251                       |   | Jan-93 |   | Nov-92 |   | 7-40 |   |
| PINEVIEW           |   | 949,701             |   | 125,000                     |   | 1,178,400                                        |   | 10,823                                                |   | 125,000  |   | 1,189,223                       |   | 1,314,223 |   | 554,227                       |   | Dec-90 |   | Sep-90 |   | 7-27.5 |   |
| ROSEWOOD VILLAGE   |   | 665,019             |   | 36,000                      |   | 806,255                                          |   | 8,630                                                 |   | 36,000   |   | 814,885                         |   | 850,885   |   | 393,330                       |   | Jul-90 |   | Jul-90 |   | 5-27.5 |   |
| STOCKTON ESTATES   |   | 508,558             |   | 17,500                      |   | 647,699                                          |   | 5,853                                                 |   | 17,500   |   | 653,552                         |   | 671,052   |   | 276,679                       |   | Jan-93 |   | Feb-93 |   | 5-27.5 |   |
| STRATFORD SQUARE   |   | 742,961             |   | 63,000                      |   | 443,433                                          |   | 470,767                                               |   | 63,000   |   | 914,200                         |   | 977,200   |   | 255,109                       |   | Feb-93 |   | Oct-92 |   | 5-40 |   |
| SUMMER GLEN        |   | 1,464,658           |   | 147,225                     |   | 1,669,056                                        |   | 10,711                                                |   | 147,225  |   | 1,679,767                       |   | 1,826,992 |   | 482,012                       |   | Mar-93 |   | Nov-92 |   | 5-40 |   |
| WASHINGTON HEIGHTS |   | 471,312             |   | 76,537                      |   | 974,803                                          |   | 41,922                                                |   | 90,473   |   | 1,016,725                       |   | 1,107,198 |   | 369,179                       |   | Jul-90 |   | Nov-90 |   | 5-27.5 |   |
| WEST DES MOINES    |   | 2,187,025           |   | 437,568                     |   | 4,154,100                                        |   | 351,935                                               |   | 437,568  |   | 4,506,035                       |   | 4,943,603 |   | 1,896,703                     |   | Jul-90 |   | Jul-90 |   | 7-27.5 |   |

 

F-93

----

 
|             |   |                |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |      |   |                            |   |       |   | **Life on which**             |   |
|------------------|--------|---------------------|--------|-----------------------------|--------|---------------------------------------------------|--------|-------------------------------------------------------|--------|-----------|--------|---------------------------------|--------|------------|--------|-------------------------------|--------|
| **Description**  |   | **Encum-  brances** |   | **Land**                    |   | **Buildings and  improvements**                   |   | **Improvements**                                      |   | **Land**  |   | **Buildings and  improvements** |   | **Total**  |   | **Accumulated  depreciation** |   | **Date of  Construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| WICHITA WEST     |   | 1,686,911           |   | 110,377                     |   | 2,920,599                                         |   | 156,779                                               |   | 110,377   |   | 3,077,378                       |   | 3,187,755  |   | 1,422,303                     |   | Jul-90 |   | Jul-90 |   | 7-27.5 |   |
| WOODSIDE HOUSING |   | 1,464,665           |   | 60,140                      |   | 1,926,294                                         |   | 52,072                                                |   | 60,140    |   | 1,978,366                       |   | 2,038,506  |   | 628,400                       |   | Nov-90 |   | Dec-90 |   | 5-27.5 |   |
|             |   |                |   |                        |   |                                              |   |                                                  |   |      |   |                            |   |       |   |                          |   |   |   |   |   |   |   |
|             |   | 51,374,707          |   | 3,818,388                   |   | 73,091,078                                        |   | 3,098,421                                             |   | 3,785,251 |   | 76,189,499                      |   | 79,974,750 |   | 31,123,399                    |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end, the information reported on this schedule is asof December 31, 2002.

There we no carrying costs as of December 31,2002. The Column has been omitted for presentation purposes.

 

F-94

----

 

Notes to Schedule IIIBoston Capital Tax Credit Fund II Limited Partnership - Series 10

 

Reconciliation of Land, Building &Improvements current year changes

 
| Balance at  beginning of period - 4/1/92 |   |      |       | $      | 73,561,151 |   |
|------------------------------------------|--------|-----------|------------|--------|------------|--------|
| Additions  during period:                |   |      |       |   |       |
| Acquisitions  through foreclosure        |   | $         | 0          |   |       |   |
| Other  acquisitions                      |   | 2,204,866 |       |   |       |
| Improvements,  etc                       |   | 314,333   |       |   |       |
| Other                                    |   | 0         |       |   |       |
|                                     |   |      |       | $      | 2,519,199  |   |
| Deductions during  period:               |   |      |       |   |       |
| Cost of real  estate sold                |   | $         | (7,395,934 | )      |       |   |
| Other                                    |   | 0         |       |   |       |
|                                     |   |      |       | $      | (7,395,934 | )      |
| Balance at  close of period - 3/31/93    |   |      |       | $      | 68,684,416 |   |
| Additions  during period:                |   |      |       |   |       |
| Acquisitions  through foreclosure        |   | $         | 0          |   |       |   |
| Other  acquisitions                      |   | 8,492,161 |       |   |       |
| Improvements,  etc                       |   | 6,297,007 |       |   |       |
| Other                                    |   | 0         |       |   |       |
|                                     |   |      |       | $      | 14,789,168 |   |
| Deductions  during period:               |   |      |       |   |       |
| Cost of real  estate sold                |   | $         | 0          |   |       |   |
| Other                                    |   | 0         |       |   |       |
|                                     |   |      |       | $      | 0          |   |
| Balance at  close of period - 3/31/94    |   |      |       | $      | 83,473,584 |   |
| Additions  during period:                |   |      |       |   |       |
| Acquisitions  through foreclosure        |   | $         | 0          |   |       |   |
| Other  acquisitions                      |   | 313,600   |       |   |       |
| Improvements,  etc                       |   | 0         |       |   |       |
| Other                                    |   | 0         |       |   |       |
|                                     |   |      |       | $      | 313,600    |   |
| Deductions  during period:               |   |      |       |   |       |
| Cost of real  estate sold                |   | 0         |       |   |       |
| Other                                    |   | 0         |       |   |       |
|                                     |   |      |       | $      | 0          |   |
| Balance at  close of period - 3/31/95    |   |      |       | $      | 83,787,184 |   |

 

F-95

----

 
| Balance at  close of period - 3/31/95 |   |     |   | $        | 83,787,184 |   |
|---------------------------------------|--------|----------|--------|----------|------------|--------|
| Additions  during period:             |   |     |   |     |       |
| Acquisitions  through foreclosure     |   | $        | 0      |     |       |   |
| Other  acquisitions                   |   | 0        |   |     |       |
| Improvements,  etc                    |   |     |   |     |       |
| Other                                 |   | 86,855   |   |     |       |
|                                  |   |     |   | $        | 86,855     |   |
| Deductions  during period:            |   |     |   |     |       |
| Cost of real  estate sold             |   | $        | 0      |     |       |   |
| Other                                 |   | (440,637 | )      |     |       |
|                                  |   |     |   | (440,637 | )          |
| Balance at  close of period - 3/31/96 |   |     |   | $        | 83,433,402 |   |
| Additions  during period:             |   |     |   |     |       |
| Acquisitions  through foreclosure     |   | $        | 0      |     |       |   |
| Other  acquisitions                   |   | 0        |   |     |       |
| Improvements,  etc                    |   | 0        |   |     |       |
| Other                                 |   | 186,916  |   |     |       |
|                                  |   |     |   | $        | 186,196    |   |
| Deductions  during period:            |   |     |   |     |       |
| Cost of real  estate sold             |   | $        | 0      |     |       |   |
| Other                                 |   | 0        |   |     |       |
|                                  |   |     |   | 0        |       |
| Balance at  close of period - 3/31/97 |   |     |   | $        | 83,620,318 |   |
| Additions  during period:             |   |     |   |     |       |
| Acquisitions  through foreclosure     |   | $        | 0      |     |       |   |
| Other  acquisitions                   |   | 0        |   |     |       |
| Improvements,  etc                    |   | 116,256  |   |     |       |
| Other                                 |   | 0        |   |     |       |
|                                  |   |     |   | $        | 116,256    |   |
| Deductions  during period:            |   |     |   |     |       |
| Cost of real  estate sold             |   | $        | 0      |     |       |   |
| Other                                 |   | 0        |   |     |       |
|                                  |   |     |   | 0        |       |
| Balance at  close of period - 3/31/98 |   |     |   | $        | 83,736,574 |   |

 

F-96

----

 
| Balance at  close of period - 3/31/98 |   |       |   | $          | 83,736,574 |   |
|---------------------------------------|--------|------------|--------|------------|------------|--------|
| Additions  during period:             |   |       |   |       |       |
| Acquisitions  through foreclosure     |   | $          | 0      |       |       |   |
| Other acquisitions                    |   | 0          |   |       |       |
| Improvements,  etc                    |   | 530,895    |   |       |       |
| Other                                 |   | 0          |   |       |       |
|                                  |   |       |   | $          | 530,895    |   |
| Deductions  during period:            |   |       |   |       |       |
| Cost of real  estate sold             |   | $          | 0      |       |       |   |
| Other                                 |   | (1,589,126 | )      |       |       |
|                                  |   |       |   | (1,589,126 | )          |
| Balance at  close of period - 3/31/99 |   |       |   | $          | 82,678,343 |   |
| Additions  during period:             |   |       |   |       |       |
| Acquisitions  through foreclosure     |   | $          | 0      |       |       |   |
| Other  acquisitions                   |   | 0          |   |       |       |
| Improvements,  etc                    |   | 489,722    |   |       |       |
| Other                                 |   | 0          |   |       |       |
|                                  |   |       |   | $          | 489,722    |   |
| Deductions  during period:            |   |       |   |       |       |
| Cost of real  estate sold             |   | $          | 0      |       |       |   |
| Other                                 |   | 0          |   |       |       |
|                                  |   |       |   | 0          |       |
| Balance at  close of period - 3/31/00 |   |       |   | $          | 83,168,065 |   |
| Additions  during period:             |   |       |   |       |       |
| Acquisitions  through foreclosure     |   | $          | 0      |       |       |   |
| Other  acquisitions                   |   | 0          |   |       |       |
| Improvements,  etc                    |   | 156,226    |   |       |       |
| Other                                 |   | 0          |   |       |       |
|                                  |   |       |   | $          | 156,226    |   |
| Deductions  during period:            |   |       |   |       |       |
| Cost of real  estate sold             |   | $          | 0      |       |       |   |
| Other                                 |   | 0          |   |       |       |
|                                  |   |       |   | 0          |       |
| Balance at  close of period - 3/31/01 |   |       |   | $          | 83,324,291 |   |

 

F-97

----

 
| Balance at  close of period - 3/31/01 |   |    |       | $          | 83,324,291 |   |
|---------------------------------------|--------|---------|------------|------------|------------|--------|
| Additions  during period:             |   |    |       |       |       |
| Acquisitions  through foreclosure     |   | $       | 0          |       |       |   |
| Other  acquisitions                   |   | 0       |       |       |       |
| Improvements,  etc                    |   | 257,618 |       |       |       |
| Other                                 |   | 0       |       |       |       |
|                                  |   |    |       | $          | 257,618    |   |
| Deductions  during period:            |   |    |       |       |       |
| Cost of real  estate sold             |   | $       | 0          |       |       |   |
| Other                                 |   | 0       |       |       |       |
|                                  |   |    |       | 0          |       |
| Balance at  close of period - 3/31/02 |   |    |       | $          | 83,581,909 |   |
| Additions  during period:             |   |    |       |       |       |
| Acquisitions  through foreclosure     |   | $       | 0          |       |       |   |
| Other  acquisitions                   |   | 0       |       |       |       |
| Improvements,  etc                    |   | 141,429 |       |       |       |
| Other                                 |   | 0       |       |       |       |
|                                  |   |    |       | $          | 141,429    |   |
| Deductions  during period:            |   |    |       |       |       |
| Cost of real  estate sold             |   | $       | (3,748,588 | )          |       |   |
| Other                                 |   | 0       |       |       |       |
|                                  |   |    |       | (3,748,588 | )          |
| Balance at  close of period - 3/31/03 |   |    |       | $          | 79,974,750 |   |

 

F-98

----

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at  beginning of period - 4/1/92 |   |   |      | $      | 3,259,154  |   |
|------------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year  expense                    |   | $      | 2,487,975 |   |       |   |
| Balance at  close of period - 3/31/93    |   |   |      | $      | 5,747,129  |   |
| Current year  expense                    |   | $      | 2,881,214 |   |       |   |
| Balance at  close of period - 3/31/94    |   |   |      | $      | 8,628,343  |   |
| Current year  expense                    |   | $      | 2,883,271 |   |       |   |
| Balance at  close of period - 3/31/95    |   |   |      | $      | 11,511,614 |   |
| Current year  expense                    |   | $      | 2,768,634 |   |       |   |
| Balance at  close of period - 3/31/96    |   |   |      | $      | 14,280,248 |   |
| Current year  expense                    |   | $      | 2,797,002 |   |       |   |
| Balance at  close of period - 3/31/97    |   |   |      | $      | 17,077,250 |   |
| Current year  expense                    |   | $      | 2,780,726 |   |       |   |
| Balance at  close of period - 3/31/98    |   |   |      | $      | 19,857,976 |   |
| Current year  expense                    |   | $      | 2,397,434 |   |       |   |
| Balance at  close of period - 3/31/99    |   |   |      | $      | 22,255,410 |   |
| Current year  expense                    |   | $      | 2,459,142 |   |       |   |
| Balance at  close of period - 3/31/00    |   |   |      | $      | 24,714,552 |   |
| Current year  expense                    |   | $      | 2,579,970 |   |       |   |
| Balance at  close of period - 3/31/01    |   |   |      | $      | 27,294,522 |   |
| Current year  expense                    |   | $      | 2,628,315 |   |       |   |
| Balance at  close of period - 3/31/02    |   |   |      | $      | 29,922,837 |   |
| Current year  expense                    |   | $      | 1,200,562 |   |       |   |
| Balance at  close of period - 3/31/03    |   |   |      | $      | 31,123,399 |   |

 

F-99

----

 

 

Boston Capital Tax Credit FundII Limited Partnership - Series 11Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|                     |   |                |   | **Initial cost to company** |   | **Cost  capitalized subsequent to acquisition** |   | **Gross amount at which carried  at close of period** |   |     |   |                            |   |       |   | **Life on which**             |   |
|--------------------------|--------|---------------------|--------|-----------------------------|--------|-------------------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|---------------------------------|--------|------------|--------|-------------------------------|--------|
| **Description**          |   | **Encum-  brances** |   | **Land**                    |   | **Buildings and  improvements**                 |   | **Improvements**                                      |   | **Land** |   | **Buildings and  improvements** |   | **Total**  |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| ACADEMY HILL             |   | 1,360,924           |   | 119,500                     |   | 1,607,604                                       |   | 22,656                                                |   | 119,500  |   | 1,630,260                       |   | 1,749,760  |   | 733,806                       |   | Feb-91 |   | Feb-91 |   | 5-27.5 |   |
| ASPEN SQUARE             |   | 1,813,949           |   | 150,413                     |   | 2,118,648                                       |   | 138,762                                               |   | 150,703  |   | 2,257,410                       |   | 2,408,113  |   | 654,218                       |   | Nov-90 |   | Nov-90 |   | 5-27.5 |   |
| BRIDGEVIEW               |   | 1,346,713           |   | 50,686                      |   | 1,586,090                                       |   | 96,589                                                |   | 50,686   |   | 1,682,679                       |   | 1,733,365  |   | 869,231                       |   | Dec-89 |   | Dec-90 |   | 5-27.5 |   |
| BUCKEYE                  |   | 1,324,550           |   | 93,421                      |   | 1,584,893                                       |   | 80,927                                                |   | 93,421   |   | 1,665,820                       |   | 1,759,241  |   | 569,224                       |   | Aug-90 |   | Dec-90 |   | 5-27.5 |   |
| CHURCH HILL              |   | 944,334             |   | 63,232                      |   | 663,136                                         |   | 582,589                                               |   | 63,232   |   | 1,245,725                       |   | 1,308,957  |   | 380,473                       |   | Jan-91 |   | Dec-90 |   | 7-40 |   |
| COPPER CREEK             |   | 1,161,540           |   | 77,750                      |   | 1,410,989                                       |   | 72,086                                                |   | 77,750   |   | 1,483,075                       |   | 1,560,825  |   | 434,337                       |   | Sep-90 |   | Nov-90 |   | 5-27.5 |   |
| CORONADO                 |   | 227,126             |   | 9,998                       |   | 1,499,265                                       |   | 31,235                                                |   | 9,998    |   | 1,530,500                       |   | 1,540,498  |   | 691,854                       |   | Apr-91 |   | Feb-91 |   | 5-27.5 |   |
| CRESTWOOD                |   | 3,905,014           |   | 360,000                     |   | 10,649,129                                      |   | 188,474                                               |   | 360,000  |   | 10,837,603                      |   | 11,197,603 |   | 4,866,350                     |   | Jul-91 |   | Jan-91 |   | 7-27.5 |   |
| DALLAS APTS.             |   | 1,303,327           |   | 230,059                     |   | 3,408,933                                       |   | (195,432                                              | )      | 230,059  |   | 3,213,501                       |   | 3,443,560  |   | 1,540,533                     |   | Oct-90 |   | Dec-90 |   | 7-27.5 |   |
| DENMARK I                |   | 761,283             |   | 54,000                      |   | 915,172                                         |   | 5,913                                                 |   | 54,000   |   | 921,085                         |   | 975,085    |   | 443,410                       |   | Jun-90 |   | Nov-90 |   | 27.5 |   |
| DENMARK II               |   | 808,553             |   | 36,000                      |   | 1,003,547                                       |   | 3,496                                                 |   | 36,000   |   | 1,007,043                       |   | 1,043,043  |   | 480,975                       |   | Jun-90 |   | Nov-90 |   | 5-27.5 |   |
| EL DORADO SPRINGS        |   | 574,006             |   | 22,500                      |   | 735,245                                         |   | 27,437                                                |   | 17,176   |   | 762,682                         |   | 779,858    |   | 379,554                       |   | Sep-90 |   | Nov-90 |   | 5-27.5 |   |
| ELDON ESTATES II         |   | 574,495             |   | 30,000                      |   | 690,453                                         |   | 45,736                                                |   | 30,000   |   | 736,189                         |   | 766,189    |   | 344,459                       |   | Nov-90 |   | Dec-90 |   | 5-27.5 |   |
| ELDON MANOR              |   | 553,108             |   | 7,500                       |   | 787,399                                         |   | 36,372                                                |   | 7,500    |   | 823,771                         |   | 831,271    |   | 392,265                       |   | Nov-90 |   | Dec-90 |   | 5-27.5 |   |
| ELDERLY HOUSING OF MACON |   | 1,600,131           |   | 50,000                      |   | 1,992,329                                       |   | 25,357                                                |   | 50,000   |   | 2,017,686                       |   | 2,067,686  |   | 501,418                       |   | Apr-93 |   | May-93 |   | 5-27.5 |   |
| EUTAW ELDERLY            |   | 1,603,699           |   | 24,000                      |   | 1,972,439                                       |   | 26,910                                                |   | 24,000   |   | 1,999,349                       |   | 2,023,349  |   | 455,634                       |   | Dec-93 |   | May-93 |   | 5-50 |   |
| FARMERVILLE              |   | 957,428             |   | 57,015                      |   | 1,195,142                                       |   | 49,481                                                |   | 57,015   |   | 1,244,623                       |   | 1,301,638  |   | 369,615                       |   | Apr-91 |   | Jan-91 |   | 5-27.5 |   |
| FOREST GLADE             |   | 1,466,148           |   | 100,000                     |   | 1,841,104                                       |   | 28,727                                                |   | 100,000  |   | 1,869,831                       |   | 1,969,831  |   | 851,456                       |   | Dec-90 |   | Dec-90 |   | 7-27.5 |   |
| FRANKLIN SCHOOL          |   | 1,209,042           |   | 112,032                     |   | 2,528,326                                       |   | 1,961,694                                             |   | 112,032  |   | 4,490,020                       |   | 4,602,052  |   | 1,836,241                     |   | Dec-91 |   | Oct-90 |   | 27.5 |   |
| HARBOR VIEW              |   | 1,464,701           |   | 143,957                     |   | 1,802,615                                       |   | 16,855                                                |   | 143,957  |   | 1,819,470                       |   | 1,963,427  |   | 857,659                       |   | Jul-90 |   | Dec-90 |   | 7-27.5 |   |
| HILLTOP APTS.            |   | 1,402,487           |   | 178,736                     |   | 1,545,237                                       |   | 37,942                                                |   | 178,736  |   | 1,583,179                       |   | 1,761,915  |   | 555,868                       |   | Nov-92 |   | Jan-93 |   | 27.5 |   |
| HOLLAND SENIOR           |   | 889,429             |   | 27,500                      |   | 1,096,333                                       |   | 63,797                                                |   | 27,500   |   | 1,160,130                       |   | 1,187,630  |   | 564,568                       |   | Jun-90 |   | Nov-90 |   | 27.5 |   |
| HOLLY SENIOR             |   | 907,033             |   | 36,882                      |   | 1,139,044                                       |   | 79,431                                                |   | 36,882   |   | 1,218,475                       |   | 1,255,357  |   | 583,976                       |   | Oct-90 |   | Nov-90 |   | 27.5 |   |

 

F-100

----

 
|                   |   |                |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |      |   |                            |   |       |   | **Life on which**             |   |
|------------------------|--------|---------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|-----------|--------|---------------------------------|--------|------------|--------|-------------------------------|--------|
| **Description**        |   | **Encumbr-  ances** |   | **Land**                    |   | **Buildings and  improvements**                  |   | **Improvements**                                      |   | **Land**  |   | **Buildings and  improvements** |   | **Total**  |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| IVAN WOODS             |   | 2,561,538           |   | 275,000                     |   | 4,347,328                                        |   | 77,373                                                |   | 275,000   |   | 4,424,701                       |   | 4,699,701  |   | 2,063,430                     |   | Apr-91 |   | Feb-91 |   | 5-27.5 |   |
| KAPLAN MANOR           |   | 915,650             |   | 66,000                      |   | 1,106,192                                        |   | 110,732                                               |   | 66,000    |   | 1,216,924                       |   | 1,282,924  |   | 370,927                       |   | Dec-90 |   | Dec-90 |   | 7-40 |   |
| LAKEWOOD               |   | 943,562             |   | 53,100                      |   | 1,162,254                                        |   | 68,700                                                |   | 53,100    |   | 1,230,954                       |   | 1,284,054  |   | 368,461                       |   | May-91 |   | Jan-91 |   | 5-27.5 |   |
| LICKING ASSOCIATES     |   | 401,613             |   | 14,000                      |   | 316,889                                          |   | 200,399                                               |   | 14,000    |   | 517,288                         |   | 531,288    |   | 202,574                       |   | Mar-92 |   | Nov-91 |   | 5-27.5 |   |
| LONDON ARMS            |   | 2,670,528           |   | 37,500                      |   | 3,479,332                                        |   | (521                                                  | )      | 37,500    |   | 3,478,811                       |   | 3,516,311  |   | 1,515,307                     |   | Dec-90 |   | Dec-90 |   | 5-27.5 |   |
| MAIDU                  |   | 1,878,192           |   | 56,500                      |   | 4,890,261                                        |   | 310,930                                               |   | 56,500    |   | 5,201,191                       |   | 5,257,691  |   | 2,254,391                     |   | Dec-91 |   | Mar-91 |   | 7-27.5 |   |
| MANNING PROPERTIES     |   | 829,580             |   | 44,125                      |   | 1,015,703                                        |   | 10,751                                                |   | 44,125    |   | 1,026,454                       |   | 1,070,579  |   | 482,748                       |   | Nov-90 |   | Nov-90 |   | 5-27.5 |   |
| METTER                 |   | 1,448,708           |   | 44,500                      |   | 1,770,511                                        |   | 9,551                                                 |   | 45,141    |   | 1,780,062                       |   | 1,825,203  |   | 670,602                       |   | May-93 |   | Dec-92 |   | 5-27.5 |   |
| NEVADA MANOR           |   | 640,051             |   | 50,000                      |   | 782,543                                          |   | 31,429                                                |   | 50,000    |   | 813,972                         |   | 863,972    |   | 403,323                       |   | Oct-90 |   | Nov-90 |   | 5-27.5 |   |
| NEWNAN APTS.           |   | 1,533,306           |   | 92,706                      |   | 4,128,942                                        |   | (241,002                                              | )      | 92,706    |   | 3,887,940                       |   | 3,980,646  |   | 1,869,657                     |   | Oct-90 |   | Dec-90 |   | 5-27.5 |   |
| OATKA VILLIAGE         |   | 908,285             |   | 35,000                      |   | 1,151,205                                        |   | 40,714                                                |   | 35,000    |   | 1,191,919                       |   | 1,226,919  |   | 569,263                       |   | Jun-90 |   | Nov-90 |   | 5-27.5 |   |
| RPI #18 L.P.           |   | 1,218,016           |   | 100                         |   | 1,776,840                                        |   | 123,538                                               |   | 100       |   | 1,900,378                       |   | 1,900,478  |   | 847,663                       |   | Dec-90 |   | Dec-90 |   | 5-27.5 |   |
| SIERRA SPRINGS         |   | 1,162,435           |   | 52,290                      |   | 1,448,815                                        |   | 73,582                                                |   | 52,387    |   | 1,522,397                       |   | 1,574,784  |   | 431,755                       |   | Nov-90 |   | Nov-90 |   | 5-27.5 |   |
| SOUTH FORK             |   | 1,459,502           |   | 100,000                     |   | 1,782,527                                        |   | 39,914                                                |   | 100,000   |   | 1,822,441                       |   | 1,922,441  |   | 610,209                       |   | Feb-91 |   | Feb-91 |   | 5-27.5 |   |
| TWIN OAKS OF ALLENDALE |   | 773,183             |   | 71,305                      |   | 951,711                                          |   | (155,350                                              | )      | 71,305    |   | 796,361                         |   | 867,666    |   | 369,242                       |   | Sep-90 |   | Dec-90 |   | 5-27.5 |   |
| WASHINGTON             |   | 946,517             |   | 55,050                      |   | 1,150,878                                        |   | 63,580                                                |   | 55,050    |   | 1,214,458                       |   | 1,269,508  |   | 367,687                       |   | Mar-91 |   | Jan-91 |   | 7-40 |   |
| WILDRIDGE              |   | 1,374,771           |   | 156,576                     |   | 1,617,243                                        |   | 46,689                                                |   | 156,576   |   | 1,663,932                       |   | 1,820,508  |   | 756,782                       |   | Apr-91 |   | Jan-91 |   | 7-27.5 |   |
|                   |   |                |   |                        |   |                                             |   |                                                  |   |      |   |                            |   |       |   |                          |   |   |   |   |   |   |   |
|                   |   | 49,824,457          |   | 3,238,933                   |   | 76,652,246                                       |   | 4,238,043                                             |   | 3,234,637 |   | 80,890,289                      |   | 84,124,926 |   | 33,511,145                    |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end, the information reported on this schedule is asof December 31, 2002.

There we no carrying costs as ofDecember 31, 2002. The Column has been omitted for presentation purposes.

 

F-101

----

 

Notes to Schedule IIIBoston Capital Tax Credit Fund II Limited Partnership - Series 11

 

Reconciliation of Land, Building &Improvements current year changes

 
| Balance at  beginning of period - 4/1/92 |   |      |       | $      | 75,467,308 |   |
|------------------------------------------|--------|-----------|------------|--------|------------|--------|
| Additions  during period:                |   |      |       |   |       |
| Acquisitions  through foreclosure        |   | $         | 0          |   |       |   |
| Other  acquisitions                      |   | 44,500    |       |   |       |
| Improvements,  etc                       |   | 862,272   |       |   |       |
| Other                                    |   | 0         |       |   |       |
|                                     |   |      |       | $      | 906,772    |   |
| Deductions  during period:               |   |      |       |   |       |
| Cost of real  estate sold                |   | $         | (1,343,477 | )      |       |   |
| Other                                    |   | (188,348  | )          |   |       |
|                                     |   |      |       | $      | (1,531,825 | )      |
| Balance at  close of period - 3/31/93    |   |      |       | $      | 74,842,255 |   |
| Additions  during period:                |   |      |       |   |       |
| Acquisitions  through foreclosure        |   | $         | 0          |   |       |   |
| Other  acquisitions                      |   | 5,762,741 |       |   |       |
| Improvements,  etc                       |   | 1,962,905 |       |   |       |
| Other                                    |   | 0         |       |   |       |
|                                     |   |      |       | $      | 7,725,646  |   |
| Deductions  during period:               |   |      |       |   |       |
| Cost of real  estate sold                |   | $         | 0          |   |       |   |
| Other                                    |   | 0         |       |   |       |
|                                     |   |      |       | $      | 0          |   |
| Balance at  close of period - 3/31/94    |   |      |       | $      | 82,567,901 |   |
| Additions  during period:                |   |      |       |   |       |
| Acquisitions  through foreclosure        |   | $         | 0          |   |       |   |
| Other  acquisitions                      |   | 1,297,882 |       |   |       |
| Improvements,  etc                       |   | 0         |       |   |       |
| Other                                    |   | 0         |       |   |       |
|                                     |   |      |       | $      | 1,297,882  |   |
| Deductions  during period:               |   |      |       |   |       |
| Cost of real  estate sold                |   | 0         |       |   |       |
| Other                                    |   | 0         |       |   |       |
|                                     |   |      |       | $      | 0          |   |
| Balance at  close of period - 3/31/95    |   |      |       | $      | 83,865,783 |   |

 

F-102

----

 
| Balance at  close of period - 3/31/95 |   |       |   | $          | 83,865,783 |   |
|---------------------------------------|--------|------------|--------|------------|------------|--------|
| Additions  during period:             |   |       |   |       |       |
| Acquisitions  through foreclosure     |   | $          | 0      |       |       |   |
| Other  acquisitions                   |   | 0          |   |       |       |
| Improvements,  etc                    |   | 81,256     |   |       |       |
| Other                                 |   | 0          |   |       |       |
|                                  |   |       |   | $          | 81,256     |   |
| Deductions during  period:            |   |       |   |       |       |
| Cost of real  estate sold             |   | $          | 0      |       |       |   |
| Other                                 |   | (1,209,041 | )      |       |       |
|                                  |   |       |   | (1,209,041 | )          |
| Balance at  close of period - 3/31/96 |   |       |   | $          | 82,737,998 |   |
| Additions  during period:             |   |       |   |       |       |
| Acquisitions  through foreclosure     |   | $          | 0      |       |       |   |
| Other  acquisitions                   |   | 0          |   |       |       |
| Improvements,  etc                    |   | 125,078    |   |       |       |
| Other                                 |   | 0          |   |       |       |
|                                  |   |       |   | $          | 125,078    |   |
| Deductions  during period:            |   |       |   |       |       |
| Cost of real  estate sold             |   | $          | 0      |       |       |   |
| Other                                 |   | 0          |   |       |       |
|                                  |   |       |   | 0          |       |
| Balance at  close of period - 3/31/97 |   |       |   | $          | 82,863,076 |   |
| Additions  during period:             |   |       |   |       |       |
| Acquisitions  through foreclosure     |   | $          | 0      |       |       |   |
| Other  acquisitions                   |   | 0          |   |       |       |
| Improvements,  etc                    |   | 121,624    |   |       |       |
| Other                                 |   | 0          |   |       |       |
|                                  |   |       |   | $          | 121,624    |   |
| Deductions  during period:            |   |       |   |       |       |
| Cost of real  estate sold             |   | $          | 0      |       |       |   |
| Other                                 |   | 0          |   |       |       |
|                                  |   |       |   | 0          |       |
| Balance at  close of period - 3/31/98 |   |       |   | $          | 82,984,700 |   |

 

F-103

----

 
| Balance at  close of period - 3/31/98 |   |    |   | $      | 82,984,700 |   |
|---------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions  during period:             |   |    |   |   |       |
| Acquisitions  through foreclosure     |   | $       | 0      |   |       |   |
| Other  acquisitions                   |   | 0       |   |   |       |
| Improvements,  etc                    |   | 178,906 |   |   |       |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 178,906    |   |
| Deductions  during period:            |   |    |   |   |       |
| Cost of real  estate sold             |   | $       | 0      |   |       |   |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | 0      |       |
| Balance at  close of period - 3/31/99 |   |    |   | $      | 83,163,606 |   |
| Additions  during period:             |   |    |   |   |       |
| Acquisitions  through foreclosure     |   | $       | 0      |   |       |   |
| Other  acquisitions                   |   | 0       |   |   |       |
| Improvements,  etc                    |   | 451,423 |   |   |       |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 451,423    |   |
| Deductions  during period:            |   |    |   |   |       |
| Cost of real  estate sold             |   | $       | 0      |   |       |   |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | 0      |       |
| Balance at  close of period - 3/31/00 |   |    |   | $      | 83,615,029 |   |
| Additions during  period:             |   |    |   |   |       |
| Acquisitions  through foreclosure     |   | $       | 0      |   |       |   |
| Other  acquisitions                   |   | 0       |   |   |       |
| Improvements,  etc                    |   | 86,609  |   |   |       |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 86,609     |   |
| Deductions  during period:            |   |    |   |   |       |
| Cost of real  estate sold             |   | $       | 0      |   |       |   |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | 0      |       |
| Balance at  close of period - 3/31/01 |   |    |   | $      | 83,701,638 |   |

 

F-104

----

 
| Balance at  close of period - 3/31/01 |   |    |   | $      | 83,701,638 |   |
|---------------------------------------|--------|---------|--------|--------|------------|--------|
| Additions  during period:             |   |    |   |   |       |
| Acquisitions  through foreclosure     |   | $       | 0      |   |       |   |
| Other  acquisitions                   |   | 0       |   |   |       |
| Improvements,  etc                    |   | 229,554 |   |   |       |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 229,554    |   |
| Deductions  during period:            |   |    |   |   |       |
| Cost of real  estate sold             |   | $       | 0      |   |       |   |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | 0      |       |
| Balance at  close of period - 3/31/02 |   |    |   | $      | 83,931,192 |   |
| Additions  during period:             |   |    |   |   |       |
| Acquisitions  through foreclosure     |   | $       | 0      |   |       |   |
| Other  acquisitions                   |   | 0       |   |   |       |
| Improvements,  etc                    |   | 193,734 |   |   |       |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 193,734    |   |
| Deductions  during period:            |   |    |   |   |       |
| Cost of real  estate sold             |   | $       | 0      |   |       |   |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | 0      |       |
| Balance at  close of period - 3/31/03 |   |    |   | $      | 84,124,926 |   |

 

F-105

----

 

Reconciliation of AccumulatedDepreciation current year changes

 
| Balance at  beginning of period - 4/1/92 |   |   |      | $      | 2,602,158  |   |
|------------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year  expense                    |   | $      | 2,916,577 |   |       |   |
| Balance at  close of period - 3/31/93    |   |   |      | $      | 5,518,735  |   |
| Current year  expense                    |   | $      | 2,946,686 |   |       |   |
| Balance at  close of period - 3/31/94    |   |   |      | $      | 8,465,421  |   |
| Current year  expense                    |   | $      | 4,159,331 |   |       |   |
| Balance at  close of period - 3/31/95    |   |   |      | $      | 12,624,752 |   |
| Current year  expense                    |   | $      | 1,693,850 |   |       |   |
| Balance at  close of period - 3/31/96    |   |   |      | $      | 14,318,602 |   |
| Current year  expense                    |   | $      | 2,889,737 |   |       |   |
| Balance at  close of period - 3/31/97    |   |   |      | $      | 17,208,339 |   |
| Current year  expense                    |   | $      | 2,903,701 |   |       |   |
| Balance at  close of period - 3/31/98    |   |   |      | $      | 20,112,040 |   |
| Current year  expense                    |   | $      | 2,772,892 |   |       |   |
| Balance at  close of period - 3/31/99    |   |   |      | $      | 22,884,932 |   |
| Current year  expense                    |   | $      | 2,681,634 |   |       |   |
| Balance at  close of period - 3/31/00    |   |   |      | $      | 25,566,566 |   |
| Current year  expense                    |   | $      | 2,650,726 |   |       |   |
| Balance at  close of period - 3/31/01    |   |   |      | $      | 28,217,292 |   |
| Current year  expense                    |   | $      | 2,575,061 |   |       |   |
| Balance at  close of period - 3/31/02    |   |   |      | $      | 30,792,353 |   |
| Current year  expense                    |   | $      | 2,718,792 |   |       |   |
| Balance at  close of period - 3/31/03    |   |   |      | $      | 33,511,145 |   |

 

F-106

----

 

Boston Capital Tax Credit Fund II Limited Partnership - Series 12Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 

 
|                    |   |                |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |     |   |                            |   |       |   | **Life on which**             |   |
|-------------------------|--------|---------------------|--------|-----------------------------|--------|---------------------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|---------------------------------|--------|------------|--------|-------------------------------|--------|
| **Description**         |   | **Encum-  brances** |   | **Land**                    |   | **Buildings and  improvements**                   |   | **Improvements**                                      |   | **Land** |   | **Buildings and  improvements** |   | **Total**  |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| AUTUMNWOOD   VILLAGE    |   | 1,001,222           |   | 40,777                      |   | 371,734                                           |   | 905,141                                               |   | 40,777   |   | 1,276,875                       |   | 1,317,652  |   | 522,503                       |   | Apr-92 |   | Oct-91 |   | 5-27.5 |   |
| BB&L ENTERPRISES    |   | 515,299             |   | 24,000                      |   | 648,985                                           |   | 8,857                                                 |   | 24,000   |   | 657,842                         |   | 681,842    |   | 227,204                       |   | Mar-91 |   | May-91 |   | 5-40 |   |
| BOWMAN VILLAGE          |   | 657,944             |   | 17,000                      |   | 848,107                                           |   | 8,298                                                 |   | 17,000   |   | 856,405                         |   | 873,405    |   | 367,949                       |   | Oct-91 |   | Jun-91 |   | 5-27.5 |   |
| BRANDYWOOD              |   | 1,676,187           |   | 86,029                      |   | 3,313,958                                         |   | 52,911                                                |   | 86,029   |   | 3,366,869                       |   | 3,452,898  |   | 1,577,843                     |   | Sep-91 |   | Dec-91 |   | 5-27.5 |   |
| BRIARWICK               |   | 1,215,441           |   | 95,079                      |   | 1,587,073                                         |   | 8,855                                                 |   | 95,079   |   | 1,595,928                       |   | 1,691,007  |   | 507,626                       |   | Apr-91 |   | Apr-91 |   | 5-40 |   |
| BUCKSPORT               |   | 1,355,539           |   | 71,500                      |   | 1,683,768                                         |   | 102,861                                               |   | 71,500   |   | 1,786,629                       |   | 1,858,129  |   | 629,744                       |   | Aug-91 |   | Jun-91 |   | 7-27.5 |   |
| BURKESVILLE             |   | 726,270             |   | 40,000                      |   | 897,118                                           |   | 530                                                   |   | 40,000   |   | 897,648                         |   | 937,648    |   | 254,599                       |   | Sep-91 |   | Jun-91 |   | 5-27.5 |   |
| CALIFORNIA VII          |   | 8,516,143           |   | 820,000                     |   | 9,361,922                                         |   | 16,413,584                                            |   | 803,050  |   | 25,775,506                      |   | 26,578,556 |   | 6,458,474                     |   | Dec-93 |   | Oct-92 |   | 5-27.5 |   |
| CANANCHE CREEK          |   | 1,221,142           |   | 66,200                      |   | 1,515,813                                         |   | 58,605                                                |   | 66,200   |   | 1,574,418                       |   | 1,640,618  |   | 415,705                       |   | Jun-91 |   | May-91 |   | 5-27.5 |   |
| CARSON VILLAGE          |   | 644,529             |   | 30,000                      |   | 193,264                                           |   | 620,730                                               |   | 30,000   |   | 813,994                         |   | 843,994    |   | 328,194                       |   | Jun-92 |   | Oct-91 |   | 5-27.5 |   |
| CLARKSON PROP           |   | 736,194             |   | 36,000                      |   | 932,918                                           |   | 0                                                     |   | 36,000   |   | 932,918                         |   | 968,918    |   | 264,276                       |   | Jul-91 |   | Jun-91 |   | 7-27.5 |   |
| CLYMER HOUSE            |   | 1,103,272           |   | 20,000                      |   | 1,387,091                                         |   | 89,282                                                |   | 20,000   |   | 1,476,373                       |   | 1,496,373  |   | 529,009                       |   | Oct-91 |   | Jun-91 |   | 5-27.5 |   |
| CORCORAN INVESTMENT     |   | 1,602,373           |   | 75,000                      |   | 1,976,455                                         |   | 0                                                     |   | 75,000   |   | 1,976,455                       |   | 2,051,455  |   | 526,731                       |   | Nov-90 |   | Feb-91 |   | 5-50 |   |
| CORNISH PARK            |   | 1,438,668           |   | 67,390                      |   | 1,761,946                                         |   | 153,657                                               |   | 68,500   |   | 1,915,603                       |   | 1,984,103  |   | 698,829                       |   | Jun-91 |   | Jun-91 |   | 5-27.5 |   |
| CRESCENT CITY           |   | 1,843,010           |   | 211,000                     |   | 2,297,055                                         |   | (14,590                                               | )      | 211,000  |   | 2,282,465                       |   | 2,493,465  |   | 639,039                       |   | Mar-91 |   | Mar-91 |   | 5-50 |   |
| DALLAS II               |   | 1,303,327           |   | 230,059                     |   | 3,194,199                                         |   | 19,302                                                |   | 230,059  |   | 3,213,501                       |   | 3,443,560  |   | 1,540,533                     |   | Oct-90 |   | Mar-91 |   | 7-27.5 |   |
| EARLIMART               |   | 1,330,325           |   | 90,000                      |   | 1,711,424                                         |   | 827                                                   |   | 90,000   |   | 1,712,251                       |   | 1,802,251  |   | 455,582                       |   | Jun-91 |   | Jun-91 |   | 5-50 |   |
| EVANWOOD                |   | 745,306             |   | 36,000                      |   | 929,102                                           |   | 456                                                   |   | 32,400   |   | 929,558                         |   | 961,958    |   | 293,027                       |   | May-91 |   | Jun-91 |   | 5-27.5 |   |
| FORT SMITH              |   | 817,247             |   | 87,500                      |   | 2,089,062                                         |   | 0                                                     |   | 81,348   |   | 2,089,062                       |   | 2,170,410  |   | 758,890                       |   | Aug-94 |   | Sep-93 |   | 7-27.5 |   |
| FRANKLIN II             |   | 1,468,739           |   | 50,000                      |   | 1,864,100                                         |   | 23,051                                                |   | 50,000   |   | 1,887,151                       |   | 1,937,151  |   | 871,606                       |   | Nov-90 |   | Apr-91 |   | 7-27.5 |   |
| FRANKLIN HSE APARTMENTS |   | 279,734             |   | 1,000                       |   | 812,706                                           |   | 2,742                                                 |   | 1,000    |   | 815,448                         |   | 816,448    |   | 317,196                       |   | Jan-88 |   | May-93 |   | 5-27.5 |   |
| HAMILTON VILLAGE        |   | 562,542             |   | 18,943                      |   | 368,532                                           |   | 347,904                                               |   | 18,943   |   | 716,436                         |   | 735,379    |   | 299,104                       |   | Mar-92 |   | Oct-91 |   | 5-27.5 |   |
| HUNTERS PARK            |   | 1,394,091           |   | 92,750                      |   | 1,650,083                                         |   | 13,889                                                |   | 92,750   |   | 1,663,972                       |   | 1,756,722  |   | 431,754                       |   | Apr-91 |   | May-91 |   | 5-27.5 |   |

 

F-107

----

 

 
|             |   |                |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |     |   |                            |   |      |   | **Life on which**             |   |
|------------------|--------|---------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|---------------------------------|--------|-----------|--------|-------------------------------|--------|
| **Description**  |   | **Encumbr-  ances** |   | **Land**                    |   | **Buildings and  improvements**                  |   | **Improvements**                                      |   | **Land** |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| IVAN WOODS       |   | 2,561,538           |   | 275,000                     |   | 4,347,328                                        |   | 77,373                                                |   | 275,000  |   | 4,424,701                       |   | 4,699,701 |   | 2,063,430                     |   | Apr-91 |   | Feb-91 |   | 5-27.5 |   |
| JESUP            |   | 591,551             |   | 19,375                      |   | 427,265                                          |   | 382,416                                               |   | 19,375   |   | 809,681                         |   | 829,056   |   | 338,925                       |   | Jul-92 |   | Jan-91 |   | 5-27.5 |   |
| LAKERIDGE        |   | 906,060             |   | 34,832                      |   | 1,103,517                                        |   | 18,599                                                |   | 34,832   |   | 1,122,116                       |   | 1,156,948 |   | 501,123                       |   | Apr-91 |   | Mar-91 |   | 5-50 |   |
| LAUREL VILLAGE   |   | 653,825             |   | 15,145                      |   | 256,421                                          |   | 574,380                                               |   | 15,145   |   | 830,801                         |   | 845,946   |   | 341,124                       |   | May-92 |   | Oct-91 |   | 5-27.5 |   |
| LOS CABALLOS     |   | 733,059             |   | 53,886                      |   | 1,006,731                                        |   | 26,621                                                |   | 26,943   |   | 1,033,352                       |   | 1,060,295 |   | 308,420                       |   | Aug-91 |   | Jul-91 |   | 5-27.5 |   |
| MARLBORO         |   | 826,216             |   | 26,176                      |   | 1,032,404                                        |   | 15,289                                                |   | 26,176   |   | 1,047,693                       |   | 1,073,869 |   | 493,260                       |   | Feb-91 |   | Mar-91 |   | 5-27.5 |   |
| MELVILLES        |   | 881,706             |   | 18,500                      |   | 1,103,074                                        |   | 85,829                                                |   | 18,500   |   | 1,188,903                       |   | 1,207,403 |   | 337,993                       |   | Oct-91 |   | Jul-91 |   | 7-40 |   |
| NANTY GLO        |   | 1,458,948           |   | 35,000                      |   | 1,869,757                                        |   | 96,586                                                |   | 35,000   |   | 1,966,343                       |   | 2,001,343 |   | 690,219                       |   | Jul-91 |   | Jun-91 |   | 5-27.5 |   |
| NEWNAN II        |   | 1,533,306           |   | 92,706                      |   | 3,868,800                                        |   | 19,140                                                |   | 92,706   |   | 3,887,940                       |   | 3,980,646 |   | 1,869,657                     |   | Oct-90 |   | Mar-91 |   | 7-27.5 |   |
| NYE COUNTY       |   | 1,348,712           |   | 60,000                      |   | 1,694,731                                        |   | 5,023                                                 |   | 60,000   |   | 1,699,754                       |   | 1,759,754 |   | 783,600                       |   | Apr-91 |   | May-91 |   | 5-27.5 |   |
| OAKLEIGH         |   | 902,679             |   | 57,500                      |   | 553,121                                          |   | 596,397                                               |   | 57,500   |   | 1,149,518                       |   | 1,207,018 |   | 321,129                       |   | Mar-92 |   | Aug-91 |   | 7-40 |   |
| OAKWOOD          |   | 895,659             |   | 52,000                      |   | 782,736                                          |   | 392,621                                               |   | 52,000   |   | 1,175,357                       |   | 1,227,357 |   | 328,082                       |   | Jan-92 |   | Aug-91 |   | 7-40 |   |
| PARKWOOD         |   | 2,814,963           |   | 316,667                     |   | 4,358,381                                        |   | 12,008                                                |   | 316,667  |   | 4,370,389                       |   | 4,687,056 |   | 1,974,294                     |   | May-91 |   | Mar-91 |   | 5-27.5 |   |
| PORTALES ESTATES |   | 1,423,323           |   | 66,500                      |   | 1,777,470                                        |   | 39,306                                                |   | 66,500   |   | 1,816,776                       |   | 1,883,276 |   | 833,680                       |   | Jul-91 |   | Jul-91 |   | 5-27.5 |   |
| PRAIRIE WEST     |   | 485,452             |   | 65,000                      |   | 983,964                                          |   | 12,930                                                |   | 75,906   |   | 996,894                         |   | 1,072,800 |   | 465,344                       |   | Sep-95 |   | Mar-91 |   | 5-27.5 |   |
| RIDGEWAY COURT   |   | 893,390             |   | 48,500                      |   | 1,039,377                                        |   | 21,716                                                |   | 48,500   |   | 1,061,093                       |   | 1,109,593 |   | 465,171                       |   | Jan-91 |   | Apr-91 |   | 5-27.5 |   |
| RIVER REACH      |   | 1,350,419           |   | 118,750                     |   | 1,656,515                                        |   | 17,993                                                |   | 118,750  |   | 1,674,508                       |   | 1,793,258 |   | 739,974                       |   | May-91 |   | May-91 |   | 7-27.5 |   |
| ROCKMOOR         |   | 556,201             |   | 30,000                      |   | 521,541                                          |   | 153,533                                               |   | 30,000   |   | 675,074                         |   | 705,074   |   | 167,428                       |   | Mar-91 |   | May-91 |   | 5-27.5 |   |
| RPI #22          |   | 544,533             |   | 0                           |   | 1,177,719                                        |   | 24,403                                                |   | 0        |   | 1,202,122                       |   | 1,202,122 |   | 511,718                       |   | Jul-91 |   | Jun-91 |   | 7-27.5 |   |
| SCOTT CITY       |   | 592,644             |   | 13,000                      |   | 764,225                                          |   | 7,956                                                 |   | 13,000   |   | 772,181                         |   | 785,181   |   | 228,742                       |   | Nov-91 |   | Jun-91 |   | 5-27.5 |   |
| SHAWNEE RIDGE    |   | 659,728             |   | 53,650                      |   | 801,129                                          |   | 18,315                                                |   | 53,650   |   | 819,444                         |   | 873,094   |   | 218,067                       |   | May-91 |   | May-91 |   | 5-27.5 |   |

 

F-108

----

 
|             |   |                |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |      |   |                            |   |        |   | **Life on which**             |   |
|------------------|--------|---------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|-----------|--------|---------------------------------|--------|-------------|--------|-------------------------------|--------|
| **Description**  |   | **Encum-  brances** |   | **Land**                    |   | **Buildings and  improvements**                  |   | **Improvements**                                      |   | **Land**  |   | **Buildings and  improvements** |   | **Total**   |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| SPRINGFIELD      |   | 4,109,156           |   | 775,955                     |   | 9,620,653                                        |   | (267,971                                              | )      | 775,955   |   | 9,352,682                       |   | 10,128,637  |   | 3,835,082                     |   | Jun-91 |   | Jul-91 |   | 5-27.5 |   |
| STONEGATE MANOR  |   | 998,582             |   | 76,000                      |   | 1,265,168                                        |   | 9,560                                                 |   | 76,000    |   | 1,274,728                       |   | 1,350,728   |   | 583,535                       |   | Dec-90 |   | May-91 |   | 7-27.5 |   |
| TURNER LANE      |   | 713,221             |   | 31,530                      |   | 882,974                                          |   | 1,750                                                 |   | 31,530    |   | 884,724                         |   | 916,254     |   | 390,541                       |   | Jul-91 |   | May-91 |   | 7-27.5 |   |
| UNION BAPTIST    |   | 367,714             |   | 0                           |   | 1,151,557                                        |   | (371,966                                              | )      | 0         |   | 779,591                         |   | 779,591     |   | 384,593                       |   | Apr-91 |   | May-91 |   | 5-27.5 |   |
| VILLAS LAKERIDGE |   | 525,875             |   | 47,952                      |   | 605,356                                          |   | 2,814                                                 |   | 47,952    |   | 608,170                         |   | 656,122     |   | 269,652                       |   | Mar-91 |   | Mar-91 |   | 5-27.5 |   |
| WAYNESBORO       |   | 1,355,893           |   | 50,000                      |   | 1,455,507                                        |   | 64,606                                                |   | 50,000    |   | 1,520,113                       |   | 1,570,113   |   | 655,483                       |   | Jan-91 |   | Apr-91 |   | 5-27.5 |   |
| WINDSOR II       |   | 727,162             |   | 51,178                      |   | 887,455                                          |   | 13,323                                                |   | 51,178    |   | 900,778                         |   | 951,956     |   | 425,694                       |   | Nov-90 |   | Apr-91 |   | 7-27.5 |   |
| WOODCREST        |   | 701,689             |   | 42,000                      |   | 883,702                                          |   | 45,453                                                |   | 42,000    |   | 929,155                         |   | 971,155     |   | 267,101                       |   | Nov-91 |   | Jun-91 |   | 7-40 |   |
| WOODSIDE         |   | 1,141,510           |   | 19,383                      |   | 1,378,829                                        |   | 66,781                                                |   | 19,383    |   | 1,445,610                       |   | 1,464,993   |   | 718,420                       |   | Mar-91 |   | Apr-91 |   | 5/40 |   |
|             |   |                |   |                        |   |                                             |   |                                                  |   |      |   |                            |   |        |   |                          |   |   |   |   |   |   |   |
|             |   | 65,409,258          |   | 4,852,412                   |   | 90,653,822                                       |   | 20,979,676                                            |   | 4,810,783 |   | 111,633,498                     |   | 116,444,281 |   | 40,426,898                    |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end, the information reported on this schedule is asof December 31, 2002.

There we no carrying costs as of December 31,2002. The Column has been omitted for presentation purposes.

 

F-109

----

 

Notes to Schedule IIIBoston Capital Tax Credit Fund II Limited Partnership - Series 12

 

Reconciliation of Land, Building &Improvements current year changes

 
| Balance at  beginning of period - 4/1/92 |   |       |   | $      | 79,690,665  |   |
|------------------------------------------|--------|------------|--------|--------|-------------|--------|
| Additions  during period:                |   |       |   |   |        |
| Acquisitions  through foreclosure        |   | $          | 0      |   |        |   |
| Other  acquisitions                      |   | 9,428,122  |   |   |        |
| Improvements,  etc                       |   | 7,164,766  |   |   |        |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 16,592,888  |   |
| Deductions  during period:               |   |       |   |   |        |
| Cost of real  estate sold                |   | $          | 0      |   |        |   |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 0           |   |
| Balance at  close of period - 3/31/93    |   |       |   | $      | 96,283,553  |   |
| Additions  during period:                |   |       |   |   |        |
| Acquisitions  through foreclosure        |   | $          | 0      |   |        |   |
| Other  acquisitions                      |   | 901,206    |   |   |        |
| Improvements,  etc                       |   | 16,586,367 |   |   |        |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 17,487,573  |   |
| Deductions  during period:               |   |       |   |   |        |
| Cost of real  estate sold                |   | $          | 0      |   |        |   |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 0           |   |
| Balance at  close of period - 3/31/94    |   |       |   | $      | 113,771,126 |   |
| Additions  during period:                |   |       |   |   |        |
| Acquisitions  through foreclosure        |   | $          | 0      |   |        |   |
| Other  acquisitions                      |   | 0          |   |   |        |
| Improvements,  etc                       |   | 2,226,528  |   |   |        |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 2,226,528   |   |
| Deductions  during period:               |   |       |   |   |        |
| Cost of real  estate sold                |   | $          | 0      |   |        |   |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 0           |   |
| Balance at  close of period - 3/31/95    |   |       |   | $      | 115,997,654 |   |

 

F-110

----

 
| Balance at  close of period - 3/31/95 |   |    |   | $      | 115,997,654 |   |
|---------------------------------------|--------|---------|--------|--------|-------------|--------|
| Additions  during period:             |   |    |   |   |        |
| Acquisitions  through foreclosure     |   | $       | 0      |   |        |   |
| Other  acquisitions                   |   | 0       |   |   |        |
| Improvements,  etc                    |   | 231,724 |   |   |        |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 231,724     |   |
| Deductions  during period:            |   |    |   |   |        |
| Cost of real  estate sold             |   | $       | 0      |   |        |   |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | 0      |        |
| Balance at  close of period - 3/31/96 |   |    |   | $      | 116,229,378 |   |
| Additions  during period:             |   |    |   |   |        |
| Acquisitions  through foreclosure     |   | $       | 0      |   |        |   |
| Other  acquisitions                   |   | 0       |   |   |        |
| Improvements,  etc                    |   | 67,052  |   |   |        |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 67,052      |   |
| Deductions  during period:            |   |    |   |   |        |
| Cost of real  estate sold             |   | $       | 0      |   |        |   |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | 0      |        |
| Balance at  close of period - 3/31/97 |   |    |   | $      | 116,296,430 |   |
| Additions  during period:             |   |    |   |   |        |
| Acquisitions  through foreclosure     |   | $       | 0      |   |        |   |
| Other  acquisitions                   |   | 0       |   |   |        |
| Improvements,  etc                    |   | 141,479 |   |   |        |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 141,479     |   |
| Deductions  during period:            |   |    |   |   |        |
| Cost of real  estate sold             |   | $       | 0      |   |        |   |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | 0      |        |
| Balance at  close of period - 3/31/98 |   |    |   | $      | 116,437,909 |   |

 

F-111

----

 
| Balance at  close of period - 3/31/98 |   |     |   | $      | 116,437,909 |   |
|---------------------------------------|--------|----------|--------|--------|-------------|--------|
| Additions  during period:             |   |     |   |   |        |
| Acquisitions  through foreclosure     |   | $        | 0      |   |        |   |
| Other acquisitions                    |   | 0        |   |   |        |
| Improvements,  etc                    |   | 144,694  |   |   |        |
| Other                                 |   | 0        |   |   |        |
|                                  |   |     |   | $      | 144,694     |   |
| Deductions  during period:            |   |     |   |   |        |
| Cost of real  estate sold             |   | $        | 0      |   |        |   |
| Other                                 |   | 0        |   |   |        |
|                                  |   |     |   | 0      |        |
| Balance at  close of period - 3/31/99 |   |     |   | $      | 116,582,603 |   |
| Additions  during period:             |   |     |   |   |        |
| Acquisitions  through foreclosure     |   | $        | 0      |   |        |   |
| Other  acquisitions                   |   | 0        |   |   |        |
| Improvements,  etc                    |   | (292,387 | )      |   |        |
| Other                                 |   | 0        |   |   |        |
|                                  |   |     |   | $      | (292,387    | )      |
| Deductions  during period:            |   |     |   |   |        |
| Cost of real  estate sold             |   | $        | 0      |   |        |   |
| Other                                 |   | 0        |   |   |        |
|                                  |   |     |   | 0      |        |
| Balance at  close of period - 3/31/00 |   |     |   | $      | 116,290,215 |   |
| Additions  during period:             |   |     |   |   |        |
| Acquisitions  through foreclosure     |   | $        | 0      |   |        |   |
| Other  acquisitions                   |   | 0        |   |   |        |
| Improvements,  etc                    |   | (743,691 | )      |   |        |
| Other                                 |   | 0        |   |   |        |
|                                  |   |     |   | $      | (743,691    | )      |
| Deductions  during period:            |   |     |   |   |        |
| Cost of real  estate sold             |   | $        | 0      |   |        |   |
| Other                                 |   | 0        |   |   |        |
|                                  |   |     |   | 0      |        |
| Balance at  close of period - 3/31/01 |   |     |   | $      | 115,546,524 |   |

 

F-112

----

 
| Balance at  close of period - 3/31/01 |   |    |   | $      | 115,546,524 |   |
|---------------------------------------|--------|---------|--------|--------|-------------|--------|
| Additions  during period:             |   |    |   |   |        |
| Acquisitions  through foreclosure     |   | $       | 0      |   |        |   |
| Other  acquisitions                   |   | 0       |   |   |        |
| Improvements,  etc                    |   | 538,950 |   |   |        |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 538,950     |   |
| Deductions  during period:            |   |    |   |   |        |
| Cost of real  estate sold             |   | $       | 0      |   |        |   |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | 0      |        |
| Balance at  close of period - 3/31/02 |   |    |   | $      | 116,085,474 |   |
| Additions  during period:             |   |    |   |   |        |
| Acquisitions  through foreclosure     |   | $       | 0      |   |        |   |
| Other  acquisitions                   |   | 0       |   |   |        |
| Improvements,  etc                    |   | 358,807 |   |   |        |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 358,807     |   |
| Deductions  during period:            |   |    |   |   |        |
| Cost of real  estate sold             |   | $       | 0      |   |        |   |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | 0      |        |
| Balance at  close of period - 3/31/03 |   |    |   | $      | 116,444,281 |   |

 

F-113

----

 

Reconciliation of AccumulatedDepreciation current year changes

 
| Balance at  beginning of period - 4/1/92 |   |   |      | $      | 2,036,741  |   |
|------------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year expense                     |   | $      | 3,141,623 |   |       |   |
| Balance at  close of period - 3/31/93    |   |   |      | $      | 5,178,364  |   |
| Current year  expense                    |   | $      | 3,409,630 |   |       |   |
| Balance at  close of period - 3/31/94    |   |   |      | $      | 8,587,994  |   |
| Current year  expense                    |   | $      | 4,171,394 |   |       |   |
| Balance at  close of period - 3/31/95    |   |   |      | $      | 12,759,388 |   |
| Current year  expense                    |   | $      | 4,116,629 |   |       |   |
| Balance at  close of period - 3/31/96    |   |   |      | $      | 16,876,017 |   |
| Current year  expense                    |   | $      | 3,687,191 |   |       |   |
| Balance at  close of period - 3/31/97    |   |   |      | $      | 20,563,208 |   |
| Current year  expense                    |   | $      | 3,611,359 |   |       |   |
| Balance at close  of period - 3/31/98    |   |   |      | $      | 24,174,567 |   |
| Current year  expense                    |   | $      | 3,513,077 |   |       |   |
| Balance at  close of period - 3/31/99    |   |   |      | $      | 27,687,644 |   |
| Current year  expense                    |   | $      | 3,220,274 |   |       |   |
| Balance at  close of period - 3/31/00    |   |   |      | $      | 30,907,918 |   |
| Current year  expense                    |   | $      | 2,820,392 |   |       |   |
| Balance at  close of period - 3/31/01    |   |   |      | $      | 33,728,310 |   |
| Current year  expense                    |   | $      | 3,371,448 |   |       |   |
| Balance at  close of period - 3/31/02    |   |   |      | $      | 37,099,758 |   |
| Current year  expense                    |   | $      | 3,327,140 |   |       |   |
| Balance at  close of period - 3/31/03    |   |   |      | $      | 40,426,898 |   |

 

F-114

----

 

Boston Capital Tax Credit FundII Limited Partnership - Series 14Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2003

 
|               |   |                |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |     |   |                            |   |       |   | **Life on which**             |   |
|--------------------|--------|---------------------|--------|-----------------------------|--------|---------------------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|---------------------------------|--------|------------|--------|-------------------------------|--------|
| **Description**    |   | **Encum-  brances** |   | **Land**                    |   | **Buildings and  improvements**                   |   | **Improvements**                                      |   | **Land** |   | **Buildings and  improvements** |   | **Total**  |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| ADA VILLAGE        |   | 1,015,697           |   | 125,997                     |   | 1,201,080                                         |   | 0                                                     |   | 125,997  |   | 1,201,080                       |   | 1,327,077  |   | 398,533                       |   | Nov-93 |   | Jan-93 |   | 5-30 |   |
| AMHERST            |   | 1,574,630           |   | 60,000                      |   | 1,920,734                                         |   | 2,563                                                 |   | 60,000   |   | 1,923,297                       |   | 1,983,297  |   | 806,398                       |   | Jan-92 |   | Jan-92 |   | 7-27.5 |   |
| BECKWOOD MANOR     |   | 1,251,805           |   | 35,000                      |   | 1,569,743                                         |   | 49,758                                                |   | 35,000   |   | 1,619,501                       |   | 1,654,501  |   | 668,954                       |   | Oct-92 |   | May-92 |   | 5-27.5 |   |
| BELMONT VILLAGE    |   | 918,187             |   | 64,312                      |   | 1,073,695                                         |   | 88,212                                                |   | 64,312   |   | 1,161,907                       |   | 1,226,219  |   | 360,220                       |   | Dec-91 |   | Jan-92 |   | 7-27.5 |   |
| BETHEL PARK        |   | 1,471,378           |   | 265,800                     |   | 1,310,374                                         |   | 524,455                                               |   | 117,500  |   | 1,834,829                       |   | 1,952,329  |   | 579,255                       |   | Mar-92 |   | Dec-91 |   | 5-40 |   |
| BLANCHARD VILLAGE  |   | 213,137             |   | 42,000                      |   | 727,225                                           |   | (473,334                                              | )      | 23,726   |   | 253,891                         |   | 277,617    |   | 93,240                        |   | Sep-91 |   | Oct-91 |   | 7-40 |   |
| BLANCHARD SENIOR   |   | 590,224             |   | 42,000                      |   | 730,704                                           |   | 33,871                                                |   | 42,000   |   | 764,575                         |   | 806,575    |   | 209,608                       |   | Jul-93 |   | Jan-93 |   | 5-30 |   |
| BRANTWOOD          |   | 1,130,195           |   | 55,500                      |   | 1,382,381                                         |   | 15,061                                                |   | 55,500   |   | 1,397,442                       |   | 1,452,942  |   | 608,922                       |   | Sep-91 |   | Jul-91 |   | 7-27.5 |   |
| BRECKENRIDGE       |   | 857,472             |   | 21,500                      |   | 1,181,178                                         |   | 1,757                                                 |   | 21,500   |   | 1,182,935                       |   | 1,204,435  |   | 380,768                       |   | Mar-92 |   | Jan-92 |   | 7-27.5 |   |
| BRIARWOOD II       |   | 1,473,475           |   | 90,000                      |   | 1,785,580                                         |   | (192,233                                              | )      | 90,000   |   | 1,593,347                       |   | 1,683,347  |   | 628,465                       |   | Apr-92 |   | Feb-92 |   | 7-27.5 |   |
| BRIDGE COALITION   |   | 0                   |   | 0                           |   | 695,990                                           |   | 161,305                                               |   | 0        |   | 857,295                         |   | 857,295    |   | 309,942                       |   | Dec-91 |   | Jan-92 |   | 27.5 |   |
| BUCHANAN           |   | 716,827             |   | 63,275                      |   | 833,561                                           |   | 35,252                                                |   | 63,275   |   | 868,813                         |   | 932,088    |   | 411,695                       |   | Oct-90 |   | Jul-91 |   | 7-27.5 |   |
| CALIFORNIA INV VII |   | 8,516,143           |   | 820,000                     |   | 9,361,922                                         |   | 16,413,584                                            |   | 803,050  |   | 25,775,506                      |   | 26,578,556 |   | 6,458,474                     |   | Dec-93 |   | Oct-92 |   | 7-27.5 |   |
| CAPITAL HOUSING    |   | 1,406,593           |   | 178,000                     |   | 3,131,389                                         |   | 82,880                                                |   | 178,000  |   | 3,214,269                       |   | 3,392,269  |   | 1,379,179                     |   | Jan-91 |   | Aug-91 |   | 7-27.5 |   |
| CAPITOL ONE        |   | 685,976             |   | 35,000                      |   | 883,508                                           |   | 470                                                   |   | 35,000   |   | 883,978                         |   | 918,978    |   | 294,069                       |   | Aug-95 |   | Mar-95 |   | 5-27.5 |   |
| CARLETON COURT     |   | 2,883,206           |   | 94,360                      |   | 3,954,231                                         |   | 227,920                                               |   | 94,360   |   | 4,182,151                       |   | 4,276,511  |   | 1,294,414                     |   | Dec-91 |   | Dec-91 |   | 7-34 |   |
| CARRIAGE RUN       |   | 1,297,110           |   | 83,980                      |   | 1,046,960                                         |   | 562,338                                               |   | 83,980   |   | 1,609,298                       |   | 1,693,278  |   | 667,494                       |   | Apr-92 |   | Oct-91 |   | 7-27.5 |   |
| CEDARWOOD          |   | 1,398,841           |   | 61,698                      |   | 1,477,659                                         |   | 234,950                                               |   | 61,698   |   | 1,712,609                       |   | 1,774,307  |   | 443,127                       |   | Jan-92 |   | Oct-91 |   | 7-27.5 |   |
| CENTRAL VALLEY     |   | 1,802,050           |   | 141,353                     |   | 2,170,282                                         |   | 0                                                     |   | 141,353  |   | 2,170,282                       |   | 2,311,635  |   | 535,826                       |   | Dec-91 |   | Jan-92 |   | 5-50 |   |
| CHAPARRAL          |   | 687,710             |   | 38,972                      |   | 863,939                                           |   | 3,510                                                 |   | 38,972   |   | 867,449                         |   | 906,421    |   | 219,659                       |   | Jul-91 |   | Aug-91 |   | 7-50 |   |
| COLLEGE GREEN      |   | 3,712,242           |   | 225,000                     |   | 6,774,847                                         |   | 84,664                                                |   | 225,000  |   | 6,859,511                       |   | 7,084,511  |   | 2,071,693                     |   | Aug-95 |   | Mar-95 |   | 5-27.5 |   |
| COLORADO CITY      |   | 536,216             |   | 30,000                      |   | 608,138                                           |   | 49,956                                                |   | 30,000   |   | 658,094                         |   | 688,094    |   | 187,128                       |   | Oct-91 |   | Oct-91 |   | 7-40 |   |

 

F-115

----

 
|                     |   |                |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |     |   |                            |   |      |   | **Life on which**             |   |
|--------------------------|--------|---------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|---------------------------------|--------|-----------|--------|-------------------------------|--------|
| **Description**          |   | **Encumbr-  ances** |   | **Land**                    |   | **Buildings and  improvements**                  |   | **Improvements**                                      |   | **Land** |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| COTTONWOOD               |   | 708,841             |   | 40,000                      |   | 775,242                                          |   | 133,957                                               |   | 40,000   |   | 909,199                         |   | 949,199   |   | 224,275                       |   | Jul-91 |   | Oct-91 |   | 7-40 |   |
| CRYSTAL SPRINGS          |   | 1,289,358           |   | 60,000                      |   | 1,574,032                                        |   | 30,875                                                |   | 60,000   |   | 1,604,907                       |   | 1,664,907 |   | 515,079                       |   | Jan-92 |   | Jan-92 |   | 7-27.5 |   |
| DAVIS VILLAGE            |   | 1,143,819           |   | 55,000                      |   | 1,456,778                                        |   | 0                                                     |   | 55,000   |   | 1,456,778                       |   | 1,511,778 |   | 488,534                       |   | Sep-93 |   | Jan-93 |   | 5-30 |   |
| DERBY HOUSING            |   | 1,614,809           |   | 165,000                     |   | 3,451,914                                        |   | 59,393                                                |   | 165,000  |   | 3,511,307                       |   | 3,676,307 |   | 1,510,562                     |   | Sep-91 |   | Jun-91 |   | 7-27.5 |   |
| DEVENWOOD                |   | 861,072             |   | 76,000                      |   | 1,215,772                                        |   | 5,118                                                 |   | 76,000   |   | 1,220,890                       |   | 1,296,890 |   | 490,327                       |   | Jan-93 |   | Jul-92 |   | N/A |   |
| DUNCAN VILLAGE           |   | 1,105,152           |   | 83,875                      |   | 1,391,226                                        |   | 5,975                                                 |   | 83,875   |   | 1,397,201                       |   | 1,481,076 |   | 456,492                       |   | Nov-93 |   | Jan-93 |   | 5-30 |   |
| EDISON VILLAGE           |   | 1,181,173           |   | 46,536                      |   | 1,425,180                                        |   | 51,952                                                |   | 46,536   |   | 1,477,132                       |   | 1,523,668 |   | 619,874                       |   | Feb-92 |   | Jul-91 |   | 7-27.5 |   |
| EXCELSIOR                |   | 616,068             |   | 70,000                      |   | 704,252                                          |   | 24,754                                                |   | 70,000   |   | 729,006                         |   | 799,006   |   | 345,088                       |   | Apr-91 |   | Feb-92 |   | 7-27.5 |   |
| FOUR OAKS HOUSING        |   | 882,234             |   | 48,000                      |   | 1,063,004                                        |   | 4,801                                                 |   | 73,083   |   | 1,067,805                       |   | 1,140,888 |   | 427,533                       |   | Jun-92 |   | Mar-92 |   | 7-27.5 |   |
| FRANKLIN VISTA           |   | 917,301             |   | 49,520                      |   | 1,130,261                                        |   | 46,384                                                |   | 49,520   |   | 1,176,645                       |   | 1,226,165 |   | 331,918                       |   | Apr-92 |   | Jan-92 |   | 7-27.5 |   |
| FRIENDSHIP               |   | 1,423,265           |   | 195,314                     |   | 1,639,123                                        |   | 175,265                                               |   | 213,230  |   | 1,814,388                       |   | 2,027,618 |   | 951,852                       |   | Jun-91 |   | Jan-92 |   | 7-27.5 |   |
| GLENHAVEN PARK           |   | 267,940             |   | 195,000                     |   | 834,120                                          |   | (437,616                                              | )      | 97,500   |   | 396,504                         |   | 494,004   |   | 140,400                       |   | Jun-89 |   | Jan-94 |   | 5-27.5 |   |
| HARRISON CITY            |   | 1,462,483           |   | 35,521                      |   | 1,792,881                                        |   | 109,449                                               |   | 35,521   |   | 1,902,330                       |   | 1,937,851 |   | 778,626                       |   | Sep-92 |   | Jul-92 |   | 7-27.5 |   |
| HAVEN PARK PTRS II       |   | 472,610             |   | 225,000                     |   | 1,045,411                                        |   | 742                                                   |   | 225,000  |   | 1,046,153                       |   | 1,271,153 |   | 511,241                       |   | Jun-89 |   | Jan-94 |   | 5-27.5 |   |
| HAVEN PARK PRTS III      |   | 475,035             |   | 225,000                     |   | 1,177,089                                        |   | 742                                                   |   | 225,000  |   | 1,177,831                       |   | 1,402,831 |   | 375,777                       |   | Dec-89 |   | Jan-94 |   | 5-27.5 |   |
| HAVEN PARK PTRS  IV |   | 381,956             |   | 180,000                     |   | 874,413                                          |   | 742                                                   |   | 180,000  |   | 875,155                         |   | 1,055,155 |   | 270,924                       |   | Jun-90 |   | Jan-94 |   | 5-27.5 |   |
| HESSMER                  |   | 898,391             |   | 35,000                      |   | 380,289                                          |   | 822,054                                               |   | 35,000   |   | 1,202,343                       |   | 1,237,343 |   | 330,184                       |   | Apr-92 |   | Dec-91 |   | 7-40 |   |
| HILLMONT VILLAGE         |   | 873,423             |   | 38,000                      |   | 911,697                                          |   | 164,639                                               |   | 38,000   |   | 1,076,336                       |   | 1,114,336 |   | 448,918                       |   | Jan-92 |   | Sep-91 |   | 7-27.5 |   |
| HUGHES SPRINGS           |   | 778,867             |   | 35,000                      |   | 947,230                                          |   | 46,438                                                |   | 35,000   |   | 993,668                         |   | 1,028,668 |   | 270,805                       |   | Aug-91 |   | Oct-91 |   | 7-40 |   |
| HUNTERS RUN              |   | 1,428,173           |   | 120,000                     |   | 1,169,479                                        |   | 560,366                                               |   | 120,000  |   | 1,729,845                       |   | 1,849,845 |   | 722,830                       |   | Feb-92 |   | Dec-91 |   | 7-27.5 |   |
| IDEPENDENCE              |   | 1,069,309           |   | 103,901                     |   | 1,237,331                                        |   | 74,591                                                |   | 103,901  |   | 1,311,922                       |   | 1,415,823 |   | 578,898                       |   | Jun-91 |   | Aug-91 |   | 7-27.5 |   |
| JARRATT                  |   | 821,050             |   | 55,926                      |   | 1,028,925                                        |   | (58,460                                               | )      | 55,926   |   | 970,465                         |   | 1,026,391 |   | 408,611                       |   | Dec-91 |   | Oct-91 |   | 7-27.5 |   |

 

 

F-116

----

 
|              |   |                |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |     |   |                            |   |      |   | **Life on which**             |   |
|-------------------|--------|---------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|---------------------------------|--------|-----------|--------|-------------------------------|--------|
| **Description**   |   | **Encumbr-  ances** |   | **Land**                    |   | **Buildings and  improvements**                  |   | **Improvements**                                      |   | **Land** |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| KILMARNOCK        |   | 788,733             |   | 44,000                      |   | 969,309                                          |   | 0                                                     |   | 44,000   |   | 969,309                         |   | 1,013,309 |   | 436,266                       |   | Apr-91 |   | Jul-91 |   | 7-27.5 |   |
| KING FISHER       |   | 160,475             |   | 21,000                      |   | 198,768                                          |   | 0                                                     |   | 21,000   |   | 198,768                         |   | 219,768   |   | 70,634                        |   | Dec-93 |   | Jan-93 |   | 5-30 |   |
| LA GAMA DEL BARIO |   | 664,214             |   | 110,000                     |   | 1,020,084                                        |   | 46,465                                                |   | 110,000  |   | 1,066,549                       |   | 1,176,549 |   | 398,454                       |   | Aug-92 |   | Jun-92 |   | 7-27.5 |   |
| LAKE ISABELLA     |   | 1,971,838           |   | 360,000                     |   | 2,036,815                                        |   | 229,471                                               |   | 360,000  |   | 2,266,286                       |   | 2,626,286 |   | 569,166                       |   | Jan-92 |   | Sep-91 |   | 5-50 |   |
| LAKEVIEW MEADOWS  |   | 1,518,541           |   | 99,580                      |   | 2,665,491                                        |   | 34,940                                                |   | 99,580   |   | 2,700,431                       |   | 2,800,011 |   | 1,198,500                     |   | Jun-92 |   | Jan-92 |   | 12-40 |   |
| LAKEWOOD TERRACE  |   | 3,496,058           |   | 124,707                     |   | 2,257,609                                        |   | 4,634,301                                             |   | 124,707  |   | 6,891,910                       |   | 7,016,617 |   | 2,642,442                     |   | Aug-89 |   | Nov-93 |   | 5-27.5 |   |
| LEXINGTON PARK    |   | 4,756,745           |   | 500,000                     |   | 7,754,757                                        |   | 155,653                                               |   | 500,000  |   | 7,910,410                       |   | 8,410,410 |   | 2,206,468                     |   | Dec-93 |   | Nov-91 |   | 7-27.5 |   |
| LEXINGTON VILLAGE |   | 205,080             |   | 23,814                      |   | 246,703                                          |   | 0                                                     |   | 23,814   |   | 246,703                         |   | 270,517   |   | 89,624                        |   | Nov-93 |   | Jan-93 |   | 5-30 |   |
| LONACONING        |   | 1,467,102           |   | 113,305                     |   | 181,203                                          |   | 1,558,889                                             |   | 113,305  |   | 1,740,092                       |   | 1,853,397 |   | 481,328                       |   | Sep-92 |   | Dec-91 |   | 5-27.5 |   |
| LOUIS ASSOCIATES  |   | 784,702             |   | 13,720                      |   | 1,038,651                                        |   | 41,022                                                |   | 13,720   |   | 1,079,673                       |   | 1,093,393 |   | 369,033                       |   | Jan-92 |   | Mar-92 |   | 7-27.5 |   |
| MAIDU             |   | 1,878,192           |   | 56,500                      |   | 5,108,838                                        |   | 92,353                                                |   | 56,500   |   | 5,201,191                       |   | 5,257,691 |   | 2,254,391                     |   | Dec-91 |   | Jan-92 |   | 7-27.5 |   |
| MARION MANOR      |   | 991,352             |   | 50,000                      |   | 1,237,671                                        |   | 53,921                                                |   | 50,000   |   | 1,291,592                       |   | 1,341,592 |   | 340,562                       |   | Jun-92 |   | Feb-92 |   | 7-27.5 |   |
| MAYSVILLE VILLAGE |   | 213,007             |   | 25,920                      |   | 255,681                                          |   | 0                                                     |   | 25,920   |   | 255,681                         |   | 281,601   |   | 93,050                        |   | Oct-93 |   | Jan-93 |   | 5-30 |   |
| MCCOMB FAMILY     |   | 994,243             |   | 30,000                      |   | 1,226,748                                        |   | 37,449                                                |   | 30,000   |   | 1,264,197                       |   | 1,294,197 |   | 459,301                       |   | Oct-91 |   | Oct-91 |   | 7-27.5 |   |
| MONTAGUE          |   | 1,126,342           |   | 0                           |   | 1,493,360                                        |   | 106,446                                               |   | 22,223   |   | 1,599,806                       |   | 1,622,029 |   | 615,606                       |   | Dec-91 |   | Dec-91 |   | 5-30 |   |
| NAVAPAI           |   | 872,588             |   | 53,480                      |   | 1,073,287                                        |   | 25,572                                                |   | 53,480   |   | 1,098,859                       |   | 1,152,339 |   | 305,837                       |   | Apr-91 |   | Jun-91 |   | 7-50 |   |
| NEVADA CITY       |   | 3,507,094           |   | 492,000                     |   | 3,954,179                                        |   | 135,550                                               |   | 492,000  |   | 4,089,729                       |   | 4,581,729 |   | 982,904                       |   | Oct-91 |   | Jan-92 |   | 5-27.5 |   |
| NEW RIVER         |   | 1,466,397           |   | 46,400                      |   | 1,279,522                                        |   | 532,062                                               |   | 46,400   |   | 1,811,584                       |   | 1,857,984 |   | 546,433                       |   | Feb-92 |   | Aug-91 |   | 7-27.5 |   |
| NEWELLTON         |   | 925,289             |   | 57,600                      |   | 1,161,263                                        |   | 52,469                                                |   | 57,600   |   | 1,213,732                       |   | 1,271,332 |   | 335,094                       |   | Apr-92 |   | Feb-92 |   | 7-40 |   |
| OAKLAND VILLAGE   |   | 841,894             |   | 38,400                      |   | 1,021,589                                        |   | 2,127                                                 |   | 58,014   |   | 1,023,716                       |   | 1,081,730 |   | 401,440                       |   | Aug-92 |   | May-92 |   | 7-27.5 |   |
| OKEMAH VILLAGE    |   | 676,419             |   | 27,752                      |   | 872,256                                          |   | 0                                                     |   | 27,752   |   | 872,256                         |   | 900,008   |   | 294,962                       |   | May-93 |   | Jan-93 |   | 7-27.5 |   |

 

F-117

----

 
|             |   |                |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |     |   |                            |   |      |   | **Life on which**             |   |
|------------------|--------|---------------------|--------|-----------------------------|--------|---------------------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|---------------------------------|--------|-----------|--------|-------------------------------|--------|
| **Description**  |   | **Encumbr-  ances** |   | **Land**                    |   | **Buildings and  improvements**                   |   | **Improvements**                                      |   | **Land** |   | **Buildings and  improvements** |   | **Total** |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
|             |   |                |   |                        |   |                                              |   |                                                  |   |     |   |                            |   |      |   |                          |   |   |   |   |   |   |   |
| ONE NORTHRIDGE   |   | 2,006,662           |   | 190,000                     |   | 3,051,424                                         |   | 237,733                                               |   | 190,000  |   | 3,289,157                       |   | 3,479,157 |   | 1,163,815                     |   | Feb-92 |   | Jan-92 |   | 7-27.5 |   |
| PARKWOOD         |   | 2,814,963           |   | 316,667                     |   | 4,358,381                                         |   | 12,008                                                |   | 316,667  |   | 4,370,389                       |   | 4,687,056 |   | 1,974,294                     |   | May-91 |   | Oct-91 |   | 7-27.5 |   |
| PINERIDGE        |   | 968,387             |   | 31,500                      |   | 494,515                                           |   | 779,903                                               |   | 31,500   |   | 1,274,418                       |   | 1,305,918 |   | 305,141                       |   | Mar-92 |   | Oct-91 |   | 7-27.5 |   |
| PITTSFIELD PARK  |   | 1,033,959           |   | 204,900                     |   | 781,557                                           |   | 619,207                                               |   | 58,000   |   | 1,400,764                       |   | 1,458,764 |   | 470,979                       |   | Jun-92 |   | Dec-91 |   | 5-30 |   |
| PLANTATION IV    |   | 1,402,245           |   | 77,000                      |   | 1,697,631                                         |   | 22,586                                                |   | 77,000   |   | 1,720,217                       |   | 1,797,217 |   | 733,724                       |   | Nov-91 |   | Dec-91 |   | 7-27.5 |   |
| PORTVILLE SQUARE |   | 895,581             |   | 66,206                      |   | 1,068,007                                         |   | 87,711                                                |   | 66,206   |   | 1,155,718                       |   | 1,221,924 |   | 347,201                       |   | Mar-92 |   | Mar-92 |   | 7-27.5 |   |
| PRAGUE VILLAGE   |   | 105,751             |   | 10,500                      |   | 157,060                                           |   | 0                                                     |   | 10,500   |   | 157,060                         |   | 167,560   |   | 59,230                        |   | Mar-93 |   | Jan-93 |   | 7-27.5 |   |
| RAINIER MANOR    |   | 3,537,442           |   | 521,000                     |   | 5,852,852                                         |   | 59,516                                                |   | 521,000  |   | 5,912,368                       |   | 6,433,368 |   | 1,719,527                     |   | Jan-93 |   | Mar-92 |   | 7-27.5 |   |
| ROSENBERG        |   | 1,742,683           |   | 452,000                     |   | 10,701,246                                        |   | (8,438,332                                            | )      | 415,000  |   | 2,262,914                       |   | 2,677,914 |   | 389,022                       |   | Jan-92 |   | Dec-91 |   | 7-27.5 |   |
| ROSEWOOD MANOR   |   | 1,422,986           |   | 175,000                     |   | 1,605,480                                         |   | 15,627                                                |   | 175,000  |   | 1,621,107                       |   | 1,796,107 |   | 691,235                       |   | Nov-91 |   | Dec-91 |   | 7-27.5 |   |
| SAN JACINTO      |   | 2,345,531           |   | 288,000                     |   | 2,694,130                                         |   | 105,463                                               |   | 288,000  |   | 2,799,593                       |   | 3,087,593 |   | 727,318                       |   | Oct-91 |   | Jan-92 |   | 5-50 |   |
| SCHROON LAKE     |   | 1,043,631           |   | 78,000                      |   | 1,318,831                                         |   | 50,993                                                |   | 78,000   |   | 1,369,824                       |   | 1,447,824 |   | 527,735                       |   | Jan-92 |   | Nov-91 |   | 5-50 |   |
| SCOTT PARTNERS   |   | 1,058,863           |   | 60,000                      |   | 1,171,445                                         |   | 742,667                                               |   | 60,000   |   | 1,914,112                       |   | 1,974,112 |   | 637,614                       |   | Nov-91 |   | Oct-91 |   | 7-27.5 |   |
| SIOUX FALLS      |   | 940,776             |   | 82,406                      |   | 2,233,596                                         |   | 45,159                                                |   | 82,406   |   | 2,278,755                       |   | 2,361,161 |   | 990,559                       |   | Oct-91 |   | Nov-91 |   | 7-27.5 |   |
| SMITHVILLE       |   | 1,230,587           |   | 79,790                      |   | 1,465,210                                         |   | 90,932                                                |   | 79,790   |   | 1,556,142                       |   | 1,635,932 |   | 738,373                       |   | May-91 |   | Feb-92 |   | 7-27.5 |   |
| SOUTH FULTON     |   | 658,088             |   | 34,000                      |   | 794,896                                           |   | 5,885                                                 |   | 34,000   |   | 800,781                         |   | 834,781   |   | 279,498                       |   | Aug-91 |   | Oct-91 |   | 7-27.5 |   |
| STANDARDVILLE    |   | 578,686             |   | 29,500                      |   | 691,006                                           |   | 0                                                     |   | 29,500   |   | 691,006                         |   | 720,506   |   | 216,291                       |   | Nov-91 |   | Apr-92 |   | 5-40 |   |
| ST BARNABAS      |   | 1,174,589           |   | 43,335                      |   | 1,520,445                                         |   | 525                                                   |   | 43,335   |   | 1,520,970                       |   | 1,564,305 |   | 377,173                       |   | Dec-91 |   | Oct-91 |   | 7-27.5 |   |
| SUMMERLANE       |   | 864,294             |   | 48,700                      |   | 1,010,651                                         |   | 3,038                                                 |   | 48,700   |   | 1,013,689                       |   | 1,062,389 |   | 433,900                       |   | Nov-91 |   | Jul-91 |   | 7-27.5 |   |
| TIONESTA MANOR   |   | 1,411,310           |   | 229,850                     |   | 1,666,675                                         |   | 114,936                                               |   | 229,850  |   | 1,781,611                       |   | 2,011,461 |   | 781,984                       |   | Jan-92 |   | Feb-92 |   | 7-27.5 |   |

 

F-118

----

 
|              |   |                |   | **Initial cost to company** |   | **Cost capitalized  subsequent to  acquisition** |   | **Gross amount at which carried  at close of period** |   |       |   |                            |   |        |   | **Life on which**             |   |
|-------------------|--------|---------------------|--------|-----------------------------|--------|--------------------------------------------------|--------|-------------------------------------------------------|--------|------------|--------|---------------------------------|--------|-------------|--------|-------------------------------|--------|
| **Description**   |   | **Encumbr-  ances** |   | **Land**                    |   | **Buildings and  improvements**                  |   | **Improvements**                                      |   | **Land**   |   | **Buildings and  improvements** |   | **Total**   |   | **Accumulated  depreciation** |   | **Date of  construction** |   | **Date  acquired** |   | **depreciation  is computed** |   |
| TITUSVILLE        |   | 1,225,017           |   | 85,280                      |   | 1,235,975                                        |   | 254,538                                               |   | 85,280     |   | 1,490,513                       |   | 1,575,793   |   | 626,484                       |   | Jan-92 |   | Dec-91 |   | 7-27.5 |   |
| TOANO III         |   | 701,276             |   | 56,266                      |   | 874,381                                          |   | 4,960                                                 |   | 56,266     |   | 879,341                         |   | 935,607     |   | 397,956                       |   | Jul-91 |   | Jul-91 |   | 7-27.5 |   |
| TOPSHAM           |   | 1,114,870           |   | 135,552                     |   | 1,458,644                                        |   | 9,613                                                 |   | 135,552    |   | 1,468,257                       |   | 1,603,809   |   | 425,741                       |   | Aug-92 |   | Nov-91 |   | 10-40 |   |
| TOWNVIEW          |   | 1,364,277           |   | 87,238                      |   | 1,713,135                                        |   | 137,568                                               |   | 87,238     |   | 1,850,703                       |   | 1,937,941   |   | 581,979                       |   | Oct-91 |   | Sep-91 |   | 5-27.5 |   |
| TYRONE HOUSING    |   | 1,465,843           |   | 138,700                     |   | 1,850,252                                        |   | 151,759                                               |   | 49,050     |   | 2,002,011                       |   | 2,051,061   |   | 605,034                       |   | Jan-92 |   | Dec-91 |   | 5-40 |   |
| VICTORIA          |   | 1,359,497           |   | 12,500                      |   | 1,733,581                                        |   | 13,114                                                |   | 12,500     |   | 1,746,695                       |   | 1,759,195   |   | 709,909                       |   | Jun-92 |   | Jan-92 |   | 5-27.5 |   |
| VILLAGE TERRACE   |   | 675,745             |   | 63,000                      |   | 1,529,691                                        |   | 800                                                   |   | 63,000     |   | 1,530,491                       |   | 1,593,491   |   | 654,368                       |   | Sep-91 |   | May-92 |   | 5-40 |   |
| WASHINGTON        |   | 1,151,137           |   | 72,396                      |   | 1,494,696                                        |   | 59,210                                                |   | 72,396     |   | 1,553,906                       |   | 1,626,302   |   | 653,611                       |   | Aug-91 |   | Jul-91 |   | 7-27 |   |
| WESLEY VILLAGE    |   | 1,296,566           |   | 44,750                      |   | 347,831                                          |   | 1,265,716                                             |   | 44,750     |   | 1,613,547                       |   | 1,658,297   |   | 461,231                       |   | Jun-92 |   | Oct-91 |   | 5-27.5 |   |
| WILDWOOD          |   | 1,250,136           |   | 94,949                      |   | 1,498,290                                        |   | 30,956                                                |   | 94,949     |   | 1,529,246                       |   | 1,624,195   |   | 466,463                       |   | Oct-91 |   | Oct-91 |   | 5-40 |   |
| WOODFIELD COMMONS |   | 693,841             |   | 66,533                      |   | 2,478,583                                        |   | 132,712                                               |   | 83,066     |   | 2,611,295                       |   | 2,694,361   |   | 807,654                       |   | Jun-91 |   | Sep-91 |   | 12-40 |   |
| WOODSIDE          |   | 1,199,655           |   | 44,000                      |   | 1,472,335                                        |   | 23,638                                                |   | 44,000     |   | 1,495,973                       |   | 1,539,973   |   | 625,101                       |   | Oct-91 |   | Nov-91 |   | 7-27.5 |   |
| WYNNEWOOD VILLAGE |   | 387,056             |   | 41,987                      |   | 521,591                                          |   | 0                                                     |   | 41,987     |   | 521,591                         |   | 563,578     |   | 187,334                       |   | Nov-93 |   | Jan-93 |   | 5-27.5 |   |
| YORKSHIRE         |   | 914,204             |   | 29,265                      |   | 1,079,451                                        |   | 120,188                                               |   | 29,265     |   | 1,199,639                       |   | 1,228,904   |   | 521,169                       |   | Sep-91 |   | Aug-91 |   | 5-27.5 |   |
| ZINMASTER         |   | 1,746,117           |   | 100,000                     |   | 3,307,709                                        |   | 37,964                                                |   | 100,000    |   | 3,345,673                       |   | 3,445,673   |   | 1,844,324                     |   | Jan-88 |   | Jan-95 |   | 5-27.5 |   |
|              |   |                |   |                        |   |                                             |   |                                                  |   |       |   |                            |   |        |   |                          |   |   |   |   |   |   |   |
|              |   | 127,899,999         |   | 11,090,288                  |   | 175,895,736                                      |   | 24,266,083                                            |   | 10,637,083 |   | 200,161,819                     |   | 210,798,902 |   | 68,430,277                    |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end, the information reported on this schedule is asof December 31, 2002

There we no carrying costs as of December 31,2002 The Column has been omitted for presentation purposes.

 

F-119

----

 

Notes to Schedule IIIBoston Capital Tax Credit Fund II Limited Partnership - Series 14

 

Reconciliation of Land, Building &Improvements current year changes

 
| Balance at  beginning of period - 4/1/92 |   |       |   | $      | 81,648,074  |   |
|------------------------------------------|--------|------------|--------|--------|-------------|--------|
| Additions  during period:                |   |       |   |   |        |
| Acquisitions  through foreclosure        |   | $          | 0      |   |        |   |
| Other  acquisitions                      |   | 80,920,213 |   |   |        |
| Improvements,  etc                       |   | 5,161,569  |   |   |        |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 86,081,782  |   |
| Deductions  during period:               |   |       |   |   |        |
| Cost of real  estate sold                |   | $          | 0      |   |        |   |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 0           |   |
| Balance at  close of period - 3/31/93    |   |       |   | $      | 167,729,856 |   |
| Additions  during period:                |   |       |   |   |        |
| Acquisitions  through foreclosure        |   | $          | 0      |   |        |   |
| Other  acquisitions                      |   | 2,382,316  |   |   |        |
| Improvements,  etc                       |   | 38,261,558 |   |   |        |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 40,643,874  |   |
| Deductions  during period:               |   |       |   |   |        |
| Cost of real  estate sold                |   | $          | 0      |   |        |   |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 0           |   |
| Balance at  close of period - 3/31/94    |   |       |   | $      | 208,373,730 |   |
| Additions  during period:                |   |       |   |   |        |
| Acquisitions  through foreclosure        |   | $          | 0      |   |        |   |
| Other  acquisitions                      |   | 4,756,033  |   |   |        |
| Improvements,  etc                       |   | 4,399,236  |   |   |        |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 9,155,269   |   |
| Deductions  during period:               |   |       |   |   |        |
| Cost of real  estate sold                |   | $          | 0      |   |        |   |
| Other                                    |   | 0          |   |   |        |
|                                     |   |       |   | $      | 0           |   |
| Balance at  close of period - 3/31/95    |   |       |   | $      | 217,528,999 |   |

 

F-120

----

 
| Balance at  close of period - 3/31/95 |   |       |   | $        | 217,528,999 |   |
|---------------------------------------|--------|------------|--------|----------|-------------|--------|
| Additions  during period:             |   |       |   |     |        |
| Acquisitions  through foreclosure     |   | $          | 0      |     |        |   |
| Other  acquisitions                   |   | 0          |   |     |        |
| Improvements,  etc                    |   | 11,627,996 |   |     |        |
| Other                                 |   | 0          |   |     |        |
|                                  |   |       |   | $        | 11,627,996  |   |
| Deductions  during period:            |   |       |   |     |        |
| Cost of real  estate sold             |   | $          | 0      |     |        |   |
| Other                                 |   | (299,900   | )      |     |        |
|                                  |   |       |   | (299,900 | )           |
| Balance at  close of period - 3/31/96 |   |       |   | $        | 228,857,095 |   |
| Additions  during period:             |   |       |   |     |        |
| Acquisitions  through foreclosure     |   | $          | 0      |     |        |   |
| Other  acquisitions                   |   | 0          |   |     |        |
| Improvements,  etc                    |   | (9,932,304 | )      |     |        |
| Other                                 |   | 0          |   |     |        |
|                                  |   |       |   | $        | (9,932,304  | )      |
| Deductions  during period:            |   |       |   |     |        |
| Cost of real  estate sold             |   | $          | 0      |     |        |   |
| Other                                 |   | 0          |   |     |        |
|                                  |   |       |   | 0        |        |
| Balance at  close of period - 3/31/97 |   |       |   | $        | 218,924,791 |   |
| Additions  during period:             |   |       |   |     |        |
| Acquisitions  through foreclosure     |   | $          | 0      |     |        |   |
| Other  acquisitions                   |   | 0          |   |     |        |
| Improvements,  etc                    |   | 369,722    |   |     |        |
| Other                                 |   | 0          |   |     |        |
|                                  |   |       |   | $        | 369,722     |   |
| Deductions  during period:            |   |       |   |     |        |
| Cost of real  estate sold             |   | $          | 0      |     |        |   |
| Other                                 |   | 0          |   |     |        |
|                                  |   |       |   | 0        |        |
| Balance at  close of period - 3/31/98 |   |       |   | $        | 219,294,513 |   |

 

F-121

----

 
| Balance at  close of period - 3/31/98 |   |     |   | $        | 219,294,513 |   |
|---------------------------------------|--------|----------|--------|----------|-------------|--------|
| Additions  during period:             |   |     |   |     |        |
| Acquisitions  through foreclosure     |   | $        | 0      |     |        |   |
| Other  acquisitions                   |   | 0        |   |     |        |
| Improvements,  etc                    |   | 768,624  |   |     |        |
| Other                                 |   | 0        |   |     |        |
|                                  |   |     |   | $        | 768,624     |   |
| Deductions  during period:            |   |     |   |     |        |
| Cost of real  estate sold             |   | $        | 0      |     |        |   |
| Other                                 |   | 0        |   |     |        |
|                                  |   |     |   | 0        |        |
| Balance at  close of period - 3/31/99 |   |     |   | $        | 220,063,137 |   |
| Additions  during period:             |   |     |   |     |        |
| Acquisitions  through foreclosure     |   | $        | 0      |     |        |   |
| Other  acquisitions                   |   | 0        |   |     |        |
| Improvements,  etc                    |   | 895,813  |   |     |        |
| Other                                 |   | 0        |   |     |        |
|                                  |   |     |   | $        | 895,813     |   |
| Deductions  during period:            |   |     |   |     |        |
| Cost of real  estate sold             |   | $        | 0      |     |        |   |
| Other                                 |   | 0        |   |     |        |
|                                  |   |     |   | 0        |        |
| Balance at  close of period - 3/31/00 |   |     |   | $        | 220,958,950 |   |
| Additions  during period:             |   |     |   |     |        |
| Acquisitions  through foreclosure     |   | $        | 0      |     |        |   |
| Other  acquisitions                   |   | 0        |   |     |        |
| Improvements,  etc                    |   | 500,163  |   |     |        |
| Other                                 |   | 0        |   |     |        |
|                                  |   |     |   | $        | 500,163     |   |
| Deductions  during period:            |   |     |   |     |        |
| Cost of real  estate sold             |   | $        | 0      |     |        |   |
| Other                                 |   | (500,959 | )      |     |        |
|                                  |   |     |   | (500,959 | )           |
| Balance at  close of period - 3/31/01 |   |     |   | $        | 220,958,184 |   |

 

F-122

----

 
| Balance at  close of period - 3/31/01 |   |    |        | $           | 220,958,184 |   |
|---------------------------------------|--------|---------|-------------|-------------|-------------|--------|
| Additions  during period:             |   |    |        |        |        |
| Acquisitions  through foreclosure     |   | $       | 0           |        |        |   |
| Other  acquisitions                   |   | 0       |        |        |        |
| Improvements,  etc                    |   | 657,888 |        |        |        |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | $           | 657,888     |   |
| Deductions  during period:            |   |    |        |        |        |
| Cost of real  estate sold             |   | $       | 0           |        |        |   |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | 0           |        |
| Balance at  close of period - 3/31/02 |   |    |        | $           | 221,616,072 |   |
| Additions  during period:             |   |    |        |        |        |
| Acquisitions  through foreclosure     |   | $       | 0           |        |        |   |
| Other  acquisitions                   |   | 0       |        |        |        |
| Improvements,  etc                    |   | 443,056 |        |        |        |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | $           | 443,056     |   |
| Deductions  during period:            |   |    |        |        |        |
| Cost of real  estate sold             |   | $       | (11,260,226 | )           |        |   |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | (11,260,226 | )           |
| Balance at  close of period - 3/31/03 |   |    |        | $           | 210,798,902 |   |

 

F-123

----

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at  beginning of period - 4/1/92 |   |   |      | $      | 659,075    |   |
|------------------------------------------|--------|--------|-----------|--------|------------|--------|
| Current year  expense                    |   | $      | 5,383,385 |   |       |   |
| Balance at  close of period - 3/31/93    |   |   |      | $      | 6,042,460  |   |
| Current year  expense                    |   | $      | 6,562,213 |   |       |   |
| Balance at  close of period - 3/31/94    |   |   |      | $      | 12,604,673 |   |
| Current year  expense                    |   | $      | 7,623,477 |   |       |   |
| Balance at  close of period - 3/31/95    |   |   |      | $      | 20,228,150 |   |
| Current year  expense                    |   | $      | 8,161,751 |   |       |   |
| Balance at  close of period - 3/31/96    |   |   |      | $      | 28,389,901 |   |
| Current year  expense                    |   | $      | 5,335,897 |   |       |   |
| Balance at  close of period - 3/31/97    |   |   |      | $      | 33,725,798 |   |
| Current year  expense                    |   | $      | 6,688,907 |   |       |   |
| Balance at  close of period - 3/31/98    |   |   |      | $      | 40,414,705 |   |
| Current year  expense                    |   | $      | 6,624,768 |   |       |   |
| Balance at  close of period - 3/31/99    |   |   |      | $      | 47,039,473 |   |
| Current year  expense                    |   | $      | 6,550,775 |   |       |   |
| Balance at  close of period - 3/31/00    |   |   |      | $      | 53,590,248 |   |
| Current year  expense                    |   | $      | 5,968,135 |   |       |   |
| Balance at  close of period - 3/31/01    |   |   |      | $      | 59,558,383 |   |
| Current year  expense                    |   | $      | 6,445,983 |   |       |   |
| Balance at  close of period - 3/31/02    |   |   |      | $      | 66,004,366 |   |
| Current year  expense                    |   | $      | 2,425,911 |   |       |   |
| Balance at  close of period - 3/31/03    |   |   |      | $      | 68,430,277 |   |

 

F-124

----