**Exhibit 13**

 

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

 

**BOSTON CAPITAL TAXCREDIT FUND II**

**LIMITED PARTNERSHIP -**

**SERIES 7, 9 THROUGH12, AND 14**

 

MARCH 31, 2004 AND 2003

 

----

 

Boston Capital Tax Credit Fund II Limited Partnership

Series 7, 9 through 12, and 14

 

TABLE OF CONTENTS

 
|                                                       |   |
|------------------------------------------------------------|--------|
| REPORT OF INDEPENDENT REGISTERED PUBLIC  ACCOUNTING FIRM   |   |
|                                                       |   |
| 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 are omitted because of the absence of theconditions under which they are required or because the information is includedin the financial statements or the notes thereto.

 

----

 

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

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Partners

Boston Capital Tax Credit FundII

  Limited Partnership

 

We haveaudited the accompanying balance sheets of Boston Capital Tax Credit Fund IILimited Partnership, including Boston Capital Tax Credit Fund II LimitedPartnership - Series 7, Series 9 through 12, and Series 14, in total and foreach series, as of March 31, 2004 and 2003, and the related statements ofoperations, changes in partners’ capital (deficit) and cash flows for the totalpartnership and for each of the series for each of the three years in theperiod ended March 31, 2004.  Thesefinancial statements are the responsibility of the partnership’smanagement.  Our responsibility is toexpress an opinion on these financial statements based on our audits.  We did not audit the financial statements ofcertain operating limited partnerships which investments represent $8,379,838and $3,127,902 of the total partnership assets as of March 31, 2004 and 2003,respectively, and $(1,890,532), $(662,401) and $(1,933,034), of the total  partnership income (loss) for the yearsended March 31, 2004, 2003 and 2002, respectively; of the assets for Series 7as of March 31, 2004 and 2003, $2,547 and $0, respectively, and of the income(loss) for Series 7 for the years ended March 31, 2004, 2003 and 2002, $1,519,$0 and $(89,813), respectively; of the assets for Series 9 as of March 31, 2004and 2003, $136,814 and $340,752, respectively, and of the income (loss) forSeries 9 for the years ended March 31, 2004, 2003 and 2002, $(362,232),$(121,458) and $(310,068), respectively; of the assets for Series 10 as ofMarch 31, 2004 and 2003, $309,494 and $436,539, respectively, and of the income(loss) for Series 10 for the years ended March 31, 2004, 2003 and 2002,$(54,452), $(20,641) and $(92,795), respectively; of the assets for Series 11as of March 31, 2004 and 2003, $689,565 and $843,692, respectively, and of theincome (loss) for Series 11 for the years ended March 31, 2004, 2003 and 2002,$(329,446), $(194,214) and $(309,269), respectively; of the assets for Series12 as of March 31, 2004 and 2003, $3,863,968 and $628,421, respectively, and ofthe income (loss) for Series 12 for the years ended March 31, 2004, 2003 and2002, $(478,247), $(246,938) and $(384,910), respectively; and of the assetsfor Series 14 as of March 31, 2004 and 2003, $3,377,450 and $878,498,respectively, and of the income (loss) for Series 14 for the years ended March31, 2004, 2003 and 2002, $(667,674), $(79,150) and $(746,179),respectively.  Those statements wereaudited by other auditors, whose reports have been furnished to us, and ouropinion, insofar as it relates to those operating limited partnerships, isbased solely on the reports of the other auditors.

 

F-3

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We conducted our audits in accordance withthe standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles usedand significant estimates made by management, as well as evaluating the overallfinancial statement presentation.  Webelieve that our audits and the reports of the other auditors provide areasonable basis for our opinion.

 

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 L.P. -Series 7, Series 9 through 12, and Series 14, in total and for each series, asof March 31, 2004 and 2003, and the results of its operations and its cashflows for the total partnership and for each of the series for each of thethree years in the period ended March 31, 2004, in conformity with accountingprinciples generally accepted in the United States of America.

 

We and other auditors have also audited theinformation included in the related financial statement schedule listed in Form10-K item 15(a) of Boston Capital Tax Credit Fund II Limited Partnership -Series 7, Series 9 through 12, and Series 14 as of March 31, 2004.  In our opinion, the schedule presents fairlythe information required to be set forth therein, in conformity with accountingprinciples generally accepted in the United States of America.

 
|                | /s/ Reznick  Fedder & Silverman |
|---------------------|-------------------------------------|
|                |
| Bethesda,  Maryland |
| June 25,  2004      |

 

F-4

----

 

Boston Capital Tax Credit Fund II Limited Partnership

Series 7, 9 through 12, and 14

 

BALANCE SHEETS

 

March 31, 2004 and 2003

 
|                                                                                                                                                                                                                 |   | **Total**  |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|------------|
|                                                                                                                                                                                                                 |   | **2004**   |       | **2003** |   |
| ASSETS                                                                                                                                                                                                               |   |       |       |   |   |
|                                                                                                                                                                                                                 |   |       |       |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                       |   | $          | 16,946,065 |   | $ | 23,401,004 |   |
|                                                                                                                                                                                                                 |   |       |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                         |   |       |       |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                            |   | 1,749,417  |       | 3,633,932 |   |
| Notes receivable (note F)                                                                                                                                                                                            |   | 303,374    |       | 543,584 |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                         |   | 898,393    |       | 946,954 |   |
| Other                                                                                                                                                                                                                |   | 381,162    |       | 981,330 |   |
|                                                                                                                                                                                                                 |   |       |       |   |   |
|                                                                                                                                                                                                                 |   | $          | 20,278,411 |   | $ | 29,506,804 |   |
|                                                                                                                                                                                                                 |   |       |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                    |   |       |       |   |   |
|                                                                                                                                                                                                                 |   |       |       |   |   |
| LIABILITIES                                                                                                                                                                                                          |   |       |       |   |   |
| Accounts payable - trade                                                                                                                                                                                             |   | $          | 1,380      |   | $ | 2,618 |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                               |   | 28,623,506 |       | 26,173,258 |   |
| Capital contributions payable (note C)                                                                                                                                                                               |   | 236,345    |       | 236,345 |   |
|                                                                                                                                                                                                                 |   |       |       |   |   |
|                                                                                                                                                                                                                 |   | 28,861,231 |       | 26,412,221 |   |
| 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, 18,679,738 issued and outstanding to the assignees at March  31, 2004 and 2003 |   | —     |       | — |   |
| Assignees                                                                                                                                                                                                            |   |       |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 18,679,738 issued and  outstanding at March 31, 2004 and 2003                                                     |   | (6,912,721 | )          | 4,672,658 |   |
| General partner                                                                                                                                                                                                      |   | (1,670,099 | )          | (1,578,075 | ) |
|                                                                                                                                                                                                                 |   |       |       |   |   |
|                                                                                                                                                                                                                 |   | (8,582,820 | )          | 3,094,583 |   |
|                                                                                                                                                                                                                 |   |       |       |   |   |
|                                                                                                                                                                                                                 |   | $          | 20,278,411 |   | $ | 29,506,804 |   |

 

F-5

----

 
|                                                                                                                                                                                                                |   | **Series 7** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                                                                                                                                                |   | **2004**     |   | **2003** |   |
| ASSETS                                                                                                                                                                                                              |   |         |   |   |   |
|                                                                                                                                                                                                                |   |         |   |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                      |   | $            | 52,288 |   | $ | 133,996 |   |
|                                                                                                                                                                                                                |   |         |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |   |         |   |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |   | 12,216       |   | 9,823 |   |
| Notes receivable (note F)                                                                                                                                                                                           |   | —       |   | — |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                        |   | —       |   | — |   |
| Other                                                                                                                                                                                                               |   | 5,500        |   | 26,450 |   |
|                                                                                                                                                                                                                |   |         |   |   |   |
|                                                                                                                                                                                                                |   | $            | 70,004 |   | $ | 170,269 |   |
|                                                                                                                                                                                                                |   |         |   |   |   |
| LIABILITIES  AND PARTNERS’ DEFICIT                                                                                                                                                                             |   |         |   |   |   |
|                                                                                                                                                                                                                |   |         |   |   |   |
| LIABILITIES                                                                                                                                                                                                         |   |         |   |   |   |
| Accounts payable - trade                                                                                                                                                                                            |   | $            | — |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |   | 1,752,962    |   | 1,531,754 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |   | —       |   | — |   |
|                                                                                                                                                                                                                |   |         |   |   |   |
|                                                                                                                                                                                                                |   | 1,752,962    |   | 1,531,754 |   |
| 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, 2004 and 2003 |   | —       |   | — |   |
| Assignees                                                                                                                                                                                                           |   |         |   |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 1,036,100 issued and  outstanding at March 31, 2004 and 2003                                                     |   | (1,576,201   | )      | (1,257,943 | ) |
| General partner                                                                                                                                                                                                     |   | (106,757     | )      | (103,542 | ) |
|                                                                                                                                                                                                                |   |         |   |   |   |
|                                                                                                                                                                                                                |   | (1,682,958   | )      | (1,361,485 | ) |
|                                                                                                                                                                                                                |   |         |   |   |   |
|                                                                                                                                                                                                                |   | $            | 70,004 |   | $ | 170,269 |   |

 

F-6

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|                                                                                                                                                                                                                |   | **Series 9** |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|
|                                                                                                                                                                                                                |   | **2004**     |    | **2003** |   |
| ASSETS                                                                                                                                                                                                              |   |         |    |   |   |
|                                                                                                                                                                                                                |   |         |    |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                      |   | $            | 222,660 |   | $ | 1,463,578 |   |
|                                                                                                                                                                                                                |   |         |    |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |   |         |    |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |   | 243,617      |    | 2,030,872 |   |
| Notes receivable (note F)                                                                                                                                                                                           |   | —       |    | — |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                        |   | 16,092       |    | 16,962 |   |
| Other                                                                                                                                                                                                               |   | 127,579      |    | 196,033 |   |
|                                                                                                                                                                                                                |   |         |    |   |   |
|                                                                                                                                                                                                                |   | $            | 609,948 |   | $ | 3,707,445 |   |
|                                                                                                                                                                                                                |   |         |    |   |   |
| LIABILITIES  AND PARTNERS’ DEFICIT                                                                                                                                                                             |   |         |    |   |   |
|                                                                                                                                                                                                                |   |         |    |   |   |
| LIABILITIES                                                                                                                                                                                                         |   |         |    |   |   |
| Accounts payable - trade                                                                                                                                                                                            |   | $            | —  |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |   | 6,194,767    |    | 5,676,451 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |   | —       |    | — |   |
|                                                                                                                                                                                                                |   |         |    |   |   |
|                                                                                                                                                                                                                |   | 6,194,767    |    | 5,676,451 |   |
| 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, 2004 and 2003 |   | —       |    | — |   |
| Assignees                                                                                                                                                                                                           |   |         |    |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 4,178,029 issued and  outstanding at March 31, 2004 and 2003                                                     |   | (5,188,152   | )       | (1,588,976 | ) |
| General partner                                                                                                                                                                                                     |   | (396,667     | )       | (380,030 | ) |
|                                                                                                                                                                                                                |   |         |    |   |   |
|                                                                                                                                                                                                                |   | (5,584,819   | )       | (1,969,006 | ) |
|                                                                                                                                                                                                                |   |         |    |   |   |
|                                                                                                                                                                                                                |   | $            | 609,948 |   | $ | 3,707,445 |   |

 

F-7

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|                                                                                                                                                                                                                |   | **Series 10** |      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                                |   | **2004**      |      | **2003** |   |
| ASSETS                                                                                                                                                                                                              |   |          |      |   |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                      |   | $             | 2,287,645 |   | $ | 3,083,826 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |   |          |      |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |   | 184,427       |      | 121,830 |   |
| Notes receivable (note F)                                                                                                                                                                                           |   | —        |      | — |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                        |   | 63,667        |      | 67,108 |   |
| Other                                                                                                                                                                                                               |   | 2,500         |      | 38,978 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | $             | 2,538,239 |   | $ | 3,311,742 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| LIABILITIES  AND PARTNERS’ DEFICIT                                                                                                                                                                             |   |          |      |   |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| LIABILITIES                                                                                                                                                                                                         |   |          |      |   |   |
| Accounts payable - trade                                                                                                                                                                                            |   | $             | —    |   | $ | 1,238 |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |   | 4,295,267     |      | 3,965,785 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |   | —        |      | — |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | 4,295,267     |      | 3,967,023 |   |
| 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, 2,428,925 issued and outstanding to the assignees at March  31, 2004 and 2003 |   | —        |      | — |   |
| Assignees                                                                                                                                                                                                           |   |          |      |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,428,925 issued and  outstanding at March 31, 2004 and 2003                                                     |   | (1,536,339    | )         | (445,609 | ) |
| General partner                                                                                                                                                                                                     |   | (220,689      | )         | (209,672 | ) |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | (1,757,028    | )         | (655,281 | ) |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | $             | 2,538,239 |   | $ | 3,311,742 |   |

 

F-8

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|                                                                                                                                                                                                                |   | **Series 11** |      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                                |   | **2004**      |      | **2003** |   |
| ASSETS                                                                                                                                                                                                              |   |          |      |   |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                      |   | $             | 3,616,386 |   | $ | 5,304,019 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |   |          |      |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |   | 331,830       |      | 369,202 |   |
| Notes receivable (note F)                                                                                                                                                                                           |   | —        |      | — |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                        |   | 32,271        |      | 34,015 |   |
| Other                                                                                                                                                                                                               |   | 86,781        |      | 125,940 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | $             | 4,067,268 |   | $ | 5,833,176 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                   |   |          |      |   |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| LIABILITIES                                                                                                                                                                                                         |   |          |      |   |   |
| Accounts payable - trade                                                                                                                                                                                            |   | $             | —    |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |   | 3,595,234     |      | 3,254,555 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |   | 22,528        |      | 22,528 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | 3,617,762     |      | 3,277,083 |   |
| 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, 2,489,599 issued and outstanding to the assignees at March  31, 2004 and 2003 |   | —        |      | — |   |
| Assignees                                                                                                                                                                                                           |   |          |      |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,489,599 issued and  outstanding at March 31, 2004 and 2003                                                     |   | 659,696       |      | 2,745,217 |   |
| General partner                                                                                                                                                                                                     |   | (210,190      | )         | (189,124 | ) |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | 449,506       |      | 2,556,093 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | $             | 4,067,268 |   | $ | 5,833,176 |   |

 

F-9

----

 
|                                                                                                                                                                                                                |   | **Series 12** |      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                                |   | **2004**      |      | **2003** |   |
| ASSETS                                                                                                                                                                                                              |   |          |      |   |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                      |   | $             | 4,827,072 |   | $ | 5,532,116 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |   |          |      |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |   | 67,139        |      | 39,674 |   |
| Notes receivable (note F)                                                                                                                                                                                           |   | —        |      | — |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                        |   | 246,360       |      | 259,677 |   |
| Other                                                                                                                                                                                                               |   | 25,218        |      | 116,367 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | $             | 5,165,789 |   | $ | 5,947,834 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                   |   |          |      |   |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| LIABILITIES                                                                                                                                                                                                         |   |          |      |   |   |
| Accounts payable - trade                                                                                                                                                                                            |   | $             | —    |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |   | 4,474,748     |      | 4,067,244 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |   | 11,405        |      | 11,405 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | 4,486,153     |      | 4,078,649 |   |
| 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, 2,972,795 issued and outstanding to the assignees at March  31, 2004 and 2003 |   | —        |      | — |   |
| Assignees                                                                                                                                                                                                           |   |          |      |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,972,795 issued and  outstanding at March 31, 2004 and 2003                                                     |   | 930,098       |      | 2,107,752 |   |
| General partner                                                                                                                                                                                                     |   | (250,462      | )         | (238,567 | ) |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | 679,636       |      | 1,869,185 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | $             | 5,165,789 |   | $ | 5,947,834 |   |

 

F-10

----

 
|                                                                                                                                                                                                                |   | **Series 14** |      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|
|                                                                                                                                                                                                                |   | **2004**      |      | **2003** |   |
| ASSETS                                                                                                                                                                                                              |   |          |      |   |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| INVESTMENTS IN OPERATING LIMITED  PARTNERSHIPS (notes A and C)                                                                                                                                                      |   | $             | 5,940,014 |   | $ | 7,883,469 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |   |          |      |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |   | 910,188       |      | 1,062,531 |   |
| Notes receivable (note F)                                                                                                                                                                                           |   | 303,374       |      | 543,584 |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                        |   | 540,003       |      | 569,192 |   |
| Other                                                                                                                                                                                                               |   | 133,584       |      | 477,562 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | $             | 7,827,163 |   | $ | 10,536,338 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                   |   |          |      |   |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
| LIABILITIES                                                                                                                                                                                                         |   |          |      |   |   |
| Accounts payable - trade                                                                                                                                                                                            |   | $             | 1,380     |   | $ | 1,380 |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |   | 8,310,528     |      | 7,677,469 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |   | 202,412       |      | 202,412 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | 8,514,320     |      | 7,881,261 |   |
| 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, 5,574,290 issued and outstanding to the assignees at March  31, 2004 and 2003 |   | —        |      | — |   |
| Assignees                                                                                                                                                                                                           |   |          |      |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 5,574,290 issued and  outstanding at March 31, 2004 and 2003                                                     |   | (201,823      | )         | 3,112,217 |   |
| General partner                                                                                                                                                                                                     |   | (485,334      | )         | (457,140 | ) |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | (687,157      | )         | 2,655,077 |   |
|                                                                                                                                                                                                                |   |          |      |   |   |
|                                                                                                                                                                                                                |   | $             | 7,827,163 |   | $ | 10,536,338 |   |

 

F-11

----

 

Boston Capital Tax Credit Fund II Limited Partnership

Series 7, 9 through 12, and 14

 

STATEMENTS OFOPERATIONS

 

Years ended March 31, 2004, 2003 and 2002

 
|                                                          |   | **Total**  |       |
|---------------------------------------------------------------|--------|------------|------------|
|                                                          |   | **2004**   |       | **2003** |   | **2002** |   |
| Income                                                        |   |       |       |   |   |   |   |
| Interest income                                               |   | $          | 12,799     |   | $ | 20,587 |   | $ | 46,893 |   |
| Miscellaneous income                                          |   | 52,910     |       | 35,706 |   | 6,256 |   |
|                                                          |   |       |       |   |   |   |   |
|                                                          |   | 65,709     |       | 56,293 |   | 53,149 |   |
|                                                          |   |       |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (4,482,965 | )**        | (5,855,904 | )* | (5,815,333 | ) |
|                                                          |   |       |       |   |   |   |   |
| Expenses                                                      |   |       |       |   |   |   |   |
| Professional fees                                             |   | 233,958    |       | 209,866 |   | 197,404 |   |
| Partnership management fee (note B)                           |   | 2,115,746  |       | 1,831,759 |   | 2,258,377 |   |
| Amortization (note A)                                         |   | 48,561     |       | 48,561 |   | 48,561 |   |
| Impairment loss (note A)                                      |   | 2,170,579  |       | 1,421,709 |   | — |   |
| General and administrative expenses (note  B)                 |   | 216,307    |       | 522,282 |   | 135,444 |   |
|                                                          |   |       |       |   |   |   |   |
|                                                          |   | 4,785,151  |       | 4,034,177 |   | 2,639,786 |   |
|                                                          |   |       |       |   |   |   |   |
| NET LOSS (note A)                                             |   | $          | (9,202,407 | ) | $ | (9,833,788 | ) | $ | (8,401,970 | ) |
|                                                          |   |       |       |   |   |   |   |
| Net loss allocated to general partner                         |   | $          | (92,024    | ) | $ | (98,337 | ) | $ | (84,020 | ) |
|                                                          |   |       |       |   |   |   |   |
| Net loss allocated to assignees                               |   | $          | (9,110,383 | ) | $ | (9,735,451 | ) | $ | (8,317,950 | ) |
|                                                          |   |       |       |   |   |   |   |
| Net loss per BAC                                              |   | $          | (0.49      | ) | $ | (0.52 | ) | $ | (0.45 | ) |

 

----

*                 Includesloss on sale of operating 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.

 

**          Includesgain on sale of operating limited partnership (Series 9) of $187,718 and losson sale of operating limited partnerships (Series 14) of $27,197.

 

F-12

----

 
|                                                          |   | **Series 7** |     |
|---------------------------------------------------------------|--------|--------------|----------|
|                                                          |   | **2004**     |     | **2003** |   | **2002** |   |
| Income                                                        |   |         |     |   |   |   |   |
| Interest income                                               |   | $            | 56       |   | $ | 182 |   | $ | 64 |   |
| Miscellaneous income                                          |   | 3,450        |     | 3,150 |   | — |   |
|                                                          |   |         |     |   |   |   |   |
| Total income                                                  |   | 3,506        |     | 3,332 |   | 64 |   |
|                                                          |   |         |     |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (202,186     | )        | (128,780 | ) | (214,307 | ) |
|                                                          |   |         |     |   |   |   |   |
| Expenses                                                      |   |         |     |   |   |   |   |
| Professional fees                                             |   | 13,486       |     | 12,047 |   | 11,698 |   |
| Partnership management fee (note B)                           |   | 98,620       |     | 88,996 |   | 94,584 |   |
| Amortization (note A)                                         |   | —       |     | — |   | — |   |
| Impairment loss (note A)                                      |   | —       |     | — |   | — |   |
| General and administrative expenses (note  B)                 |   | 10,687       |     | 63,193 |   | 9,933 |   |
|                                                          |   |         |     |   |   |   |   |
|                                                          |   | 122,793      |     | 164,236 |   | 116,215 |   |
|                                                          |   |         |     |   |   |   |   |
| NET LOSS (note A)                                             |   | $            | (321,473 | ) | $ | (289,684 | ) | $ | (330,458 | ) |
|                                                          |   |         |     |   |   |   |   |
| Net loss allocated to general partner                         |   | $            | (3,215   | ) | $ | (2,897 | ) | $ | (3,305 | ) |
|                                                          |   |         |     |   |   |   |   |
| Net loss allocated to assignees                               |   | $            | (318,258 | ) | $ | (286,787 | ) | $ | (327,153 | ) |
|                                                          |   |         |     |   |   |   |   |
| Net loss per BAC                                              |   | $            | (0.30    | ) | $ | (0.27 | ) | $ | (0.32 | ) |

 

F-13

----

 
|                                                          |   | **Series 9** |       |
|---------------------------------------------------------------|--------|--------------|------------|
|                                                          |   | **2004**     |       | **2003** |   | **2002** |   |
| Income                                                        |   |         |       |   |   |   |   |
| Interest income                                               |   | $            | 5,970      |   | $ | 4,114 |   | $ | 11,112 |   |
| Miscellaneous income                                          |   | 9,808        |       | 15,247 |   | — |   |
|                                                          |   |         |       |   |   |   |   |
| Total income                                                  |   | 15,778       |       | 19,361 |   | 11,112 |   |
|                                                          |   |         |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (413,847     | )**        | (506,208 | )* | (1,269,639 | ) |
|                                                          |   |         |       |   |   |   |   |
| Expenses                                                      |   |         |       |   |   |   |   |
| Professional fees                                             |   | 44,204       |       | 37,086 |   | 33,888 |   |
| Partnership management fee (note B)                           |   | 472,382      |       | 217,108 |   | 534,108 |   |
| Amortization (note A)                                         |   | 870          |       | 870 |   | 870 |   |
| Impairment loss (note A)                                      |   | 706,730      |       | 733,718 |   | — |   |
| General and administrative expenses (note  B)                 |   | 41,446       |       | 163,567 |   | 24,951 |   |
|                                                          |   |         |       |   |   |   |   |
|                                                          |   | 1,265,632    |       | 1,152,349 |   | 593,817 |   |
|                                                          |   |         |       |   |   |   |   |
| NET LOSS (note A)                                             |   | $            | (1,663,701 | ) | $ | (1,639,196 | ) | $ | (1,852,344 | ) |
|                                                          |   |         |       |   |   |   |   |
| Net loss allocated to general partner                         |   | $            | (16,637    | ) | $ | (16,392 | ) | $ | (18,523 | ) |
|                                                          |   |         |       |   |   |   |   |
| Net loss allocated to assignees                               |   | $            | (1,647,064 | ) | $ | (1,622,804 | ) | $ | (1,833,821 | ) |
|                                                          |   |         |       |   |   |   |   |
| Net loss per BAC                                              |   | $            | (0.39      | ) | $ | (0.39 | ) | $ | (0.44 | ) |

 

----

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

 

**          Includesgain on sale of operating limited partnership (Series 9) of $187,718.

 

F-14

----

 
|                                                          |   | **Series 10** |       |
|---------------------------------------------------------------|--------|---------------|------------|
|                                                          |   | **2004**      |       | **2003** |   | **2002** |   |
| Income                                                        |   |          |       |   |   |   |   |
| Interest income                                               |   | $             | 724        |   | $ | 3,963 |   | $ | 4,938 |   |
| Miscellaneous income                                          |   | 12,760        |       | 1,352 |   | 150 |   |
|                                                          |   |          |       |   |   |   |   |
| Total income                                                  |   | 13,484        |       | 5,315 |   | 5,088 |   |
|                                                          |   |          |       |   |   |   |   |
| Share of losses from operating limited partnerships  (note A) |   | (541,238      | )          | (1,912,648 | )* | (399,663 | ) |
|                                                          |   |          |       |   |   |   |   |
| Expenses                                                      |   |          |       |   |   |   |   |
| Professional fees                                             |   | 31,185        |       | 28,513 |   | 27,042 |   |
| Partnership management fee (note B)                           |   | 265,720       |       | 308,963 |   | 331,705 |   |
| Amortization (note A)                                         |   | 3,441         |       | 3,441 |   | 3,441 |   |
| Impairment loss (note A)                                      |   | 246,427       |       | — |   | — |   |
| General and administrative expenses (note  B)                 |   | 27,220        |       | 132,288 |   | 20,020 |   |
|                                                          |   |          |       |   |   |   |   |
|                                                          |   | 573,993       |       | 473,205 |   | 382,208 |   |
|                                                          |   |          |       |   |   |   |   |
| NET LOSS (note A)                                             |   | $             | (1,101,747 | ) | $ | (2,380,538 | ) | $ | (776,783 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to general partner                         |   | $             | (11,017    | ) | $ | (23,805 | ) | $ | (7,768 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to assignees                               |   | $             | (1,090,730 | ) | $ | (2,356,733 | ) | $ | (769,015 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss per BAC                                              |   | $             | (0.45      | ) | $ | (0.97 | ) | $ | (0.32 | ) |

 

----

*                 Includes loss on sale of operatinglimited partnership (Series 10) of $1,396,476.

 

F-15

----

 
|                                                          |   | **Series 11** |       |
|---------------------------------------------------------------|--------|---------------|------------|
|                                                          |   | **2004**      |       | **2003** |   | **2002** |   |
| Income                                                        |   |          |       |   |   |   |   |
| Interest income                                               |   | $             | 1,516      |   | $ | 5,582 |   | $ | 11,656 |   |
| Miscellaneous income                                          |   | 9,106         |       | 7,339 |   | 2,038 |   |
|                                                          |   |          |       |   |   |   |   |
| Total income                                                  |   | 10,622        |       | 12,921 |   | 13,694 |   |
|                                                          |   |          |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (1,215,227    | )          | (575,968 | ) | (753,314 | ) |
|                                                          |   |          |       |   |   |   |   |
| Expenses                                                      |   |          |       |   |   |   |   |
| Professional fees                                             |   | 35,403        |       | 28,607 |   | 26,466 |   |
| Partnership management fee (note B)                           |   | 297,947       |       | 303,614 |   | 306,500 |   |
| Amortization (note A)                                         |   | 1,744         |       | 1,744 |   | 1,744 |   |
| Impairment loss (note A)                                      |   | 542,101       |       | 573,631 |   | — |   |
| General and administrative expenses (note  B)                 |   | 24,787        |       | 30,458 |   | 18,355 |   |
|                                                          |   |          |       |   |   |   |   |
|                                                          |   | 901,982       |       | 938,054 |   | 353,065 |   |
|                                                          |   |          |       |   |   |   |   |
| NET LOSS (note A)                                             |   | $             | (2,106,587 | ) | $ | (1,501,101 | ) | $ | (1,092,685 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to general partner                         |   | $             | (21,066    | ) | $ | (15,011 | ) | $ | (10,927 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to assignees                               |   | $             | (2,085,521 | ) | $ | (1,486,090 | ) | $ | (1,081,758 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss per BAC                                              |   | $             | (0.84      | ) | $ | (0.60 | ) | $ | (0.43 | ) |

 

F-16

----

 
|                                                          |   | **Series 12** |       |
|---------------------------------------------------------------|--------|---------------|------------|
|                                                          |   | **2004**      |       | **2003** |   | **2002** |   |
| Income                                                        |   |          |       |   |   |   |   |
| Interest income                                               |   | $             | 240        |   | $ | 420 |   | $ | 799 |   |
| Miscellaneous income                                          |   | 4,920         |       | 943 |   | 1,050 |   |
|                                                          |   |          |       |   |   |   |   |
| Total income                                                  |   | 5,160         |       | 1,363 |   | 1,849 |   |
|                                                          |   |          |       |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (645,546      | )          | (726,551 | ) | (969,561 | ) |
|                                                          |   |          |       |   |   |   |   |
| Expenses                                                      |   |          |       |   |   |   |   |
| Professional fees                                             |   | 35,164        |       | 33,939 |   | 34,794 |   |
| Partnership management fee (note B)                           |   | 327,198       |       | 354,616 |   | 361,681 |   |
| Amortization (note A)                                         |   | 13,317        |       | 13,317 |   | 13,317 |   |
| Impairment loss (note A)                                      |   | 141,919       |       | — |   | — |   |
| General and administrative expenses (note  B)                 |   | 31,565        |       | 39,886 |   | 22,323 |   |
|                                                          |   |          |       |   |   |   |   |
|                                                          |   | 549,163       |       | 441,758 |   | 432,115 |   |
|                                                          |   |          |       |   |   |   |   |
| NET LOSS (note A)                                             |   | $             | (1,189,549 | ) | $ | (1,166,946 | ) | $ | (1,399,827 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to general partner                         |   | $             | (11,895    | ) | $ | (11,669 | ) | $ | (13,998 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss allocated to assignees                               |   | $             | (1,177,654 | ) | $ | (1,155,277 | ) | $ | (1,385,829 | ) |
|                                                          |   |          |       |   |   |   |   |
| Net loss per BAC                                              |   | $             | (0.40      | ) | $ | (0.39 | ) | $ | (0.47 | ) |

 

F-17

----

 
|                                                          |   | **Series 14** |        |
|---------------------------------------------------------------|--------|---------------|-------------|
|                                                          |   | **2004**      |        | **2003** |   | **2002** |   |
| Income                                                        |   |          |        |   |   |   |   |
| Interest income                                               |   | $             | 4,293       |   | $ | 6,326 |   | $ | 18,324 |   |
| Miscellaneous income                                          |   | 12,866        |        | 7,675 |   | 3,018 |   |
|                                                          |   |          |        |   |   |   |   |
| Total income                                                  |   | 17,159        |        | 14,001 |   | 21,342 |   |
|                                                          |   |          |        |   |   |   |   |
| Share of losses from operating limited  partnerships (note A) |   | (1,464,921    | )**         | (2,005,749 | )* | (2,208,849 | ) |
|                                                          |   |          |        |   |   |   |   |
| Expenses                                                      |   |          |        |   |   |   |   |
| Professional fees                                             |   | 74,516        |        | 69,674 |   | 63,516 |   |
| Partnership management fee (note B)                           |   | 653,879       |        | 558,462 |   | 629,799 |   |
| Amortization (note A)                                         |   | 29,189        |        | 29,189 |   | 29,189 |   |
| Impairment loss (note A)                                      |   | 533,402       |        | 114,360 |   | — |   |
| General and administrative expenses (note  B)                 |   | 80,602        |        | 92,890 |   | 39,862 |   |
|                                                          |   |          |        |   |   |   |   |
|                                                          |   | 1,371,588     |        | 864,575 |   | 762,366 |   |
|                                                          |   |          |        |   |   |   |   |
| NET LOSS (note A)                                             |   | $             | (2,819,350  | ) | $ | (2,856,323 | ) | $ | (2,949,873 | ) |
|                                                          |   |          |        |   |   |   |   |
| Net loss allocated to general partner                         |   | $             | (28,194     | ) | $ | (28,563 | ) | $ | (29,499 | ) |
|                                                          |   |          |        |   |   |   |   |
| Net loss allocated to assignees                               |   | $             | (2,791,156  | ) | $ | (2,827,760 | ) | $ | (2,920,374 | ) |
|                                                          |   |          |        |   |   |   |   |
| Net loss per BAC                                              |   | $             |  (0.50 | ) | $ |  (0.51 | ) | $ |  (0.52 | ) |

 

----

*                 Includes loss onsale of operating limited partnership (Series 14) of $420,816.

 

**          Includes loss on sale ofoperating limited partnerships (Series 14) of $27,197.

 

See notes to financial statements

 

F-18

----

 

Boston Capital Tax Credit Fund II Limited Partnership

Series 7, 9 through 12, and 14

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

 

Years ended March 31, 2004, 2003 and 2002

 
| **Total**                                        |   | **Assignees** |       | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|------------|----------------------|--------|------------|--------|
|                                             |   |          |       |                 |   |       |   |
| 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  |   |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (9,110,383    | )          | (92,024              | )      | (9,202,407 | )      |
|                                             |   |          |       |                 |   |       |   |
| Distributions                                    |   | (2,474,996    | )          | —               |   | (2,474,996 | )      |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2004 |   | $             | (6,912,721 | )                    | $      | (1,670,099 | )      | $ | (8,582,820 | ) |

 

F-19

----

 
| **Series 7**                                     |   | **Assignees** |       | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|------------|----------------------|--------|------------|--------|
|                                             |   |          |       |                 |   |       |   |
| 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 | )      |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (318,258      | )          | (3,215               | )      | (321,473   | )      |
|                                             |   |          |       |                 |   |       |   |
| Distributions                                    |   | —        |       | —               |   | —     |   |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2004 |   | $             | (1,576,201 | )                    | $      | (106,757   | )      | $ | (1,682,958 | ) |

 
| **Series 9**                                     |   | **Assignees** |       | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|------------|----------------------|--------|------------|--------|
|                                             |   |          |       |                 |   |       |   |
| 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 | )      |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (1,647,064    | )          | (16,637              | )      | (1,663,701 | )      |
|                                             |   |          |       |                 |   |       |   |
| Distributions                                    |   | (1,952,112    | )          | —               |   | (1,952,112 | )      |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2004 |   | $             | (5,188,152 | )                    | $      | (396,667   | )      | $ | (5,584,819 | ) |

 

F-20

----

 
| **Series 10**                                    |   | **Assignees** |       | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|------------|----------------------|--------|------------|--------|
|                                             |   |          |       |                 |   |       |   |
| 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   | )      |
|                                             |   |          |       |                 |   |       |   |
| Net loss                                         |   | (1,090,730    | )          | (11,017              | )      | (1,101,747 | )      |
|                                             |   |          |       |                 |   |       |   |
| Distributions                                    |   | —        |       | —               |   | —     |   |
|                                             |   |          |       |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2004 |   | $             | (1,536,339 | )                    | $      | (220,689   | )      | $ | (1,757,028 | ) |

 
| **Series 11**                                    |   | **Assignees** |      | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|-----------|----------------------|--------|------------|--------|
|                                             |   |          |      |                 |   |       |   |
| 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  |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (2,085,521    | )         | (21,066              | )      | (2,106,587 | )      |
|                                             |   |          |      |                 |   |       |   |
| Distributions                                    |   | —        |      | —               |   | —     |   |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2004 |   | $             | 659,696   |                 | $      | (210,190   | )      | $ | 449,506 |   |

 

F-21

----

 
| **Series 12**                                    |   | **Assignees** |      | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|-----------|----------------------|--------|------------|--------|
|                                             |   |          |      |                 |   |       |   |
| 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  |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (1,177,654    | )         | (11,895              | )      | (1,189,549 | )      |
|                                             |   |          |      |                 |   |       |   |
| Distributions                                    |   | —        |      | —               |   | —     |   |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2004 |   | $             | 930,098   |                 | $      | (250,462   | )      | $ | 679,636 |   |

 
| **Series 14**                                    |   | **Assignees** |      | **General  partner** |   | **Total**  |   |
|--------------------------------------------------|--------|---------------|-----------|----------------------|--------|------------|--------|
|                                             |   |          |      |                 |   |       |   |
| 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  |   |
|                                             |   |          |      |                 |   |       |   |
| Net loss                                         |   | (2,791,156    | )         | (28,194              | )      | (2,819,350 | )      |
|                                             |   |          |      |                 |   |       |   |
| Distributions                                    |   | (522,884      | )         | —               |   | (522,884   | )      |
|                                             |   |          |      |                 |   |       |   |
| Partners’ capital (deficit), March 31, 2004 |   | $             | (201,823  | )                    | $      | (485,334   | )      | $ | (687,157 | ) |

 

See notes to financial statements

 

F-22

----

 

Boston Capital Tax Credit Fund II Limited Partnership

Series 7, 9 through 12, and 14

 

STATEMENTS OFCASH FLOWS

 

Years ended March 31, 2004, 2003 and 2002

 
|                                                                                      |   | **Total**  |       |
|-------------------------------------------------------------------------------------------|--------|------------|------------|
|                                                                                      |   | **2004**   |       | **2003** |   | **2002** |   |
| Cash flows from operating activities                                                      |   |       |       |   |   |   |   |
| Net loss                                                                                  |   | $          | (9,202,407 | ) | $ | (9,833,788 | ) | $ | (8,401,970 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |       |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 80,563     |       | 231,919 |   | 46,330 |   |
| Share of losses from operating limited  partnerships                                      |   | 4,482,965  |       | 5,855,904 |   | 5,815,333 |   |
| Impairment loss                                                                           |   | 2,170,579  |       | 1,421,709 |   | — |   |
| Amortization                                                                              |   | 48,561     |       | 48,561 |   | 48,561 |   |
| Changes in assets and liabilities                                                         |   |       |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 2,449,011  |       | 1,564,579 |   | 2,528,244 |   |
| Other assets                                                                              |   | (349       | )          | 12,484 |   | 5,343 |   |
|                                                                                      |   |       |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | 28,923     |       | (698,632 | ) | 41,841 |   |
|                                                                                      |   |       |       |   |   |   |   |
| Cash flows from investing activities                                                      |   |       |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |   | —     |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |   | 118,278    |       | 43,749 |   | (43,283 | ) |
| Proceeds from sale of operating limited  partnerships                                     |   | 443,280    |       | 3,513,760 |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |   | —     |       | 411,470 |   | 231,125 |   |
|                                                                                      |   |       |       |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | 561,558    |       | 3,968,979 |   | 187,842 |   |
|                                                                                      |   |       |       |   |   |   |   |
| Cash flows from financing activities                                                      |   |       |       |   |   |   |   |
| Distributions paid to assignees                                                           |   | (2,474,996 | )          | (769,321 | ) | — |   |
|                                                                                      |   |       |       |   |   |   |   |
| Net cash provided by (used in) financing  activities                                      |   | (2,474,996 | )          | (769,321 | ) | — |   |
|                                                                                      |   |       |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                     |   | (1,884,515 | )          | 2,501,026 |   | 229,683 |   |
|                                                                                      |   |       |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 3,633,932  |       | 1,132,906 |   | 903,223 |   |
|                                                                                      |   |       |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $          | 1,749,417  |   | $ | 3,633,932 |   | $ | 1,132,906 |   |

 

F-23

----

 
|                                                                                                                                                                                                               |   | **Total** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|
|                                                                                                                                                                                                               |   | **2004**  |   | **2003** |   | **2002** |   |
| 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 |   |

 

F-24

----

 
|                                                                                      |   | **Series 7** |     |
|-------------------------------------------------------------------------------------------|--------|--------------|----------|
|                                                                                      |   | **2004**     |     | **2003** |   | **2002** |   |
| Cash flows from operating activities                                                      |   |         |     |   |   |   |   |
| Net loss                                                                                  |   | $            | (321,473 | ) | $ | (289,684 | ) | $ | (330,458 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |         |     |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 9,698        |     | 1,060 |   | — |   |
| Share of losses from operating limited  partnerships                                      |   | 202,186      |     | 128,780 |   | 214,307 |   |
| Impairment loss                                                                           |   | —       |     | — |   | — |   |
| Amortization                                                                              |   | —       |     | — |   | — |   |
| Changes in assets and liabilities                                                         |   |         |     |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 221,208      |     | 113,888 |   | 124,615 |   |
| Other assets                                                                              |   | —       |     | — |   | — |   |
|                                                                                      |   |         |     |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | 111,619      |     | (45,956 | ) | 8,464 |   |
|                                                                                      |   |         |     |   |   |   |   |
| Cash flows from investing activities                                                      |   |         |     |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |   | —       |     | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |   | (109,226     | )        | 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                                      |   | (109,226     | )        | 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                                     |   | 2,393        |     | 1,298 |   | 1,964 |   |
|                                                                                      |   |         |     |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 9,823        |     | 8,525 |   | 6,561 |   |
|                                                                                      |   |         |     |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $            | 12,216   |   | $ | 9,823 |   | $ | 8,525 |   |

 

F-25

----

 
|                                                                                                                                                                                                               |   | **Series 7** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                                                                                                                                               |   | **2004**     |   | **2003** |   | **2002** |   |
| 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** |       |
|-------------------------------------------------------------------------------------------|--------|--------------|------------|
|                                                                                      |   | **2004**     |       | **2003** |   | **2002** |   |
| Cash flows from operating activities                                                      |   |         |       |   |   |   |   |
| Net loss                                                                                  |   | $            | (1,663,701 | ) | $ | (1,639,196 | ) | $ | (1,852,344 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |         |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 1,427        |       | 169,394 |   | 3,731 |   |
| Share of losses from operating limited  partnerships                                      |   | 413,847      |       | 506,208 |   | 1,269,639 |   |
| Impairment loss                                                                           |   | 706,730      |       | 733,718 |   | — |   |
| Amortization                                                                              |   | 870          |       | 870 |   | 870 |   |
| Changes in assets and liabilities                                                         |   |         |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 518,316      |       | (81,628 | ) | 568,607 |   |
| Other assets                                                                              |   | (350         | )          | 4,195 |   | 640 |   |
|                                                                                      |   |         |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | (22,861      | )          | (306,439 | ) | (8,857 | ) |
|                                                                                      |   |         |       |   |   |   |   |
| 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                                     |   | 187,718      |       | 1,982,683 |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |   | —       |       | 97,866 |   | (5,078 | ) |
|                                                                                      |   |         |       |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | 187,718      |       | 2,122,075 |   | (21,861 | ) |
|                                                                                      |   |         |       |   |   |   |   |
| Cash flows from financing activities                                                      |   |         |       |   |   |   |   |
| Distributions paid to assignees                                                           |   | (1,952,112   | )          | — |   | — |   |
|                                                                                      |   |         |       |   |   |   |   |
| Net cash provided by (used in) financing  activities                                      |   | (1,952,112   | )          | — |   | — |   |
|                                                                                      |   |         |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                     |   | (1,787,255   | )          | 1,815,636 |   | (30,718 | ) |
|                                                                                      |   |         |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 2,030,872    |       | 215,236 |   | 245,954 |   |
|                                                                                      |   |         |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $            | 243,617    |   | $ | 2,030,872 |   | $ | 215,236 |   |

 

F-27

----

 
|                                                                                                                                                                                                               |   | **Series 9** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                                                                                                                                               |   | **2004**     |   | **2003** |   | **2002** |   |
| 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 |   |

 

F-28

----

 
|                                                                                      |   | **Series 10** |       |
|-------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                      |   | **2004**      |       | **2003** |   | **2002** |   |
| Cash flows from operating activities                                                      |   |          |       |   |   |   |   |
| Net loss                                                                                  |   | $             | (1,101,747 | ) | $ | (2,380,538 | ) | $ | (776,783 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |          |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 45,344        |       | 380 |   | 20,559 |   |
| Share of losses from operating limited  partnerships                                      |   | 541,238       |       | 1,912,648 |   | 399,663 |   |
| Impairment loss                                                                           |   | 246,427       |       | — |   | — |   |
| Amortization                                                                              |   | 3,441         |       | 3,441 |   | 3,441 |   |
| Changes in assets and liabilities                                                         |   |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 328,244       |       | 205,503 |   | 355,512 |   |
| Other assets                                                                              |   | (350          | )          | 2,791 |   | 703 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | 62,597        |       | (255,775 | ) | 3,095 |   |
|                                                                                      |   |          |       |   |   |   |   |
| 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 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | —        |       | 1,099,621 |   | (5,535 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| 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                                     |   | 62,597        |       | 74,525 |   | (2,440 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 121,830       |       | 47,305 |   | 49,745 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $             | 184,427    |   | $ | 121,830 |   | $ | 47,305 |   |

 

F-29

----

 
|                                                                                                                                                                                                               |   | **Series 10** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                                                                                                                                               |   | **2004**      |   | **2003** |   | **2002** |   |
| 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** |       |
|-------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                      |   | **2004**      |       | **2003** |   | **2002** |   |
| Cash flows from operating activities                                                      |   |          |       |   |   |   |   |
| Net loss                                                                                  |   | $             | (2,106,587 | ) | $ | (1,501,101 | ) | $ | (1,092,685 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |          |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 464           |       | 34 |   | 2,162 |   |
| Share of losses from operating limited  partnerships                                      |   | 1,215,227     |       | 575,968 |   | 753,314 |   |
| Impairment loss                                                                           |   | 542,101       |       | 573,631 |   | — |   |
| Amortization                                                                              |   | 1,744         |       | 1,744 |   | 1,744 |   |
| Changes in assets and liabilities                                                         |   |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 340,680       |       | 325,681 |   | 325,680 |   |
| Other assets                                                                              |   | (350          | )          | 4,004 |   | 1,415 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | (6,721        | )          | (20,039 | ) | (8,370 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Cash flows from investing activities                                                      |   |          |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |   | —        |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |   | (30,651       | )          | (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 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | (30,651       | )          | 127,136 |   | (28,851 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| 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                                     |   | (37,372       | )          | 107,097 |   | (37,221 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 369,202       |       | 262,105 |   | 299,326 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $             | 331,830    |   | $ | 369,202 |   | $ | 262,105 |   |

 

F-31

----

 
|                                                                                                                                                                                                               |   | **Series 11** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                                                                                                                                               |   | **2004**      |   | **2003** |   | **2002** |   |
| 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-32

----

 
|                                                                                      |   | **Series 12** |       |
|-------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                      |   | **2004**      |       | **2003** |   | **2002** |   |
| Cash flows from operating activities                                                      |   |          |       |   |   |   |   |
| Net loss                                                                                  |   | $             | (1,189,549 | ) | $ | (1,166,946 | ) | $ | (1,399,827 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |          |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 8,728         |       | 7,310 |   | 8,145 |   |
| Share of losses from operating limited  partnerships                                      |   | 645,546       |       | 726,551 |   | 969,561 |   |
| Impairment loss                                                                           |   | 141,919       |       | — |   | — |   |
| Amortization                                                                              |   | 13,317        |       | 13,317 |   | 13,317 |   |
| Changes in assets and liabilities                                                         |   |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 407,504       |       | 411,384 |   | 395,446 |   |
| Other assets                                                                              |   | —        |       | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | 27,465        |       | (8,384 | ) | (13,358 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| 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                                     |   | 27,465        |       | (8,384 | ) | (13,358 | ) |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 39,674        |       | 48,058 |   | 61,416 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $             | 67,139     |   | $ | 39,674 |   | $ | 48,058 |   |

 

F-33

----

 
|                                                                                                                                                                                                               |   | **Series 12** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                                                                                                                                               |   | **2004**      |   | **2003** |   | **2002** |   |
| 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-34

----

 
|                                                                                      |   | **Series 14** |       |
|-------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                      |   | **2004**      |       | **2003** |   | **2002** |   |
| Cash flows from operating activities                                                      |   |          |       |   |   |   |   |
| Net loss                                                                                  |   | $             | (2,819,350 | ) | $ | (2,856,323 | ) | $ | (2,949,873 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |   |          |       |   |   |   |   |
| Distributions from operating limited  partnerships                                        |   | 14,902        |       | 53,741 |   | 11,733 |   |
| Share of losses from operating limited  partnerships                                      |   | 1,464,921     |       | 2,005,749 |   | 2,208,849 |   |
| Impairment loss                                                                           |   | 533,402       |       | 114,360 |   | — |   |
| Amortization                                                                              |   | 29,189        |       | 29,189 |   | 29,189 |   |
| Changes in assets and liabilities                                                         |   |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |   | 633,059       |       | 589,751 |   | 758,384 |   |
| Other assets                                                                              |   | 701           |       | 1,494 |   | 2,585 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |   | (143,176      | )          | (62,039 | ) | 60,867 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash flows from investing activities                                                      |   |          |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |   | —        |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |   | 258,155       |       | (15,031 | ) | — |   |
| Proceeds from sale of operating limited  partnerships                                     |   | 255,562       |       | 531,077 |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |   | —        |       | 56,847 |   | 250,589 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) investing  activities                                      |   | 513,717       |       | 572,893 |   | 250,589 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash flows from financing activities                                                      |   |          |       |   |   |   |   |
| Distributions paid to assignees                                                           |   | (522,884      | )          | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| Net cash provided by (used in) financing  activities                                      |   | (522,884      | )          | — |   | — |   |
|                                                                                      |   |          |       |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                     |   | (152,343      | )          | 510,854 |   | 311,456 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |   | 1,062,531     |       | 551,677 |   | 240,221 |   |
|                                                                                      |   |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |   | $             | 910,188    |   | $ | 1,062,531 |   | $ | 551,677 |   |

 

F-35

----

 
|                                                                                                                                                                                                               |   | **Series 14** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                                                                                                                                               |   | **2004**      |   | **2003** |   | **2002** |   |
| 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 TaxCredit Fund II Limited PartnershipSeries 7, 9 through 12, and 14

 

NOTES TO FINANCIALSTATEMENTS

 

March 31, 2004,2003 and 2002

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANTACCOUNTING POLICIES

 

Boston Capital Tax Credit FundII Limited Partnership (the “partnership” or “fund”) was formed under the lawsof 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 apartmentcomplexes also qualified for the Historic Rehabilitation Tax Credit for theirrehabilitation of a certified historic structure and are subject to theprovisions of the Internal Revenue Code relating to the RehabilitationInvestment Credit.  The general partnerof the partnership is Boston Capital Associates II Limited Partnership and thelimited partner is BCTC Assignor Corp. II (the “assignor limited partner”).

 

Pursuant to the Securities Actof 1933, the partnership filed a Form S-11 Registration Statement with theSecurities and Exchange Commission, effective August 29, 1988, which coveredthe offering (the “Public Offering”) of the partnership’s beneficial assigneecertificates (“BACs”) representing assignments of units of the beneficialinterest of the limited partnership interest of the assignor limitedpartner.  The partnership registered20,000,000 BACs at $10 per BAC for sale to the public in six series.  BACs sold in bulk over $100,000 were offeredto 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 BACs issued and outstanding in eachseries at March 31, 2004 and 2003 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 |   |

 

In accordance with the limitedpartnership agreement, profits, losses, and cash flow (subject to certainpriority allocations and distributions) and tax credits are allocated 99% tothe assignees and 1% to the general partner.

 

F-37

----

 

 

Deferred AcquisitionCosts

 

Deferred acquisition costs arebeing amortized on the straight-line method starting April 1, 1995 over 27.5years (330 months).

 

As of April 1, 1995, thepartnership reclassified certain unallocated acquisition costs included in theinvestments in operating limited partnerships to deferred acquisitioncosts.  The amounts include $23,920,$94,634 and $47,968 for Series 9, Series 10 and Series 11, respectively.

 

Accumulated amortization as ofMarch 31, 2004 and 2003 is as follows:

 
|      |   | **2004** |    | **2003** |   |
|-----------|--------|----------|---------|----------|--------|
|      |   |     |    |     |   |
| Series 7  |   | $        | —  |     | $      | — |   |
| Series 9  |   | 7,830    |    | 6,960    |   |
| Series 10 |   | 30,971   |    | 27,530   |   |
| Series 11 |   | 15,697   |    | 13,953   |   |
| Series 12 |   | 119,853  |    | 106,536  |   |
| Series 14 |   | 262,702  |    | 233,513  |   |
|      |   |     |    |     |   |
|      |   | $        | 437,053 |     | $      | 388,492 |   |

 

Income Taxes

 

No provision or benefit for income taxes has beenincluded in these financial statements since taxable income or loss passesthrough to, and is reportable by, the partners and assignees individually.

 

F-38

----

 

Investments inOperating Limited Partnerships

 

The partnership accounts for its investments inoperating limited partnerships using the equity method of accounting.  Under the equity method of accounting, thepartnership adjusts its investment cost for its share of each operating limitedpartnership’s results of operations and for any distributions received oraccrued.  However, the partnershiprecognizes individual operating limited partnership losses only to the extentthat the fund’s share of losses from the operating limited partnerships exceedsthe carrying 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 2004 or 2003.

 

A loss in value of an investment in an operatinglimited partnership other than a temporary decline would be recorded as animpairment loss.  Impairment is measuredby comparing the investment carrying amount to the sum of the total amount ofthe remaining tax credits allocated to the partnership and the estimatedresidual value of the investment. Accordingly, the partnership recorded an impairment loss of $2,170,579,$1,421,709 and $0 during the years ended March 31, 2004, 2003 and 2002, respectively.

 

Capital contributions to operating limitedpartnerships are adjusted by tax credit adjusters.  Tax credit adjusters are defined as adjustments to operatinglimited partnership capital contributions due to reductions in actual taxcredits from those originally projected. The partnership records tax credit adjusters as a reduction ininvestments in operating limited partnerships and capital contributionspayable.

 

The operating limited partnerships maintain theirfinancial statements based on a calendar year and the partnership utilizes aMarch 31 year-end.  The fund recordslosses and income from the operating limited partnerships on a calendar yearbasis which is not materially different from losses and income generated if theoperating limited partnerships utilized a March 31 year-end.

 

The partnership records capital contributions payableto the operating limited partnerships once there is a binding obligation tofund a specified amount.  The operatinglimited partnerships record capital contributions from the partnership whenreceived.

 

F-39

----

 

The partnership records certain acquisition costs asan increase in its investments in operating limited partnerships.  Certain operating limited partnerships havenot recorded the acquisition costs as a capital contribution from thepartnership.  These differences areshown as reconciling items in note C.

 

Cash Equivalents

 

Cash equivalents include money market accounts andrepurchase agreements having original maturities at the date of acquisition ofthree months or less.  The carryingamounts approximate fair value because of the short maturity of theseinstruments.

 

During the ordinarycourse of business, amounts on deposit may exceed the FDIC insured limit.

 

Fiscal Year

 

For financial reporting purposes, the partnership usesa March 31 year-end, whereas for income tax reporting purposes, the partnershipuses a calendar year.  The operatinglimited partnerships use a calendar year for both financial and income taxreporting.

 

Net Loss per BeneficialAssignee Certificate

 

Net loss per beneficial assignee certificate iscalculated based upon the weighted average number of units outstanding.  The weighted average number of unitsoutstanding in each series at March 31, 2004, 2003 and 2002 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

 

The preparation of financial statements in conformitywith accounting principles generally accepted in the United States of Americarequires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements and the reported amounts ofrevenue and expenses during the reporting period.  Actual results could differ from those estimates.

 

Recent AccountingPronouncements

 

In January 2003, the Financial Accounting StandardsBoard (“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 abusiness enterprise must consolidate a variable interest entity, as defined inFIN 46.  In December 2003, the FASBreissued the interpretation to clarify certain requirements and provideadditional implementation guidance.  Thegeneral partner, after careful review and analysis of FIN 46, has preliminarilydetermined that FIN 46 will have no effect on the partnership’s currentaccounting for its investments in operating limited partnerships.

 

In May 2003, the FASB issued Statement of FinancialAccounting Standards (“SFAS”) No. 150, “Accounting for Certain FinancialInstruments with Characteristics of both Liabilities and Equity.”  SFAS No. 150 changes the accounting forcertain financial instruments that, under previous guidance, could beclassified as equity or “mezzanine” equity, by now requiring those instrumentsto be classified as liabilities (or assets in some circumstances) in thebalance sheets.  Further, SFAS No. 150requires disclosure regarding the terms of those instruments and settlementalternatives.  The guidance in SFAS No.150 generally was effective for all financial instruments entered into ormodified after May 31, 2003, and was otherwise effective at the beginning ofthe first interim period beginning after June 15, 2003.  The general partner has evaluated SFAS No.150 and determined that it does not have an impact on the partnership’sfinancial reporting and disclosures.

 

F-41

----

 

NOTE B - RELATED PARTY TRANSACTIONS

 

During the years ended March 31, 2004, 2003 and 2002,the partnership entered into several transactions with various affiliates ofthe general partner, including Boston Capital Partners, Inc., Boston CapitalHoldings Limited Partnership and Boston Capital Asset Management LimitedPartnership, as follows:

 

Boston Capital Asset Management Limited Partnership isentitled to an annual partnership management fee based on .5% of the aggregatecost of all apartment complexes acquired by the operating limited partnerships,less the amount of certain partnership management and reporting fees paid orpayable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by eachseries to the operating limited partnerships and 99% of the permanent financingat the operating limited partnership level. The fee is payable without interest as sufficient funds become availablefrom sales or refinancing proceeds from operating limited partnerships.  The annual partnership management feescharged to each series’ operations during the years ended March 31, 2004, 2003and 2002 are as follows:

 
|      |   | **2004** |      | **2003** |   | **2002**  |   |
|-----------|--------|----------|-----------|----------|--------|-----------|--------|
|      |   |     |      |     |   |      |   |
| Series 7  |   | $        | 98,620    |     | $      | 88,996    |   | $ | 94,584 |   |
| Series 9  |   | 472,382  |      | 217,108  |   | 534,108   |   |
| Series 10 |   | 265,720  |      | 308,963  |   | 331,705   |   |
| Series 11 |   | 297,947  |      | 303,614  |   | 306,500   |   |
| Series 12 |   | 327,198  |      | 354,616  |   | 361,681   |   |
| Series 14 |   | 653,879  |      | 558,462  |   | 629,799   |   |
|      |   |     |      |     |   |      |   |
|      |   | $        | 2,115,746 |     | $      | 1,831,759 |   | $ | 2,258,377 |   |

 

F-42

----

 

General and administrative expenses incurred by BostonCapital Partners, Inc., Boston Capital Holdings Limited Partnership and BostonCapital Asset Management Limited Partnership during the years ended March 31,2004, 2003 and 2002 charged to each series’ operations are as follows:

 
|      |   | **2004** |    | **2003** |   | **2002** |   |
|-----------|--------|----------|---------|----------|--------|----------|--------|
|      |   |     |    |     |   |     |   |
| Series 7  |   | $        | 7,297   |     | $      | 9,113    |   | $ | 4,923 |   |
| Series 9  |   | 32,813   |    | 33,254   |   | 12,896   |   |
| Series 10 |   | 19,972   |    | 24,273   |   | 11,485   |   |
| Series 11 |   | 33,146   |    | 21,982   |   | 10,602   |   |
| Series 12 |   | 23,735   |    | 28,927   |   | 11,824   |   |
| Series 14 |   | 45,875   |    | 52,929   |   | 20,170   |   |
|      |   |     |    |     |   |     |   |
|      |   | $        | 162,838 |     | $      | 170,478  |   | $ | 71,900 |   |

 

During the year ended March 31, 2004, the partnershippaid a sales preparation fee to Boston Capital Asset Management LimitedPartnership in connection with the sale of certain operating limitedpartnerships in Series 9, Series 10 and Series 14.  During the year ended March 31, 2004, the amount incurred forSeries 9, Series 10 and Series 14 was $78,873, $62,502 and $39,824,respectively.

 

Accounts payable - affiliates at March 31, 2004 and2003 represents general and administrative expenses, partnership managementfees, and may include advances which are payable to Boston Capital HoldingsLimited Partnership and Boston Capital Asset Management Limited Partnership.  The carrying value of accounts payable -affiliates approximates fair value.

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

At March 31, 2004 and 2003, the partnership haslimited partnership interests in operating limited partnerships which ownoperating apartment complexes.  Duringthe year ended March 31, 2004, the partnership disposed of its operatinglimited partnership interest in one and three of the operating limitedpartnerships owned by Series 9 and 14, respectively.

 

F-43

----

 

During the year ended March 31, 2003, the partnership disposed of itsoperating 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, 2004and 2003 by series are as follows:

 
|      |   | **2004** |   | **2003** |   |
|-----------|--------|----------|--------|----------|--------|
|      |   |     |   |     |   |
| Series 7  |   | 14       |   | 14       |   |
| Series 9  |   | 53       |   | 54       |   |
| Series 10 |   | 44       |   | 44       |   |
| Series 11 |   | 40       |   | 40       |   |
| Series 12 |   | 53       |   | 53       |   |
| Series 14 |   | 97       |   | 100      |   |
|      |   |     |   |     |   |
|      |   | 301      |   | 305      |   |

 

Under the terms of the partnership’s investments ineach operating limited partnership, the partnership is required to make capitalcontributions to the operating limited partnerships.  These contributions are payable in installments over severalyears upon each operating limited partnership achieving specified levels ofconstruction or operations.

 

The contributions payable to operating limitedpartnerships at March 31, 2004 and 2003 by series are as follows:

 
|      |   | **2004** |    | **2003** |   |
|-----------|--------|----------|---------|----------|--------|
|      |   |     |    |     |   |
| Series 7  |   | $        | —  |     | $      | — |   |
| Series 9  |   | —   |    | —   |   |
| Series 10 |   | —   |    | —   |   |
| Series 11 |   | 22,528   |    | 22,528   |   |
| Series 12 |   | 11,405   |    | 11,405   |   |
| Series 14 |   | 202,412  |    | 202,412  |   |
|      |   |     |    |     |   |
|      |   | $        | 236,345 |     | $      | 236,345 |   |

 

F-44

----

 

The partnership’s investments in operating limitedpartnerships at March 31, 2004 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                                                                                                                                                                                                                                                                                        |   | (1,080,262   | )           |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |        |
| Impairment loss  in investments in operating limited partnerships                                                                                                                                                                                                                                                                                    |   | (4,271,755   | )           |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |        |
| Cumulative  losses from operating limited partnerships                                                                                                                                                                                                                                                                                               |   | (128,407,892 | )           |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |        |
| Investments in  operating limited partnerships per balance sheets                                                                                                                                                                                                                                                                                    |   | 16,946,065   |        |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |        |
| The partnership  (has recorded) has not recorded capital contributions to the operating  limited partnerships during the year ended March 31, 2004, which (have not)  have been included in the partnerships’ capital account included in the  operating limited partnerships’ financial statements as of December 31, 2003  (see note A). |   | (1,011,276   | )           |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |        |
| The partnership  has recorded acquisition costs at March 31, 2004, which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                                              |   | (2,226,857   | )           |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |        |
| Cumulative  losses from operating limited partnerships for the three months ended March  31, 1999, which the operating limited partnerships have not included in their  capital as of December 31, 1998 due to different year ends (see note A).                                                                                                     |   | 5,054,760    |        |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |        |
| Equity in losses  from operating limited partnerships not recognizable under the equity method  of accounting (see note A).                                                                                                                                                                                                                          |   | (45,957,350  | )           |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |        |
| 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                                                                                                                                                                                                                                                                                    |   | 4,271,755    |        |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |        |
| Other                                                                                                                                                                                                                                                                                                                                                |   | (182,092     | )           |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |        |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                                                       |   | $            | (22,329,495 | ) |

 

F-45

----

 

The partnership’s investments in operating limitedpartnerships at March 31, 2004 are summarized as follows:

 
|                                                                                                       |   | **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                                              |   | (13,016      | )         | (222,901     | )      | (140,907      | )      |
|                                                                                                       |   |         |      |         |   |          |   |
| Impairment loss  in investments in operating limited partnerships                                          |   | (255,418     | )         | (1,490,448   | )      | (246,427      | )      |
|                                                                                                       |   |         |      |         |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (8,467,768   | )         | (31,339,440  | )      | (15,476,259   | )      |
|                                                                                                       |   |         |      |         |   |          |   |
| Investments in  operating limited partnerships per balance sheets                                          |   | 52,288       |      | 222,660      |   | 2,287,645     |   |
|                                                                                                            |        |              |           |              |        |               |        |  |  |  |

 

F-46

----

 
|                                                                                                                                                                                                                                                                                                                                                 |   | **Series 7** |       | **Series 9** |   | **Series 10** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------|--------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                 |   |         |       |         |   |          |   |
| The partnership  (has recorded) has not recorded capital contributions to the operating limited  partnerships during the year ended March 31, 2004, which (have not) have been  included in the partnerships’ capital account included in the operating  limited partnerships’ financial statements as of December 31, 2003 (see note  A). |   | —       |       | —       |   | —        |   |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |       |         |   |          |   |
| The partnership  has recorded acquisition costs at March 31, 2004, which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                                              |   | (465,577     | )          | (146,944     | )      | (9,836        | )      |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |       |         |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended March  31, 1999, which the operating limited partnerships have not included in their  capital as of December 31, 1998 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).                                                                                                                                                                                                                          |   | (3,847,915   | )          | (12,008,404  | )      | (5,968,676    | )      |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |       |         |   |          |   |
| 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      |       | 1,490,448    |   | 246,427       |   |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |       |         |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                                                |   | (32,725      | )          | (249,304     | )      | (4,425        | )      |
|                                                                                                                                                                                                                                                                                                                                                 |   |         |       |         |   |          |   |
| Equity per operating  limited partnerships’ combined financial statements                                                                                                                                                                                                                                                                       |   | $            | (3,903,420 | )            | $      | (9,505,312    | )      | $ | (2,586,815 | ) |
|                                                                                                                                                                                                                                                                                                                                                      |        |              |            |              |        |               |        |  |  |  |

 

F-47

----

 

The partnership’s investments in operating limitedpartnerships at March 31, 2004 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                                              |   | (400,584      | )          | (76,645       | )      | (226,209      | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Impairment loss  in investments in operating limited partnerships                                          |   | (1,361,164    | )          | (270,536      | )      | (647,762      | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships                                                     |   | (15,364,168   | )          | (19,584,736   | )      | (38,175,521   | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Investments in  operating limited partnerships per balance sheets                                          |   | 3,616,386     |       | 4,827,072     |   | 5,940,014     |   |
|                                                                                                            |        |               |            |               |        |               |        |  |  |  |

 

F-48

----

 
|                                                                                                                                                                                                                                                                                                                                                 |   | **Series 11** |       | **Series 12** |   | **Series 14** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                 |   |          |       |          |   |          |   |
| The partnership  (has recorded) has not recorded capital contributions to the operating  limited partnerships during the year ended March 31, 2004, which (have not)  have been included in the partnerships’ capital account included in the  operating limited partnerships’ financial statements as of December 31, 2003  (see note A). |   | (10,000       | )          | (631,467      | )      | (369,809      | )      |
|                                                                                                                                                                                                                                                                                                                                                 |   |          |       |          |   |          |   |
| The partnership  has recorded acquisition costs at March 31, 2004, which have not been  recorded in the net assets of the operating limited partnerships (see note  A).                                                                                                                                                                              |   | (460,597      | )          | (312,956      | )      | (830,947      | )      |
|                                                                                                                                                                                                                                                                                                                                                 |   |          |       |          |   |          |   |
| Cumulative  losses from operating limited partnerships for the three months ended March  31, 1999, which the operating limited partnerships have not included in their  capital as of December 31, 1998 due to different year ends (see note A).                                                                                                     |   | 721,702       |       | 613,706       |   | 1,682,795     |   |
|                                                                                                                                                                                                                                                                                                                                                 |   |          |       |          |   |          |   |
| Equity in losses  from operating limited partnerships not recognizable under the equity method  of accounting (see note A).                                                                                                                                                                                                                          |   | (7,294,286    | )          | (6,444,324    | )      | (10,393,745   | )      |
|                                                                                                                                                                                                                                                                                                                                                 |   |          |       |          |   |          |   |
| 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                                                                                                                                                                                                                                                                                    |   | 1,361,164     |       | 270,536       |   | 647,762       |   |
|                                                                                                                                                                                                                                                                                                                                                 |   |          |       |          |   |          |   |
| Other                                                                                                                                                                                                                                                                                                                                                |   | (68,089       | )          | 95,752        |   | 76,699        |   |
|                                                                                                                                                                                                                                                                                                                                                 |   |          |       |          |   |          |   |
| Equity per  operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                                                       |   | $             | (2,021,184 | )             | $      | (1,389,470    | )      | $ | (2,923,294 | ) |
|                                                                                                                                                                                                                                                                                                                                                      |        |               |            |               |        |               |        |  |  |  |

 

F-49

----

 

The partnership’s investments in operating limitedpartnerships at March 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) 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, 1999, which the operating limited partnerships have not included in their  capital as of December 31, 1998 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-50

----

 

The partnership’s investments in operating limitedpartnerships at March 31, 2003 are summarized as follows:

 
|                                                                                                       |   | **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-51

----

 
|                                                                                                                                                                                                                                                                                                                                                 |   | **Series 7** |       | **Series 9** |   | **Series 10** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------|--------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                 |   |         |       |         |   |          |   |
| The partnership  (has recorded) 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, 1999, which the operating limited partnerships have not included in their  capital as of December 31, 1998 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-52

----

 

The partnership’s investments in operating limitedpartnerships at March 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-53

----

 
|                                                                                                                                                                                                                                                                                                                                                 |   | **Series 11** |    | **Series 12** |   | **Series 14** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|---------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                                 |   |          |    |          |   |          |   |
| The partnership  (has recorded) 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, 1999, which the operating limited partnerships have not included in their  capital as of December 31, 1998 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-54

----

 

The combined summarized balance sheets of theoperating limited partnerships in which Series 7, 9 through 12, and 14 hold aninterest at December 31, 2003 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 
|                                                         |   | **Total**   |        | **Series 7** |   | **Series 9** |   | **Series 10** |       |
|--------------------------------------------------------------|--------|-------------|-------------|--------------|--------|--------------|--------|---------------|------------|
| ASSETS                                                       |   |        |        |         |   |         |   |          |       |
|                                                         |   |        |        |         |   |         |   |          |       |
| Buildings and  improvements, net of accumulated depreciation |   | $           | 362,958,952 |         | $      | 16,328,319   |   | $             | 66,008,543 |   | $ | 42,767,988 |   |
| Land                                                         |   | 29,291,111  |        | 1,795,940    |   | 5,426,744    |   | 3,785,251     |       |
| Other assets                                                 |   | 43,100,521  |        | 2,209,811    |   | 6,907,429    |   | 5,933,672     |       |
|                                                         |   |        |        |         |   |         |   |          |       |
|                                                         |   | $           | 435,350,584 |         | $      | 20,334,070   |   | $             | 78,342,716 |   | $ | 52,486,911 |   |
|                                                         |   |        |        |         |   |         |   |          |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)             |   |        |        |         |   |         |   |          |       |
|                                                         |   |        |        |         |   |         |   |          |       |
| Mortgages and  construction loans payable                    |   | $           | 391,538,379 |         | $      | 19,361,562   |   | $             | 79,586,929 |   | $ | 51,503,990 |   |
| Accounts payable  and accrued expenses                       |   | 13,085,849  |        | 3,147,447    |   | 4,141,972    |   | 892,967       |       |
| Other  liabilities                                           |   | 27,586,347  |        | 776,948      |   | 5,083,754    |   | 1,557,574     |       |
|                                                         |   |        |        |         |   |         |   |          |       |
|                                                         |   | 432,210,575 |        | 23,285,957   |   | 88,812,655   |   | 53,954,531    |       |
| PARTNERS’  CAPITAL (DEFICIT)                            |   |        |        |         |   |         |   |          |       |
| Boston Capital  Tax Credit Fund II Limited Partnership       |   | (22,329,495 | )           | (3,903,420   | )      | (9,505,312   | )      | (2,586,815    | )          |
| Other partners                                               |   | 25,469,504  |        | 951,533      |   | (964,627     | )      | 1,119,195     |       |
|                                                         |   |        |        |         |   |         |   |          |       |
|                                                         |   | 3,140,009   |        | (2,951,887   | )      | (10,469,939  | )      | (1,467,620    | )          |
|                                                         |   |        |        |         |   |         |   |          |       |
|                                                         |   | $           | 435,350,584 |         | $      | 20,334,070   |   | $             | 78,342,716 |   | $ | 52,486,911 |   |

 

F-55

----

 
|                                                         |   | **Series 11** |       | **Series 12** |   | **Series 14** |   |
|--------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| ASSETS                                                       |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Buildings and  improvements, net of accumulated depreciation |   | $             | 45,752,221 |          | $      | 68,100,780    |   | $ | 124,001,101 |   |
| Land                                                         |   | 3,236,017     |       | 4,831,968     |   | 10,215,191    |   |
| Other assets                                                 |   | 6,282,217     |       | 7,769,502     |   | 13,997,890    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 55,270,455 |          | $      | 80,702,250    |   | $ | 148,214,182 |   |
|                                                         |   |          |       |          |   |          |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)             |   |          |       |          |   |          |   |
|                                                         |   |          |       |          |   |          |   |
| Mortgages and  construction loans payable                    |   | $             | 50,165,632 |          | $      | 65,761,797    |   | $ | 125,158,469 |   |
| Accounts payable  and accrued expenses                       |   | 1,440,196     |       | 1,335,869     |   | 2,127,398     |   |
| Other  liabilities                                           |   | 4,046,790     |       | 6,505,586     |   | 9,615,695     |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | 55,652,618    |       | 73,603,252    |   | 136,901,562   |   |
| PARTNERS’  CAPITAL (DEFICIT)                            |   |          |       |          |   |          |   |
| Boston Capital  Tax Credit Fund II Limited Partnership       |   | (2,021,184    | )          | (1,389,470    | )      | (2,923,294    | )      |
| Other partners                                               |   | 1,639,021     |       | 8,488,468     |   | 14,235,914    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | (382,163      | )          | 7,098,998     |   | 11,312,620    |   |
|                                                         |   |          |       |          |   |          |   |
|                                                         |   | $             | 55,270,455 |          | $      | 80,702,250    |   | $ | 148,214,182 |   |

 

F-56

----

 

The combined summarized balance sheets of theoperating limited partnerships in which Series 7, 9 through 12, and 14 hold aninterest at December 31, 2002 are as follows:

 

COMBINEDSUMMARIZED 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 (DEFICIT)             |   |        |        |         |   |         |   |          |       |
|                                                         |   |        |        |         |   |         |   |          |       |
| 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 (DEFICIT)                            |   |        |        |         |   |         |   |          |       |
| 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-57

----

 
|                                                         |   | **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-58

----

 

The combined summarized statements of operations ofthe operating limited partnerships for the year ended December 31, 2003 inwhich Series 7, 9 through 12, and 14 hold an interest as of December 31, 2003are as follows:

 

COMBINEDSUMMARIZED STATEMENTS OF OPERATIONS

 

Year endedDecember 31, 2003

 
|                                                                          |   | **Total**  |        | **Series 7** |   | **Series 9** |   | **Series 10** |       |
|-------------------------------------------------------------------------------|--------|------------|-------------|--------------|--------|--------------|--------|---------------|------------|
| Revenue                                                                       |   |       |        |         |   |         |   |          |       |
| Rental                                                                        |   | $          | 65,106,640  |         | $      | 3,834,495    |   | $             | 12,180,753 |   | $ | 8,004,123 |   |
| Interest and  other                                                           |   | 2,351,293  |        | 85,932       |   | 382,953      |   | 367,675       |       |
|                                                                          |   |       |        |         |   |         |   |          |       |
|                                                                          |   | 67,457,933 |        | 3,920,427    |   | 12,563,706   |   | 8,371,798     |       |
| Expenses                                                                      |   |       |        |         |   |         |   |          |       |
| Interest                                                                      |   | 16,810,368 |        | 1,202,393    |   | 3,218,731    |   | 1,875,486     |       |
| Depreciation and  amortization                                                |   | 20,099,512 |        | 1,047,370    |   | 4,036,505    |   | 2,495,749     |       |
| Taxes and  insurance                                                          |   | 10,039,800 |        | 561,975      |   | 2,044,443    |   | 1,326,428     |       |
| Repairs and  maintenance                                                      |   | 13,022,510 |        | 701,218      |   | 2,766,058    |   | 1,702,487     |       |
| Operating  expenses                                                           |   | 19,852,642 |        | 1,118,384    |   | 3,706,235    |   | 2,539,457     |       |
| Other expenses                                                                |   | 2,746,455  |        | 67,967       |   | 149,348      |   | 70,328        |       |
|                                                                          |   |       |        |         |   |         |   |          |       |
|                                                                          |   | 82,571,287 |        | 4,699,307    |   | 15,921,320   |   | 10,009,935    |       |
|                                                                          |   |       |        |         |   |         |   |          |       |
| NET LOSS                                                                      |   | $          | (15,113,354 | )            | $      | (778,880     | )      | $             | (3,357,614 | ) | $ | (1,638,137 | ) |
|                                                                          |   |       |        |         |   |         |   |          |       |
| Net loss  allocated to Boston Capital Tax Credit Fund II Limited Partnership* |   | $          | (12,683,698 | )            | $      | (480,192     | )      | $             | (2,737,271 | ) | $ | (1,563,002 | ) |
|                                                                          |   |       |        |         |   |         |   |          |       |
| Net loss  allocated to other partners                                         |   | $          | (2,429,656  | )            | $      | (298,688     | )      | $             | (620,343   | ) | $ | (75,135 | ) |

 

----

*       Amounts include $278,006,$2,135,706, $1,021,764, $1,101,853, $1,304,995 and $2,197,888 for Series 7,Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of lossnot recognized under the equity method of accounting as described in note A.

 

F-59

----

 

Year endedDecember 31, 2003

 
|                                                                          |   | **Series 11** |       | **Series 12** |   | **Series 14** |   |
|-------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Revenue                                                                       |   |          |       |          |   |          |   |
| Rental                                                                        |   | $             | 8,028,853  |          | $      | 11,616,951    |   | $ | 21,441,465 |   |
| Interest and  other                                                           |   | 297,100       |       | 558,279       |   | 659,354       |   |
|                                                                          |   |          |       |          |   |          |   |
|                                                                          |   | 8,325,953     |       | 12,175,230    |   | 22,100,819    |   |
| Expenses                                                                      |   |          |       |          |   |          |   |
| Interest                                                                      |   | 1,992,307     |       | 2,825,324     |   | 5,696,127     |   |
| Depreciation and  amortization                                                |   | 2,789,033     |       | 3,468,570     |   | 6,262,285     |   |
| Taxes and  insurance                                                          |   | 1,249,122     |       | 1,762,022     |   | 3,095,810     |   |
| Repairs and  maintenance                                                      |   | 1,563,243     |       | 2,357,657     |   | 3,931,847     |   |
| Operating  expenses                                                           |   | 2,539,988     |       | 3,381,481     |   | 6,567,097     |   |
| Other expenses                                                                |   | 664,654       |       | 722,735       |   | 1,071,423     |   |
|                                                                          |   |          |       |          |   |          |   |
|                                                                          |   | 10,798,347    |       | 14,517,789    |   | 26,624,589    |   |
|                                                                          |   |          |       |          |   |          |   |
| NET LOSS                                                                      |   | $             | (2,472,394 | )             | $      | (2,342,559    | )      | $ | (4,523,770 | ) |
|                                                                          |   |          |       |          |   |          |   |
| Net loss  allocated to Boston Capital Tax Credit Fund II Limited Partnership* |   | $             | (2,317,080 | )             | $      | (1,950,541    | )      | $ | (3,635,612 | ) |
|                                                                          |   |          |       |          |   |          |   |
| Net loss  allocated to other partners                                         |   | $             | (155,314   | )             | $      | (392,018      | )      | $ | (888,158 | ) |

 

----

*       Amountsinclude $278,006, $2,135,706, $1,121,764, $1,101,853, $1,304,995 and $2,197,888for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively,of loss not recognized under the equity method of accounting as described innote A.

 

F-60

----

 

The combined summarized statements of operations ofthe operating limited partnerships for the year ended December 31, 2002 inwhich Series 7, 9 through 12, and 14 hold an interest as of December 31, 2002are as follows:

 

COMBINEDSUMMARIZED STATEMENTS OF OPERATIONS

 

Year endedDecember 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* |   | $          | (11,594,150 | )            | $      | (672,104     | )      | $             | (2,903,166 | ) | $ | (1,514,265 | ) |
|                                                                          |   |       |        |         |   |         |   |          |       |
| Net income  (loss) allocated to other partners                                |   | $          | (854,617    | )            | $      | (208,208     | )      | $             | 1,103,865  |   | $ | (130,087 | ) |

 

----

*       Amounts include $543,324,$2,121,215, $998,093, $1,381,723, $1,317,932 and $2,502,437 for Series 7,Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of lossnot recognized under the equity method of accounting as described in note A.

 

F-61

----

 

Year endedDecember 31, 2002

 
|                                                                          |   | **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    | )      | $ | (2,502,441 | ) |
|                                                                          |   |          |       |          |   |          |   |
| Net income  (loss) allocated to other partners                                |   | $             | (318,320   | )             | $      | (963,193      | )      | $ | (338,674 | ) |

 

----

*       Amounts include $543,324,$2,121,215, $998,093, $1,381,723, $1,317,932 and $2,502,437 for Series 7,Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of lossnot recognized under the equity method of accounting as described in note A.

 

F-62

----

 

The combined summarized statements of operations ofthe operating limited partnerships for the year ended December 31, 2001 inwhich Series 7, 9 through 12, and 14 hold an interest as of December 31, 2001are as follows:

 

COMBINEDSUMMARIZED STATEMENTS OF OPERATIONS

 

Year endedDecember 31, 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 | ) |

 

----

*       Amounts include $432,077,$2,037,097, $904,450, $1,086,283, $1,080,257 and $1,820,647 for Series 7,Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of lossnot recognized under the equity method of accounting as described in note A.

 

F-63

----

 

Year endedDecember 31, 2001

 
|                                                                          |   | **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-64

----

 

NOTE D - RECONCILIATIONOF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN

 

For income tax purposes, the partnership reports usinga December 31 year-end.  Thepartnership’s net loss for financial reporting and tax return purposes for theyear ended March 31, 2004 is reconciled as follows:

 
|                                                                                                       |   | **Total**  |        | **Series 7** |   | **Series 9** |   | **Series 10** |       |
|------------------------------------------------------------------------------------------------------------|--------|------------|-------------|--------------|--------|--------------|--------|---------------|------------|
| Net loss for  financial reporting purposes, March 31, 2004                                                 |   | $          | (9,202,407  | )            | $      | (321,473     | )      | $             | (1,663,701 | ) | $ | (1,101,747 | ) |
|                                                                                                       |   |       |        |         |   |         |   |          |       |
| Operating  limited partnership rents received in advance                                                   |   | (19,342    | )           | —       |   | (8,199       | )      | 3,068         |       |
|                                                                                                       |   |       |        |         |   |         |   |          |       |
| Partnership  management fees not recognized for tax purposes                                               |   | 2,294,577  |        | 104,772      |   | 518,316      |   | 329,484       |       |
|                                                                                                       |   |       |        |         |   |         |   |          |       |
| Other                                                                                                      |   | 1,424,361  |        | 156,379      |   | (130,726     | )      | (50,123       | )          |
|                                                                                                       |   |       |        |         |   |         |   |          |       |
| Operating  limited partnership loss not allowed for financial reporting under equity  method of accounting |   | (8,479,901 | )           | (408,182     | )      | (2,204,510   | )      | (1,058,592    | )          |
|                                                                                                       |   |       |        |         |   |         |   |          |       |
| Impairment loss  in investment in operating limited partnership                                            |   | 2,170,579  |        | —       |   | 706,730      |   | 246,427       |       |
|                                                                                                       |   |       |        |         |   |         |   |          |       |
| Excess of tax  depreciation over book depreciation on operating limited partnership assets                 |   | (2,141,103 | )           | (225,968     | )      | (262,670     | )      | (189,255      | )          |
|                                                                                                       |   |       |        |         |   |         |   |          |       |
| Difference due  to fiscal year for book purposes and calendar year for tax purposes                        |   | (183,228   | )           | 82,802       |   | (568,752     | )      | 32,768        |       |
|                                                                                                       |   |       |        |         |   |         |   |          |       |
| Loss for tax  return purposes, December 31, 2003                                                           |   | $          | (14,136,464 | )            | $      | (611,670     | )      | $             | (3,613,512 | ) | $ | (1,787,970 | ) |

 

F-65

----

 

For income tax purposes, the partnership reports usinga December 31 year-end.  Thepartnership’s net loss for financial reporting and tax return purposes for theyear ended March 31, 2004 is reconciled as follows:

 
|                                                                                                       |   | **Series 11** |       | **Series 12** |   | **Series 14** |   |
|------------------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
| Net loss for  financial reporting purposes, March 31, 2004                                                 |   | $             | (2,106,587 | )             | $      | (1,189,549    | )      | $ | (2,819,350 | ) |
|                                                                                                       |   |          |       |          |   |          |   |
| Operating  limited partnership rents received in advance                                                   |   | (5,322        | )          | (5,380        | )      | (3,509        | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Partnership  management fees not recognized for tax purposes                                               |   | 325,680       |       | 383,268       |   | 633,057       |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Other                                                                                                      |   | 176,632       |       | 46,066        |   | 1,226,133     |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Operating  limited partnership loss not allowed for financial reporting under equity  method of accounting |   | (1,172,012    | )          | (1,396,144    | )      | (2,240,461    | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Impairment loss  in investment in operating limited partnership                                            |   | 542,101       |       | 141,919       |   | 533,402       |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Excess of tax  depreciation over book depreciation on operating limited partnership assets                 |   | (232,018      | )          | (468,469      | )      | (762,723      | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| Difference due  to fiscal year for book purposes and calendar year for tax purposes                        |   | 63,593        |       | 100,858       |   | 105,503       |   |
|                                                                                                       |   |          |       |          |   |          |   |
| Loss for tax  return purposes, December 31, 2003                                                           |   | $             | (2,407,933 | )             | $      | (2,387,431    | )      | $ | (3,327,948 | ) |

 

F-66

----

 

For income tax purposes, the partnership reports usinga December 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      | )          |
|                                                                                                       |   |       |        |         |   |         |   |          |       |
| 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-67

----

 

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

 
|                                                                                                       |   | **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      | )      |
|                                                                                                       |   |          |       |          |   |          |   |
| 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-68

----

 

For income tax purposes, the partnership reports usinga December 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-69

----

 

For income tax purposes, the partnership reports usinga December 31 year-end.  The partnership’snet loss for financial reporting and tax return purposes for the year endedMarch 31, 2002 is reconciled as follows:

 
|                                                                                                       |   | **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-70

----

 

The differences between the investments in operatinglimited partnerships for tax purposes and financial statements purposes atMarch 31, 2004 are as follows: 

 
|                                                                          |   | **Total**  |        | **Series 7** |   | **Series 9** |   | **Series 10** |        |
|-------------------------------------------------------------------------------|--------|------------|-------------|--------------|--------|--------------|--------|---------------|-------------|
|                                                                          |   |       |        |         |   |         |   |          |        |
| Investments in  operating limited partnerships - tax return December 31, 2003 |   | $          | (31,520,550 | )            | $      | (662,186     | )      | $             | (11,517,355 | ) | $ | (4,289,305 | ) |
|                                                                          |   |       |        |         |   |         |   |          |        |
| Add back losses  not recognized under the equity method                       |   | 42,007,929 |        | 3,847,915    |   | 12,008,404   |   | 5,968,676     |        |
|                                                                          |   |       |        |         |   |         |   |          |        |
| Historic tax  credits                                                         |   | 5,105,527  |        | 1,819,802    |   | 240,250      |   | —        |        |
|                                                                          |   |       |        |         |   |         |   |          |        |
| Impairment loss  in investments in operating limited partnerships             |   | (3,894,529 | )           | (255,418     | )      | (1,490,448   | )      | (246,427      | )           |
|                                                                          |   |       |        |         |   |         |   |          |        |
| Less share of  loss - three months ended March 31, 2004                       |   | (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                                                                         |   | 17,310,296 |        | (1,699,739   | )      | 3,147,968    |   | 1,631,393     |        |
|                                                                          |   |       |        |         |   |         |   |          |        |
| Investments in  operating limited partnerships - as reported, March 31, 2004  |   | $          | 16,946,065  |         | $      | 52,288       |   | $             | 222,660     |   | $ | 2,287,645 |   |

 

F-71

----

 

The differences between the investments in operatinglimited partnerships for tax purposes and financial statements purposes atMarch 31, 2004 are as follows: 

 
|                                                                          |   | **Series 11** |       | **Series 12** |   | **Series 14** |   |
|-------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|---------------|--------|
|                                                                          |   |          |       |          |   |          |   |
| Investments in  operating limited partnerships - tax return December 31, 2003 |   | $             | (3,629,158 | )             | $      | (4,264,826    | )      | $ | (7,157,720 | ) |
|                                                                          |   |          |       |          |   |          |   |
| Add back losses  not recognized under the equity method                       |   | 7,294,286     |       | 6,444,324     |   | 6,444,324     |   |
|                                                                          |   |          |       |          |   |          |   |
| Historic tax  credits                                                         |   | 1,281,688     |       | —        |   | 1,763,787     |   |
|                                                                          |   |          |       |          |   |          |   |
| Impairment loss  in investments in operating limited partnerships             |   | (1,361,164    | )          | (270,536      | )      | (270,536      | )      |
|                                                                          |   |          |       |          |   |          |   |
| Less share of  loss - three months ended March 31, 2004                       |   | (721,702      | )          | (613,706      | )      | (1,737,409    | )      |
|                                                                          |   |          |       |          |   |          |   |
| Impairment loss  not recognized for tax purposes                              |   | —        |       | —        |   | (3,048,854    | )      |
|                                                                          |   |          |       |          |   |          |   |
| Other                                                                         |   | 752,436       |       | 3,531,816     |   | 9,946,422     |   |
|                                                                          |   |          |       |          |   |          |   |
| Investments in  operating limited partnerships - as reported, March 31, 2004  |   | $             | 3,616,386  |          | $      | 4,827,072     |   | $ | 5,940,014 |   |

 

F-72

----

 

The differences between the investments in operatinglimited partnerships 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-73

----

 

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

 
|                                                                          |   | **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-74

----

 

NOTE E - CASH EQUIVALENTS

 

On March 31, 2004 and 2003, Boston Capital Tax CreditFund II Limited Partnership purchased $1,600,000 and $3,500,000 of corporatedebt securities under agreements to resell on April 1, 2004 and April 1, 2003,respectively.  Interest is earned atrates ranging from .40% to 1.23% per annum.

 

Additionally, cash equivalents of $99,424 and $116,894as of March 31, 2004 and 2003, respectively, include money market accounts withinterest rates ranging from .61% to 1.23% per annum.

 

NOTE F - NOTES RECEIVABLE

 

Notes receivable at March 31, 2004 and 2003 consist ofadvance installments of capital contributions and/or advances made to operatinglimited partnerships of $303,374 and $543,584, respectively.  The notes are noninterest bearing and due ondemand.  The carrying amount of thenotes receivable approximates fair value.

 

F-75

----

 

NOTE G - QUARTERLY FINANCIAL INFORMATION - UNAUDITED

 

The following is a summary of the results ofoperations for each of the four quarters for the years indicated:

 
|                                                     |   | **First  Quarter** |   | **Second  Quarter** |   | **Third  Quarter** |   | **Fourth  Quarter** |   |
|----------------------------------------------------------|--------|--------------------|--------|---------------------|--------|--------------------|--------|---------------------|--------|
| 2004                                                     |   |               |   |                |   |               |   |                |   |
|                                                     |   |               |   |                |   |               |   |                |   |
| Total revenue                                            |   | $                  | 8,931  |                | $      | 34,089             |   | $                   | 10,703 |   | $ | 11,986 |   |
|                                                     |   |               |   |                |   |               |   |                |   |
| Loss from  operations                                    |   | (589,801           | )      | (753,609            | )      | (564,309           | )      | (2,811,723          | )      |
|                                                     |   |               |   |                |   |               |   |                |   |
| Equity in loss  of investments in operating partnerships |   | (723,392           | )      | (576,114            | )      | (681,823           | )      | (2,498,636          | )      |
|                                                     |   |               |   |                |   |               |   |                |   |
| Net loss                                                 |   | (1,313,193         | )      | (1,329,723          | )      | (1,246,132         | )      | (5,313,359          | )      |
|                                                     |   |               |   |                |   |               |   |                |   |
| 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          | )      |

 

F-76

----

Boston Capital Tax Credit Fund II LimitedPartnership - Series 7

Schedule III - Real Estateand Accumulated Depreciation

March 31, 2004

 
|                        |   |        |   | **Initial  cost to company** |   | **Cost  capitalized  subsequent to** |   | **Gross  amount at  which carried at  close of period** |   |      |   |               |   |       |   | **Life on  which** |   |
|-----------------------------|--------|-------------|--------|------------------------------|--------|--------------------------------------|--------|---------------------------------------------------------|--------|-----------|--------|--------------------|--------|------------|--------|--------------------|--------|
|                        |   | **Encum-**  |   |                         |   | **Buildings  and**                   |   | **acquisition**                                         |   |      |   | **Buildings  and** |   |       |   | **Accumulated**    |   | **Date of** |   | **Date** |   | **depreciation  is** |   |
| **Description**             |   | **brances** |   | **Land**                     |   | **improvements**                     |   | **Improvements**                                        |   | **Land**  |   | **Improvements**   |   | **Total**  |   | **depreciation**   |   | **construction** |   | **acquired** |   | **computed** |   |
|                        |   |        |   |                         |   |                                 |   |                                                    |   |      |   |               |   |       |   |               |   |   |   |   |   |   |   |
| BOWDITCH SCHOOL             |   | 1,572,255   |   | 65,961                       |   | 4,818,466                            |   | 119,496                                                 |   | 65,961    |   | 4,937,962          |   | 5,003,923  |   | 2,137,787          |   | Dec-89 |   | Dec-89 |   | 34 |   |
| BRIARWOOD APTS LP           |   | 613,028     |   | 44,500                       |   | 747,246                              |   | 96,284                                                  |   | 44,500    |   | 843,530            |   | 888,030    |   | 437,762            |   | Dec-89 |   | Dec-89 |   | 5-27.5 |   |
| BUCKNER PROP LP             |   | 609,747     |   | 27,500                       |   | 771,030                              |   | 28,914                                                  |   | 27,500    |   | 799,944            |   | 827,444    |   | 455,507            |   | Mar-89 |   | Dec-89 |   | 5-27.5 |   |
| CREEKSIDE                   |   | 1,072,069   |   | 89,016                       |   | 1,290,616                            |   | 99,783                                                  |   | 89,016    |   | 1,390,399          |   | 1,479,415  |   | 334,439            |   | Sep-89 |   | Jun-89 |   | 5-27.5 |   |
| DEER HILL II LP             |   | 1,456,137   |   | 103,000                      |   | 1,424,556                            |   | 338,656                                                 |   | 103,000   |   | 1,763,212          |   | 1,866,212  |   | 949,890            |   | May-89 |   | Feb-90 |   | 5-27.5 |   |
| HILLANDALE                  |   | 4,535,581   |   | 601,653                      |   | 4,198,973                            |   | 2,898,459                                               |   | 601,653   |   | 7,097,432          |   | 7,699,085  |   | 3,294,728          |   | 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  |   | 1,304,977          |   | Nov-89 |   | Jun-90 |   | 27.5 |   |
| LEBANON PROP II LP          |   | 564,692     |   | 3,000                        |   | 730,187                              |   | 50,400                                                  |   | 3,000     |   | 780,587            |   | 783,587    |   | 410,187            |   | Jul-89 |   | Dec-89 |   | 5-27.5 |   |
| METROPOLE APTS   ASSOC |   | 1,985,738   |   | 82,800                       |   | 2,621,625                            |   | 96,158                                                  |   | 82,800    |   | 2,717,783          |   | 2,800,583  |   | 1,359,698          |   | Dec-89 |   | Dec-89 |   | 27.5 |   |
| OAK GROVE   EST. LP    |   | 476,205     |   | 15,200                       |   | 597,465                              |   | 19,766                                                  |   | 15,200    |   | 617,231            |   | 632,431    |   | 340,855            |   | Sep-89 |   | Dec-89 |   | 27.5 |   |
| OAKVIEW LTD                 |   | 1,107,569   |   | 35,280                       |   | 1,375,820                            |   | 99,351                                                  |   | 35,280    |   | 1,475,171          |   | 1,510,451  |   | 611,215            |   | Oct-89 |   | Dec-89 |   | 40 |   |
| ROSENBERG HOTEL             |   | 1,721,306   |   | 452,000                      |   | 7,434,335                            |   | (5,171,421                                              | )a     | 415,000   |   | 2,262,914          |   | 2,677,914  |   | 456,171            |   | Jan-92 |   | Feb-90 |   | 27.5 |   |
| WESTWOOD                    |   | 1,388,612   |   | 96,600                       |   | 1,355,174                            |   | 400,240                                                 |   | 101,030   |   | 1,755,414          |   | 1,856,444  |   | 975,250            |   | Jul-90 |   | Jul-90 |   | 5-27.5 |   |
| WINFIELD PROP II LP         |   | 600,535     |   | 37,000                       |   | 735,086                              |   | 32,224                                                  |   | 37,000    |   | 767,310            |   | 804,310    |   | 427,366            |   | May-89 |   | Dec-89 |   | 5-27.5 |   |
|                        |   |        |   |                         |   |                                 |   |                                                    |   |      |   |               |   |       |   |               |   |   |   |   |   |   |   |
|                        |   | 19,361,562  |   | 1,828,510                    |   | 30,650,449                           |   | (826,298                                                | )      | 1,795,940 |   | 29,824,151         |   | 31,620,091 |   | 13,495,832         |   |   |   |   |   |   |   |

 

Since theOperating Partnerships maintain a calendar year end the information reported onthis schedule is as of December 31, 2003.

 

----

**Therewere no carrying costs as of December 31, 2003.  The column has been omitted for presentation purposes.

 

F-77

----

 

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-78

----

 
| 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-79

----

 
| 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-80

----

 
| 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 |   |
| Additions  during period:             |   |    |   |   |       |
| Acquisitions  through foreclosure     |   | $       | 0      |   |       |   |
| Other  acquisitions                   |   | 0       |   |   |       |
| Improvements,  etc                    |   | 137,814 |   |   |       |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 137,814    |   |
| Deductions  during period:            |   |    |   |   |       |
| Cost of real  estate sold             |   | $       | 0      |   |       |   |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 0          |   |
| Balance at close  of period - 3/31/04 |   |    |   | $      | 31,620,091 |   |

 

F-81

----

 

Reconciliationof Accumulated Depreciation current 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 |   |
| Current year  expense                    |   | $      | 1,017,224 |   |       |   |
| Balance at  close of period - 3/31/04    |   |   |      | $      | 13,495,832 |   |

 

F-82

----

 

Boston Capital Tax Credit FundII Limited Partnership - Series 9Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2004

 
|               |   |        |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to** |   | **Gross amout at which carried  at close of period** |   |     |   |              |   |      |   | **Life on which** |   |
|--------------------|--------|-------------|--------|-----------------------------|--------|--------------------------------------|--------|------------------------------------------------------|--------|----------|--------|-------------------|--------|-----------|--------|-------------------|--------|
|               |   | **Encum-**  |   |                        |   | **Buildings and**                    |   | **acquisition**                                      |   |     |   | **Buildings and** |   |      |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**    |   | **brances** |   | **Land**                    |   | **improvements**                     |   | **Improvements**                                     |   | **Land** |   | **improvements**  |   | **Total** |   | **depreciation**  |   | **construction** |   | **acquired** |   | **is computed** |   |
| 438 WARREN ST.     |   | 721,934     |   | 45,972                      |   | 1,177,081                            |   | 60,989                                               |   | 45,972   |   | 1,238,070         |   | 1,284,042 |   | 648,872           |   | May-90 |   | Mar-90 |   | 28 |   |
| BEAVER BROOK       |   | 1,164,367   |   | 135,070                     |   | 1,395,155                            |   | 76,764                                               |   | 135,070  |   | 1,471,919         |   | 1,606,989 |   | 794,169           |   | May-90 |   | Apr-90 |   | 27.5 |   |
| BIG LAKE SENIORS   |   | 547,656     |   | 27,804                      |   | 732,961                              |   | 23,998                                               |   | 27,804   |   | 756,959           |   | 784,763   |   | 159,620           |   | Jun-95 |   | Apr-94 |   | 5-27.5 |   |
| BLAKELY            |   | 1,036,787   |   | 50,000                      |   | 1,159,403                            |   | 112,742                                              |   | 50,000   |   | 1,272,145         |   | 1,322,145 |   | 639,269           |   | May-90 |   | May-90 |   | 5-27.5 |   |
| BLANCO SR          |   | 509,980     |   | 40,147                      |   | 679,816                              |   | 0                                                    |   | 40,147   |   | 679,816           |   | 719,963   |   | 169,506           |   | Sep-94 |   | Dec-93 |   | 7-40 |   |
| BLOOMINGDALE       |   | 1,459,960   |   | 100,338                     |   | 1,771,660                            |   | 20,965                                               |   | 100,338  |   | 1,792,625         |   | 1,892,963 |   | 930,010           |   | Mar-90 |   | May-90 |   | 5-27.5 |   |
| BREEZEWOOD         |   | 1,408,019   |   | 114,000                     |   | 1,784,173                            |   | 35,979                                               |   | 114,000  |   | 1,820,152         |   | 1,934,152 |   | 924,742           |   | May-90 |   | May-90 |   | 7-27.5 |   |
| BROOKLYN           |   | 1,091,710   |   | 9,000                       |   | 1,416,895                            |   | 150,986                                              |   | 9,000    |   | 1,567,881         |   | 1,576,881 |   | 619,393           |   | May-90 |   | May-90 |   | 5-27.5 |   |
| CAMBRIDGE          |   | 1,114,759   |   | 99,974                      |   | 1,381,815                            |   | 4,617                                                |   | 99,974   |   | 1,386,432         |   | 1,486,406 |   | 726,049           |   | Jan-90 |   | Apr-90 |   | 7-27.5 |   |
| CEDAR RAPIDS       |   | 4,253,237   |   | 294,600                     |   | 7,692,319                            |   | 302,572                                              |   | 294,600  |   | 7,994,891         |   | 8,289,491 |   | 4,091,938         |   | Jun-90 |   | Apr-90 |   | 7-27.5 |   |
| CORINTH            |   | 1,465,449   |   | 53,351                      |   | 1,865,231                            |   | 183,149                                              |   | 55,415   |   | 2,048,380         |   | 2,103,795 |   | 1,089,896         |   | Feb-90 |   | Apr-90 |   | 5-27.5 |   |
| COTTON MILL ASSOC. |   | 1,446,386   |   | 75,000                      |   | 1,730,384                            |   | 17,491                                               |   | 75,000   |   | 1,747,875         |   | 1,822,875 |   | 574,068           |   | Jul-93 |   | Oct-92 |   | 5-27.5 |   |
| FAWN RIVER         |   | 3,643,683   |   | 77,000                      |   | 4,396,993                            |   | 497,959                                              |   | 77,000   |   | 4,894,952         |   | 4,971,952 |   | 2,041,214         |   | Oct-90 |   | Oct-90 |   | 27.5 |   |
| FOUNTAIN GREEN     |   | 697,892     |   | 68,134                      |   | 880,440                              |   | 4,970                                                |   | 68,134   |   | 885,410           |   | 953,544   |   | 455,109           |   | May-90 |   | Jun-90 |   | 27.5 |   |
| GLENWOOD HOTEL     |   | 666,877     |   | 25,000                      |   | 1,128,486                            |   | 21,864                                               |   | 25,000   |   | 1,150,350         |   | 1,175,350 |   | 591,699           |   | Jun-90 |   | Jun-90 |   | 7-27.5 |   |
| GREENWICH          |   | 1,458,640   |   | 85,197                      |   | 1,862,476                            |   | 206,796                                              |   | 85,197   |   | 2,069,272         |   | 2,154,469 |   | 1,050,041         |   | Feb-90 |   | Apr-90 |   | 5-27.5 |   |
| GRIFTON            |   | 1,221,131   |   | 35,393                      |   | 1,170,847                            |   | 387,494                                              |   | 35,393   |   | 1,558,341         |   | 1,593,734 |   | 404,953           |   | Feb-94 |   | Sep-93 |   | 7-27.5 |   |
| HACIENDA VILLA     |   | 3,608,759   |   | 233,165                     |   | 7,304,446                            |   | 178,831                                              |   | 274,352  |   | 7,483,277         |   | 7,757,629 |   | 2,678,579         |   | Jan-90 |   | Apr-90 |   | 40 |   |
| HAINES CITY        |   | 1,419,747   |   | 100,000                     |   | 1,709,218                            |   | 24,726                                               |   | 100,000  |   | 1,733,944         |   | 1,833,944 |   | 926,097           |   | Feb-90 |   | Apr-90 |   | 27.5 |   |
| HERNANDO           |   | 1,463,448   |   | 70,000                      |   | 1,975,766                            |   | 47,566                                               |   | 70,000   |   | 2,023,332         |   | 2,093,332 |   | 1,006,495         |   | Jul-90 |   | Jun-90 |   | 27.5 |   |
| HOBE SOUND         |   | 2,739,530   |   | 261,000                     |   | 3,482,634                            |   | 71,034                                               |   | 261,000  |   | 3,553,668         |   | 3,814,668 |   | 1,808,569         |   | Apr-90 |   | Apr-90 |   | 27.5 |   |
| IMMOKALEE          |   | 2,161,390   |   | 160,000                     |   | 2,732,134                            |   | 164,735                                              |   | 160,000  |   | 2,896,869         |   | 3,056,869 |   | 1,022,927         |   | May-90 |   | May-90 |   | 7-27.5 |   |

 

F-83

----

 
|                  |   |         |   | **Initial cost to company** |   | **Cost capitalized   subsequent to** |   | **Gross amount at which carried  at close of period** |   |     |   |              |   |      |   | **Life on which** |   |
|-----------------------|--------|--------------|--------|-----------------------------|--------|--------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|-------------------|--------|-----------|--------|-------------------|--------|
|                  |   | **Encumbr-** |   |                        |   | **Buildings and**                    |   | **acquisition**                                       |   |     |   | **Buildings and** |   |      |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation is** |   |
| **Description**       |   | **ances**    |   | **Land**                    |   | **improvements**                     |   | **Improvements**                                      |   | **Land** |   | **improvements**  |   | **Total** |   | **depreciation**  |   | **construction** |   | **acquired** |   | **computed** |   |
| KRISTIN PARK          |   | 1,369,390    |   | 117,179                     |   | 1,694,459                            |   | 103,630                                               |   | 117,179  |   | 1,798,089         |   | 1,915,268 |   | 661,842           |   | Jun-90 |   | Mar-90 |   | 27.5 |   |
| LE GRANDE ENTERPRISES |   | 1,705,634    |   | 13,090                      |   | 2,232,493                            |   | 17,170                                                |   | 67,500   |   | 2,249,663         |   | 2,317,163 |   | 484,980           |   | Oct-93 |   | Nov-92 |   | 5-50 |   |
| LONGMEADOW            |   | 1,458,541    |   | 95,000                      |   | 1,765,749                            |   | 14,155                                                |   | 95,000   |   | 1,779,904         |   | 1,874,904 |   | 634,318           |   | Aug-90 |   | Aug-90 |   | 10-40 |   |
| MAYWOOD               |   | 1,472,922    |   | 53,000                      |   | 1,961,139                            |   | 51,192                                                |   | 53,000   |   | 2,012,331         |   | 2,065,331 |   | 1,007,174         |   | Jul-90 |   | Mar-90 |   | 5-27.5 |   |
| MEADOW RUN            |   | 630,793      |   | 44,400                      |   | 784,163                              |   | 27,073                                                |   | 44,400   |   | 811,236           |   | 855,636   |   | 412,190           |   | May-90 |   | May-90 |   | 27.5 |   |
| MEADOWCREST           |   | 2,791,747    |   | 286,065                     |   | 4,982,274                            |   | 90,634                                                |   | 286,065  |   | 5,072,908         |   | 5,358,973 |   | 2,707,058         |   | Oct-90 |   | Sep-90 |   | 5-27.5 |   |
| NEWFANE SENIOR        |   | 922,366      |   | 30,000                      |   | 1,211,708                            |   | 40,215                                                |   | 30,000   |   | 1,251,923         |   | 1,281,923 |   | 559,244           |   | Sep-92 |   | Oct-92 |   | 5-27.5 |   |
| OLD STAGE             |   | 1,246,356    |   | 39,840                      |   | 1,517,419                            |   | 12,473                                                |   | 39,840   |   | 1,529,892         |   | 1,569,732 |   | 769,497           |   | Sep-90 |   | May-90 |   | 27.5 |   |
| PEDCOR INVEST         |   | 3,546,365    |   | 170,435                     |   | 6,211,383                            |   | 527,324                                               |   | 170,435  |   | 6,738,707         |   | 6,909,142 |   | 2,342,097         |   | Apr-90 |   | Mar-90 |   | 27.5 |   |
| PLEASANTON SR         |   | 608,350      |   | 40,000                      |   | 813,308                              |   | 12,508                                                |   | 40,000   |   | 825,816           |   | 865,816   |   | 237,325           |   | Jul-93 |   | Dec-93 |   | 40 |   |
| POLKTON HOUSING       |   | 627,285      |   | 25,038                      |   | 754,785                              |   | 24,180                                                |   | 25,038   |   | 778,965           |   | 804,003   |   | 361,054           |   | Dec-93 |   | Jan-94 |   | 5-27.5 |   |
| PRINCESS MANOR        |   | 1,470,557    |   | 57,066                      |   | 1,869,314                            |   | 28,910                                                |   | 57,066   |   | 1,898,224         |   | 1,955,290 |   | 929,752           |   | Aug-90 |   | Jun-90 |   | 5-27.5 |   |
| PRINCESS VILLAS       |   | 1,469,575    |   | 63,104                      |   | 1,786,927                            |   | 24,758                                                |   | 63,104   |   | 1,811,685         |   | 1,874,789 |   | 878,874           |   | Aug-90 |   | Jun-90 |   | 5-27.5 |   |
| PUTNEY FIRST          |   | 1,405,186    |   | 128,800                     |   | 1,804,424                            |   | 3,755                                                 |   | 128,800  |   | 1,808,179         |   | 1,936,979 |   | 536,809           |   | May-93 |   | Dec-92 |   | 5-27.5 |   |
| QUAIL HOLLOW RRH      |   | 1,445,342    |   | 100,000                     |   | 1,861,652                            |   | 22,566                                                |   | 100,000  |   | 1,884,218         |   | 1,984,218 |   | 999,054           |   | Jan-90 |   | May-90 |   | 27.5 |   |
| QUAIL HOLLOW- WARSAW  |   | 1,431,848    |   | 33,500                      |   | 1,747,578                            |   | 8,435                                                 |   | 33,500   |   | 1,756,013         |   | 1,789,513 |   | 601,658           |   | Sep-90 |   | Jul-90 |   | 7-40 |   |
| RAINBOW GARDENS       |   | 1,192,976    |   | 70,000                      |   | 1,450,989                            |   | 4,198                                                 |   | 70,000   |   | 1,455,187         |   | 1,525,187 |   | 583,838           |   | Jun-93 |   | Dec-92 |   | 7-27.5 |   |
| RAITT ST APTS         |   | 834,251      |   | 270,281                     |   | 1,221,755                            |   | 0                                                     |   | 270,281  |   | 1,221,755         |   | 1,492,036 |   | 460,930           |   | Aug-93 |   | May-93 |   | 5-27.5 |   |
| SCHOOL ST. II         |   | 638,001      |   | 37,622                      |   | 1,585,434                            |   | 42,955                                                |   | 37,622   |   | 1,628,389         |   | 1,666,011 |   | 647,513           |   | Jun-93 |   | Jun-93 |   | 7-27.5 |   |
| SOUTH PARIS           |   | 1,463,185    |   | 65,000                      |   | 1,853,831                            |   | 44,096                                                |   | 65,000   |   | 1,897,927         |   | 1,962,927 |   | 710,892           |   | Oct-92 |   | Nov-92 |   | 5-27.5 |   |

 

F-84

----

 
|                |   |        |   | **Initial cost to company** |   | **Cost capitalized  subsequent to** |   | **Gross amount at which carried  at close of period** |   |      |   |              |   |        |   | **Life on which** |   |
|---------------------|--------|-------------|--------|-----------------------------|--------|-------------------------------------|--------|-------------------------------------------------------|--------|-----------|--------|-------------------|--------|-------------|--------|-------------------|--------|
|                |   | **Encum-**  |   |                        |   | **Buildings and**                   |   | **acquisition**                                       |   |      |   | **Buildings and** |   |        |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation is** |   |
| **Description**     |   | **brances** |   | **Land**                    |   | **improvements**                    |   | **Improvements**                                      |   | **Land**  |   | **improvements**  |   | **Total**   |   | **depreciation**  |   | **construction** |   | **acquired** |   | **computed** |   |
| SOUTHWESTERN        |   | 1,406,065   |   | 30,000                      |   | 1,766,094                           |   | 74,887                                                |   | 30,000    |   | 1,840,981         |   | 1,870,981   |   | 965,665           |   | May-90 |   | May-90 |   | 7-27.5 |   |
| SPRINGFIELD         |   | 4,068,100   |   | 775,955                     |   | 4,177,205                           |   | 5,215,552                                             |   | 775,955   |   | 9,392,757         |   | 10,168,712  |   | 4,191,221         |   | Jun-91 |   | Jun-90 |   | 5-27.5 |   |
| SUNSHINE            |   | 1,450,623   |   | 127,000                     |   | 1,729,289                           |   | 167,518                                               |   | 120,902   |   | 1,896,807         |   | 2,017,709   |   | 939,397           |   | Nov-90 |   | Sep-90 |   | 5-27.5 |   |
| SURRY VILLAGE II    |   | 828,196     |   | 60,000                      |   | 938,244                             |   | 5,695                                                 |   | 50,718    |   | 943,939           |   | 994,657     |   | 500,288           |   | Jan-90 |   | May-90 |   | 5-27.5 |   |
| TAPPAHANNOCK GREENS |   | 1,480,029   |   | 122,500                     |   | 1,703,483                           |   | 54,457                                                |   | 122,500   |   | 1,757,940         |   | 1,880,440   |   | 684,347           |   | May-94 |   | Mar-94 |   | 5-27.5 |   |
| TWIN OAKS           |   | 1,119,425   |   | 53,636                      |   | 1,397,601                           |   | 5,875                                                 |   | 53,636    |   | 1,403,476         |   | 1,457,112   |   | 719,508           |   | May-90 |   | May-90 |   | 5-27.5 |   |
| VILLAGE OAKS        |   | 720,709     |   | 42,140                      |   | 884,614                             |   | 43,933                                                |   | 42,140    |   | 928,547           |   | 970,687     |   | 476,611           |   | Feb-90 |   | Jun-90 |   | 5-27.5 |   |
| WARRENSBURG         |   | 779,621     |   | 32,000                      |   | 991,475                             |   | 19,778                                                |   | 32,000    |   | 1,011,253         |   | 1,043,253   |   | 552,611           |   | Apr-90 |   | Apr-90 |   | 5-27.5 |   |
| WESTSIDE            |   | 2,277,584   |   | 25,000                      |   | 4,022,240                           |   | (43,749                                               | )a     | 25,000    |   | 3,978,491         |   | 4,003,491   |   | 1,915,453         |   | Dec-90 |   | Jun-90 |   | 5-27.5 |   |
| WESTWOOD            |   | 1,388,612   |   | 96,660                      |   | 1,690,074                           |   | 65,340                                                |   | 101,030   |   | 1,755,414         |   | 1,856,444   |   | 975,250           |   | Jul-90 |   | Jul-90 |   | 27.5 |   |
| WILMINGTON          |   | 1,035,954   |   | 75,637                      |   | 1,293,362                           |   | 45,674                                                | a      | 75,637    |   | 1,339,036         |   | 1,414,673   |   | 678,004           |   | Aug-90 |   | Aug-90 |   | 27.5 |   |
|                |   |        |   |                        |   |                                |   |                                                  |   |      |   |              |   |        |   |              |   |   |   |   |   |   |   |
|                |   | 79,586,929  |   | 5,340,093                   |   | 109,134,798                         |   | 9,351,414                                             |   | 5,426,744 |   | 118,486,212       |   | 123,912,956 |   | 52,477,669        |   |   |   |   |   |   |   |

 

Since theOperating Partnerships maintain a calendar year end, the information reported on this schedule is as ofDecember 31, 2003.

There weno carrying costs as of December 31, 2003. The Column has been omitted forpresentation purposes.

 

F-85

----

 

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-86

----

 

 
| 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-87

----

 
| 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-88

----

 
| 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 |   |
| Additions  during period:             |   |    |        |        |        |
| Acquisitions  through foreclosure     |   | $       | 0           |        |        |   |
| Other  acquisitions                   |   | 0       |        |        |        |
| Improvements,  etc                    |   | 401,897 |        |        |        |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | $           | 401,897     |   |
| Deductions  during period:            |   |    |        |        |        |
| Cost of real  estate sold             |   | $       | 0           |        |        |   |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | 0           |        |
| Balance at  close of period - 3/31/04 |   |    |        | $           | 123,912,956 |   |

 

F-89

----

 

Reconciliation of Accumulated Depreciationcurrent year 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 |   |
| Current year  expense                    |   | $      | 3,928,201 |   |       |   |
| Balance at  close of period - 3/31/04    |   |   |      | $      | 52,477,669 |   |

 

F-90

----

 

Boston Capital Tax Credit FundII Limited Partnership - Series 10Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2004

 
|               |   |        |       | **Initial cost to company** |       | **Cost  capitalized  subsequent to** |       | **Gross amount at which carried  at close of period** |       |     |       |              |       |      |       | **Life on which** |       |
|--------------------|--------|-------------|------------|-----------------------------|------------|--------------------------------------|------------|-------------------------------------------------------|------------|----------|------------|-------------------|------------|-----------|------------|-------------------|------------|
|               |   | **Encum-**  |       |                        |       | **Buildings and**                    |       | **acquisition**                                       |       |     |       | **Buildings and** |       |      |       | **Accumulated**   |       | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**    |   | **brances** | ** ** | **Land**                    | ** ** | **improvements**                     | ** ** | **Improvements**                                      | ** ** | **Land** | ** ** | **improvements**  | ** ** | **Total** | ** ** | **depreciation**  | ** ** | **construction** | ** ** | **acquired** | ** ** | **is computed** | ** ** |
| ACKERMAN           |   | 539,679     |       | 42,000                      |       | 619,380                              |       | 281,556                                               |       | 42,000   |       | 900,936           |       | 942,936   |       | 229,575           |       | Jun-94 |   | Sep-93 |   | 5-27.5 |   |
| ATHENS II          |   | 1,317,692   |       | 75,000                      |       | 1,642,281                            |       | 49,894                                                |       | 75,000   |       | 1,692,175         |       | 1,767,175 |       | 576,713           |       | Jun-90 |   | Aug-90 |   | 5-27.5 |   |
| AUTUMN LANE        |   | 723,310     |       | 34,094                      |       | 891,072                              |       | 1,117                                                 |       | 34,094   |       | 892,189           |       | 926,283   |       | 444,784           |       | Nov-90 |   | Aug-89 |   | 5-27.5 |   |
| BAYTREE            |   | 943,843     |       | 44,759                      |       | 1,099,246                            |       | 120,510                                               |       | 44,759   |       | 1,219,756         |       | 1,264,515 |       | 637,024           |       | Jul-90 |   | Nov-88 |   | 5-27.5 |   |
| BENCHMARK          |   | 1,096,132   |       | 60,600                      |       | 1,137,112                            |       | 203,487                                               |       | 60,600   |       | 1,340,599         |       | 1,401,199 |       | 661,066           |       | Jul-90 |   | Nov-88 |   | 5-27.5 |   |
| BRENTWOOD          |   | 940,820     |       | 64,999                      |       | 1,163,002                            |       | 66,461                                                |       | 64,999   |       | 1,229,463         |       | 1,294,462 |       | 419,588           |       | Oct-90 |   | Nov-90 |   | 5-27.5 |   |
| BRIARWOOD          |   | 1,459,811   |       | 154,900                     |       | 1,898,553                            |       | (311,585                                              | )          | 154,900  |       | 1,586,968         |       | 1,741,868 |       | 762,885           |       | Aug-90 |   | Aug-90 |   | 7-27.5 |   |
| BUTLER PROPERTIES  |   | 494,764     |       | 37,500                      |       | 376,730                              |       | 223,430                                               |       | 37,500   |       | 600,160           |       | 637,660   |       | 188,798           |       | Feb-91 |   | Dec-90 |   | 5-27.5 |   |
| CANDLEWICK PLACE   |   | 1,234,940   |       | 70,800                      |       | 1,500,289                            |       | 91,418                                                |       | 70,800   |       | 1,591,707         |       | 1,662,507 |       | 497,180           |       | Oct-92 |   | Dec-92 |   | 5-27.5 |   |
| CEDARSTONE         |   | 760,607     |       | 66,000                      |       | 955,695                              |       | 59,264                                                |       | 66,000   |       | 1,014,959         |       | 1,080,959 |       | 320,089           |       | May-93 |   | May-93 |   | 5-40 |   |
| CENTREVILLE APTS.  |   | 663,611     |       | 63,073                      |       | 697,069                              |       | 53,939                                                |       | 16,000   |       | 751,008           |       | 767,008   |       | 445,751           |       | Feb-90 |   | Nov-90 |   | 5-27.5 |   |
| CHARLTON COURT     |   | 1,180,752   |       | 56,144                      |       | 1,449,050                            |       | 3,301                                                 |       | 56,144   |       | 1,452,351         |       | 1,508,495 |       | 618,474           |       | 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 |       | 736,363           |       | Feb-90 |   | Nov-90 |   | 12-40 |   |
| CLOVERLEAF I       |   | 841,546     |       | 54,740                      |       | 969,048                              |       | 20,339                                                |       | 54,740   |       | 989,387           |       | 1,044,127 |       | 514,131           |       | Apr-90 |   | Nov-90 |   | 5-27.5 |   |
| CLOVERLEAF II      |   | 860,456     |       | 66,488                      |       | 981,480                              |       | 22,147                                                |       | 66,488   |       | 1,003,627         |       | 1,070,115 |       | 520,105           |       | Apr-90 |   | Nov-90 |   | 5-27.5 |   |
| CONNELLSVILLE      |   | 1,345,770   |       | 55,440                      |       | 1,591,799                            |       | 169,176                                               |       | 55,440   |       | 1,760,975         |       | 1,816,415 |       | 660,992           |       | Mar-90 |   | Nov-90 |   | 5-27.5 |   |
| DALLAS             |   | 1,480,551   |       | 230,059                     |       | 3,408,933                            |       | (195,432                                              | )*         | 230,059  |       | 3,213,501         |       | 3,443,560 |       | 1,650,333         |       | Oct-90 |   | Dec-91 |   | 5-27.5 |   |
| ELLAVILLE          |   | 774,107     |       | 45,000                      |       | 977,293                              |       | 915                                                   |       | 45,000   |       | 978,208           |       | 1,023,208 |       | 515,515           |       | Feb-90 |   | Jul-90 |   | 5-27.5 |   |
| FORSYTH            |   | 1,436,454   |       | 55,000                      |       | 1,894,917                            |       | 30,751                                                |       | 55,000   |       | 1,925,668         |       | 1,980,668 |       | 958,039           |       | Sep-90 |   | Jul-90 |   | 7-27.5 |   |
| FREEDOM APTS.      |   | 1,034,608   |       | 144,065                     |       | 1,219,436                            |       | 89,906                                                |       | 144,065  |       | 1,309,342         |       | 1,453,407 |       | 480,800           |       | Sep-90 |   | Nov-90 |   | 5-27.5 |   |
| GREAT FALLS        |   | 870,495     |       | 38,292                      |       | 1,053,154                            |       | 8,183                                                 |       | 38,292   |       | 1,061,337         |       | 1,099,629 |       | 534,855           |       | Oct-90 |   | Nov-90 |   | 5-27.5 |   |
| HARTWAY PROPERTIES |   | 899,205     |       | 49,000                      |       | 1,116,507                            |       | 0                                                     |       | 49,000   |       | 1,116,507         |       | 1,165,507 |       | 433,420           |       | Jun-90 |   | Jul-90 |   | 5-27.5 |   |
| HILLTOP            |   | 1,465,880   |       | 105,000                     |       | 1,916,734                            |       | 58,483                                                |       | 105,000  |       | 1,975,217         |       | 2,080,217 |       | 993,739           |       | Jul-90 |   | Aug-90 |   | 7-27.5 |   |

 

F-91

----

 
|               |   |         |   | **Initial cost to company** |   | **Cost capitalized subsequent to** |   | **Gross amount at which carried  at close of period** |   |     |   |              |   |      |   | **Life on which** |   |
|--------------------|--------|--------------|--------|-----------------------------|--------|------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|-------------------|--------|-----------|--------|-------------------|--------|
|               |   | **Encumbr-** |   |                        |   | **Buildings and**                  |   | **acquisition**                                       |   |     |   | **Buildings and** |   |      |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**    |   | **ances**    |   | **Land**                    |   | **improvements**                   |   | **Improvements**                                      |   | **Land** |   | **improvements**  |   | **Total** |   | **depreciation**  |   | **construction** |   | **acquired** |   | **is computed** |   |
| IRONTON ESTATES    |   | 610,828      |   | 29,500                      |   | 794,461                            |   | 15,650                                                |   | 29,500   |   | 810,111           |   | 839,611   |   | 360,300           |   | Jan-93 |   | May-93 |   | 5-27.5 |   |
| LAMBERT SQUARE     |   | 975,011      |   | 41,200                      |   | 1,243,568                          |   | 33,824                                                |   | 41,200   |   | 1,277,392         |   | 1,318,592 |   | 360,559           |   | Jan-93 |   | May-93 |   | 5-50 |   |
| LAWTON APTS.       |   | 1,518,333    |   | 54,400                      |   | 1,848,603                          |   | 30,272                                                |   | 54,400   |   | 1,878,875         |   | 1,933,275 |   | 1,101,548         |   | Dec-92 |   | Nov-92 |   | 10-40 |   |
| LONGVIEW           |   | 859,501      |   | 25,000                      |   | 1,071,946                          |   | 72,706                                                |   | 25,000   |   | 1,144,652         |   | 1,169,652 |   | 596,700           |   | Jun-90 |   | Nov-90 |   | 5-27.5 |   |
| MAIDU              |   | 1,815,399    |   | 56,500                      |   | 4,890,261                          |   | 310,930                                               |   | 56,500   |   | 5,201,191         |   | 5,257,691 |   | 2,437,092         |   | Aug-90 |   | Nov-88 |   | 27.5 |   |
| MEADOWBROOK        |   | 1,453,787    |   | 75,141                      |   | 1,789,549                          |   | 5,194                                                 |   | 75,141   |   | 1,794,743         |   | 1,869,884 |   | 938,166           |   | Dec-91 |   | Mar-91 |   | 5-27.5 |   |
| MERCER APTS.       |   | 895,133      |   | 46,249                      |   | 1,098,860                          |   | 78,264                                                |   | 46,249   |   | 1,177,124         |   | 1,223,373 |   | 441,028           |   | Aug-90 |   | Nov-90 |   | 5-27.5 |   |
| MORGANTOWN         |   | 757,605      |   | 36,000                      |   | 930,187                            |   | 7                                                     |   | 36,000   |   | 930,194           |   | 966,194   |   | 303,995           |   | Dec-90 |   | Aug-90 |   | 5-27.5 |   |
| NEWNAN             |   | 1,938,207    |   | 92,706                      |   | 4,128,942                          |   | (241,002                                              | )*     | 92,706   |   | 3,887,940         |   | 3,980,646 |   | 2,002,993         |   | Oct-90 |   | Dec-90 |   | 27.5 |   |
| PARKWOOD           |   | 2,755,588    |   | 316,667                     |   | 4,358,381                          |   | 12,007                                                |   | 316,667  |   | 4,370,388         |   | 4,687,055 |   | 2,126,880         |   | May-91 |   | Mar-91 |   | 40 |   |
| PEDCOR INVESTMENTS |   | 3,109,219    |   | 200,000                     |   | 4,714,711                          |   | 651,844                                               |   | 200,000  |   | 5,366,555         |   | 5,566,555 |   | 1,778,469         |   | Oct-90 |   | Jul-90 |   | 5-27.5 |   |
| PINETREE MANOR     |   | 964,979      |   | 30,000                      |   | 1,210,633                          |   | 41,352                                                |   | 30,000   |   | 1,251,985         |   | 1,281,985 |   | 349,471           |   | Jan-93 |   | Nov-92 |   | 7-40 |   |
| PINEVIEW           |   | 946,381      |   | 125,000                     |   | 1,178,400                          |   | 10,823                                                |   | 125,000  |   | 1,189,223         |   | 1,314,223 |   | 597,949           |   | Dec-90 |   | Sep-90 |   | 7-27.5 |   |
| ROSEWOOD VILLAGE   |   | 662,825      |   | 36,000                      |   | 806,255                            |   | 8,631                                                 |   | 36,000   |   | 814,886           |   | 850,886   |   | 422,519           |   | Jul-90 |   | Jul-90 |   | 5-27.5 |   |
| STOCKTON ESTATES   |   | 506,611      |   | 17,500                      |   | 647,699                            |   | (282,918                                              | )      | 17,500   |   | 364,781           |   | 382,281   |   | 142,701           |   | Jan-93 |   | Feb-93 |   | 5-27.5 |   |
| STRATFORD SQUARE   |   | 740,529      |   | 63,000                      |   | 443,433                            |   | 483,424                                               |   | 63,000   |   | 926,857           |   | 989,857   |   | 279,256           |   | Feb-93 |   | Oct-92 |   | 5-40 |   |
| SUMMER GLEN        |   | 1,459,113    |   | 147,225                     |   | 1,669,056                          |   | 159,976                                               |   | 147,225  |   | 1,829,032         |   | 1,976,257 |   | 525,861           |   | Mar-93 |   | Nov-92 |   | 5-40 |   |
| WASHINGTON HEIGHTS |   | 462,507      |   | 76,537                      |   | 974,803                            |   | 53,612                                                |   | 90,473   |   | 1,028,415         |   | 1,118,888 |   | 399,930           |   | Jul-90 |   | Nov-90 |   | 5-27.5 |   |
| WEST DES MOINES    |   | 2,135,202    |   | 437,568                     |   | 4,154,100                          |   | 351,935                                               |   | 437,568  |   | 4,506,035         |   | 4,943,603 |   | 2,228,794         |   | Jul-90 |   | Jul-90 |   | 7-27.5 |   |

 

F-92

----

 
|             |   |        |   |                        |   | **Cost**          |   |               |   |                                                  |   |              |   |       |              |             |   |
|------------------|--------|-------------|--------|-----------------------------|--------|-------------------|--------|--------------------|--------|-------------------------------------------------------|--------|-------------------|--------|------------|-------------------|------------------|--------|
|             |   |        |   |                        |   |              |   | **capitalized**    |   | **Gross amount at which carried  at close of period** |   |              |   |       |              |             |   |   |   |
|             |   |        |   | **Initial cost to company** |   | **subsequent**    |   |               |   |                                                  |   |              |   |       | **Life on which** |             |
|             |   | **Encum-**  |   |                        |   | **Buildings and** |   | **to acquisition** |   |                                                  |   | **Buildings and** |   |       |              | **Accumulated**  |   | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**  |   | **brances** |   | **Land**                    |   | **improvements**  |   | **Improvements**   |   | **Land**                                              |   | **improvements**  |   | **Total**  |              | **depreciation** |   | **Construction** |   | **acquired** |   | **is computed** |   |
| WICHITA WEST     |   | 1,671,226   |   | 110,377                     |   | 2,920,599         |   | 156,779            |   | 110,377                                               |   | 3,077,378         |   | 3,187,755  |              | 1,539,902        |   | Jul-90 |   | Jul-90 |   | 7-27.5 |   |
| WOODSIDE HOUSING |   | 1,459,920   |   | 60,140                      |   | 1,926,294         |   | 52,786             |   | 60,140                                                |   | 1,979,080         |   | 2,039,220  |              | 678,786          |   | Nov-90 |   | Dec-90 |   | 5-27.5 |   |
|             |   |        |   |                        |   |              |   |               |   |                                                  |   |              |   |       |              |             |   |   |   |   |   |   |   |
|             |   | 51,503,990  |   | 3,818,388                   |   | 73,091,078        |   | 3,090,028          |   | 3,785,251                                             |   | 76,181,106        |   | 79,966,357 |              | 33,413,118       |   |   |   |   |   |   |   |

 

Since theOperating Partnerships maintain a calendar year end, the information reportedon this schedule is as of December 31, 2003.

There weno carrying costs as of December 31, 2003. The Column has been omitted forpresentation purposes.

 

F-93

----

Notes to Schedule III

Boston Capital Tax Credit Fund II LimitedPartnership - 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-94

----

 
| 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-95

----

 
| 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-96

----

 
| 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 |   |
| Additions  during period:             |   |    |       |       |       |
| Acquisitions  through foreclosure     |   | $       | 0          |       |       |   |
| Other  acquisitions                   |   | 0       |       |       |       |
| Improvements,  etc                    |   | (8,393  | )          |       |       |
| Other                                 |   | 0       |       |       |       |
|                                  |   |    |       | $          | (8,393     | )      |
| Deductions  during period:            |   |    |       |       |       |
| Cost of real  estate sold             |   | $       | 0          |       |       |   |
| Other                                 |   | 0       |       |       |       |
|                                  |   |    |       | 0          |       |
| Balance at  close of period - 3/31/04 |   |    |       | $          | 79,966,357 |   |

 

F-97

----

 

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 |   |
| Current year  expense                    |   | $      | 2,289,719 |   |       |   |
| Balance at  close of period - 3/31/04    |   |   |      | $      | 33,413,118 |   |

 

F-98

----

 

Boston Capital Tax Credit Fund II LimitedPartnership - Series 11Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2004

 
|                     |   |        |   | **Initial cost to company** |   | **Cost capitalized  subsequent to** |   | **Gross amount at which carried  at close of period** |   |     |   |              |   |       |   | **Life on which** |   |
|--------------------------|--------|-------------|--------|-----------------------------|--------|-------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|-------------------|--------|------------|--------|-------------------|--------|
|                     |   | **Encum-**  |   |                        |   | **Buildings and**                   |   | **acquisition**                                       |   |     |   | **Buildings and** |   |       |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**          |   | **brances** |   | **Land**                    |   | **improvements**                    |   | **Improvements**                                      |   | **Land** |   | **improvements**  |   | **Total**  |   | **depreciation**  |   | **construction** |   | **acquired** |   | **is computed** |   |
| ACADEMY HILL             |   | 1,356,344   |   | 119,500                     |   | 1,607,604                           |   | 22,800                                                |   | 120,880  |   | 1,630,404         |   | 1,751,284  |   | 789,895           |   | Feb-91 |   | Feb-91 |   | 5-27.5 |   |
| ASPEN SQUARE             |   | 1,808,163   |   | 150,413                     |   | 2,118,648                           |   | 139,701                                               |   | 150,703  |   | 2,258,349         |   | 2,409,052  |   | 697,116           |   | Nov-90 |   | Nov-90 |   | 5-27.5 |   |
| BRIDGEVIEW               |   | 1,341,638   |   | 50,686                      |   | 1,586,090                           |   | 96,589                                                |   | 50,686   |   | 1,682,679         |   | 1,733,365  |   | 932,769           |   | Dec-89 |   | Dec-90 |   | 5-27.5 |   |
| BUCKEYE                  |   | 1,319,815   |   | 93,421                      |   | 1,584,893                           |   | 97,833                                                |   | 93,421   |   | 1,682,726         |   | 1,776,147  |   | 610,586           |   | Aug-90 |   | Dec-90 |   | 5-27.5 |   |
| CHURCH HILL              |   | 941,156     |   | 63,232                      |   | 663,136                             |   | 580,625                                               |   | 63,232   |   | 1,243,761         |   | 1,306,993  |   | 413,321           |   | Jan-91 |   | Dec-90 |   | 7-40 |   |
| COPPER CREEK             |   | 1,157,718   |   | 77,750                      |   | 1,410,989                           |   | 73,275                                                |   | 77,750   |   | 1,484,264         |   | 1,562,014  |   | 463,910           |   | Sep-90 |   | Nov-90 |   | 5-27.5 |   |
| CORONADO                 |   | 157,109     |   | 9,998                       |   | 1,499,265                           |   | 58,461                                                |   | 9,998    |   | 1,557,726         |   | 1,567,724  |   | 746,456           |   | Apr-91 |   | Feb-91 |   | 5-27.5 |   |
| CRESTWOOD                |   | 3,947,031   |   | 360,000                     |   | 10,649,129                          |   | 352,563                                               |   | 360,000  |   | 11,001,692        |   | 11,361,692 |   | 4,864,683         |   | Jul-91 |   | Jan-91 |   | 7-27.5 |   |
| DALLAS APTS.             |   | 1,480,551   |   | 230,059                     |   | 3,408,933                           |   | (195,432                                              | )*     | 230,059  |   | 3,213,501         |   | 3,443,560  |   | 1,650,333         |   | Oct-90 |   | Dec-90 |   | 7-27.5 |   |
| DENMARK I                |   | 758,700     |   | 54,000                      |   | 915,172                             |   | 6,250                                                 |   | 54,000   |   | 921,422           |   | 975,422    |   | 475,902           |   | Jun-90 |   | Nov-90 |   | 27.5 |   |
| DENMARK II               |   | 805,809     |   | 36,000                      |   | 1,003,547                           |   | 3,833                                                 |   | 36,000   |   | 1,007,380         |   | 1,043,380  |   | 516,358           |   | Jun-90 |   | Nov-90 |   | 5-27.5 |   |
| EL DORADO SPRINGS        |   | 571,955     |   | 22,500                      |   | 735,245                             |   | 38,259                                                |   | 17,176   |   | 773,504           |   | 790,680    |   | 408,310           |   | Sep-90 |   | Nov-90 |   | 5-27.5 |   |
| ELDON ESTATES II         |   | 572,689     |   | 30,000                      |   | 690,453                             |   | 49,231                                                |   | 30,000   |   | 739,684           |   | 769,684    |   | 363,904           |   | Nov-90 |   | Dec-90 |   | 5-27.5 |   |
| ELDON MANOR              |   | 551,214     |   | 7,500                       |   | 787,399                             |   | 39,456                                                |   | 7,500    |   | 826,855           |   | 834,355    |   | 413,412           |   | Nov-90 |   | Dec-90 |   | 5-27.5 |   |
| ELDERLY HOUSING OF MACON |   | 1,592,356   |   | 50,000                      |   | 1,992,329                           |   | 26,820                                                |   | 50,000   |   | 2,019,149         |   | 2,069,149  |   | 553,925           |   | Apr-93 |   | May-93 |   | 5-27.5 |   |
| EUTAW ELDERLY            |   | 1,598,036   |   | 24,000                      |   | 1,972,439                           |   | 28,110                                                |   | 24,000   |   | 2,000,549         |   | 2,024,549  |   | 509,674           |   | Dec-93 |   | May-93 |   | 5-50 |   |
| FARMERVILLE              |   | 954,556     |   | 57,015                      |   | 1,195,142                           |   | 49,804                                                |   | 57,015   |   | 1,244,946         |   | 1,301,961  |   | 401,714           |   | Apr-91 |   | Jan-91 |   | 5-27.5 |   |
| FOREST GLADE             |   | 1,461,434   |   | 100,000                     |   | 1,841,104                           |   | 40,547                                                |   | 100,000  |   | 1,881,651         |   | 1,981,651  |   | 920,635           |   | Dec-90 |   | Dec-90 |   | 7-27.5 |   |
| FRANKLIN SCHOOL          |   | 1,194,369   |   | 112,032                     |   | 2,528,326                           |   | 2,296,877                                             |   | 112,032  |   | 4,825,203         |   | 4,937,235  |   | 2,019,928         |   | Dec-91 |   | Oct-90 |   | 27.5 |   |
| HARBOR VIEW              |   | 1,460,128   |   | 143,957                     |   | 1,802,615                           |   | 19,163                                                |   | 143,957  |   | 1,821,778         |   | 1,965,735  |   | 926,425           |   | Jul-90 |   | Dec-90 |   | 7-27.5 |   |
| HILLTOP APTS.            |   | 1,397,081   |   | 178,736                     |   | 1,545,237                           |   | 37,942                                                |   | 178,736  |   | 1,583,179         |   | 1,761,915  |   | 592,673           |   | Nov-92 |   | Jan-93 |   | 27.5 |   |
| HOLLAND SENIOR           |   | 886,652     |   | 27,500                      |   | 1,096,333                           |   | 77,354                                                |   | 27,500   |   | 1,173,687         |   | 1,201,187  |   | 612,177           |   | Jun-90 |   | Nov-90 |   | 27.5 |   |
| HOLLY SENIOR             |   | 904,049     |   | 36,882                      |   | 1,139,044                           |   | 88,347                                                |   | 36,882   |   | 1,227,391         |   | 1,264,273  |   | 634,126           |   | Oct-90 |   | Nov-90 |   | 27.5 |   |

 

F-99

----

 
|                   |   |         |   | **Initial cost to company** |   | **Cost capitalized  subsequent to** |   | **Gross amount at which carried  at close of period** |   |      |   |              |   |       |   | **Life on which** |   |
|------------------------|--------|--------------|--------|-----------------------------|--------|-------------------------------------|--------|-------------------------------------------------------|--------|-----------|--------|-------------------|--------|------------|--------|-------------------|--------|
|                   |   | **Encumbr-** |   |                        |   | **Buildings and**                   |   | **acquisition**                                       |   |      |   | **Buildings and** |   |       |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**        |   | **ances**    |   | **Land**                    |   | **improvements**                    |   | **Improvements**                                      |   | **Land**  |   | **improvements**  |   | **Total**  |   | **depreciation**  |   | **construction** |   | **acquired** |   | **is computed** |   |
| IVAN WOODS             |   | 2,546,978    |   | 275,000                     |   | 4,347,328                           |   | 87,328                                                |   | 275,000   |   | 4,434,656         |   | 4,709,656  |   | 2,221,843         |   | Apr-91 |   | Feb-91 |   | 5-27.5 |   |
| KAPLAN MANOR           |   | 912,706      |   | 66,000                      |   | 1,106,192                           |   | 111,186                                               |   | 66,000    |   | 1,217,378         |   | 1,283,378  |   | 407,004           |   | Dec-90 |   | Dec-90 |   | 7-40 |   |
| LAKEWOOD               |   | 940,664      |   | 53,100                      |   | 1,162,254                           |   | 70,627                                                |   | 53,100    |   | 1,232,881         |   | 1,285,981  |   | 402,098           |   | May-91 |   | Jan-91 |   | 5-27.5 |   |
| LICKING ASSOCIATES     |   | 400,388      |   | 14,000                      |   | 316,889                             |   | 201,153                                               |   | 14,000    |   | 518,042           |   | 532,042    |   | 221,143           |   | Mar-92 |   | Nov-91 |   | 5-27.5 |   |
| LONDON ARMS            |   | 2,674,257    |   | 37,500                      |   | 3,479,332                           |   | 7,882                                                 | *      | 37,500    |   | 3,487,214         |   | 3,524,714  |   | 1,641,797         |   | Dec-90 |   | Dec-90 |   | 5-27.5 |   |
| MAIDU                  |   | 1,815,399    |   | 56,500                      |   | 4,890,261                           |   | 310,930                                               |   | 56,500    |   | 5,201,191         |   | 5,257,691  |   | 2,437,092         |   | Dec-91 |   | Mar-91 |   | 7-27.5 |   |
| MANNING PROPERTIES     |   | 826,659      |   | 44,125                      |   | 1,015,703                           |   | 10,752                                                |   | 44,125    |   | 1,026,455         |   | 1,070,580  |   | 518,899           |   | Nov-90 |   | Nov-90 |   | 5-27.5 |   |
| METTER                 |   | 1,442,427    |   | 44,500                      |   | 1,770,511                           |   | 9,551                                                 |   | 45,141    |   | 1,780,062         |   | 1,825,203  |   | 734,695           |   | May-93 |   | Dec-92 |   | 5-27.5 |   |
| NEVADA MANOR           |   | 637,797      |   | 50,000                      |   | 782,543                             |   | 37,751                                                |   | 50,000    |   | 820,294           |   | 870,294    |   | 434,685           |   | Oct-90 |   | Nov-90 |   | 5-27.5 |   |
| NEWNAN APTS.           |   | 1,938,207    |   | 92,706                      |   | 4,128,942                           |   | (241,002                                              | )*     | 92,706    |   | 3,887,940         |   | 3,980,646  |   | 2,002,993         |   | Oct-90 |   | Dec-90 |   | 5-27.5 |   |
| OATKA VILLIAGE         |   | 905,226      |   | 35,000                      |   | 1,151,205                           |   | 74,952                                                |   | 35,000    |   | 1,226,157         |   | 1,261,157  |   | 617,403           |   | Jun-90 |   | Nov-90 |   | 5-27.5 |   |
| RPI #18 L.P.           |   | 1,213,977    |   | 100                         |   | 1,776,840                           |   | 123,538                                               |   | 100       |   | 1,900,378         |   | 1,900,478  |   | 916,494           |   | Dec-90 |   | Dec-90 |   | 5-27.5 |   |
| SIERRA SPRINGS         |   | 1,158,670    |   | 52,290                      |   | 1,448,815                           |   | 76,572                                                |   | 52,387    |   | 1,525,387         |   | 1,577,774  |   | 460,955           |   | Nov-90 |   | Nov-90 |   | 5-27.5 |   |
| SOUTH FORK             |   | 1,451,690    |   | 100,000                     |   | 1,782,527                           |   | 42,851                                                |   | 100,000   |   | 1,825,378         |   | 1,925,378  |   | 657,420           |   | Feb-91 |   | Feb-91 |   | 5-27.5 |   |
| TWIN OAKS OF ALLENDALE |   | 770,640      |   | 71,305                      |   | 951,711                             |   | (155,350                                              | )*     | 71,305    |   | 796,361           |   | 867,666    |   | 397,108           |   | Sep-90 |   | Dec-90 |   | 5-27.5 |   |
| WASHINGTON             |   | 943,379      |   | 55,050                      |   | 1,150,878                           |   | 65,931                                                |   | 55,050    |   | 1,216,809         |   | 1,271,859  |   | 401,967           |   | Mar-91 |   | Jan-91 |   | 7-40 |   |
| WILDRIDGE              |   | 1,368,015    |   | 156,576                     |   | 1,617,243                           |   | 49,029                                                |   | 156,576   |   | 1,666,272         |   | 1,822,848  |   | 820,286           |   | Apr-91 |   | Jan-91 |   | 7-27.5 |   |
|                   |   |         |   |                        |   |                                |   |                                                  |   |      |   |              |   |       |   |              |   |   |   |   |   |   |   |
|                   |   | 50,165,632   |   | 3,238,933                   |   | 76,652,246                          |   | 4,912,089                                             |   | 3,236,017 |   | 81,564,335        |   | 84,800,352 |   | 35,812,114        |   |   |   |   |   |   |   |

 

Since theOperating Partnerships maintain a calendar year end, the information reportedon this schedule is as of December 31, 2003.

There weno carrying costs as of December 31, 2003. The Column has been omitted forpresentation purposes.

 

F-100

----

 

Notes to Schedule III

Boston Capital Tax Credit Fund II LimitedPartnership - 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-101

----

 
| 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-102

----

 
| 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-103

----

 
| 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 |   |
| Additions during  period:             |   |    |   |   |       |
| Acquisitions  through foreclosure     |   | $       | 0      |   |       |   |
| Other  acquisitions                   |   | 0       |   |   |       |
| Improvements,  etc                    |   | 675,426 |   |   |       |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | $      | 675,426    |   |
| Deductions  during period:            |   |    |   |   |       |
| Cost of real  estate sold             |   | $       | 0      |   |       |   |
| Other                                 |   | 0       |   |   |       |
|                                  |   |    |   | 0      |       |
| Balance at  close of period - 3/31/04 |   |    |   | $      | 84,800,352 |   |

 

F-104

----

 

Reconciliation of Accumulated Depreciationcurrent 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 |   |
| Current year  expense                    |   | $      | 2,300,969 |   |       |   |
| Balance at  close of period - 3/31/04    |   |   |      | $      | 35,812,114 |   |

 

F-105

----

 

Boston Capital Tax Credit Fund II LimitedPartnership - Series 12Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2004

 
|                    |   |        |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to** |   | **Gross amount at which carried  at close of period** |   |     |   |              |   |       |   | **Life on which** |   |
|-------------------------|--------|-------------|--------|-----------------------------|--------|--------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|-------------------|--------|------------|--------|-------------------|--------|
|                    |   | **Encum-**  |   |                        |   | **Buildings and**                    |   | **acquisition**                                       |   |     |   | **Buildings and** |   |       |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**         |   | **brances** |   | **Land**                    |   | **improvements**                     |   | **Improvements**                                      |   | **Land** |   | **improvements**  |   | **Total**  |   | **depreciation**  |   | **construction** |   | **acquired** |   | **is computed** |   |
| AUTUMNWOOD VILLAGE      |   | 997,729     |   | 40,777                      |   | 371,734                              |   | 903,964                                               |   | 40,777   |   | 1,275,698         |   | 1,316,475  |   | 566,513           |   | Apr-92 |   | Oct-91 |   | 5-27.5 |   |
| BB&L ENTERPRISES    |   | 513,525     |   | 24,000                      |   | 648,985                              |   | 8,857                                                 |   | 24,000   |   | 657,842           |   | 681,842    |   | 242,514           |   | Mar-91 |   | May-91 |   | 5-40 |   |
| BOWMAN VILLAGE          |   | 655,843     |   | 17,000                      |   | 848,107                              |   | 8,298                                                 |   | 17,000   |   | 856,405           |   | 873,405    |   | 398,252           |   | Oct-91 |   | Jun-91 |   | 5-27.5 |   |
| BRANDYWOOD              |   | 1,655,220   |   | 86,029                      |   | 3,313,958                            |   | 64,450                                                | *      | 86,029   |   | 3,378,408         |   | 3,464,437  |   | 1,716,267         |   | Sep-91 |   | Dec-91 |   | 5-27.5 |   |
| BRIARWICK               |   | 1,205,582   |   | 95,079                      |   | 1,587,073                            |   | 8,855                                                 |   | 95,079   |   | 1,595,928         |   | 1,691,007  |   | 546,169           |   | Apr-91 |   | Apr-91 |   | 5-40 |   |
| BUCKSPORT               |   | 1,351,146   |   | 71,500                      |   | 1,683,768                            |   | 112,672                                               |   | 71,500   |   | 1,796,440         |   | 1,867,940  |   | 682,175           |   | Aug-91 |   | Jun-91 |   | 7-27.5 |   |
| BURKESVILLE             |   | 723,749     |   | 40,000                      |   | 897,118                              |   | 530                                                   |   | 40,000   |   | 897,648           |   | 937,648    |   | 273,699           |   | Sep-91 |   | Jun-91 |   | 5-27.5 |   |
| CALIFORNIA VII          |   | 8,406,701   |   | 820,000                     |   | 9,361,922                            |   | 16,550,625                                            |   | 803,050  |   | 25,912,547        |   | 26,715,597 |   | 7,100,462         |   | Dec-93 |   | Oct-92 |   | 5-27.5 |   |
| CANANCHE CREEK          |   | 1,217,124   |   | 66,200                      |   | 1,515,813                            |   | 60,014                                                |   | 66,200   |   | 1,575,827         |   | 1,642,027  |   | 446,440           |   | Jun-91 |   | May-91 |   | 5-27.5 |   |
| CARSON VILLAGE          |   | 642,295     |   | 30,000                      |   | 193,264                              |   | 620,730                                               |   | 30,000   |   | 813,994           |   | 843,994    |   | 357,279           |   | Jun-92 |   | Oct-91 |   | 5-27.5 |   |
| CLARKSON PROP           |   | 732,315     |   | 36,000                      |   | 932,918                              |   | 0                                                     |   | 36,000   |   | 932,918           |   | 968,918    |   | 284,136           |   | Jul-91 |   | Jun-91 |   | 7-27.5 |   |
| CLYMER HOUSE            |   | 1,099,742   |   | 20,000                      |   | 1,387,091                            |   | 123,175                                               |   | 20,000   |   | 1,510,266         |   | 1,530,266  |   | 578,291           |   | Oct-91 |   | Jun-91 |   | 5-27.5 |   |
| CORCORAN INVESTMENT     |   | 1,597,017   |   | 75,000                      |   | 1,976,455                            |   | 0                                                     |   | 75,000   |   | 1,976,455         |   | 2,051,455  |   | 564,882           |   | Nov-90 |   | Feb-91 |   | 5-50 |   |
| CORNISH PARK            |   | 1,433,935   |   | 67,390                      |   | 1,761,946                            |   | 164,917                                               |   | 68,500   |   | 1,926,863         |   | 1,995,363  |   | 753,162           |   | Jun-91 |   | Jun-91 |   | 5-27.5 |   |
| CRESCENT CITY           |   | 2,101,281   |   | 211,000                     |   | 2,297,055                            |   | (14,590                                               | )*     | 211,000  |   | 2,282,465         |   | 2,493,465  |   | 682,011           |   | Mar-91 |   | Mar-91 |   | 5-50 |   |
| DALLAS II               |   | 1,480,551   |   | 230,059                     |   | 3,194,199                            |   | 19,302                                                |   | 230,059  |   | 3,213,501         |   | 3,443,560  |   | 1,650,333         |   | Oct-90 |   | Mar-91 |   | 7-27.5 |   |
| EARLIMART               |   | 1,325,915   |   | 90,000                      |   | 1,711,424                            |   | 827                                                   |   | 90,000   |   | 1,712,251         |   | 1,802,251  |   | 488,223           |   | Jun-91 |   | Jun-91 |   | 5-50 |   |
| EVANWOOD                |   | 742,062     |   | 36,000                      |   | 929,102                              |   | 456                                                   |   | 32,400   |   | 929,558           |   | 961,958    |   | 315,356           |   | May-91 |   | Jun-91 |   | 5-27.5 |   |
| FORT SMITH              |   | 778,626     |   | 87,500                      |   | 2,089,062                            |   | 0                                                     |   | 81,348   |   | 2,089,062         |   | 2,170,410  |   | 841,599           |   | Aug-94 |   | Sep-93 |   | 7-27.5 |   |
| FRANKLIN II             |   | 1,463,638   |   | 50,000                      |   | 1,864,100                            |   | 24,851                                                |   | 50,000   |   | 1,888,951         |   | 1,938,951  |   | 940,828           |   | Nov-90 |   | Apr-91 |   | 7-27.5 |   |
| FRANKLIN HSE APARTMENTS |   | 273,288     |   | 1,000                       |   | 812,706                              |   | 2,742                                                 |   | 1,000    |   | 815,448           |   | 816,448    |   | 317,196           |   | Jan-88 |   | May-93 |   | 5-27.5 |   |
| HAMILTON VILLAGE        |   | 560,550     |   | 18,943                      |   | 368,532                              |   | 347,904                                               |   | 18,943   |   | 716,436           |   | 735,379    |   | 324,522           |   | Mar-92 |   | Oct-91 |   | 5-27.5 |   |
| HUNTERS PARK            |   | 1,389,470   |   | 92,750                      |   | 1,650,083                            |   | 13,889                                                |   | 92,750   |   | 1,663,972         |   | 1,756,722  |   | 465,464           |   | Apr-91 |   | May-91 |   | 5-27.5 |   |

 

F-106

----

 
|             |   |         |   | **Initial cost to company** |   | **Cost capitalized  subsequent to** |   | **Gross amount at which carried  at close of period** |   |     |   |              |   |      |   | **Life on which** |   |
|------------------|--------|--------------|--------|-----------------------------|--------|-------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|-------------------|--------|-----------|--------|-------------------|--------|
|             |   | **Encumbr-** |   |                        |   | **Buildings and**                   |   | **acquisition**                                       |   |     |   | **Buildings and** |   |      |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**  |   | **ances**    |   | **Land**                    |   | **improvements**                    |   | **Improvements**                                      |   | **Land** |   | **improvements**  |   | **Total** |   | **depreciation**  |   | **construction** |   | **acquired** |   | **is computed** |   |
| IVAN WOODS       |   | 2,546,978    |   | 275,000                     |   | 4,347,328                           |   | 87,328                                                |   | 275,000  |   | 4,434,656         |   | 4,709,656 |   | 2,221,843         |   | Apr-91 |   | Feb-91 |   | 5-27.5 |   |
| JESUP            |   | 581,456      |   | 19,375                      |   | 427,265                             |   | 385,359                                               |   | 10,560   |   | 812,624           |   | 823,184   |   | 365,764           |   | Jul-92 |   | Jan-91 |   | 5-27.5 |   |
| LAKERIDGE        |   | 903,034      |   | 34,832                      |   | 1,103,517                           |   | 18,599                                                |   | 34,832   |   | 1,122,116         |   | 1,156,948 |   | 543,050           |   | Apr-91 |   | Mar-91 |   | 5-50 |   |
| LAUREL VILLAGE   |   | 651,543      |   | 15,145                      |   | 256,421                             |   | 574,212                                               |   | 15,145   |   | 830,633           |   | 845,778   |   | 370,342           |   | May-92 |   | Oct-91 |   | 5-27.5 |   |
| LOS CABALLOS     |   | 722,861      |   | 53,886                      |   | 1,006,731                           |   | 26,621                                                |   | 26,943   |   | 1,033,352         |   | 1,060,295 |   | 333,593           |   | Aug-91 |   | Jul-91 |   | 5-27.5 |   |
| MARLBORO         |   | 823,394      |   | 26,176                      |   | 1,032,404                           |   | 15,289                                                |   | 26,176   |   | 1,047,693         |   | 1,073,869 |   | 529,358           |   | Feb-91 |   | Mar-91 |   | 5-27.5 |   |
| MELVILLES        |   | 878,516      |   | 18,500                      |   | 1,103,074                           |   | 85,303                                                |   | 18,500   |   | 1,188,377         |   | 1,206,877 |   | 369,323           |   | Oct-91 |   | Jul-91 |   | 7-40 |   |
| NANTY GLO        |   | 1,454,220    |   | 35,000                      |   | 1,869,757                           |   | 114,134                                               |   | 35,000   |   | 1,983,891         |   | 2,018,891 |   | 749,433           |   | Jul-91 |   | Jun-91 |   | 5-27.5 |   |
| NEWNAN II        |   | 1,938,207    |   | 92,706                      |   | 3,868,800                           |   | 19,140                                                |   | 92,706   |   | 3,887,940         |   | 3,980,646 |   | 2,002,993         |   | Oct-90 |   | Mar-91 |   | 7-27.5 |   |
| NYE COUNTY       |   | 1,343,870    |   | 60,000                      |   | 1,694,731                           |   | 5,023                                                 |   | 60,000   |   | 1,699,754         |   | 1,759,754 |   | 842,311           |   | Apr-91 |   | May-91 |   | 5-27.5 |   |
| OAKLEIGH         |   | 899,484      |   | 57,500                      |   | 553,121                             |   | 600,197                                               |   | 57,500   |   | 1,153,318         |   | 1,210,818 |   | 351,942           |   | Mar-92 |   | Aug-91 |   | 7-40 |   |
| OAKWOOD          |   | 891,586      |   | 52,000                      |   | 782,736                             |   | 390,309                                               |   | 52,000   |   | 1,173,045         |   | 1,225,045 |   | 360,085           |   | Jan-92 |   | Aug-91 |   | 7-40 |   |
| PARKWOOD         |   | 2,755,588    |   | 316,667                     |   | 4,358,381                           |   | 12,007                                                |   | 316,667  |   | 4,370,388         |   | 4,687,055 |   | 2,126,880         |   | May-91 |   | Mar-91 |   | 5-27.5 |   |
| PORTALES ESTATES |   | 1,418,640    |   | 66,500                      |   | 1,777,470                           |   | 43,240                                                |   | 66,500   |   | 1,820,710         |   | 1,887,210 |   | 899,868           |   | Jul-91 |   | Jul-91 |   | 5-27.5 |   |
| PRAIRIE WEST     |   | 476,383      |   | 65,000                      |   | 983,964                             |   | 18,490                                                |   | 75,906   |   | 1,002,454         |   | 1,078,360 |   | 502,238           |   | Sep-95 |   | Mar-91 |   | 5-27.5 |   |
| RIDGEWAY COURT   |   | 892,446      |   | 48,500                      |   | 1,039,377                           |   | 25,961                                                |   | 48,500   |   | 1,065,338         |   | 1,113,838 |   | 502,885           |   | Jan-91 |   | Apr-91 |   | 5-27.5 |   |
| RIVER REACH      |   | 1,345,943    |   | 118,750                     |   | 1,656,515                           |   | 17,993                                                |   | 118,750  |   | 1,674,508         |   | 1,793,258 |   | 801,535           |   | May-91 |   | May-91 |   | 7-27.5 |   |
| ROCKMOOR         |   | 554,269      |   | 30,000                      |   | 521,541                             |   | 153,533                                               |   | 30,000   |   | 675,074           |   | 705,074   |   | 193,264           |   | Mar-91 |   | May-91 |   | 5-27.5 |   |
| RPI #22          |   | 537,358      |   | 0                           |   | 1,177,719                           |   | 30,883                                                |   | 0        |   | 1,208,602         |   | 1,208,602 |   | 556,751           |   | Jul-91 |   | Jun-91 |   | 7-27.5 |   |
| SCOTT CITY       |   | 590,907      |   | 13,000                      |   | 764,225                             |   | 10,843                                                | *      | 13,000   |   | 775,068           |   | 788,068   |   | 249,198           |   | Nov-91 |   | Jun-91 |   | 5-27.5 |   |
| SHAWNEE RIDGE    |   | 657,367      |   | 53,650                      |   | 801,129                             |   | 18,521                                                |   | 53,650   |   | 819,650           |   | 873,300   |   | 233,848           |   | May-91 |   | May-91 |   | 5-27.5 |   |

 

F-107

----

 
|             |   |        |   | **Initial cost to company** |   | **Cost capitalized  subsequent to** |   | **Gross amount at which carried  at close of period** |   |      |   |              |   |        |   | **Life on which** |   |
|------------------|--------|-------------|--------|-----------------------------|--------|-------------------------------------|--------|-------------------------------------------------------|--------|-----------|--------|-------------------|--------|-------------|--------|-------------------|--------|
|             |   | **Encum-**  |   |                        |   | **Buildings and**                   |   | **acquisition**                                       |   |      |   | **Buildings and** |   |        |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**  |   | **brances** |   | **Land**                    |   | **improvements**                    |   | **Improvements**                                      |   | **Land**  |   | **improvements**  |   | **Total**   |   | **depreciation**  |   | **construction** |   | **acquired** |   | **is computed** |   |
| SPRINGFIELD      |   | 4,068,100   |   | 775,955                     |   | 9,620,653                           |   | (227,896                                              | )      | 775,955   |   | 9,392,757         |   | 10,168,712  |   | 4,191,221         |   | Jun-91 |   | Jul-91 |   | 5-27.5 |   |
| STONEGATE MANOR  |   | 995,372     |   | 76,000                      |   | 1,265,168                           |   | 9,560                                                 |   | 76,000    |   | 1,274,728         |   | 1,350,728   |   | 629,014           |   | Dec-90 |   | May-91 |   | 7-27.5 |   |
| TURNER LANE      |   | 710,892     |   | 31,530                      |   | 882,974                             |   | 1,750                                                 |   | 31,530    |   | 884,724           |   | 916,254     |   | 421,630           |   | Jul-91 |   | May-91 |   | 7-27.5 |   |
| UNION BAPTIST    |   | 336,576     |   | 0                           |   | 1,151,557                           |   | (401,966                                              | )      | 30,000    |   | 749,591           |   | 779,591     |   | 407,145           |   | Apr-91 |   | May-91 |   | 5-27.5 |   |
| VILLAS LAKERIDGE |   | 524,118     |   | 47,952                      |   | 605,356                             |   | 2,814                                                 |   | 47,952    |   | 608,170           |   | 656,122     |   | 291,903           |   | Mar-91 |   | Mar-91 |   | 5-27.5 |   |
| WAYNESBORO       |   | 1,351,534   |   | 50,000                      |   | 1,455,507                           |   | 83,569                                                |   | 50,000    |   | 1,539,076         |   | 1,589,076   |   | 714,468           |   | Jan-91 |   | Apr-91 |   | 5-27.5 |   |
| WINDSOR II       |   | 727,162     |   | 51,178                      |   | 887,455                             |   | 13,323                                                |   | 51,178    |   | 900,778           |   | 951,956     |   | 456,976           |   | Nov-90 |   | Apr-91 |   | 7-27.5 |   |
| WOODCREST        |   | 699,133     |   | 42,000                      |   | 883,702                             |   | 42,822                                                |   | 42,000    |   | 926,524           |   | 968,524     |   | 290,307           |   | Nov-91 |   | Jun-91 |   | 7-40 |   |
| WOODSIDE         |   | 1,137,556   |   | 19,383                      |   | 1,378,829                           |   | 66,781                                                |   | 19,383    |   | 1,445,610         |   | 1,464,993   |   | 774,311           |   | Mar-91 |   | Apr-91 |   | 5/40 |   |
|             |   |        |   |                        |   |                                |   |                                                  |   |      |   |              |   |        |   |              |   |   |   |   |   |   |   |
|             |   | 65,761,797  |   | 4,852,412                   |   | 90,653,822                          |   | 21,266,210                                            |   | 4,831,968 |   | 111,920,032       |   | 116,752,000 |   | 43,819,252        |   |   |   |   |   |   |   |

 

Since theOperating Partnerships maintain a calendar year end, the information reportedon this schedule is as of December 31, 2003.

There weno carrying costs as of December 31, 2003. The Column has been omitted forpresentation purposes.

 

F-108

----

Notes to Schedule III

Boston Capital Tax Credit Fund II LimitedPartnership - 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-109

----

 
| 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-110

----

 
| 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-111

----

 
| 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 |   |
| Additions during period:              |   |    |   |   |        |
| Acquisitions through  foreclosure     |   | $       | 0      |   |        |   |
| Other acquisitions                    |   | 0       |   |   |        |
| Improvements, etc                     |   | 307,719 |   |   |        |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | $      | 307,719     |   |
| Deductions during period:             |   |    |   |   |        |
| Cost of real estate sold              |   | $       | 0      |   |        |   |
| Other                                 |   | 0       |   |   |        |
|                                  |   |    |   | 0      |        |
| Balance at close of period -  3/31/04 |   |    |   | $      | 116,752,000 |   |

 

F-112

----

 

Reconciliation of Accumulated Depreciationcurrent 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 |   |
| Current year expense                     |   | $      | 3,392,354 |   |       |   |
| Balance at close of period -  3/31/04    |   |   |      | $      | 43,819,252 |   |

 

F-113

----

 

Boston Capital Tax Credit FundII Limited Partnership - Series 14Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2004

 
|               |   | **Encum-**        |   | **Initial cost to company** |   | **Cost  capitalized  subsequent to** |   | **Gross amount at which carried  at close of period** |   |     |   |             |   |        |   | **Life on which  depreciation** |   |
|--------------------|--------|-------------------|--------|-----------------------------|--------|--------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|------------------|--------|-------------|--------|---------------------------------|--------|
|               |   | **Buildings and** |   | **acquisition**             |   |                                 |   | **Buildings and**                                     |   |     |   | **Accumulated**  |   | **Date of** |   | **Date**                        |   |   |
| **Description**    |   | **brances**       |   | **Land**                    |   | **improvements**                     |   | **Improvements**                                      |   | **Land** |   | **improvements** |   | **Total**   |   | **depreciation**                |   | **construction** |   | **acquired** |   | **is computed** |   |
| ADA VILLAGE        |   | 1,007,518         |   | 125,997                     |   | 1,201,080                            |   | 0                                                     |   | 125,997  |   | 1,201,080        |   | 1,327,077   |   | 437,969                         |   | Nov-93 |   | Jan-93 |   | 5-30 |   |
| AMHERST            |   | 1,567,437         |   | 60,000                      |   | 1,920,734                            |   | 5,040                                                 |   | 60,000   |   | 1,925,774        |   | 1,985,774   |   | 874,593                         |   | Jan-92 |   | Jan-92 |   | 7-27.5 |   |
| BECKWOOD MANOR     |   | 1,246,948         |   | 35,000                      |   | 1,569,743                            |   | 49,758                                                |   | 35,000   |   | 1,619,501        |   | 1,654,501   |   | 725,488                         |   | Oct-92 |   | May-92 |   | 5-27.5 |   |
| BELMONT VILLAGE    |   | 915,328           |   | 64,312                      |   | 1,073,695                            |   | 103,774                                               |   | 64,312   |   | 1,177,469        |   | 1,241,781   |   | 394,142                         |   | Dec-91 |   | Jan-92 |   | 7-27.5 |   |
| BETHEL PARK        |   | 1,466,169         |   | 265,800                     |   | 1,310,374                            |   | 527,267                                               |   | 117,500  |   | 1,837,641        |   | 1,955,141   |   | 637,793                         |   | Mar-92 |   | Dec-91 |   | 5-40 |   |
| BLANCHARD VILLAGE  |   | 211,862           |   | 42,000                      |   | 727,225                              |   | (473,334                                              | )      | 23,726   |   | 253,891          |   | 277,617     |   | 102,328                         |   | Sep-91 |   | Oct-91 |   | 7-40 |   |
| BLANCHARD SENIOR   |   | 588,088           |   | 42,000                      |   | 730,704                              |   | 33,871                                                |   | 42,000   |   | 764,575          |   | 806,575     |   | 229,055                         |   | Jul-93 |   | Jan-93 |   | 5-30 |   |
| BRANTWOOD          |   | 1,126,560         |   | 55,500                      |   | 1,382,381                            |   | 15,061                                                |   | 55,500   |   | 1,397,442        |   | 1,452,942   |   | 658,466                         |   | Sep-91 |   | Jul-91 |   | 7-27.5 |   |
| BRECKENRIDGE       |   | 854,444           |   | 21,500                      |   | 1,181,178                            |   | (462                                                  | )      | 21,500   |   | 1,180,716        |   | 1,202,216   |   | 410,975                         |   | Mar-92 |   | Jan-92 |   | 7-27.5 |   |
| BRIARWOOD II       |   | 1,468,221         |   | 90,000                      |   | 1,785,580                            |   | (192,233                                              | )      | 90,000   |   | 1,593,347        |   | 1,683,347   |   | 686,305                         |   | Apr-92 |   | Feb-92 |   | 7-27.5 |   |
| BRIDGE COALITION   |   | 0                 |   | 0                           |   | 695,990                              |   | 166,045                                               |   | 0        |   | 862,035          |   | 862,035     |   | 342,296                         |   | Dec-91 |   | Jan-92 |   | 27.5 |   |
| BUCHANAN           |   | 714,395           |   | 63,275                      |   | 833,561                              |   | 35,252                                                |   | 63,275   |   | 868,813          |   | 932,088     |   | 442,102                         |   | Oct-90 |   | Jul-91 |   | 7-27.5 |   |
| CALIFORNIA INV VII |   | 8,406,701         |   | 820,000                     |   | 9,361,922                            |   | 16,550,625                                            |   | 803,050  |   | 25,912,547       |   | 26,715,597  |   | 7,100,462                       |   | Dec-93 |   | Oct-92 |   | 7-27.5 |   |
| CAPITAL HOUSING    |   | 1,367,143         |   | 178,000                     |   | 3,131,389                            |   | 82,880                                                |   | 178,000  |   | 3,214,269        |   | 3,392,269   |   | 1,497,139                       |   | Jan-91 |   | Aug-91 |   | 7-27.5 |   |
| CAPITOL ONE        |   | 683,675           |   | 35,000                      |   | 883,508                              |   | 470                                                   |   | 35,000   |   | 883,978          |   | 918,978     |   | 323,418                         |   | Aug-95 |   | Mar-95 |   | 5-27.5 |   |
| CARLETON COURT     |   | 2,907,897         |   | 94,360                      |   | 3,954,231                            |   | 227,920                                               |   | 94,360   |   | 4,182,151        |   | 4,276,511   |   | 1,401,637                       |   | Dec-91 |   | Dec-91 |   | 7-34 |   |
| CARRIAGE RUN       |   | 1,288,902         |   | 83,980                      |   | 1,046,960                            |   | 562,338                                               |   | 83,980   |   | 1,609,298        |   | 1,693,278   |   | 725,495                         |   | Apr-92 |   | Oct-91 |   | 7-27.5 |   |
| CEDARWOOD          |   | 1,393,707         |   | 61,698                      |   | 1,477,659                            |   | 234,950                                               |   | 61,698   |   | 1,712,609        |   | 1,774,307   |   | 483,625                         |   | Jan-92 |   | Oct-91 |   | 7-27.5 |   |
| CENTRAL VALLEY     |   | 1,795,485         |   | 141,353                     |   | 2,170,282                            |   | 0                                                     |   | 141,353  |   | 2,170,282        |   | 2,311,635   |   | 577,735                         |   | Dec-91 |   | Jan-92 |   | 5-50 |   |
| CHAPARRAL          |   | 685,464           |   | 38,972                      |   | 863,939                              |   | 3,510                                                 |   | 38,972   |   | 867,449          |   | 906,421     |   | 236,440                         |   | Jul-91 |   | Aug-91 |   | 7-50 |   |
| COLLEGE GREEN      |   | 3,695,262         |   | 225,000                     |   | 6,774,847                            |   | 97,923                                                |   | 225,000  |   | 6,872,770        |   | 7,097,770   |   | 2,327,103                       |   | Aug-95 |   | Mar-95 |   | 5-27.5 |   |
| COLORADO CITY      |   | 534,517           |   | 30,000                      |   | 608,138                              |   | 49,956                                                |   | 30,000   |   | 658,094          |   | 688,094     |   | 204,828                         |   | Oct-91 |   | Oct-91 |   | 7-40 |   |

 

F-114

----

 
|                      |   |         |   | **Initial cost to company** |   | **Cost capitalized  subsequent to** |   | **Gross amount at which carried  at close of period** |    |     |   |              |   |      |   | **Life on which** |   |
|---------------------------|--------|--------------|--------|-----------------------------|--------|-------------------------------------|--------|-------------------------------------------------------|---------|----------|--------|-------------------|--------|-----------|--------|-------------------|--------|
|                      |   | **Encumbr-** |   |                        |   | **Buildings and**                   |   | **acquisition**                                       |    |     |   | **Buildings and** |   |      |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**           |   | **ances**    |   | **Land**                    |   | **improvements**                    |   | **Improvements**                                      |    | **Land** |   | **improvements**  |   | **Total** |   | **depreciation**  |   | **construction** |   | **acquired** |   | **is computed** |   |
| COTTONWOOD                |   | 706,790      |   | 40,000                      |   | 775,242                             |   | 133,957                                               |    | 40,000   |   | 909,199           |   | 949,199   |   | 251,264           |   | Jul-91 |   | Oct-91 |   | 7-40 |   |
| CRYSTAL SPRINGS           |   | 1,285,265    |   | 60,000                      |   | 1,574,032                           |   | 44,247                                                |    | 60,000   |   | 1,618,279         |   | 1,678,279 |   | 557,765           |   | Jan-92 |   | Jan-92 |   | 7-27.5 |   |
| DAVIS VILLAGE             |   | 1,135,781    |   | 55,000                      |   | 1,456,778                           |   | 0                                                     |    | 55,000   |   | 1,456,778         |   | 1,511,778 |   | 536,055           |   | Sep-93 |   | Jan-93 |   | 5-30 |   |
| DERBY HOUSING             |   | 1,546,749    |   | 165,000                     |   | 3,451,914                           |   | 59,393                                                |    | 165,000  |   | 3,511,307         |   | 3,676,307 |   | 1,642,520         |   | Sep-91 |   | Jun-91 |   | 7-27.5 |   |
| DEVENWOOD                 |   | 857,798      |   | 76,000                      |   | 1,215,772                           |   | 5,118                                                 |    | 76,000   |   | 1,220,890         |   | 1,296,890 |   | 539,395           |   | Jan-93 |   | Jul-92 |   | N/A |   |
| DUNCAN VILLAGE            |   | 1,094,443    |   | 83,875                      |   | 1,391,226                           |   | 15,835                                                |    | 83,875   |   | 1,407,061         |   | 1,490,936 |   | 502,526           |   | Nov-93 |   | Jan-93 |   | 5-30 |   |
| EDISON VILLAGE            |   | 1,176,259    |   | 46,536                      |   | 1,425,180                           |   | 49,878                                                |    | 46,536   |   | 1,475,058         |   | 1,521,594 |   | 669,582           |   | Feb-92 |   | Jul-91 |   | 7-27.5 |   |
| EXCELSIOR                 |   | 613,979      |   | 70,000                      |   | 704,252                             |   | 94,419                                                |    | 70,000   |   | 798,671           |   | 868,671   |   | 382,626           |   | Apr-91 |   | Feb-92 |   | 7-27.5 |   |
| FOUR OAKS HOUSING         |   | 879,181      |   | 48,000                      |   | 1,063,004                           |   | 22,525                                                |    | 73,083   |   | 1,085,529         |   | 1,158,612 |   | 466,281           |   | Jun-92 |   | Mar-92 |   | 7-27.5 |   |
| FRANKLIN VISTA            |   | 914,054      |   | 49,520                      |   | 1,130,261                           |   | 46,384                                                |    | 49,520   |   | 1,176,645         |   | 1,226,165 |   | 362,808           |   | Apr-92 |   | Jan-92 |   | 7-27.5 |   |
| FRIENDSHIP                |   | 1,418,786    |   | 195,314                     |   | 1,639,123                           |   | 187,953                                               |    | 213,230  |   | 1,827,076         |   | 2,040,306 |   | 1,024,321         |   | Jun-91 |   | Jan-92 |   | 7-27.5 |   |
| HARRISON CITY             |   | 1,457,487    |   | 35,521                      |   | 1,792,881                           |   | 109,449                                               |    | 35,521   |   | 1,902,330         |   | 1,937,851 |   | 847,923           |   | Sep-92 |   | Jul-92 |   | 7-27.5 |   |
| HAVEN PARK PRTS III       |   | 468,348      |   | 225,000                     |   | 1,177,089                           |   | 742                                                   |    | 225,000  |   | 1,177,831         |   | 1,402,831 |   | 405,284           |   | Dec-89 |   | Jan-94 |   | 5-27.5 |   |
| HAVEN PARK PTRS   IV |   | 376,579      |   | 180,000                     |   | 874,413                             |   | 742                                                   |    | 180,000  |   | 875,155           |   | 1,055,155 |   | 292,868           |   | Jun-90 |   | Jan-94 |   | 5-27.5 |   |
| HESSMER                   |   | 895,068      |   | 35,000                      |   | 380,289                             |   | 823,096                                               |    | 35,000   |   | 1,203,385         |   | 1,238,385 |   | 361,981           |   | Apr-92 |   | Dec-91 |   | 7-40 |   |
| HILLMONT VILLAGE          |   | 870,264      |   | 38,000                      |   | 911,697                             |   | 164,639                                               |    | 38,000   |   | 1,076,336         |   | 1,114,336 |   | 488,052           |   | Jan-92 |   | Sep-91 |   | 7-27.5 |   |
| HUGHES SPRINGS            |   | 776,362      |   | 35,000                      |   | 947,230                             |   | 46,438                                                |    | 35,000   |   | 993,668           |   | 1,028,668 |   | 294,567           |   | Aug-91 |   | Oct-91 |   | 7-40 |   |
| HUNTERS RUN               |   | 1,423,087    |   | 120,000                     |   | 1,169,479                           |   | 568,086                                               |    | 120,000  |   | 1,737,565         |   | 1,857,565 |   | 788,247           |   | Feb-92 |   | Dec-91 |   | 7-27.5 |   |
| IDEPENDENCE               |   | 1,064,892    |   | 103,901                     |   | 1,237,331                           |   | 74,591                                                |    | 103,901  |   | 1,311,922         |   | 1,415,823 |   | 626,106           |   | Jun-91 |   | Aug-91 |   | 7-27.5 |   |
| JARRATT                   |   | 817,775      |   | 55,926                      |   | 1,028,925                           |   | (47,947                                               | )  | 56,534   |   | 980,978           |   | 1,037,512 |   | 445,707           |   | Dec-91 |   | Oct-91 |   | 7-27.5 |   |

 

F-115

----

 
|              |   |         |   | **Initial cost to company** |   | **Cost capitalized  subsequent to** |   | **Gross amount at which carried  at close of period** |   |     |   |              |   |      |   | **Life on which** |   |
|-------------------|--------|--------------|--------|-----------------------------|--------|-------------------------------------|--------|-------------------------------------------------------|--------|----------|--------|-------------------|--------|-----------|--------|-------------------|--------|
|              |   | **Encumbr-** |   |                        |   | **Buildings and**                   |   | **acquisition**                                       |   |     |   | **Buildings and** |   |      |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**   |   | **ances**    |   | **Land**                    |   | **improvements**                    |   | **Improvements**                                      |   | **Land** |   | **improvements**  |   | **Total** |   | **depreciation**  |   | **construction** |   | **acquired** |   | **is computed** |   |
| KILMARNOCK        |   | 796,390      |   | 44,000                      |   | 969,309                             |   | 0                                                     |   | 44,000   |   | 969,309           |   | 1,013,309 |   | 470,019           |   | Apr-91 |   | Jul-91 |   | 7-27.5 |   |
| KING FISHER       |   | 158,085      |   | 21,000                      |   | 198,768                             |   | 0                                                     |   | 21,000   |   | 198,768           |   | 219,768   |   | 77,687            |   | Dec-93 |   | Jan-93 |   | 5-30 |   |
| LA GAMA DEL BARIO |   | 659,991      |   | 110,000                     |   | 1,020,084                           |   | 46,465                                                |   | 110,000  |   | 1,066,549         |   | 1,176,549 |   | 437,238           |   | Aug-92 |   | Jun-92 |   | 7-27.5 |   |
| LAKE ISABELLA     |   | 1,965,684    |   | 360,000                     |   | 2,036,815                           |   | 229,471                                               |   | 360,000  |   | 2,266,286         |   | 2,626,286 |   | 612,589           |   | Jan-92 |   | Sep-91 |   | 5-50 |   |
| LAKEVIEW MEADOWS  |   | 1,503,764    |   | 99,580                      |   | 2,665,491                           |   | 42,636                                                |   | 99,580   |   | 2,708,127         |   | 2,807,707 |   | 1,297,902         |   | Jun-92 |   | Jan-92 |   | 12-40 |   |
| LAKEWOOD TERRACE  |   | 3,405,007    |   | 124,707                     |   | 2,257,609                           |   | 4,634,302                                             |   | 124,707  |   | 6,891,911         |   | 7,016,618 |   | 2,893,529         |   | Aug-89 |   | Nov-93 |   | 5-27.5 |   |
| LEXINGTON PARK    |   | 5,343,231    |   | 500,000                     |   | 7,754,757                           |   | 155,653                                               |   | 500,000  |   | 7,910,410         |   | 8,410,410 |   | 2,416,830         |   | Dec-93 |   | Nov-91 |   | 7-27.5 |   |
| LEXINGTON VILLAGE |   | 203,558      |   | 23,814                      |   | 246,703                             |   | 0                                                     |   | 23,814   |   | 246,703           |   | 270,517   |   | 98,457            |   | Nov-93 |   | Jan-93 |   | 5-30 |   |
| LONACONING        |   | 1,462,126    |   | 113,305                     |   | 181,203                             |   | 1,558,889                                             |   | 113,305  |   | 1,740,092         |   | 1,853,397 |   | 523,714           |   | Sep-92 |   | Dec-91 |   | 5-27.5 |   |
| LOUIS ASSOCIATES  |   | 773,769      |   | 13,720                      |   | 1,038,651                           |   | 56,239                                                |   | 13,720   |   | 1,094,890         |   | 1,108,610 |   | 402,319           |   | Jan-92 |   | Mar-92 |   | 7-27.5 |   |
| MAIDU             |   | 1,815,399    |   | 56,500                      |   | 5,108,838                           |   | 92,353                                                |   | 56,500   |   | 5,201,191         |   | 5,257,691 |   | 2,437,092         |   | Dec-91 |   | Jan-92 |   | 7-27.5 |   |
| MARION MANOR      |   | 987,295      |   | 50,000                      |   | 1,237,671                           |   | 61,476                                                |   | 50,000   |   | 1,299,147         |   | 1,349,147 |   | 375,604           |   | Jun-92 |   | Feb-92 |   | 7-27.5 |   |
| MAYSVILLE VILLAGE |   | 211,417      |   | 25,920                      |   | 255,681                             |   | 0                                                     |   | 25,920   |   | 255,681           |   | 281,601   |   | 102,202           |   | Oct-93 |   | Jan-93 |   | 5-30 |   |
| MCCOMB FAMILY     |   | 991,260      |   | 30,000                      |   | 1,226,748                           |   | 48,120                                                |   | 30,000   |   | 1,274,868         |   | 1,304,868 |   | 494,227           |   | Oct-91 |   | Oct-91 |   | 7-27.5 |   |
| MONTAGUE          |   | 1,122,411    |   | 0                           |   | 1,493,360                           |   | 115,808                                               |   | 22,223   |   | 1,609,168         |   | 1,631,391 |   | 669,868           |   | Dec-91 |   | Dec-91 |   | 5-30 |   |
| NAVAPAI           |   | 869,652      |   | 53,480                      |   | 1,073,287                           |   | 25,572                                                |   | 53,480   |   | 1,098,859         |   | 1,152,339 |   | 327,840           |   | Apr-91 |   | Jun-91 |   | 7-50 |   |
| NEVADA CITY       |   | 3,495,813    |   | 492,000                     |   | 3,954,179                           |   | 135,550                                               |   | 492,000  |   | 4,089,729         |   | 4,581,729 |   | 1,063,658         |   | Oct-91 |   | Jan-92 |   | 5-27.5 |   |
| NEW RIVER         |   | 1,461,206    |   | 46,400                      |   | 1,279,522                           |   | 532,062                                               |   | 46,400   |   | 1,811,584         |   | 1,857,984 |   | 593,757           |   | Feb-92 |   | Aug-91 |   | 7-27.5 |   |
| NEWELLTON         |   | 919,676      |   | 57,600                      |   | 1,161,263                           |   | 55,130                                                |   | 57,600   |   | 1,216,393         |   | 1,273,993 |   | 367,957           |   | Apr-92 |   | Feb-92 |   | 7-40 |   |
| OAKLAND VILLAGE   |   | 839,019      |   | 38,400                      |   | 1,021,589                           |   | 2,127                                                 |   | 58,014   |   | 1,023,716         |   | 1,081,730 |   | 437,681           |   | Aug-92 |   | May-92 |   | 7-27.5 |   |
| OKEMAH VILLAGE    |   | 671,507      |   | 27,752                      |   | 872,256                             |   | 0                                                     |   | 27,752   |   | 872,256           |   | 900,008   |   | 323,567           |   | May-93 |   | Jan-93 |   | 7-27.5 |   |

 

F-116

----

 
|             |   | **Encumbr-**      |   | **Initial cost to company** |   | **Cost  capitalized  subsequent** |   | **Gross amount at which carried  at close of period** |   |     |   |             |   |        |   | **Life on which  depreciation** |   |
|------------------|--------|-------------------|--------|-----------------------------|--------|-----------------------------------|--------|-------------------------------------------------------|--------|----------|--------|------------------|--------|-------------|--------|---------------------------------|--------|
|             |   | **Buildings and** |   | **to acquisition**          |   |                              |   | **Buildings and**                                     |   |     |   | **Accumulated**  |   | **Date of** |   | **Date**                        |
| **Description**  |   | **ances**         |   | **Land**                    |   | **improvements**                  |   | **Improvements**                                      |   | **Land** |   | **improvements** |   | **Total**   |   | **depreciation**                |   | **construction** |   | **acquired** |   | **is computed** |   |
| ONE NORTHRIDGE   |   | 1,971,852         |   | 190,000                     |   | 3,051,424                         |   | 234,577                                               |   | 190,000  |   | 3,286,001        |   | 3,476,001   |   | 1,285,778                       |   | Feb-92 |   | Jan-92 |   | 7-27.5 |   |
| PARKWOOD         |   | 2,755,588         |   | 316,667                     |   | 4,358,381                         |   | 12,007                                                |   | 316,667  |   | 4,370,388        |   | 4,687,055   |   | 2,126,880                       |   | May-91 |   | Oct-91 |   | 7-27.5 |   |
| PINERIDGE        |   | 962,445           |   | 31,500                      |   | 494,515                           |   | 779,903                                               |   | 31,500   |   | 1,274,418        |   | 1,305,918   |   | 336,142                         |   | Mar-92 |   | Oct-91 |   | 7-27.5 |   |
| PITTSFIELD PARK  |   | 1,030,401         |   | 204,900                     |   | 781,557                           |   | 652,981                                               |   | 58,000   |   | 1,434,538        |   | 1,492,538   |   | 521,830                         |   | Jun-92 |   | Dec-91 |   | 5-30 |   |
| PLANTATION IV    |   | 1,397,173         |   | 77,000                      |   | 1,697,631                         |   | 24,754                                                |   | 77,000   |   | 1,722,385        |   | 1,799,385   |   | 792,510                         |   | Nov-91 |   | Dec-91 |   | 7-27.5 |   |
| PORTVILLE SQUARE |   | 887,983           |   | 66,206                      |   | 1,068,007                         |   | 99,835                                                |   | 66,206   |   | 1,167,842        |   | 1,234,048   |   | 381,559                         |   | Mar-92 |   | Mar-92 |   | 7-27.5 |   |
| PRAGUE VILLAGE   |   | 102,691           |   | 10,500                      |   | 157,060                           |   | 0                                                     |   | 10,500   |   | 157,060          |   | 167,560     |   | 64,799                          |   | Mar-93 |   | Jan-93 |   | 7-27.5 |   |
| RAINIER MANOR    |   | 3,611,628         |   | 521,000                     |   | 5,852,852                         |   | 95,637                                                |   | 521,000  |   | 5,948,489        |   | 6,469,489   |   | 1,895,988                       |   | Jan-93 |   | Mar-92 |   | 7-27.5 |   |
| ROSENBERG        |   | 1,721,306         |   | 452,000                     |   | 10,701,246                        |   | (8,438,332                                            | )      | 415,000  |   | 2,262,914        |   | 2,677,914   |   | 456,171                         |   | Jan-92 |   | Dec-91 |   | 7-27.5 |   |
| ROSEWOOD MANOR   |   | 1,418,477         |   | 175,000                     |   | 1,605,480                         |   | 15,094                                                |   | 175,000  |   | 1,620,574        |   | 1,795,574   |   | 745,962                         |   | Nov-91 |   | Dec-91 |   | 7-27.5 |   |
| SAN JACINTO      |   | 2,337,986         |   | 288,000                     |   | 2,694,130                         |   | 105,463                                               |   | 288,000  |   | 2,799,593        |   | 3,087,593   |   | 780,611                         |   | Oct-91 |   | Jan-92 |   | 5-50 |   |
| SCHROON LAKE     |   | 1,032,096         |   | 78,000                      |   | 1,318,831                         |   | 57,083                                                |   | 78,000   |   | 1,375,914        |   | 1,453,914   |   | 577,264                         |   | Jan-92 |   | Nov-91 |   | 5-50 |   |
| SCOTT PARTNERS   |   | 1,041,478         |   | 60,000                      |   | 1,171,445                         |   | 753,047                                               |   | 60,000   |   | 1,924,492        |   | 1,984,492   |   | 714,689                         |   | Nov-91 |   | Oct-91 |   | 7-27.5 |   |
| SIOUX FALLS      |   | 917,437           |   | 82,406                      |   | 2,233,596                         |   | 45,159                                                |   | 82,406   |   | 2,278,755        |   | 2,361,161   |   | 1,074,104                       |   | Oct-91 |   | Nov-91 |   | 7-27.5 |   |
| SMITHVILLE       |   | 1,226,477         |   | 79,790                      |   | 1,465,210                         |   | 94,033                                                |   | 79,790   |   | 1,559,243        |   | 1,639,033   |   | 793,998                         |   | May-91 |   | Feb-92 |   | 7-27.5 |   |
| SOUTH FULTON     |   | 656,249           |   | 34,000                      |   | 794,896                           |   | 11,800                                                |   | 34,000   |   | 806,696          |   | 840,696     |   | 299,782                         |   | Aug-91 |   | Oct-91 |   | 7-27.5 |   |
| STANDARDVILLE    |   | 576,623           |   | 29,500                      |   | 691,006                           |   | 0                                                     |   | 29,500   |   | 691,006          |   | 720,506     |   | 232,746                         |   | Nov-91 |   | Apr-92 |   | 5-40 |   |
| ST BARNABAS      |   | 1,165,185         |   | 43,335                      |   | 1,520,445                         |   | 44,593                                                |   | 43,335   |   | 1,565,038        |   | 1,608,373   |   | 412,622                         |   | Dec-91 |   | Oct-91 |   | 7-27.5 |   |
| SUMMERLANE       |   | 862,821           |   | 48,700                      |   | 1,010,651                         |   | 3,038                                                 |   | 48,700   |   | 1,013,689        |   | 1,062,389   |   | 469,267                         |   | Nov-91 |   | Jul-91 |   | 7-27.5 |   |
| TIONESTA MANOR   |   | 1,406,205         |   | 229,850                     |   | 1,666,675                         |   | 124,535                                               |   | 229,850  |   | 1,791,210        |   | 2,021,060   |   | 847,378                         |   | Jan-92 |   | Feb-92 |   | 7-27.5 |   |

 

F-117

----

 
|              |   |         |   | **Initial cost to company** |   | **Cost capitalized  subsequent to** |   | **Gross amount at which carried  at close of period** |   |       |   |              |   |        |   | **Life on which** |   |
|-------------------|--------|--------------|--------|-----------------------------|--------|-------------------------------------|--------|-------------------------------------------------------|--------|------------|--------|-------------------|--------|-------------|--------|-------------------|--------|
|              |   | **Encumbr-** |   |                        |   | **Buildings and**                   |   | **acquisition**                                       |   |       |   | **Buildings and** |   |        |   | **Accumulated**   |   | **Date of** |   | **Date** |   | **depreciation** |   |
| **Description**   |   | **ances**    |   | **Land**                    |   | **improvements**                    |   | **Improvements**                                      |   | **Land**   |   | **improvements**  |   | **Total**   |   | **depreciation**  |   | **construction** |   | **acquired** |   | **is computed** |   |
| TITUSVILLE        |   | 1,220,618    |   | 85,280                      |   | 1,235,975                           |   | 254,538                                               |   | 85,280     |   | 1,490,513         |   | 1,575,793   |   | 678,634           |   | Jan-92 |   | Dec-91 |   | 7-27.5 |   |
| TOANO III         |   | 698,823      |   | 56,266                      |   | 874,381                             |   | 4,960                                                 |   | 56,266     |   | 879,341           |   | 935,607     |   | 428,871           |   | Jul-91 |   | Jul-91 |   | 7-27.5 |   |
| TOPSHAM           |   | 1,111,088    |   | 135,552                     |   | 1,458,644                           |   | 10,894                                                |   | 135,552    |   | 1,469,538         |   | 1,605,090   |   | 462,725           |   | Aug-92 |   | Nov-91 |   | 10-40 |   |
| TOWNVIEW          |   | 1,359,889    |   | 87,238                      |   | 1,713,135                           |   | 137,568                                               |   | 87,238     |   | 1,850,703         |   | 1,937,941   |   | 630,784           |   | Oct-91 |   | Sep-91 |   | 5-27.5 |   |
| TYRONE HOUSING    |   | 1,460,579    |   | 138,700                     |   | 1,850,252                           |   | 165,155                                               |   | 49,050     |   | 2,015,407         |   | 2,064,457   |   | 670,862           |   | Jan-92 |   | Dec-91 |   | 5-40 |   |
| VICTORIA          |   | 1,348,560    |   | 12,500                      |   | 1,733,581                           |   | 21,308                                                |   | 12,500     |   | 1,754,889         |   | 1,767,389   |   | 774,473           |   | Jun-92 |   | Jan-92 |   | 5-27.5 |   |
| VILLAGE TERRACE   |   | 664,825      |   | 63,000                      |   | 1,529,691                           |   | 800                                                   |   | 63,000     |   | 1,530,491         |   | 1,593,491   |   | 707,784           |   | Sep-91 |   | May-92 |   | 5-40 |   |
| WASHINGTON        |   | 1,141,310    |   | 72,396                      |   | 1,494,696                           |   | 59,210                                                |   | 72,396     |   | 1,553,906         |   | 1,626,302   |   | 708,405           |   | Aug-91 |   | Jul-91 |   | 7-27 |   |
| WESLEY VILLAGE    |   | 1,291,571    |   | 44,750                      |   | 347,831                             |   | 1,266,596                                             |   | 44,750     |   | 1,614,427         |   | 1,659,177   |   | 501,542           |   | Jun-92 |   | Oct-91 |   | 5-27.5 |   |
| WILDWOOD          |   | 1,246,145    |   | 94,949                      |   | 1,498,290                           |   | 30,956                                                |   | 94,949     |   | 1,529,246         |   | 1,624,195   |   | 505,466           |   | Oct-91 |   | Oct-91 |   | 5-40 |   |
| WOODFIELD COMMONS |   | 679,914      |   | 66,533                      |   | 2,478,583                           |   | 145,687                                               |   | 83,066     |   | 2,624,270         |   | 2,707,336   |   | 875,477           |   | Jun-91 |   | Sep-91 |   | 12-40 |   |
| WOODSIDE          |   | 1,195,825    |   | 44,000                      |   | 1,472,335                           |   | 23,638                                                |   | 44,000     |   | 1,495,973         |   | 1,539,973   |   | 678,878           |   | Oct-91 |   | Nov-91 |   | 7-27.5 |   |
| WYNNEWOOD VILLAGE |   | 384,322      |   | 41,987                      |   | 521,591                             |   | 0                                                     |   | 41,987     |   | 521,591           |   | 563,578     |   | 206,156           |   | Nov-93 |   | Jan-93 |   | 5-27.5 |   |
| YORKSHIRE         |   | 911,969      |   | 29,265                      |   | 1,079,451                           |   | 120,188                                               |   | 29,265     |   | 1,199,639         |   | 1,228,904   |   | 566,963           |   | Sep-91 |   | Aug-91 |   | 5-27.5 |   |
|              |   |         |   |                        |   |                                |   |                                                  |   |       |   |              |   |        |   |              |   |   |   |   |   |   |   |
|              |   | 125,158,469  |   | 10,570,288                  |   | 170,708,496                         |   | 25,228,714                                            |   | 10,215,191 |   | 195,937,210       |   | 206,152,401 |   | 71,936,109        |   |   |   |   |   |   |   |

 

Since the Operating Partnershipsmaintain a calendar year end, the information reported on this schedule is asof December 31, 2003

There weno carrying costs as of December 31, 2003. The Column has been omitted for presentation purposes.

 

F-118

----

 

Notes to Schedule III

Boston Capital Tax Credit Fund II LimitedPartnership - 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-119

----

 
| 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-120

----

 
| 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-121

----

 

 
| 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 |   |
| Additions during period:              |   |    |        |        |        |
| Acquisitions through  foreclosure     |   | $       | 0           |        |        |   |
| Other acquisitions                    |   | 0       |        |        |        |
| Improvements, etc                     |   | 564,329 |        |        |        |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | $           | 564,329     |   |
| Deductions during period:             |   |    |        |        |        |
| Cost of real estate sold              |   | $       | (5,210,830  | )           |        |   |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | (5,210,830  | )           |
| Balance at close of period -  3/31/04 |   |    |        | $           | 206,152,401 |   |

 

F-122

----

 

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 |   |
| Current year expense                     |   | $          | 6,001,797 |   |       |   |
| Reduction for Real Estate Sold           |   | (2,495,965 | )         |   |       |
| Balance at close of period -  3/31/04    |   |       |      | $      | 71,936,109 |   |

 

F-123

----