**Exhibit 13**

 

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

 

**BOSTON CAPITAL TAX CREDIT FUND II**

**LIMITED PARTNERSHIP -**

**SERIES 7, 9 THROUGH 12, AND 14**

 

MARCH 31, 2005 AND 2004

 

----

 

Boston Capital Tax Credit Fund II Limited Partnership -

Series 7, 9 through 12, and 14

 

TABLE OF CONTENTS

 
| FINANCIAL  STATEMENTS                                    |                                                       |
|----------------------------------------------------------|------------------------------------------------------------|
|                                                     |                                                       |   |
|                                                     | BALANCE SHEETS                                             | F-4 |
|                                                     |                                                       |   |
|                                                     | STATEMENTS OF  OPERATIONS                                  | F-11 |
|                                                     |                                                       |   |
|                                                     | STATEMENTS  OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) | F-18 |
|                                                     |                                                       |   |
|                                                     | STATEMENTS OF CASH FLOWS                                   | F-22 |
|                                                     |                                                       |   |
|                                                     | NOTES TO FINANCIAL STATEMENTS                              | F-36 |
|                                                     |                                                       |   |
| SCHEDULE III - REAL ESTATE AND ACCUMULATED  DEPRECIATION | F-79                                                       |
|                                                     |                                                       |   |
|                                                     | NOTES TO SCHEDULE III                                      |   |

 

Schedules not listed are omitted because ofthe absence of the conditions under which they are required or because theinformation is included in the financial statements or the notes thereto.

 

----

 

Exceptionsto Certifications

 

Thefinancial statements are presented as unaudited in the Form 10-K as of March31, 2005 and 2004 and for the three years ended March 31, 2005 as the Report ofthe Independent Registered Public Accounting Firm could not be filed within theprescribed time period because the issuer was not able to obtain audit opinionswhich refer to the auditing standards of the Public Company AccountingOversight Board (United States) (PCAOB) of property partnerships, in which theissuer holds noncontrolling limited partner interests. The non-affiliated localoperating partnership general partners engage the accountants auditing eachlocal operating partnership.

 

Historically,the audits, and the reports thereon, of the local operating partnerships wereperformed in accordance with Generally Accepted Auditing Standards (GAAS).

 

OnMay 11, 2005 draft guidance was issued by the Public Company Accounting OversightBoard which was confirmed on June 24, 2005 by the AICPA Center for PublicCompany Audit Firms, that clearly establishes the requirement for the auditreports of the operating partnerships of a Public Fund to refer to the auditingstandards of the PCAOB.

 

Theaudits of the operating partnerships were performed primarily during the monthsof January and February and refer to Generally Accepted AuditingStandards.  We have all appropriateoriginally signed opinions from the operating partnerships, however, they donot refer to the auditing standards of the Public Company Accounting OversightBoard.

 

Ourindependent registered public accounting firm has performed an audit of theregistrant but cannot issue an opinion in accordance with the standards of thePublic Company Accounting Oversight Board (United States).  Therefore, we are filing our 10-K as “UNAUDITED”as it is without an audit opinion.

 

----

 

BostonCapital Tax Credit Fund II Limited Partnership -

Series7, 9 through 12, and 14

 

BALANCE SHEETS

 

March31, 2005 and 2004

 
| ** **                                                                                                                                                                                                           | ** ** | **Total**   | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------|------------|
| ** **                                                                                                                                                                                                           | ** ** | **2005**    | ** ** | **2004** | ** ** |
| ASSETS                                                                                                                                                                                                               |       |        |       |   |   |
|                                                                                                                                                                                                                 |       |        |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS  (notes A and C)                                                                                                                                                       |       | $           | 6,966,573  |   | $ | 16,946,065 |   |
|                                                                                                                                                                                                                 |       |        |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                         |       |        |       |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                            |       | 4,885,997   |       | 1,749,417 |   |
| Notes receivable (note F)                                                                                                                                                                                            |       | 180,000     |       | 303,374 |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                         |       | 648,487     |       | 898,393 |   |
| Other                                                                                                                                                                                                                |       | 429,068     |       | 381,162 |   |
|                                                                                                                                                                                                                 |       |        |       |   |   |
|                                                                                                                                                                                                                 |       | $           | 13,110,125 |   | $ | 20,278,411 |   |
|                                                                                                                                                                                                                 |       |        |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                    |       |        |       |   |   |
|                                                                                                                                                                                                                 |       |        |       |   |   |
| LIABILITIES                                                                                                                                                                                                          |       |        |       |   |   |
| Accounts payable - trade                                                                                                                                                                                             |       | $           | 8,907      |   | $ | 1,380 |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                               |       | 29,978,145  |       | 28,623,506 |   |
| Capital contributions payable (note C)                                                                                                                                                                               |       | 236,345     |       | 236,345 |   |
|                                                                                                                                                                                                                 |       |        |       |   |   |
|                                                                                                                                                                                                                 |       | 30,223,397  |       | 28,861,231 |   |
| 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, 2005 and 2004 |       | —      |       | — |   |
| Assignees                                                                                                                                                                                                            |       |        |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 18,679,738 issued and outstanding  at March 31, 2005 and 2004                                                     |       | (15,357,868 | )          | (6,912,721 | ) |
| General partner                                                                                                                                                                                                      |       | (1,755,404  | )          | (1,670,099 | ) |
|                                                                                                                                                                                                                 |       |        |       |   |   |
|                                                                                                                                                                                                                 |       | (17,113,272 | )          | (8,582,820 | ) |
|                                                                                                                                                                                                                 |       |        |       |   |   |
|                                                                                                                                                                                                                 |       | $           | 13,110,125 |   | $ | 20,278,411 |   |

 

F-4

----

 
| ** **                                                                                                                                                                                                          | ** ** | **Series 7** | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|------------|
| ** **                                                                                                                                                                                                          | ** ** | **2005**     | ** ** | **2004** | ** ** |
| ASSETS                                                                                                                                                                                                              |       |         |       |   |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS  (notes A and C)                                                                                                                                                      |       | $            | 30,271     |   | $ | 52,288 |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |       |         |       |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |       | 237,457      |       | 12,216 |   |
| Notes receivable (note F)                                                                                                                                                                                           |       | —       |       | — |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                        |       | —       |       | — |   |
| Other                                                                                                                                                                                                               |       | 5,500        |       | 5,500 |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
|                                                                                                                                                                                                                |       | $            | 273,228    |   | $ | 70,004 |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                   |       |         |       |   |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
| LIABILITIES                                                                                                                                                                                                         |       |         |       |   |   |
| Accounts payable - trade                                                                                                                                                                                            |       | $            | —     |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |       | 1,685,882    |       | 1,752,962 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |       | —       |       | — |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
|                                                                                                                                                                                                                |       | 1,685,882    |       | 1,752,962 |   |
| 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, 1,036,100 issued and outstanding to the assignees at March  31, 2005 and 2004 |       | —       |       | — |   |
| Assignees                                                                                                                                                                                                           |       |         |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 1,036,100 issued and outstanding  at March 31, 2005 and 2004                                                     |       | (1,308,600   | )          | (1,576,201 | ) |
| General partner                                                                                                                                                                                                     |       | (104,054     | )          | (106,757 | ) |
|                                                                                                                                                                                                                |       |         |       |   |   |
|                                                                                                                                                                                                                |       | (1,412,654   | )          | (1,682,958 | ) |
|                                                                                                                                                                                                                |       |         |       |   |   |
|                                                                                                                                                                                                                |       | $            | 273,228    |   | $ | 70,004 |   |

 

F-5

----

 
| ** **                                                                                                                                                                                                          | ** ** | **Series 9** | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|------------|
| ** **                                                                                                                                                                                                          | ** ** | **2005**     | ** ** | **2004** | ** ** |
| ASSETS                                                                                                                                                                                                              |       |         |       |   |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS  (notes A and C)                                                                                                                                                      |       | $            | —     |   | $ | 222,660 |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |       |         |       |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |       | 1,056,510    |       | 243,617 |   |
| Notes receivable (note F)                                                                                                                                                                                           |       | —       |       | — |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                        |       | 8,007        |       | 16,092 |   |
| Other                                                                                                                                                                                                               |       | 346,108      |       | 127,579 |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
|                                                                                                                                                                                                                |       | $            | 1,410,625  |   | $ | 609,948 |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                   |       |         |       |   |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
| LIABILITIES                                                                                                                                                                                                         |       |         |       |   |   |
| Accounts payable - trade                                                                                                                                                                                            |       | $            | —     |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |       | 6,081,919    |       | 6,194,767 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |       | —       |       | — |   |
|                                                                                                                                                                                                                |       |         |       |   |   |
|                                                                                                                                                                                                                |       | 6,081,919    |       | 6,194,767 |   |
| 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, 4,178,029 issued and outstanding to the assignees at March  31, 2005 and 2004 |       | —       |       | — |   |
| Assignees                                                                                                                                                                                                           |       |         |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 4,178,029 issued and outstanding  at March 31, 2005 and 2004                                                     |       | (4,283,762   | )          | (5,188,152 | ) |
| General partner                                                                                                                                                                                                     |       | (387,532     | )          | (396,667 | ) |
|                                                                                                                                                                                                                |       |         |       |   |   |
|                                                                                                                                                                                                                |       | (4,671,294   | )          | (5,584,819 | ) |
|                                                                                                                                                                                                                |       |         |       |   |   |
|                                                                                                                                                                                                                |       | $            | 1,410,625  |   | $ | 609,948 |   |

 

F-6

----

 
| ** **                                                                                                                                                                                                          | ** ** | **Series 10** | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                                                                                                                                          | ** ** | **2005**      | ** ** | **2004** | ** ** |
| ASSETS                                                                                                                                                                                                              |       |          |       |   |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS  (notes A and C)                                                                                                                                                      |       | $             | 1,385,537  |   | $ | 2,287,645 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |       |          |       |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |       | 382,010       |       | 184,427 |   |
| Notes receivable (note F)                                                                                                                                                                                           |       | —        |       | — |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                        |       | 54,158        |       | 63,667 |   |
| Other                                                                                                                                                                                                               |       | 2,151         |       | 2,500 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | $             | 1,823,856  |   | $ | 2,538,239 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                   |       |          |       |   |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                         |       |          |       |   |   |
| Accounts payable - trade                                                                                                                                                                                            |       | $             | —     |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |       | 4,618,195     |       | 4,295,267 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |       | —        |       | — |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | 4,618,195     |       | 4,295,267 |   |
| PARTNERS’ CAPITAL (DEFICIT) (note A)                                                                                                                                                                           |       |          |       |   |   |
| Assignor limited partner                                                                                                                                                                                            |       |          |       |   |   |
| Units of limited partnership interest  consisting of 20,000,000 authorized beneficial assignee certificates (BAC),  $10 stated value, 2,428,925 issued and outstanding to the assignees at March  31, 2005 and 2004 |       | —        |       | — |   |
| Assignees                                                                                                                                                                                                           |       |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,428,925 issued and outstanding  at March 31, 2005 and 2004                                                     |       | (2,563,277    | )          | (1,536,339 | ) |
| General partner                                                                                                                                                                                                     |       | (231,062      | )          | (220,689 | ) |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | (2,794,339    | )          | (1,757,028 | ) |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | $             | 1,823,856  |   | $ | 2,538,239 |   |

 

F-7

----

 
| ** **                                                                                                                                                                                                          | ** ** | **Series 11** | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                                                                                                                                          | ** ** | **2005**      | ** ** | **2004** | ** ** |
| ASSETS                                                                                                                                                                                                              |       |          |       |   |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS  (notes A and C)                                                                                                                                                      |       | $             | 2,754,397  |   | $ | 3,616,386 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |       |          |       |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |       | 285,164       |       | 331,830 |   |
| Notes receivable (note F)                                                                                                                                                                                           |       | —        |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization (notes A and C)                                                                                                                                        |       | 27,513        |       | 32,271 |   |
| Other                                                                                                                                                                                                               |       | 15,736        |       | 86,781 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | $             | 3,082,810  |   | $ | 4,067,268 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                   |       |          |       |   |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                         |       |          |       |   |   |
| Accounts payable - trade                                                                                                                                                                                            |       | $             | —     |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |       | 3,946,662     |       | 3,595,234 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |       | 22,528        |       | 22,528 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | 3,969,190     |       | 3,617,762 |   |
| 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, 2005 and 2004 |       | —        |       | — |   |
| Assignees                                                                                                                                                                                                           |       |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,489,599 issued and outstanding  at March 31, 2005 and 2004                                                     |       | (662,831      | )          | 659,696 |   |
| General partner                                                                                                                                                                                                     |       | (223,549      | )          | (210,190 | ) |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | (886,380      | )          | 449,506 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | $             | 3,082,810  |   | $ | 4,067,268 |   |

 

F-8

----

 
| ** **                                                                                                                                                                                                          | ** ** | **Series 12** | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                                                                                                                                          | ** ** | **2005**      | ** ** | **2004** | ** ** |
| ASSETS                                                                                                                                                                                                              |       |          |       |   |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS  (notes A and C)                                                                                                                                                      |       | $             | 784,775    |   | $ | 4,827,072 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |       |          |       |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |       | 945,602       |       | 67,139 |   |
| Notes receivable (note F)                                                                                                                                                                                           |       | —        |       | — |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                        |       | 170,737       |       | 246,360 |   |
| Other                                                                                                                                                                                                               |       | 11,387        |       | 25,218 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | $             | 1,912,501  |   | $ | 5,165,789 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                   |       |          |       |   |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                         |       |          |       |   |   |
| Accounts payable - trade                                                                                                                                                                                            |       | $             | —     |   | $ | — |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |       | 4,855,164     |       | 4,474,748 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |       | 11,405        |       | 11,405 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | 4,866,569     |       | 4,486,153 |   |
| 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, 2005 and 2004 |       | —        |       | — |   |
| Assignees                                                                                                                                                                                                           |       |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,972,795 issued and outstanding  at March 31, 2005 and 2004                                                     |       | (2,667,269    | )          | 930,098 |   |
| General partner                                                                                                                                                                                                     |       | (286,799      | )          | (250,462 | ) |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | (2,954,068    | )          | 679,636 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | $             | 1,912,501  |   | $ | 5,165,789 |   |

 

F-9

----

 
| ** **                                                                                                                                                                                                          | ** ** | **Series 14** | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                                                                                                                                          | ** ** | **2005**      | ** ** | **2004** | ** ** |
| ASSETS                                                                                                                                                                                                              |       |          |       |   |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS  (notes A and C)                                                                                                                                                      |       | $             | 2,011,593  |   | $ | 5,940,014 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                        |       |          |       |   |   |
| Cash and cash equivalents (notes A and E)                                                                                                                                                                           |       | 1,979,254     |       | 910,188 |   |
| Notes receivable (note F)                                                                                                                                                                                           |       | 180,000       |       | 303,374 |   |
| Deferred acquisition costs, net of  accumulated amortization (notes A and C)                                                                                                                                        |       | 388,072       |       | 540,003 |   |
| Other                                                                                                                                                                                                               |       | 48,186        |       | 133,584 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | $             | 4,607,105  |   | $ | 7,827,163 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                   |       |          |       |   |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
| LIABILITIES                                                                                                                                                                                                         |       |          |       |   |   |
| Accounts payable - trade                                                                                                                                                                                            |       | $             | 8,907      |   | $ | 1,380 |   |
| Accounts payable - affiliates (note B)                                                                                                                                                                              |       | 8,790,323     |       | 8,310,528 |   |
| Capital contributions payable (note C)                                                                                                                                                                              |       | 202,412       |       | 202,412 |   |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | 9,001,642     |       | 8,514,320 |   |
| 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, 2005 and 2004 |       | —        |       | — |   |
| Assignees                                                                                                                                                                                                           |       |          |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 5,574,290 issued and outstanding  at March 31, 2005 and 2004                                                     |       | (3,872,129    | )          | (201,823 | ) |
| General partner                                                                                                                                                                                                     |       | (522,408      | )          | (485,334 | ) |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | (4,394,537    | )          | (687,157 | ) |
|                                                                                                                                                                                                                |       |          |       |   |   |
|                                                                                                                                                                                                                |       | $             | 4,607,105  |   | $ | 7,827,163 |   |

 

See notes to financial statements

 

F-10

----

 

BostonCapital Tax Credit Fund II Limited Partnership -

Series7, 9 through 12, and 14

 

STATEMENTS OF OPERATIONS

 

Yearsended March 31, 2005, 2004 and 2003

 
| ** **                                                    | ** ** | **Total**  | ** ** |
|---------------------------------------------------------------|------------|------------|------------|
| ** **                                                    | ** ** | **2005**   | ** ** | **2004** | ** ** | **2003** | ** ** |
| Income                                                        |       |       |       |   |   |   |   |
| Interest income                                               |       | $          | 22,479     |   | $ | 12,799 |   | $ | 20,587 |   |
| Miscellaneous income                                          |       | 47,883     |       | 52,910 |   | 35,706 |   |
|                                                          |       |       |       |   |   |   |   |
|                                                          |       | 70,362     |       | 65,709 |   | 56,293 |   |
|                                                          |       |       |       |   |   |   |   |
| Share of losses from operating limited partnerships  (note A) |       | (3,175,307 | )***       | (4,482,965 | )** | (5,855,904 | )* |
|                                                          |       |       |       |   |   |   |   |
| Expenses                                                      |       |       |       |   |   |   |   |
| Professional fees                                             |       | 271,835    |       | 233,958 |   | 209,866 |   |
| Partnership management fee (note B)                           |       | 1,719,408  |       | 2,115,746 |   | 1,831,759 |   |
| Amortization (note A)                                         |       | 249,906    |       | 48,561 |   | 48,561 |   |
| Impairment loss (note A)                                      |       | 3,069,541  |       | 2,170,579 |   | 1,421,709 |   |
| General and administrative expenses (note  B)                 |       | 114,817    |       | 216,307 |   | 522,282 |   |
|                                                          |       |       |       |   |   |   |   |
|                                                          |       | 5,425,507  |       | 4,785,151 |   | 4,034,177 |   |
|                                                          |       |       |       |   |   |   |   |
| NET LOSS (note A)                                             |       | $          | (8,530,452 | ) | $ | (9,202,407 | ) | $ | (9,833,788 | ) |
|                                                          |       |       |       |   |   |   |   |
| Net loss allocated to general partner                         |       | $          | (85,305    | ) | $ | (92,024 | ) | $ | (98,337 | ) |
|                                                          |       |       |       |   |   |   |   |
| Net loss allocated to assignees                               |       | $          | (8,445,147 | ) | $ | (9,110,383 | ) | $ | (9,735,451 | ) |
|                                                          |       |       |       |   |   |   |   |
| Net loss per BAC                                              |       | $          | (0.45      | ) | $ | (0.49 | ) | $ | (0.52 | ) |

 

----

*                           Includes loss on disposition of operating limited partnership (Series10) of $1,396,476, (Series 14) of $420,816 and gain on disposition of operatinglimited partnership (Series 9) of $275,743.

 

**                    Includes gain on disposition of operatinglimited partnership (Series 9) of $187,718 and loss on disposition of operatinglimited partnerships (Series 14) of $27,197.

 

***             Includes gain on disposition of operatinglimited partnership (Series 7) of $343,953 and (Series 9) of $1,595,639, losson disposition of operating limited partnerships (Series 10) of $61,815, andnet loss on disposition of operating limited partnerships (Series 12) of$2,133,567 and (Series 14) of $345,417.

 

F-11

----

 
| ** **                                                             | ** ** | **Series 7** | ** ** |
|------------------------------------------------------------------------|------------|--------------|------------|
| ** **                                                             | ** ** | **2005**     | ** ** | **2004** | ** ** | **2003** | ** ** |
| Income                                                                 |       |         |       |   |   |   |   |
| Interest income                                                        |       | $            | 118        |   | $ | 56 |   | $ | 182 |   |
| Miscellaneous income                                                   |       | 2,100        |       | 3,450 |   | 3,150 |   |
|                                                                   |       |         |       |   |   |   |   |
| Total income                                                           |       | 2,218        |       | 3,506 |   | 3,332 |   |
|                                                                   |       |         |       |   |   |   |   |
| Share of income (losses) from operating  limited partnerships (note A) |       | 325,021      | *          | (202,186 | ) | (128,780 | ) |
|                                                                   |       |         |       |   |   |   |   |
| Expenses                                                               |       |         |       |   |   |   |   |
| Professional fees                                                      |       | 14,381       |       | 13,486 |   | 12,047 |   |
| Partnership management fee (note B)                                    |       | 29,644       |       | 98,620 |   | 88,996 |   |
| Amortization (note A)                                                  |       | —       |       | — |   | — |   |
| Impairment loss (note A)                                               |       | —       |       | — |   | — |   |
| General and administrative expenses (note  B)                          |       | 12,910       |       | 10,687 |   | 63,193 |   |
|                                                                   |       |         |       |   |   |   |   |
|                                                                   |       | 56,935       |       | 122,793 |   | 164,236 |   |
|                                                                   |       |         |       |   |   |   |   |
| NET INCOME (LOSS) (note A)                                             |       | $            | 270,304    |   | $ | (321,473 | ) | $ | (289,684 | ) |
|                                                                   |       |         |       |   |   |   |   |
| Net income (loss) allocated to general  partner                        |       | $            | 2,703      |   | $ | (3,215 | ) | $ | (2,897 | ) |
|                                                                   |       |         |       |   |   |   |   |
| Net income (loss) allocated to assignees                               |       | $            | 267,601    |   | $ | (318,258 | ) | $ | (286,787 | ) |
|                                                                   |       |         |       |   |   |   |   |
| Net income (loss) per BAC                                              |       | $            | 0.25       |   | $ | (0.30 | ) | $ | (0.27 | ) |

 

----

*                           Includes gain on disposition of operating limited partnership (Series7) of $343,953.

 

F-12

----

 
| ** **                                                             | ** ** | **Series 9** | ** ** |
|------------------------------------------------------------------------|------------|--------------|------------|
| ** **                                                             | ** ** | **2005**     | ** ** | **2004** | ** ** | **2003** | ** ** |
| Income                                                                 |       |         |       |   |   |   |   |
| Interest income                                                        |       | $            | 1,803      |   | $ | 5,970 |   | $ | 4,114 |   |
| Miscellaneous income                                                   |       | 8,403        |       | 9,808 |   | 15,247 |   |
|                                                                   |       |         |       |   |   |   |   |
| Total income                                                           |       | 10,206       |       | 15,778 |   | 19,361 |   |
|                                                                   |       |         |       |   |   |   |   |
| Share of income (losses) from operating  limited partnerships (note A) |       | 1,340,894    | ***        | (413,847 | )** | (506,208 | )* |
|                                                                   |       |         |       |   |   |   |   |
| Expenses                                                               |       |         |       |   |   |   |   |
| Professional fees                                                      |       | 37,246       |       | 44,204 |   | 37,086 |   |
| Partnership management fee (note B)                                    |       | 372,688      |       | 472,382 |   | 217,108 |   |
| Amortization (note A)                                                  |       | 8,085        |       | 870 |   | 870 |   |
| Impairment loss (note A)                                               |       | —       |       | 706,730 |   | 733,718 |   |
| General and administrative expenses (note  B)                          |       | 19,556       |       | 41,446 |   | 163,567 |   |
|                                                                   |       |         |       |   |   |   |   |
|                                                                   |       | 437,575      |       | 1,265,632 |   | 1,152,349 |   |
|                                                                   |       |         |       |   |   |   |   |
| NET INCOME (LOSS) (note A)                                             |       | $            | 913,525    |   | $ | (1,663,701 | ) | $ | (1,639,196 | ) |
|                                                                   |       |         |       |   |   |   |   |
| Net income (loss) allocated to general  partner                        |       | $            | 9,135      |   | $ | (16,637 | ) | $ | (16,392 | ) |
|                                                                   |       |         |       |   |   |   |   |
| Net income (loss) allocated to assignees                               |       | $            | 904,390    |   | $ | (1,647,064 | ) | $ | (1,622,804 | ) |
|                                                                   |       |         |       |   |   |   |   |
| Net income (loss) per BAC                                              |       | $            | 0.22       |   | $ | (0.39 | ) | $ | (0.39 | ) |

 

----

*                           Includes gain on disposition of operating limited partnership (Series9) of $275,743.

 

**                    Includes gain on disposition of operatinglimited partnership (Series 9) of $187,718.

 

***             Includes gain on disposition of operatinglimited partnership (Series 9) of $1,595,639.

 

F-13

----

 
| ** **                                                    | ** ** | **Series 10** | ** ** |
|---------------------------------------------------------------|------------|---------------|------------|
| ** **                                                    | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| Income                                                        |       |          |       |   |   |   |   |
| Interest income                                               |       | $             | 14,010     |   | $ | 724 |   | $ | 3,963 |   |
| Miscellaneous income                                          |       | 30,058        |       | 12,760 |   | 1,352 |   |
|                                                          |       |          |       |   |   |   |   |
| Total income                                                  |       | 44,068        |       | 13,484 |   | 5,315 |   |
|                                                          |       |          |       |   |   |   |   |
| Share of losses from operating limited partnerships  (note A) |       | (485,369      | )**        | (541,238 | ) | (1,912,648 | )* |
|                                                          |       |          |       |   |   |   |   |
| Expenses                                                      |       |          |       |   |   |   |   |
| Professional fees                                             |       | 30,250        |       | 31,185 |   | 28,513 |   |
| Partnership management fee (note B)                           |       | 259,281       |       | 265,720 |   | 308,963 |   |
| Amortization (note A)                                         |       | 9,509         |       | 3,441 |   | 3,441 |   |
| Impairment loss (note A)                                      |       | 280,766       |       | 246,427 |   | — |   |
|                                                          |       | 16,204        |       | 27,220 |   | 132,288 |   |
|                                                          |       |          |       |   |   |   |   |
|                                                          |       | 596,010       |       | 573,993 |   | 473,205 |   |
|                                                          |       |          |       |   |   |   |   |
| NET LOSS (note A)                                             |       | $             | (1,037,311 | ) | $ | (1,101,747 | ) | $ | (2,380,538 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss allocated to general partner                         |       | $             | (10,373    | ) | $ | (11,017 | ) | $ | (23,805 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss allocated to assignees                               |       | $             | (1,026,938 | ) | $ | (1,090,730 | ) | $ | (2,356,733 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss per BAC                                              |       | $             | (0.42      | ) | $ | (0.45 | ) | $ | (0.97 | ) |

 

----

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

 

**                    Includes loss on disposition of operatinglimited partnership (Series 10) of $61,815.

 

F-14

----

 
| ** **                                                    | ** ** | **Series 11** | ** ** |
|---------------------------------------------------------------|------------|---------------|------------|
| ** **                                                    | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| Income                                                        |       |          |       |   |   |   |   |
| Interest income                                               |       | $             | 1,195      |   | $ | 1,516 |   | $ | 5,582 |   |
| Miscellaneous income                                          |       | 3,725         |       | 9,106 |   | 7,339 |   |
|                                                          |       |          |       |   |   |   |   |
| Total income                                                  |       | 4,920         |       | 10,622 |   | 12,921 |   |
|                                                          |       |          |       |   |   |   |   |
| Share of losses from operating limited partnerships  (note A) |       | (515,127      | )          | (1,215,227 | ) | (575,968 | ) |
|                                                          |       |          |       |   |   |   |   |
| Expenses                                                      |       |          |       |   |   |   |   |
| Professional fees                                             |       | 29,245        |       | 35,403 |   | 28,607 |   |
| Partnership management fee (note B)                           |       | 303,312       |       | 297,947 |   | 303,614 |   |
| Amortization (note A)                                         |       | 4,758         |       | 1,744 |   | 1,744 |   |
| Impairment loss (note A)                                      |       | 473,600       |       | 542,101 |   | 573,631 |   |
| General and administrative expenses (note  B)                 |       | 14,764        |       | 24,787 |   | 30,458 |   |
|                                                          |       |          |       |   |   |   |   |
|                                                          |       | 825,679       |       | 901,982 |   | 938,054 |   |
|                                                          |       |          |       |   |   |   |   |
| NET LOSS (note A)                                             |       | $             | (1,335,886 | ) | $ | (2,106,587 | ) | $ | (1,501,101 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss allocated to general partner                         |       | $             | (13,359    | ) | $ | (21,066 | ) | $ | (15,011 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss allocated to assignees                               |       | $             | (1,322,527 | ) | $ | (2,085,521 | ) | $ | (1,486,090 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss per BAC                                              |       | $             | (0.53      | ) | $ | (0.84 | ) | $ | (0.60 | ) |

 

F-15

----

 
| ** **                                                    | ** ** | **Series 12** | ** ** |
|---------------------------------------------------------------|------------|---------------|------------|
| ** **                                                    | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| Income                                                        |       |          |       |   |   |   |   |
| Interest income                                               |       | $             | 704        |   | $ | 240 |   | $ | 420 |   |
| Miscellaneous income                                          |       | 1,836         |       | 4,920 |   | 943 |   |
|                                                          |       |          |       |   |   |   |   |
| Total income                                                  |       | 2,540         |       | 5,160 |   | 1,363 |   |
|                                                          |       |          |       |   |   |   |   |
| Share of losses from operating limited partnerships  (note A) |       | (2,743,788    | )*         | (645,546 | ) | (726,551 | ) |
|                                                          |       |          |       |   |   |   |   |
| Expenses                                                      |       |          |       |   |   |   |   |
| Professional fees                                             |       | 45,195        |       | 35,164 |   | 33,939 |   |
| Partnership management fee (note B)                           |       | 183,130       |       | 327,198 |   | 354,616 |   |
| Amortization (note A)                                         |       | 75,623        |       | 13,317 |   | 13,317 |   |
| Impairment loss (note A)                                      |       | 570,893       |       | 141,919 |   | — |   |
| General and administrative expenses (note  B)                 |       | 17,615        |       | 31,565 |   | 39,886 |   |
|                                                          |       |          |       |   |   |   |   |
|                                                          |       | 892,456       |       | 549,163 |   | 441,758 |   |
|                                                          |       |          |       |   |   |   |   |
| NET INCOME (LOSS) (note A)                                    |       | $             | (3,633,704 | ) | $ | (1,189,549 | ) | $ | (1,166,946 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss allocated to general partner                         |       | $             | (36,337    | ) | $ | (11,895 | ) | $ | (11,669 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss allocated to assignees                               |       | $             | (3,597,367 | ) | $ | (1,177,654 | ) | $ | (1,155,277 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss per BAC                                              |       | $             | (1.21      | ) | $ | (0.40 | ) | $ | (0.39 | ) |

 

----

*                           Includes gain on disposition of operating limited partnership (Series12) of $720,863 and a loss on the disposal of operating limited partnership(Series 12) of $2,854,430.

 

F-16

----

 
| ** **                                                    | ** ** | **Series 14** | ** ** |
|---------------------------------------------------------------|------------|---------------|------------|
| ** **                                                    | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| Income                                                        |       |          |       |   |   |   |   |
| Interest income                                               |       | $             | 4,649      |   | $ | 4,293 |   | $ | 6,326 |   |
| Miscellaneous income                                          |       | 1,761         |       | 12,866 |   | 7,675 |   |
|                                                          |       |          |       |   |   |   |   |
| Total income                                                  |       | 6,410         |       | 17,159 |   | 14,001 |   |
|                                                          |       |          |       |   |   |   |   |
| Share of losses from operating limited partnerships  (note A) |       | (1,096,938    | )***       | (1,464,921 | )** | (2,005,749 | )* |
|                                                          |       |          |       |   |   |   |   |
| Expenses                                                      |       |          |       |   |   |   |   |
| Professional fees                                             |       | 115,518       |       | 74,516 |   | 69,674 |   |
| Partnership management fee (note B)                           |       | 571,353       |       | 653,879 |   | 558,462 |   |
| Amortization (note A)                                         |       | 151,931       |       | 29,189 |   | 29,189 |   |
| Impairment loss (note A)                                      |       | 1,744,282     |       | 533,402 |   | 114,360 |   |
| General and administrative expenses (note  B)                 |       | 33,768        |       | 80,602 |   | 92,890 |   |
|                                                          |       |          |       |   |   |   |   |
|                                                          |       | 2,616,852     |       | 1,371,588 |   | 864,575 |   |
|                                                          |       |          |       |   |   |   |   |
| NET LOSS (note A)                                             |       | $             | (3,707,380 | ) | $ | (2,819,350 | ) | $ | (2,856,323 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss allocated to general partner                         |       | $             | (37,074    | ) | $ | (28,194 | ) | $ | (28,563 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss allocated to assignees                               |       | $             | (3,670,306 | ) | $ | (2,791,156 | ) | $ | (2,827,760 | ) |
|                                                          |       |          |       |   |   |   |   |
| Net loss per BAC                                              |       | $             | (0.66      | ) | $ | (0.50 | ) | $ | (0.51 | ) |

 

----

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

 

**                    Includes loss on disposition of operatinglimited partnerships (Series 14) of $27,197.

 

***             Includes gain on disposition of operatinglimited partnerships (Series 14) of $601,285 and a loss on the sale ofoperating limited partnerships (Series 14) of $946,702.

 

See notes to financial statements

 

F-17

----

 

BostonCapital Tax Credit Fund II Limited Partnership -

Series7, 9 through 12, and 14

 

STATEMENTSOF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

 

Yearsended March 31, 2005, 2004 and 2003

 

 
| **Total**                                        | ** ** | **Assignees** | ** **  | **General  partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------|------------|---------------|-------------|----------------------|------------|------------|------------|
|                                             |       |          |        |                 |       |       |       |
| 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 | )          |
|                                             |       |          |        |                 |       |       |       |
| Net income                                       |       | (8,445,147    | )           | (85,305              | )          | (8,530,452 | )          |
|                                             |       |          |        |                 |       |       |       |
| Distributions                                    |       | —        |        | —               |       | —     |       |
|                                             |       |          |        |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2005 |       | $             | (15,357,868 | )                    | $          | (1,755,404 | )          | $ | (17,113,272 | ) |

 

F-18

----

 
| **Series 7**                                     | ** ** | **Assignees** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------|------------|---------------|------------|----------------------|------------|------------|------------|
|                                             |       |          |       |                 |       |       |       |
| 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 | )          |
|                                             |       |          |       |                 |       |       |       |
| Net income                                       |       | 267,601       |       | 2,703                |       | 270,304    |       |
|                                             |       |          |       |                 |       |       |       |
| Distributions                                    |       | —        |       | —               |       | —     |       |
|                                             |       |          |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2005 |       | $             | (1,308,600 | )                    | $          | (104,054   | )          | $ | (1,412,654 | ) |

 

 
| **Series 9**                                     | ** ** | **Assignees** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------|------------|---------------|------------|----------------------|------------|------------|------------|
|                                             |       |          |       |                 |       |       |       |
| 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 | )          |
|                                             |       |          |       |                 |       |       |       |
| Net income                                       |       | 904,390       |       | 9,135                |       | 913,525    |       |
|                                             |       |          |       |                 |       |       |       |
| Distributions                                    |       | —        |       | —               |       | —     |       |
|                                             |       |          |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2005 |       | $             | (4,283,762 | )                    | $          | (387,532   | )          | $ | (4,671,294 | ) |

 

F-19

----

 
| **Series 10**                                    | ** ** | **Assignees** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------|------------|---------------|------------|----------------------|------------|------------|------------|
|                                             |       |          |       |                 |       |       |       |
| 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 | )          |
|                                             |       |          |       |                 |       |       |       |
| Net loss                                         |       | (1,026,938    | )          | (10,373              | )          | (1,037,311 | )          |
|                                             |       |          |       |                 |       |       |       |
| Distributions                                    |       | —        |       | —               |       | —     |       |
|                                             |       |          |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2005 |       | $             | (2,563,277 | )                    | $          | (231,062   | )          | $ | (2,794,339 | ) |

 

 
| **Series 11**                                    | ** ** | **Assignees** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------|------------|---------------|------------|----------------------|------------|------------|------------|
|                                             |       |          |       |                 |       |       |       |
| 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    |       |
|                                             |       |          |       |                 |       |       |       |
| Net loss                                         |       | (1,322,527    | )          | (13,359              | )          | (1,335,886 | )          |
|                                             |       |          |       |                 |       |       |       |
| Distributions                                    |       | —        |       | —               |       | —     |       |
|                                             |       |          |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2005 |       | $             | (662,831   | )                    | $          | (223,549   | )          | $ | (886,380 | ) |

 

F-20

----

 
| **Series 12**                                    | ** ** | **Assignees** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------|------------|---------------|------------|----------------------|------------|------------|------------|
|                                             |       |          |       |                 |       |       |       |
| 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    |       |
|                                             |       |          |       |                 |       |       |       |
| Net loss                                         |       | (3,597,367    | )          | (36,337              | )          | (3,633,704 | )          |
|                                             |       |          |       |                 |       |       |       |
| Distributions                                    |       | —        |       | —               |       | —     |       |
|                                             |       |          |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2005 |       | $             | (2,667,269 | )                    | $          | (286,799   | )          | $ | (2,954,068 | ) |

 

 
| **Series 14**                                    | ** ** | **Assignees** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------|------------|---------------|------------|----------------------|------------|------------|------------|
|                                             |       |          |       |                 |       |       |       |
| 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   | )          |
|                                             |       |          |       |                 |       |       |       |
| Net loss                                         |       | (3,670,306    | )          | (37,074              | )          | (3,707,380 | )          |
|                                             |       |          |       |                 |       |       |       |
| Distributions                                    |       | —        |       | —               |       | —     |       |
|                                             |       |          |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2005 |       | $             | (3,872,129 | )                    | $          | (522,408   | )          | $ | (4,394,537 | ) |

 

See notes to financial statements

 

F-21

----

 

BostonCapital Tax Credit Fund II Limited Partnership -

Series7, 9 through 12, and 14

 

STATEMENTS OF CASH FLOWS

 

Yearsended March 31, 2005, 2004 and 2003

 
| ** **                                                                                | ** ** | **Total** | ** ** |
|-------------------------------------------------------------------------------------------|------------|-----------|------------|
| ** **                                                                                | ** ** | **2005**  | ** ** | **2004** | ** ** | **2003** | ** ** |
| Cash flows from operating activities                                                      |       |      |       |   |   |   |   |
| Net loss                                                                                  |       | $         | (8,530,452 | ) | $ | (9,202,407 | ) | $ | (9,833,788 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |       |      |       |   |   |   |   |
| Distributions from operating limited partnerships                                         |       | 105,078   |       | 80,563 |   | 231,919 |   |
| Share of losses from operating limited partnerships                                       |       | 3,175,307 |       | 4,482,965 |   | 5,855,904 |   |
| Impairment loss                                                                           |       | 3,069,541 |       | 2,170,579 |   | 1,421,709 |   |
| Amortization                                                                              |       | 249,906   |       | 48,561 |   | 48,561 |   |
| Changes in assets and liabilities                                                         |       |      |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |       | 1,362,166 |       | 2,449,011 |   | 1,564,579 |   |
| Other assets                                                                              |       | (131,780  | )          | (349 | ) | 12,484 |   |
|                                                                                      |       |      |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |       | (700,234  | )          | 28,923 |   | (698,632 | ) |
|                                                                                      |       |      |       |   |   |   |   |
| Cash flows from investing activities                                                      |       |      |       |   |   |   |   |
| Capital contributions paid to operating limited  partnerships                             |       | —    |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |       | 176,481   |       | 118,278 |   | 43,749 |   |
| Proceeds from disposition of operating  limited partnerships                              |       | 3,660,333 |       | 443,280 |   | 3,513,760 |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |       | —    |       | — |   | 411,470 |   |
|                                                                                      |       |      |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                       |       | 3,836,814 |       | 561,558 |   | 3,968,979 |   |
|                                                                                      |       |      |       |   |   |   |   |
| 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                                     |       | 3,136,580 |       | (1,884,515 | ) | 2,501,026 |   |
|                                                                                      |       |      |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |       | 1,749,417 |       | 3,633,932 |   | 1,132,906 |   |
|                                                                                      |       |      |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |       | $         | 4,885,997  |   | $ | 1,749,417 |   | $ | 3,633,932 |   |

 

F-22

----

 
| ** **                                                                                                                                                                                                         | ** ** | **Total** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------|------------|
| ** **                                                                                                                                                                                                         | ** ** | **2005**  | ** ** | **2004** | ** ** | **2003** | ** ** |
| 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 |   |
|                                                                                                                                                                                                                    |            |           |            |  |  |  |  |  |  |  |

 

F-23

----

 
| ** **                                                                                | ** ** | **Series 7** | ** ** |
|-------------------------------------------------------------------------------------------|------------|--------------|------------|
| ** **                                                                                | ** ** | **2005**     | ** ** | **2004** | ** ** | **2003** | ** ** |
| Cash flows from operating activities                                                      |       |         |       |   |   |   |   |
| Net income (loss)                                                                         |       | $            | 270,304    |   | $ | (321,473 | ) | $ | (289,684 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |       |         |       |   |   |   |   |
| Distributions from operating limited partnerships                                         |       | 3,085        |       | 9,698 |   | 1,060 |   |
| Share of losses from operating limited partnerships                                       |       | (325,021     | )          | 202,186 |   | 128,780 |   |
| Impairment loss                                                                           |       | —       |       | — |   | — |   |
| Amortization                                                                              |       | —       |       | — |   | — |   |
| Changes in assets and liabilities                                                         |       |         |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |       | (67,080      | )          | 221,208 |   | 113,888 |   |
| Other assets                                                                              |       | —       |       | — |   | — |   |
|                                                                                      |       |         |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |       | (118,712     | )          | 111,619 |   | (45,956 | ) |
|                                                                                      |       |         |       |   |   |   |   |
| Cash flows from investing activities                                                      |       |         |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |       | —       |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |       | —       |       | (109,226 | ) | 47,254 |   |
| Proceeds from disposition of operating  limited partnerships                              |       | 343,953      |       | — |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |       | —       |       | — |   | — |   |
|                                                                                      |       |         |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                       |       | 343,953      |       | (109,226 | ) | 47,254 |   |
|                                                                                      |       |         |       |   |   |   |   |
| 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                                     |       | 225,241      |       | 2,393 |   | 1,298 |   |
|                                                                                      |       |         |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |       | 12,216       |       | 9,823 |   | 8,525 |   |
|                                                                                      |       |         |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |       | $            | 237,457    |   | $ | 12,216 |   | $ | 9,823 |   |

 

F-24

----

 
| ** **                                                                                                                                                                                                         | ** ** | **Series 7** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|------------|
| ** **                                                                                                                                                                                                         | ** ** | **2005**     | ** ** | **2004** | ** ** | **2003** | ** ** |
| 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. |       | $            | —     |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                                    |            |              |            |  |  |  |  |  |  |  |

 

F-25

----

 
| ** **                                                                                | ** ** | **Series 9** | ** ** |
|-------------------------------------------------------------------------------------------|------------|--------------|------------|
| ** **                                                                                | ** ** | **2005**     | ** ** | **2004** | ** ** | **2003** | ** ** |
| Cash flows from operating activities                                                      |       |         |       |   |   |   |   |
| Net income (loss)                                                                         |       | $            | 913,525    |   | $ | (1,663,701 | ) | $ | (1,639,196 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |       |         |       |   |   |   |   |
| Distributions from operating limited partnerships                                         |       | 74,498       |       | 1,427 |   | 169,394 |   |
| Share of losses from operating limited partnerships                                       |       | (1,340,894   | )          | 413,847 |   | 506,208 |   |
| Impairment loss                                                                           |       | —       |       | 706,730 |   | 733,718 |   |
| Amortization                                                                              |       | 8,085        |       | 870 |   | 870 |   |
| Changes in assets and liabilities                                                         |       |         |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |       | (112,848     | )          | 518,316 |   | (81,628 | ) |
| Other assets                                                                              |       | (122,522     | )          | (350 | ) | 4,195 |   |
|                                                                                      |       |         |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |       | (580,156     | )          | (22,861 | ) | (306,439 | ) |
|                                                                                      |       |         |       |   |   |   |   |
| Cash flows from investing activities                                                      |       |         |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |       | —       |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |       | —       |       | — |   | 41,526 |   |
| Proceeds from disposition of operating  limited partnerships                              |       | 1,393,049    |       | 187,718 |   | 1,982,683 |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |       | —       |       | — |   | 97,866 |   |
|                                                                                      |       |         |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                       |       | 1,393,049    |       | 187,718 |   | 2,122,075 |   |
|                                                                                      |       |         |       |   |   |   |   |
| 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                                     |       | 812,893      |       | (1,787,255 | ) | 1,815,636 |   |
|                                                                                      |       |         |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |       | 243,617      |       | 2,030,872 |   | 215,236 |   |
|                                                                                      |       |         |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |       | $            | 1,056,510  |   | $ | 243,617 |   | $ | 2,030,872 |   |

 

F-26

----

 
| ** **                                                                                                                                                                                                         | ** ** | **Series 9** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|------------|
| ** **                                                                                                                                                                                                         | ** ** | **2005**     | ** ** | **2004** | ** ** | **2003** | ** ** |
| 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. |       | $            | —     |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                                    |            |              |            |  |  |  |  |  |  |  |

 

F-27

----

 
| ** **                                                                                | ** ** | **Series 10** | ** ** |
|-------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| Cash flows from operating activities                                                      |       |          |       |   |   |   |   |
| Net loss                                                                                  |       | $             | (1,037,311 | ) | $ | (1,101,747 | ) | $ | (2,380,538 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |       |          |       |   |   |   |   |
| Distributions from operating limited partnerships                                         |       | 11,442        |       | 45,344 |   | 380 |   |
| Share of losses from operating limited partnerships                                       |       | 485,369       |       | 541,238 |   | 1,912,648 |   |
| Impairment loss                                                                           |       | 280,766       |       | 246,427 |   | — |   |
| Amortization                                                                              |       | 9,509         |       | 3,441 |   | 3,441 |   |
| Changes in assets and liabilities                                                         |       |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |       | 322,928       |       | 328,244 |   | 205,503 |   |
| Other assets                                                                              |       | 349           |       | (350 | ) | 2,791 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |       | 73,052        |       | 62,597 |   | (255,775 | ) |
|                                                                                      |       |          |       |   |   |   |   |
| Cash flows from investing activities                                                      |       |          |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |       | —        |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |       | —        |       | — |   | — |   |
| Proceeds from disposition of operating  limited partnerships                              |       | 124,531       |       | — |   | 1,000,000 |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |       | —        |       | — |   | 99,621 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                       |       | 124,531       |       | — |   | 1,099,621 |   |
|                                                                                      |       |          |       |   |   |   |   |
| 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                                     |       | 197,583       |       | 62,597 |   | 74,525 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |       | 184,427       |       | 121,830 |   | 47,305 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |       | $             | 382,010    |   | $ | 184,427 |   | $ | 121,830 |   |

 

F-28

----

 
| ** **                                                                                                                                                                                                        | ** ** | **Series 10** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                                                                                                                                        | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| 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. |       | $             | —     |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                                   |            |               |            |  |  |  |  |  |  |  |

 

F-29

----

 
| ** **                                                                                | ** ** | **Series 11** | ** ** |
|-------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| Cash flows from operating activities                                                      |       |          |       |   |   |   |   |
| Net loss                                                                                  |       | $             | (1,335,886 | ) | $ | (2,106,587 | ) | $ | (1,501,101 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |       |          |       |   |   |   |   |
| Distributions from operating limited partnerships                                         |       | 36            |       | 464 |   | 34 |   |
| Share of losses from operating limited partnerships                                       |       | 515,127       |       | 1,215,227 |   | 575,968 |   |
| Impairment loss                                                                           |       | 473,600       |       | 542,101 |   | 573,631 |   |
| Amortization                                                                              |       | 4,758         |       | 1,744 |   | 1,744 |   |
| Changes in assets and liabilities                                                         |       |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |       | 351,428       |       | 340,680 |   | 325,681 |   |
| Other assets                                                                              |       | (9,607        | )          | (350 | ) | 4,004 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Net cash provided by (used in) operating activities                                       |       | (544          | )          | (6,721 | ) | (20,039 | ) |
|                                                                                      |       |          |       |   |   |   |   |
| Cash flows from investing activities                                                      |       |          |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |       | —        |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |       | (46,122       | )          | (30,651 | ) | (30,000 | ) |
| Proceeds from disposition of operating  limited partnerships                              |       | —        |       | — |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |       | —        |       | — |   | 157,136 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                       |       | (46,122       | )          | (30,651 | ) | 127,136 |   |
|                                                                                      |       |          |       |   |   |   |   |
| 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                                      |       | (46,666       | )          | (37,372 | ) | 107,097 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |       | 331,830       |       | 369,202 |   | 262,105 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |       | $             | 285,164    |   | $ | 331,830 |   | $ | 369,202 |   |

 

F-30

----

 
| ** **                                                                                                                                                                                                        | ** ** | **Series 11** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                                                                                                                                        | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| 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. |       | $             | —     |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                                   |            |               |            |  |  |  |  |  |  |  |

 

F-31

----

 
| ** **                                                                                | ** ** | **Series 12** | ** ** |
|-------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| Cash flows from operating activities                                                      |       |          |       |   |   |   |   |
| Net income (loss)                                                                         |       | $             | (3,633,704 | ) | $ | (1,189,549 | ) | $ | (1,166,946 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |       |          |       |   |   |   |   |
| Distributions from operating limited partnerships                                         |       | 6,753         |       | 8,728 |   | 7,310 |   |
| Share of losses from operating limited partnerships                                       |       | 2,743,788     |       | 645,546 |   | 726,551 |   |
| Impairment loss                                                                           |       | 570,893       |       | 141,919 |   | — |   |
| Amortization                                                                              |       | 75,623        |       | 13,317 |   | 13,317 |   |
| Changes in assets and liabilities                                                         |       |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |       | 380,416       |       | 407,504 |   | 411,384 |   |
| Other assets                                                                              |       | —        |       | — |   | — |   |
|                                                                                      |       |          |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |       | 143,769       |       | 27,465 |   | (8,384 | ) |
|                                                                                      |       |          |       |   |   |   |   |
| Cash flows from investing activities                                                      |       |          |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |       | —        |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |       | 13,831        |       | — |   | — |   |
| Proceeds from disposition of operating  limited partnerships                              |       | 720,863       |       | — |   | — |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |       | —        |       | — |   | — |   |
|                                                                                      |       |          |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                       |       | 734,694       |       | — |   | — |   |
|                                                                                      |       |          |       |   |   |   |   |
| 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                                     |       | 878,463       |       | 27,465 |   | (8,384 | ) |
|                                                                                      |       |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |       | 67,139        |       | 39,674 |   | 48,058 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |       | $             | 945,602    |   | $ | 67,139 |   | $ | 39,674 |   |

 

F-32

----

 
| ** **                                                                                                                                                                                                         | ** ** | **Series 12** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                                                                                                                                         | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| 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. |       | $             | —     |   | $ | — |   | $ | — |   |
|                                                                                                                                                                                                                    |            |               |            |  |  |  |  |  |  |  |

 

F-33

----

 
| ** **                                                                                | ** ** | **Series 14** | ** ** |
|-------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| Cash flows from operating activities                                                      |       |          |       |   |   |   |   |
| Net loss                                                                                  |       | $             | (3,707,380 | ) | $ | (2,819,350 | ) | $ | (2,856,323 | ) |
| Adjustments to reconcile net loss to net  cash provided by (used in) operating activities |       |          |       |   |   |   |   |
| Distributions from operating limited partnerships                                         |       | 9,264         |       | 14,902 |   | 53,741 |   |
| Share of losses from operating limited partnerships                                       |       | 1,096,938     |       | 1,464,921 |   | 2,005,749 |   |
| Impairment loss                                                                           |       | 1,744,282     |       | 533,402 |   | 114,360 |   |
| Amortization                                                                              |       | 151,931       |       | 29,189 |   | 29,189 |   |
| Changes in assets and liabilities                                                         |       |          |       |   |   |   |   |
| Accounts payable and accrued expenses                                                     |       | 487,322       |       | 633,059 |   | 589,751 |   |
| Other assets                                                                              |       | —        |       | 701 |   | 1,494 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Net cash provided by (used in) operating  activities                                      |       | (217,643      | )          | (143,176 | ) | (62,039 | ) |
|                                                                                      |       |          |       |   |   |   |   |
| Cash flows from investing activities                                                      |       |          |       |   |   |   |   |
| Capital contributions paid to operating  limited partnerships                             |       | —        |       | — |   | — |   |
| (Advances to) repayments from operating  limited partnerships                             |       | 208,772       |       | 258,155 |   | (15,031 | ) |
| Proceeds from disposition of operating  limited partnerships                              |       | 1,077,937     |       | 255,562 |   | 531,077 |   |
| Purchase of investments (net of proceeds  from redemption of investments)                 |       | —        |       | — |   | 56,847 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Net cash provided by (used in) investing activities                                       |       | 1,286,709     |       | 513,717 |   | 572,893 |   |
|                                                                                      |       |          |       |   |   |   |   |
| 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                                     |       | 1,069,066     |       | (152,343 | ) | 510,854 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Cash and cash equivalents, beginning                                                      |       | 910,188       |       | 1,062,531 |   | 551,677 |   |
|                                                                                      |       |          |       |   |   |   |   |
| Cash and cash equivalents, end                                                            |       | $             | 1,979,254  |   | $ | 910,188 |   | $ | 1,062,531 |   |

 

F-34

----

 
| ** **                                                                                                                                                                                                         | ** ** | **Series 14** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|------------|
| ** **                                                                                                                                                                                                         | ** ** | **2005**      | ** ** | **2004** | ** ** | **2003** | ** ** |
| 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 |   |
|                                                                                                                                                                                                                    |            |               |            |  |  |  |  |  |  |  |

 

F-35

----

 

Boston Capital Tax Credit Fund II Limited Partnership -

Series 7, 9 through 12, and 14

 

NOTES TO FINANCIAL STATEMENTS

 

March 31, 2005, 2004 and 2003

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Boston Capital Tax CreditFund II Limited Partnership (the “partnership” or “fund”) was formed under thelaws of the State of Delaware on June 28, 1989, for the purpose of acquiring,holding and disposing of limited partnership interests in operating limitedpartnerships which were to acquire, develop, rehabilitate, operate and ownnewly constructed, existing or rehabilitated low-income apartment complexeswhich qualify for the Low-Income Housing Tax Credit established by the TaxReform Act of 1986.  Accordingly, theapartment complexes are restricted as to rent charges and operatingmethods.  Certain of the 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 SecuritiesAct of 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 andoutstanding in each series at March 31, 2005 and 2004 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-36

----

 

Inaccordance with the limited partnership agreement, profits, losses, and cashflow (subject to certain priority allocations and distributions) and taxcredits are allocated 99% to the assignees and 1% to the general partner.

 

Deferred Acquisition Costs

 

Deferred acquisition costsare being amortized on the straight-line method starting April 1, 1995 over27.5 years (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.

 

Accumulatedamortization as of March 31, 2005 and 2004 is as follows:

 

| ** ** | ** ** | **2005** | ** ** | **2004** | ** ** |
|------------|------------|----------|------------|----------|------------|
|       |       |     |       |     |       |
| Series 7   |       | $        | —     |     | $          | — |   |
| Series 9   |       | 15,915   |       | 7,830    |       |
| Series 10  |       | 40,478   |       | 30,971   |       |
| Series 11  |       | 20,455   |       | 15,697   |       |
| Series 12  |       | 195,476  |       | 119,853  |       |
| Series 14  |       | 414,633  |       | 262,702  |       |
|       |       |     |       |     |       |
|       |       | $        | 686,957    |     | $          | 437,053 |   |

 

Income Taxes

 

Noprovision or benefit for income taxes has been included in these financialstatements since taxable income or loss passes through to, and is reportableby, the partners and assignees individually.

 

F-37

----

 

Investments in Operating Limited Partnerships

 

The partnership accounts forits investments in operating limited partnerships using the equity method ofaccounting.  Under the equity method ofaccounting, the partnership adjusts its investment cost for its share of eachoperating limited partnership’s results of operations and for any distributionsreceived or accrued.  However, thepartnership recognizes individual operating limited partnership losses only tothe extent that the fund’s share of losses from the operating limitedpartnerships exceeds the carrying amount of the investment and advances tooperating limited partnerships. Unrecognized losses are suspended and offset against future individual operatinglimited partnership income.  No operatinglimited partnerships were acquired during 2005 or 2004.

 

Under Emerging Issues TaskForce (EITF) 98-13, after the investment account is reduced to zero,receivables due from the operating limited partnerships are decreased by thefunds’ share of losses and, accordingly a valuation allowance is recordedagainst the receivables.  Accordingly,the partnership recorded a valuation allowance as follows:

 

| ** ** | ** ** | **2005** | ** ** | **2004** | ** ** |
|------------|------------|----------|------------|----------|------------|
|       |       |     |       |     |       |
| Series 7   |       | $        | 130,176    |     | $          | 130,176 |   |
| Series 9   |       | 175,387  |       | 68,804   |       |
| Series 10  |       | 36,828   |       | 36,828   |       |
| Series 11  |       | 196,933  |       | 70,159   |       |
| Series 12  |       | 91,149   |       | 91,149   |       |
| Series 14  |       | 42,573   |       | 42,573   |       |
|       |       |     |       |     |       |
|       |       | $        | 673,046    |     | $          | 439,689 |   |

 

Aloss in value of an investment in an operating limited partnership other than atemporary decline would be recorded as an impairment loss.  Impairment is measured by comparing theinvestment carrying amount to the sum of the total amount of the remaining taxcredits allocated to the partnership and the estimated residual value of theinvestment.  In addition,

 

F-38

----

 

deferred acquisition feesrelated to each investment are evaluated for impairment when an impairment losshas reduced an investment balance to zero. Accordingly, the partnership recorded an impairment loss of $3,069,541,$2,170,579 and $1,421,709 during the years ended March 31, 2005, 2004 and 2003,respectively.

 

Capital contributions tooperating limited partnerships are adjusted by tax credit adjusters.  Tax credit adjusters are defined asadjustments to operating limited partnership capital contributions due toreductions in actual tax credits from those originally projected.  The partnership records tax credit adjustersas a reduction in investments in operating limited partnerships and capitalcontributions payable.

 

The operating limitedpartnerships maintain their financial statements based on a calendar year andthe partnership utilizes a March 31 year-end. The fund records losses and income from the operating limitedpartnerships on a calendar year basis which is not materially different fromlosses and income generated if the operating limited partnerships utilized aMarch 31 year-end.

 

The partnership recordscapital contributions payable to the operating limited partnerships once thereis a binding obligation to fund a specified amount.  The operating limited partnerships recordcapital contributions from the partnership when received.

 

The partnership recordscertain acquisition costs as an increase in its investments in operatinglimited partnerships.  Certain operatinglimited partnerships have not recorded the acquisition costs as a capitalcontribution from the partnership.  Thesedifferences are shown as reconciling items in note C.

 

F-39

----

 

Cash Equivalents

 

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

 

Duringthe ordinary course of business, amounts on deposit may exceed the FDIC insuredlimit.

 

Fiscal Year

 

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

 

Net Loss per Beneficial Assignee Certificate

 

Netloss per beneficial assignee certificate is calculated based upon the weightedaverage number of units outstanding.  Theweighted average number of units outstanding in each series at March 31, 2005,2004 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 |   |

 

F-40

----

 

# Use of Estimates

 

The preparation of financial statements in conformity with accountingprinciples generally accepted in the United States of America requiresmanagement to make estimates and assumptions that affect the reported amountsof assets and liabilities and disclosure of contingent assets and liabilitiesat the date of the financial statements and the reported amounts of revenue andexpenses during the reporting period. Actual results could differ from those estimates.

 

Recent Accounting Pronouncements

 

As of March 31, 2004, the partnership adopted FASB Interpretation No. 46- Revised (“FIN 46R”), “Consolidation of Variable Interest Entities.”** FIN 46R providesguidance on when a company should include the assets, liabilities, andactivities of a variable interest entity (“VIE”) in its financial statementsand when it should disclose information about its relationship with a VIE. AVIE is a legal structure used to conduct activities or hold assets, which mustbe consolidated by a company if it is the primary beneficiary because itabsorbs the majority of the entity’s expected losses, the majority of theexpected residual returns, or both.

 

Based on the guidance of FIN 46R, the operating limited partnerships inwhich the partnership invests in meet the definition of a VIE.  However, management does not consolidate thepartnership’s interests in these VIEs under FIN 46R, as it is not considered tobe the primary beneficiary.  Thepartnership currently records the amount of its investment in these partnershipsas an asset in the balance sheets, recognizes its share of partnership incomeor losses in the statements of operations, and discloses how it accounts formaterial types of these investments in the financial statements.

 

The partnership’s balance in investment in operating limitedpartnerships, plus the risk of recapture of tax credits previously recognizedon these investments, represents its maximum exposure to loss.  The partnership’s exposure to loss on thesepartnerships is mitigated by the condition and financial performance of theunderlying properties as well as the strength of the local general partners andtheir guarantee against credit recapture.

 

F-41

----

 

NOTE B - RELATED PARTY TRANSACTIONS

 

During theyears ended March 31, 2005, 2004 and 2003, the partnership entered intoseveral transactions with various affiliates of the general partner, includingBoston Capital Partners, Inc., Boston Capital Holdings Limited Partnershipand Boston Capital Asset Management Limited Partnership, as follows:

 

Boston CapitalAsset Management Limited Partnership is entitled to an annual partnershipmanagement fee based on .5% of the aggregate cost of all apartment complexesacquired by the operating limited partnerships, less the amount of certainpartnership management and reporting fees paid or payable by the operatinglimited partnerships.  The aggregate costis comprised of the capital contributions made by each series to the operatinglimited partnerships and 99% of the permanent financing at the operatinglimited partnership level.

 

F-42

----

 

The fee ispayable without interest as sufficient funds become available from sales orrefinancing proceeds from operating limited partnerships.  The annual partnership management feescharged to each series’ operations during the years ended March 31, 2005,2004 and 2003 are as follows:

 
| ** **     | ** ** | **2005** | ** ** | **2004** | ** ** | **2003**  | ** ** |
|----------------|------------|----------|------------|----------|------------|-----------|------------|
|           |       |     |       |     |       |      |       |
| Series 7  |       | $        | 29,644     |     | $          | 98,620    |       | $ | 88,996 |   |
| Series 9  |       | 372,688  |       | 472,382  |       | 217,108   |       |
| Series 10 |       | 259,281  |       | 265,720  |       | 308,963   |       |
| Series 11 |       | 303,312  |       | 297,947  |       | 303,614   |       |
| Series 12 |       | 183,130  |       | 327,198  |       | 354,616   |       |
| Series 14 |       | 571,353  |       | 653,879  |       | 558,462   |       |
|           |       |     |       |     |       |      |       |
|           |       | $        | 1,719,408  |     | $          | 2,115,746 |       | $ | 1,831,759 |   |
|                |            |          |            |          |            |           |            |  |  |  |  |

 

General andadministrative expenses incurred by Boston Capital Partners, Inc., BostonCapital Holdings Limited Partnership and Boston Capital Asset ManagementLimited Partnership during the years ended March 31, 2005, 2004 and 2003charged to each series’ operations are as follows:

 
| ** **     | ** ** | **2005** | ** ** | **2004** | ** ** | **2003** | ** ** |
|----------------|------------|----------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |     |       |
| Series 7  |       | $        | 8,911      |     | $          | 7,297    |       | $ | 9,113 |   |
| Series 9  |       | 19,556   |       | 32,813   |       | 33,254   |       |
| Series 10 |       | 16,204   |       | 19,972   |       | 24,273   |       |
| Series 11 |       | 14,764   |       | 33,146   |       | 21,982   |       |
| Series 12 |       | 17,615   |       | 23,735   |       | 28,927   |       |
| Series 14 |       | 33,768   |       | 45,875   |       | 52,929   |       |
|           |       |     |       |     |       |     |       |
|           |       | $        | 110,818    |     | $          | 162,838  |       | $ | 170,478 |   |
|                |            |          |            |          |            |          |            |  |  |  |  |  |  |

 

F-43

----

 

During theyear ended March 31, 2005, the partnership paid a sales preparation fee toBoston Capital Asset Management Limited Partnership in connection with the saleof certain operating limited partnerships in Series 9, Series 10 and Series 14.  During the year ended March 31, 2005,the amount incurred for Series 7, Series 9, and Series 14 was$362, $9,060 and $106,772, respectively.

 

Accountspayable - affiliates at March 31, 2005 and 2004 represents general andadministrative expenses, partnership management fees, and may include advanceswhich are payable to Boston Capital Holdings Limited Partnership and Boston CapitalAsset Management Limited Partnership. The carrying value of accounts payable - affiliates approximates fairvalue.

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

At March 31,2005 and 2004, the partnership has limited partnership interests in operatinglimited partnerships which own operating apartment complexes.  During the year ended March 31, 2005,the partnership disposed of its operating limited partnership interest in four,twelve, two, two and four of the operating limited partnerships owned by Series 7,Series 9, Series 10, Series 12 and Series 14,respectively.  During the year ended March 31,2004, the partnership disposed of its operating limited partnership interest inthree of the operating limited partnerships owned by Series 14.  The number of operating limited partnershipsin which the partnership has limited partnership interests at March 31,2005 and 2004 by series are as follows:

 
| ** **     | ** ** | **2005** | ** ** | **2004** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 7  |       | 10       |       | 14       |       |
| Series 9  |       | 41       |       | 53       |       |
| Series 10 |       | 42       |       | 44       |       |
| Series 11 |       | 40       |       | 40       |       |
| Series 12 |       | 51       |       | 53       |       |
| Series 14 |       | 93       |       | 97       |       |
|           |       |     |       |     |       |
|           |       | 277      |       | 301      |       |

 

F-44

----

 

During theyear end March 31, 2005 the partnership disposed of twenty-four of theoperating limited partnerships.  A summaryof the dispositions by Series for March 31, 2005 is as follows:

 
| ** **     | ** ** | **Operating  Partnership  Interest Sold** | ** ** | **Sale of  Underlying  Property** | ** ** | **Partnership  Proceeds from  Disposition *** | ** **      | **Gain/(Loss) on  Disposition** | ** ** |
|----------------|------------|-------------------------------------------|------------|-----------------------------------|------------|-----------------------------------------------|-----------------|---------------------------------|------------|
| Series 7  |       | 3                                         |       | 1                                 |       | $                                             |  343,953   |                            | $          |  343,953 |   |
| Series 9  |       | 11                                        |       | 1                                 |       | 1,668,709                                     |            | 1,595,639                       |       |
| Series 10 |       | 2                                         |       | —                            |       | 124,531                                       |            | (61,815                         | )          |
| Series 11 |       | —                                    |       | —                            |       | —                                        |            | —                          |       |
| Series 12 |       | 1                                         |       | 1                                 |       | 720,863                                       |            | (2,133,567                      | )          |
| Series 14 |       | 3                                         |       | 1                                 |       | 1,077,937                                     |            | (345,417                        | )          |
| Total          |       | 20                                        |       | 4                                 |       | $                                             |  3,935,993 |                            | $          |  (601,207 | ) |

 

----

*                 Partnershipproceeds from disposition includes $275,660 for Series 9 recorded asreceivable at March 31, 2005

 

During theyear ended March 31, 2004 the partnership disposed of its operatinglimited partnership interest in three operating limited partnerships in Series 14.  Series 14 received total proceeds of$250,280 and reported a loss on the dispositions of $77,479.  During the year ended March 31, 2004, Series 9and Series 14 received additional proceeds of $187,718 and $50,282respectively, for a disposition that occurred in the prior fiscal year.  This resulted in additional gains on thedisposition for Series 9 and Series 14 of $187,718 and $50,282,respectively.

 

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

 

F-45

----

 

Thecontributions payable to operating limited partnerships at March 31, 2005and 2004 by series are as follows:

 
| ** **     | ** ** | **2005** | ** ** | **2004** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| 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-46

----

 

Thepartnership’s investments in operating limited partnerships at March 31, 2005are summarized as follows:

 
| ** **                                                                                                                                                                                                                                                                                                                                          | ** ** | **Total**    | ** **  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|-------------|
| Capital contributions paid and to be paid  to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                                                           |       | $            | 104,550,549 |   |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| Acquisition costs of operating limited  partnerships                                                                                                                                                                                                                                                                                                |       | 17,421,442   |        |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| Cumulative distributions from operating  limited partnerships                                                                                                                                                                                                                                                                                       |       | (988,340     | )           |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| Impairment loss in investments in operating  limited partnerships                                                                                                                                                                                                                                                                                   |       | (6,237,069   | )           |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| Cumulative losses from operating limited  partnerships                                                                                                                                                                                                                                                                                              |       | (107,780,009 | )           |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| Investments in operating limited  partnerships per balance sheets                                                                                                                                                                                                                                                                                   |       | 6,966,573    |        |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| The partnership (has recorded) has not  recorded capital contributions to the operating limited partnerships during  the year ended March 31, 2005, which (have not) have been included in the  partnerships’ capital account included in the operating limited partnerships’  financial statements as of December 31, 2004 (see note A). |       | (191,814     | )           |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| The partnership has recorded acquisition  costs at March 31, 2005, which have not been recorded in the net assets of  the operating limited partnerships (see note A).                                                                                                                                                                              |       | (1,778,267   | )           |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| 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).                                                                                                    |       | 4,403,349    |        |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| Equity in losses from operating limited  partnerships not recognizable under the equity method of accounting (see note  A).                                                                                                                                                                                                                         |       | (48,453,741  | )           |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| The partnership has recorded low-income  housing tax credit adjusters not recorded by operating limited partnerships  (see note A).                                                                                                                                                                                                                 |       | 799,536      |        |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| Impairment loss in investments in operating  limited partnerships                                                                                                                                                                                                                                                                                   |       | 6,237,069    |        |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| Other                                                                                                                                                                                                                                                                                                                                               |       | 201,392      |        |
|                                                                                                                                                                                                                                                                                                                                                |       |         |        |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                                                      |       | $            | (31,815,903 | ) |

 

F-47

----

 

Thepartnership’s investments in operating limited partnerships at March 31, 2005are 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 |       | $            | 3,958,402  |         | $          | 15,531,766    |       | $ | 15,979,548 |   |
|                                                                                                      |       |         |       |         |       |          |       |
| Acquisition costs of operating limited  partnerships                                                      |       | 598,024      |       | 2,854,152    |       | 2,662,991     |       |
|                                                                                                      |       |         |       |         |       |          |       |
| Cumulative distributions from operating  limited partnerships                                             |       | (16,102      | )          | (29,896      | )          | (267,904      | )          |
|                                                                                                      |       |         |       |         |       |          |       |
| Impairment loss in investments in operating  limited partnerships                                         |       | (86,382      | )          | (555,257     | )          | (527,193      | )          |
|                                                                                                      |       |         |       |         |       |          |       |
| Cumulative losses from operating limited  partnerships                                                    |       | (4,423,671   | )          | (17,800,765  | )          | (16,461,905   | )          |
|                                                                                                      |       |         |       |         |       |          |       |
| Investments in operating limited  partnerships per balance sheets                                         |       | 30,271       |       | —       |       | 1,385,537     |       |
|                                                                                                           |            |              |            |              |            |               |            |  |  |  |

 

F-48

----

 
| ** **                                                                                                                                                                                                                                                                                                                                          | ** ** | **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, 2005, which (have not) have been included in the  partnerships’ capital account included in the operating limited partnerships’  financial statements as of December 31, 2004 (see note A). |       | —       |       | —       |       | —        |       |
|                                                                                                                                                                                                                                                                                                                                                |       |         |       |         |       |          |       |
| The partnership has recorded acquisition  costs at March 31, 2005, which have not been recorded in the net assets of  the operating limited partnerships (see note A).                                                                                                                                                                              |       | (47,046      | )          | (125,427     | )          | (21,842       | )          |
|                                                                                                                                                                                                                                                                                                                                                |       |         |       |         |       |          |       |
| 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).                                                                                                    |       | 66,154       |       | 596,953      |       | 729,386       |       |
|                                                                                                                                                                                                                                                                                                                                                |       |         |       |         |       |          |       |
| Equity in losses from operating limited  partnerships not recognizable under the equity method of accounting (see note  A).                                                                                                                                                                                                                         |       | (3,409,463   | )          | (9,926,899   | )          | (6,783,572    | )          |
|                                                                                                                                                                                                                                                                                                                                                |       |         |       |         |       |          |       |
| The partnership has recorded low-income  housing tax credit adjusters not recorded by operating limited partnerships  (see note A).                                                                                                                                                                                                                 |       | 34,061       |       | 51,433       |       | 85,358        |       |
|                                                                                                                                                                                                                                                                                                                                                |       |         |       |         |       |          |       |
| Impairment loss in investments in operating  limited partnerships                                                                                                                                                                                                                                                                                   |       | 86,382       |       | 555,257      |       | 527,193       |       |
|                                                                                                                                                                                                                                                                                                                                                |       |         |       |         |       |          |       |
| Other                                                                                                                                                                                                                                                                                                                                               |       | 11,537       |       | (50,383      | )          | 34,880        |       |
|                                                                                                                                                                                                                                                                                                                                                |       |         |       |         |       |          |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                                                      |       | $            | (3,228,104 | )            | $          | (8,899,066    | )          | $ | (4,043,060 | ) |
|                                                                                                                                                                                                                                                                                                                                                     |            |              |            |              |            |               |            |  |  |  |

 

F-49

----

 

Thepartnership’s investments in operating limited partnerships at March 31, 2005are 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 |       | $             | 17,673,223 |          | $          | 17,546,307    |       | $ | 33,861,303 |   |
|                                                                                                      |       |          |       |          |       |          |       |
| Acquisition costs of operating limited  partnerships                                                      |       | 3,069,064     |       | 2,708,915     |       | 5,528,296     |       |
|                                                                                                      |       |          |       |          |       |          |       |
| Cumulative distributions from operating  limited partnerships                                             |       | (400,620      | )          | (83,394       | )          | (190,424      | )          |
|                                                                                                      |       |          |       |          |       |          |       |
| Impairment loss in investments in operating  limited partnerships                                         |       | (1,834,764    | )          | (841,429      | )          | (2,392,044    | )          |
|                                                                                                      |       |          |       |          |       |          |       |
| Cumulative losses from operating limited  partnerships                                                    |       | (15,752,506   | )          | (18,545,624   | )          | (34,795,538   | )          |
|                                                                                                      |       |          |       |          |       |          |       |
| Investments in operating limited  partnerships per balance sheets                                         |       | 2,754,397     |       | 784,775       |       | 2,011,593     |       |
|                                                                                                           |            |               |            |               |            |               |            |  |  |  |

 

F-50

----

 
| ** **                                                                                                                                                                                                                                                                                                                                          | ** ** | **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, 2005, which (have not) have been included in the  partnerships’ capital account included in the operating limited partnerships’  financial statements as of December 31, 2004 (see note A). |       | (10,000       | )          | (4,282        | )          | (177,532      | )          |
|                                                                                                                                                                                                                                                                                                                                                |       |          |       |          |       |          |       |
| The partnership has recorded acquisition  costs at March 31, 2005, which have not been recorded in the net assets of  the operating limited partnerships (see note A).                                                                                                                                                                              |       | (460,597      | )          | (312,956      | )          | (810,399      | )          |
|                                                                                                                                                                                                                                                                                                                                                |       |          |       |          |       |          |       |
| 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       |       | 1,675,448     |       |
|                                                                                                                                                                                                                                                                                                                                                |       |          |       |          |       |          |       |
| Equity in losses from operating limited  partnerships not recognizable under the equity method of accounting (see note  A).                                                                                                                                                                                                                         |       | (8,742,587    | )          | (7,558,550    | )          | (12,032,670   | )          |
|                                                                                                                                                                                                                                                                                                                                                |       |          |       |          |       |          |       |
| 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                                                                                                                                                                                                                                                                                   |       | 1,834,764     |       | 841,429       |       | 2,392,044     |       |
|                                                                                                                                                                                                                                                                                                                                                |       |          |       |          |       |          |       |
| Other                                                                                                                                                                                                                                                                                                                                               |       | (69,436       | )          | 173,456       |       | 101,338       |       |
|                                                                                                                                                                                                                                                                                                                                                |       |          |       |          |       |          |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                                                      |       | $             | (3,859,221 | )             | $          | (5,270,211    | )          | $ | (6,516,241 | ) |
|                                                                                                                                                                                                                                                                                                                                                     |            |               |            |               |            |               |            |  |  |  |

 

F-51

----

 

Thepartnership’s investments in operating limited partnerships at March 31, 2004are 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-52

----

 

Thepartnership’s investments in operating limited partnerships at March 31, 2004are 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-53

----

 
| ** **                                                                                                                                                                                                                                                                                                                                          | ** ** | **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-54

----

 

Thepartnership’s investments in operating limited partnerships at March 31, 2004are 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-55

----

 
| ** **                                                                                                                                                                                                                                                                                                                                          | ** ** | **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-56

----

 

The combinedsummarized balance sheets of the operating limited partnerships in which Series7, 9 through 12, and 14 hold an interest at December 31, 2004 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 
| ** **                                                   | ** ** | **Total**    | ** **  | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|--------------------------------------------------------------|------------|--------------|-------------|--------------|------------|--------------|------------|---------------|------------|
| ASSETS                                                       |       |         |        |         |       |         |       |          |       |
|                                                         |       |         |        |         |       |         |       |          |       |
| Buildings and improvements, net of  accumulated depreciation |       | $            | 279,291,616 |         | $          | 10,342,427   |       | $             | 45,711,951 |   | $ | 39,061,014 |   |
| Land                                                         |       | 24,888,452   |        | 1,258,029    |       | 4,009,064    |       | 3,604,111     |       |
| Other assets                                                 |       | 39,242,684   |        | 1,824,162    |       | 5,243,817    |       | 5,504,471     |       |
|                                                         |       |         |        |         |       |         |       |          |       |
|                                                         |       | $            | 343,422,752 |         | $          | 13,424,618   |       | $             | 54,964,832 |   | $ | 48,169,596 |   |
|                                                         |       |         |        |         |       |         |       |          |       |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)            |       |         |        |         |       |         |       |          |       |
|                                                         |       |         |        |         |       |         |       |          |       |
| Mortgages and construction loans payable                     |       | $            | 338,839,715 |         | $          | 14,706,290   |       | $             | 56,982,426 |   | $ | 49,078,226 |   |
| Accounts payable and accrued expenses                        |       | 10,933,842   |        | 1,693,284    |       | 3,288,603    |       | 963,235       |       |
| Other liabilities                                            |       | 20,836,411   |        | 544,085      |       | 4,707,354    |       | 1,463,107     |       |
|                                                         |       |         |        |         |       |         |       |          |       |
|                                                         |       | 370,609,968  |        | 16,943,659   |       | 64,978,383   |       | 51,504,568    |       |
| PARTNERS’  CAPITAL (DEFICIT)                            |       |         |        |         |       |         |       |          |       |
| Boston Capital Tax Credit Fund II Limited  Partnership       |       | (31,815,903  | )           | (3,228,104   | )          | (8,899,066   | )          | (4,043,060    | )          |
| Other partners                                               |       | 4,628,687    |        | (290,937     | )          | (1,114,485   | )          | 708,088       |       |
|                                                         |       |         |        |         |       |         |       |          |       |
|                                                         |       | (27,187,216) |        | (3,519,041   | )          | (10,013,551  | )          | (3,334,972    | )          |
|                                                         |       |         |        |         |       |         |       |          |       |
|                                                         |       | $            | 343,422,752 |         | $          | 13,424,618   |       | $             | 54,964,832 |   | $ | 48,169,596 |   |

 

F-57

----

 

The combinedsummarized balance sheets of the operating limited partnerships in which Series7, 9 through 12, and 14 hold an interest at December 31, 2004 are as follows:

 
| ** **                                                   | ** ** | **Series 11** | ** ** | **Series 12** | ** ** | **Series 14** | ** ** |
|--------------------------------------------------------------|------------|---------------|------------|---------------|------------|---------------|------------|
| ASSETS                                                       |       |          |       |          |       |          |       |
|                                                         |       |          |       |          |       |          |       |
| Buildings and improvements, net of  accumulated depreciation |       | $             | 42,048,557 |          | $          | 46,317,324    |       | $ | 95,810,343 |   |
| Land                                                         |       | 3,236,017     |       | 4,154,090     |       | 8,627,141     |       |
| Other assets                                                 |       | 6,996,703     |       | 6,350,280     |       | 13,323,251    |       |
|                                                         |       |          |       |          |       |          |       |
|                                                         |       | $             | 52,281,277 |          | $          | 56,821,694    |       | $ | 117,760,735 |   |
|                                                         |       |          |       |          |       |          |       |
| LIABILITIES  AND PARTNERS’ CAPITAL                      |       |          |       |          |       |          |       |
|                                                         |       |          |       |          |       |          |       |
| Mortgages and construction loans payable                     |       | $             | 49,451,062 |          | $          | 56,667,461    |       | $ | 111,954,250 |   |
| Accounts payable and accrued expenses                        |       | 2,047,558     |       | 1,317,062     |       | 1,624,100     |       |
| Other liabilities                                            |       | 3,485,932     |       | 3,977,490     |       | 6,658,443     |       |
|                                                         |       |          |       |          |       |          |       |
|                                                         |       | 54,984,552    |       | 61,962,013    |       | 120,236,793   |       |
| PARTNERS’  CAPITAL                                      |       |          |       |          |       |          |       |
| Boston Capital Tax Credit Fund II Limited  Partnership       |       | (3,859,221    | )          | (5,270,211    | )          | (6,516,241    | )          |
| Other partners                                               |       | 1,155,946     |       | 129,892       |       | 4,040,183     |       |
|                                                         |       |          |       |          |       |          |       |
|                                                         |       | (2,703,275)   |       | (5,140,319    | )          | (2,476,058    | )          |
|                                                         |       |          |       |          |       |          |       |
|                                                         |       | $             | 52,281,277 |          | $          | 56,821,694    |       | $ | 117,760,735 |   |
|                                                              |            |               |            |               |            |               |            |  |  |  |  |

 

F-58

----

 

The combinedsummarized balance sheets of the operating limited partnerships in which Series7, 9 through 12, and 14 hold an interest at December 31, 2003 are as follows:

 
| ** **                                                   | ** ** | **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-59

----

 

The combinedsummarized balance sheets of the operating limited partnerships in which Series7, 9 through 12, and 14 hold an interest at December 31, 2003 are as follows:

 
| ** **                                                   | ** ** | **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-60

----

 

The combinedsummarized statements of operations of the operating limited partnerships forthe year ended December 31, 2004 in which Series 7, 9 through 12, and 14 holdan interest as of December 31, 2004 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

Year ended December 31, 2004

 
| ** **                                                                    | ** ** | **Total**  | ** **  | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|-------------------------------------------------------------------------------|------------|------------|-------------|--------------|------------|--------------|------------|---------------|------------|
| Revenue                                                                       |       |       |        |         |       |         |       |          |       |
| Rental                                                                        |       | $          | 54,819,129  |         | $          | 2,478,271    |       | $             | 8,707,566  |   | $ | 8,013,539 |   |
| Interest and other                                                            |       | 2,083,279  |        | 84,917       |       | 273,605      |       | 213,763       |       |
|                                                                          |       |       |        |         |       |         |       |          |       |
|                                                                          |       | 56,902,408 |        | 2,563,188    |       | 8,981,171    |       | 8,227,302     |       |
| Expenses                                                                      |       |       |        |         |       |         |       |          |       |
| Interest                                                                      |       | 13,299,374 |        | 772,877      |       | 2,259,775    |       | 1,917,100     |       |
| Depreciation and amortization                                                 |       | 16,684,728 |        | 761,678      |       | 2,766,775    |       | 2,424,052     |       |
| Taxes and insurance                                                           |       | 8,488,798  |        | 356,042      |       | 1,478,432    |       | 1,215,228     |       |
| Repairs and maintenance                                                       |       | 10,773,165 |        | 443,169      |       | 1,706,438    |       | 1,671,723     |       |
| Operating expenses                                                            |       | 17,671,607 |        | 717,941      |       | 2,829,863    |       | 2,586,522     |       |
| Other expenses                                                                |       | 2,417,365  |        | 34,459       |       | 127,075      |       | 37,862        |       |
|                                                                          |       |       |        |         |       |         |       |          |       |
|                                                                          |       | 69,335,037 |        | 3,086,166    |       | 11,168,358   |       | 9,852,487     |       |
|                                                                          |       |       |        |         |       |         |       |          |       |
| NET LOSS                                                                      |       | $          | (12,432,629 | )            | $          | (522,978     | )          | $             | (2,187,187 | ) | $ | (1,625,185 | ) |
|                                                                          |       |       |        |         |       |         |       |          |       |
| Net loss allocated to Boston Capital Tax  Credit Fund II Limited Partnership* |       | $          | (9,946,732  | )            | $          | (311,469     | )          | $             | (1,656,702 | ) | $ | (1,324,670 | ) |
|                                                                          |       |       |        |         |       |         |       |          |       |
| Net loss allocated to other partners                                          |       | $          | (2,485,897  | )            | $          | (211,509     | )          | $             | (530,485   | ) | $ | (300,515 | ) |

 

----

*                 Amounts include$292,537, $1,401,957, $901,116, $1,635,941, $1,136,202 and $2,004,879 forSeries 7, Series 9, Series 10, Series 11, Series 12 and Series 14,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-61

----

 

The combinedsummarized statements of operations of the operating limited partnerships forthe year ended December 31, 2004 in which Series 7, 9 through 12, and 14 holdan interest as of December 31, 2004 are as follows:

 
| ** **                                                                    | ** ** | **Series 11** | ** ** | **Series 12** | ** ** | **Series 14** | ** ** |
|-------------------------------------------------------------------------------|------------|---------------|------------|---------------|------------|---------------|------------|
| Revenue                                                                       |       |          |       |          |       |          |       |
| Rental                                                                        |       | $             | 8,291,830  |          | $          | 9,296,690     |       | $ | 18,031,233 |   |
| Interest and other                                                            |       | 546,448       |       | 359,700       |       | 604,846       |       |
|                                                                          |       |          |       |          |       |          |       |
|                                                                          |       | 8,838,278     |       | 9,656,390     |       | 18,636,079    |       |
| Expenses                                                                      |       |          |       |          |       |          |       |
| Interest                                                                      |       | 1,987,650     |       | 2,174,953     |       | 4,187,019     |       |
| Depreciation and amortization                                                 |       | 2,736,035     |       | 2,821,757     |       | 5,174,431     |       |
| Taxes and insurance                                                           |       | 1,339,696     |       | 1,470,468     |       | 2,628,932     |       |
| Repairs and maintenance                                                       |       | 1,613,610     |       | 1,794,973     |       | 3,543,252     |       |
| Operating expenses                                                            |       | 2,857,368     |       | 3,185,293     |       | 5,494,620     |       |
| Other expenses                                                                |       | 1,028,317     |       | 362,345       |       | 827,307       |       |
|                                                                          |       |          |       |          |       |          |       |
|                                                                          |       | 11,562,676    |       | 11,809,789    |       | 21,855,561    |       |
|                                                                          |       |          |       |          |       |          |       |
| NET LOSS                                                                      |       | $             | (2,724,398 | )             | $          | (2,153,399    | )          | $ | (3,219,482 | ) |
|                                                                          |       |          |       |          |       |          |       |
| Net loss allocated to Boston Capital Tax  Credit Fund II Limited Partnership* |       | $             | (2,151,068 | )             | $          | (1,746,423    | )          | $ | (2,756,400 | ) |
|                                                                          |       |          |       |          |       |          |       |
| Net loss allocated to other partners                                          |       | $             | (573,330   | )             | $          | (406,976      | )          | $ | (463,082 | ) |

 

----

*                 Amounts include$292,537, $1,401,957, $901,116, $1,635,941, $1,136,202 and $2,004,879 forSeries 7, Series 9, Series 10, Series 11, Series 12 and Series 14,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-62

----

 

The combinedsummarized statements of operations of the operating limited partnerships forthe year ended December 31, 2003 in which Series 7, 9 through 12, and 14 holdan interest as of December 31, 2003 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

Year ended December 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 forSeries 7, Series 9, Series 10, Series 11, Series 12 and Series 14,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-63

----

 

The combinedsummarized statements of operations of the operating limited partnerships forthe year ended December 31, 2003 in which Series 7, 9 through 12, and 14 holdan interest as of December 31, 2003 are as follows:

 
| ** **                                                                    | ** ** | **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 | ) |

 

----

*                 Amounts include$278,006, $2,135,706, $1,121,764, $1,101,853, $1,304,995 and $2,197,888 forSeries 7, Series 9, Series 10, Series 11, Series 12 and Series 14,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-64

----

 

The combinedsummarized statements of operations of the operating limited partnerships forthe year ended December 31, 2002 in which Series 7, 9 through 12, and 14 holdan interest as of December 31, 2002 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

Year ended December 31, 2002

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

----

 

The combinedsummarized statements of operations of the operating limited partnerships forthe year ended December 31, 2002 in which Series 7, 9 through 12, and 14 holdan interest as of December 31, 2002 are as follows:

 
| ** **                                                                    | ** ** | **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 forSeries 7, Series 9, Series 10, Series 11, Series 12 and Series 14,respectively, of loss not recognized under the equity method of accounting as describedin note A.

 

F-66

----

 

NOTE D - RECONCILIATION OFFINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN

 

For income taxpurposes, the partnership reports using a December 31 year-end.  The partnership’s net loss for financialreporting and tax return purposes for the year ended March 31, 2005 isreconciled as follows:

 
| ** **                                                                                                | ** ** | **Total**  | ** **  | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** ** |
|-----------------------------------------------------------------------------------------------------------|------------|------------|-------------|--------------|------------|--------------|------------|---------------|------------|
| Net loss for financial reporting purposes,  March 31, 2005                                                |       | $          | (8,530,452  | )            | $          | 270,304      |       | $             | 913,525    |   | $ | (1,037,311 | ) |
|                                                                                                      |       |       |        |         |       |         |       |          |       |
| Operating limited partnership rents  received in advance                                                  |       | (15,909    | )           | —       |       | (13,610      | )          | (4,690        | )          |
|                                                                                                      |       |       |        |         |       |         |       |          |       |
| Partnership management fees not recognized  for tax purposes                                              |       | 1,287,716  |        | (71,529      | )          | (129,598     | )          | 322,926       |       |
|                                                                                                      |       |       |        |         |       |         |       |          |       |
| Other                                                                                                     |       | 411,842    |        | (81,373      | )          | (12,649      | )          | (16,916       | )          |
|                                                                                                      |       |       |        |         |       |         |       |          |       |
| Operating limited partnership loss not  allowed for financial reporting under equity method of accounting |       | (7,605,989 | )           | (292,536     | )          | (1,508,541   | )          | (901,116      | )          |
|                                                                                                      |       |       |        |         |       |         |       |          |       |
| Impairment loss in investment in operating  limited partnership                                           |       | 3,069,541  |        | —       |       | —       |       | 280,766       |       |
|                                                                                                      |       |       |        |         |       |         |       |          |       |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                |       | (1,783,080 | )           | (28,589      | )          | (362,258     | )          | (196,035      | )          |
|                                                                                                      |       |       |        |         |       |         |       |          |       |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                       |       | 256,456    |        | (35,585      | )          | (1,924,983   | )          | 89,558        |       |
|                                                                                                      |       |       |        |         |       |         |       |          |       |
| Loss for tax return purposes, December 31,  2004                                                          |       | $          | (12,909,875 | )            | $          | (239,308     | )          | $             | (3,038,114 | ) | $ | (1,462,818 | ) |

 

F-67

----

 

For income taxpurposes, the partnership reports using a December 31 year-end.  The partnership’s net loss for financialreporting and tax return purposes for the year ended March 31, 2005 isreconciled as follows:

 
| ** **                                                                                                | ** ** | **Series 11** | ** ** | **Series 12** | ** ** | **Series 14** | ** ** |
|-----------------------------------------------------------------------------------------------------------|------------|---------------|------------|---------------|------------|---------------|------------|
| Net loss for financial reporting purposes,  March 31, 2005                                                |       | $             | (1,335,886 | )             | $          | (3,633,704    | )          | $ | (3,707,380 | ) |
|                                                                                                      |       |          |       |          |       |          |       |
| Operating limited partnership rents  received in advance                                                  |       | (2,676        | )          | (6,318        | )          | 11,385        |       |
|                                                                                                      |       |          |       |          |       |          |       |
| Partnership management fees not recognized  for tax purposes                                              |       | 325,680       |       | 360,440       |       | 479,797       |       |
|                                                                                                      |       |          |       |          |       |          |       |
| Other                                                                                                     |       | 644,500       |       | (300,101      | )          | 178,381       |       |
|                                                                                                      |       |          |       |          |       |          |       |
| Operating limited partnership loss not  allowed for financial reporting under equity method of accounting |       | (1,762,715    | )          | (1,136,202    | )          | (2,004,879    | )          |
|                                                                                                      |       |          |       |          |       |          |       |
| Impairment loss in investment in operating  limited partnership                                           |       | 473,600       |       | 570,893       |       | 1,744,282     |       |
|                                                                                                      |       |          |       |          |       |          |       |
| Excess of tax depreciation over book  depreciation on operating limited partnership assets                |       | (272,878      | )          | (249,926      | )          | (673,394      | )          |
|                                                                                                      |       |          |       |          |       |          |       |
| Difference due to fiscal year for book  purposes and calendar year for tax purposes                       |       | 125,979       |       | 1,986,454     |       | 15,033        |       |
|                                                                                                      |       |          |       |          |       |          |       |
| Loss for tax return purposes, December 31,  2004                                                          |       | $             | (1,804,396 | )             | $          | (2,408,464    | )          | $ | (3,956,775 | ) |

 

F-68

----

 

For income taxpurposes, the partnership reports using a December 31 year-end.  The partnership’s net loss for financialreporting and tax return purposes for the year ended March 31, 2004 isreconciled 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-69

----

 

For income taxpurposes, the partnership reports using a December 31 year-end.  The partnership’s net loss for financialreporting and tax return purposes for the year ended March 31, 2004 isreconciled 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-70

----

 

For income taxpurposes, the partnership reports using a December 31 year-end.  The partnership’s net loss for financialreporting and tax return purposes for the year ended March 31, 2003 isreconciled 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-71

----

 

For income taxpurposes, the partnership reports using a December 31 year-end.  The partnership’s net loss for financialreporting and tax return purposes for the year ended March 31, 2003 isreconciled 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-72

----

 

Thedifferences between the investments in operating limited partnerships for taxpurposes and financial statements purposes at March 31, 2005 are as follows:

 
| ** **                                                                    | ** ** | **Total**  | ** **  | **Series 7** | ** ** | **Series 9** | ** ** | **Series 10** | ** **  |
|-------------------------------------------------------------------------------|------------|------------|-------------|--------------|------------|--------------|------------|---------------|-------------|
|                                                                          |       |       |        |         |       |         |       |          |        |
| Investments in operating limited  partnerships - tax return December 31, 2004 |       | $          | (43,891,246 | )            | $          | (933,582     | )          | $             | (14,553,159 | ) | $ | (5,922,769 | ) |
|                                                                          |       |       |        |         |       |         |       |          |        |
| Add back losses not recognized under the  equity method                       |       | 48,453,741 |        | 3,409,463    |       | 9,926,899    |       | 6,783,572     |        |
|                                                                          |       |       |        |         |       |         |       |          |        |
| Historic tax credits                                                          |       | 5,105,527  |        | 1,819,802    |       | 240,250      |       | —        |        |
|                                                                          |       |       |        |         |       |         |       |          |        |
| Impairment loss in investments in operating  limited partnerships             |       | (6,237,069 | )           | (86,382      | )          | (555,257     | )          | (527,193      | )           |
|                                                                          |       |       |        |         |       |         |       |          |        |
| Less share of loss - three months ended  March 31, 2005                       |       | (4,403,349 | )           | (66,154      | )          | (596,953     | )          | (729,386      | )           |
|                                                                          |       |       |        |         |       |         |       |          |        |
| Impairment loss not recognized for tax  purposes                              |       | (6,953,234 | )           | (2,873,020   | )          | (1,031,360   | )          | —        |        |
|                                                                          |       |       |        |         |       |         |       |          |        |
| Other                                                                         |       | 14,892,203 |        | (1,239,856   | )          | 6,569,580    |       | 1,781,313     |        |
|                                                                          |       |       |        |         |       |         |       |          |        |
| Investments in operating limited  partnerships - as reported, March 31, 2005  |       | $          | 6,966,573   |         | $          | 30,271       |       | $             | —      |   | $ | 1,385,537 |   |

 

F-73

----

 

Thedifferences between the investments in operating limited partnerships for taxpurposes and financial statements purposes at March 31, 2005 are as follows:

 
| ** **                                                                    | ** ** | **Series 11** | ** ** | **Series 12** | ** ** | **Series 14** | ** ** |
|-------------------------------------------------------------------------------|------------|---------------|------------|---------------|------------|---------------|------------|
|                                                                          |       |          |       |          |       |          |       |
| Investments in operating limited  partnerships - tax return December 31, 2004 |       | $             | (5,051,736 | )             | $          | (6,610,269    | )          | $ | (10,819,731 | ) |
|                                                                          |       |          |       |          |       |          |       |
| Add back losses not recognized under the  equity method                       |       | 8,742,587     |       | 7,558,550     |       | 12,032,670    |       |
|                                                                          |       |          |       |          |       |          |       |
| Historic tax credits                                                          |       | 1,281,688     |       | —        |       | 1,763,787     |       |
|                                                                          |       |          |       |          |       |          |       |
| Impairment loss in investments in operating  limited partnerships             |       | (1,834,764    | )          | (841,429      | )          | (2,392,044    | )          |
|                                                                          |       |          |       |          |       |          |       |
| Less share of loss - three months ended  March 31, 2005                       |       | (721,702      | )          | (613,706      | )          | (1,675,448    | )          |
|                                                                          |       |          |       |          |       |          |       |
| Impairment loss not recognized for tax  purposes                              |       | —        |       | —        |       | (3,048,854    | )          |
|                                                                          |       |          |       |          |       |          |       |
| Other                                                                         |       | 338,324       |       | 1,291,629     |       | 6,151,213     |       |
|                                                                          |       |          |       |          |       |          |       |
| Investments in operating limited  partnerships - as reported, March 31, 2005  |       | $             | 2,754,397  |          | $          | 784,775       |       | $ | 2,011,593 |   |

 

F-74

----

 

Thedifferences between the investments in operating limited partnerships for taxpurposes and financial statements purposes at March 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             |       | (4,271,755 | )           | (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                                                                         |       | 17,687,522 |        | (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-75

----

 

Thedifferences between the investments in operating limited partnerships for taxpurposes and financial statements purposes at March 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      | )          | (647,762      | )          |
|                                                                          |       |          |       |          |       |          |       |
| 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     |       | 10,323,648    |       |
|                                                                          |       |          |       |          |       |          |       |
| Investments in operating limited  partnerships - as reported, March 31, 2004  |       | $             | 3,616,386  |          | $          | 4,827,072     |       | $ | 5,940,014 |   |

 

F-76

----

 

NOTE E - CASH EQUIVALENTS

 

On March 31,2005 and 2004, Boston Capital Tax Credit Fund II Limited Partnership purchased$4,750,000 and $1,600,000 of corporate debt securities under agreements toresell on April 1, 2005 and April 1, 2004, respectively.  Interest is earned at rates ranging from .40%to 1.23% per annum.

 

Additionally,cash equivalents of $135,997 and $149,417 as of March 31, 2005 and 2004,respectively, include money market accounts with interest rates ranging from..61% to 1.23% per annum.

 

NOTE F - NOTES RECEIVABLE

 

Notesreceivable at March 31, 2005 and 2004 consist of advance installments ofcapital contributions and/or advances made to operating limited partnerships of$180,000 and $303,374, respectively.  Thenotes are noninterest bearing and due on demand.  The carrying amount of the notes receivableapproximates fair value.

 

F-77

----

 

NOTE G - QUARTERLY FINANCIAL INFORMATION - UNAUDITED

 

The followingis a summary of the results of operations for each of the four quarters for theyears indicated:

 

Boston Capital Tax Credit Fund II Limited Partnership

Reconciliation of Quarterly Information - Unaudited

3/31/2005

 
| ** **                                               | ** ** | **First  Quarter** | ** ** | **Second  Quarter** | ** ** | **Third  Quarter** | ** ** | **Fourth  Quarter** | ** ** |
|----------------------------------------------------------|------------|--------------------|------------|---------------------|------------|--------------------|------------|---------------------|------------|
| 2005                                                     |       |               |       |                |       |               |       |                |       |
|                                                     |       |               |       |                |       |               |       |                |       |
| Total revenue                                            |       | $                  | 4,678      |                | $          | 5,355              |       | $                   | 14,030     |   | $ | 46,299 |   |
|                                                     |       |               |       |                |       |               |       |                |       |
| Loss from operations                                     |       | (604,367           | )          | (737,220            | )          | (537,594           | )          | (3,475,964          | )          |
|                                                     |       |               |       |                |       |               |       |                |       |
| Equity in loss of investments in operating  partnerships |       | (794,402           | )          | (916,478            | )          | (695,367           | )          | (769,060            | )          |
|                                                     |       |               |       |                |       |               |       |                |       |
| Net loss                                                 |       | (1,398,769         | )          | (1,653,698          | )          | (1,232,961         | )          | (4,245,024          | )          |
|                                                     |       |               |       |                |       |               |       |                |       |
| Net loss per BAC                                         |       | (0.07              | )          | (0.09               | )          | (0.07              | )          | (0.22               | )          |
|                                                     |       |               |       |                |       |               |       |                |       |
| 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           | )          | (2,501,636          | )          |
|                                                     |       |               |       |                |       |               |       |                |       |
| Net loss                                                 |       | (1,313,193         | )          | (1,329,723          | )          | (1,246,132         | )          | (5,316,359          | )          |
|                                                     |       |               |       |                |       |               |       |                |       |
| Net loss per BAC                                         |       | (0.07              | )          | (0.07               | )          | (0.07              | )          | (0.28               | )          |
|                                                     |       |               |       |                |       |               |       |                |       |
| 2003                                                     |       |               |       |                |       |               |       |                |       |
|                                                     |       |               |       |                |       |               |       |                |       |
| Total revenue                                            |       | $                  | 13,420     |                | $          | 8,632              |       | $                   | 20,262     |   | $ | 13,979 |   |
|                                                     |       |               |       |                |       |               |       |                |       |
| Loss from operations                                     |       | (596,941           | )          | (682,995            | )          | (369,910           | )          | (2,322,371          | )          |
|                                                     |       |               |       |                |       |               |       |                |       |
| 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         | )          | (3,128,819          | )          |

 

F-78

----

 

Boston Capital Tax Credit Fund II Limited Partnership - Series 7

Schedule III -Real Estate and Accumulated Depreciation

March 31, 2005

(UNAUDITED)

 
| ** **            | ** ** | ** **       | ** ** | **Initial  cost to company** | ** ** | **Cost  capitalized  subsequent to  acquisition** | ** ** | **Gross  amount at  which carried  at close of period** | ** ** | ** ** | ** ** | ** **                       | ** ** | ** ** | ** ** | **Life on  which**            | ** ** |
|-----------------------|------------|------------------|------------|------------------------------|------------|---------------------------------------------------|------------|---------------------------------------------------------|------------|------------|------------|----------------------------------|------------|------------|------------|-------------------------------|------------|
| **Description**       | ** ** | **Encumbrances** | ** ** | **Land**                     | ** ** | **Buildings  and  improvements**                  | ** ** | **Improvements**                                        | ** ** | **Land**   | ** ** | **Buildings  and  Improvements** | ** ** | **Total**  | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is  computed** | ** ** |
| BRIARWOOD APTS LP     |       | 610,479          |       | 44,500                       |       | 747,246                                           |       | 98,879                                                  |       | 44,500     |       | 846,125                          |       | 890,625    |       | 471,157                       |       | Dec-89 |   | Dec-89 |   | 5-27.5 |   |
| CREEKSIDE             |       | 1,067,342        |       | 89,016                       |       | 1,290,616                                         |       | 100,533                                                 |       | 89,016     |       | 1,391,149                        |       | 1,480,165  |       | 368,611                       |       | Sep-89 |   | Jun-89 |   | 5-27.5 |   |
| DEER HILL II LP       |       | 1,445,288        |       | 103,000                      |       | 1,424,556                                         |       | 338,656                                                 |       | 103,000    |       | 1,763,212                        |       | 1,866,212  |       | 1.010,245                     |       | May-89 |   | Feb-90 |   | 5-27.5 |   |
| HILLANDALE            |       | 4,456,093        |       | 601,653                      |       | 4,198,973                                         |       | 2,901,375                                               |       | 601,653    |       | 7,100,348                        |       | 7,702,001  |       | 3,542,365                     |       | Jan-90 |   | Dec-89 |   | 5-27.5 |   |
| KING CITY ELDERLY     |       | 1,658,088        |       | 175,000                      |       | 2,549,870                                         |       | 70,155                                                  |       | 175,000    |       | 2,620,025                        |       | 2,795,025  |       | 1,399,881                     |       | Nov-89 |   | Jun-90 |   | 27.5 |   |
| LEBANON PROP II  LP   |       | 562,674          |       | 3,000                        |       | 730,187                                           |       | 75,193                                                  |       | 3,000      |       | 805,380                          |       | 808,380    |       | 439,356                       |       | Jul-89 |   | Dec-89 |   | 5-27.5 |   |
| METROPOLE APTS  ASSOC |       | 1,943,764        |       | 82,800                       |       | 2,621,625                                         |       | 96,158                                                  |       | 82,800     |       | 2,717,783                        |       | 2,800,583  |       | 1,458,528                     |       | Dec-89 |   | Dec-89 |   | 27.5 |   |
|                  |       |             |       |                         |       |                                              |       |                                                    |       |       |       |                             |       |       |       |                          |       |   |   |   |   |   |   |
| OAK GROVE EST. LP     |       | 474,179          |       | 15,200                       |       | 597,465                                           |       | 21,106                                                  |       | 15,200     |       | 618,571                          |       | 633,771    |       | 362,264                       |       | Sep-89 |   | Dec-89 |   | 27.5 |   |
|                  |       |             |       |                         |       |                                              |       |                                                    |       |       |       |                             |       |       |       |                          |       |   |   |   |   |   |   |
| OAKVIEW LTD           |       | 1,111,124        |       | 35,280                       |       | 1,375,820                                         |       | 107,322                                                 |       | 35,280     |       | 1,483,142                        |       | 1,518,422  |       | 651,259                       |       | Oct-89 |   | Dec-89 |   | 40 |   |
| WESTWOOD              |       | 1,377,259        |       | 96,600                       |       | 1,355,174                                         |       | 400,240                                                 |       | 108,580    |       | 1,755,414                        |       | 1,863,994  |       | 1,055,056                     |       | Jul-90 |   | Jul-90 |   | 5-27.5 |   |
|                  |       |             |       |                         |       |                                              |       |                                                    |       |       |       |                             |       |       |       |                          |       |   |   |   |   |   |   |
|                  |       | 14,706,290       |       | 1,246,049                    |       | 16,891,532                                        |       | 4,209,617                                               |       | 1,258,029  |       | 21,101,149                       |       | 22,359,178 |       | 10,758,722                    |       |   |   |   |   |   |   |

 

Since theOperating Partnerships maintain a calendar year end the information reported onthis schedule is as of December 31, 2004.

 

----

**Therewere no carrying costs as of December 31, 2004. The column has been omitted for presentation purposes.

 

F-79

----

 

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-80

----

 
| 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-81

----

 
| 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-82

----

 
| 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-83

----

 
| Balance at close of period -  3/31/04 |   |   |       | $      | 31,620,091 |   |
|---------------------------------------|--------|--------|------------|--------|------------|--------|
| Additions during period:              |   |   |       |   |       |
| Acquisitions through  foreclosure     |   | $      | 0          |   |       |   |
| Other acquisitions                    |   | 0      |       |   |       |
| Improvements, etc                     |   | 52,678 |       |   |       |
| Other                                 |   | 0      |       |   |       |
|                                  |   |   |       |   |       |
|                                  |   |   |       | $      | 52,678     |   |
| Deductions during period:             |   |   |       |   |       |
| Cost of real estate sold              |   | $      | (9,313,591 | )      |       |   |
| Other                                 |   | 0      |       |   |       |
|                                  |   |   |       | $      | (9,313,591 | )      |
| Balance at close of period -  3/31/05 |   |   |       | $      | 22,359,178 |   |

 

F-84

----

 

Reconciliation of Accumulated Depreciationcurrent year changes

 
| Balance at beginning of period  - 4/1/92 |   |       |      | $      | 2,312,199  |   |
|------------------------------------------|--------|------------|-----------|--------|------------|--------|
| Current year expense                     |   | $          | 1,360,178 |   |       |   |
| Balance at close of period -  3/31/93    |   |       |      | $      | 3,672,377  |   |
| Current year expense                     |   | $          | 1,436,830 |   |       |   |
| Balance at close of period -  3/31/94    |   |       |      | $      | 5,109,207  |   |
| Current year expense                     |   | $          | 1,391,094 |   |       |   |
| Balance at close of period -  3/31/95    |   |       |      | $      | 6,500,301  |   |
| Current year expense                     |   | $          | 1,384,980 |   |       |   |
| Balance at close of period -  3/31/96    |   |       |      | $      | 7,885,281  |   |
| Current year expense                     |   | $          | (333,705  | )      |       |   |
| Balance at close of period -  3/31/97    |   |       |      | $      | 7,551,576  |   |
| Current year expense                     |   | $          | 980,513   |   |       |   |
| Balance at close of period -  3/31/98    |   |       |      | $      | 8,532,089  |   |
| Current year expense                     |   | $          | 100,126   |   |       |   |
| Balance at close of period -  3/31/99    |   |       |      | $      | 8,632,215  |   |
| Current year expense                     |   | $          | 956,619   |   |       |   |
| Balance at close of period -  3/31/00    |   |       |      | $      | 9,588,834  |   |
| Current year expense                     |   | $          | 937,982   |   |       |   |
| Balance at close of period -  3/31/01    |   |       |      | $      | 10,526,816 |   |
| Current year expense                     |   | $          | 939,004   |   |       |   |
| Balance at close of period -  3/31/02    |   |       |      | $      | 11,465,820 |   |
| Current year expense                     |   | $          | 1,012,788 |   |       |   |
| Balance at close of period -  3/31/03    |   |       |      | $      | 12,478,608 |   |
| Current year expense                     |   | $          | 1,017,224 |   |       |   |
| Balance at close of period -  3/31/04    |   |       |      | $      | 13,495,832 |   |
| Current year expense                     |   | $          | 739,721   |   |       |   |
| Reduction of Real Estate sold            |   | (3,476,831 | )         |   |       |
| Balance at close of period -  3/31/05    |   |       |      | $      | 10,758,722 |   |

 

F-85

----

 

Boston Capital Tax Credit FundII Limited Partnership - Series 9Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2005

(UNAUDITED)

 
|               |       |             |       | **Initial cost to company** |       | **Cost  capitalized  subsequent to  acquisition** |       | **Gross amout at which carried  at close of period** |       |     |       |                             |       |      |       | **Life on  which**            |       |
|--------------------|------------|------------------|------------|-----------------------------|------------|---------------------------------------------------|------------|------------------------------------------------------|------------|----------|------------|----------------------------------|------------|-----------|------------|-------------------------------|------------|
| **Description**    | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings  and  improvements**                  | ** ** | **Improvements**                                     | ** ** | **Land** | ** ** | **Buildings  and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** | ** ** |
| BEAVER BROOK       |       | 1,159,298        |       | 135,070                     |       | 1,395,155                                         |       | 89,849                                               |       | 135,070  |       | 1,485,004                        |       | 1,620,074 |       | 855,072                       |       | May-90 |   | Apr-90 |   | 27.5 |   |
| BIG LAKE SENIORS   |       | 542,137          |       | 27,804                      |       | 732,961                                           |       | 23,998                                               |       | 27,804   |       | 756,959                          |       | 784,763   |       | 178,506                       |       | Jun-95 |   | Apr-94 |   | 5-27.5 |   |
| BLAKELY            |       | 1,029,136        |       | 50,000                      |       | 1,159,403                                         |       | 111,715                                              |       | 50,000   |       | 1,271,118                        |       | 1,321,118 |       | 680,918                       |       | May-90 |   | May-90 |   | 5-27.5 |   |
| BLANCO SR          |       | 505,606          |       | 40,147                      |       | 679,816                                           |       | 0                                                    |       | 40,147   |       | 679,816                          |       | 719,963   |       | 185,820                       |       | Sep-94 |   | Dec-93 |   | 7-40 |   |
| BLOOMINGDALE       |       | 1,447,591        |       | 100,338                     |       | 1,771,660                                         |       | 21,170                                               |       | 100,338  |       | 1,792,830                        |       | 1,893,168 |       | 992,025                       |       | Mar-90 |   | May-90 |   | 5-27.5 |   |
| BROOKLYN           |       | 1,083,724        |       | 9,000                       |       | 1,416,895                                         |       | 152,560                                              |       | 9,000    |       | 1,569,455                        |       | 1,578,455 |       | 667,217                       |       | May-90 |   | May-90 |   | 5-27.5 |   |
| COTTON MILL ASSOC. |       | 1,438,618        |       | 75,000                      |       | 1,730,384                                         |       | 20,700                                               |       | 75,000   |       | 1,751,084                        |       | 1,826,084 |       | 616,911                       |       | Jul-93 |   | Oct-92 |   | 5-27.5 |   |
| FAWN RIVER         |       | 3,630,595        |       | 77,000                      |       | 4,396,993                                         |       | 514,755                                              |       | 77,000   |       | 4,911,748                        |       | 4,988,748 |       | 2,165,612                     |       | Oct-90 |   | Oct-90 |   | 27.5 |   |
| FOUNTAIN GREEN     |       | 695,313          |       | 68,134                      |       | 880,440                                           |       | 6,065                                                |       | 68,134   |       | 886,505                          |       | 954,639   |       | 486,305                       |       | May-90 |   | Jun-90 |   | 27.5 |   |
| GLENWOOD HOTEL     |       | 648,613          |       | 25,000                      |       | 1,128,486                                         |       | 21,864                                               |       | 25,000   |       | 1,150,350                        |       | 1,175,350 |       | 632,911                       |       | Jun-90 |   | Jun-90 |   | 7-27.5 |   |
| GRIFTON            |       | 1,213,062        |       | 35,393                      |       | 1,170,847                                         |       | 394,813                                              |       | 35,393   |       | 1,565,660                        |       | 1,601,053 |       | 445,568                       |       | Feb-94 |   | Sep-93 |   | 7-27.5 |   |
| HACIENDA VILLA     |       | 3,540,466        |       | 233,165                     |       | 7,304,446                                         |       | 178,831                                              |       | 274,352  |       | 7,483,277                        |       | 7,757,629 |       | 2,871,756                     |       | Jan-90 |   | Apr-90 |   | 40 |   |
| HAINES CITY        |       | 1,413,997        |       | 100,000                     |       | 1,709,218                                         |       | 25,179                                               |       | 100,000  |       | 1,734,397                        |       | 1,834,397 |       | 988,829                       |       | Feb-90 |   | Apr-90 |   | 27.5 |   |
| IMMOKALEE          |       | 2,153,907        |       | 160,000                     |       | 2,732,134                                         |       | 169,662                                              |       | 160,000  |       | 2,901,796                        |       | 3,061,796 |       | 1,095,117                     |       | May-90 |   | May-90 |   | 7-27.5 |   |

 

F-86

----

 
|                  |       |             |       | **Initial cost to company** |       | **Cost capitalized  subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |     |       |                             |       |      |       | **Life on  which**            |       |
|-----------------------|------------|------------------|------------|-----------------------------|------------|--------------------------------------------------|------------|-------------------------------------------------------|------------|----------|------------|----------------------------------|------------|-----------|------------|-------------------------------|------------|
| **Description**       | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings  and  improvements**                 | ** ** | **Improvements**                                      | ** ** | **Land** | ** ** | **Buildings  and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** | ** ** |
| KRISTIN PARK          |       | 1,364,294        |       | 117,179                     |       | 1,694,459                                        |       | 110,508                                               |       | 117,179  |       | 1,804,967                        |       | 1,922,146 |       | 707,671                       |       | Jun-90 |   | Mar-90 |   | 27.5 |   |
| LE GRANDE ENTERPRISES |       | 1,697,926        |       | 13,090                      |       | 2,232,493                                        |       | 17,170                                                |       | 67,500   |       | 2,249,663                        |       | 2,317,163 |       | 531,473                       |       | Oct-93 |   | Nov-92 |   | 5-50 |   |
| LONGMEADOW            |       | 1,453,234        |       | 95,000                      |       | 1,765,749                                        |       | 53,355                                                |       | 95,000   |       | 1,819,104                        |       | 1,914,104 |       | 680,659                       |       | Aug-90 |   | Aug-90 |   | 10-40 |   |
| MEADOW RUN            |       | 626,141          |       | 44,400                      |       | 784,163                                          |       | 30,380                                                |       | 44,400   |       | 814,543                          |       | 858,943   |       | 438,958                       |       | May-90 |   | May-90 |   | 27.5 |   |
| MEADOWCREST           |       | 2,776,531        |       | 286,065                     |       | 4,982,274                                        |       | 92,162                                                |       | 286,065  |       | 5,074,436                        |       | 5,360,501 |       | 2,890,431                     |       | Oct-90 |   | Sep-90 |   | 5-27.5 |   |
| NEWFANE SENIOR        |       | 890,603          |       | 30,000                      |       | 1,211,708                                        |       | 51,804                                                |       | 30,000   |       | 1,263,512                        |       | 1,293,512 |       | 606,237                       |       | Sep-92 |   | Oct-92 |   | 5-27.5 |   |
| OLD STAGE             |       | 1,241,856        |       | 39,840                      |       | 1,517,419                                        |       | 12,473                                                |       | 39,840   |       | 1,529,892                        |       | 1,569,732 |       | 823,709                       |       | Sep-90 |   | May-90 |   | 27.5 |   |
| PLEASANTON SR         |       | 605,074          |       | 40,000                      |       | 813,308                                          |       | 12,507                                                |       | 40,000   |       | 825,815                          |       | 865,815   |       | 257,141                       |       | Jul-93 |   | Dec-93 |   | 40 |   |
| POLKTON HOUSING       |       | 623,783          |       | 25,038                      |       | 754,785                                          |       | 23,113                                                |       | 25,038   |       | 777,898                          |       | 802,936   |       | 387,717                       |       | Dec-93 |   | Jan-94 |   | 5-27.5 |   |
| PRINCESS MANOR        |       | 1,465,425        |       | 57,066                      |       | 1,869,314                                        |       | 31,345                                                |       | 57,066   |       | 1,900,659                        |       | 1,957,725 |       | 981,196                       |       | Aug-90 |   | Jun-90 |   | 5-27.5 |   |
| PRINCESS VILLAS       |       | 1,464,447        |       | 63,104                      |       | 1,786,927                                        |       | 31,113                                                |       | 63,104   |       | 1,818,040                        |       | 1,881,144 |       | 927,990                       |       | Aug-90 |   | Jun-90 |   | 5-27.5 |   |
| PUTNEY FIRST          |       | 1,401,254        |       | 128,800                     |       | 1,804,424                                        |       | 12,059                                                |       | 128,800  |       | 1,816,483                        |       | 1,945,283 |       | 574,688                       |       | May-93 |   | Dec-92 |   | 5-27.5 |   |
| QUAIL HOLLOW- WARSAW  |       | 1,377,486        |       | 33,500                      |       | 1,747,578                                        |       | 8,435                                                 |       | 33,500   |       | 1,756,013                        |       | 1,789,513 |       | 644,894                       |       | Sep-90 |   | Jul-90 |   | 7-40 |   |
| RAINBOW GARDENS       |       | 1,187,516        |       | 70,000                      |       | 1,450,989                                        |       | 4,198                                                 |       | 70,000   |       | 1,455,187                        |       | 1,525,187 |       | 637,139                       |       | Jun-93 |   | Dec-92 |   | 7-27.5 |   |
| RAITT ST APTS         |       | 815,230          |       | 270,281                     |       | 1,221,755                                        |       | 0                                                     |       | 270,281  |       | 1,221,755                        |       | 1,492,036 |       | 505,358                       |       | Aug-93 |   | May-93 |   | 5-27.5 |   |
| SCHOOL ST. II         |       | 628,694          |       | 37,622                      |       | 1,585,434                                        |       | 50,266                                                |       | 37,622   |       | 1,635,700                        |       | 1,673,322 |       | 729,626                       |       | Jun-93 |   | Jun-93 |   | 7-27.5 |   |
| SOUTH PARIS           |       | 1,457,069        |       | 65,000                      |       | 1,853,831                                        |       | 44,096                                                |       | 65,000   |       | 1,897,927                        |       | 1,962,927 |       | 773,623                       |       | Oct-92 |   | Nov-92 |   | 5-27.5 |   |

 

F-87

----

 
|                |       |             |       | **Initial cost to company** |       | **Cost capitalized  subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |      |       |                             |       |       |       | **Life on  which**            |       |
|---------------------|------------|------------------|------------|-----------------------------|------------|--------------------------------------------------|------------|-------------------------------------------------------|------------|-----------|------------|----------------------------------|------------|------------|------------|-------------------------------|------------|
| **Description**     | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings  and  improvements**                 | ** ** | **Improvements**                                      | ** ** | **Land**  | ** ** | **Buildings  and  improvements** | ** ** | **Total**  | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** | ** ** |
| SOUTHWESTERN        |       | 1,395,779        |       | 30,000                      |       | 1,766,094                                        |       | 80,771                                                |       | 30,000    |       | 1,846,865                        |       | 1,876,865  |       | 1,036,069                     |       | May-90 |   | May-90 |   | 7-27.5 |   |
| SPRINGFIELD         |       | 4,024,874        |       | 775,955                     |       | 4,177,205                                        |       | 5,220,229                                             |       | 775,955   |       | 9,397,434                        |       | 10,173,389 |       | 4,546,450                     |       | Jun-91 |   | Jun-90 |   | 5-27.5 |   |
| SUNSHINE            |       | 1,445,759        |       | 127,000                     |       | 1,729,289                                        |       | 177,628                                               |       | 120,902   |       | 1,906,917                        |       | 2,027,819  |       | 1,019,696                     |       | Nov-90 |   | Sep-90 |   | 5-27.5 |   |
| SURRY VILLAGE II    |       | 836,168          |       | 60,000                      |       | 938,244                                          |       | 8,219                                                 |       | 50,718    |       | 946,463                          |       | 997,181    |       | 530,454                       |       | Jan-90 |   | May-90 |   | 5-27.5 |   |
| TAPPAHANNOCK GREENS |       | 1,474,090        |       | 122,500                     |       | 1,703,483                                        |       | 58,086                                                |       | 122,500   |       | 1,761,569                        |       | 1,884,069  |       | 753,514                       |       | May-94 |   | Mar-94 |   | 5-27.5 |   |
| TWIN OAKS           |       | 1,115,128        |       | 53,636                      |       | 1,397,601                                        |       | 5,875                                                 |       | 53,636    |       | 1,403,476                        |       | 1,457,112  |       | 768,508                       |       | May-90 |   | May-90 |   | 5-27.5 |   |
| VILLAGE OAKS        |       | 717,798          |       | 42,140                      |       | 884,614                                          |       | 46,168                                                |       | 42,140    |       | 930,782                          |       | 972,922    |       | 511,236                       |       | Feb-90 |   | Jun-90 |   | 5-27.5 |   |
| WARRENSBURG         |       | 776,492          |       | 32,000                      |       | 991,475                                          |       | 19,778                                                |       | 32,000    |       | 1,011,253                        |       | 1,043,253  |       | 586,160                       |       | Apr-90 |   | Apr-90 |   | 5-27.5 |   |
| WESTSIDE            |       | 2,240,453        |       | 25,000                      |       | 4,022,240                                        |       | (47,900                                               | )a         | 25,000    |       | 3,974,340                        |       | 3,999,340  |       | 2,055,935                     |       | Dec-90 |   | Jun-90 |   | 5-27.5 |   |
| WESTWOOD            |       | 1,377,259        |       | 96,660                      |       | 1,690,074                                        |       | 65,340                                                |       | 108,580   |       | 1,755,414                        |       | 1,863,994  |       | 1,055,056                     |       | Jul-90 |   | Jul-90 |   | 27.5 |   |
|                |       | 56,982,426       |       | 3,916,927                   |       | 76,585,767                                       |       | 7,950,339                                             |       | 4,009,064 |       | 84,536,106                       |       | 88,545,170 |       | 38,824,155                    |       |   |   |   |   |   |   |

 

Since theOperating Partnerships maintain a calendar year end, the information reportedon this schedule is as of December 31, 2004.

There weno carrying costs as of December 31, 2004. The Column has been omitted forpresentation purposes.

 

F-88

----

 

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-89

----

 
| 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-90

----

 
| 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-91

----

 
| 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-92

----

 
| Balance at close of period -  3/31/04 |   |    |        | $           | 123,912,956 |   |
|---------------------------------------|--------|---------|-------------|-------------|-------------|--------|
| Additions during period:              |   |    |        |        |        |
| Acquisitions through  foreclosure     |   | $       | 0           |        |        |   |
| Other acquisitions                    |   | 0       |        |        |        |
| Improvements, etc                     |   | 118,694 |        |        |        |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | $           | 401,897     |   |
| Deductions during period:             |   |    |        |        |        |
| Cost of real estate sold              |   | $       | (35,486,480 | )           |        |   |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | (35,486,480 | )           |
| Balance at close of period -  3/31/05 |   |    |        | $           | 88,545,170  |   |

 

F-93

----

 

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 |   |
| Current year expense                     |   | $           | 2,257,172 |   |       |   |
| Reduction for Real Estate sold           |   | (15,910,686 | )         |   |       |
| Balance at close of period -  3/31/05    |   |        |      | $      | 38,824,155 |   |

 

F-94

----

 

Boston Capital Tax Credit FundII Limited Partnership - Series 10Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2005

(UNAUDITED)

 
|               |       |             |       | **Initial cost to company** |       | **Cost  capitalized  subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |     |       |                             |       |      |       | **Life on which**             |       |
|--------------------|------------|------------------|------------|-----------------------------|------------|---------------------------------------------------|------------|-------------------------------------------------------|------------|----------|------------|----------------------------------|------------|-----------|------------|-------------------------------|------------|
| **Description**    | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings  and  improvements**                  | ** ** | **Improvements**                                      | ** ** | **Land** | ** ** | **Buildings  and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** | ** ** |
| ACKERMAN           |       | 527,963          |       | 42,000                      |       | 619,380                                           |       | 290,196                                               |       | 42,000   |       | 909,576                          |       | 951,576   |       | 254,993                       |       | Jun-94 |   | Sep-93 |   | 5-27.5 |   |
| ATHENS II          |       | 1,313,131        |       | 75,000                      |       | 1,642,281                                         |       | 58,700                                                |       | 75,000   |       | 1,700,981                        |       | 1,775,981 |       | 625,837                       |       | Jun-90 |   | Aug-90 |   | 5-27.5 |   |
| AUTUMN LANE        |       | 720,739          |       | 34,094                      |       | 891,072                                           |       | 1,281                                                 |       | 34,094   |       | 892,353                          |       | 926,447   |       | 475,546                       |       | Nov-90 |   | Aug-89 |   | 5-27.5 |   |
| BAYTREE            |       | 940,575          |       | 44,759                      |       | 1,099,246                                         |       | 141,995                                               |       | 44,759   |       | 1,241,241                        |       | 1,286,000 |       | 673,814                       |       | Jul-90 |   | Nov-88 |   | 5-27.5 |   |
| BENCHMARK          |       | 1,091,569        |       | 60,600                      |       | 1,137,112                                         |       | 203,487                                               |       | 60,600   |       | 1,340,599                        |       | 1,401,199 |       | 707,541                       |       | Jul-90 |   | Nov-88 |   | 5-27.5 |   |
| BRENTWOOD          |       | 937,450          |       | 64,999                      |       | 1,163,002                                         |       | 63,351                                                |       | 64,999   |       | 1,226,353                        |       | 1,291,352 |       | 448,616                       |       | Oct-90 |   | Nov-90 |   | 5-27.5 |   |
| BRIARWOOD          |       | 1,454,381        |       | 154,900                     |       | 1,898,553                                         |       | (307,385                                              | )          | 154,900  |       | 1,591,168                        |       | 1,746,068 |       | 818,058                       |       | Aug-90 |   | Aug-90 |   | 7-27.5 |   |
| BUTLER PROPERTIES  |       | 492,879          |       | 37,500                      |       | 376,730                                           |       | 223,430                                               |       | 37,500   |       | 600,160                          |       | 637,660   |       | 201,521                       |       | Feb-91 |   | Dec-90 |   | 5-27.5 |   |
| CANDLEWICK PLACE   |       | 1,229,544        |       | 70,800                      |       | 1,500,289                                         |       | 101,535                                               |       | 70,800   |       | 1,601,824                        |       | 1,672,624 |       | 536,900                       |       | Oct-92 |   | Dec-92 |   | 5-27.5 |   |
| CEDARSTONE         |       | 757,638          |       | 66,000                      |       | 955,695                                           |       | 59,264                                                |       | 66,000   |       | 1,014,959                        |       | 1,080,959 |       | 348,049                       |       | May-93 |   | May-93 |   | 5-40 |   |
| CENTREVILLE APTS.  |       | 654,859          |       | 63,073                      |       | 697,069                                           |       | 53,939                                                |       | 16,000   |       | 751,008                          |       | 767,008   |       | 470,122                       |       | Feb-90 |   | Nov-90 |   | 5-27.5 |   |
| CHARLTON COURT     |       | 1,175,884        |       | 56,144                      |       | 1,449,050                                         |       | 3,301                                                 |       | 56,144   |       | 1,452,351                        |       | 1,508,495 |       | 669,400                       |       | Jan-93 |   | Dec-92 |   | 7-27.5 |   |
| CHUCKATUCK         |       | 1,441,053        |       | 128,725                     |       | 1,731,557                                         |       | 37,472                                                |       | 128,725  |       | 1,769,029                        |       | 1,897,754 |       | 795,210                       |       | Feb-90 |   | Nov-90 |   | 12-40 |   |
| CLOVERLEAF I       |       | 838,153          |       | 54,740                      |       | 969,048                                           |       | 20,339                                                |       | 54,740   |       | 989,387                          |       | 1,044,127 |       | 548,586                       |       | Apr-90 |   | Nov-90 |   | 5-27.5 |   |
| CLOVERLEAF II      |       | 856,995          |       | 66,488                      |       | 981,480                                           |       | 22,147                                                |       | 66,488   |       | 1,003,627                        |       | 1,070,115 |       | 555,171                       |       | Apr-90 |   | Nov-90 |   | 5-27.5 |   |
| CONNELLSVILLE      |       | 1,340,773        |       | 55,440                      |       | 1,591,799                                         |       | 170,329                                               |       | 56,436   |       | 1,762,128                        |       | 1,818,564 |       | 709,497                       |       | Mar-90 |   | Nov-90 |   | 5-27.5 |   |
| DALLAS             |       | 1,444,661        |       | 230,059                     |       | 3,408,933                                         |       | (152,687                                              | )*         | 230,059  |       | 3,256,246                        |       | 3,486,305 |       | 1,760,511                     |       | Oct-90 |   | Dec-91 |   | 5-27.5 |   |
| ELLAVILLE          |       | 770,937          |       | 45,000                      |       | 977,293                                           |       | 1,376                                                 |       | 45,000   |       | 978,669                          |       | 1,023,669 |       | 549,517                       |       | Feb-90 |   | Jul-90 |   | 5-27.5 |   |
| FORSYTH            |       | 1,431,308        |       | 55,000                      |       | 1,894,917                                         |       | 30,751                                                |       | 55,000   |       | 1,925,668                        |       | 1,980,668 |       | 1,029,330                     |       | Sep-90 |   | Jul-90 |   | 7-27.5 |   |
| GREAT FALLS        |       | 873,414          |       | 38,292                      |       | 1,053,154                                         |       | 7,477                                                 |       | 38,292   |       | 1,060,631                        |       | 1,098,923 |       | 569,729                       |       | Oct-90 |   | Nov-90 |   | 5-27.5 |   |
| HARTWAY PROPERTIES |       | 896,043          |       | 49,000                      |       | 1,116,507                                         |       | 0                                                     |       | 49,000   |       | 1,116,507                        |       | 1,165,507 |       | 459,940                       |       | Jun-90 |   | Jul-90 |   | 5-27.5 |   |
| HILLTOP            |       | 1,460,505        |       | 105,000                     |       | 1,916,734                                         |       | 61,166                                                |       | 105,000  |       | 1,977,900                        |       | 2,082,900 |       | 1,060,978                     |       | Jul-90 |   | Aug-90 |   | 7-27.5 |   |

 

F-95

----

 
|               |       |             |       | **Initial cost to company** |       | **Cost capitalized  subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |     |       |                             |       |      |       | **Life on which**             |       |
|--------------------|------------|------------------|------------|-----------------------------|------------|--------------------------------------------------|------------|-------------------------------------------------------|------------|----------|------------|----------------------------------|------------|-----------|------------|-------------------------------|------------|
| **Description**    | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings  and  improvements**                 | ** ** | **Improvements**                                      | ** ** | **Land** | ** ** | **Buildings  and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** | ** ** |
| IRONTON ESTATES    |       | 607,621          |       | 29,500                      |       | 794,461                                          |       | 19,474                                                |       | 29,500   |       | 813,935                          |       | 843,435   |       | 389,096                       |       | Jan-93 |   | May-93 |   | 5-27.5 |   |
| LAMBERT SQUARE     |       | 969,191          |       | 41,200                      |       | 1,243,568                                        |       | 30,462                                                |       | 41,200   |       | 1,274,030                        |       | 1,315,230 |       | 389,742                       |       | Jan-93 |   | May-93 |   | 5-50 |   |
| LAWTON APTS.       |       | 1,508,438        |       | 54,400                      |       | 1,848,603                                        |       | 30,272                                                |       | 54,400   |       | 1,878,875                        |       | 1,933,275 |       | 1,165,253                     |       | Dec-92 |   | Nov-92 |   | 10-40 |   |
| LONGVIEW           |       | 856,525          |       | 25,000                      |       | 1,071,946                                        |       | 72,706                                                |       | 25,000   |       | 1,144,652                        |       | 1,169,652 |       | 635,292                       |       | Jun-90 |   | Nov-90 |   | 5-27.5 |   |
| MAIDU              |       | 1,749,640        |       | 56,500                      |       | 4,890,261                                        |       | 310,930                                               |       | 56,500   |       | 5,201,191                        |       | 5,257,691 |       | 2,618,208                     |       | Aug-90 |   | Nov-88 |   | 27.5 |   |
| MEADOWBROOK        |       | 1,447,876        |       | 75,141                      |       | 1,789,549                                        |       | 5,208                                                 |       | 75,141   |       | 1,794,757                        |       | 1,869,898 |       | 1,000,382                     |       | Dec-91 |   | Mar-91 |   | 5-27.5 |   |
| MORGANTOWN         |       | 754,745          |       | 36,000                      |       | 930,187                                          |       | 7                                                     |       | 36,000   |       | 930,194                          |       | 966,194   |       | 323,614                       |       | Dec-90 |   | Aug-90 |   | 5-27.5 |   |
| NEWNAN             |       | 1,891,222        |       | 92,706                      |       | 4,128,942                                        |       | (208,890                                              | )*         | 92,706   |       | 3,919,052                        |       | 4,011,758 |       | 2,136,664                     |       | Oct-90 |   | Dec-90 |   | 27.5 |   |
| PARKWOOD           |       | 2,691,139        |       | 316,667                     |       | 4,358,381                                        |       | 15,610                                                |       | 316,667  |       | 4,373,991                        |       | 4,690,658 |       | 2,280,036                     |       | May-91 |   | Mar-91 |   | 40 |   |
| PEDCOR INVESTMENTS |       | 3,076,000        |       | 200,000                     |       | 4,714,711                                        |       | 651,844                                               |       | 200,000  |       | 5,366,555                        |       | 5,566,555 |       | 1,914,005                     |       | Oct-90 |   | Jul-90 |   | 5-27.5 |   |
| PINETREE MANOR     |       | 961,305          |       | 30,000                      |       | 1,210,633                                        |       | 42,395                                                |       | 30,000   |       | 1,253,028                        |       | 1,283,028 |       | 383,588                       |       | Jan-93 |   | Nov-92 |   | 7-40 |   |
| PINEVIEW           |       | 942,761          |       | 125,000                     |       | 1,178,400                                        |       | 10,823                                                |       | 125,000  |       | 1,189,223                        |       | 1,314,223 |       | 640,815                       |       | Dec-90 |   | Sep-90 |   | 7-27.5 |   |
| ROSEWOOD VILLAGE   |       | 636,955          |       | 36,000                      |       | 806,255                                          |       | 4,752                                                 |       | 36,000   |       | 811,007                          |       | 847,007   |       | 446,399                       |       | Jul-90 |   | Jul-90 |   | 5-27.5 |   |
| STOCKTON ESTATES   |       | 504,507          |       | 17,500                      |       | 647,699                                          |       | (225,644                                              | )          | 25,678   |       | 422,055                          |       | 447,733   |       | 157,812                       |       | Jan-93 |   | Feb-93 |   | 5-27.5 |   |
| STRATFORD SQUARE   |       | 737,888          |       | 63,000                      |       | 443,433                                          |       | 488,388                                               |       | 63,000   |       | 931,821                          |       | 994,821   |       | 303,712                       |       | Feb-93 |   | Oct-92 |   | 5-40 |   |
| SUMMER GLEN        |       | 1,450,701        |       | 147,225                     |       | 1,669,056                                        |       | 159,976                                               |       | 147,225  |       | 1,829,032                        |       | 1,976,257 |       | 572,127                       |       | Mar-93 |   | Nov-92 |   | 5-40 |   |
| WASHINGTON HEIGHTS |       | 453,111          |       | 76,537                      |       | 974,803                                          |       | 60,212                                                |       | 90,473   |       | 1,035,015                        |       | 1,125,488 |       | 432,171                       |       | Jul-90 |   | Nov-90 |   | 5-27.5 |   |
| WEST DES MOINES    |       | 2,079,161        |       | 437,568                     |       | 4,154,100                                        |       | 351,935                                               |       | 437,568  |       | 4,506,035                        |       | 4,943,603 |       | 2,391,462                     |       | Jul-90 |   | Jul-90 |   | 7-27.5 |   |

 

F-96

----

 
|             |       |             |       | **Initial cost to company** |       | **Cost  capitalized  subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |      |       |                             |       |       |       | **Life on which**             |       |
|------------------|------------|------------------|------------|-----------------------------|------------|---------------------------------------------------|------------|-------------------------------------------------------|------------|-----------|------------|----------------------------------|------------|------------|------------|-------------------------------|------------|
| **Description**  | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings  and  improvements**                  | ** ** | **Improvements**                                      | ** ** | **Land**  | ** ** | **Buildings  and  improvements** | ** ** | **Total**  | ** ** | **Accumulated  depreciation** | ** ** | **Date of  Construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** | ** ** |
| WICHITA WEST     |       | 1,654,256        |       | 110,377                     |       | 2,920,599                                         |       | 156,779                                               |       | 110,377   |       | 3,077,378                        |       | 3,187,755  |       | 1,654,545                     |       | Jul-90 |   | Jul-90 |   | 7-27.5 |   |
| WOODSIDE HOUSING |       | 1,454,730        |       | 60,140                      |       | 1,926,294                                         |       | 53,416                                                |       | 60,140    |       | 1,979,710                        |       | 2,039,850  |       | 729,098                       |       | Nov-90 |   | Dec-90 |   | 5-27.5 |   |
|             |       |             |       |                        |       |                                              |       |                                                  |       |      |       |                             |       |       |       |                          |       |   |   |   |   |   |   |
|             |       | 49,078,226       |       | 3,628,074                   |       | 70,772,782                                        |       | 3,121,119                                             |       | 3,604,111 |       | 73,893,901                       |       | 77,498,012 |       | 34,832,887                    |       |   |   |   |   |   |   |

 

Since theOperating Partnerships maintain a calendar year end, the information reportedon this schedule is as of December 31, 2004.

There weno carrying costs as of December 31, 2004. The Column has been omitted forpresentation purposes.

 

F-97

----

 

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-98

----

 
| 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-99

----

 
| 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-100

----

 
| 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-101

----

 
| Balance at close of period -  3/31/04 |   |    |       | $      | 79,966,357 |   |
|---------------------------------------|--------|---------|------------|--------|------------|--------|
| Additions during period:              |   |    |       |   |       |
| Acquisitions through  foreclosure     |   | $       | 0          |   |       |   |
| Other acquisitions                    |   | 0       |       |   |       |
| Improvements, etc                     |   | 208,435 |       |   |       |
| Other                                 |   | 0       |       |   |       |
|                                  |   |    |       | $      | 208,435    |   |
| Deductions during period:             |   |    |       |   |       |   |
| Cost of real estate sold              |   | $       | (2,676,780 | )      |       |   |
| Other                                 |   | 0       |       |   |       |
|                                  |   |    |       | $      | (2,676,780 | )      |
| Balance at close of period -  3/31/05 |   |    |       | $      | 77,498,012 |   |

 

F-102

----

 

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 |   |
| Current year expense                     |   | $      | 2,289,719 |   |       |   |
| Reduction for Real Estate sold           |   | $      | (921,828  | )      |       |   |
| Balance at close of period -  3/31/05    |   |   |      | $      | 34,832,887 |   |

 

F-103

----

 

Boston Capital Tax Credit FundII Limited Partnership - Series 11Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2005

(UNAUDITED)

 
|                     |       |             |       | **Initial cost to company** |       | **Cost  capitalized  subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |     |       |                             |       |       |       | **Life on which**             |       |
|--------------------------|------------|------------------|------------|-----------------------------|------------|---------------------------------------------------|------------|-------------------------------------------------------|------------|----------|------------|----------------------------------|------------|------------|------------|-------------------------------|------------|
| **Description**          | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings  and  improvements**                  | ** ** | **Improvements**                                      | ** ** | **Land** | ** ** | **Buildings  and  improvements** | ** ** | **Total**  | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** | ** ** |
| ACADEMY HILL             |       | 1,351,347        |       | 119,500                     |       | 1,607,604                                         |       | 21,168                                                |       | 120,880  |       | 1,628,772                        |       | 1,749,652  |       | 844,460                       |       | Feb-91 |   | Feb-91 |   | 5-27.5 |   |
| ASPEN SQUARE             |       | 1,801,833        |       | 150,413                     |       | 2,118,648                                         |       | 143,848                                               |       | 150,703  |       | 2,262,496                        |       | 2,413,199  |       | 742,216                       |       | Nov-90 |   | Nov-90 |   | 5-27.5 |   |
| BRIDGEVIEW               |       | 1,336,580        |       | 50,686                      |       | 1,586,090                                         |       | 105,996                                               |       | 50,686   |       | 1,692,086                        |       | 1,742,772  |       | 993,567                       |       | Dec-89 |   | Dec-90 |   | 5-27.5 |   |
| BUCKEYE                  |       | 1,314,650        |       | 93,421                      |       | 1,584,893                                         |       | 97,833                                                |       | 93,421   |       | 1,682,726                        |       | 1,776,147  |       | 652,559                       |       | Aug-90 |   | Dec-90 |   | 5-27.5 |   |
| CHURCH HILL              |       | 937,690          |       | 63,232                      |       | 663,136                                           |       | 576,795                                               |       | 63,232   |       | 1,239,931                        |       | 1,303,163  |       | 443,152                       |       | Jan-91 |   | Dec-90 |   | 7-40 |   |
| COPPER CREEK             |       | 1,153,538        |       | 77,750                      |       | 1,410,989                                         |       | 73,445                                                |       | 77,750   |       | 1,484,434                        |       | 1,562,184  |       | 491,344                       |       | Sep-90 |   | Nov-90 |   | 5-27.5 |   |
| CORONADO                 |       | 79,934           |       | 9,998                       |       | 1,499,265                                         |       | 59,265                                                |       | 9,998    |       | 1,558,530                        |       | 1,568,528  |       | 801,817                       |       | Apr-91 |   | Feb-91 |   | 5-27.5 |   |
| CRESTWOOD                |       | 3,622,318        |       | 360,000                     |       | 10,649,129                                        |       | 457,760                                               |       | 360,000  |       | 11,106,889                       |       | 11,466,889 |       | 5,242,622                     |       | Jul-91 |   | Jan-91 |   | 7-27.5 |   |
| DALLAS APTS.             |       | 1,444,661        |       | 230,059                     |       | 3,408,933                                         |       | (152,687                                              | )*         | 230,059  |       | 3,256,246                        |       | 3,486,305  |       | 1,760,511                     |       | Oct-90 |   | Dec-90 |   | 7-27.5 |   |
| DENMARK I                |       | 755,876          |       | 54,000                      |       | 915,172                                           |       | 6,132                                                 |       | 54,000   |       | 921,304                          |       | 975,304    |       | 507,510                       |       | Jun-90 |   | Nov-90 |   | 27.5 |   |
| DENMARK II               |       | 802,814          |       | 36,000                      |       | 1,003,547                                         |       | 3,610                                                 |       | 36,000   |       | 1,007,157                        |       | 1,043,157  |       | 550,852                       |       | Jun-90 |   | Nov-90 |   | 5-27.5 |   |
| EL DORADO SPRINGS        |       | 569,716          |       | 22,500                      |       | 735,245                                           |       | 40,486                                                |       | 17,176   |       | 775,731                          |       | 792,907    |       | 437,106                       |       | Sep-90 |   | Nov-90 |   | 5-27.5 |   |
| ELDON ESTATES II         |       | 570,531          |       | 30,000                      |       | 690,453                                           |       | 52,873                                                |       | 30,000   |       | 743,326                          |       | 773,326    |       | 383,622                       |       | Nov-90 |   | Dec-90 |   | 5-27.5 |   |
| ELDON MANOR              |       | 549,146          |       | 7,500                       |       | 787,399                                           |       | 41,743                                                |       | 7,500    |       | 829,142                          |       | 836,642    |       | 434,065                       |       | Nov-90 |   | Dec-90 |   | 5-27.5 |   |
| ELDERLY HOUSING OF MACON |       | 1,583,916        |       | 50,000                      |       | 1,992,329                                         |       | 25,370                                                |       | 50,000   |       | 2,017,699                        |       | 2,067,699  |       | 603,878                       |       | Apr-93 |   | May-93 |   | 5-27.5 |   |
| EUTAW ELDERLY            |       | 1,591,918        |       | 24,000                      |       | 1,972,439                                         |       | 32,635                                                |       | 24,000   |       | 2,005,074                        |       | 2,029,074  |       | 561,722                       |       | Dec-93 |   | May-93 |   | 5-50 |   |
| FARMERVILLE              |       | 951,416          |       | 57,015                      |       | 1,195,142                                         |       | 53,565                                                |       | 57,015   |       | 1,248,707                        |       | 1,305,722  |       | 433,602                       |       | Apr-91 |   | Jan-91 |   | 5-27.5 |   |
| FOREST GLADE             |       | 1,456,279        |       | 100,000                     |       | 1,841,104                                         |       | (919,821                                              | )          | 100,000  |       | 921,283                          |       | 1,021,283  |       | 497,680                       |       | Dec-90 |   | Dec-90 |   | 7-27.5 |   |
| FRANKLIN SCHOOL          |       | 1,184,771        |       | 112,032                     |       | 2,528,326                                         |       | 2,302,345                                             |       | 112,032  |       | 4,830,671                        |       | 4,942,703  |       | 2,216,868                     |       | Dec-91 |   | Oct-90 |   | 27.5 |   |
| HARBOR VIEW              |       | 1,455,114        |       | 143,957                     |       | 1,802,615                                         |       | (1,800,307                                            | )          | 143,957  |       | 2,308                            |       | 146,265    |       | 1,200                         |       | Jul-90 |   | Dec-90 |   | 7-27.5 |   |
| HILLTOP APTS.            |       | 1,391,241        |       | 178,736                     |       | 1,545,237                                         |       | 37,942                                                |       | 178,736  |       | 1,583,179                        |       | 1,761,915  |       | 629,426                       |       | Nov-92 |   | Jan-93 |   | 27.5 |   |
| HOLLAND SENIOR           |       | 883,607          |       | 27,500                      |       | 1,096,333                                         |       | 78,349                                                |       | 27,500   |       | 1,174,682                        |       | 1,202,182  |       | 658,647                       |       | Jun-90 |   | Nov-90 |   | 27.5 |   |
| HOLLY SENIOR             |       | 900,785          |       | 36,882                      |       | 1,139,044                                         |       | 94,017                                                |       | 36,882   |       | 1,233,061                        |       | 1,269,943  |       | 681,951                       |       | Oct-90 |   | Nov-90 |   | 27.5 |   |

 

F-104

----

 
|                   |       |             |       | **Initial cost to company** |       | **Cost  capitalized  subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |      |       |                             |       |       |       | **Life on which**             |       |
|------------------------|------------|------------------|------------|-----------------------------|------------|---------------------------------------------------|------------|-------------------------------------------------------|------------|-----------|------------|----------------------------------|------------|------------|------------|-------------------------------|------------|
| **Description**        | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings  and  improvements**                  | ** ** | **Improvements**                                      | ** ** | **Land**  | ** ** | **Buildings  and  improvements** | ** ** | **Total**  | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** | ** ** |
| IVAN WOODS             |       | 2,525,084        |       | 275,000                     |       | 4,347,328                                         |       | 108,572                                               |       | 275,000   |       | 4,455,900                        |       | 4,730,900  |       | 2,383,880                     |       | Apr-91 |   | Feb-91 |   | 5-27.5 |   |
| KAPLAN MANOR           |       | 909,487          |       | 66,000                      |       | 1,106,192                                         |       | 110,185                                               |       | 66,000    |       | 1,216,377                        |       | 1,282,377  |       | 440,313                       |       | Dec-90 |   | Dec-90 |   | 7-40 |   |
| LAKEWOOD               |       | 937,498          |       | 53,100                      |       | 1,162,254                                         |       | 68,013                                                |       | 53,100    |       | 1,230,267                        |       | 1,283,367  |       | 435,145                       |       | May-91 |   | Jan-91 |   | 5-27.5 |   |
| LICKING ASSOCIATES     |       | 399,050          |       | 14,000                      |       | 316,889                                           |       | 202,381                                               |       | 14,000    |       | 519,270                          |       | 533,270    |       | 239,817                       |       | Mar-92 |   | Nov-91 |   | 5-27.5 |   |
| LONDON ARMS            |       | 2,678,053        |       | 37,500                      |       | 3,479,332                                         |       | 8,295                                                 | *          | 37,500    |       | 3,487,627                        |       | 3,525,127  |       | 1,768,463                     |       | Dec-90 |   | Dec-90 |   | 5-27.5 |   |
| MAIDU                  |       | 1,749,640        |       | 56,500                      |       | 4,890,261                                         |       | 310,930                                               |       | 56,500    |       | 5,201,191                        |       | 5,257,691  |       | 2,618,208                     |       | Dec-91 |   | Mar-91 |   | 7-27.5 |   |
| MANNING PROPERTIES     |       | 823,472          |       | 44,125                      |       | 1,015,703                                         |       | 8,363                                                 |       | 44,125    |       | 1,024,066                        |       | 1,068,191  |       | 552,059                       |       | Nov-90 |   | Nov-90 |   | 5-27.5 |   |
| METTER                 |       | 1,435,675        |       | 44,500                      |       | 1,770,511                                         |       | 9,551                                                 |       | 45,141    |       | 1,780,062                        |       | 1,825,203  |       | 798,115                       |       | May-93 |   | Dec-92 |   | 5-27.5 |   |
| NEVADA MANOR           |       | 635,338          |       | 50,000                      |       | 782,543                                           |       | 37,751                                                |       | 50,000    |       | 820,294                          |       | 870,294    |       | 465,508                       |       | Oct-90 |   | Nov-90 |   | 5-27.5 |   |
| NEWNAN APTS.           |       | 1,891,222        |       | 92,706                      |       | 4,128,942                                         |       | (209,890                                              | )*         | 92,706    |       | 3,919,052                        |       | 4,011,758  |       | 2,136,664                     |       | Oct-90 |   | Dec-90 |   | 5-27.5 |   |
| OATKA VILLIAGE         |       | 901,881          |       | 35,000                      |       | 1,151,205                                         |       | 98,501                                                |       | 35,000    |       | 1,249,706                        |       | 1,284,706  |       | 668,072                       |       | Jun-90 |   | Nov-90 |   | 5-27.5 |   |
| RPI #18 L.P.           |       | 1,209,560        |       | 100                         |       | 1,776,840                                         |       | 123,538                                               |       | 100       |       | 1,900,378                        |       | 1,900,478  |       | 985,236                       |       | Dec-90 |   | Dec-90 |   | 5-27.5 |   |
| SIERRA SPRINGS         |       | 1,154,551        |       | 52,290                      |       | 1,448,815                                         |       | 79,728                                                |       | 52,387    |       | 1,528,543                        |       | 1,580,930  |       | 491,090                       |       | Nov-90 |   | Nov-90 |   | 5-27.5 |   |
| SOUTH FORK             |       | 1,443,375        |       | 100,000                     |       | 1,782,527                                         |       | 42,851                                                |       | 100,000   |       | 1,825,378                        |       | 1,925,378  |       | 703,991                       |       | Feb-91 |   | Feb-91 |   | 5-27.5 |   |
| TWIN OAKS OF ALLENDALE |       | 767,858          |       | 71,305                      |       | 951,711                                           |       | (155,350                                              | )*         | 71,305    |       | 796,361                          |       | 867,666    |       | 424,870                       |       | Sep-90 |   | Dec-90 |   | 5-27.5 |   |
| WASHINGTON             |       | 939,956          |       | 55,050                      |       | 1,150,878                                         |       | 67,165                                                |       | 55,050    |       | 1,218,043                        |       | 1,273,093  |       | 433,915                       |       | Mar-91 |   | Jan-91 |   | 7-40 |   |
| WILDRIDGE              |       | 1,359,681        |       | 156,576                     |       | 1,617,243                                         |       | 52,704                                                |       | 156,576   |       | 1,669,947                        |       | 1,826,523  |       | 883,616                       |       | Apr-91 |   | Jan-91 |   | 7-27.5 |   |
|                   |       |             |       |                        |       |                                              |       |                                                  |       |      |       |                             |       |       |       |                          |       |   |   |   |   |   |   |
|                   |       | 49,451,062       |       | 3,238,933                   |       | 76,652,246                                        |       | 2,395,650                                             |       | 3,236,017 |       | 79,047,896                       |       | 82,283,913 |       | 36,999,339                    |       |   |   |   |   |   |   |

 

Since theOperating Partnerships maintain a calendar year end, the information reportedon this schedule is as of December 31, 2004.

There weno carrying costs as of December 31, 2004. The Column has been omitted forpresentation purposes.

 

F-105

----

 

Notes to Schedule III

Boston Capital Tax Credit Fund II Limited Partnership -Series 11

 

Reconciliation of Land, Building & Improvementscurrent 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-106

----

 
| 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-107

----

 
| 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-108

----

 
| 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-109

----

 
| Balance at close of period -  3/31/04 |   |       |   | $      | 84,800,352 |   |
|---------------------------------------|--------|------------|--------|--------|------------|--------|
| Additions during period:              |   |       |   |   |       |
| Acquisitions through foreclosure      |   | $          | 0      |   |       |   |
| Other acquisitions                    |   | 0          |   |   |       |
| Improvements, etc                     |   | (2,516,439 | )      |   |       |
| Other                                 |   | 0          |   |   |       |
|                                  |   |       |   | $      | (2,516,439 | )      |
| Deductions during period:             |   |       |   |   |       |
| Cost of real estate sold              |   | $          | 0      |   |       |   |
| Other                                 |   | 0          |   |   |       |
|                                  |   |       |   | 0      |       |
| Balance at close of period -  3/31/05 |   |       |   | $      | 82,283,913 |   |

 

F-110

----

 

Reconciliation of Accumulated Depreciation current yearchanges

 
| 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 |   |
| Current year expense                     |   | $      | 1,187,225 |   |       |   |
| Balance at close of period -  3/31/05    |   |   |      | $      | 36,999,339 |   |

 

F-111

----

 

Boston Capital Tax Credit Fund II Limited Partnership - Series 12

Schedule III - Real Estate and Accumulated Depreciation

March 31, 2005

(UNAUDITED)

 
|                 |       |             |       | **Initial cost to company** |       | **Cost  capitalized subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |     |       |                            |       |      |       | **Life on which**             |       |
|----------------------|------------|------------------|------------|-----------------------------|------------|--------------------------------------------------|------------|-------------------------------------------------------|------------|----------|------------|---------------------------------|------------|-----------|------------|-------------------------------|------------|
| **Description**      | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings and  improvements**                  | ** ** | **Improvements**                                      | ** ** | **Land** | ** ** | **Buildings and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** |   |
| AUTUMNWOOD VILLAGE   |       | 993,935          |       | 40,777                      |       | 371,734                                          |       | 903,553                                               |       | 40,777   |       | 1,275,287                       |       | 1,316,064 |       | 609,393                       |       | Apr-92 |   | Oct-91 |   | 5-27.5 |   |
| BB&L ENTERPRISES |       | 511,590          |       | 24,000                      |       | 648,985                                          |       | 9,970                                                 |       | 24,000   |       | 658,955                         |       | 682,955   |       | 257,897                       |       | Mar-91 |   | May-91 |   | 5-40 |   |
| BOWMAN VILLAGE       |       | 653,551          |       | 17,000                      |       | 848,107                                          |       | 7,315                                                 |       | 17,000   |       | 855,422                         |       | 872,422   |       | 426,585                       |       | Oct-91 |   | Jun-91 |   | 5-27.5 |   |
| BRANDYWOOD           |       | 1,632,525        |       | 86,029                      |       | 3,313,958                                        |       | 64,450                                                | *          | 86,029   |       | 3,378,408                       |       | 3,464,437 |       | 1,838,232                     |       | Sep-91 |   | Dec-91 |   | 5-27.5 |   |
| BRIARWICK            |       | 1,194,802        |       | 95,079                      |       | 1,587,073                                        |       | 10,148                                                |       | 95,079   |       | 1,597,221                       |       | 1,692,300 |       | 584,751                       |       | Apr-91 |   | Apr-91 |   | 5-40 |   |
| BUCKSPORT            |       | 1,346,352        |       | 71,500                      |       | 1,683,768                                        |       | 128,371                                               |       | 71,500   |       | 1,812,139                       |       | 1,883,639 |       | 736,956                       |       | Aug-91 |   | Jun-91 |   | 7-27.5 |   |
| BURKESVILLE          |       | 721,422          |       | 40,000                      |       | 897,118                                          |       | 530                                                   |       | 40,000   |       | 897,648                         |       | 937,648   |       | 937,648                       |       | Sep-91 |   | Jun-91 |   | 5-27.5 |   |
| CANANCHE CREEK       |       | 1,212,743        |       | 66,200                      |       | 1,515,813                                        |       | 61,505                                                |       | 66,200   |       | 1,577,318                       |       | 1,643,518 |       | 478,519                       |       | Jun-91 |   | May-91 |   | 5-27.5 |   |
| CARSON VILLAGE       |       | 639,871          |       | 30,000                      |       | 193,264                                          |       | 650,398                                               |       | 30,000   |       | 843,662                         |       | 873,662   |       | 386,562                       |       | Jun-92 |   | Oct-91 |   | 5-27.5 |   |
| CLARKSON PROP        |       | 728,734          |       | 36,000                      |       | 932,918                                          |       | 0                                                     |       | 36,000   |       | 932,918                         |       | 968,918   |       | 303,997                       |       | Jul-91 |   | Jun-91 |   | 7-27.5 |   |
| CLYMER HOUSE         |       | 1,095,892        |       | 20,000                      |       | 1,387,091                                        |       | 132,456                                               |       | 20,000   |       | 1,519,547                       |       | 1,539,547 |       | 628,660                       |       | Oct-91 |   | Jun-91 |   | 5-27.5 |   |
| CORCORAN INVESTMENT  |       | 1,600,037        |       | 75,000                      |       | 1,976,455                                        |       | 0                                                     |       | 75,000   |       | 1,976,455                       |       | 2,051,455 |       | 603,033                       |       | Nov-90 |   | Feb-91 |   | 5-50 |   |
| CORNISH PARK         |       | 1,428,771        |       | 67,390                      |       | 1,761,946                                        |       | 181,443                                               |       | 68,500   |       | 1,943,389                       |       | 2,011,889 |       | 810,206                       |       | Jun-91 |   | Jun-91 |   | 5-27.5 |   |
| CRESCENT CITY        |       | 2,093,565        |       | 211,000                     |       | 2,297,055                                        |       | (14,590                                               | )*         | 211,000  |       | 2,282,465                       |       | 2,493,465 |       | 724,982                       |       | Mar-91 |   | Mar-91 |   | 5-50 |   |
| DALLAS II            |       | 1,444,661        |       | 230,059                     |       | 3,194,199                                        |       | 62,047                                                |       | 230,059  |       | 3,256,246                       |       | 3,486,306 |       | 1,760,511                     |       | Oct-90 |   | Mar-91 |   | 7-27.5 |   |
| EARLIMART            |       | 1,321,103        |       | 90,000                      |       | 1,711,424                                        |       | 827                                                   |       | 90,000   |       | 1,712,251                       |       | 1,802,251 |       | 520,863                       |       | Jun-91 |   | Jun-91 |   | 5-50 |   |
| EVANWOOD             |       | 739,067          |       | 36,000                      |       | 929,102                                          |       | 456                                                   |       | 32,400   |       | 929,958                         |       | 961,958   |       | 337,684                       |       | May-91 |   | Jun-91 |   | 5-27.5 |   |
| FORT SMITH           |       | 738,136          |       | 87,500                      |       | 2,130,922                                        |       | 0                                                     |       | 81,348   |       | 2,130,922                       |       | 2,212,270 |       | 925,007                       |       | Aug-94 |   | Sep-93 |   | 7-27.5 |   |
| FRANKLIN II          |       | 1,458,070        |       | 50,000                      |       | 1,864,100                                        |       | 46,916                                                |       | 50,000   |       | 1,911,016                       |       | 1,961,016 |       | 1,005,917                     |       | Nov-90 |   | Apr-91 |   | 7-27.5 |   |
| HAMILTON VILLAGE     |       | 558,388          |       | 18,943                      |       | 368,532                                          |       | 346,548                                               |       | 18,943   |       | 715,080                         |       | 734,023   |       | 346,780                       |       | Mar-92 |   | Oct-91 |   | 5-27.5 |   |
| HUNTERS PARK         |       | 1,384,427        |       | 92,750                      |       | 1,650,083                                        |       | 13,889                                                |       | 92,750   |       | 1,663,972                       |       | 1,756,722 |       | 497,820                       |       | Apr-91 |   | May-91 |   | 5-27.5 |   |

 

F-112

----

 
|             |       |             |       | **Initial cost to company** |       | **Cost capitalized subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |     |       |                            |       |      |       | **Life on which**             |       |
|------------------|------------|------------------|------------|-----------------------------|------------|-------------------------------------------------|------------|-------------------------------------------------------|------------|----------|------------|---------------------------------|------------|-----------|------------|-------------------------------|------------|
| **Description**  | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings and  improvements**                 | ** ** | **Improvements**                                      | ** ** | **Land** | ** ** | **Buildings and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** |   |
| IVAN WOODS       |       | 2,525,084        |       | 275,000                     |       | 4,347,328                                       |       | 108,572                                               |       | 275,000  |       | 4,455,900                       |       | 4,730,900 |       | 2,383,880                     |       | Apr-91 |   | Feb-91 |   | 5-27.5 |   |
| JESUP            |       | 570,521          |       | 19,375                      |       | 427,265                                         |       | 385,909                                               |       | 10,560   |       | 813,174                         |       | 823,734   |       | 394,833                       |       | Jul-92 |   | Jan-91 |   | 5-27.5 |   |
| LAKERIDGE        |       | 899,732          |       | 34,832                      |       | 1,103,517                                       |       | 19,875                                                |       | 34,832   |       | 1,123,392                       |       | 1,158,224 |       | 583,373                       |       | Apr-91 |   | Mar-91 |   | 5-50 |   |
| LAUREL VILLAGE   |       | 649,067          |       | 15,145                      |       | 256,421                                         |       | 574,246                                               |       | 15,145   |       | 830,667                         |       | 845,812   |       | 399,129                       |       | May-92 |   | Oct-91 |   | 5-27.5 |   |
| LOS CABALLOS     |       | 711,734          |       | 53,886                      |       | 1,006,731                                       |       | 26,621                                                |       | 26,943   |       | 1,033,352                       |       | 1,060,295 |       | 358,766                       |       | Aug-91 |   | Jul-91 |   | 5-27.5 |   |
| MARLBORO         |       | 820,314          |       | 26,176                      |       | 1,032,404                                       |       | 34,664                                                |       | 26,176   |       | 1,067,068                       |       | 1,093,244 |       | 566,479                       |       | Feb-91 |   | Mar-91 |   | 5-27.5 |   |
| MELVILLES        |       | 875,056          |       | 18,500                      |       | 1,103,074                                       |       | 84,837                                                |       | 18,500   |       | 1,187,911                       |       | 1,206,411 |       | 399,020                       |       | Oct-91 |   | Jul-91 |   | 7-40 |   |
| NANTY GLO        |       | 1,449,061        |       | 35,000                      |       | 1,869,757                                       |       | 124,024                                               |       | 35,000   |       | 1,993,781                       |       | 2,028,781 |       | 809,668                       |       | Jul-91 |   | Jun-91 |   | 5-27.5 |   |
| NEWNAN II        |       | 1,891,222        |       | 92,706                      |       | 3,868,800                                       |       | 50,252                                                |       | 92,706   |       | 3,919,052                       |       | 4,011,758 |       | 2,136,664                     |       | Oct-90 |   | Mar-91 |   | 7-27.5 |   |
| NYE COUNTY       |       | 1,338,843        |       | 60,000                      |       | 1,694,731                                       |       | 6,221                                                 |       | 60,000   |       | 1,700,952                       |       | 1,760,952 |       | 901,221                       |       | Apr-91 |   | May-91 |   | 5-27.5 |   |
| OAKLEIGH         |       | 896,015          |       | 57,500                      |       | 553,121                                         |       | 603,296                                               |       | 57,500   |       | 1,156,417                       |       | 1,213,917 |       | 382,017                       |       | Mar-92 |   | Aug-91 |   | 7-40 |   |
| OAKWOOD          |       | 887,163          |       | 52,000                      |       | 782,736                                         |       | 390,026                                               |       | 52,000   |       | 1,172,762                       |       | 1,224,762 |       | 391,642                       |       | Jan-92 |   | Aug-91 |   | 7-40 |   |
| PARKWOOD         |       | 2,691,139        |       | 316,667                     |       | 4,358,381                                       |       | 15,610                                                |       | 316,667  |       | 4,373,991                       |       | 4,690,658 |       | 2,280,036                     |       | May-91 |   | Mar-91 |   | 5-27.5 |   |
| PORTALES ESTATES |       | 1,413,530        |       | 66,500                      |       | 1,777,470                                       |       | 66,515                                                |       | 66,500   |       | 1,843,985                       |       | 1,910,485 |       | 963,456                       |       | Jul-91 |   | Jul-91 |   | 5-27.5 |   |
| PRAIRIE WEST     |       | 466,705          |       | 65,000                      |       | 983,964                                         |       | 34,992                                                |       | 75,906   |       | 1,018,956                       |       | 1,094,862 |       | 540,498                       |       | Sep-95 |   | Mar-91 |   | 5-27.5 |   |
| RIDGEWAY COURT   |       | 889,436          |       | 48,500                      |       | 1,039,377                                       |       | 28,498                                                |       | 48,500   |       | 1,067,875                       |       | 1,116,375 |       | 540,801                       |       | Jan-91 |   | Apr-91 |   | 5-27.5 |   |
| RIVER REACH      |       | 1,341,060        |       | 118,750                     |       | 1,656,515                                       |       | 17,993                                                |       | 118,750  |       | 1,674,508                       |       | 1,793,258 |       | 861,859                       |       | May-91 |   | May-91 |   | 7-27.5 |   |
| ROCKMOOR         |       | 554,910          |       | 30,000                      |       | 521,541                                         |       | 153,533                                               |       | 30,000   |       | 675,074                         |       | 705,074   |       | 218,545                       |       | Mar-91 |   | May-91 |   | 5-27.5 |   |
| RPI #22          |       | 529,548          |       | 0                           |       | 1,177,719                                       |       | 30,883                                                |       | 0        |       | 1,208,602                       |       | 1,208,602 |       | 602,653                       |       | Jul-91 |   | Jun-91 |   | 7-27.5 |   |
| SCOTT CITY       |       | 589,008          |       | 13,000                      |       | 764,225                                         |       | 12,737                                                | *          | 13,000   |       | 779,962                         |       | 789,962   |       | 270,133                       |       | Nov-91 |   | Jun-91 |   | 5-27.5 |   |
| SHAWNEE RIDGE    |       | 654,982          |       | 53,650                      |       | 801,129                                         |       | 21,058                                                |       | 53,650   |       | 822,187                         |       | 875,837   |       | 250,310                       |       | May-91 |   | May-91 |   | 5-27.5 |   |

 

F-113

----

 
|             |       |             |       | **Initial cost to company** |       | **Cost capitalized subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |      |       |                            |       |       |       | **Life on which**             |       |
|------------------|------------|------------------|------------|-----------------------------|------------|-------------------------------------------------|------------|-------------------------------------------------------|------------|-----------|------------|---------------------------------|------------|------------|------------|-------------------------------|------------|
| **Description**  | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings and  improvements**                 | ** ** | **Improvements**                                      | ** ** | **Land**  | ** ** | **Buildings and  improvements** | ** ** | **Total**  | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** |   |
| SPRINGFIELD      |       | 4,024,874        |       | 775,955                     |       | 9,620,653                                       |       | (223,219                                              | )          | 775,955   |       | 9,397,434                       |       | 10,173,389 |       | 4,546,450                     |       | Jun-91 |   | Jul-91 |   | 5-27.5 |   |
| STONEGATE MANOR  |       | 991,861          |       | 76,000                      |       | 1,265,168                                       |       | 9,560                                                 |       | 76,000    |       | 1,274,728                       |       | 1,350,728  |       | 674,038                       |       | Dec-90 |   | May-91 |   | 7-27.5 |   |
| TURNER LANE      |       | 708,351          |       | 31,530                      |       | 882,974                                         |       | 2,340                                                 |       | 31,530    |       | 885,314                         |       | 916,884    |       | 451,605                       |       | Jul-91 |   | May-91 |   | 7-27.5 |   |
| UNION BAPTIST    |       | 374,509          |       | 0                           |       | 1,151,557                                       |       | (401,966                                              | )          | 30,000    |       | 749,591                         |       | 779,591    |       | 392,127                       |       | Apr-91 |   | May-91 |   | 5-27.5 |   |
| VILLAS LAKERIDGE |       | 522,202          |       | 47,952                      |       | 605,356                                         |       | 3,728                                                 |       | 47,952    |       | 609,084                         |       | 657,036    |       | 313,481                       |       | Mar-91 |   | Mar-91 |   | 5-27.5 |   |
| WAYNESBORO       |       | 1,346,767        |       | 50,000                      |       | 1,455,507                                       |       | 102,940                                               |       | 50,000    |       | 1,558,447                       |       | 1,608,447  |       | 776,544                       |       | Jan-91 |   | Apr-91 |   | 5-27.5 |   |
| WINDSOR II       |       | 727,161          |       | 51,178                      |       | 887,455                                         |       | 13,323                                                |       | 51,178    |       | 900,778                         |       | 951,956    |       | 488,113                       |       | Nov-90 |   | Apr-91 |   | 7-27.5 |   |
| WOODCREST        |       | 696,358          |       | 42,000                      |       | 883,702                                         |       | 44,303                                                |       | 42,000    |       | 928,005                         |       | 970,005    |       | 316,466                       |       | Nov-91 |   | Jun-91 |   | 7-40 |   |
| WOODSIDE         |       | 1,133,606        |       | 19,383                      |       | 1,378,829                                       |       | (48,837                                               | )          | 145,555   |       | 1,329,992                       |       | 1,475,547  |       | 831,535                       |       | Mar-91 |   | Apr-91 |   | 5/40 |   |
|             |       |             |       |                        |       |                                            |       |                                                  |       |      |       |                            |       |       |       |                          |       |   |   |   |   |   |   |
|             |       | 56,667,461       |       | 4,031,412                   |       | 80,521,054                                      |       | 4,898,766                                             |       | 4,154,090 |       | 85,419,820                      |       | 89,573,910 |       | 39,102,496                    |       |   |   |   |   |   |   |

 

Since the OperatingPartnerships maintain a calendar year end, the information reported on thisschedule is as of December 31, 2004.

There we no carryingcosts as of December 31, 2004. The Column has been omitted for presentationpurposes.

 

F-114

----

 

Notes to Schedule III

Boston Capital Tax Credit Fund II Limited Partnership -Series 12

 

Reconciliation of Land, Building & Improvementscurrent 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-115

----

 
| 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-116

----

 
| 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-117

----

 
| 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-118

----

 
| Balance at close of period -  3/31/04 |   |    |        | $           | 116,752,000 |   |
|---------------------------------------|--------|---------|-------------|-------------|-------------|--------|
| Additions during period:              |   |    |        |        |        |
| Acquisitions through  foreclosure     |   | $       | 0           |        |        |   |
| Other acquisitions                    |   | 0       |        |        |        |
| Improvements, etc                     |   | 353,955 |        |        |        |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | $           | 353,955     |   |
| Deductions during period:             |   |    |        |        |        |
| Cost of real estate sold              |   | $       | (27,532,045 | )           |        |   |
| Other                                 |   | 0       |        |        |        |
|                                  |   |    |        | (27,532,045 | )           |
| Balance at close of period -  3/31/05 |   |    |        | $           | 89,573,910  |   |

 

F-119

----

 

Reconciliation of Accumulated Depreciation current yearchanges

 
| 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 |   |
| Current year expense                     |   | $      | 2,700,902  |   |       |   |
| Reduction of Real Estate sold            |   | $      | (7,417,658 | )      |       |   |
| Balance at close of period -  3/31/05    |   |   |       | $      | 39,102,496 |   |

 

F-120

----

 

Boston Capital Tax Credit Fund II Limited Partnership - Series 14Schedule III - Real Estate and Accumulated DepreciationMarch 31, 2005

(UNAUDITED)

 
|              |       |             |       | **Initial cost to company** |       | **Cost  capitalized subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |     |       |                            |       |      |       | **Life on which**             |       |
|-------------------|------------|------------------|------------|-----------------------------|------------|--------------------------------------------------|------------|-------------------------------------------------------|------------|----------|------------|---------------------------------|------------|-----------|------------|-------------------------------|------------|
| **Description**   | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings and  improvements**                  | ** ** | **Improvements**                                      | ** ** | **Land** | ** ** | **Buildings and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** |   |
| ADA VILLAGE       |       | 998,741          |       | 125,997                     |       | 1,201,080                                        |       | 8,041                                                 |       | 125,997  |       | 1,209,121                       |       | 1,335,118 |       | 477,749                       |       | Nov-93 |   | Jan-93 |   | 5-30 |   |
| AMHERST           |       | 1,559,626        |       | 60,000                      |       | 1,920,734                                        |       | 22,818                                                |       | 60,000   |       | 1,943,552                       |       | 2,003,552 |       | 940,843                       |       | Jan-92 |   | Jan-92 |   | 7-27.5 |   |
| BECKWOOD MANOR    |       | 1,241,700        |       | 35,000                      |       | 1,569,743                                        |       | 49,758                                                |       | 35,000   |       | 1,619,501                       |       | 1,654,501 |       | 780,813                       |       | Oct-92 |   | May-92 |   | 5-27.5 |   |
| BELMONT VILLAGE   |       | 906,699          |       | 64,312                      |       | 1,073,695                                        |       | 57,773                                                |       | 64,312   |       | 1,131,468                       |       | 1,195,780 |       | 410,953                       |       | Dec-91 |   | Jan-92 |   | 7-27.5 |   |
| BETHEL PARK       |       | 1,460,513        |       | 265,800                     |       | 1,310,374                                        |       | 525,406                                               |       | 117,500  |       | 1,835,780                       |       | 1,953,280 |       | 689,705                       |       | Mar-92 |   | Dec-91 |   | 5-40 |   |
| BLANCHARD VILLAGE |       | 210,491          |       | 42,000                      |       | 727,225                                          |       | (466,984                                              | )          | 23,726   |       | 260,241                         |       | 283,967   |       | 111,733                       |       | Sep-91 |   | Oct-91 |   | 7-40 |   |
| BLANCHARD SENIOR  |       | 585,771          |       | 42,000                      |       | 730,704                                          |       | 33,871                                                |       | 42,000   |       | 764,575                         |       | 806,575   |       | 248,501                       |       | Jul-93 |   | Jan-93 |   | 5-30 |   |
| BRANTWOOD         |       | 1,122,593        |       | 55,500                      |       | 1,382,381                                        |       | 17,715                                                |       | 55,500   |       | 1,400,096                       |       | 1,455,596 |       | 709,284                       |       | Sep-91 |   | Jul-91 |   | 7-27.5 |   |
| BRECKENRIDGE      |       | 851,158          |       | 21,500                      |       | 1,181,178                                        |       | (250                                                  | )          | 21,500   |       | 1,180,928                       |       | 1,202,428 |       | 441,865                       |       | Mar-92 |   | Jan-92 |   | 7-27.5 |   |
| BRIARWOOD II      |       | 1,462,518        |       | 90,000                      |       | 1,785,580                                        |       | (192,233                                              | )          | 90,000   |       | 1,593,347                       |       | 1,683,347 |       | 741,534                       |       | Apr-92 |   | Feb-92 |   | 7-27.5 |   |
| BRIDGE COALITION  |       | 0                |       | 0                           |       | 695,990                                          |       | 182,124                                               |       | 0        |       | 878,114                         |       | 878,114   |       | 375,035                       |       | Dec-91 |   | Jan-92 |   | 27.5 |   |
| BUCHANAN          |       | 711,734          |       | 63,275                      |       | 833,561                                          |       | 35,252                                                |       | 63,275   |       | 868,813                         |       | 932,088   |       | 473,631                       |       | Oct-90 |   | Jul-91 |   | 7-27.5 |   |
| CAPITAL HOUSING   |       | 1,321,193        |       | 178,000                     |       | 3,131,389                                        |       | 82,880                                                |       | 178,000  |       | 3,214,269                       |       | 3,392,269 |       | 1,613,556                     |       | Jan-91 |   | Aug-91 |   | 7-27.5 |   |
| CAPITOL ONE       |       | 681,225          |       | 35,000                      |       | 883,508                                          |       | 470                                                   |       | 35,000   |       | 883,978                         |       | 918,978   |       | 352,767                       |       | Aug-95 |   | Mar-95 |   | 5-27.5 |   |
| CARLETON COURT    |       | 2,928,599        |       | 94,360                      |       | 3,954,231                                        |       | 185,553                                               |       | 94,360   |       | 4,139,784                       |       | 4,234,144 |       | 1,466,503                     |       | Dec-91 |   | Dec-91 |   | 7-34 |   |
| CARRIAGE RUN      |       | 1,279,990        |       | 83,980                      |       | 1,046,960                                        |       | 562,338                                               |       | 83,980   |       | 1,609,298                       |       | 1,693,278 |       | 783,495                       |       | Apr-92 |   | Oct-91 |   | 7-27.5 |   |
| CEDARWOOD         |       | 1,388,132        |       | 61,698                      |       | 1,477,659                                        |       | 234,950                                               |       | 61,698   |       | 1,712,609                       |       | 1,774,307 |       | 516,558                       |       | Jan-92 |   | Oct-91 |   | 7-27.5 |   |
| CENTRAL VALLEY    |       | 1,788,358        |       | 141,353                     |       | 2,170,282                                        |       | 0                                                     |       | 141,353  |       | 2,170,282                       |       | 2,311,635 |       | 619,645                       |       | Dec-91 |   | Jan-92 |   | 5-50 |   |
| CHAPARRAL         |       | 683,014          |       | 38,972                      |       | 863,939                                          |       | 3,510                                                 |       | 38,972   |       | 867,449                         |       | 906,421   |       | 253,221                       |       | Jul-91 |   | Aug-91 |   | 7-50 |   |
| COLLEGE GREEN     |       | 3,926,802        |       | 225,000                     |       | 6,774,847                                        |       | 110,186                                               |       | 225,000  |       | 6,885,033                       |       | 7,110,033 |       | 2,581,739                     |       | Aug-95 |   | Mar-95 |   | 5-27.5 |   |
| COLORADO CITY     |       | 532,663          |       | 30,000                      |       | 608,138                                          |       | 49,956                                                |       | 30,000   |       | 658,094                         |       | 688,094   |       | 220,609                       |       | Oct-91 |   | Oct-91 |   | 7-40 |   |

 

F-121

----

 
|                     |       |             |       | **Initial cost to company** |       | **Cost capitalized subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |     |       |                            |       |      |       | **Life on which**             |       |
|--------------------------|------------|------------------|------------|-----------------------------|------------|-------------------------------------------------|------------|-------------------------------------------------------|------------|----------|------------|---------------------------------|------------|-----------|------------|-------------------------------|------------|
| **Description**          | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings and  improvements**                 | ** ** | **Improvements**                                      | ** ** | **Land** | ** ** | **Buildings and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** |   |
| COTTONWOOD               |       | 642,873          |       | 40,000                      |       | 775,242                                         |       | 133,957                                               |       | 40,000   |       | 909,199                         |       | 949,199   |       | 278,252                       |       | Jul-91 |   | Oct-91 |   | 7-40 |   |
| CRYSTAL SPRINGS          |       | 1,276,719        |       | 60,000                      |       | 1,574,032                                       |       | 64,428                                                |       | 60,000   |       | 1,638,460                       |       | 1,698,460 |       | 600,102                       |       | Jan-92 |   | Jan-92 |   | 7-27.5 |   |
| DAVIS VILLAGE            |       | 1,127,124        |       | 55,000                      |       | 1,456,778                                       |       | 29,229                                                |       | 55,000   |       | 1,486,007                       |       | 1,541,007 |       | 584,306                       |       | Sep-93 |   | Jan-93 |   | 5-30 |   |
| DERBY HOUSING            |       | 1,473,404        |       | 165,000                     |       | 3,451,914                                       |       | 59,393                                                |       | 165,000  |       | 3,511,307                       |       | 3,676,307 |       | 1,769,915                     |       | Sep-91 |   | Jun-91 |   | 7-27.5 |   |
| DEVENWOOD                |       | 854,262          |       | 76,000                      |       | 1,215,772                                       |       | 4,653                                                 |       | 76,000   |       | 1,220,425                       |       | 1,296,425 |       | 585,617                       |       | Jan-93 |   | Jul-92 |   | N/A |   |
| DUNCAN VILLAGE           |       | 1,082,962        |       | 83,875                      |       | 1,391,226                                       |       | 59,893                                                |       | 83,875   |       | 1,451,119                       |       | 1,534,994 |       | 550,876                       |       | Nov-93 |   | Jan-93 |   | 5-30 |   |
| EDISON VILLAGE           |       | 1,170,907        |       | 46,536                      |       | 1,425,180                                       |       | 50,223                                                |       | 46,536   |       | 1,475,403                       |       | 1,521,939 |       | 720,393                       |       | Feb-92 |   | Jul-91 |   | 7-27.5 |   |
| EXCELSIOR                |       | 611,700          |       | 70,000                      |       | 704,252                                         |       | 95,761                                                |       | 70,000   |       | 800,013                         |       | 870,013   |       | 427,963                       |       | Apr-91 |   | Feb-92 |   | 7-27.5 |   |
| FOUR OAKS HOUSING        |       | 875,862          |       | 48,000                      |       | 1,063,004                                       |       | 21,940                                                |       | 73,083   |       | 1,084,944                       |       | 1,158,027 |       | 503,956                       |       | Jun-92 |   | Mar-92 |   | 7-27.5 |   |
| FRANKLIN VISTA           |       | 910,528          |       | 49,520                      |       | 1,130,261                                       |       | (472,840                                              | )          | 49,520   |       | 657,421                         |       | 706,941   |       | 202,993                       |       | Apr-92 |   | Jan-92 |   | 7-27.5 |   |
| FRIENDSHIP               |       | 1,413,875        |       | 195,314                     |       | 1,639,123                                       |       | 191,501                                               |       | 213,230  |       | 1,830,624                       |       | 2,043,854 |       | 1,096,809                     |       | Jun-91 |   | Jan-92 |   | 7-27.5 |   |
| HARRISON CITY            |       | 1,452,063        |       | 35,521                      |       | 1,792,881                                       |       | 113,129                                               |       | 35,521   |       | 1,906,010                       |       | 1,941,531 |       | 916,127                       |       | Sep-92 |   | Jul-92 |   | 7-27.5 |   |
| HAVEN PARK PRTS III |       | 461,065          |       | 225,000                     |       | 1,177,089                                       |       | 742                                                   |       | 225,000  |       | 1,177,831                       |       | 1,402,831 |       | 434,791                       |       | Dec-89 |   | Jan-94 |   | 5-27.5 |   |
| HESSMER                  |       | 891,459          |       | 35,000                      |       | 380,289                                         |       | 824,076                                               |       | 35,000   |       | 1,204,365                       |       | 1,239,365 |       | 393,409                       |       | Apr-92 |   | Dec-91 |   | 7-40 |   |
| HILLMONT VILLAGE         |       | 866,835          |       | 38,000                      |       | 911,697                                         |       | 188,457                                               |       | 38,000   |       | 1,100,154                       |       | 1,138,154 |       | 526,213                       |       | Jan-92 |   | Sep-91 |   | 7-27.5 |   |
| HUGHES SPRINGS           |       | 773,628          |       | 35,000                      |       | 947,230                                         |       | 46,438                                                |       | 35,000   |       | 993,668                         |       | 1,028,668 |       | 318,329                       |       | Aug-91 |   | Oct-91 |   | 7-40 |   |
| HUNTERS RUN              |       | 1,417,565        |       | 120,000                     |       | 1,169,479                                       |       | 568,086                                               |       | 120,000  |       | 1,737,565                       |       | 1,857,565 |       | 852,412                       |       | Feb-92 |   | Dec-91 |   | 7-27.5 |   |
| IDEPENDENCE              |       | 1,060,490        |       | 103,901                     |       | 1,237,331                                       |       | 74,591                                                |       | 103,901  |       | 1,311,922                       |       | 1,415,823 |       | 672,885                       |       | Jun-91 |   | Aug-91 |   | 7-27.5 |   |
| JARRATT                  |       | 815,703          |       | 55,926                      |       | 1,028,925                                       |       | (47,947                                               | )          | 56,534   |       | 980,978                         |       | 1,037,512 |       | 480,968                       |       | Dec-91 |   | Oct-91 |   | 7-27.5 |   |

 

F-122

----

 
|              |       |             |       | **Initial cost to company** |       | **Cost capitalized subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |     |       |                            |       |      |       | **Life on which**             |       |
|-------------------|------------|------------------|------------|-----------------------------|------------|-------------------------------------------------|------------|-------------------------------------------------------|------------|----------|------------|---------------------------------|------------|-----------|------------|-------------------------------|------------|
| **Description**   | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings and  improvements**                 | ** ** | **Improvements**                                      | ** ** | **Land** | ** ** | **Buildings and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** |   |
| KILMARNOCK        |       | 803,145          |       | 44,000                      |       | 969,309                                         |       | 1,300                                                 |       | 44,000   |       | 970,609                         |       | 1,014,609 |       | 498,734                       |       | Apr-91 |   | Jul-91 |   | 7-27.5 |   |
| KING FISHER       |       | 155,530          |       | 21,000                      |       | 198,768                                         |       | 0                                                     |       | 21,000   |       | 198,768                         |       | 219,768   |       | 84,740                        |       | Dec-93 |   | Jan-93 |   | 5-30 |   |
| LA GAMA DEL BARIO |       | 655,117          |       | 110,000                     |       | 1,020,084                                       |       | 46,465                                                |       | 110,000  |       | 1,066,549                       |       | 1,176,549 |       | 476,022                       |       | Aug-92 |   | Jun-92 |   | 7-27.5 |   |
| LAKE ISABELLA     |       | 1,958,968        |       | 360,000                     |       | 2,036,815                                       |       | 229,471                                               |       | 360,000  |       | 2,266,286                       |       | 2,626,286 |       | 656,012                       |       | Jan-92 |   | Sep-91 |   | 5-50 |   |
| LAKEVIEW MEADOWS  |       | 1,487,439        |       | 99,580                      |       | 2,665,491                                       |       | 58,263                                                |       | 99,580   |       | 2,723,754                       |       | 2,823,334 |       | 1,399,291                     |       | Jun-92 |   | Jan-92 |   | 12-40 |   |
| LAKEWOOD TERRACE  |       | 3,307,904        |       | 124,707                     |       | 2,257,609                                       |       | 4,634,302                                             |       | 124,707  |       | 6,891,911                       |       | 7,016,618 |       | 3,142,637                     |       | Aug-89 |   | Nov-93 |   | 5-27.5 |   |
| LEXINGTON PARK    |       | 5,277,424        |       | 500,000                     |       | 7,754,757                                       |       | 247,154                                               |       | 500,000  |       | 8,001,911                       |       | 8,501,911 |       | 2,631,654                     |       | Dec-93 |   | Nov-91 |   | 7-27.5 |   |
| LEXINGTON VILLAGE |       | 201,923          |       | 23,814                      |       | 246,703                                         |       | 0                                                     |       | 23,814   |       | 246,703                         |       | 270,517   |       | 107,290                       |       | Nov-93 |   | Jan-93 |   | 5-30 |   |
| LONACONING        |       | 1,456,723        |       | 113,305                     |       | 181,203                                         |       | 1,558,889                                             |       | 113,305  |       | 1,740,092                       |       | 1,853,397 |       | 566,100                       |       | Sep-92 |   | Dec-91 |   | 5-27.5 |   |
| LOUIS ASSOCIATES  |       | 761,811          |       | 13,720                      |       | 1,038,651                                       |       | 57,452                                                |       | 13,720   |       | 1,096,103                       |       | 1,109,823 |       | 435,091                       |       | Jan-92 |   | Mar-92 |   | 7-27.5 |   |
| MAIDU             |       | 1,749,640        |       | 56,500                      |       | 5,108,838                                       |       | 92,353                                                |       | 56,500   |       | 5,201,191                       |       | 5,257,691 |       | 2,618,208                     |       | Dec-91 |   | Jan-92 |   | 7-27.5 |   |
| MARION MANOR      |       | 982,893          |       | 50,000                      |       | 1,237,671                                       |       | 63,964                                                |       | 50,000   |       | 1,301,635                       |       | 1,351,635 |       | 409,790                       |       | Jun-92 |   | Feb-92 |   | 7-27.5 |   |
| MAYSVILLE VILLAGE |       | 209,714          |       | 25,920                      |       | 255,681                                         |       | 0                                                     |       | 25,920   |       | 255,681                         |       | 281,601   |       | 111,354                       |       | Oct-93 |   | Jan-93 |   | 5-30 |   |
| MCCOMB FAMILY     |       | 988,283          |       | 30,000                      |       | 1,226,748                                       |       | 49,069                                                |       | 30,000   |       | 1,275,817                       |       | 1,305,817 |       | 518,414                       |       | Oct-91 |   | Oct-91 |   | 7-27.5 |   |
| MONTAGUE          |       | 1,118,143        |       | 0                           |       | 1,493,360                                       |       | 118,946                                               |       | 22,223   |       | 1,612,306                       |       | 1,634,529 |       | 724,270                       |       | Dec-91 |   | Dec-91 |   | 5-30 |   |
| NAVAPAI           |       | 866,449          |       | 53,480                      |       | 1,073,287                                       |       | 25,572                                                |       | 53,480   |       | 1,098,859                       |       | 1,152,339 |       | 349,843                       |       | Apr-91 |   | Jun-91 |   | 7-50 |   |
| NEVADA CITY       |       | 3,483,505        |       | 492,000                     |       | 3,954,179                                       |       | 135,550                                               |       | 492,000  |       | 4,089,729                       |       | 4,581,729 |       | 1,144,412                     |       | Oct-91 |   | Jan-92 |   | 5-27.5 |   |
| NEW RIVER         |       | 1,456,015        |       | 46,400                      |       | 1,279,522                                       |       | 544,807                                               |       | 46,400   |       | 1,824,329                       |       | 1,870,729 |       | 639,492                       |       | Feb-92 |   | Aug-91 |   | 7-27.5 |   |
| NEWELLTON         |       | 913,581          |       | 57,600                      |       | 1,161,263                                       |       | 54,145                                                |       | 57,600   |       | 1,215,408                       |       | 1,273,008 |       | 399,923                       |       | Apr-92 |   | Feb-92 |   | 7-40 |   |
| OAKLAND VILLAGE   |       | 835,896          |       | 38,400                      |       | 1,021,589                                       |       | 2,351                                                 |       | 58,014   |       | 1,023,940                       |       | 1,081,954 |       | 472,359                       |       | Aug-92 |   | May-92 |   | 7-27.5 |   |
| OKEMAH VILLAGE    |       | 666,221          |       | 27,752                      |       | 872,256                                         |       | 25,642                                                |       | 27,752   |       | 897,898                         |       | 925,650   |       | 352,984                       |       | May-93 |   | Jan-93 |   | 7-27.5 |   |

 

F-123

----

 
|             |       |             |       | **Initial cost to company** |       | **Cost  capitalized subsequent  to acquisition** |       | **Gross amount at which carried  at close of period** |       |     |       |                            |       |      |       | **Life on which**             |       |
|------------------|------------|------------------|------------|-----------------------------|------------|--------------------------------------------------|------------|-------------------------------------------------------|------------|----------|------------|---------------------------------|------------|-----------|------------|-------------------------------|------------|
| **Description**  | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings and  improvements**                  | ** ** | **Improvements**                                      | ** ** | **Land** | ** ** | **Buildings and  improvements** | ** ** | **Total** | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** |   |
| PARKWOOD         |       | 2,691,139        |       | 316,667                     |       | 4,358,381                                        |       | 15,610                                                |       | 316,667  |       | 4,373,991                       |       | 4,690,658 |       | 2,280,036                     |       | May-91 |   | Oct-91 |   | 7-27.5 |   |
| PINERIDGE        |       | 955,994          |       | 31,500                      |       | 494,515                                          |       | 779,903                                               |       | 31,500   |       | 1,274,418                       |       | 1,305,918 |       | 369,263                       |       | Mar-92 |   | Oct-91 |   | 7-27.5 |   |
| PITTSFIELD PARK  |       | 1,026,539        |       | 204,900                     |       | 781,557                                          |       | 662,212                                               |       | 58,000   |       | 1,443,769                       |       | 1,501,769 |       | 572,740                       |       | Jun-92 |   | Dec-91 |   | 5-30 |   |
| PLANTATION IV    |       | 1,391,666        |       | 77,000                      |       | 1,697,631                                        |       | 25,454                                                |       | 77,000   |       | 1,723,085                       |       | 1,800,085 |       | 851,884                       |       | Nov-91 |   | Dec-91 |   | 7-27.5 |   |
| PORTVILLE SQUARE |       | 879,733          |       | 66,206                      |       | 1,068,007                                        |       | 69,831                                                |       | 66,206   |       | 1,137,838                       |       | 1,204,044 |       | 402,660                       |       | Mar-92 |   | Mar-92 |   | 7-27.5 |   |
| PRAGUE VILLAGE   |       | 99,571           |       | 10,500                      |       | 157,060                                          |       | 0                                                     |       | 10,500   |       | 157,060                         |       | 167,560   |       | 70,367                        |       | Mar-93 |   | Jan-93 |   | 7-27.5 |   |
| RAINIER MANOR    |       | 3,592,148        |       | 521,000                     |       | 5,852,852                                        |       | 122,482                                               |       | 521,000  |       | 5,975,334                       |       | 6,496,334 |       | 2,051,230                     |       | Jan-93 |   | Mar-92 |   | 7-27.5 |   |
| ROSEWOOD MANOR   |       | 1,413,557        |       | 175,000                     |       | 1,605,480                                        |       | 15,094                                                |       | 175,000  |       | 1,620,574                       |       | 1,795,574 |       | 803,580                       |       | Nov-91 |   | Dec-91 |   | 7-27.5 |   |
| SAN JACINTO      |       | 2,329,755        |       | 288,000                     |       | 2,694,130                                        |       | 105,463                                               |       | 288,000  |       | 2,799,593                       |       | 3,087,593 |       | 833,903                       |       | Oct-91 |   | Jan-92 |   | 5-50 |   |
| SCHROON LAKE     |       | 1,019,571        |       | 78,000                      |       | 1,318,831                                        |       | 66,450                                                |       | 78,000   |       | 1,385,281                       |       | 1,463,281 |       | 626,854                       |       | Jan-92 |   | Nov-91 |   | 5-50 |   |
| SCOTT PARTNERS   |       | 1,028,130        |       | 60,000                      |       | 1,171,445                                        |       | 766,749                                               |       | 60,000   |       | 1,938,194                       |       | 1,998,194 |       | 791,132                       |       | Nov-91 |   | Oct-91 |   | 7-27.5 |   |
| SIOUX FALLS      |       | 892,633          |       | 82,406                      |       | 2,233,596                                        |       | 45,159                                                |       | 82,406   |       | 2,278,755                       |       | 2,361,161 |       | 1,156,456                     |       | Oct-91 |   | Nov-91 |   | 7-27.5 |   |
| SMITHVILLE       |       | 1,221,993        |       | 79,790                      |       | 1,465,210                                        |       | 112,105                                               |       | 79,790   |       | 1,577,315                       |       | 1,657,105 |       | 852,740                       |       | May-91 |   | Feb-92 |   | 7-27.5 |   |
| SOUTH FULTON     |       | 654,232          |       | 34,000                      |       | 794,896                                          |       | 21,948                                                |       | 34,000   |       | 816,844                         |       | 850,844   |       | 320,654                       |       | Aug-91 |   | Oct-91 |   | 7-27.5 |   |
| STANDARDVILLE    |       | 574,383          |       | 29,500                      |       | 691,006                                          |       | 0                                                     |       | 29,500   |       | 691,006                         |       | 720,506   |       | 249,191                       |       | Nov-91 |   | Apr-92 |   | 5-40 |   |
| ST BARNABAS      |       | 1,154,975        |       | 43,335                      |       | 1,520,445                                        |       | 50,056                                                |       | 43,335   |       | 1,570,501                       |       | 1,613,836 |       | 440,755                       |       | Dec-91 |   | Oct-91 |   | 7-27.5 |   |
| SUMMERLANE       |       | 862,226          |       | 48,700                      |       | 1,010,651                                        |       | (1                                                    | )          | 48,700   |       | 1,010,650                       |       | 1,059,350 |       | 501,595                       |       | Nov-91 |   | Jul-91 |   | 7-27.5 |   |
| TIONESTA MANOR   |       | 1,401,142        |       | 229,850                     |       | 1,666,675                                        |       | 130,623                                               |       | 229,850  |       | 1,797,298                       |       | 2,027,148 |       | 912,391                       |       | Jan-92 |   | Feb-92 |   | 7-27.5 |   |

 

F-124

----

 
|              |       |             |       | **Initial cost to company** |       | **Cost capitalized subsequent to  acquisition** |       | **Gross amount at which carried  at close of period** |       |      |       |                            |       |        |       | **Life on which**             |       |
|-------------------|------------|------------------|------------|-----------------------------|------------|-------------------------------------------------|------------|-------------------------------------------------------|------------|-----------|------------|---------------------------------|------------|-------------|------------|-------------------------------|------------|
| **Description**   | ** ** | **Encumbrances** | ** ** | **Land**                    | ** ** | **Buildings and  improvements**                 | ** ** | **Improvements**                                      | ** ** | **Land**  | ** ** | **Buildings and  improvements** | ** ** | **Total**   | ** ** | **Accumulated  depreciation** | ** ** | **Date of  construction** | ** ** | **Date  acquired** | ** ** | **depreciation  is computed** |   |
| TITUSVILLE        |       | 1,215,842        |       | 85,280                      |       | 1,235,975                                       |       | 254,538                                               |       | 85,280    |       | 1,490,513                       |       | 1,575,793   |       | 730,716                       |       | Jan-92 |   | Dec-91 |   | 7-27.5 |   |
| TOANO III         |       | 696,147          |       | 56,266                      |       | 874,381                                         |       | 5,760                                                 |       | 56,266    |       | 880,141                         |       | 936,407     |       | 456,771                       |       | Jul-91 |   | Jul-91 |   | 7-27.5 |   |
| TOPSHAM           |       | 1,106,983        |       | 135,552                     |       | 1,458,644                                       |       | 13,619                                                |       | 135,552   |       | 1,472,263                       |       | 1,607,815   |       | 500,104                       |       | Aug-92 |   | Nov-91 |   | 10-40 |   |
| TOWNVIEW          |       | 1,355,517        |       | 87,238                      |       | 1,713,135                                       |       | 144,892                                               |       | 87,238    |       | 1,858,027                       |       | 1,945,265   |       | 678,871                       |       | Oct-91 |   | Sep-91 |   | 5-27.5 |   |
| TYRONE HOUSING    |       | 1,454,863        |       | 138,700                     |       | 1,850,252                                       |       | 181,916                                               |       | 49,050    |       | 2,032,168                       |       | 2,081,218   |       | 739,688                       |       | Jan-92 |   | Dec-91 |   | 5-40 |   |
| VICTORIA          |       | 1,336,685        |       | 12,500                      |       | 1,733,581                                       |       | 21,308                                                |       | 12,500    |       | 1,754,889                       |       | 1,767,389   |       | 839,038                       |       | Jun-92 |   | Jan-92 |   | 5-27.5 |   |
| VILLAGE TERRACE   |       | 651,781          |       | 63,000                      |       | 1,529,691                                       |       | 800                                                   |       | 63,000    |       | 1,530,491                       |       | 1,593,491   |       | 761,170                       |       | Sep-91 |   | May-92 |   | 5-40 |   |
| WASHINGTON        |       | 1,130,588        |       | 72,396                      |       | 1,494,696                                       |       | 59,210                                                |       | 72,396    |       | 1,553,906                       |       | 1,626,302   |       | 762,864                       |       | Aug-91 |   | Jul-91 |   | 7-27 |   |
| WESLEY VILLAGE    |       | 1,286,148        |       | 44,750                      |       | 347,831                                         |       | 1,266,596                                             |       | 44,750    |       | 1,614,427                       |       | 1,659,177   |       | 541,864                       |       | Jun-92 |   | Oct-91 |   | 5-27.5 |   |
| WILDWOOD          |       | 1,241,791        |       | 94,949                      |       | 1,498,290                                       |       | 30,956                                                |       | 94,949    |       | 1,529,246                       |       | 1,624,195   |       | 543,636                       |       | Oct-91 |   | Oct-91 |   | 5-40 |   |
| WOODFIELD COMMONS |       | 654,691          |       | 66,533                      |       | 2,478,583                                       |       | 147,139                                               |       | 83,066    |       | 2,625,722                       |       | 2,708,788   |       | 943,580                       |       | Jun-91 |   | Sep-91 |   | 12-40 |   |
| WOODSIDE          |       | 1,191,646        |       | 44,000                      |       | 1,472,335                                       |       | 23,638                                                |       | 44,000    |       | 1,495,973                       |       | 1,539,973   |       | 731,966                       |       | Oct-91 |   | Nov-91 |   | 7-27.5 |   |
| WYNNEWOOD VILLAGE |       | 381,385          |       | 41,987                      |       | 521,591                                         |       | 11,679                                                |       | 41,987    |       | 533,270                         |       | 575,257     |       | 225,561                       |       | Nov-93 |   | Jan-93 |   | 5-27.5 |   |
| YORKSHIRE         |       | 903,928          |       | 29,265                      |       | 1,079,451                                       |       | 81,270                                                |       | 29,265    |       | 1,160,721                       |       | 1,189,986   |       | 588,211                       |       | Sep-91 |   | Aug-91 |   | 5-27.5 |   |
|              |       |             |       |                        |       |                                            |       |                                                  |       |      |       |                            |       |        |       |                          |       |   |   |   |   |   |   |
|              |       | 111,954,250      |       | 8,928,288                   |       | 146,719,491                                     |       | 16,686,998                                            |       | 8,627,141 |       | 163,406,489                     |       | 172,033,630 |       | 67,596,146                    |       |   |   |   |   |   |   |

 

Since the OperatingPartnerships maintain a calendar year end, the information reported on thisschedule is as of December 31, 2004

There we no carryingcosts as of December 31, 2004.  TheColumn has been omitted for presentation purposes.

 

F-125

----

 

Notes to Schedule III

Boston Capital Tax Credit Fund II Limited Partnership -Series 14

 

Reconciliation of Land, Building & Improvementscurrent 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-126

----

 
| 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-127

----

 
| 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-128

----

 
| 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-129

----

 
| Balance at close of period -  3/31/04 |   |     |        | $           | 206,152,401 |   |
|---------------------------------------|--------|----------|-------------|-------------|-------------|--------|
| Additions during period:              |   |     |        |        |        |
| Acquisitions through  foreclosure     |   | $        | 0           |        |        |   |
| Other acquisitions                    |   | 0        |        |        |        |
| Improvements, etc                     |   | (194,104 | )           |        |        |
| Other                                 |   | 0        |        |        |        |
|                                  |   |     |        | $           | (194,104    | )      |
| Deductions during period:             |   |     |        |        |        |
| Cost of real estate sold              |   | $        | (33,924,667 | )           |        |   |
| Other                                 |   | 0        |        |        |        |
|                                  |   |     |        | (33,924,667 | )           |
| Balance at close of period -  3/31/05 |   |     |        | $           | 172,033,630 |   |

 

F-130

----

 

Reconciliationof Accumulated Depreciation current 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 |   |
| Current year expense                     |   | $          | 4,795,316 |   |       |   |
| Reduction for Real Estate Sold           |   | (9,135,279 | )         |   |       |
| Balance at close of period -  3/31/05    |   |       |      | $      | 67,596,146 |   |

 

F-131

----