NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At June 30, 2011 and 2010 the Partnership had limited partnership interests in 126 and 135 Operating Partnerships, respectively, which own apartment complexes. The number of Operating Partnerships in which the Partnership had limited partnership interests at June 30, 2011 and 2010 by series is as follows:

	2011	2010
Series 7	-	-
Series 9	22	24
Series 10	16	16
Series 11	16	17
Series 12	23	25
Series 14	49	53

	126	135

Under the terms of the Partnership's investment in each Operating Partnership, the Partnership is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.

The contributions payable at June 30, 2011 and 2010 by series are as
follows:

	2011	2010
Series 7	$ -	$ -
Series 9	-	-
Series 10	-	-
Series 11	-	-
Series 12	9,241	9,241
Series 14	160,733	160,733

	$169,974	$169,974

During the three months ended June 30, 2011 the Partnership disposed of four Operating Partnerships and received additional proceeds from two Operating Partnerships disposed of in the prior year. A summary of the dispositions by Series for June 30, 2011 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 7	-	-	$	-	$	-
Series 9	2	-		140,000		140,000
Series 10	-	-		-		-
Series 11	-	-		54,381		54,381
Series 12	-	-		44,097		44,097
Series 14	1	1		397,317		397,317
Total	3	1	$	635,795	$	635,795

During the three months ended June 30, 2010 the Partnership disposed of one Operating Partnership and received additional proceeds from two Operating Partnerships disposed of in the prior year. A summary of the dispositions by Series for June 30, 2010 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 7	-	-	$	-	$	-
Series 9	-	-		-		-
Series 10	-	-		6,276		6,276
Series 11	-	-		-		-
Series 12	-	1		-		-
Series 14	-	-		73,862		73,862
Total	-	1	$	80,138	$	80,138

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership's investment in the Operating Partnership. As such, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

The Partnership's fiscal year ends March 31 of each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership agreement, financial results for each of the Operating Partnerships are provided to the Partnership within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the three months ended March 31, 2011.

		2011	2010

Revenues
	Rental	$ 5,904,418	$ 6,522,076
	Interest and other	137,976	167,714
		6,042,394	6,689,790

Expenses
	Interest	898,220	1,079,301
	Depreciation and amortization	1,409,074	1,594,195
	Operating expenses	4,296,128	4,872,162
		6,603,422	7,545,658

NET LOSS		$ (561,028)	$ (855,868)

	Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$ (555,418)	$ (847,309)


	Net loss allocated to other partners	$ (5,610)	$ (8,559)

*Amounts include $555,418 and $847,309 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

The Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Partnership adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Series 7

		2011	2010

Revenues
	Rental	$ -	$ -
	Interest and other	-	-
		-	-

Expenses
	Interest	-	-
	Depreciation and amortization	-	-
	Operating expenses	-	-
		-	-

NET LOSS		$ -	$ -

	Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$ -	$ -


	Net loss allocated to other partners	$ -	$ -

*Amounts include $0 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

Series 9

		2011	2010

Revenues
	Rental	$ 1,141,919	$ 1,229,189
	Interest and other	26,543	35,209
		1,168,462	1,264,398

Expenses
	Interest	190,508	197,734
	Depreciation and amortization	287,777	294,024
	Operating expenses	777,709	1,001,686
		1,255,994	1,493,444

NET LOSS		$ (87,532)	$ (229,046)

	Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$ (86,657)	$ (226,756)


	Net loss allocated to other partners	$ (875)	$ (2,290)

*Amounts include $86,657 and $226,756 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

Series 10

		2011	2010

Revenues
	Rental	$ 637,868	$ 624,475
	Interest and other	8,555	12,984
		646,423	637,459

Expenses
	Interest	92,961	94,983
	Depreciation and amortization	150,454	157,400
	Operating expenses	492,287	516,482
		735,702	768,865

NET LOSS		$ (89,279)	$ (131,406)

	Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$ (88,386)	$ (130,092)


	Net loss allocated to other partners	$ (893)	$ (1,314)

*Amounts include $88,386 and $130,092 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

Series 11

		2011	2010

Revenues
	Rental	$ 811,788	$ 1,161,604
	Interest and other	11,533	25,080
		823,321	1,186,684

Expenses
	Interest	91,059	190,267
	Depreciation and amortization	197,148	302,629
	Operating expenses	572,534	753,482
		860,741	1,246,378

NET LOSS		$ (37,420)	$ (59,694)

	Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$ (37,046)	$ (59,097)


	Net loss allocated to other partners	$ (374)	$ (597)

*Amounts include $37,046 and $59,097 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

Series 12

		2011	2010

Revenues
	Rental	$ 908,254	$ 917,338
	Interest and other	50,090	37,563
		958,344	954,901

Expenses
	Interest	155,312	152,642
	Depreciation and amortization	191,612	213,350
	Operating expenses	662,105	647,370
		1,009,029	1,013,362

NET LOSS		$ (50,685)	$ (58,461)

	Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$ (50,178)	$ (57,876)


	Net loss allocated to other partners	$ (507)	$ (585)

*Amounts include $50,178 and $57,876 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

Series 14

		2011	2010

Revenues
	Rental	$ 2,404,589	$ 2,589,470
	Interest and other	41,255	56,878
		2,445,844	2,646,348

Expenses
	Interest	368,380	443,675
	Depreciation and amortization	582,083	626,792
	Operating expenses	1,791,493	1,953,142
		2,741,956	3,023,609

NET LOSS		$ (296,112)	$ (377,261)

	Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$ (293,151)	$ (373,488)


	Net loss allocated to other partners	$ (2,961)	$ (3,773)

*Amounts include $293,151 and $373,488 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.