U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                   FORM 10-QSB


(Mark One)
     (X) Quarterly Report Under Section 13 or 15(d) of
         the Securities Exchange Act of 1934

         For the Quarterly period ended September 30, 2001


     ( ) Transition Report Under Section 13 or 15(d) of the Exchange Act For the
         Transition period from _____________  to


                         Commission File Number: 0-21604


             Common Goal Health Care Pension and Income Fund L.P. II
        (Exact name of small business issuer as specified in its charter)


            Delaware                                           36-3644837
---------------------------------                       ------------------------
   (State or other Jurisdiction                              (I.R.S. Employer
of incorporation or organization)                         Identification Number)


                        1100 Ocean Shore Blvd., Suite 10
                             Ormond Beach, FL 32176
                         ------------------------------
                    (Address of principal executive offices)


                                 (904) 441-6633

                           (Issuer's telephone number)


Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. YES _X_   NO

<PAGE>
                         PART 1 - Financial Information

Item 1.  Financial Statements

             COMMON GOAL HEALTH CARE PENSION AND INCOME FUND L.P. II
                        (A Delaware Limited Partnership)

                                 Balance Sheets

<TABLE>
<CAPTION>
                                                                  September 30,       December 31,
                                                                      2001               2000
                                                                      ----               ----
                                                                  (Unaudited)

                                     Assets
                                     ------
<S>                                                              <C>                 <C>
Cash and cash equivalents                                        $   456,036            431,399
Due from affiliates                                                                      74,994
Accrued interest receivable                                           30,217             60,730
Mortgage loans receivable                                          1,250,000          1,250,000
Note receivable                                                       46,731                  -
                                                                 -----------         ----------

Total Assets                                                     $ 1,782,984         $1,817,123
                                                                 ===========         ==========
                        Liabilities and Partners' Capital
                        ---------------------------------
   Liabilities
   -----------
Due to affiliates                                                $    52,634         $   55,070
Accrued distributions                                                 45,604             43,140
Deferred revenue                                                     400,000            400,000
                                                                 -----------         ----------
            Total Liabilities                                        498,238            498,210

   Partners' capital:
   ------------------
         General partner                                              56,358             53,752
         Limited partner                                           1,228,388          1,265,161
                                                                 -----------         ----------
            Total partners' capital                                1,284,746          1,318,913
                                                                 -----------         ----------
Total Liabilities and Partners' Capital                          $ 1,782,984         $1,817,123
                                                                 ===========         ==========
</TABLE>

See accompanying notes

                                       2
<PAGE>
             COMMON GOAL HEALTH CARE PENSION AND INCOME FUND L.P. II
                        (A Delaware Limited Partnership)

                              Statements of Income
                                   (Unaudited)

<TABLE>
<CAPTION>
                                       NINE MONTHS ENDED            THREE MONTHS ENDED
                                    Sept 30,       Sept 30,       Sept 30,       Sept 30,
                                      2001           2000           2001           2000
                                      ----           ----           ----           ----
<S>                                 <C>            <C>            <C>            <C>
Revenue
-------
      Interest Income               $175,157       $175,626         56,126         55,103
          Other Income                11,427              -              -              -
                                    --------       --------       --------       --------
      Total Revenue                  186,584        175,626         56,126         55,103

Expenses
--------
      Professional fees               76,038         43,088         34,759          9,732
      Fees to affiliates:
      Management                       3,752          4,685          1,128          1,191
      Mortgage Servicing                 750            771            250            208
      Other                            1,798          2,252            546            402
                                    --------       --------       --------       --------
         Total Expenses               82,338         50,796         36,683         11,533

      Net Income and
      Comprehensive Income          $104,246       $124,830       $ 19,443       $ 43,570
                                    ========       ========       ========       ========

Net Income allocated to
general partners - 2.5%             $  2,606       $  3,121            486          1,089

Net Income allocated to
limited partners - 97.5%             101,640        121,709         18,957         42,481
                                    --------       --------       --------       --------
                                    $104,246       $124,830       $ 19,443       $ 43,570
                                    ========       ========       ========       ========

Basic earnings per limited
partner unit                        $    .20       $    .24       $    .04       $    .08
                                    ========       ========       --------       --------
Weighted average limited             522,116        522,116        522,116        522,116
partner units outstanding           ========       ========       ========       ========
</TABLE>

See accompanying notes.

                                       3
<PAGE>
             COMMON GOAL HEALTH CARE PENSION AND INCOME FUND L.P. II
                        (A Delaware Limited Partnership)

                         Statements of Partners' Capital
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                  NINE  MONTHS ENDED
                                                                     SEPTEMBER 30
                                 -------------------------------------------------------------------------------------
                                                  2001                                         2000
                                 ----------------------------------------    -----------------------------------------
                                                                  TOTAL                                      TOTAL
                                    GENERAL       LIMITED       PARTNERS'       GENERAL       LIMITED       PARTNERS'
                                   PARTNERS      PARTNERS        CAPITAL       PARTNERS       PARTNERS       CAPITAL
                                 ----------------------------------------    -----------------------------------------
<S>                              <C>           <C>            <C>            <C>            <C>            <C>
Balance at beginning of period   $    53,752   $ 1,265,161    $ 1,318,913    $    49,600    $ 1,273,949    $ 1,323,549

Net income                             2,606       101,640        104,246          3,121        121,709        124,830

Distributions to partners                  -      (138,413)      (138,413)                     (127,586)      (127,586)
                                 -----------   -----------    -----------    -----------    -----------    -----------

Balance at end of period         $    56,358   $ 1,228,388    $ 1,284,746    $    52,721    $ 1,268,072    $ 1,320,793
                                 ===========   ===========    ===========    ===========    ===========    ===========
</TABLE>

See accompanying notes

                                       4
<PAGE>
             COMMON GOAL HEALTH CARE PENSION AND INCOME FUND L.P. II
                        (A Delaware Limited Partnership)

                            Statements of Cash Flows
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                        NINE MONTHS ENDED
                                                                        -----------------
                                                                       Sept 30,     Sept 30,
                                                                        2001         2000
                                                                        ----         ----
<S>                                                                  <C>          <C>
Cash flows from operating activities:
         Net income                                                  $ 104,246    $ 124,830
         Adjustments to reconcile net income to net cash
           provided by operating activities:
                  Decrease (increase) in due from affiliates            74,994      (58,957)
                  Decrease (increase) in interest receivable            30,513       (4,784)
                  Decrease (increase) in note receivable               (46,731)
                  Increase (decrease) in due to affiliates              (2,436)       2,706
                  Decrease (increase) in mortgage
                      loan receivable                                                57,945
                                                                     ---------    ---------
                      Net cash provided by operating activities        160,586      121,740
                                                                     ---------    ---------

Cash flows from financing activities:
         Distributions to limited partners                            (135,949)    (123,419)
                                                                     ---------    ---------

           Net cash used in financing activities                      (135,949)    (123,419)
                                                                     ---------    ---------

Net increase in cash and cash equivalents:                              24,637       (1,679)

Cash and cash equivalents, beginning of period                         431,399      423,207
                                                                     ---------    ---------

Cash and cash equivalents, end of period                             $ 456,036    $ 421,528
                                                                     =========    =========
</TABLE>

See accompanying notes.

                                       5
<PAGE>
                             COMMON GOAL HEALTH CARE
                         PENSION AND INCOME FUND L.P. II
                        (A Delaware Limited Partnership)

                          Notes to Financial Statements
                                   (Unaudited)
                               September 30, 2001


(1)      Organization and Summary of Significant Accounting Policies
         -----------------------------------------------------------

         Common Goal Health Care Pension and Income Fund L.P. II (Partnership)
         was formed on May 9, 1989, to invest in and make mortgage loans to
         third parties and affiliates involved in health care. On July 2, 1990,
         the Partnership commenced operations, having previously sold more than
         the specified minimum of 117,650 units ($1,176,500). The Partnership's
         offering terminated January 11, 1992 with the Partnership having sold
         522,116 Units ($5,221,160).

         The general partners are Common Goal Capital Group, Inc. II, the
         managing general partner, and Common Goal Limited Partnership II, the
         associate general partner. Under the terms of the Partnership's
         agreement of limited partnership ("Partnership Agreement"), the general
         partners are not required to make any additional capital contributions
         except under certain limited circumstances upon termination of the
         Partnership.

         Under the terms of the Partnership Agreement, the Partnership is
         required to pay a quarterly management fee to the managing general
         partner equal to 1% per annum of adjusted contributions, as defined. A
         mortgage servicing fee equal to .25% per annum of the Partnership's
         outstanding mortgage loan receivable principal amount also is to be
         paid to Common Goal Mortgage Company, an affiliate of the general
         partners. Additionally, under the terms of the Partnership Agreement,
         the Partnership is required to reimburse the managing general partner
         for certain operating expenses.

         The Partnership classifies all short-term investments with maturities
         at date of purchase of three months or less as cash equivalents.

         Mortgage loans that have virtually the same risk and potential rewards
         as joint ventures are accounted for and classified as investments in
         operating properties. Cash received related to investments in operating
         properties is recognized as interest income to the extent that such
         properties have earnings prior to the recognition of the distribution
         of cash to the Partnership; otherwise, such cash is recorded as a
         reduction of the related investments.

                                       6
<PAGE>
         An allowance for loan losses will be provided, if necessary, at a level
         which the Partnership's management considers adequate based upon an
         evaluation of known and inherent risks in the loan portfolio. Currently
         management believes no allowance for loan losses is necessary.

         No provision for income taxes has been recorded as the liability of
         such taxes is that of the partners rather than the Partnership.

         Earnings per limited partner unit is computed based on the weighted
         average limited partner units outstanding for the period.

         The accompanying unaudited financial statements as of and for the nine
         months ended September 30, 2001 and 2000 are the representation of
         management and reflect all adjustments that are, in the opinion of
         management, necessary to a fair presentation of the financial position
         and results of operations of the Partnership. All such adjustments are
         normal and recurring. These results are not necessarily indicative of
         the results for the entire year.

         These financial statements should be read in conjunction with the
         Company's financial statements and notes included in the Annual Report
         on Form 10-KSB filed by the Company with the Securities and Exchange
         Commission on April 16, 2001.

(2)      Mortgage Loans Receivable
         -------------------------

                  St. Catherine's Loans.
                  ---------------------

         The principal balances outstanding for these loans as of September 30,
         2001 were as follows:
<TABLE>
<CAPTION>
                                           Second Mortgage Loans    Third Mortgage Loans
                                           ---------------------    --------------------

         <S>                                     <C>                    <C>
         St. Catherine's of Tiffin               $  51,500              $  51,281
         St. Catherine's of Bloomville              36,000                173,425
         St. Catherine's of Fostoria               102,000                113,550
         St. Catherine's of Findlay                142,500                126,379
         St. Catherine's of Washington
             Court House                            68,000                385,365
                                                 ---------              ---------
                                                   400,000              $ 850,000
                                                 =========              =========
</TABLE>

         As of September 30, 2001, the second and third Mortgage Loans were
         current as to regular interest. On April 20, 2001, the Partnership
         and the Borrowers agreed to: (i) extend the terms of the second and
         third Mortgage Loans, which matured on April 20, 2001 to April 20,
         2004, so that the second and third Mortgage Loans would be coterminous
         with the underlying first mortgage; (ii) adjust the applicable annual
         interest rate payable under the second Mortgage Loans from and after
         April 20, 2001 to 9.75%; and (iii) adjust the applicable annual
         interest rate payable under the third Mortgage Loans from and after

                                       7
<PAGE>
         April 20, 2001, to 10.75% and (iv) require the St Catherine's Care
         Centers to pay extension fees to the Partnership totalling $10,500.
         The $10,500 extension fee was paid on August 31, 2001. As of September
         30, 2001 the Partnership was owed $30,217 for interest accrued during
         the third quarter for the second and third Mortgage Loans. The
         Borrowers are current in their payments on the second and third
         Mortgage Loans. Additionally, as of September 30, 2001, the
         Partnership was owed $46,731 from St. Catherine's Care Centers
         pursuant to the promissory note agreement entered into by the two
         entities in connection with the refinancing of the Mortgage loans on
         April 20, 2001. As of that April date, the Partnership was owed
         $69,294 for all late interest and fees on the third mortgages. The
         promissory note, signed April 20, 2001, bears interest at an annual
         rate of 7% and is payable in monthly installments over twelve months.
         The Borrowers are current in their payments on this note. As of
         September 30, 2001, the Partnership has received principal and
         interest payments of $22,563 and $1,420, respectively.

(3)      Partner's Capital
         -----------------

         On July 15, 2001, the Partnership paid an accrued distribution of
         $49,124 ($.09 per unit) to Limited Partner unitholders of record at
         June 15, 2001. On October 15, 2001, the Partnership paid an accrued
         distribution of $45,604 ($.09 per unit) to Limited Partner unitholders
         of record at September 15, 2001.

Item 2. Management's Discussion and Analysis or Plan of Operation.
        ---------------------------------------------------------

         General
         -------

         Some statements in this Form 10-QSB are forward looking and actual
         results may differ materially from those stated. As discussed herein,
         among the factors that may affect actual results are changes in the
         financial condition of the borrower and/or anticipated changes in
         expenses or capital expenditures.

         Common Goal Health Care Pension and Income Fund L.P. II, a Delaware
         limited partnership (the "Partnership"), was formed to make mortgage
         loans secured by a mix of first and junior liens on health care-related
         properties. The Partnership commenced its offering of Units to the
         public on January 12, 1990, and commenced operations on July 2, 1990
         (having sold the Minimum Number of Units as of that date). After having
         raised $5,221,160 by selling Units to 483 investors, the Partnership
         terminated the public offering on January 11, 1992. The Partnership
         holds ten mortgage loans (the "Mortgage Loans"), consisting of second
         and third positions, secured by properties owned by affiliated entities
         (the "St. Catherine's Care Centers").

         The Partnership's Mortgage Loans pay Basic Interest that is payable at
         higher rates than are being earned on temporary investments and provide
         for payments of Additional Interest and Participations. The movement of
         funds from Mortgage Loans to short-term investments has increased the
         Partnership's overall liquidity, but has lowered expected interest
         income. The Partnership has structured its Mortgage Loans to provide
         for payment of quarterly distributions to Limited Partners from
         investment income.

                                       8
<PAGE>
         Liquidity and Capital Resources
         -------------------------------

         Partnership assets decreased from $1,817,123 at December 31, 2000 to
         $1,782,984 at September 30, 2001. The decrease of $34,139 resulted
         primarily from cash distributions during the period ($138,413), being
         partially offset by net earning for the period ($104,246). As of
         September 30, 2001 the Partnership's loan portfolio consisted of ten
         mortgage loans secured by properties owned by affiliated entities (the
         "St. Catherine's Care Centers"), the aggregate outstanding principal
         balance of which was $ 1,250,000.

         The Partnership has structured its Mortgage Loans to provide for
         payment of quarterly distributions from investment income. The
         interest derived from the Mortgage Loans, repayments of Mortgage Loans
         and interest earned on short-term investments contribute to the
         Partnership's liquidity. These funds are used to make cash
         distributions to Limited Partners and to pay normal operating expenses
         as they arise.

         The Partnership intends to maintain working capital reserves equal to
         approximately 2% of gross proceeds of the offering (approximately
         $104,423), an amount that is anticipated to be sufficient to satisfy
         liquidity requirements. The Managing General Partner continues
         monitoring the level of working capital reserves.

         The second and third Mortgage Loans were current as to regular
         interest as of September 30, 2001. As of September 30, 2001 the
         Partnership was owed $30,217 for interest accrued during the third
         quarter for the second and third Mortgage Loans. The Borrowers are
         current in their payments on the second and third Mortgage Loans.
         Additionally, as of September 30, 2001, the Partnership was owed
         $46,731 from St. Catherine's Care Centers pursuant to the promissory
         note agreement entered into by the two entities in connection with the
         refinancing of the Mortgage loans on April 20, 2001. As of that April
         date, the Partnership was owed $69,294 for all late interest and fees
         on the third mortgages. The promissory note, signed April 20, 2001,
         bears interest at an annual rate of 7% and is payable in monthly
         installments over twelve months. The Borrowers are current in their
         payments on this note. As of September 30, 2001, the Partnership has
         received principal and interest payments of $22,563 and $1,420,
         respectively.

         The April 20, 2001 maturity date of the senior debt secured by the St.
         Catherine's Care Centers' properties (the "Senior Debt"), as well as of
         the Partnership's Mortgage Loans, has been extended to April 20, 2004
         as further described below.

                    The St. Catherine's Care Centers have refinanced the Senior
                    Debt. The refinanced Senior Debt has a term of three years
                    and a fixed interest rate of 8.25% per year (the "Senior
                    Debt Rate"). As of April 20, 2001, the Partnership and the
                    St. Catherine's Care Centers entered into agreements to: (i)
                    extend the terms of the second and third Mortgage Loans, so
                    that the maturity dates will coincide with maturity date of
                    refinanced Senior Debt (April 20, 2004); (ii) adjust the
                    applicable annual interest rate payable under the second
                    mortgage loans from and after April 20, 2001, to 9.75% (or
                    1.5% above the Senior Debt Rate); (iii) adjust the
                    applicable annual interest rate payable under the third
                    mortgage loans from and after April 20, 2001, to 10.75% (or
                    2.5% above the Senior Debt Rate); and (iv) require the St.
                    Catherine's Care Centers to pay extension fees to the
                    Partnership totaling $10,500. The adjustment to the interest
                    rates of the second and third Mortgage Loans reflect current
                    market rates that the General Partner believes should be
                    applicable to the Mortgage

                                       9
<PAGE>
                    Loans, as extended. The aggregate principal amount of the
                    refinanced second and third Mortgage Loans held by the
                    Partnership equals $1,250,000. In connection with the
                    refinancings of the Mortgage loans, the St. Catherine's Care
                    Centers additionally agreed as of April 20, 2001, to pay the
                    Partnership $69,294 representing all late interest and fees
                    on the third mortgage loans outstanding, as of April 20,
                    2001. The Borrowers agreed to pay the Partnership such
                    amount in the form of a promissory note dated as of April
                    20, 2001, bearing interest at an annual rate of 7% and
                    payable in monthly installments over the twelve months.

         In addition to the second and third Mortgage Loans, there is a
         contingent payment obligation by St. Catherine's of Seneca, Inc. in the
         amount of $202,500 and a contingent payment obligation by St.
         Catherine's Care Centers of Fostoria, Inc. in the amount of $238,000
         (collectively the "CPOs"). Due to the contingent nature of the $440,500
         in participation income due to the Partnership related to the CPOs,
         such amount has not been recorded as an asset of the Partnership and
         the participation income and interest earned on the CPOs will be
         recognized only when received.

         The facilities underlying the Partnership's Mortgage Loans were leased
         to an unaffiliated third party in November 1998 (the "Lessee"). The
         Lessee continues to lease the facilities. The Lessee did not assume the
         St. Catherine's Loans.


         Results of Operations
         ---------------------

         During the three months ended September 30, 2001 and 2000, the
         Partnership had net income of $19,443 and $43,570, based on total
         revenue of $56,126 and $55,103 and total expenses of $36,683 and
         $11,533, respectively. For the three months ended September 30, 2001
         and 2000, the net earnings per limited partner unit were $.04 and $.08,
         respectively.

         The decrease in net income of $24,127 for the three months ended
         September 30, 2001, compared to the three months ended September 30,
         2000, is primarily due to an increase in professional fees related to
         extending the second and third Mortgage Loans.

                                       10
<PAGE>
         During the nine months ended September 30, 2001 and 2000, the
         Partnership had net income of $104,246 and $124,830, based on total
         revenue of $186,584 and $175,626 and total expenses of $82,338 and
         $50,796. For the nine months ended September 30, 2001 and 2000, the net
         earnings per limited partner unit was $.20 and $.24 respectively.

         The decrease in net income of $20,584 for the nine months ended
         September 30, 2001, compared to the nine months ended September 30,
         2000, is due to an increase in professional fees.

         The Partnership's success and the resultant rate of return to Limited
         Partners will be dependent upon, among other things, the ability of the
         Managing General Partner to identify suitable opportunities for the
         Partnership to reinvest its assets and the ability of the borrowers to
         pay the current interest, additional interest and principal of the
         Mortgage Loans.

         PART II - OTHER INFORMATION

         Items 1 through 5 are omitted because of the absence of conditions
         under which they are required.

         Item 6.  Exhibits and Reports on Form 8-K

                  (a)      Exhibits
                           None

                  (b)      Reports on Form 8-K
                           None


                                       11
<PAGE>
                                   SIGNATURES


In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


             Common Goal Health Care Pension and Income Fund L.P. II
             -------------------------------------------------------
                                  (Registrant)



                                         By: Common Goal Capital Group, Inc., II
                                             Managing General Partner



DATED: Nov 14, 2001                          /s/Albert E. Jenkins, III
                                             -------------------------
                                             Albert E. Jenkins, III
                                             President, Chief Executive Officer
                                             and Acting Chief Financial Officer