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 March 31, 2002


      ( )   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)


                                 (386) 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>
                                                             March 31,       December 31,
                                                               2002             2001
                                                             --------        -----------
                                                            (Unaudited)

                                     Assets
                                     ------
<S>                                                         <C>                 <C>
Cash and cash equivalents                                   $  479,041          472,242
Accrued interest receivable - related party                     20,600           25,515
Note receivable                                                 23,661
Mortgage loans receivable - related party                    1,250,000        1,250,000
                                                            ----------       ----------

Total Assets                                                $1,749,641       $1,771,418
                                                            ==========       ==========

                        Liabilities and Partners' Capital
                        ---------------------------------

Liabilities
-----------
Due to affiliates                                           $   55,204       $   61,130
Accrued distributions                                           47,904           47,224
Deferred revenue                                               400,000          400,000
                                                            ----------       ----------
         Total Liabilities                                     503,108          508,354
                                                            ----------       ----------

Partners' capital:
------------------
General partners                                                57,781           56,997
Limited partners (522,116 units issued and outstanding)      1,188,752        1,206,067
                                                            ----------       ----------
         Total partners' capital                             1,246,533        1,263,064
                                                            ----------       ----------
Total Liabilities and Partners' Capital                     $1,749,641       $1,771,418
                                                            ==========       ==========
</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)

                                         THREE MONTHS ENDED
                                     March 31,          March 31,
                                       2002              2001
                                       ----              ----
Revenue
-------
         Interest Income            $ 45,777           $ 70,986
                                    --------           --------
            Total Revenue           $ 45,777             70,986

Expenses
--------
         Professional fees            12,629              8,111
         Fees to affiliates:
         Management                    1,010              1,374
         Mortgage Servicing              249                250
         Other                           516                571
                                    --------           --------
            Total Expenses            14,404             10,306

         Net Income and
         Comprehensive Income       $ 31,373           $ 60,680
                                    ========           ========

Net Income allocated to
general partners - 2.5%             $    784           $  1,517

Net Income allocated to
limited partners - 97.5%              30,589             59,163
                                    --------           --------
                                    $ 31,373           $ 60,680
                                    ========           ========

Basic earnings per limited
partner unit                        $    .06           $    .12
                                    ========           ========

Weighted average limited             522,116            522,116
                                    ========           ========
partner units outstanding

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>
                                                                    THREE  MONTHS ENDED
                                                                           MARCH 31,

                                                    2002                                           2001
                                 -------------------------------------------     ------------------------------------------

                                                                     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   $    56,997     $ 1,206,067     $ 1,263,064     $    53,752    $ 1,265,161     $ 1,318,913

Net income                               784          30,589          31,373           1,517         59,163          60,680

Distributions to partners               --           (47,904)        (47,904)           --          (43,687)        (43,687)
                                 -----------     -----------     -----------     -----------    -----------     -----------

Balance at end of period         $    57,781     $ 1,188,752     $ 1,246,533     $    55,269    $ 1,280,637     $ 1,335,906
                                 ===========     ===========     ===========     ===========    ===========     ===========
</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>
                                                                      THREE MONTHS ENDED
                                                                      ------------------

                                                                   March 31,         March 31,
                                                                     2002              2001
                                                                  ----------        ---------
<S>                                                               <C>               <C>
Cash flows from operating activities:
         Net income                                               $  31,373         $  60,680
         Adjustments to reconcile net income to net cash
           provided by operating activities:
                  Decrease (increase) in interest receivable          4,915           (15,434)
                  Increase (decrease) in due to affiliates           (5,926)            3,369
                                                                  ---------         ---------
                      Net cash provided by operating activities      30,362            48,615
                                                                  ---------         ---------

Cash flows from financing activities:
         Distributions to limited partners                          (47,224)          (43,140)
         Payments received on note receivable                        23,661
                                                                  ---------         ---------
                    Net cash used in financing activities           (23,563)          (43,140)
                                                                  ---------         ---------

Net increase in cash and cash equivalents:                            6,799             5,475

Cash and cash equivalents, beginning of period                      472,242           431,399
                                                                  ---------         ---------

Cash and cash equivalents, end of period                          $ 479,041         $ 436,874
                                                                  =========         =========
</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)
                                 March 31, 2002


(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 three
         months ended March 31, 2002 and 2001 are the representation of
         management and reflect all adjustments which are, in the opinion of
         management, necessary for 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 1, 2002.

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

         Loans to St. Catherine's Centers.
         --------------------------------

         As of March 31, 2002, the Partnership had 10 mortgage loans outstanding
         to affiliated borrowers (the "Borrowers"). The mortgage loans are
         secured by second and third positions on properties owned by the
         Borrowers (the properties being collectively referred as the "St.
         Catherine's Centers" and the mortgage loans being referred to as the
         "St. Catherine's Loans"). The principal balances outstanding for the
         St. Catherine Loans as of March 31, 2002 were as follows:


                                       Second Mortgage Loan  Third Mortgage Loan

         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
                                           =========             =========

                                       7
<PAGE>
         On April 20, 2001, the Partnership and the Borrowers agreed to: (i)
         extend the terms of the second and third mortgage loans, which had been
         scheduled to mature 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%; (iii) adjust the applicable annual interest rate
         payable under the third mortgage loans from and after April 20, 2001,
         to 10.75%; and (iv) require the Borrowers to pay extension fees to the
         Partnership totaling $10,500. The Borrowers paid the $10,500 extension
         fees on August 31, 2001. As of March 31, 2002, the Borrowers were
         current in their payments on the second and third mortgage loans. As of
         March 31, 2002, the Partnership had accrued $20,600 of interest payable
         for the first quarter of 2002, which interest was due and payable in
         the second quarter of 2002. Additionally, as of March 31, 2002, the
         Borrowers had completely repaid a promissory note issued in connection
         with interest and fees that had been past due on April 20, 2001, when
         the mortgage loans were refinanced. As of that date, the Partnership
         was owed $69,294 for such late interest and fees. The promissory note
         issued on April 20, 2001, required payments of interest at an annual
         rate of 7% and was payable in monthly installments over twelve months.
         The Partnership received interest payments of approximately $2,600 over
         the life of the promissory note.

(3)      Partners' Capital
         -----------------

         On January 22, 2002, the Partnership paid an accrued distribution of
         $47,224 ($.09 per unit) to Limited Partner unitholders of record at
         December 15, 2001. On April 13, 2002, the Partnership declared a
         distribution of $ 47,904 ($.09 per unit) to Limited Partner unitholders
         of record at March 15, 2002, which distribution was made on or about
         April 22, 2002.

         Since the Partnership's inception, the Limited Partner unitholders have
         received $5,853,744 in cumulative distributions.

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

         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 Borrowers 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

                                       8
<PAGE>
         on January 11, 1992. The Partnership has 10 mortgage loans, consisting
         of second and third positions secured by properties owned by affiliated
         entities (collectively, the "St. Catherine's Care Center").

         The Partnership's mortgage loans pay Basic Interest which 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.


         Liquidity and Capital Resources
         -------------------------------

         Partnership assets decreased from $1,771,418 at December 31, 2001 to
         $1,749,641 at March 31, 2002. The decrease of $21,777 resulted
         primarily from cash distributions during the period ($47,904), being
         partially offset by net earnings for the period ($31,373). As of March
         31, 2002, the Partnership's loan portfolio consisted of ten mortgage
         loans secured by properties owned by the St. Catherine's Care Centers,
         the aggregate outstanding principal balance of which was $ 1,250,000.

         The Partnership has structured the St. Catherine's Loans to provide for
         payment of quarterly distributions from investment income. The interest
         derived from the St. Catherine's Loans, repayments thereof 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 maintains working capital reserves of 2% of gross
         proceeds of the offering, an amount which is anticipated to be
         sufficient to satisfy liquidity requirements. The Managing General
         Partner continues monitoring the level of working capital reserves.

         As of March 31, 2002, the Partnership was owed $20,600 for interest
         accrued during the first quarter for the second and third mortgage
         loans. As of March 31, 2002, the Borrowers were current in their
         payments on the second and third mortgage loans. Additionally, as of
         March 31, 2002, the Partnership had been completely repaid by the 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 had been owed $69,294 for all late interest and fees on the
         third mortgages. The promissory note, signed April 20, 2001, required
         payment of interest at an annual rate of 7% and was payable in monthly
         installments over twelve months. The Partnership received interest
         payments of approximately $2,600 over the life of the promissory note.

                                       9
<PAGE>
         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 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
         refinancing of the St. Catherine's 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 St. Catherine's Loans, there is a contingent payment
         obligation owed by St. Catherine's of Seneca, Inc. in the amount of
         $202,500 and a contingent payment obligation owed by St. Catherine's
         Care Centers of Fostoria, Inc. in the amount of $238,000 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 St. Catherine's Loans were leased to an
         unaffiliated third party in November 1998 (the "Lessor"). The Lessee
         continues to lease the facilities. The Lessee did not assume the St.
         Catherine's Loans.

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

         The Partnership commenced operations July 2, 1990, and funded its first
         mortgage loan in November 1990. As of June 30, 1991, the Partnership
         had completed its portfolio of Mortgage loans. The interest earned on
         these investments has stabilized on a tax accounting basis.
         Accordingly, the General Partners expects the Partnership's earnings to
         remain relatively constant.

                                       10
<PAGE>
         During the three months ended March 31, 2002 and 2001, the Partnership
         had net earnings of $31,373 and $60,680, based on total revenue of
         $45,777 and $70,986 and total expenses of $14,404 and $10,306. For the
         three months ended March 31, 2002 and 2001, the net earnings per
         limited partner unit was $.06 and $.12 respectively.

         The decrease in net earnings of $29,307 for the three months ended
         March 31, 2002, compared to the three months ended March 31, 2001, is
         due to a decrease in interest income of $25,209 and an increase of
         $4,518 in professional fees. Interest income declined for the three
         months ended March 31, 2002 compared to the three months ended March
         31, 2001, due to the decline in interest rate earned on the outstanding
         mortgage loans receivable balance, decline in interest earned from cash
         balances and the absence of income from late fees during the quarter
         ended March 31, 2002.


         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: May 14, 2002                          /s/Albert E. Jenkins, III
                                             -------------------------
                                             Albert E. Jenkins, III
                                             President, Chief Executive Officer
                                             and Acting Chief Financial Officer


                                       12