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, 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>
                                                          March 31,   December 31,
                                                            2001          2000
                                                         ----------   ----------
                                                        (Unaudited)
                           Assets
                           ------
<S>                                                      <C>             <C>
Cash and cash equivalents                                $  436,874      431,399
Due from affiliates                                          74,994       74,994
Accrued interest receivable                                  76,164       60,730
Mortgage loans receivable                                 1,250,000    1,250,000
                                                         ----------   ----------

Total Assets                                             $1,838,032   $1,817,123
                                                         ==========   ==========

                 Liabilities and Partners' Capital
                 ---------------------------------
   Liabilities
   -----------
Due to affiliates $                                          58,439   $   55,070
Accrued distributions                                        43,687       43,140
Deferred revenue                                            400,000      400,000
                                                         ----------   ----------
            Total Liabilities                               502,126      498,210

   Partners' capital:
   ------------------
         General partner                                     55,269       53,752
         Limited partner                                  1,280,637    1,265,161
                                                         ----------   ----------
            Total partners' capital                       1,335,906    1,318,913
                                                         ----------   ----------
Total Liabilities and Partners' Capital                  $1,838,032   $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>
                                                           THREE MONTHS ENDED
                                                       March 31,        March 31,
                                                         2001             2000
                                                       --------         --------
<S>                                                    <C>              <C>
Revenue
-------
      Interest Income                                  $ 70,986         $ 63,335
                                                       --------         --------
      Total Revenue                                      70,986           63,335

Expenses
--------
      Professional fees                                   8,111            2,430
      Fees to affiliates:
      Management                                          1,374            1,802
      Mortgage Servicing                                    250              282
      Other                                                 571            5,031
                                                       --------         --------
         Total Expenses                                  10,306            9,545

      Net Income and
      Comprehensive Income                             $ 60,680         $ 53,790
                                                       ========         ========

Net Income allocated to
general partners - 2.5%                                $  1,517         $  1,345

Net Income allocated to
limited partners - 97.5%                                 59,163           52,445
                                                       --------         --------
                                                       $ 60,680         $ 53,790
                                                       ========         ========

Basic earnings per limited
partner unit                                           $    .12         $    .10
                                                       ========         ========

Weighted average limited                                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>
                                                                 THREE  MONTHS ENDED
                                                                      MARCH 31,
                                 ------------------------------------------------------------------------------------
                                                   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                             1,517        59,163         60,680          1,345        52,445         53,790

Distributions to partners               --         (43,687)       (43,687)          --         (43,748)       (43,748)
                                 -----------   -----------    -----------    -----------   -----------    -----------

Balance at end of period         $    55,269   $ 1,280,637    $ 1,335,906    $    50,945   $ 1,282,646    $ 1,333,591
                                 ===========   ===========    ===========    ===========   ===========    ===========
</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,
                                                                     2001         2000
                                                                  ---------    ---------
<S>                                                               <C>          <C>
Cash flows from operating activities:
         Net income                                               $  60,680    $  53,790
         Adjustments to reconcile net income to net cash
           provided by operating activities:
                  Decrease (increase) in due from affiliates                     (59,463)
                  Decrease (increase) in interest receivable        (15,434)      (3,887)
                  Increase (decrease) in due to affiliates            3,369        3,871
                  Decrease (increase) in mortgage
                      loan receivable                                             57,945
                                                                  ---------    ---------
                      Net cash provided by operating activities      48,615       52,256
                                                                  ---------    ---------
Cash flows from financing activities:
         Distributions to limited partners                          (43,140)     (37,986)
                                                                  ---------    ---------
                    Net cash used in financing activities           (43,140)     (37,986)
                                                                  ---------    ---------

Net increase in cash and cash equivalents:                            5,475       14,270

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

Cash and cash equivalents, end of period                          $ 436,874    $ 437,477
                                                                  =========    =========
</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, 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 that
         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 (the "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, 2001 and 2000 are the representation of
         management and reflect all adjustments which 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 March 31, 2001
         were as follows:

                                   Second Mortgage Loans   Third Mortgage Loans
                                   ---------------------   --------------------

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

         As of March 31, 2001, the second Mortgage Loans were current as to
         regular interest. The third Mortgage Loans were not current as to
         regular interest as of March 31, 2001. The Partnership and the
         Borrowers agreed to extend the terms of the second and third Mortgage
         Loans, which matured on April 20, 2001, so that the second and third
         Mortgage Loans would be coterminous with the underlying first mortgage.
         As of March 31, 2001, the Partnership was owed $65,316 in late interest
         and fees on the third Mortgage Loans. The Partnership is working with
         the borrowers to bring the third Mortgage Loans current.

                                       7
<PAGE>
(3)      Partners' Capital
         -----------------

         On April 13, 2001, the Partnership declared and paid an accrued
         distribution of $43,687 ($.08 per unit) to Limited Partner unitholders
         of record at March 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 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 increased from $1,817,123 at December 31, 2000 to
         $1,838,032 at March 31, 2001. The increase of $20,909 resulted
         primarily from net earnings for the period partially offset by cash
         distributions on January 15, 2001. As of March 31, 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.

                                       8
<PAGE>
         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 which is anticipated to be sufficient to satisfy
         liquidity requirements. The Managing General Partner continues
         monitoring the level of working capital reserves.

         The second Mortgage Loans were current as to regular interest as of
         March 31, 2001. The third Mortgage Loans were not current as to regular
         interest as of March 31, 2001. The Partnership is working with the
         borrowers to bring the third Mortgage Loans current. As of March 31,
         2001 the Partnership was owed $76,164 of interest and fees.

         The 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, was April 20, 2001.

         The St. Catherine's Care Centers have refinanced the Senior Debt. The
         effective date of such refinancing is April 20, 2001. The refinanced
         Senior Debt has a term of three years and a fixed interest rate of
         8.25% per year (the "Senior Debt Rate"). The Partnership is in the
         process of documenting an agreement with the St. Catherine's Care
         Centers providing for the extension of the maturity dates of all the
         Partnership's outstanding loans to the St. Catherine's Care Centers.
         The effective date of such extensions is expected to be April 20,
         2001. The maturity dates will coincide with the maturity date of
         refinanced Senior Debt (April 20, 2004). Under the terms of the
         Partnership's extension, the annual interest rate on its loans will be
         equal to, in the case of the second mortgage loans, 9.75% (or 1.5%
         above the Senior Debt Rate) and, in the case of the third mortgage
         loans, 10.75% (or 2.5% above the Senior Debt Rate). The aggregate
         principal amount of the refinanced second and third mortgage loans
         held by the Partnership will be $1,250,000. The Partnership intends to
         require the St. Catherine's borrowers to pay extension fees totaling
         approximately $10,500. In connection with the refinancings of the
         Mortgage Loans, the St. Catherine's Care Centers have agreed to pay
         accrued late interest and fees with respect to the third mortgages
         totaling approximately $69,000 through delivery of a promissory note
         that will have an interest rate of 7% per year and amortize over the
         next twelve months.

         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
         ---------------------

         As of March 31, 2001 the Partnership's loan portfolio consisted of ten
         mortgage loans secured by properties owned by the St. Catherine's Care
         Centers.

                                       9
<PAGE>
         The maturity date of the Senior Debt secured by the St. Catherine's
         Care Centers' properties, as well as the Partnership's mortgage loans,
         was April 20, 2001. The St. Catherine's Care Centers have refinanced
         the Senior Debt secured by their properties, and the Partnership is in
         the process of documenting an agreement with the St. Catherine's Care
         Centers providing for the extension of the maturity dates of all the
         Partnership's outstanding loans to the St. Catherine's Care Centers,
         as discussed in "Liquidity and Capital Resources," above.

         During the three months ended March 31, 2001 and 2000, the Partnership
         had net income of $60,680 and $53,790, based on total revenue of
         $70,986 and $63,335 and total expenses of $10,306 and $9,545. For the
         three months ended March 31, 2001 and 2000, the net earnings per
         limited partner unit was $.12 and $.10 respectively.

         The increase in net income of $6,890 for the three months ended March
         31, 2001, compared to the three months ended March 31, 2000, is due an
         increase in interest income of $7,651 partially offset by an increase
         of $761 in other expenses.

         The Partnership's success and the resultant rate of return to Limited
         Partners will be dependent upon, among other things, the completion of
         the documentation of the refinancing of the St. Catherine's Care
         Centers' loans , 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

                                       10
<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 21, 2001                       /s/Albert E. Jenkins, III
                                          -------------------------
                                          Albert E. Jenkins, III
                                          President, Chief Executive Officer
                                          and Acting Chief Financial Officer