FORM 10-Q



                   SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549



        [x]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                  THE SECURITIES EXCHANGE ACT OF 1934


               For the quarterly period ended March 31, 2002
                                   or


        [ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                   OF THE SECURITIES EXCHANGE ACT OF 1934


               For the transition period from   N/A   to   N/A

                        Commission File Number: 0-15448



                      CENTENNIAL MORTGAGE INCOME FUND II
            (Exact name of registrant as specified in its charter)



              California                              33-0112106
   (State or other jurisdiction of                 (I.R.S. Employer
    incorporation or organization)               Identification No.)


 1540 South Lewis Street, Anaheim, California            92805
  (Address of principal executive offices)             (Zip Code)


Registrant's telephone number, including area code: (714)502-8484


Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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

                                  PART I

ITEM 1. FINANCIAL STATEMENTS

            CENTENNIAL MORTGAGE INCOME FUND II AND SUBSIDIARIES
                           A Limited Partnership

                        Consolidated Balance Sheets
<TABLE>
<CAPTION>

                                              March 31,        December 31,
                                                2002               2001
   Assets                                    (Unaudited)
---------------------------------------------------------------------------
<S>                                         <C>               <C>
Cash and cash equivalents                   $    994,000      $  1,333,000
Short-term investment                            308,000               ---

Real estate owned, held for sale (note 3)      1,044,000         1,044,000
 Less allowance for possible
  losses on real estate owned                    768,000           768,000
---------------------------------------------------------------------------
Net real estate owned                            276,000           276,000
---------------------------------------------------------------------------
Other assets, net                                  3,000               ---
---------------------------------------------------------------------------
                                            $  1,581,000      $  1,609,000
===========================================================================

Liabilities and Partners' Equity
---------------------------------------------------------------------------
Accounts payable and accrued liabilities    $     30,000      $     11,000
---------------------------------------------------------------------------
   Total liabilities                              30,000            11,000
---------------------------------------------------------------------------
Partners' equity (deficit)
  -- 29,141 limited partnership
     units outstanding at March 31, 2002
     and December 31, 2001
    General partners                             (56,000)          (56,000)
    Limited partners                           1,607,000         1,654,000
---------------------------------------------------------------------------
    Total partners' equity                     1,551,000         1,598,000

Contingencies (note 5)
---------------------------------------------------------------------------
                                            $  1,581,000      $  1,609,000
===========================================================================
</TABLE>





        See accompanying notes to consolidated financial statements
                                    1

            CENTENNIAL MORTGAGE INCOME FUND II AND SUBSIDIARIES
                           A Limited Partnership

                   Consolidated Statements of Operations

<TABLE>
<CAPTION>
               For the three months ended March 31, 2002 and 2001

<S>                                        <C>               <C>
                                                 2002             2001
                                             (Unaudited)      (Unaudited)
--------------------------------------------------------------------------
Revenue:

Interest on interest-bearing deposits             5,000            21,000
Other                                             7,000             2,000
--------------------------------------------------------------------------
    Total revenue                                12,000            23,000
--------------------------------------------------------------------------
Expenses:
Expenses associated with non-operating
  real estate owned                              16,000            16,000
General and administrative, affiliates           28,000            28,000
General and administrative, nonaffiliates        15,000            14,000
--------------------------------------------------------------------------
    Total expenses                               59,000            58,000
--------------------------------------------------------------------------

  Net loss                                  $   (47,000)      $   (35,000)
==========================================================================

Net loss per limited
  partnership unit                          $     (1.61)      $     (1.20)
==========================================================================

</TABLE>

















        See accompanying notes to consolidated financial statements
                                    2


            CENTENNIAL MORTGAGE INCOME FUND II AND SUBSIDIARIES
                           A Limited Partnership

                Consolidated Statement of Partners' Equity

<TABLE>
<CAPTION>

                  For the three months ended March 31, 2002
<S>                             <C>            <C>            <C>
                                                                  Total
                                   General        Limited        Partners'
                                   Partners       Partners        Equity
                                 (Unaudited)    (Unaudited)    (Unaudited)
---------------------------------------------------------------------------
<S>                             <C>            <C>            <C>
Balance (deficit) at
  December 31, 2001             $   (56,000)   $  1,654,000   $  1,598,000

Net loss                                ---         (47,000)       (47,000)
---------------------------------------------------------------------------
Balance (deficit) at
  March 31, 2002                $   (56,000)   $  1,607,000   $  1,551,000
===========================================================================

</TABLE>



























        See accompanying notes to consolidated financial statements
                                    3

            CENTENNIAL MORTGAGE INCOME FUND II AND SUBSIDIARIES
                           A Limited Partnership

                   Consolidated Statements of Cash Flows

<TABLE>
<CAPTION>

            For the three months ended March 31, 2002 and 2001



                                                 2002             2001
                                              (Unaudited)      (Unaudited)
--------------------------------------------------------------------------
<S>                                          <C>              <C>
Cash flows used in
 operating activities:
  Net loss                                   $   (47,000)     $  (35,000)

  Adjustments to reconcile net loss to
   net cash used in operating activities:

   Changes in assets and liabilities:
   Increase in other assets                       (3,000)        (24,000)
   Increase (decrease) in accounts
    payable and accrued liabilities               19,000          (2,000)
--------------------------------------------------------------------------
Net cash used in operating activities            (31,000)        (61,000)
--------------------------------------------------------------------------
Cash flows used in
 investing activities:
  Increase in short-term
   investments                                  (308,000)            ---
--------------------------------------------------------------------------
Net (decrease) in cash                          (339,000)        (61,000)
Beginning cash and cash equivalents            1,333,000       1,674,000
--------------------------------------------------------------------------
Ending cash and cash equivalents             $   994,000      $1,613,000
==========================================================================

</TABLE>












        See accompanying notes to consolidated financial statements
                                    4
            CENTENNIAL MORTGAGE INCOME FUND II AND SUBSIDIARIES
                           A Limited Partnership

                  Notes to Consolidated Financial Statements
                                (Unaudited)

                          March 31, 2002 and 2001

(1)  BUSINESS

Centennial Mortgage Income Fund II (the "Partnership") was formed in 1985 and
initially invested in commercial, industrial and residential income-producing
real property through mortgage investments consisting of participating first
mortgage loans, other equity participation loans, construction loans, and
wrap-around and other junior loans.  The Partnership's underwriting policy for
granting credit was to fund loans secured by first and second deeds of trust
on real property.  The Partnership's area of concentration is in California.
In the normal course of business, the Partnership participated with other
lenders in extending credit to single borrowers.  The Partnership did this in
an effort to decrease credit concentrations and provide a greater
diversification of credit risk.

As of March 31, 2002, all of the Partnership's loans have been repaid or
charged off.  However, during the early 1990's, real estate market values for
undeveloped land in California declined severely.  As the loans secured by
undeveloped land became delinquent, the Partnership elected to foreclose on
certain of these loans, thereby increasing real estate owned balances.  As a
result, the Partnership became a direct investor in this real estate.  The
real estate owned balance before allowance for possible losses as of December
31, 2001 and March 31, 2002 had been reduced to $1,044,000.

Beginning with the fourth quarter of 1992, the Partnership entered its
repayment stage and cash proceeds from mortgage investments are no longer
available for reinvestment in new loans by the Parnership.

(2)  BASIS OF PRESENTATION

The consolidated financial statements are unaudited and reflect all
adjustments, consisting only of normal recurring accruals, which are, in the
opinion of management, necessary for a fair statement of the results of
operations for the interim periods.  Results for the three months ended March
31, 2002 and 2001 are not necessarily indicative of results which may be
expected for any other interim period, or for the year as a whole.

Information pertaining to the three months ended March 31, 2002 and 2001 is
unaudited and condensed inasmuch as it does not include all related footnote
disclosures.

The consolidated financial statements do not include all information and
footnotes necessary for fair presentation of financial position, results of
operations and cash flows in conformity with accounting principles generally
accepted in the United States of America.  Notes to consolidated financial
statements included in Form 10-K for the year ended December 31, 2001 on file
with the Securities and Exchange Commission, provide additional disclosures
and a further description of accounting policies.

                                    5

Financial Information about Industry Segments

Given that the Partnership is in the process of liquidation, the Partnership
has identified only one operating business segment which is the business of
asset liquidation.

Net Loss per Limited Partnership Unit

Net loss per limited partnership unit was based on the weighted average number
of limited partnership units outstanding of 29,141 for all periods presented.

<TABLE>

(3)  REAL ESTATE OWNED

<CAPTION>
Real estate owned consists of the following:
                                     (dollars in thousands)
<S>                                            <C>                 <C>
                                                March 31,        December 31,
                                                  2002              2001
----------------------------------------------------------------------------
1.  Land in Sacramento, CA                         1,044               1,044
----------------------------------------------------------------------------
Total real estate owned                        $   1,044           $   1,044
============================================================================
</TABLE>

 (4)  TRANSACTIONS WITH AFFILIATES

Under the provisions of the Partnership Agreement, the general partners are to
receive compensation for their services in supervising the affairs of the
Partnership.  This partnership management compensation shall be equal to 10
percent of the cash available for distribution, as defined in the Partnership
Agreement.  The general partners will not receive this compensation until the
limited partners have received a 12 percent per annum cumulative return on
their adjusted invested capital, but are entitled to receive a 5 percent
interest in cash available for distribution in any year until this provision
has been met.  Adjusted invested capital is defined as the original capital
invested less distributions from mortgage reductions.  Payments to the general
partners have been limited to 5 percent of cash available for distribution as
the limited partners have not received their 12 percent per annum cumulative
return.  Under this provision of the Partnership Agreement, no distributions
were paid to the general partners during the three months ended March 31, 2002
or 2001.


(5) CONTINGENCIES

There are no material pending legal proceedings.





                                    6
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.

GENERAL

References to the "Partnership" in the following discussion refers to
Centennial Mortgage Income Fund II and its wholly-owned subsidiaries.

The Partnership had net losses and losses per limited partnership unit of
$(47,000) and $(1.61) and $(35,000) and $(1.20) for the three months ended
March 31, 2002 and March 31, 2001, respectively.

Cautionary Statements Regarding Forward-Looking Information

The Partnership wishes to caution readers that the forward-looking statements
contained in this Form 10-Q under "Item 2. Management's Discussion and
Analysis of Financial Condition and Results of Operations" and elsewhere in
this Form 10-Q involve known and unknown risks and uncertainties which may
cause the actual results, performance or achievements of the Partnership to be
materially different from any future results, performance or achievements
expressed or implied by any forward-looking statements made by or on behalf of
the Partnership.  In connection with the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995, the Partnership is filing
the following cautionary statements identifying important factors that in some
cases have affected, and in the future could cause the Partnership's actual
results to differ materially from those expressed in any such forward-looking
statements.

The factors that could cause the Partnership's results to differ materially
include, but are not limited to, general economic and business conditions,
including interest rate fluctuations; the impact of competitive products and
pricing; success of operating initiatives; adverse publicity; changes in
business strategy or development plans; quality of management; availability,
terms and deployment of capital; the results of financing efforts; business
abilities and judgment of personnel; availability of qualified personnel;
employee benefit costs and changes in, or the failure to comply with
government regulations.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2002, the Partnership had $994,000 in unrestricted cash and
interest-bearing deposits.  The Partnership had an additional $308,000 in a
certificate of deposit at March 31, 2002 with a maturity date of August 2002.
The Partnership had no unfunded loan commitments at March 31, 2002.  During the
first quarter of 2002, the Partnership's principal source of cash was $5,000
in interest income on interest bearing deposits and $5,000 in other income
related to an extension payment under the purchase and sale agreement for the
Partnership's last remaining real estate owned property.  The Partnership's
principal uses of cash during the first quarter of 2002 were approximately
$43,000 in general and administrative costs and $16,000 in expenses associated
with non-operating real estate owned.

As of March 31, 2002, the Partnership had entered into a purchase and sale
agreement involving the remaining 12 acres of its property in Sacramento.
The Partnership has entered into several purchase and sale agreements involving
this particular parcel in the past that have not been consummated.
                                    7

The remaining acreage has several characteristics that limit its usefulness
to many prospective purchasers, including the configuration of its lot lines
and power line easements.  The current prospective buyer was one of the parties
who previously failed to consummate a purchase and sale agreement on this
parcel.  They are an "end user" and their intended use of the property is not
precluded by the limiting characteristics discussed above. While the agreement
provides for an all cash sales price of $1,200,000, management believes that it
may be unable to find another buyer in the near future who would be willing to
purchase the property for this price.  Given management's intention to
liquidate the Partnership as soon as practicable, it may elect to sell the
remaining property to a developer rather than an "end user" at a lower price
than the transaction discussed above if it is not consummated.  Accordingly,
the Partnership has not adjusted the net carrying value of the property of
$276,000 after allowance for possible losses as of March 31, 2002.

The Partnership's principal capital requirements for the next year consist of:
(i) real property taxes on real estate owned of approximately $16,000 payable
during the next twelve months, and (ii) selling, general and administrative
costs. These commitments are expected to be paid from existing cash balances.

Effective with the third quarter of 1991, the Partnership had suspended making
any cash distributions to partners, due to a decline in liquidity and the
uncertainty of the cash requirements for existing and potential real estate
owned.  Pursuant to the Partnership Agreement, 60 months after the closing of
the offering, cash proceeds from mortgage investments are no longer available
for reinvestment by the Partnership.

As a result of the substantial decrease in real estate owned which occurred in
1997 and 1998, the general partners determined that the Partnership could make
a $3,496,000 distribution to its limited partners in October 1998.  Additional
asset liquidations during 1999, 2000 and 2001 enabled the Partnership to make
a $2,127,000 cash distribution to its limited partners in October 2000 and
$583,000 in September 2001.

The general partners have had discussions with legal counsel regarding the
amounts of cash balances that would be prudent to be retained by the
Partnership at this time.  In light of the substantial amount of real estate
that the Partnership has held an interest in over the years, there is always
the potential for future litigation to arise, particularly in the area of
toxic contamination.  Although the general partners are not aware of any
threatened litigation, or litigation that is likely to arise, they have
determined that the Partnership should retain at least $1,000,000 in cash
balances to be available to defend the Partnership in any future litigation
which may arise.  It is expected that these cash balances will be retained
until such time as legal counsel advises the general partners that the
potential for any future litigation is remote.

REAL ESTATE OWNED

The real estate owned balances at March 31, 2002 and 2001 were $1,044,000 and
$1,511,000, respectively.  A description of the Partnership's principal real
estate owned follows:



                                    8
44 Acres in Sacramento, California

The Partnership funded a loan in 1987 with a committed amount of $4,000,000
secured by a first trust deed on 43.78 acres in Sacramento, California.  The
loan was provided for the development of offsite improvements.  The maturity
date was February 1, 1991.  The borrower was unable to obtain construction
financing and bring interest current.  The Partnership accepted a grant deed
on the property on March 10, 1992.  The property is zoned for multi-family
and light industrial use.  A portion of the property is adjacent to Highway 99
and has good freeway visibility.

The Partnership rezoned and subdivided a portion of the property to facilitate
one escrow on a 6.5 acre portion of the property without freeway visibility.
This transaction closed escrow during the fourth quarter of 1997.

There had been only limited industrial/commercial use development activity in
the area surrounding this property during 1996 and 1997.  In light of this
limited activity and management's objective of liquidating the Partnership's
remaining assets as soon as practical, the Partnership recorded an additional
$504,000 provision for losses against the carrying value of this property
during 1998.

During the first quarter of 1999, the Partnership opened escrow on a 9.45 acre
portion of the property which also did not have freeway visibility. for a
purchase price of $900,000.  The escrow closed at the end of the second
quarter of 1999, generated $842,000 in net cash proceeds and was recorded at
no gain or loss.  Both the parcel sold in 1997 and the parcel sold in 1999
are zoned for residential use.  The balance of the property is zoned for
industrial/commercial use.

The Partnership sold another 7.13 acre parcel of the property in February
2000.  The sale generated net sales proceeds of $846,000.  The Partnership
recorded no gain or loss on this sale.

The Partnership sold another 2.65 acre parcel of the property in August 2000.
The sale generated net sales proceeds of $486,000.  The Partnership recorded
no gain or loss on this sale.

The Partnership sold approximately 5.58 acres of the property in December 2001.
The sale generated net proceeds of $374,000.  The Partnership recorded a
$251,000 gain on the sale.

As of December 31, 2001, the Partnership had entered into a purchase and sale
agreement involving the remaining 12 acres of its property in Sacramento.
The Partnership has entered into several purchase and sale agreements in-
volving this particular parcel in the past that have not been consummated.
The remaining acreage has several characteristics that limit its usefulness
to many prospective purchasers, including the configuration of its lot lines
and power line easements.  The current prospective buyer was one of the parties
who previously failed to consummate a purchase and sale agreement on this
parcel.  They are an "end user" and their intended use of the property is not
precluded by the limiting characteristics discussed above.  While the agreement
provides for an all cash sales price of $1,200,000, management believes that
it may be unable find another buyer in the near future who would be
willing to purchase the property for this price.  Given management's

                                    9
intention to liquidate the Partnership as soon as practicable, it may elect to
sell the remaining property to a developer rather than an "end user" at a
lower price than the transaction discussed above if it is not consummated.
Accordingly, the Partnership has not adjusted the net carrying value of the
property of $276,000 after allowance for possible losses as of March
31, 2002.

INTEREST ON INTEREST-BEARING DEPOSITS

Interest on interest-bearing deposits totaled $5,000 and $21,000 for the
three months ended March 31, 2002 and 2001, respectively.  Interest on
interest-bearing deposits represents interest earned on Partnership funds
invested, for liquidity, in time certificate and money market deposits.  The
decrease in 2002 is primarily attributable to a decrease in the average
balance of cash and cash equivalents that resulted from a $583,000 cash
distribution to limited partners in September 2001 as well as a reduction in
the interest rates earned on those balances.

PROVISION FOR POSSIBLE LOSSES

There was no provision for possible losses for the three months ended March
31, 2002 or 2001.  The provision for possible losses results from the change
in the allowance for possible losses on real estate owned net of chargeoffs,
if any.  Management believes that the allowance for possible losses at March
31, 2002 is adequate to absorb the known and inherent risk in the
Partnership's real estate owned portfolio.

OTHER EXPENSES

Expenses associated with non-operating real estate owned were $16,000 for the
three months ended March 31, 2002 and 2001, respectively.  The expenses relate
primarily to the land in Sacramento.

GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses, affiliates totaled $28,000 for the three
months ended March 31, 2002 and 2001, respectively.  These expenses are
primarily salary allocation reimbursements paid to affiliates.

General and administrative expenses, nonaffiliates totaled $15,000 and $14,000
for the three months ended March 31, 2002 and 2001, respectively.  These
expenses consist of other costs associated with the administration of the
Partnership and real estate owned. The increase in 2002 is principally due to
a slight increase in accounting costs.












                                   10

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Since the Partnership does not invest in any derivative financial instruments
or enter into any activities involving foreign currencies, its market risk
associated with financial instruments is limited to the effect that changing
domestic interest rates might have on the fair value of its bank deposits.

As of March 31, 2002, the Partnership held fixed rate bank deposits with
carrying values totaling $492,000.  The bank deposits all had maturities of
less than ninety days.  The estimated fair value of all of these assets was
estimated to be equal to their carrying values as of March 31, 2002.

As of March 31, 2002, the Partnership held a short-term investment totalling
$308,000.  The short-term investment consists of a certificate of deposit
with an original maturity greater than ninety days but less than one year.

Management currently intends to hold the remaining fixed rate assets until
their respective maturities.  Accordingly, the Partnership is not exposed to
any material cash flow or earnings risk associated with these assets.  Given
the relatively short-term maturities of these assets, management does not
believe the Partnership is exposed to any significant market risk related to
the fair value of these assets.

The Partnership had no interest bearing indebtedness outstanding as of March
31, 2002.  Accordingly, the Partnership is not exposed to any market risk
associated with its liabilities.





























                                   11

                            PART II

Other Information

Item 1.  Legal Proceedings

         None


Item 2.  Changes in Securities

         None


Item 3.  Defaults Upon Senior Securities

         None


Item 4.  Submission of Matters to a Vote of Security Holders

         None


Item 5.  Other Information

         None


Item 6.  Exhibits and Reports on Form 8-K

         (a)

         (3) & (4)  Articles of Incorporation and Bylaws

            The Amended and Restated Limited Partnership Agreement
            Incorporated by reference to Exhibit A to the Partnership's
            Prospectus contained in the Partnership's registration
            Statement on Form S-11 (Commission File No. 0-15448)
            Dated January 17, 1986, as supplemented filed under the
            Securities Act of 1933

         (b) None












                                   12


                        Signatures


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.


CENTENNIAL MORTGAGE INCOME FUND II AND SUBSIDIARIES
A California Limited Partnership




________________________
John B. Joseph
General Partner                                      May 15, 2002




_________________________________
Ronald R. White
General Partner                                      May 15, 2002






























                                   13