<PAGE>

                                UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C. 20549

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



                                  FORM 10-Q

               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

                   OF THE SECURITIES EXCHANGE ACT OF 1934


              For the quarterly period ended SEPTEMBER 30, 2001
                       Commission file number 0-20213


                   COMMUNITY INVESTMENT PARTNERS II, L.P.

-----------------------------------------------------------------------------
           (Exact name of registrant as specified in its charter)


    MISSOURI                                     43-1609351

-----------------------------------------------------------------------------
    (State or other jurisdiction of              (IRS Employer
    incorporation or organization)               Identification No.)

    12555 Manchester Road
    St. Louis, Missouri                          63131

-----------------------------------------------------------------------------
    (Address of principal executive offices)     (Zip Code)



    Registrant's telephone number, including area code       (314) 515-2000

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

     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
                                                  ---   ---

                                     1



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<PAGE>


                   COMMUNITY INVESTMENT PARTNERS II, L.P.

                                    INDEX


                                                                     Page
                                                                    Number

Part I.    FINANCIAL INFORMATION

Item 1.    Financial Statements

           Schedule of Portfolio Investments...........................3
           Statement of Financial Condition............................6
           Statement of Income.........................................7
           Statement of Cash Flows ....................................8
           Statement of Changes in Partnership Capital.................9
           Notes to Financial Statements .............................10

Item 2.    Management's Discussion and Analysis of Financial
            Condition and Results of Operations ......................11

Part II.   OTHER INFORMATION

Item 1.    Legal Proceedings..........................................13

Item 6.    Exhibits and Reports on Form 8-K...........................13

           Signatures.................................................14


                                     2


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements

<TABLE>
                                     COMMUNITY INVESTMENT PARTNERS II, L.P.

                                       SCHEDULE OF PORTFOLIO INVESTMENTS
                                           AS OF SEPTEMBER 30, 2001
                                                  (UNAUDITED)
<CAPTION>
----------------------------------------------------------------------------------------------------------------

Company                          Nature of Business
Initial Investment Date          Investment                                           Cost            Fair Value

----------------------------------------------------------------------------------------------------------------
<S>                              <C>                                            <C>                   <C>
GLOBAL SURGICAL                  Formed to acquire the Urban Microscope
CORPORATION                      Division and the Surgical Mechanical
                                 Research subsidiary of Storz Medical

     January 31, 1994            3,000 shares of Common Stock                   $  300,000            $  300,000

     August 1, 2000              12% Subordinated Promissory
                                 Note, due 4/30/03                                 155,221               155,221

COMPUTER MOTION, INC.            Develops and supplies medical robotics
(RBOT)

     September 6, 1996           40,948 warrants to purchase
                                 common stock, exercisable at
                                 $4.569 per warrant through 5/2/03                       8                 2,088

     September 6, 1996           10,508 shares of Common Stock                      73,324                31,734

                                 16,209 warrants to purchase
                                 common stock, exercisable at
                                 $7.712 per warrant, through 12/31/03                  250                     -

FCOA ACQUISITION                 A chain of greeting card/
CORPORATION                      party stores which offer
(d/b/a Factory Card              a full line of products at
Outlet) (FCPY)                   everyday value prices

     July 30, 1996               26,063 Common Shares                              249,865                     -

PERMALOK CORPORATION             Develops and sells steel pipe joining
                                 system to the domestic underground utility
                                 construction industry

     September 24, 1996          25,000 shares of Convertible
                                 Preferred Stock and
                                 warrants to purchase 25,000 shares
                                 of Convertible Preferred Stock,
                                 exercisable at $9.60 per share,
                                 through 7/31/03                                   200,000               200,000
<CAPTION>
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.

                                     3


<PAGE>
<PAGE>

                                         Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements

                                     COMMUNITY INVESTMENT PARTNERS II, L.P.

                                   SCHEDULE OF PORTFOLIO INVESTMENTS (CONT'D.)
                                           AS OF SEPTEMBER 30, 2001
                                                  (UNAUDITED)

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

Company                          Nature of Business
Initial Investment Date          Investment                                           Cost            Fair Value

----------------------------------------------------------------------------------------------------------------
<S>                              <C>                                            <C>                   <C>
STEREOTAXIS, INC.                Develops and markets a system by which
                                 surgery can be conducted remotely using
                                 computer controlled magnets

     December 30, 1996           138,889 shares of Series B
                                 Preferred Stock                                $  100,000            $  100,000

     November 12, 1997           28,019 shares of Series C Preferred
                                 Stock and 5,281 warrants to purchase
                                 Preferred Stock at $1.50 per share,
                                 through 10/31/02                                   42,029                42,029

     June 26, 1998               66,667 shares of Series C
                                 Preferred Stock                                   100,001               100,001

MEDICAL DEVICE                   Specializes in the development,
ALLIANCE, INC.                   manufacture and marketing of devices
                                 for ultrasound-assisted lipoplasty

     January 24, 1997            20,000 shares of Common Stock                     100,000               100,000

ONLINE RESOURCES &               Provides a variety of inter-
COMMUNICATIONS                   active banking and financial services
CORPORATION                      to end-users and corporate
(ORCC)                           customers in the banking and
                                 financial services industry

     March 17, 1997              16,018 shares of common stock                     134,794                18,741

                                 Warrants to purchase
                                 7,233 shares of Common
                                 Stock at $8.43 per share,
                                 expiring 6/1/02

<CAPTION>
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.

                                     4


<PAGE>
<PAGE>

                                         Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements

                                     COMMUNITY INVESTMENT PARTNERS II, L.P.

                                   SCHEDULE OF PORTFOLIO INVESTMENTS (CONT'D.)
                                           AS OF SEPTEMBER 30, 2001
                                                  (UNAUDITED)

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

Company                          Nature of Business
Initial Investment Date          Investment                                           Cost            Fair Value

----------------------------------------------------------------------------------------------------------------
<S>                              <C>                                            <C>                   <C>
CARBON MEDICAL                   Developing Acyst, an injectable bulking
TECHNOLOGIES, INC.               agent, for the treatment of stress
(formerly Advanced Uro           urinary incontinence.
Science, Inc.)

     April 7, 1997               25,000 shares of Series A
                                 Preferred Stock                                $  100,000            $  100,000

NOVOCELL, INC.                   Research and development of
                                 minimally invasive, encapsulated
                                 cellular transplants for the
                                 treatment of diabetes.

     September 9, 2000           10,000 shares of Series A
                                 Preferred Stock                                    10,000                10,000

     March 30, 2000              9.5% convertible promissory
                                 note, due 9/30/00.                                  1,531                 1,531

     April 26, 2000              6,417 shares of Series B Preferred Stock           11,875                11,875

BIOSEPARATIONS, INC.             Develops automated instrumentation that
                                 can isolate and process cells for use in
                                 biotechnology, diagnostic, therapeutic,
                                 and clinical research applications

     October 14, 1997            50,000 shares of Series B
                                 Preferred Stock                                   100,000               100,000

                                 Warrant to purchase 9,091 shares
                                 of Common Stock at $1.10 per
                                 share, through 10/15/02                                 -                     -

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

                                                                                $1,678,898            $1,273,220

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

<CAPTION>
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>

                                     5


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements


<TABLE>
                                    COMMUNITY INVESTMENT PARTNERS II, L.P.

                                       STATEMENT OF FINANCIAL CONDITION

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

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

                                                    ASSETS
                                                    ------

<S>                                                                      <C>                       <C>
Investments at Fair Value
     (cost $1,678,898 and $1,686,609, respectively)                      $     1,273,220           $    1,303,328
Cash and Cash Equivalents                                                         13,145                   23,379
Accrued Interest and Dividends Receivable                                         21,731                    7,761

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

     TOTAL ASSETS                                                        $     1,308,096           $    1,334,468

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

<CAPTION>
                                       LIABILITIES AND PARTNERSHIP CAPITAL
                                       -----------------------------------

<S>                                                                      <C>                       <C>
ACCRUED EXPENSES                                                         $         9,750           $        7,150

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

Partnership Capital:

Capital - Limited Partners                                                     1,285,244                1,313,926
Capital - General Partners                                                        13,102                   13,392

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

     TOTAL PARTNERSHIP CAPITAL                                                 1,298,346                1,327,318

                                                                         ---------------           --------------
TOTAL LIABILITIES AND
     PARTNERSHIP CAPITAL                                                 $     1,308,096           $    1,334,468

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

<CAPTION>
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>

                                     6


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements

<TABLE>
                                       COMMUNITY INVESTMENT PARTNERS II, L.P.
                                                STATEMENT OF INCOME
                                                    (UNAUDITED)

<CAPTION>
                                                Three Months Ended                      Nine Months Ended
                                        September 30,       September 30,       September 30,      September 30,
                                            2001                2000                2001               2000

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

                                                     INCOME
                                                     ------
<S>                                     <C>                 <C>                 <C>                <C>

Dividend and Interest Income            $       4,657       $       9,206       $      13,970      $      13,144

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

     TOTAL INCOME                               4,657               9,206              13,970             13,144

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

<CAPTION>

                                                    EXPENSES
                                                    --------

<S>                                     <C>                 <C>                 <C>                <C>
Professional Fees                               3,899               7,880              17,522             22,736
Other                                               -                 515                   -                515

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


     TOTAL EXPENSES                             3,899               8,395              17,522             23,251

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

Net Income (Loss) before Realized Gains
     (Losses) and Unrealized
     Gains (Losses)                               758                 811              (3,552)           (10,107)

Realized Gains (Losses) on
     Sale of Investments                            -               3,293              (3,024)             4,754
Unrealized (Losses) Gains on
     Investments                              (29,556)             45,283             (22,396)          (397,623)

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

NET (LOSS) INCOME                       $     (28,798)      $      49,387       $     (28,972)     $    (402,976)

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

Per Unit Information:
     Net (Loss) Income                  $        (.26)      $         .43       $        (.26)     $       (3.58)

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

     Net Asset Value                                                            $       11.54      $       14.64


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

Units Outstanding:
     Limited Partners                                                                 111,395            111,395

     General Partners                                                                   1,135              1,135

<CAPTION>
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>

                                     7


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements

<TABLE>
                                       COMMUNITY INVESTMENT PARTNERS II, L.P.

                                              STATEMENT OF CASH FLOWS
                                                    (UNAUDITED)

<CAPTION>
                                                                           Nine Months              Nine Months
                                                                              Ended                    Ended
                                                                        September 30, 2001       September 30, 2000

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

<S>                                                                      <C>                       <C>
CASH (USED) PROVIDED BY
OPERATING ACTIVITIES:

     Net Loss                                                            $       (28,972)          $     (402,976)
     Adjustments to reconcile Net Loss to Net
       Cash (Used) Provided by Operating Activities -
     Change in Assets and Liabilities:
       Accrued Expenses                                                            2,600                   (3,264)
       Accrued Interest and Dividends Receivable                                 (13,970)                  29,578
     Purchase of Portfolio Investments                                                 -                  (56,127)
     Sale of Portfolio Investments                                                 4,688                   43,248
     Net Unrealized Losses on Portfolio Investments                               22,396                  397,623
     Realized Losses (Gains) on Sale of Portfolio Investments                      3,024                   (4,754)

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

     Total Cash (Used) Provided by Operating Activities                          (10,234)                   3,328



CASH AND EQUIVALENTS, beginning of period                                         23,379                   12,635

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

CASH AND EQUIVALENTS, end of period                                      $        13,145           $       15,963

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

<CAPTION>
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>

                                     8



<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements

<TABLE>
                                          COMMUNITY INVESTMENT PARTNERS II, L.P.

                                        STATEMENT OF CHANGES IN PARTNERSHIP CAPITAL
                                                        (UNAUDITED)



<CAPTION>
                                                             Nine Months Ended September 30, 2001 and 2000

                                                       Limited Partners     General Partners             Total

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

<S>                                                    <C>                  <C>                     <C>
Balance, December 31, 1999                             $     2,030,024      $         20,625        $    2,050,649

Net Loss                                                      (398,946)               (4,030)             (402,976)

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

Balance, September 30, 2000                            $     1,631,078      $         16,595        $    1,647,673

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


Balance, December 31, 2000                             $     1,313,926      $         13,392        $    1,327,318

Net Loss                                                       (28,682)                 (290)              (28,972)

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

Balance, September 30, 2001                            $     1,285,244      $         13,102        $    1,298,346

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

<CAPTION>
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>

                                     9


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements


                   COMMUNITY INVESTMENT PARTNERS II, L.P.
                        NOTES TO FINANCIAL STATEMENTS

                                 (UNAUDITED)
BASIS OF PRESENTATION
     Community Investment Partners II, L.P. (CIP II) is a limited
partnership which has elected to be a business development company under
the Investment Company Act of 1940, as amended. As a business development
company, the partnership is required to invest at least 70% of its total
assets in qualifying investments as specified in the Investment Company Act.
CIP Management, L.P., LLLP (Management), a limited liability limited
partnership, is the Managing General Partner of CIP II. Management is
responsible for making all decisions regarding CIP II's investment
portfolio. CIP II is no longer making initial investments, but may
increase existing holdings.

     All portfolio investments are carried at cost until significant
developments affecting an investment provide a basis for revaluation.
Thereafter, portfolio investments are carried at fair value as obtained from
outside sources or at a value determined quarterly by the Managing General
Partner under the supervision of the Independent General Partners. Due to
the inherent uncertainty of valuation, those estimated values for portfolio
investments carried at cost may differ significantly from the values that
would have been used had a ready market for the investment existed, and the
differences could be material to the financial statements. Investments in
securities traded on a national securities exchange are valued at the latest
reported sales price on the last business day of the period. If no sale has
taken place, the securities are valued at the last bid price. If no bid
price has been reported, or if no exchange quotation is available, the
securities are valued at the quotation obtained from an outside broker.
Investment transactions are recorded on a trade date basis. Income is
recorded on an accrual basis.

     The General Partners of CIP II have amended, and Management has agreed
to amend, the Management Agreement for CIP II to clarify the right of
Management to waive all or any portion of the management fee from time to
time without any reduction in the level of services.

     The financial information included herein is unaduited. However, in the
opinion of management, such information includes all adjustments, consisting
solely of normal recurring accruals, which are necessary for a fair
presentation of the results of interim operations.

     The results of operations for the nine months ended September 30, 2001
and September 30, 2000 are not necessarily indicative of the results to be
expected for the full year.

                                     10


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations


                   COMMUNITY INVESTMENT PARTNERS II, L.P.
                      MANAGEMENT'S FINANCIAL DISCUSSION

RESULTS OF OPERATIONS

QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2001 VERSUS QUARTER AND NINE
MONTHS ENDED SEPTEMBER 30, 2000

     Net loss for the three months ended September 30, 2001 was $28,798,
compared to net income of $49,387 for the three months ended September 30,
2000. Net loss for the nine months ended September 30, 2001 was $28,972,
compared to net loss of $402,976 for the nine months ended September 30,
2000.

     Total revenues for the three months ended September 30, 2001 were
$4,657, compared to $9,206 for the three months ended September 30, 2000.
Total revenues for the nine months ended September 30, 2001 were $13,970,
compared to $13,144 for the nine months ended September 30, 2000. Revenues
consist of dividend and interest income from investments.

     There were no realized gains or losses from the sale of investments for
the three months ended September 30, 2001, compared to realized gains from
investments of $3,293 for the three months ended September 30, 2000.
Unrealized losses on investments for the three months ended September 30,
2001 were $29,556 compared to unrealized gains on investments of $45,283 for
the three months ended September 30, 2000. The unrealized losses on
investments for the three months ended September 30, 2001 were due to a
decrease in the market value of Computer Motion, Inc. and On-line Resources
& Communications Corporation common stock. The unrealized gains on
investments for the three months ended September 30, 2000 were due to
increases in the market values of the Computer Motion, Inc. warrants. The
unrealized gains for the three months ended September 30, 2000 were offset
by unrealized losses on On-line Resources & Communications Corporation
common stock, due to a decrease in market value per share.

     Realized losses form the sale of investments for the nine months ended
September 30, 2001 were $3,024, compared to realized gains from the sale of
investments of $4,754 for the nine months ended September 30, 2000.
Unrealized losses on investments for the nine months ended September 30,
2001 were $22,396, compared to $397,623 for the nine months ended September
30, 2000. The unrealized losses on investments for the nine months ended
September 30, 2001 and 2000 were due to a decrease in market value of
Computer Motion, Inc. and On-line Resources & Communications Corporation.
From December 31, 2001 to September 30, 2001, the share prices of Computer
Motion, Inc. and On-line Resources and Communication Corporation decreased
35% and 42%, respectively. From December 31, 1999 to September 30, 2000, the
share prices of Computer Motion, Inc. and On-line Resources and Communication
Corporation decreased 14% and 77%, respectively.

     Expenses for the three months ended September 30, 2001 were $3,899, a
54% decrease from expenses for the three months ended September 30, 2000 of
$8,395. Expenses for the nine months ended September 30, 2001 were $17,522,
a 25% decrease compared to expenses for the nine months ended September 30,
2000 of $23,251. The decrease in expenses for the three months and nine
months ended September 30, 2001 are a result of a decrease in legal
expenses.

                                     11



<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations


INVESTMENT TRANSACTIONS

Following is a summary of portfolio investment transactions during the nine
months ended September 30, 2001.

<TABLE>
<CAPTION>
                                    Type of                                                            Realized
Company                             Transaction               Cost                Proceeds            Gain (Loss)

-----------------------             -----------------     -------------         -------------        -------------
SALES:
-----

<S>                                 <C>                   <C>                   <C>                  <C>
Computer Motion, Inc.               Sold 1,000 shares
                                    of common stock       $       7,712         $       4,688        $      (3,024)


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

     Total Sales                                          $       7,712         $       4,688        $      (3,024)

                                                          =============         =============        =============
</TABLE>

LIQUIDITY AND CAPITAL RESOURCES

     The Partnership's total capital of $1,298,346 as of September 30, 2001,
consisted of $1,285,244 in limited partner capital and $13,102 in general
partner capital. Net loss was allocated to the limited partners in the
amount of $28,682 and to the general partners in the amount of $290.

     At September 30, 2001, the Partnership had $13,145 in cash and cash
equivalents.

                                     12


<PAGE>
<PAGE>


                         Part II. OTHER INFORMATION


                   COMMUNITY INVESTMENT PARTNERS II, L.P.

Item 1:  Legal Proceedings

     The Partnership is not a party to any material pending legal
proceedings.

Item 6:  Exhibits and Reports on Form 8-K

     (a) Exhibits
     None

     (b) Reports on Form 8-K
     No reports were filed on Form 8-K for the quarter ended September 30, 2001.

                                     13



<PAGE>
<PAGE>

                                 SIGNATURES


     Pursuant to the requirements 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.


                   COMMUNITY INVESTMENT PARTNERS II, L.P.

          By: CIP Management, L.P., LLLP, Managing General Partner
          By: CIP Management, Inc., its Managing General Partner

<TABLE>

<S>                                              <C>                                         <C>
/s/  Daniel A. Burkhardt
                                                 President, Treasurer and Director           November 12, 2001
     -----------------------------------
     Daniel A. Burkhardt


/s/  Ray L. Robbins, Jr.
                                                 Vice-President and Director                 November 12, 2001
     -----------------------------------
     Ray L. Robbins, Jr.
</TABLE>

                                     14