<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 MARCH 31, 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>

<TABLE>

                                    COMMUNITY INVESTMENT PARTNERS II, L.P.

                                                    INDEX

<CAPTION>
                                                                                                        Page
                                                                                                       Number
<S>                                                                                                    <C>
     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
</TABLE>



                                                      2

<PAGE>
<PAGE>

                                          Part I FINANCIAL INFORMATION

Item 1.  Financial Statements

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

                                        SCHEDULE OF PORTFOLIO INVESTMENTS
                                              AS OF MARCH 31, 2001
<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                38,459

                                 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

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


                                     3

<PAGE>
<PAGE>

<CAPTION>
                                          Part I FINANCIAL INFORMATION

Item 1.  Financial Statements

                                     COMMUNITY INVESTMENT PARTNERS II, L.P.

                                   SCHEDULE OF PORTFOLIO INVESTMENTS (CONT'D.)
                                              AS OF MARCH 31, 2001

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

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                28,032

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






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


                                     4

<PAGE>
<PAGE>
<CAPTION>
                                          Part I FINANCIAL INFORMATION

Item 1.  Financial Statements

                                     COMMUNITY INVESTMENT PARTNERS II, L.P.

                                   SCHEDULE OF PORTFOLIO INVESTMENTS (CONT'D.)
                                              AS OF MARCH 31, 2001

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

Company                          Nature of Business
Initial Investment Date          Investment                                           Cost           Fair Value

----------------------------------------------------------------------------------------------------------------
<S>                              <C>                                            <C>                   <C>
CARBON MEDICAL                   Developing Acyst, an injectable bulking agent,
TECHNOLOGIES, INC.               for the treatment of stress urinary
(formerly Advanced Uro           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              1,402 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            $1,289,236
                                                                                ==========            ==========

----------------------------------------------------------------------------------------------------------------
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)
                                                                                            March 31,         December 31,
                                                                                              2001                2000

--------------------------------------------------------------------------------------------------------------------------
<S>                                                                                        <C>                 <C>
                                                          ASSETS
                                                          ------

Investments at Fair Value
     (cost $1,678,898 and $1,686,609, respectively)                                        $1,289,236          $1,303,328
Cash and Cash Equivalents                                                                      27,203              23,379
Accrued Interest and Dividends Receivable                                                      12,418               7,761
                                                                                           ----------          ----------

     TOTAL ASSETS                                                                          $1,328,857          $1,334,468
                                                                                           ==========          ==========


                                           LIABILITIES AND PARTNERSHIP CAPITAL
                                           -----------------------------------



Liabilities:

Accounts Payable and Accrued Expenses                                                      $   11,591          $    7,150
                                                                                           ----------          ----------

     TOTAL LIABILITIES                                                                         11,591               7,150
                                                                                           ----------          ----------
Partnership Capital:

Capital - Limited Partners                                                                  1,303,975           1,313,926
Capital - General Partners                                                                     13,291              13,392
                                                                                           ----------          ----------

     TOTAL PARTNERSHIP CAPITAL                                                              1,317,266           1,327,318
                                                                                           ----------          ----------
TOTAL LIABILITIES AND
     PARTNERSHIP CAPITAL                                                                   $1,328,857          $1,334,468
                                                                                           ==========          ==========





--------------------------------------------------------------------------------------------------------------------------
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
                                                                               March 31,          March 31,
                                                                                 2001                2000

-----------------------------------------------------------------------------------------------------------
                                                   INCOME
                                                   ------
<S>                                                                            <C>                <C>
Dividend and Interest Income                                                   $   4,657          $   1,969
                                                                               ---------          ---------

     TOTAL INCOME                                                                  4,657              1,969
                                                                               ---------          ---------


                                                  EXPENSES
                                                  --------

Professional Fees                                                                  5,305              4,520
                                                                               ---------          ---------


     TOTAL EXPENSES                                                                5,305              4,520
                                                                               ---------          ---------


Net Loss before Realized
   Losses and Unrealized Losses                                                     (648)            (2,551)
Realized Losses on
   Sale of Investments                                                            (3,024)                --
Unrealized Losses on
     Investments                                                                  (6,380)          (100,632)
                                                                               ---------          ---------


NET LOSS                                                                       $ (10,052)         $(103,183)
                                                                               =========          =========


Per Unit Information:
     Net Loss                                                                  $    (.09)         $    (.94)
                                                                               =========          =========


     Net Asset Value                                                           $   11.70          $   17.30
                                                                               =========          =========

Units Outstanding:
     Limited Partners                                                            111,395            111,395
     General Partners                                                              1,135              1,135





-----------------------------------------------------------------------------------------------------------
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>
                                                                            Three Months             Three Months
                                                                                Ended                    Ended
                                                                           March 31, 2001           March 31, 2000

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

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

     Net Loss                                                                $ (10,052)               $(103,183)
     Adjustments to reconcile Net Loss to Net
      Cash Provided by (Used) Operating Activities -
     Increase in Accrued Expenses                                                4,441                    4,520
     Increase in Accrued Interest and
      Dividends Receivable                                                      (4,657)                  (1,969)
     Purchase of Portfolio Investments                                              --                   (1,531)
     Sale of Portfolio Investments                                               4,688                       --
     Net Unrealized Losses on Portfolio Investments                              6,380                  100,632
     Realized Losses on Sale of Portfolio Investments                            3,024                       --
                                                                             ---------                ---------

     Total Cash Provided by (Used) Operating Activities                          3,824                   (1,531)


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

CASH AND EQUIVALENTS, end of period                                          $  27,203                $  11,104
                                                                             =========                =========




------------------------------------------------------------------------------------------------------------------
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>
                                                              Three Months Ended March 31, 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                                                    (102,151)                (1,032)              (103,183)
                                                         -----------            -----------            -----------

Balance, March 31, 2000                                  $ 1,927,873            $    19,593            $ 1,947,466
                                                         ===========            ===========            ===========



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

Net Loss                                                      (9,951)                  (101)               (10,052)
                                                         -----------            -----------            -----------

Balance, March 31, 2001                                  $ 1,303,975            $    13,291            $ 1,317,266
                                                         ===========            ===========            ===========










-------------------------------------------------------------------------------------------------------------------
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.


                                     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

     Net loss for the period ending March 31, 2001 was $10,052, compared to
a net loss of $103,183 for the same period in 2000. The net loss decreased
primarily due to a $94,252 (94%) decrease in unrealized loss on investment
securities.

     Realized losses from the sale of investments were $3,024 at March 31,
2001. There were no realized gains or losses from the sale of investments at
March 31, 2000. Unrealized losses of $6,380 at March 31, 2001 were $94,252
less than the $100,632 unrealized loss at March 31, 2000. The loss decreased
due to a large decrease in the share price of Computer Motion, Inc. during
the first quarter of 2000.

     Expenses of $5,305 and $4,520 for the three months ended March 31, 2001
and March 31, 2000, respectively, represented professional fees. The
expenses at March 31, 2001 consisted of legal, audit, tax, and professional
filing expense.



                                     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
period ended March 31, 2001.

<TABLE>
<CAPTION>
                                    Type of                                                             Realized
Company                             Transaction                Cost               Proceeds                Loss
-----------------------             ------------             -------              --------             -----------
<S>                                 <C>                      <C>                  <C>                    <C>
SALES:
Quarter 1 ended:
---------------
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 $1,317,266 as of March 31, 2001,
consisted of $1,303,975 in limited partner capital and $13,291 in general
partner capital. Net loss was allocated to the limited partners in the
amount of $9,951 and to the general partners in the amount of $101.

     At March 31, 2001, the Partnership had $27,203 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 March 31, 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          May 14, 2001
         -----------------------------------
         Daniel A. Burkhardt


/s/      Ray L. Robbins, Jr.                      Vice-President and Director                May 14, 2001
         -----------------------------------
         Ray L. Robbins, Jr.

</TABLE>


                                     14