<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 JUNE 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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                     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 JUNE 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
                                 $3.71 per warrant through 5/2/03                        8                 2,088

     September 6, 1996           10,508 shares of Common Stock                      73,324                38,985

                                 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 JUNE 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-active
COMMUNICATIONS                   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                38,443

                                 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 JUNE 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                14,478

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       $     1,302,776
                                                                           ===============       ===============

-----------------------------------------------------------------------------------------------------------------
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)
                                                                             June 30,               December 31,
                                                                               2001                     2000
-------------------------------------------------------------------------------------------------------------------

                                                     ASSETS
                                                     ------
<S>                                                                      <C>                       <C>
Investments at Fair Value
     (cost $1,678,898 and $1,686,609 respectively)                       $     1,302,776           $    1,303,328
Cash and Cash Equivalents                                                         15,917                   23,379
Accrued Interest and Dividends Receivable                                         17,074                    7,761
                                                                         ---------------           --------------

     TOTAL ASSETS                                                        $     1,335,767           $    1,334,468
                                                                         ===============           ==============


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


<S>                                                                      <C>                       <C>
ACCRUED EXPENSES                                                         $         8,624           $        7,150
                                                                         ---------------           --------------

Partnership Capital:

Capital - Limited Partners                                                     1,313,753                1,313,926
Capital - General Partners                                                        13,390                   13,392
                                                                         ---------------           --------------

     TOTAL PARTNERSHIP CAPITAL                                                 1,327,143                1,327,318
                                                                         ---------------           --------------
TOTAL LIABILITIES AND
     PARTNERSHIP CAPITAL                                                 $     1,335,767           $    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                       Six Months Ended
                                          June 30,            June 30,             June 30,           June 30,
                                            2001                2000                 2001               2000
--------------------------------------------------------------------------------------------------------------------

                                                     INCOME
                                                     ------
<S>                                     <C>                 <C>                 <C>                <C>
Dividend and Interest Income            $       4,656       $       1,969       $       9,313      $       3,938
                                        -------------       -------------       -------------      -------------


     TOTAL INCOME                               4,656               1,969               9,313              3,938
                                        -------------       -------------       -------------      -------------


<CAPTION>
                                                    EXPENSES
                                                    --------

<S>                                     <C>                 <C>                 <C>                <C>
Professional Fees                               8,319              10,336              13,624             14,856
                                        -------------       -------------       -------------      -------------

     TOTAL EXPENSES                             8,319              10,336              13,624             14,856
                                        -------------       -------------       -------------      -------------


Net Loss before Realized Gains
   (Losses) and Unrealized
   Gains (Losses)                              (3,663)             (8,367)             (4,311)           (10,918)

Realized Gains (Losses) on
   Sale of Investments                              -               1,461              (3,024)             1,461
Unrealized Gains (Losses) on
     Investments                               13,540            (342,274)              7,160           (442,906)
                                        -------------       -------------       -------------      -------------

NET INCOME (LOSS)                       $       9,877       $    (349,180)      $        (175)     $    (452,363)
                                        =============       =============       =============      =============

Per Unit Information:
     Net Income (Loss)                  $         .09       $       (3.11)      $        (.01)     $       (4.02)
                                        =============       =============       =============      =============

     Net Asset Value                                                            $       11.79      $       14.20
                                                                                =============      =============

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>
                                                                           Six Months                Six Months
                                                                              Ended                     Ended
                                                                          June 30, 2001             June 30, 2000
--------------------------------------------------------------------------------------------------------------------

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

     Net Loss                                                            $          (175)          $     (452,363)
     Adjustments to reconcile Net Loss to Net
       Cash (Used) Provided by Operating Activities -
     Change in Assets and Liabilities:
       Accrued Expenses                                                            1,474                   (7,154)
       Accrued Interest and Dividends Receivable                                  (9,313)                  (3,937)
     Purchase of Portfolio Investments                                                 -                  (13,406)
     Sale of Portfolio Investments                                                 4,688                   39,955
     Net Unrealized (Gains) Losses on Portfolio Investments                       (7,160)                 442,906
     Realized (Gains) Losses on Sale of Portfolio Investments                      3,024                   (1,461)
                                                                         ---------------           --------------

     Total Cash (Used) Provided by Operating Activities                           (7,462)                   4,540


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

CASH AND EQUIVALENTS, end of period                                      $        15,917           $       17,175
                                                                         ===============           ==============

--------------------------------------------------------------------------------------------------------------------
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>
                                                                 Six Months Ended June 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                                                       (447,839)             (4,524)               (452,363)
                                                       ----------------      --------------        ----------------

Balance, June 30, 2000                                 $      1,582,185      $       16,101        $      1,598,286
                                                       ================      ==============        ================



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

Net Loss                                                           (173)                 (2)                   (175)
                                                       ----------------      --------------        ----------------

Balance, June 30, 2001                                 $      1,313,753      $       13,390        $      1,327,143
                                                       ================      ==============        ================

---------------------------------------------------------------------------------------------------------------------
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 six months ended June 30, 2001 and
June 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 SIX MONTHS ENDED JUNE 30, 2001 VERSUS QUARTER AND SIX MONTHS
ENDED JUNE 30, 2000

     Net income for the three months ended June 30, 2001 was $9,877,
compared to net loss of $349,180 for the three months ended June 30, 2000.
Net loss for the six months ended June 30, 2001 was $175, compared to net
loss of $452,363 for the six months ended June 30, 2000.

     Total revenue for the three months ended June 30, 2001 were $4,656,
compared to $1,969 for the three months ended June 30, 2000. Total revenues
for the six months ended June 30, 2001 were $9,313, compared to $3,928 for
the six months ended June 30, 2000. Revenues consisted of dividend and
interest income from investments.

     There were no realized gains or losses from the sale of investments for
the three months ended June 30, 2001, compared to realized gains from the
sale of investments of $1,461 for the three months ended June 30, 2000.
Unrealized gains on investments for the three months ended June 30, 2001
were $13,540, compared to unrealized losses on investments of $342,274 for
the three months ended June 30, 2000. The unrealized losses on investments
for the three months ended June 30, 2000 were due to a decrease in market
value of Computer Motion, Inc. and On-line Resources & Communications
Corporation.

     Realized losses from the sale of investments for the six months ended
June 30, 2001 were $3,024, compared to realized gains from sale of
investments of $1,461 for the six months ended June 30, 2000. Unrealized
gains on investments for the six months ended June 30, 2001 were $7,160,
compared to unrealized losses on investments of $442,906 for the six months
ended June 30, 2000. The unrealized losses on investments for the three
months ended June 30, 2000 were due to a decrease in market value of
Computer Motion, Inc. and On-line Resources & Communications Corporation of
25% and 61%, respectively.

     Expenses for the three months ended June 30, 2001 were $8,319, a 20%
decrease from expenses for the three months ended June 30, 2000 of $10,336.
The decrease is a result of a decrease in legal expenses. Expenses for the
six months ended June 30, 2001 were $13,624 an 8% decrease compared to
expenses for the six months ended June 30, 2000 of $14,856.

                                     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 six
months ended June 30, 2001.

<TABLE>
<CAPTION>
                                    Type of                                                             Realized
Company                             Transaction                Cost               Proceeds             Gain (Loss)
-----------------------             -----------------     -------------         -------------        -------------
<S>                                 <C>                   <C>                   <C>                  <C>
SALES:
------

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 $1,327,143 as of June 30, 2001,
consisted of $1,313,753 in limited partner capital and $13,390 in general
partner capital. Net loss was allocated to the limited partners in the
amount of $173 and to the general partners in the amount of $2.

     At June 30, 2001, the Partnership had $15,917 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 June 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


/s/  Daniel A. Burkhardt
                            President, Treasurer and Director  August 10, 2001
     --------------------
     Daniel A. Burkhardt


/s/  Ray L. Robbins, Jr.
                            Vice-President and Director        August 10, 2001
     --------------------
     Ray L. Robbins, Jr.


                                     14