<PAGE> 1
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

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

                                   FORM 10-K

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d)

                    OF THE SECURITIES EXCHANGE ACT OF 1934


For the fiscal year ended December 31, 1997     Commission file number  0-18042
                          -----------------                             -------


                        COMMUNITY INVESTMENT PARTNERS, L.P.
-------------------------------------------------------------------------------
               (Exact name of registrant as specified in its charter)


             MISSOURI                                     43-1531582
-------------------------------------------------------------------------------
 (State or other jurisdiction of                        (IRS Employer
  incorporation or organization)                      Identification No.)


    201 Progress Parkway
    Maryland Heights, Missouri                              63043
-------------------------------------------------------------------------------
(Address and principal executive office)                 (Zip Code)


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

Securities registered pursuant to Section 12(b) of the Act:  None.

Securities registered pursuant to Section 12(g) of the Act:  None.

  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
                                                     ---        ---

  As of March 15, 1998, 71,715 units of limited partnership interest (Units),
representing net assets of $1,425,694 were held by non-affiliates.  There is
no established public market for such Units.



<PAGE> 2

                      DOCUMENTS INCORPORATED BY REFERENCE


Portions of the Prospectus of the Registrant dated March 12, 1990, filed with
the Securities and Exchange Commission and portions of the Proxy Statement of
the Registrant dated March 12, 1991, and filed with the Securities and
Exchange Commission are incorporated by reference in Part I, Part II and Part
III hereof.




                                    2
<PAGE> 3


                      COMMUNITY INVESTMENT PARTNERS, L.P.

<TABLE>
                                 TABLE OF CONTENTS
<CAPTION>
                                                                                 Page
                                                                                 ----
<S>                                                                              <C>
PART I

      Item 1.   Business                                                           4

      Item 2.   Properties                                                         5

      Item 3.   Legal Proceedings                                                  5

      Item 4.   Submission of Matters to a Vote of Security Holders                5

PART II

      Item 5.   Market for the Registrant's Common Equity and Related
                 Stockholder Matters                                               6

      Item 6.   Selected Financial Data                                            7

      Item 7.   Management's Discussion and Analysis of Financial
                 Condition and Results of Operations                               8

      Item 8.   Financial Statements and Supplementary Data                       10

      Item 9.   Change in and Disagreements with Accountants
                 on Accounting and Financial Disclosure                           25

PART III

      Item 10.  Directors and Executive Officers of the Registrant                26

      Item 11.  Executive Compensation                                            27

      Item 12.  Security Ownership of Certain Beneficial Owners and
                 Management                                                       27

      Item 13.  Certain Relationships and Related Transactions                    28

PART IV

      Item 14.  Exhibits, Financial Statement Schedules and Reports on
                 Form 8-K                                                         29

SIGNATURES                                                                        30

INDEX TO EXHIBITS                                                                 31
</TABLE>


                                    3
<PAGE> 4

                                    PART I

Item 1.  BUSINESS

         Community Investment Partners, L.P. (the "Partnership") was formed
to seek long-term capital appreciation by making investments in companies and
other special investment situations.  The Partnership will not engage in any
other business or activity.  The Partnership will dissolve on December 31,
2005, subject to the right of the Individual General Partners to extend the
term for up to two additional two-year periods.

         The Partnership 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 assets in qualifying investments as specified in the Investment Company
Act.

         The Partnership was formed on October 10, 1989, under the Revised
UniformLimited Partnership Act of Missouri. CIP Management, L.P., LLLP, the
Managing General Partner, is a Missouri limited liability limited partnership
formed on October 10, 1989 as a limited partnership and registered as a
limited liability limited partnership on July 23, 1997.  The general partner
of CIP Management, L.P., LLLP is CIP Management, Inc., an indirect subsidiary
of Edward D. Jones & Co., L.P.

         The Partnership participated in a public offering of its limited
partnership interests in 1990.  The Partnership sold 91,820 Units of limited
partnership interest for an aggregate price of $2,295,500.  After offering
expenses of approximately $122,000, the Partnership received approximately
$2,173,500 in proceeds available for investment.

         The Partnership is no longer making initial portfolio investments,
but may continue to make follow-on investments.  For information regarding
the Partnership's current portfolio investments and purchases and sales
during the year, see Item 8 of this Form 10-K.

         The information set forth under the captions "Investment Objectives
& Policies" and "Regulation" in the Prospectus of the Partnership dated March
12, 1990, filed with the Securities and Exchange Commission pursuant to Rule
497(b) under the Securities Act of 1933, is incorporated herein by reference.

Risks of Unit Ownership

         The purchase and ownership of Units involve a number of significant
risks and other important factors.  The portfolio company investments of the
Partnership involve a high degree of business and financial risk that can
result in substantial losses.  Among these are the risks associated with
investments in companies with little operating history, companies operating
at a loss or with substantial variations in operating results from period to
period, companies with the need for substantial additional capital to support
expansion or achieve or maintain a competitive position, companies which may
be highly leveraged, companies which may not be diversified and companies in
which the Partnership may be the sole or primary lender.  The Partnership
invests in only a few companies.  Therefore, a loss or other problem with a
single investment would have a material adverse effect on the Partnership.

         Risks may arise due to the period of time (typically four to seven
years or longer) which will elapse before portfolio company investments have
reached a state of maturity such that disposition can be considered.


                                    4
<PAGE> 5

         Portfolio companies may require additional funds and there can be no
assurance that the Partnership will have sufficient funds from reserves or
borrowing to make such follow-on investments which may have a substantial
negative impact on a portfolio company in need of additional funds.

         All decisions with respect to the management of the Partnership,
including identifying and making portfolio investments, are made exclusively
by the General Partners. Limited Partners must rely on the abilities of the
General Partners. The key personnel of the Managing General Partner have
considerable prior experience in investment banking and in structuring
investments.

         Ownership of the Units also entails risk because Limited Partners
may not be able to liquidate their investment in the event of an emergency or
for any other reason due to the substantial restrictions on transfers
contained in the Partnership Agreement and the lack of a market for the
resale of Units.

         The information set forth under the captions "Risk and Other
Important Factors" (including the subsections "Risks of Investment," "Size of
Partnership," "Ability to Invest Funds," "Time Required to Maturity of
Investments; Illiquidity of Investments," "Need for Follow-on Investments,"
"Use of Leverage," "Unspecified Investment," "Reliance on Management," "New
Business," "No Market for Units" and "Federal Income Tax Considerations") on
pages 9 through 14 of the Prospectus of Partnership dated March 12, 1990,
filed with the Securities and Exchange Commission pursuant to Rule 497(b)
under the Securities Act of 1933 on March 12, 1990, is incorporated herein by
this reference.  (This information has been restated herein pursuant to
section 64(b) of the Investment Company Act of 1940).

         Partners should refer to the Partnership Agreement for more detailed
information.

Employees

         The Partnership has no employees.  The Managing General Partner,
subject to the supervision of the Individual General Partners, manages the
Partnership's portfolio company investments and, pursuant to a Management
Agreement with the Partnership, performs or arranges for affiliates to
perform, the management and administrative services for the Partnership and
is responsible for managing the Partnership's money-market investments.  The
Managing General Partner receives no fee under the Management Agreement but
is reimbursed by the Partnership for certain expenses.

Item 2.  PROPERTIES

         The Partnership does not own or lease any physical properties.

Item 3.  LEGAL PROCEEDINGS

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

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         No matters were submitted to a vote of security holders during the
         period covered by this report.


                                    5
<PAGE> 6

                                    PART II

Item 5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
         MATTERS

               There is no established public trading market for the Limited
         Partnership interests.  As of March 15, 1998, the total number of
         holders of units is 104. The number of limited partnership units
         outstanding is 87,820.  The number of general partnership units
         outstanding is 20,000 as of March 15, 1998.

               Cash distributions of $5 per unit were made to its Partners
         during the year ended December 31, 1997.

               The information  set forth under the captions "Partnership
         Distributions and Allocations" and  "Transferability of Units" in
         the Prospectus of the Partnership dated March 12, 1990, filed with
         the Securities and Exchange Commission pursuant to Rule 497(b)
         under the Securities Act of 1933 is incorporated herein by
         reference.


                                    6
<PAGE> 7


Item 6.  SELECTED FINANCIAL DATA

<TABLE>
   BALANCE SHEET:
<CAPTION>
                                                                            As of
                                                                         December 31,
                                         -------------------------------------------------------------------------
                                            1997           1996              1995          1994            1993
                                         ----------     ----------        ----------    ----------      ----------
<S>                                      <C>            <C>               <C>           <C>             <C>
   Net Assets                            $2,143,937     $2,413,382        $3,577,659    $3,221,998      $3,235,105

   Portfolio
   Investments at
   Fair Value                            $1,951,068     $2,341,691         3,217,156     3,075,566       3,051,309

   INCOME STATEMENT:
<CAPTION>
                                                                     For the Year Ended
                                                                        December 31,
                                         -------------------------------------------------------------------------
                                            1997           1996               1995          1994            1993
                                         ----------     ----------          --------     ---------       ---------
<S>                                       <C>           <C>                 <C>          <C>             <C>
   Net Income (Loss)
   before Unrealized
   (Losses) Gains:                        $ 524,401     $1,645,082          $575,891     $(110,514)      $ 374,346


   Unrealized
   (Losses) Gains                          (254,746)      (652,959)          318,870        97,407        (765,827)


   Net Income (Loss)                        269,655        992,123           894,761       (13,107)       (391,481)


   Per Unit of
   Partnership Interest:

   Net Asset Value                            19.88          22.38             33.18         29.88           30.00


   Net Income (Loss)
   before Unrealized
   (Losses) Gains                              4.86          15.26              5.34         (1.02)           3.47


   Unrealized
   (Losses) Gains                             (2.36)         (6.06)             2.96           .90           (7.10)


   Net Income (Loss)                           2.50           9.20              8.30          (.12)          (3.63)
</TABLE>


                                    7
<PAGE> 8


Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

                        (FISCAL YEAR 1997 VERSUS 1996)

         Net income for the year ended December 31, 1997 was $269,655,
compared to net income of $992,123 for the year ended December 31, 1996.
This decrease in net income is primarily attributable to lower realized gains
on the sale of investments in 1997. See detail of investment sales in Note
6 to the financial statements. In 1997, there was a net unrealized loss on
investments  of $254,746. This was due to a large unrealized loss recorded
for Isolyser Company, Inc. when the share price declined significantly from
the prior year, which was partially offset by a large unrealized gain
recorded for Intermedia Communications of Florida when the company's share
price more than doubled from the prior year.  These unrealized gains and
losses also were offset by reversals of prior period unrealized gains on
stock sold during 1997.

         In addition, income derived from dividends and interest increased
approximately $44,900 due to dividends declared for the first time that were
recorded on Innovation Medical Technologies, Inc. 6% Class A and 6% Class B
Preferred Stock.  Expenses increased approximately $4,700, or 34% from the
prior year due to higher trustee fees.

         The Partnership made a distribution of $5 per unit during 1997.

         As of December 31, 1997,  unrealized gains on investments totaled
$668,124.  The future income or loss of the Partnership is contingent upon
the performance of the portfolio investments.

                        (FISCAL YEAR 1996 VERSUS 1995)

         Net income for the year ended December 31, 1996, was $992,123,
compared to net income of $894,761 in 1995, an increase of 11%.  The increase
in net income is attributable to an increase in realized gains of $1,052,817
offset by increased unrealized losses of $971,829 and reduced expenses due to
lower professional fees in the current year.

         Realized gains increased approximately $1.1 million compared to 1995
due to significant gains recognized during 1996.  The partnership sold shares
in Citation Computer Systems, Intermedia Communications of Florida, and
Isolyser Company, Inc. resulting in realized gains of $530,535, $879,563 and
$237,400, respectively.

         Also, during 1996, unrealized gains recognized in previous years
were converted to realized gains when the partnership sold the three
investments described above.  The future income or loss of the Partnership is
contingent upon the performance of the portfolio investments.


                                    8
<PAGE> 9

SUBSEQUENT EVENTS

         The Partnership received $61,433 from Innovation Medical
Technologies, Inc. in January, 1998.  Of this amount, $40,763 and $15,008
were principal payments for the 5% Term Notes which were due December 31,
1997, and the remaining $5,662 was interest on these Notes.  In addition, the
Partnership received $54,207 from Innovation Medical Technologies, Inc. for
dividends declared during 1997 on Class A and Class B Convertible Preferred
Stock.  This dividend income was recorded as revenue during 1997.

         During March 1998, the Partnership sold 7,000 shares of Intermedia
Communications of Florida which resulted in a gain of $527,207.  After the
sale of the shares, these funds were used toward a distribution of $7 per
unit.

LIQUIDITY AND CAPITAL RESOURCES

         Total capital for the Partnership as of December 31, 1997, was
$2,143,937.  This consisted of $1,754,109 in Limited Partner capital and
$389,828 in General Partner capital.

         Net income of $269,655 for 1997 was allocated in the amount of
$219,634 to the Limited Partners and in the amount of $50,021 to the General
Partners.

         At December 31, 1997, the Partnership had $146,085 in cash and cash
equivalents.


                                    9
<PAGE> 10

Item 8.  INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTARY FINANCIAL DATA


                                                              Page
                                                              ----

      Report of Independent Accountants                         11

      Balance Sheet as of December 31, 1997 and 1996            12

      Schedule of Portfolio Investments as of
        December 31, 1997 and 1996.                             13

      Income Statement for the Years Ended
        December 31, 1997, 1996, and 1995.                      17

      Statement of Changes in Partnership Capital for the
        Years Ended December 31, 1997, 1996 and 1995.           18

      Statement of Cash Flows for the Years Ended
        December 31, 1997, 1996 and 1995.                       19

      Notes to Financial Statements.                            20


Financial Statement Schedules:

All financial statement schedules are omitted because they are not applicable
or the required information is shown in the financial statements or notes
thereto.


                                    10
<PAGE> 11

                       REPORT OF INDEPENDENT ACCOUNTANTS

To the Partners of
Community Investment Partners, L.P.

In our opinion, the financial statements listed in the accompanying index
present fairly, in all material respects, the financial position of Community
Investment Partners, L.P. (the "Partnership") at December 31, 1997 and 1996,
and the results of its operations,  its cash flows and the changes in its
Partnership Capital for each of the three years in the period ended December
31, 1997, in conformity with generally accepted accounting principles.  These
financial statements are the responsibility of the Partnership's management;
our responsibility is to express an opinion on these financial statements
based on our audits.  We conducted our audits of these financial statements
in accordance with generally accepted auditing standards which require that
we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation.   We believe that our audits, which
included confirmation of portfolio investments owned at December 31, 1997,
provide a reasonable basis for the opinion expressed above.

As explained in Note 3, the financial statements include securities valued at
$870,730 (41 percent of net assets), whose values have been estimated by the
Managing General Partner in the absence of readily ascertainable market
values.   Those estimated values may differ significantly from the values
that would have been used had a ready market for the investments existed, and
the differences could be material.



PRICE WATERHOUSE LLP

St. Louis, Missouri
March 9, 1998


                                    11
<PAGE> 12


                      COMMUNITY INVESTMENT PARTNERS, L.P.


<TABLE>
                                      BALANCE SHEET
<CAPTION>
                                         ASSETS
                                         ------
                                                                            December 31,
                                                                       1997              1996
                                                                    ----------        ----------
<S>                                                                 <C>               <C>
Investments at Fair Value (Note 3)
   (cost $1,282,944 and $1,418,821 respectively)                    $1,951,068        $2,341,691

Cash and Cash Equivalents                                              146,085            80,365

Accrued Dividend and Interest Receivable                                59,784             3,426
                                                                    ----------        ----------

      TOTAL ASSETS                                                  $2,156,937        $2,425,482
                                                                    ==========        ==========

<CAPTION>
                           LIABILITIES AND PARTNERSHIP CAPITAL
                           -----------------------------------
                                                                            December 31,
                                                                       1997              1996
                                                                    ----------        ----------
<S>                                                                 <C>               <C>
Liabilities:
Accrued Expenses                                                    $   13,000        $   12,100
                                                                    ----------        ----------
      TOTAL LIABILITIES                                                 13,000            12,100
                                                                    ----------        ----------

Partnership Capital:
Capital - Limited Partners                                           1,754,109         1,973,575

Capital - General Partners                                             389,828           439,807
                                                                    ----------        ----------

      TOTAL PARTNERSHIP CAPITAL                                      2,143,937         2,413,382
                                                                    ----------        ----------
TOTAL LIABILITIES AND
   PARTNERSHIP CAPITAL                                              $2,156,937        $2,425,482
                                                                    ==========        ==========

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


                                    12
<PAGE> 13

<TABLE>
                                 COMMUNITY INVESTMENT PARTNERS, L.P.
                                 SCHEDULE OF PORTFOLIO INVESTMENTS
                                      AS OF DECEMBER 31, 1997
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Company                       Nature of Business                                                  Fair Value
Initial Investment Date       Investment                                  Cost                    (Note 3)
--------------------------------------------------------------------------------------------------------------
<S>                           <C>                                         <C>                     <C>
Saztec International,         Provides services for database
Inc. (Sazz)                   construction and information
                              conversion

   June 7, 1990               27,100 shares Common
                              Stock                                       $   78,324              $    8,469

Intermedia                    Organized to install and provide
Communications of             private, dedicated telecommunication
Florida  (ICIX)               lines using fiber optic cable

   May 31, 1991               13,535 shares Common Stock                      38,109                 822,251

Innovation Medical            Manufactures highly specialized
Technologies, Inc.            medical instruments for use in
                              ophthalmic surgery

   July 26, 1991              5,769 shares of 6% Class A
                              Cumulative Convertible
                              Preferred Stock                                149,994                 149,994
   March 11, 1992             5,625 shares of 6% Class B
                              Convertible Preferred
                              Stock                                           90,000                  90,000
   September 30, 1992         5% Term Notes, due
                              December 31, 1997                               40,763                  40,763
                              Warrants to purchase
                              14,440 shares of Common Stock
                              at $2.50 per share, expiring 12/31/00                -                       -
   May 26, 1994               5% Term Notes, due
                              December 31, 1997                               15,008                  15,008
                              Warrants to purchase
                              2,800 shares of
                              Common Stock at $5.00 per share,
                              expiring 12/31/02                                    -                       -

Citation Computers            Provides clinical
(CITA)                        laboratory information

   October 31, 1991           13,680 shares of Common
                              Stock                                           33,578                  88,920

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


                                    13
<PAGE> 14
<CAPTION>

                                   COMMUNITY INVESTMENT PARTNERS, L.P.
                                SCHEDULE OF PORTFOLIO INVESTMENTS (cont'd.)
                                        AS OF DECEMBER 31, 1997

--------------------------------------------------------------------------------------------------------------
Company                       Nature of Business                                                  Fair Value
Initial Investment Date       Investment                                  Cost                    (Note 3)
--------------------------------------------------------------------------------------------------------------
<S>                           <C>                                         <C>                     <C>
Vision Partners, L.P.         Owns stock in Family
                              Vision Center, Inc., which
                              operates leased optical
                              departments in host stores

   October 19, 1992           Limited Partnership
                              Interests                                   $  450,000              $  450,000
   December 1, 1993           Limited Partnership
                              Interests                                      124,965                 124,965

Isolyser Company,             Makes healthcare disposables
Inc.                          from hot-water soluble
                              polymer

   August 30, 1996            68,563 shares of Common
                              Stock                                          262,203                 160,698
                                                                          ----------              ----------
                                                                          $1,282,944              $1,951,068
                                                                          ==========              ==========

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


                                    14
<PAGE> 15

<TABLE>
                                           COMMUNITY INVESTMENT PARTNERS, L.P.
                                            SCHEDULE OF PORTFOLIO INVESTMENTS
                                                 AS OF DECEMBER 31, 1996
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Company                       Nature of Business                                                  Fair Value
Initial Investment Date       Investment                                  Cost                    (Note 3)
--------------------------------------------------------------------------------------------------------------
<S>                           <C>                                         <C>                     <C>
Saztec International, Inc.    Provides services for database
(Sazz)                        construction and information
                              conversion

   June 7, 1990               108,400 shares Common
                              Stock                                       $   78,324              $   14,092

Intermedia                    Organized to install and provide
Communications of Florida     private, dedicated telecommunication
(ICIX)                        lines using fiber optic cable

   May 31, 1991               25,000 shares Common Stock                      70,000                 643,750

Innovation Medical            Manufactures highly specialized
Technologies, Inc.            medical instruments for use in
                              ophthalmic surgery

   July 26, 1991              5,769 shares of 6% Class A
                              Cumulative Convertible
                              Preferred Stock                                149,994                 149,994
   March 11, 1992             5,625 shares of Class B
                              Convertible Preferred
                              Stock                                           90,000                  90,000
   September 30, 1992         5% Term Notes, due
                              December 31, 1997                               40,763                  40,763
                              Warrants to purchase
                              14,440 shares of Common Stock
                              at $2.50 per share, expiring 12/31/00                -                       -
   May 26, 1994               5% Term Notes, due
                              December 31, 1997                               15,008                  15,008
                              Warrants to purchase 2,800 shares of
                              Common Stock at $5.00 per share,
                              expiring 12/31/02                                    -                       -

Citation Computers            Provides clinical
(CITA)                        laboratory information

   October 31, 1991           16,480 shares of Common
                              Stock                                           40,410                 107,120


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


                                    15
<PAGE> 16

<CAPTION>
                                   COMMUNITY INVESTMENT PARTNERS, L.P.
                                SCHEDULE OF PORTFOLIO INVESTMENTS (cont'd.)
                                         AS OF DECEMBER 31, 1996

--------------------------------------------------------------------------------------------------------------
Company                       Nature of Business                                                  Fair Value
Initial Investment Date       Investment                                  Cost                    (Note 3)
--------------------------------------------------------------------------------------------------------------
<S>                           <C>                                         <C>                     <C>
PDT, Inc.                     Develops, manufactures
(PDTI)                        and markets the drug
                              devices used in Photodynamic
                              Therapy

   May 28, 1992               2,323.50 shares of Common
                              Stock                                       $    9,294              $   65,058

Vision Partners, L.P.         Owns stock in Family
                              Vision Center, Inc., which
                              operates leased optical
                              departments in host stores

   October 19, 1992           Limited Partnership
                              Interests                                      450,000                 450,000
   December 1, 1993           Limited Partnership
                              Interests                                      124,965                 124,965

Isolyser Company, Inc.        Makes healthcare disposables
                              from hot-water soluble
                              polymer

   August 30, 1996            91,563 shares of Common
                              Stock                                          350,063                 640,941
                                                                          ----------              ----------

                                                                          $1,418,821              $2,341,691
                                                                          ----------              ----------

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


                                    16
<PAGE> 17

<TABLE>
                          COMMUNITY INVESTMENT PARTNERS, L.P.

                                   INCOME STATEMENT
<CAPTION>
                                                             For the Year Ended
                                                                 December 31,
                                                     1997           1996            1995
                                                   ---------     ----------       --------

                                          INCOME
                                          ------
<S>                                                <C>           <C>              <C>
Dividend and Interest Income                       $  56,358     $   11,486       $  8,282

Net Realized Gains on
   Sale of Investments (Note 6)                      486,662      1,647,498        594,681
                                                   ---------     ----------       --------

     TOTAL INCOME                                    543,020      1,658,984        602,963
                                                   ---------     ----------       --------

                                       EXPENSES
                                       --------

Amortization of Deferred
   Organizational Costs                                    -              -          4,058
Professional Fees                                     17,633         12,274         20,979

Other                                                    986          1,628          2,035
                                                   ---------     ----------       --------

     TOTAL EXPENSES                                   18,619         13,902         27,072
                                                   ---------     ----------       --------

Net Income before
Unrealized (Losses) Gains                            524,401      1,645,082        575,891


Net Unrealized (Losses) Gains
on Investments                                      (254,746)      (652,959)       318,870
                                                   ---------     ----------       --------

     NET INCOME                                    $ 269,655     $  992,123       $894,761
                                                   =========     ==========       ========

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

                                    17

<PAGE> 18

<TABLE>
                            COMMUNITY INVESTMENT PARTNERS, L.P.
                        STATEMENT OF CHANGES IN PARTNERSHIP CAPITAL
<CAPTION>
                                             FOR THE YEARS ENDED DECEMBER 31,
                                                  1997, 1996 and 1995
                                     -----------------------------------------------

                                      LIMITED             GENERAL
                                      PARTNERS           PARTNERS           TOTAL
                                     -----------         ---------       -----------
<S>                                  <C>                 <C>             <C>
Balance, December 31, 1994           $ 2,632,198         $ 589,800       $ 3,221,998

Distribution                            (439,100)         (100,000)         (539,100)

Net income                               728,788           165,973           894,761
                                     -----------         ---------       -----------

Balance, December 31, 1995           $ 2,921,886         $ 655,773       $ 3,577,659

Distribution                          (1,756,400)         (400,000)       (2,156,400)

Net income                               808,089           184,034           992,123
                                     -----------         ---------       -----------

Balance, December 31, 1996           $ 1,973,575         $ 439,807       $ 2,413,382

Distribution                            (439,100)         (100,000)         (539,100)

Net income                               219,634            50,021           269,655
                                     -----------         ---------       -----------

Balance, December 31, 1997           $ 1,754,109         $ 389,828       $ 2,143,937
                                     ===========         =========       ===========

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


                                    18
<PAGE> 19

<TABLE>
                            COMMUNITY INVESTMENT PARTNERS, L.P.

                                 STATEMENT OF CASH FLOWS
<CAPTION>
                                                             For the Year Ended December 31,
                                                            1997            1996         1995
                                                         ---------       -----------   ---------
<S>                                                      <C>             <C>           <C>
CASH FLOWS PROVIDED BY  OPERATING ACTIVITIES:
   Net Income                                            $ 269,655       $   992,123   $ 894,761

   Adjustments to reconcile Net Income
      to Net Cash provided by Operating Activities:
   Amortization of Deferred Organization
      Costs                                                      -                 -       4,058

   Purchase of Portfolio Investments                        (1,197)         (262,184)          -

   Sale of Portfolio Investments                           623,736         2,132,188     771,961
   Unrealized Losses (Gains) on
      Portfolio Investments                                254,746           652,959    (318,870)

   Net Realized Gains on
      Sale of Portfolio Investments                       (486,662)       (1,647,498)   (594,681)

   (Increase) Decrease in Other Assets                     (56,358)            4,596      (3,862)

   Increase in Accrued Expenses                                900                 -       7,000

   (Decrease) Increase in Accounts Payable                       -           (30,918)     30,918
                                                         ---------       -----------   ---------
Total Cash Provided by
   Operating Activities                                    604,820         1,841,266     791,285
                                                         ---------       -----------   ---------

CASH FLOWS USED BY FINANCING ACTIVITIES:
   Capital Distributions                                  (539,100)       (2,156,400)   (539,100)
                                                         ---------       -----------   ---------
Total Cash Used by Financing Activities                   (539,100)       (2,156,400)   (539,100)
                                                         ---------       -----------   ---------

Net Increase (Decrease) in Cash and
   Cash Equivalents                                         65,720          (315,134)    252,185


CASH AND CASH EQUIVALENTS:
   Beginning of year                                        80,365           395,499     143,314
                                                         ---------       -----------   ---------
   End of year                                           $ 146,085       $    80,365   $ 395,499
                                                         =========       ===========   =========

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


                                    19
<PAGE> 20

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

1.    GENERAL

      Partnership  Organization
      -------------------------

      Community Investment Partners, L.P. ("the Partnership") was formed on
      October 10, 1989, under the Revised Uniform Limited Partnership Act of
      Missouri.  CIP  Management, L.P., LLLP, the Managing General Partner,
      is a Missouri limited liability limited  partnership formed on October
      10, 1989 as a limited partnership and registered as a limited
      liability limited partnership on July 23, 1997.  The general partner
      of CIP Management, L.P.,LLLP is CIP Management, Inc., an indirect
      subsidiary of Edward D. Jones & Co., L.P.

      Business
      --------

      The Partnership 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
      assets in qualifying investments as specified in the Investment
      Company Act.  The Managing General Partner is responsible for making
      the Partnership's investment decisions.

      The Partnership has sought and will continue to seek long-term capital
      appreciation by making investments in companies and other special
      investment situations.  The Partnership is not permitted to engage in
      any other business or activity.  The Partnership will dissolve on
      December 31, 2005, subject to the right of the Individual General
      Partners to extend the term for up to two additional two-year periods.

      As of December 31, 1992, the Partnership is no longer making initial
      portfolio investments, but may continue to make follow-on investments.

      Risk of Ownership
      -----------------

      The purchase and ownership of Partnership Units involve a number of
      significant risks and other important factors.  The portfolio company
      investments of the Partnership involve a high degree of business and
      financial risk that can result in substantial losses.  Among these are
      the risks associated with investments in companies with little
      operating history, companies operating at a loss or with substantial
      variations in operating results from period to period, companies with
      the need for substantial additional capital to support expansion or
      achieve or maintain a competitive position, companies which may be
      highly leveraged, companies which may not be diversified and companies
      in which the Partnership may be the sole or primary lender.  The
      Partnership intends to invest in only a few companies; therefore, a
      loss or other problem with a single investment would have a material
      adverse effect on the Partnership.

      Reclassification
      ----------------

      Certain prior year amounts have been reclassified to conform to current
      year classification.

2.    ALLOCATION OF PARTNERSHIP PROFITS AND LOSSES

      The Partnership Agreement generally provides for the allocation of
      profits and losses pro rata based on the Partners' capital
      contributions.  Refer to the Partnership Agreement for more detailed
      information.


                                    20
<PAGE> 21


3.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      Cash and Cash Equivalents
      -------------------------

      All short-term investments with original maturities of three months or
      less are considered to be cash equivalents.

      Investment Transactions
      -----------------------

      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.

      Use of Estimates
      ----------------

      The preparation of financial statements in conformity with generally
      accepted accounting principles requires management to make estimates
      and assumptions that affect the reported amounts of assets and
      liabilities and disclosure of contingent assets and liabilities as of
      the date of the financial statements and the reported amounts of
      revenues and expenses during the reporting period.  Actual results
      could differ from those estimates.

      Organizational Costs
      --------------------

      Organizational costs were amortized over a sixty-month period and were
      fully amortized in 1995.

      Income Taxes
      ------------

      Income taxes have not been provided for as the Partnership is a limited
      partnership and each partner is liable for its own tax payments.
      Allocation of Partnership profits and losses for tax purposes is based
      upon taxable income which may differ from net income for financial
      reporting primarily due to differences between book and tax accounting
      for portfolio investments.

      Distributions
      -------------

      When excess cash, if any, becomes available, it is the Partnership's
      intent to make distributions.  All distributions are subject to the
      sole discretion of the Managing General Partner and the Independent
      General Partners.


                                    21
<PAGE> 22

4.    PER UNIT INFORMATION

      There is no market for the Limited Partnership interests.  Per Unit
      Information is as follows:

<TABLE>
<CAPTION>
                                             For the Year Ended December 31,
                                          1997              1996              1995
------------------------------------------------------------------------------------
<S>                                     <C>               <C>               <C>
Number of unit holders                       104               105               105


Limited partnership units                 87,820            87,820            87,820

General partnership units                 20,000            20,000            20,000
                                        --------          --------          --------

Total units outstanding                  107,820           107,820           107,820
                                        ========          ========          ========

Net asset value per unit                $  19.88          $  22.38          $  33.18
                                        ========          ========          ========

Net income per unit                     $   2.50          $   9.20          $   8.30
                                        ========          ========          ========
</TABLE>


5.    RELATED PARTY TRANSACTIONS

      The Partnership is furnished with certain non-reimbursed management and
      accounting services by affiliates, whose value is not reflected in the
      accompanying financial statements.

      The Partnership may place its General Partners on Boards of Directors
      of portfolio companies.

      The Managing General Partner and the Independent General Partners of
      the Partnership are also the managing general partner and independent
      general partners, respectively, of Community Investment Partners II,
      L.P., a business development company.  Additionally, the Managing
      General Partner is the managing general partner of Community
      Investment Partners III L.P., LLLP, another business development
      company.


                                    22
<PAGE> 23

6.    INVESTMENT TRANSACTIONS

      Following is a summary of portfolio investment transactions during the
      years ended December 31, 1997, 1996 and 1995, respectively.

      For the year ended December 31, 1997:
      -------------------------------------
<TABLE>
<CAPTION>
                                                                               Realized
      Company                                Cost            Proceeds         Gain (Loss)
      -------                              --------          --------         ----------
<S>                                        <C>               <C>               <C>
      Purchases:
      ----------
      Intermedia Communications
        of Florida                         $  1,197
                                           --------

        Total Purchases                    $  1,197
                                           ========
      Sales:
      ------
      Intermedia Communications
        of Florida                         $ 33,088          $422,268          $389,180
      Isolyser Company, Inc.                 87,860            76,622           (11,238)
      PDT, Inc.                               9,294           101,047            91,753
      Citation Computers                      6,832            23,799            16,967
                                           --------          --------          --------

           Total Sales                     $137,074          $623,736          $486,662
                                           ========          ========          ========
</TABLE>

During 1997, there was a one-for-four reverse stock split on Saztec
International, Inc. common stock. The Partnership's 108,400 shares of common
stock were converted to 27,100 shares of common stock.


                                    23
<PAGE> 24

      For the year ended December 31, 1996:
      -------------------------------------
<TABLE>
<CAPTION>
                                                                               Realized
      Company                                Cost            Proceeds         Gain (Loss)
      -------                              --------          --------         ----------
<S>                                        <C>             <C>               <C>
      Purchases:
      ----------
      Micro Partners, L.P.                 $256,413

      Innovation Medical
        Technologies, Inc.                    5,771
                                           --------

      Total Purchases                      $262,184
                                           ========

      Sales:
      ------
      Intermedia
        Communications                     $126,000        $1,005,563        $  879,563
      Citation Computers                    148,840           679,375           530,535
      Isolyser Company, Inc.                206,350           443,750           237,400
      Innovation Medical
        Technologies, Inc.                    3,500             3,500                 0
                                           --------        ----------        ----------

      Total Sales                          $484,690        $2,132,188        $1,647,498
                                           ========        ==========        ==========
</TABLE>

As of December 31, 1995, the Partnership held a $300,000 limited
partnership investment in Micro Partners, L.P.  During 1996, an
additional investment of $256,413 was made in Micro Partners, L.P.
Subsequent to this investment, the Micro Partners, L.P. partnership
was dissolved and the Partnership received 88,220 shares of common
stock in Microtek.  Then, Microtek merged with Isolyser Company and
the Partnership received 145,563 shares of Isolyser Company stock.


                                    24
<PAGE> 25


      For the year ended December 31, 1995:
      -------------------------------------
<TABLE>
<CAPTION>
                                                                               Realized
      Investment                             Cost            Proceeds         Gain (Loss)
      ----------                           --------          --------         ----------
<S>                                        <C>               <C>               <C>
      Sales:
      PDT, Inc.                            $  2,934          $  7,276          $  4,342
      PDT, Inc.                              27,882           218,409           190,527
      PDT, Inc.                              18,588           153,875           135,287
      Saztec International, Inc.             21,676             6,875           (14,801)
      Intermedia Communications
        of Florida                           45,200           253,026           207,826
      Citation Computers                     61,000           132,500            71,500
                                           --------          --------          --------

      Total Sales                          $177,280          $771,961          $594,681
                                           ========          ========          ========
</TABLE>



Item 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
         ACCOUNTING AND FINANCIAL DISCLOSURES

         None


                                    25
<PAGE> 26


                                   PART III

Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         There are two Independent General Partners and one Managing General
Partner of the Partnership.  These Independent General Partners and the
Managing General Partner are responsible for the management and
administration of the Partnership.  The General Partners are "interested
persons" of the Partnership as defined by the Investment Company Act of 1940,
but the Partnership has obtained an exemptive order from the Securities and
Exchange Commission permitting them to be considered disinterested persons.
The Independent General Partners provide overall guidance and supervision
with respect to the operations of the Partnership and perform the various
duties imposed on the directors of a business development company by the
Investment Company Act.  In addition to general fiduciary duties, the
Independent General Partners supervise the management and underwriting
arrangement of the Partnership, the custody arrangement with respect to
portfolio securities, the selection of accountants, fidelity bonding and
transactions with affiliates.

Specific Information regarding the Independent General Partners:

         Tommy L. Gleason, Jr., 52, has been an Independent General Partner
of the Partnership since February 1990.  He is also an independent general
partner of Community Investment Partners II, L.P., a business development
company.  Mr. Gleason is the Chairman and Chief Executive Officer of Galaxy
Systems Management, Inc., the general Partner of Galaxy Telecom, L.P., which
is involved in management of cable television systems located in sixteen
states and serving approximately 175,000 subscribers.  Mr. Gleason owns 4,000
Units.

         E. Stanley Kroenke, 50, has served as an Independent General Partner
of the Partnership since February 1990.  He is also an independent general
partner of Community Investment Partners II, L.P., a business development
company.  Mr. Kroenke leads a company that is a national investor, developer,
and owner of commercial real estate.  The company is a developer and owner of
numerous shopping centers as well as apartment projects around the country.
Mr. Kroenke is co-owner and vice chairman of the St. Louis Rams National
Football League franchise.  He also serves as a member of the board of
directors of Wal-Mart Stores, Inc., Bentonville, Arkansas; Central
Bancompany, Jefferson City, Missouri; Boone County National Bank, Columbia,
Missouri; and the Strategic Development Board of the University of Missouri
School of Business, Columbia, Missouri.  He serves as a trustee of the
College of the Ozarks in Point Lookout, Missouri, as well as chairman of
their real estate committee.  Mr. Kroenke owns 4,000 Units.

         CIP Management, L.P., LLLP,  (the "Managing General Partner") is the
Managing General Partner of Community Investment Partners, L.P.  The Managing
General Partner is also managing general partner of Community Investment
Partners II, L.P. and Community Investment Partners III L.P., LLLP, which are
also business development companies.  The General Partners of the Managing
General Partner are CIP Management, Inc., a Missouri corporation and a
wholly-owned subsidiary of Edward D. Jones & Co., L.P., and Daniel A.
Burkhardt.


                                    26
<PAGE> 27

The Directors and Officers of CIP Management, Inc. are as follows:

         Daniel A. Burkhardt, 50, President, Treasurer and Director of CIP
Management, Inc. since October 1989 and general partner of CIP Management,
L.P.,LLLP since February 1990.  He is a general partner of The Jones
Financial Companies, L.P., LLP, the parent company of Edward D. Jones & Co.,
L.P. where he has specialized in investment banking and structuring
investments since 1980.  He is also a director of Essex County Gas Company,
St. Joseph Light & Power Co., SEMCO Energy, Inc. and Mid-America Realty
Investment, Inc.  Mr. Burkhardt is the beneficial owner of 2,105 Units.

         Ray A. Robbins, Jr., 53, Vice President and Director of CIP
Management, Inc. since October 1989.  He is a general partner of The Jones
Financial Companies, L.P., LLP, the parent company of Edward D. Jones & Co.,
L.P., where he has specialized in securities analysis since 1984, and where
he was responsible for municipal bond transactions from 1975 to 1983.  Mr.
Robbins is a beneficial owner of 2,000 Units.

         Marilyn A. Gaffney, 39, Secretary of CIP Management, Inc. since
October 1989.  She is a Limited Partner of The Jones Financial Companies,
L.P., LLP, the parent company of Edward D. Jones & Co., L.P., where she has
been a senior investment adviser in investment banking since 1980.  Ms.
Gaffney is the beneficial owner of 200 Units.

Item 11. EXECUTIVE COMPENSATION

         The information set forth under the caption "Partnership
Distributions and Allocations" in the Prospectus of the Partnership dated
March 12, 1990, filed with the Securities and Exchange Commission pursuant to
Rule 497(b) under the Securities Act of 1933, is incorporated herein by
reference.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
         MANAGEMENT

         The information concerning the security ownership of the General
Partner, Independent General Partners and the Officers and Directors of CIP
Management, Inc., described in Items 1 and 10, is herein incorporated by
reference.

         As of March 15, 1998, the following parties are known by the
Partnership to be the beneficial owners of more than 5% of the Units.

<TABLE>
<CAPTION>
                                              Amount of
                                              Beneficial                   % of Limited
         Name                             Ownership of Units            Partnership Capital
         ----                             ------------------            -------------------
<S>                                             <C>                           <C>
         Iowa Ilinois Investment Co.            10,000                        11.39%
         EDJ Ventures Ltd.                      19,800                        22.55%
         Richard P. Kiphart                      4,590                         5.23%
</TABLE>

         The Partnership is not aware of any arrangement which may, at a
subsequent date, result in a change of control of the Partnership.


                                    27
<PAGE> 28

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         Certain relationships and related transactions, described in Item
10, are herein incorporated by reference.


                                    28
<PAGE> 29
                                    PART IV

Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

      a. The following documents are filed as part of this report:

         1.    Financial Statements:
               --------------------

                     See Index to Financial Statements and Supplementary Data
               contained in Item 8 of this Form 10-K.

         2.    Financial Statement Schedules:
               -----------------------------

                     All financial statement schedules are omitted because
               they are not applicable or the required information is
               included in the balance sheet or notes thereto.

         3.    Exhibits:
               --------

               (3)   Amended and Restated Certificate and Agreement of
                     Limited Partnership dated as of March 29, 1990.

               (4)   Form of Unit Certificate.<F*>

               (10)  Management Agreement dated March 28, 1990, between the
                     Partnership and CIP Management, L.P. ,LLLP<F**>

               (28)  Prospectus of the Partnership dated March 12, 1990,
                     filed with the Securities and Exchange Commission in
                     connection with Registration Statement No. 33-31649 on Form
                     N-2 under the Securities Act of 1933. <F***>

               [FN]
               <F*>  Incorporated by reference to Exhibit A of the Prospectus
                     of the Partnership dated March 12, 1990 filed with the
                     Securities and Exchange Commission pursuant to Rule 497(b)
                     under the Securities Act of 1933.

               <F**> Incorporated by reference to the Partnership's Proxy
                     Statement filed with the Securities Exchange Commission
                     on March 11, 1991.

               <F***>Incorporated by reference to the Partnership's
                     Registration Statement No. 33-31649 on Form N-2 under
                     the Securities Act of 1933.

      b. No reports on Form 8-K were filed during the quarter ended December
         31, 1997.

      c. Exhibits filed as part of this report are included in Item (14)
         (a)(3) above.

      d. All financial statement schedules are omitted because they are not
         applicable or the required information is included in the balance
         sheet or notes thereto.


                                    29
<PAGE> 30


                                  SIGNATURES

      Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized, on this 23rd day
of March, 1998.


                                    Community Investment Partners, L.P.
                                    By: CIP Management, L.P., LLLP, its
                                        Managing General Partner

                                        By:  CIP Management, Inc., its
                                             Managing General Partner



                                        /s/    Daniel A. Burkhardt, President
                                        --------------------------------------
                                        By:  Daniel A. Burkhardt, President


      Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities indicated.


/s/ Daniel A. Burkhardt
------------------------------            General Partner of CIP Management
    Daniel A. Burkhardt                   L.P., LLLP, President, Treasurer and
                                          Director of CIP Management, Inc.



/s/ Ray L. Robbins
------------------------------            Vice President and Director of CIP
    Ray L. Robbins                        Management, Inc.



/s/ Tommy L. Gleason, Jr.
------------------------------            Individual General Partner,
    Tommy L. Gleason, Jr.                 Community Investment Partners, L.P.



/s/ E. Stanley Kroenke
------------------------------            Individual General Partner,
    E. Stanley Kroenke                    Community Investment Partners, L.P.



                                    30
<PAGE> 31

<TABLE>
                               INDEX TO EXHIBITS
<CAPTION>
 Exhibit
 Number                  Description of Exhibit                         Page
 -------                 ----------------------                         ----
<S>               <C>                                                   <C>
  (3)             Amended and Restated Certificate and
                  Agreement of Limited Partnership dated
                  as of March 29, 1990                                  <F*>

  (4)             Form of Unit Certificate                              <F*>

  (10)            Management Agreement dated March 28, 1990,
                  between the Partnership and CIP Management,
                  L.P.,LLLP                                             <F*>

  (28)            Prospectus of the Partnership dated March 12,
                  1990, filed with the Securities and Exchange
                  Commission in connection with Registration
                  Statement No. 33-31649 on Form N-2 under the
                  Securities Act of 1933                                <F*>

<FN>
----------------
<F*>Incorporated by reference
</TABLE>


                                    31