<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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.)
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. (1)
YES X NO (2) YES NO X
____ ____ ____ ____
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COMMUNITY INVESTMENT PARTNERS, L.P.
INDEX
Page
Number
Part I.FINANCIAL INFORMATION
Item 1.Financial Statements
Balance Sheet ...........................................3
Schedule of Portfolio Investments .......................4
Income Statement ........................................6
Statement of Cash Flows .................................7
Statement of Changes in Partnership Capital .............8
Notes to Financial Statements ...........................9
Item 2.Management's Discussion and Analysis of Financial
Condition and Results of Operations .....................10
Part II.OTHER INFORMATION *
Item 1.Legal Proceedings.......................................11
Item 6.Exhibits and Reports on Form 8-K........................11
Signatures ..............................................12
* Items 2,3,4 and 5 are omitted as they are not applicable
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COMMUNITY INVESTMENT PARTNERS, L.P.
BALANCE SHEET
(Unaudited)
March 31, December 31,
1997 1996
ASSETS
Investments at Fair Market Value (cost
$1,420,018 and $1,418,821 respectively)$1,946,532 $2,341,691
Cash and Cash Equivalents 73,032 80,365
Accrued Interest Receivable 3,488 3,426
__________ _________
TOTAL ASSETS $ 2,023,052 $2,425,482
========== ==========
LIABILITIES AND PARTNERSHIP CAPITAL
Liabilities:
Accounts Payable & Accrued Expenses $ 6,490 $ 12,100
___________ _________
TOTAL LIABILITIES 6,490 12,100
___________ _________
Partnership Capital:
Capital - Limited Partners 1,650,365 1,973,575
Capital - General Partners 366,197 439,807
___________ _________
TOTAL PARTNERSHIP CAPITAL 2,016,562 2,413,382
___________ _________
TOTAL LIABILITIES AND
PARTNERSHIP CAPITAL $ 2,023,052 $2,425,482
=========== =========
The accompanying notes are an integral part of these financial
statements.
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS
Company Fair Market
Initial Investment Nature of Business Value
Date Investment Cost Mar. 31,1997
______________________________________________________________________
Saztec International,
Inc. Provides services for database
(Sazz) construction and information
conversion
June 7, 1990 108,400 shares Common
Stock $78,324 $18,970
Intermedia
Communications of
Florida Organized to install and provide
(ICIX) private, dedicated telecommunication
lines using fiber optic cable
May 31, 1991 25,000 shares Common
Stock 70,000 415,625
February 27, 1997 285 shares Common Stock 1,197 4,738
Innovation Medical
Technologies, Inc. Manufactures highly specialized
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
May 26, 1994 5% Term Notes, due
December 31, 1997 15,008 15,008
Warrants to purchase
2,800 shares of
Common Stock
Citation Computers Provides clinical
(CITA) laboratory information
October 31, 1991 16,480 shares of Common
Stock 40,410 131,840
The accompanying notes are an integral
part of these financial statements.
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS
Company Fair Market
Initial Investment Nature of Business Value
Date Investment Cost Mar. 31, 1997
______________________________________________________________________
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 69,705
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 350,063 434,924
__________ __________
$1,420,018 $1,946,532
========== ==========
The accompanying notes are an integral
part of these financial statements.
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COMMUNITY INVESTMENT PARTNERS, L.P.
INCOME STATEMENT
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
1997 1996
INCOME
Interest Income $ 61 $ 2,646
Gain on Sale of Investments - 714,000
___________ _________
TOTAL INCOME 61 716,646
___________ _________
EXPENSES
Trustee Fees 526 -
___________ _________
TOTAL EXPENSES 526 -
___________ _________
Net (Loss) Income before Unrealized
(Losses) Gains (465) 716,646
Net Unrealized (Losses) Gains on
Investments (396,355) 327,543
___________ _________
NET (LOSS) INCOME $(396,820) $1,044,189
=========== =========
Per Unit Information:
Net (Loss) Income $ (3.68) $ 9.68
=========== =========
Net Asset Value (as of March 31, 1997 and
March 31, 1996) $ 18.70 $ 37.87
=========== =========
Units Outstanding:
Limited Partners 87,820 87,820
General Partners 20,000 20,000
The accompanying notes are an integral part of these financial
statements.
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
1997 1996
CASH FLOWS (USED) PROVIDED BY OPERATING
ACTIVITIES:
Net (Loss) Income $ (396,820) $ 1,044,189
Adjustments to reconcile Net (Loss)
Income to Net
Cash Provided by Operating Activities -
Purchase of Portfolio Investments (1,197) -
Sale of Portfolio Investments - 906,000
Net Realized Gain on Sale of Portfolio
Investments - (714,000)
Unrealized Loss (Gain) on Investments 396,355 (327,543)
Distribution to Unitholders - (539,100)
(Increase) Decrease in Accrued Interest
Receivable (61) 1,483
Decrease in Accounts Payable (5,610) (30,918)
_____________ __________
Total Cash (Used) Provided by
Operating Activities (7,333) 340,111
_____________ __________
Net (Decrease) Increase in Cash and
Cash Equivalents (7,333) 340,111
CASH AND EQUIVALENTS, beginning of year 80,365 395,499
_____________ __________
CASH AND EQUIVALENTS, end of year $ 73,032 $ 735,610
============= ==========
The accompanying notes are an integral part of these financial
statements.
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF CHANGES IN PARTNERSHIP CAPITAL
(Unaudited)
Three Months Ended March 31, 1996 and 1997
Limited General
Partners Partners Totals
Balance December 31, 1995 $2,921,886 $ 655,773 $ 3,577,659
Net Income 850,496 193,693 1,044,189
Distribution (439,100) (100,000) (539,100)
___________ ___________ ____________
Balance March 31, 1996 $3,333,282 $ 749,465 $ 4,082,747
=========== =========== ============
Balance, December 31, 1996 $1,973,575 $ 439,807 $ 2,413,382
Net (Loss) (323,210) (73,610) (396,820)
Distribution - - -
__________ ___________ ____________
Balance, March 31, 1997 $1,650,365 $ 366,197 $ 2,016,562
========== =========== ============
The accompanying notes are an integral part of these financial
statements.
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
BASIS OF PRESENTATION
Community Investment Partners, L.P. (CIP) 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. (Management), a limited
partnership, is the Managing General Partner of CIP. Management is
responsible for making all decisions regarding CIP's investment
portfolio. CIP is no longer making initial investments.
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. 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.
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
MANAGEMENT'S FINANCIAL DISCUSSION
RESULTS OF OPERATIONS
Net loss for the three months ended March 31, 1997 was $396,820
compared to net income of $1,044,189 for the same period ended 1996.
Net loss is primarily attributable to unrealized losses recorded for
investments of $396,355. These unrealized losses were mainly due to
Intermedia Communications of Florida ($228,125) and Isolyser Company,
Inc. ($206,000), which both had declines in their share prices during
the period. Cumulative unrealized gains for the investments total
$526,514, as of March 31, 1997.
On February 27, 1997, the Partnership exercised warrants to
purchase 285 shares of common stock in Intermedia Communications of
Florida at a cost of $1,197. The fair value of stock acquired as of
this date was $5,025. The difference between cost and fair value of
$3,828 was recorded as an unrealized gain.
INVESTMENT TRANSACTIONS
Following is a summary of portfolio investment transactions during the
quarter ended March 31, 1997.
For the quarter ended March 31, 1997
Unrealized
Investment Cost Proceeds Gain (Loss)
___________ _________ __________ _____________
Purchases:
Intermedia
Communications
of Florida $ 1,197 $ - $ 3,828
________ __________ _____________
Total Purchase $ 1,197 $ - $ -
======== ========== =============
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
The partnership's total capital of $2,016,562 as of March 31, 1997,
consisted of $1,650,365 in limited partner capital and $366,197 in
general partner capital. Net loss for the quarter was allocated to
the limited partners in the amount of $323,210 and to the general
partners in the amount of $73,610. The partnership intends to invest
its cash balances in U.S. Government securities, investment grade
state and municipal bonds, certificates of deposit at banks with at
least $25 million in assets, or investment grade money market
securities sold by banks.
SUBSEQUENT EVENTS
There were no subsequent events.
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
Item 1: Legal Proceedings
The partnership is not a party to any material pending legal
proceedings.
Item 6: Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
No reports were filed on Form 8-K for the quarter ended March 31,
1997.
<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, L.P.
By: CIP Management, L.P., Managing General Partner
By: CIP Management, inc., Its Managing General Partner
/s/Daniel A. Burkhardt President, Treasurer
_______________________ and Director
Daniel A. Burkhardt May 8, 1997
/s/Ray L. Robbins Vice-President
_______________________ and Director May 8, 1997
Ray L. Robbins
<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, L.P.
By: CIP Management, L.P., Managing General Partner
By: CIP Management, Inc., Its Managing General Partner
President, Treasurer
_______________________ and Director
Daniel A. Burkhardt May 8, 1997
Vice-President
_______________________ and Director May 8, 1997
Ray L. Robbins
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements for Community Investment Partners, L.P. for the quarter
ended March 31, 1997 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
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<NAME> COMMUNITY INVESTMENT PARTNERS, L.P.
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