The authors designed the project described her in order to address their students' expressed frustrations at the perceived disconnect between theory and practice. The project combined course readings, journaling, collaboratively created observation protocols, and classroom observation into a semester-long iterative assignment. The students' work on this project, and the resulting impact on professional capital, is the focus of this study. Using data from course artifacts, interviews, and written reflections, the authors focused their study on one central research question: What is the impact of a collaborative, semester-long, reading-writing-observation project on pre-service teachers' ability to connect theory and practice? In this article, they include a review of the literature, offer a short description of the methods followed by a detailed description of the Theory-into-Practice (TIP) project, and report their findings. The authors conclude by discussing the potential impact of the project on their students' developing professional capital, share missed opportunities for learning, offer project modifications, and suggest potential implications for teacher education.