SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q

[X]      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities 
          Exchange Act of 1934

For the Quarterly Period Ended September 30, 1997

Or

[  ]     Transition Report Pursuant to Section 13 or 15(d) of the Securities 
          Exchange Act of 1934

For the transition period from                  to
                             Commission file number 0-16208


                       WESTFORD TECHNOLOGY VENTURES, L.P.
===============================================================================
             (Exact name of registrant as specified in its charter)


Delaware                                                             13-3423417
===============================================================================
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

17 Academy Street, 5th Floor
Newark, New Jersey                                                   07102-2905
===============================================================================
(Address of principal executive offices)                             (Zip Code)

Registrant's telephone number, including area code:  (201) 624-2131

Not applicable
===============================================================================
Former name, former address and former fiscal year, if changed since last report

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



<PAGE>


                       WESTFORD TECHNOLOGY VENTURES, L.P.

                                      INDEX



PART I.       FINANCIAL INFORMATION

Item 1.       Financial Statements.

Balance Sheets as of September 30, 1997 (Unaudited) and December 31, 1996

Schedule of Portfolio Investments as of September 30, 1997 (Unaudited)

Statements of Operations for the Three and Nine Months Ended September 30, 1997
 and 1996 (Unaudited)

Statements of Cash Flows for the Nine Months Ended September 30, 1997 and 1996 
(Unaudited)

Statement of Changes in Partners' Capital for the Nine Months Ended September 
30, 1997 (Unaudited)

Notes to Financial Statements (Unaudited)

Item 2. Management's Discussion and Analysis of Financial Condition and Results 
        of Operations.


PART II.      OTHER INFORMATION

Item 1.       Legal Proceedings.

Item 2.       Changes in Securities.

Item 3.       Defaults upon Senior Securities.

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

Item 5.       Other Information.

Item 6.       Exhibits and Reports on Form 8-K.



<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1.       Financial Statements.

WESTFORD TECHNOLOGY VENTURES, L.P.
BALANCE SHEETS

<TABLE>

                                                                                        September 30,
                                                                                            1997                 December 31,
                                                                                         (Unaudited)                 1996
ASSETS

Portfolio investments at fair value (cost $10,528,421 at
<S>          <C> <C>      <C>                    <C> <C>                              <C>                     <C>             
   September 30, 1997 and $9,928,421 at December 31, 1996)                            $     6,955,069         $      7,948,265
Cash and cash equivalents                                                                      63,665                  900,186
Deposit in escrow                                                                                   -                   32,985
Receivable from securities sold (net of unamortized discount of
   $71,997 at September 30, 1997 and $85,029 at December 31, 1996)                            133,862                  160,642
Accrued interest receivable                                                                   117,444                   34,854
                                                                                      ---------------         ----------------

TOTAL ASSETS                                                                          $     7,270,040         $      9,076,932
                                                                                      ===============         ================

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
Accounts payable                                                                      $        37,874         $         53,337
Due to Independent General Partners                                                            10,500                   10,500
                                                                                      ---------------         ----------------
   Total liabilities                                                                           48,374                   63,837
                                                                                      ----------------------------------------

Partners' Capital:
Managing General Partner                                                                      570,139                  559,134
Individual General Partners                                                                     3,599                    3,674
Limited Partners (11,217 Units)                                                            10,221,280               10,430,443
Unallocated net unrealized depreciation of investments                                     (3,573,352)              (1,980,156)
                                                                                      --------------- ------------------------
   Total partners' capital                                                                  7,221,666                9,013,095
                                                                                      ----------------------------------------

TOTAL LIABILITIES AND PARTNERS' CAPITAL                                               $     7,270,040         $      9,076,932
                                                                                      ===============         ================
</TABLE>


See notes to financial statements.


<PAGE>


WESTFORD TECHNOLOGY VENTURES, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
September 30, 1997

<TABLE>

<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                                                     Initial Investment
Company / Position                                                          Date                  Cost               Fair Value
EIS International, Inc.(A)
<C>                                                                           <C>            <C>                  <C>          
206,267 shares of Common Stock                                           Mar. 1990           $    2,726,335       $   1,650,136
Warrants to purchase 29,015 shares of Common Stock
   at $1.41 per share, expiring between 12/31/98 and 3/23/00                                        438,469             191,305
-------------------------------------------------------------------------------------------------------------------------------
Inn-Room Systems, Inc. *
1,342,491 shares of Common Stock                                         Oct. 1989                1,243,686             671,246
Demand Promissory Note at 1% plus prime due 12/31/97                                                105,000             105,000
Warrants to purchase 206,003 shares of Common Stock at
   $0.01 per share, expiring between 12/31/97 and 6/30/98                                            74,603             100,941
-------------------------------------------------------------------------------------------------------------------------------
Spectrix Corporation*
742,304 shares of Preferred Stock                                        June 1989                3,511,351           1,113,458
274,862 shares of Common Stock                                                                      142,681             412,293
Demand Promissory Notes at 8%                                                                     1,497,500           1,497,500
Warrants to purchase 424,394 shares of Common Stock
   at $.50 per share, expiring between 12/31/97 and 4/30/03                                               0             424,394
Warrants to purchase 50,000 shares of Common Stock at
   $4.00 per share, expiring 04/30/03                                                                     0
-----------------------------------------------------------------------------------------------------------
Thunderbird Technologies, Inc.
788,796 shares of Preferred Stock                                        Oct. 1992                  788,796             788,796
-------------------------------------------------------------------------------------------------------------------------------

TOTALS                                                                                       $   10,528,421       $   6,955,069
                                                                                             ==============       =============
</TABLE>



 (A) Public company.


* May be deemed  an  affiliated  person of the  Partnership  as  defined  in the
Investment Company Act of 1940.

See notes to financial statements.



<PAGE>


WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENTS OF OPERATIONS (UNAUDITED)


<TABLE>

                                                                    Three Months Ended                     Nine Months Ended
                                                                       September 30,                         September 30,

                                                                    1997            1996              1997             1996
                                                             ---------------  ----------------  ---------------    --------

INVESTMENT INCOME AND EXPENSES

     Income:
<S>                                                          <C>              <C>               <C>                <C>          
     Interest from short-term investments                    $           904  $         20,009  $        11,364    $      43,940
     Interest and other income from portfolio
       investments                                                    38,549            13,516           97,148           32,908
                                                             ---------------  ----------------  ---------------    -------------
     Totals                                                           39,453            33,525          108,512           76,848
                                                             ---------------  ----------------  ---------------    -------------

     Expenses:
     Management fee                                                   55,896            55,941          167,688          167,843
     Professional fees                                                15,738            14,944           58,108           48,121
     Mailing and printing                                              2,103             2,868            8,795           18,072
     Independent General Partners' fees                               10,500            10,500           31,500           31,500
     Miscellaneous                                                     2,795             3,687            8,989           13,333
                                                             ---------------  ----------------  ---------------    -------------
     Totals                                                           87,032            87,940          275,080          278,869
                                                             ---------------  ----------------  ---------------    -------------

NET INVESTMENT LOSS                                                  (47,579)          (54,415)        (166,568)        (202,021)

Net realized gain (loss) from portfolio investments                        -                 -          (31,665)       2,929,998
                                                             ---------------  ----------------  ---------------    -------------

NET REALIZED GAIN (LOSS) FROM
     OPERATIONS - (allocable to Partners)                            (47,579)          (54,415)        (198,233)       2,727,977

Net change in unrealized depreciation of
     investments                                                  (1,816,658)       (2,231,233)      (1,593,196)      (3,075,410)
                                                             ---------------  ----------------  ---------------       ----------

NET DECREASE IN NET ASSETS
     RESULTING FROM OPERATIONS                               $    (1,864,237) $     (2,285,648) $    (1,791,429)   $    (347,433)
                                                             ===============  ================  ===============    ============= 
</TABLE>

See notes to financial statements.



<PAGE>


WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months Ended September 30,

<TABLE>

                                                                                                     1997             1996
                                                                                               --------------     --------

CASH FLOWS USED FOR OPERATING ACTIVITIES

<S>                                                                                             <C>               <C>           
Net investment loss                                                                             $    (166,568)    $    (202,021)

Adjustments  to  reconcile  net  investment  loss to  cash  used  for  operating
   activities:

Increase in accrued interest on short-term investments                                                      -            (6,836)
Increase in accrued interest receivable                                                               (84,625)          (16,574)
(Decrease) increase in payables                                                                       (15,463)            3,967
                                                                                                -------------     -------------
Cash used for operating activities                                                                   (266,656)         (221,464)
                                                                                                -------------     -------------

CASH FLOWS (USED FOR) PROVIDED FROM INVESTING
   ACTIVITIES

Net purchase of short-term investments                                                                      -          (841,921)
Cost of portfolio investments purchased                                                              (600,000)         (710,000)
Proceeds from the sale of portfolio investments                                                        30,135         1,538,850
Repayment of promissory notes                                                                               -           100,000
                                                                                                -------------     -------------
Cash (used for) provided from investing activities                                                   (569,865)           86,929
                                                                                                -------------     -------------

Decrease in cash and cash equivalents                                                                (836,521)         (134,535)
Cash and cash equivalents at beginning of period                                                      900,186           206,504
                                                                                                -------------     -------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                      $      63,665     $      71,969
                                                                                                =============     =============
</TABLE>


See notes to financial statements.



<PAGE>


WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)
For the Nine Months Ended September 30, 1997


<TABLE>

                                                                                               Unallocated
                                           Managing       Individual                        Net Unrealized
                                            General         General           Limited       Depreciation of
                                            Partner        Partners          Partners          Investments           Total

<S>                                     <C>                <C>           <C>                 <C>                <C>            
Balance at beginning of period          $    559,134       $  3,674      $    10,430,443     $   (1,980,156)    $     9,013,095

Net investment loss                           17,589            (66)            (184,091)                 -            (166,568)

Net realized loss from portfolio
investments                                   (6,584)            (9)             (25,072)                 -             (31,665)

Net change in unrealized
depreciation of investments                        -              -                    -         (1,593,196)         (1,593,196)
                                        ------------       --------      ---------------     --------------     ---------------

Balance at end of period                $    570,139       $  3,599      $    10,221,280(A)  $   (3,573,352)    $     7,221,666
                                        ============       ========      ===============     ==============     ===============
</TABLE>


(A)  The net asset  value  per  $1,000  unit of  limited  partnership  interest,
     including  an  assumed   allocation  of  net  unrealized   depreciation  of
     investments, is $637.


See notes to financial statements.


<PAGE>


WESTFORD TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1.     Organization and Purpose

Westford  Technology  Ventures,  L.P. (the  "Partnership") is a Delaware limited
partnership  formed on September 3, 1987.  WTVI Co., L.P., the managing  general
partner of the Partnership (the "Managing General Partner") and four individuals
(the "Individual General Partners") are the general partners of the Partnership.
Hamilton  Capital  Management  Inc.  (the  "Management  Company") is the general
partner  of the  Managing  General  Partner  and the  management  company of the
Partnership. The Partnership began its principal operations on December 1, 1988.

The  Partnership's  objective is to achieve  long-term  capital  appreciation by
making venture  capital  investments  in new and developing  companies and other
special  investment  situations.  The  Partnership  will not engage in any other
business or activity.  The Partnership is scheduled to terminate on December 31,
1998, subject to the right of the Individual General Partners to extend the term
for up to two additional two-year periods.

2.     Significant Accounting Policies

Valuation of Investments - Short-term  investments are carried at amortized cost
which approximates  market.  Portfolio  investments are carried at fair value as
determined  quarterly by the Managing  General  Partner under the supervision of
the  Individual  General  Partners.  The fair value of  publicly-held  portfolio
securities  is adjusted to the closing  public market price for the last trading
day of each quarter discounted by a factor of 0% to 50% for sales  restrictions.
Factors  considered in the  determination  of an appropriate  discount  include,
underwriter lock-up or Rule 144 trading  restrictions,  insider status where the
Partnership either has a representative  serving on the Board of Directors or is
greater than a 10% shareholder,  and other liquidity factors such as the size of
the Partnership's position in a given company compared to the trading history of
the public  security.  Privately-held  portfolio  securities are carried at cost
until significant  developments  affecting the portfolio company provide a basis
for change in valuation.  The fair value of private securities is adjusted 1) to
reflect  meaningful  third-party  transactions  in the  private  market or 2) to
reflect  significant  progress or slippage in the  development  of the company's
business  such that cost is no longer  reflective  of fair  value.  As a venture
capital investment fund, the Partnership's  portfolio investments involve a high
degree of business and financial risk that can result in substantial losses. The
Managing  General Partner  considers such risks in determining the fair value of
the Partnership's portfolio investments.

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  at 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.

Investment  Transactions - Investment  transactions  are recorded on the accrual
method.  Portfolio  investments  are  recorded on the trade  date,  the date the
Partnership  obtains an  enforceable  right to demand the  securities or payment
therefor.  Realized  gains and  losses on  investments  sold are  computed  on a
specific identification basis.

WESTFORD TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - continued



Income Taxes - No provision  for income taxes has been made since all income and
losses are  allocable to the Partners for inclusion in their  respective  income
tax returns.  The  Partnership's  net assets for  financial  reporting  purposes
differ from its net assets for tax  purposes.  Net  unrealized  depreciation  of
$3,573,352  at September 30, 1997,  which was recorded for  financial  statement
purposes, has not been recognized for tax purposes.  From inception to September
30, 1997,  other timing  differences  relating to net  realized  gains  totaling
$984,700 have been recorded on the Partnership's  financial  statements but have
not yet been recorded on the Partnership's tax return. Additionally, syndication
costs  relating to the selling of Units  totaling  $1.2  million were charged to
partners'  capital on the  financial  statements  but have not been  deducted or
charged against partners' capital for tax purposes.

Cash Equivalents - The Partnership  considers all highly liquid debt instruments
(primarily money market funds) to be cash equivalents.

3.     Allocation of Partnership Profits and Losses

The  Partnership  Agreement  provides that the Managing  General Partner will be
allocated,  on a cumulative basis over the life of the  Partnership,  20% of the
Partnership's  aggregate  investment  income and net realized gains from venture
capital investments,  provided that such amount is positive. All other gains and
losses of the Partnership  are allocated  among all the Partners,  including the
Managing   General   Partner,   in  proportion  to  their   respective   capital
contributions to the Partnership.

4.     Related Party Transactions

The  Management  Company is responsible  for the  management and  administrative
services necessary for the operation of the Partnership. For these services, the
Management  Company  receives a management  fee at an annual rate of 2.5% of the
gross capital  contributions to the Partnership (net of selling  commissions and
organizational expenses paid by the Partnership), reduced by capital distributed
and  realized  losses,  with a minimum  fee of $200,000  per annum.  Such fee is
determined quarterly and paid monthly.

The Management Company also directly provides certain  shareholder  services and
database  management  support for Limited Partners of the Partnership.  For such
services,  the Management  Company  receives $8,500 per quarter.  This amount is
paid to the  Management  Company  in  addition  to the  regular  management  fee
discussed above.

5.     Independent General Partners' Fees

As  compensation  for  services  rendered to the  Partnership,  each of the four
Independent General Partners receives $10,000 annually in quarterly installments
and $1,000 for each meeting of the Independent  General Partners attended,  plus
out-of-pocket expenses.


<PAGE>


WESTFORD TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - continued


6.     Classification of Portfolio Investments

The  Partnership's  investments  were categorized as follows as of September 30,
1997:

<TABLE>

                                                                                                          Percentage of
Type of Investments                                        Cost                   Fair Value                  Net Assets*
-------------------                                   ---------------           ---------------               -----------
<S>                                                  <C>                         <C>                          <C>   
Preferred Stock                                      $      4,300,147            $    1,902,254               26.34%
Common Stock                                                4,625,774                 3,450,315               47.78%
Debt Securities                                             1,602,500                 1,602,500               22.19%
                                                     ----------------            --------------               ------

Total                                                $     10,528,421            $    6,955,069               96.31%
                                                     ================            ==============               ======

Country/Geographic Region
Midwestern U.S.                                      $      6,574,821            $    4,324,832               59.89%
Eastern U.S.                                                3,953,600                 2,630,237               36.42%
                                                     ----------------            --------------               ------

Total                                                $     10,528,421            $    6,955,069               96.31%
                                                     ================            ==============               ======

Industry
Wireless Communications                              $      5,151,532            $    3,447,645               47.74%
Computer Software                                           3,164,804                 1,841,441               25.50%
Vending Equipment                                           1,423,289                   877,187               12.15%
Semiconductors                                                788,796                   788,796               10.92%
                                                     ----------------            --------------              -------

Total                                                $     10,528,421            $    6,955,069               96.31%
                                                     ================            ==============               ======
</TABLE>

* Fair value as a percentage of net assets.


<PAGE>


Item 2.       Management's Discussion and Analysis of Financial Condition and 
              Results of Operations.

Liquidity and Capital Resources

At September 30, 1997, the Partnership held $63,700 in an interest-bearing  cash
account.  The  Partnership  earned $900 and  $11,400 of  interest  from its cash
balances for the three and nine months ended  September 30, 1997,  respectively.
Interest earned from cash balances and short-term  investments in future periods
is subject to  fluctuations  in  short-term  interest  rates and changes in cash
balances and amounts available for investment in short-term securities.

The  Partnership  has fully  invested its original net proceeds of $10.5 million
and will not make  investments  in any new  portfolio  companies.  However,  the
Partnership  may make  additional  follow-on  investments in existing  portfolio
companies  when  required.  The  Partnership  made no follow-on  investments  in
existing portfolio companies during the three months ended September 30, 1997.

Funds  needed  to cover  the  Partnership's  future  follow-on  investments  and
operating  expenses will be obtained from existing cash  reserves,  interest and
other   investment   income  and  from  proceeds  from  the  sale  of  portfolio
investments.

Results of Operations

For the three and nine months ended  September 30, 1997, the  Partnership  had a
net realized loss from operations of $47,600 and $198,200, respectively. For the
three and nine months  ended  September  30,  1996,  the  Partnership  had a net
realized loss from operations of $54,400 and a net realized gain from operations
of $2.7  million,  respectively.  Net realized  gain or loss from  operations is
comprised of 1) net realized gain or loss from portfolio  investments and 2) net
investment income or loss (investment income less operating expenses).

Realized Gains and Losses from Portfolio  Investments - The  Partnership  had no
realized gains or losses from its portfolio  investments during the three months
ended  September 30, 1997.  For the nine months ended  September  30, 1997,  the
Partnership  had a net realized loss from its portfolio  investments  of $31,700
relating to the final escrow payment received in connection with the 1996 merger
of EIS  International,  Inc. with  Cybernetics  Systems,  Inc. In June 1997, the
Partnership  received  16,682  common  shares of EIS,  representing  100% of the
shares  previously  held in escrow.  However,  in  connection  with a settlement
agreement  among EIS and the former  Cybernetics  shareholders,  the Partnership
received  $1,320,  representing  only a  portion  of the  $32,985  cash  balance
previously  held in  escrow.  As a result,  the  Partnership  realized a loss of
$31,665 for the quarter ended June 30, 1997.

For the three months ended  September 30, 1996, the  Partnership had no realized
gains or  losses  from its  portfolio  investments.  For the nine  months  ended
September 30, 1996, the  Partnership  had a net realized gain from its portfolio
investments  of $2.9 million.  In May 1996, the  Partnership  sold its remaining
21,673 shares of Cincinnati Bell Inc. common stock in the public market for $1.1
million, realizing a gain of $657,000. In March 1996, EIS International, Inc., a
public company,  completed its merger with  Cybernetics  Systems  International,
Inc. In connection with the merger,  the  Partnership  exchanged its Cybernetics
holdings for $460,245 in cash, 206,267 shares of restricted EIS common stock and
warrants to purchase  29,015  shares of EIS common stock at $1.41 per share.  Of
the total merger consideration,  $32,985 of cash and 16,682 shares of EIS common
stock were placed in escrow and  released  during 1997 as discussed  above.  The
Partnership realized a gain of $2.2 million in connection with the merger during
the first quarter of 1996.

Investment  Income and Expenses - Net investment loss for the three months ended
September 30, 1997 and 1996 was $47,600 and $54,400,  respectively. The decrease
in net  investment  loss for the 1997  period as  compared to the same period in
1996,  primarily  resulted  from a $25,000  increase  in  interest  income  from
portfolio  investments  partially  offset by a $19,100 decrease in interest from
short-term   investments.   The  increase  in  interest  income  from  portfolio
investments relates to the additional  promissory notes of Spectrix  Corporation
held by the  Partnership  during the 1997 period  compared to the same period in
1996. The decrease in interest from short-term investments primarily is due to a
reduction of funds available for investment in such  securities  during the 1997
period.  Operating  expenses  remained  relatively  flat at $87,000 for the 1997
period compared to $87,900 for the same period in 1996.

Net  investment  loss for the nine months ended  September 30, 1997 and 1996 was
$166,600 and $202,000, respectively. The decrease in net investment loss for the
1997  period  compared  to the same period in 1996,  primarily  resulted  from a
$64,200 increase in interest income from portfolio  investments  relating to the
additional  promissory  notes  of  Spectrix  Corporation,  as  discussed  above,
partially offset by a $32,600 decrease in interest from short-term  investments,
reflecting the reduction of funds  available for  investment in such  securities
during the 1997 period. Additionally, operating expenses declined by only $3,800
for the 1997 period compared to the 1996 period.

The  Management  Company is responsible  for the  management and  administrative
services necessary for the operation of the Partnership.  The Management Company
receives  a  management  fee at the  annual  rate of 2.5% of the  gross  capital
contributions to the Partnership (net of selling  commissions and organizational
expenses paid by the Partnership),  reduced by capital  distributed and realized
losses, with a minimum annual fee of $200,000.  The management fee for the three
months  ended  September  30, 1997 and 1996 was  approximately  $56,000 for both
periods.  The  management  fee for the nine months ended  September 30, 1997 and
1996 was approximately  $168,000 for both periods.  To the extent possible,  the
management fee and other expenses  incurred directly by the Partnership are paid
with funds provided from  operations.  Funds provided from operations  primarily
are obtained from  interest and other  investment  income and proceeds  received
from the sale of portfolio investments.

Unrealized   Gains  and  Losses  and  Changes  in  Unrealized   Appreciation  or
Depreciation of Portfolio  Investments - For the nine months ended September 30,
1997, the Partnership had $1.6 million net unrealized loss,  primarily resulting
from the net downward  revaluation of its investment in Spectrix  Corporation at
the end of the period.  Accordingly,  net unrealized  depreciation  increased by
$1.6 million for the nine month period.

For the nine months ended September 30, 1996, the Partnership had a $263,000 net
unrealized loss,  primarily  resulting from the net downward  revaluation of its
publicly-traded  securities.  Additionally,  during the nine month period,  $2.8
million of unrealized gain was transferred to realized gain relating to the sale
of  Cybernetics  and  Cincinnati  Bell,  as discussed  above.  As a result,  net
unrealized appreciation of investments decreased $3.1 million for the nine month
period.

Net Assets - Changes in net assets  resulting from  operations are comprised of
 1) net realized gain or loss from  operations and 2) changes in net unrealized
 appreciation or depreciation of investments.

At September 30, 1997, the Partnership's net assets were $7.2 million, down $1.8
million from $9.0 million at December  31, 1996.  The $1.8 million  decrease was
comprised  of the  $1.6  million  increase  to net  unrealized  depreciation  of
investments  and the  $198,200 net realized  loss from  operations  for the nine
month period.

At September 30, 1996, the  Partnership's  net assets were $10.4  million,  down
$347,400  from $10.8  million at December  31, 1995.  The $347,400  decrease was
comprised  of the  $3.1  million  decrease  in net  unrealized  appreciation  of
investments exceeding the $2.7 million net realized gain from operations for the
nine month period.

Gains and  losses  from  investments  are  allocated  to the  Partners'  capital
accounts when realized in accordance with the Partnership  Agreement (see Note 3
of Notes to Financial Statements).  However, for purposes of calculating the net
asset value per unit of limited  partnership  interest ("Unit"),  net unrealized
appreciation  or depreciation of investments has been included as if it had been
realized  and  allocated  to  the  Limited   Partners  in  accordance  with  the
Partnership  Agreement.  Pursuant to such  calculation,  the net asset value per
$1,000  Unit at  September  30,  1997 and  December  31, 1996 was $637 and $790,
respectively.



<PAGE>


                           PART II - OTHER INFORMATION

Item 1.       Legal Proceedings.

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

Item 2.       Changes in Securities.

Not applicable.

Item 3.       Defaults Upon Senior Securities.

Not applicable.

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.

Item 5.       Other Information.

None.

Item 6.       Exhibits and Reports on Form 8-K.

              (a)   Exhibits

                    (27)   Financial Data Schedule.

              (b) No  reports on Form 8-K have been  filed  during  the  quarter
covered by this report.



<PAGE>


                                   SIGNATURES



Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  this  report has been  signed  below by the  following  persons on
behalf of the Registrant, in the capacities, and on the dates indicated.


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              WESTFORD TECHNOLOGY VENTURES, L.P.


By:           WTVI Co., L.P.
              its managing general partner


By:           Hamilton Capital Management Inc.
              its general partner

<S>     <C>    <C>    <C>    <C>    <C>    <C>
By:           /s/       Jeffrey T. Hamilton                       President, Secretary and Director (Principal
              Jeffrey T. Hamilton                                 Executive Officer) of Hamilton Capital
                                                                  Management Inc. and Individual General
                                                                  Partner of Westford Technology Ventures, L.P.


By:           /s/       Susan J. Trammell                         Treasurer and Director (Principal Financial
              Susan J. Trammell                                   and Accounting Officer) of Hamilton Capital
                                                                  Management Inc.



Date:         November 13, 1997
</TABLE>