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, 1996

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, 1996 (Unaudited) and December 31, 1995

Schedule of Portfolio Investments as of September 30, 1996 (Unaudited)

Statements of Operations for the Three and Nine Months Ended September 30, 1996
and 199 (Unaudited)

Statements of Cash Flows for the Nine Months Ended September 30, 1996 and 1995
(Unaudited)

Statement of Changes in Partners' Capital for the Nine Months Ended September 
30, 1996 (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, 1996         December 31,
                                                                                       (Unaudited)                   1995
ASSETS

Investments - Note 2
   Portfolio investments, at fair value (cost $9,612,796 at
<S>            <C> <C>      <C>                    <C> <C>                            <C>                     <C>             
     September 30, 1996 and $7,615,357 at December 31, 1995)                          $     8,985,240         $     10,063,211
   Short-term investments, at amortized cost                                                1,198,310                  349,553
Cash and cash equivalents                                                                      71,969                  206,504
Deposit in escrow                                                                              32,985                        -
Receivable from securities sold (net of unamortized discount of
   $88,479 at September 30, 1996 and $96,957 at December 31, 1995)                            167,656                  195,724
Accrued interest receivable                                                                    16,912                    1,546
                                                                                      ---------------         ----------------

TOTAL ASSETS                                                                          $    10,473,072         $     10,816,538
                                                                                      ===============         ================

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
Accounts payable                                                                      $        35,226         $         31,259
Due to Independent General Partners - Note 5                                                   10,500                   10,500
                                                                                      ---------------         ----------------
   Total liabilities                                                                           45,726                   41,759
                                                                                      ----------------------------------------

Partners' Capital:
Managing General Partner                                                                      557,100                   82,416
Individual General Partners                                                                     3,696                    2,893
Limited Partners (11,217 Units)                                                            10,494,106                8,241,616
Unallocated net unrealized appreciation (depreciation)
of investments - Note 2                                                                      (627,556)               2,447,854
                                                                                      ----------------------------------------
   Total partners' capital                                                                 10,427,346               10,774,779
                                                                                      ----------------------------------------

TOTAL LIABILITIES AND PARTNERS' CAPITAL                                               $    10,473,072         $     10,816,538
                                                                                      ===============         ================
</TABLE>


See notes to financial statements.


<PAGE>


WESTFORD TECHNOLOGY VENTURES, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
September 30, 1996

<TABLE>

                                                                     Initial Investment
Company / Position                                                          Date                  Cost               Fair Value

EIS International, Inc.(A)
<C>                                                                           <C>             <C>               <C>            
206,267 shares of Common Stock                                           Mar. 1996            $   2,726,335     $     2,310,190
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             365,395
-------------------------------------------------------------------------------------------------------------------------------
Inn-Room Systems, Inc.*
1,342,491 shares of Common Stock                                         Oct. 1989                1,243,686             671,253
Demand Promissory Notes at 1% plus prime                                                            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           2,969,217
274,862 shares of Common Stock                                                                      142,681           1,099,448
Demand Promissory Notes at 8%                                                                       575,000             575,000
Warrants to purchase 361,894 shares of Common Stock
   at $.50 per share, expiring between 12/31/97 and 2/1/00                                                0                   0
Warrants to purchase 50,000 shares of Common Stock at
   $5 per share, expiring 12/2/99 and 2/1/00                                                              0                   0
Options to purchase 5,000 shares of Common Stock at
   $4 per share, expiring 12/31/96                                                                    6,875                   0
-------------------------------------------------------------------------------------------------------------------------------
Thunderbird Technologies, Inc.
788,796 shares of Preferred Stock                                        Oct. 1992                  788,796             788,796
-------------------------------------------------------------------------------------------------------------------------------

TOTALS                                                                                        $   9,612,796     $     8,985,240
                                                                                              =================================
</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,

                                                                       1996           1995             1996           1995
                                                                  --------------   ------------   -------------    -------

INVESTMENT INCOME AND EXPENSES

   Income:
<S>                                                              <C>               <C>            <C>              <C>         
   Interest from short-term investments                          $        20,009   $      9,652   $      43,940    $     29,355
   Interest and other income from portfolio
     investments                                                          13,516          9,579          32,908          32,462
                                                                  --------------   ------------   -------------    ------------
   Totals                                                                 33,525         19,231          76,848          61,817
                                                                  --------------   ------------   -------------    ------------

   Expenses:
   Management fee - Note 4                                                55,941         56,001         167,843         168,012
   Professional fees                                                      17,501         12,656          60,324          57,521
   Mailing and printing                                                    2,868          4,057          18,072          18,158
   Independent General Partners' fees - Note 5                            10,500         10,500          31,500          31,500
   Miscellaneous                                                           1,130          1,000           1,130           1,000
                                                                  --------------   ------------   -------------    ------------
   Totals                                                                 87,940         84,214         278,869         276,191
                                                                  --------------   ------------   -------------    ------------

NET INVESTMENT LOSS                                                      (54,415)       (64,983)       (202,021)       (214,374)

Net realized gain (loss) from portfolio investments                            -              -       2,929,998          (3,589)
                                                                  --------------   ------------   -------------    ------------

NET REALIZED GAIN (LOSS) FROM OPERATIONS
   (allocable to Partners) - Note 3                                      (54,415)       (64,983)      2,727,977        (217,963)

Net change in unrealized appreciation or depreciation
   of investments                                                     (2,231,233)        33,051      (3,075,410)        245,018
                                                                  ---------------  ------------   --------------   ------------

NET INCREASE (DECREASE) IN NET ASSETS
   RESULTING FROM OPERATIONS                                     $    (2,285,648)  $    (31,932)  $    (347,433)   $     27,055
                                                                 ================  ============   ==============   ============
</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>
                                                                                                     1996             1995
                                                                                               --------------     --------

CASH FLOWS USED FOR OPERATING ACTIVITIES

<S>                                                                                             <C>               <C>           
Net investment loss                                                                             $    (202,021)    $    (214,374)

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

Increase in accrued interest on short-term investments                                                 (6,836)           (1,240)
Increase in accrued interest receivable                                                               (16,574)          (12,662)
Increase (decrease) in payables                                                                         3,967           (11,236)
                                                                                                -------------     -------------
Cash used for operating activities                                                                   (221,464)         (239,512)
                                                                                                --------------    -------------

CASH FLOWS PROVIDED FROM
   INVESTING ACTIVITIES

Net purchase of short-term investments                                                               (841,921)             (129)
Cost of portfolio investments purchased                                                              (710,000)         (250,000)
Proceeds from the sale of portfolio investments                                                     1,538,850           412,179
Repayment of promissory notes                                                                         100,000                 -
                                                                                                -------------     -------------
Cash provided from investing activities                                                                86,929           162,050
                                                                                                -------------     -------------

Decrease in cash and cash equivalents                                                                (134,535)          (77,462)
Cash and cash equivalents at beginning of period                                                      206,504           281,341
                                                                                                -------------     -------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                      $      71,969     $     203,879
                                                                                                =============     =============
</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, 1996



<TABLE>
                                                                                               Unallocated
                                                                                            Net Unrealized
                                           Managing       Individual                        Appreciation
                                            General         General           Limited        (Depreciation)
                                            Partner        Partners          Partners       of Investments            Total

<S>                                     <C>                <C>           <C>                 <C>               <C>             
Balance at beginning of period          $     82,416       $  2,893      $     8,241,616     $   2,447,854     $     10,774,779


Net investment loss - Note 3                   4,517            (74)            (206,464)                -             (202,021)

Net realized gain from portfolio
investments - Note 3                         470,167            877            2,458,954                 -            2,929,998

Net change in unrealized
appreciation of investments                        -              -                    -        (3,075,410)          (3,075,410)
                                        ------------       --------      ---------------     --------------    -----------------

Balance at end of period                $    557,100       $  3,696      $    10,494,106(A)  $    (627,556)    $     10,427,346
                                        ============       ========      ===============     ==============    ================
</TABLE>


(A)  The net asset  value  per  $1,000  unit of  limited  partnership  interest,
     including  an  assumed   allocation  of  net  unrealized   appreciation  of
     investments, is $891.


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  will  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.



<PAGE>


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


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.

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
$627,556 at September  30, 1996,  which was  recorded  for  financial  statement
purposes, was not recognized for tax purposes.  Additionally,  from inception to
September 30, 1996,  timing  differences  relating to realized  losses  totaling
$390,000  have been  deducted  on the  Partnership's  financial  statements  and
syndication  costs  relating to the selling of Units  totaling $1.2 million were
charged to partners' capital on the financial statements. These amounts have not
been deducted or charged against partners' capital for tax purposes.

Statements of Cash Flows - The  Partnership  considers cash held in its interest
bearing cash account to be cash equivalents.

Organizational  Costs - Organizational  costs of $331,596 were amortized over a 
sixty-month period which commenced on December 1, 1988.

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.

5.     Independent General Partners' Fees

As  compensation  for services  rendered to the  Partnership,  each of the three
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)


6.     Classification of Portfolio Investments

As of September 30, 1996,  the  Partnership's  investments  were  categorized as
follows:

<TABLE>
Type of Investments                                        Cost                   Fair Value               % of Net Assets*
-------------------                                   ---------------           ---------------            ----------------
<S>                                                   <C>                       <C>                              <C>
Preferred Stock                                       $     4,300,147           $     3,758,013                  36%
Common Stock                                                4,632,649                 4,547,227                  44%
Debt Securities                                               680,000                   680,000                   7%
                                                      ---------------           ---------------             --------

Total                                                 $     9,612,796           $     8,985,240                  87%
                                                      ===============           ===============             ========

Country/Geographic Region
Midwestern U.S.                                       $     5,659,196           $     5,520,859                  53%
Eastern U.S.                                                3,953,600                 3,464,381                  34%
                                                      ---------------           ---------------             --------

Total                                                 $     9,612,796           $     8,985,240                  87%
                                                      ===============           ===============             ========

Industry
Wireless Communications                               $     4,235,907           $     4,643,665                  45%
Computer Software                                           3,164,804                 2,675,585                  26%
Vending Equipment                                           1,423,289                   877,194                   8%
Semiconductors                                                788,796                   788,796                   8%
                                                      ---------------           ---------------             --------

Total                                                 $     9,612,796           $     8,985,240                  87%
                                                      ===============           ===============             ========
</TABLE>

* Percentage of net assets is based on fair value.

7.     Interim Financial Statements

In  the  opinion  of  WTVI  Co.,  L.P.,  the  managing  general  partner  of the
Partnership,  the unaudited financial  statements at September 30, 1996, and for
the three and nine month periods then ended,  reflect all adjustments  necessary
for the fair presentation of the results of the interim periods.



<PAGE>


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

Liquidity and Capital Resources

During the three months ended September 30, 1996, the Partnership made follow-on
investments in Spectrix  Corporation  totaling  $350,000.  From December 1, 1988
(commencement of operations) to September 30, 1996, the Partnership had invested
$10.1 million in eight  portfolio  companies,  representing  99% of the original
$10.2 million of net proceeds to the Partnership.

At September 30, 1996, the Partnership  held $1.3 million in cash and short-term
investments  comprised of $1.2 million in short-term  securities with maturities
of less than one year and  $72,000  in an  interest-bearing  cash  account.  The
Partnership  earned interest  totaling $20,000 and $44,000 from such investments
for the three and nine months ended September 30, 1996,  respectively.  Interest
earned from short-term  investments in future periods is subject to fluctuations
in short-term  interest rates and changes in amounts available for investment in
such securities.

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, 1996, the  Partnership  had a
net  realized  loss from  operations  of $54,000  and a net  realized  gain from
operations  of $2.7 million,  respectively.  For the three and nine months ended
September 30, 1995, the  Partnership  had a net realized loss from operations of
$65,000 and $218,000, 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  - For the three  months
ended  September 30, 1996, the  Partnership had no realized gains or losses from
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,  the release of which is contingent upon certain  events.  The
Partnership  recognized  a $2.2 million  realized  gain in  connection  with the
transaction.

For the three months ended  September 30, 1995, the  Partnership had no realized
gains or losses from portfolio investments.  For the nine months ended September
30, 1995, the Partnership had a $4,000 net realized loss resulting from the sale
of 20,000 shares of Cincinnati  Bell Inc.  common stock in the public market for
$389,000.

Investment  Income and Expenses - Net investment loss for the three months ended
September 30, 1996 and 1995 was $54,000 and $65,000,  respectively.  The smaller
net  investment  loss for the 1996  period  compared to the same period in 1995,
primarily  resulted from a $10,000  increase in interest  earned from short-term
investments for the 1996 period. The increase in interest earned from short-term
investments   primarily  resulted  from  an  increase  in  funds  available  for
investment  in such  securities  during the 1996  period  due to the  receipt of
proceeds from the sale of portfolio  investments during the period, as discussed
above.

Net  investment  loss for the nine months ended  September 30, 1996 and 1995 was
$202,000 and $214,000, respectively. The decrease in net investment loss for the
1996  period,  compared to the same period in 1995,  primarily  resulted  from a
$15,000  increase  in  interest  earned from  short-term  investments  due to an
increase in funds  available  for  investment in such  securities,  as discussed
above.

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, 1996 and 1995 was $56,000  for both  periods.  The
management  fee for the  nine  months  ended  September  30,  1996  and 1995 was
$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,
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.

For the nine months ended September 30, 1995, the Partnership had a $203,000 net
unrealized  gain  resulting  from an  increase  in the  public  market  price of
Cincinnati  Bell  common  stock.  Additionally,  during the nine  month  period,
$42,000 of unrealized loss was transferred to realized loss relating to the sale
of 20,000  shares of  Cincinnati  Bell common stock,  as discussed  above.  As a
result,  net unrealized  appreciation of investments  increased $245,000 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, 1996, the  Partnership's  net assets were $10.4  million,  down
$347,000  from $10.8  million at December  31, 1995.  The $347,000  decrease was
comprised  of the  $3.1  million  decrease  to net  unrealized  appreciation  of
investments exceeding the $2.7 million net realized gain from operations for the
nine month period.

At September  30,  1995,  the  Partnership's  net assets were $8.5  million,  up
$27,000  from $8.4  million at  December  31,  1994.  The $27,000  increase  was
comprised of the $245,000 increase in net unrealized appreciation of investments
exceeding  the  $218,000 net realized  loss 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,  1996 and  December  31, 1995 was $891 and $920,
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.

None

Item 5.       Other Information.

During the  quarter,  the  Partnership  made  follow-on investments in Spectrix
Corporation totaling $350,000, acquiring 8% promissory demand notes.

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.



              WESTFORD TECHNOLOGY VENTURES, L.P.


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


By:           Hamilton Capital Management Inc.
              its general partner


<TABLE>
<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.
</TABLE>



Date:         November 12, 1996