SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
PAINE WEBBER INCOME PROPERTIES FIVE L.P.
(Name of Issuer)
Limited Partnership Units
(Title of Class of Securities)
0000 913 305
(CUSIP Number)
Olivia P. Adler, Esq.,1775 Eye Street, N.W. Washington, D.C. 20006
(202) 261-3385
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
March 13, 1998
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box / /.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 7 Pages
<PAGE>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: LPSM Partners, L.P.
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 68-0394540
- --------------------------------------------------------------------------------
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) /X/
- --------------------------------------------------------------------------------
3
SEC USE ONLY
- --------------------------------------------------------------------------------
4
SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6
CITIZENSHIP OR PLACE OF ORGANIZATION
California, U.S.A.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER OF
SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------------
8 SHARED VOTING POWER
1,980 units
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,980 units
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,980 units
- --------------------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
- -------------------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.66%
- --------------------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1
NAME OF REPORTING PERSON: Kensington Investment Group, Inc.
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 68-0309666
- --------------------------------------------------------------------------------
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) /X/
- --------------------------------------------------------------------------------
3
SEC USE ONLY
- --------------------------------------------------------------------------------
4
SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, U.S.A.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER OF
SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH
REPORTING
PERSON
WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
2,730 units
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,730 units
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,730
- --------------------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
- --------------------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.81%
- --------------------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: John P. Kramer
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
- --------------------------------------------------------------------------------
3
SEC USE ONLY
- --------------------------------------------------------------------------------
4
SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6
CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER OF
SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH
REPORTING
PERSON
WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
2,730 units
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,730 units
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,730 units
- --------------------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
- --------------------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.81%
- --------------------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
<PAGE>
ITEM 1. Security and Issuer.
This Statement relates to the shares of certain limited partnership units
( the "Units"), of Paine Webber Income Properties Five, L.P., a Delaware limited
partnership with its principal executive office at 265 Franklin Street, Boston,
MA 02110.
ITEM 2. Identity and Background.
This statement is being filed by Kensington Investment Group, Inc., a
Delaware Corporation, John P. Kramer, and LPSM Partners, L.P. a California
limited partnership (hereinafter each a "Reporting Person" and collectively the
"Reporting Persons"). Further information regarding the identity and background
of the Reporting Persons is as follows:
John P. Kramer:
(a) John P. Kramer;
(b) 4 Orinda Way, Suite 220-D, Orinda, California 94563;
(c) Present principal occupation: President, Kensington Investment Group,
Inc.
Kensington Investment Group:
(a) Kensington Investment Group;
(b) 4 Orinda Way, Suite 220-D, Orinda, California 94563;
(c) Investment Adviser
LPSM Partners, L.P.:
(a) LPSM Partners, L.P.;
(b) 4 Orinda Way, Suite 220-D, Orinda, California 94563;
(c) Holding Company
(d)-(e) During the last five years, none of the Reporting Persons nor, to
the best of the knowledge of the Reporting Persons, the members or controlling
persons of any Reporting Person have been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors), or been a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any violation
with respect to such laws.
(f) John P. Kramer - California, U.S.A.
Kensington Investment Group, Inc. -- Delaware Corporation.
LPSM Partners, L.P. -- California limited partnership.
Item 3. Source and Amount of Funds or Other Consideration.
LPSM Partners, L.P. and Talon Partners, L.P. purchased the Units hereby
reported for an aggregate amount of $640,650 cash. The source of such
funds was the working capital of the respective limited partnerships.
Item 4. Purpose of Transactions.
The acquisitions of Units to which this statement relates have been made
for investment purposes. None of the Reporting Persons has any plans or
proposals that relate to or would result in any of the actions described in Item
4(a)-(j) of the instructions to Schedule D.
Item 5. Interest in Securities of the Issuer.
(a) LPSM Partners, L..P. directly beneficially owns 1,980 units
(5.66%) of Paine Webber Income Properties Five, L.P.. John P.
Kramer, indirectly beneficially owns 2,730 units (7.81%) of Paine
Webber Income Properties Five, L.P., through his 45% direct
ownership of Kensington Investment Group, Inc. Kensington Investment
Group, Inc., as a general partner of LPSM Partners, L.P. and of
Talon Partners, L.P. indirectly beneficially owns 2,730 units
(7.81%) of Paine Webber Income Properties Five, L.P.
(b) John P. Kramer, through his 45% ownership interest in Kensington
Investments, Inc., which in turn is a general partner of both LPSM
Partners, L.P. and of Talon Partners, L.P. has the power to vote or
to direct the vote or to dispose or to direct the disposition of
2,730 units of Paine Webber Income Properties Five, L.P. Kensington
Investment Group, Inc. as general partner of both LPSM Partners,
L.P. and of Talon Partners, L.P. has the power to vote or direct the
vote or to direct the disposition of 2,730 units of Paine Webber
Income Properties Five, L.P..
(c) None.
(d) None.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relations With Respect
to Securities of the Issuer.
None.
Item 7. Materials Filed as Exhibits.
None.
<PAGE>
Signature
After reasonable inquiry and to the best knowledge and belief, I certify
that the information set forth in this Statement is true, complete and correct.
Date: March 23, 1998 JOHN P. KRAMER
---------------------------------
John P. Kramer
KENSINGTON INVESTMENT GROUP, INC.
---------------------------------
John P. Kramer, President
LPSM PARTNERS, L.P.
---------------------------------
John P. Kramer
