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                                                                   EXHIBIT 13.07

                       [LETTERHEAD OF MICHAEL COGLIANESE]



                          INDEPENDENT AUDITOR'S REPORT


TO THE PARTNERS OF JEFFERSON FUTURES RESERVE I, L.P.
LIMITED PARTNERSHIP:


WE HAVE AUDITED THE ACCOMPANYING BALANCE SHEETS OF JEFFERSON FUTURES RESERVE I,
L.P. AS OF DECEMBER 31, 1999 AND 1998, AND THE RELATED STATEMENTS OF INCOME AND
PARTNERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998. THESE FINANCIAL
STATEMENTS ARE THE RESPONSIBILITY OF THE PARTNERSHIP'S MANAGEMENT. OUR
RESPONSIBILITY IS TO EXPRESS AN OPINION ON THESE FINANCIAL STATEMENTS BASED ON
OUR AUDIT.

WE CONDUCTED OUR AUDIT IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS.
THOSE STANDARDS REQUIRE THAT WE PLAN AND PERFORM THE AUDIT TO OBTAIN REASONABLE
ASSURANCE ABOUT WHETHER THE FINANCIAL STATEMENTS ARE FREE OF MATERIAL
MISSTATEMENTS. AN AUDIT INCLUDES EXAMINING, ON A TEST BASIS, EVIDENCE SUPPORTING
THE AMOUNTS AND DISCLOSURES IN THE FINANCIAL STATEMENTS. AN AUDIT ALSO INCLUDES
ASSESSING THE ACCOUNTING PRINCIPLES USED AND SIGNIFICANT ESTIMATES MADE BY
MANAGEMENT, AS WELL AS EVALUATING THE OVERALL FINANCIAL STATEMENT PRESENTATION.
WE BELIEVE THAT OUR AUDIT PROVIDES A REASONABLE BASIS FOR OUR OPINION.

IN OUR OPINION, THE FINANCIAL STATEMENTS REFERRED TO ABOVE PRESENT FAIRLY, IN
ALL MATERIAL RESPECTS, THE FINANCIAL POSITION OF JEFFERSON FUTURES RESERVE I,
L.P. AT DECEMBER 31, 1999 AND 1998, AND THE RESULTS OF ITS OPERATIONS AND
PARTNERS' EQUITY FOR THE YEARS THEN ENDED IN CONFORMITY WITH GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES.



/S/ MICHAEL COGLIANESE

MICHAEL COGLIANESE
CERTIFIED PUBLIC ACCOUNTANT

BLOOMINGDALE, ILLINOIS
MARCH 1, 2000




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                        JEFFERSON FUTURES RESERVE I, L.P.
                         A DELAWARE LIMITED PARTNERSHIP

                                  BALANCE SHEET
                           December 31, 1999 and 1998

                                                1999                 1998
                                     ASSETS

CURRENT ASSETS

 Cash held at bank                            $       0                    0

 Amount due from brokers                        262,102              685,627
 Open Trade Equity                               33,769               11,592
                                              ------------------------------

  Total Current Assets                        $ 295,871              697,219
                                              ------------------------------




                        LIABILITIES & PARTNERSHIP EQUITY

CURRENT LIABILITIES

 Accrued commissions                          $   2,219                6,715
 Accrued management fees                          1,190                4,318
 Due to bank                                      3,134                3,199
 Accrued expenses                                15,314               15,095
 Redemptions payable                             10,252                9,246
                                              ------------------------------
  Total Liabilities                           $  32,109               38,573
                                              ------------------------------

PARTNERSHIP EQUITY

 General Partner                              $  15,680               24,039
 Limited Partners                               248,082              634,607
                                              ------------------------------
  Total Partners' Equity                      $ 263,762              658,646
                                              ------------------------------

  Total Liabilities & Partners' Equity        $ 295,871              697,219
                                              ==============================


 See Notes to Financial Statements.



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                        JEFFERSON FUTURES RESERVE I, L.P.
                         A DELAWARE LIMITED PARTNERSHIP

                               STATEMENT OF INCOME
                     Years ended December 31, 1999 and 1998

                                                   1999               1998
REVENUE

    Gross realized gains from trading         $ (88,192)             236,406
    Change in unrealized gains/(loss)
      from trading                               22,177              (52,135)
    Interest income                               6,807                5,809
                                              ------------------------------

       Total Revenue                          $ (59,208)             190,080



EXPENSES

    Brokerage commissions                     $  37,534               55,259
    Exchange and NFA fees                         2,859                4,385
    Management fees                              10,562               15,848
    Incentive fees                                    0               25,069
    Other administrative expenses                57,975               58,000
                                              ------------------------------

       Total Expenses                         $ 108,930              158,561
                                              ------------------------------


       Net Income/(Loss)                      $(168,138)              31,519
                                              ==============================



See Notes to Financial Statements.

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                        JEFFERSON FUTURES RESERVE I, L.P.
                         A DELAWARE LIMITED PARTNERSHIP

                         STATEMENT OF PARTNERSHIP EQUITY
                 For the years ended December 31, 1999 and 1998


                                             Partners' Equity

                                             General      Limited      Total
                                             ----------------------------------



Year ended December 31, 1998

Balance December 31, 1997                     $ 22,769      689,743    712,512

Capital Contributions                         $      0            0          0

Capital Withdrawals                           $      0      (85,385)   (85,385)

Net Income (Loss)                             $  1,270       30,249     31,519
                                              --------------------------------

Balance December 31, 1998                     $ 24,039      634,607    658,646


Year ended December 31, 1999


Capital Contributions                         $      0            0          0

Capital Withdrawals                           $      0     (226,746)  (226,746)

Net Income (Loss)                             $ (8,359)    (159,779)  (168,138)
                                              --------------------------------

Balance December 31, 1999                     $ 15,680      248,082    263,762
                                              =================================


                                                             1999        1998

Number of Units Outstanding                                   437         712

NAV Per Unit                                                $ 603         925

See Notes to Financial Statements.


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                        JEFFERSON FUTURES RESERVE I, L.P.
                         A DELAWARE LIMITED PARTNERSHIP

                        NOTES TO THE FINANCIAL STATEMENTS

Note 1.

Nature of the Business and Significant Accounting Policies

Organization of the Partnership

     Jefferson Futures Reserve I, L.P., a Delaware Limited Partnership, was
     formed as a limited partnership under the laws of the state of Delaware for
     the purpose of engaging in speculative trading of commodities, futures and
     options and forward contracts in foreign currencies. The Partnership began
     its operations on May 5, 1993 and will continue in existence until December
     31, 2011 or upon earlier occurrence of any event requiring termination as
     prescribed in the Limited Partnership Agreement.

     The General Partner is Advanced Computer Strategies, Inc. The General
     Partner is registered with the Commodities Futures Trading Commission
     (CFTC) as a Commodity Pool Operator and is also a member of National
     Futures Association (NFA).

Significant accounting policies:

     Open trades market :

          The United States commodity futures exchanges employ a "marking to
          market" system of accounting for every contract's gain or loss on a
          daily basis. Under this system, all futures contracts held are valued
          at market, which is the settlement price determined on the commodity
          exchanges as of the end of each business day. The net gain or loss so
          determined on all contracts held at the close of the last business day
          is taken into income for the years ended December 31, 1999 and 1998.


          In 1990, the Financial Accounting Standards Board adopted Statement
          Number 105, "Disclosure of Information about Financial Instruments
          with Concentrations of Credit Risk", which requires disclosure of
          information concerning financial instruments with off-balance sheet
          risk and financial instruments with concentrations of credit risk.




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                        JEFFERSON FUTURES RESERVE I, L.P.
                         A DELAWARE LIMITED PARTNERSHIP

                        NOTES TO THE FINANCIAL STATEMENTS

          Jefferson Futures Reserve I, L.P. purchases and sells futures and
          option contracts. The Fund is subject to market risk associated with
          the changes in the value of the underlying financial instruments as
          well as the loss of appreciation and risk that a counterparty will
          fail to perform.

          Income taxes:
          Income taxes are not provided for by the Partnership because taxable
          income (loss) of the Partnership is includable in the income tax
          returns of the partners.


          Statement of Cash Flows:
          The Partnership has elected not to provide a statement of cash flows
          as permitted by Statement of Financial Accounting Standard Number 102
          "Statement of Cash Flows".


Note 2.

Net Asset Value Per Unit:

     The Unit Value at December 31, 1999 and 1998 was computed by dividing the
     Partnership Capital by the number of outstanding units.

Note 3.

     Limited Partnership Agreement:

          The Limited Partners and General Partner share in the profits and
          losses of the Partnership in proportion to the number of units or unit
          equivalents held by each. However, no Limited Partner is liable for
          obligations of the Partnership in excess of his capital contribution
          and profits, if any, and such other amounts as he may be liable for
          pursuant to the Act.

          Responsibility for managing the Partnership is vested solely in the
          General Partner.

          The Partnership bears all expenses incurred in connection with its
          trading activities, including commodity brokerage commissions and fees
          payable to the Trading Advisor.



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                         JEFFERSON FUTURES RESERVE, L.P.
                         A DELAWARE LIMITED PARTNERSHIP

                        NOTES TO THE FINANCIAL STATEMENTS


Note 4.

Advisory Agreement:

     The Partnership has currently entered into advisory agreements with two
     Trading Advisors. These agreements provide for monthly management fees of
     up to 2.5% (per annum) on Net Assets allocated to each Advisor and
     monthly/quarterly incentive fees ranging from 15% to 17.5% of new net
     profits generated by each Advisor.

Note 5.

Agreement with Related Parties:

     The General Partner will receive an incentive fee equal to 20% of the
     appreciation in the net asset value of the fund, less the actual incentive
     fees paid to the trading advisors. The General Partner and its affiliates
     will also receive a portion of the brokerage commissions charged to the
     Partnership.


Note 6.

Other Expenses:

     The Partnership will pay all of the Partnership's ongoing expenses such as
     legal, accounting, administrative, software, auditing, and miscellaneous
     office expenses.

Note 7.

Derivative Financial Instruments and Fair Value of Financial Instruments.

     A derivative financial instrument is a financial agreement whose value is
     linked to, or derived from, the performance of an underlying asset. The
     underlying asset can be currencies, commodities, interest rates, stocks, or
     any combination. Changes in the underlying asset indirectly affect the
     value of the derivative. All trading instruments are subject to market
     risk, the risk that future changes in market conditions may make an
     instrument less valuable or more onerous. As the instruments are recognized
     at fair market value, those changes directly affect reported income.



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                         JEFFERSON FUTURES RESERVE, L.P.
                         A DELAWARE LIMITED PARTNERSHIP

                        NOTES TO THE FINANCIAL STATEMENTS


     Financial instruments (including derivatives) used for trading purposes are
     recorded in the statement of financial condition at fair value at the
     reporting date. Realized and unrealized changes in fair values are
     recognized in net trading revenue in the period in which the changes occur.
     Interest income arising from trading instruments is included in the
     statement of operations as part of interest income.

     Notional amounts do not represent the amounts exchanged by the parties to
     derivatives and do not measure the Partnership's exposure to credit or
     market risks. The amounts exchanged are based on the notional amounts and
     other terms of the derivatives.

     The Partnership engages in the speculative trading of derivative financial
     instruments which includes futures contracts. Futures contracts are
     commitments to either purchase or sell designated financial instruments at
     a future date for a specified price and may be settled in cash or through
     delivery. Initial margin requirements are met in cash or other instruments,
     and changes in the contract values are settled daily. The Partnership has
     funds at the Commodity broker in segregated accounts as required by the
     Commodity Exchange Act, as amended. These funds are used to meet minimum
     margin requirements for all of the Partnership's open positions, as set by
     the exchange upon which each futures contract is traded. These requirements
     are adjusted, as needed, due to daily fluctuations in the values of the
     underlying assets.

     The Partnership had realized net trading gains from futures for the year
     ended 1999 and 1998 of $-88,192 and $236,406 respectively, as reported in
     the statement of operations. The Partnership had revenue from the change in
     unrealized net trading gains of $22,177 and $-52,135 for the same period.



           Unrealized holdings at December 31, 1999   Fair Value  Notional Value

         Futures contracts at a gain                  $ 35,249     $ 2,103,142

         Futures contracts at a loss                    (1,480)        115,484
                                                      --------     -----------
           Total                                      $ 33,769     $ 2,218,626
                                                      ========     ===========






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To the best of my knowledge and belief, the information contained in this
document is accurate and complete.



/s/ George Lamborn
---------------------------------------------
George Lamborn, President
Advanced Computer Strategies, Inc.
General Partner and Commodity Pool Operator
Jefferson Futures Reserve, L.P.
A Delaware Limited Partnership