<PAGE>   1

                       [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, 1997 and 1996, and the related statements of income and
partners' equity for the years ended December 31, 1997 and 1996. 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, 1997 and 1996, 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 17, 1998



                                 EXHIBIT 13.05


<PAGE>   2

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

                                BALANCE SHEET
                          December 31, 1997 and 1996


<TABLE>
<CAPTION>
                                                    1997          1996
                      ASSETS
<S>                                              <C>           <C>
CURRENT ASSETS

  Cash held at bank                              $   1,378          1,224  
                                                                           
  Amount due from brokers                          718,496      1,114,779  
  Open Trade Equity                                 63,727            474  
                                                 ------------------------

   Total Current Assets                          $ 783,601      1,116,477  
                                                 ========================
                                                                           
         LIABILITIES & PARTNERSHIP EQUITY 
                                                                           
CURRENT LIABILITIES                                                        
                                                                           
  Accrued commissions                            $   8,273          8,109  
  Accrued management fees                            6,228          2,289  
  Accrued incentive fees                                 0          4,762  
  Accrued expenses                                  13,662          1,210  
  Redemptions payable                               42,926         45,664  
                                                 ------------------------
                                                                           
   Total Liabilities                             $  71,089         62,034  
                                                                           
                                                                           
PARTNERSHIP EQUITY                                                         
                                                                           
  General Partner                                $  22,769         26,594  
  Limited Partners                                 689,743      1,027,849  
                                                 ------------------------
                                                                           
   Total Partners' Equity                        $ 712,512      1,054,443  
                                                 ------------------------
                                                                           
   Total Liabilities & Partners' Equity          $ 783,601      1,116,477  
                                                 ========================
</TABLE>

See Notes to Financial Statements.

<PAGE>   3

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

                             STATEMENT OF INCOME
                    Year ended December 31, 1997 and 1996

<TABLE>
<CAPTION>
                                                        1997         1996
<S>                                                 <C>            <C>
REVENUE

    Gross realized gains from trading               $  (1,065)      198,534
    Change in unrealized gains/(loss)
     from trading                                      63,253       (69,828) 
    Interest income                                    23,888        21,603  
                                                    -----------------------

     Total Revenue                                  $  86,076       150,309  
                                                                             
                                                                             
EXPENSES                                                                     
                                                                             
    Brokerage commissions                           $  81,811       107,213  
    Exchange and NFA fees                               6,139         7,452  
    Management fees                                    25,129        29,810  
    Incentive fees                                     39,687        15,505  
    Other administrative expenses                      48,000        46,840  
                                                    -----------------------
                                                                             
     Total Expenses                                 $ 200,766       206,820  
                                                    -----------------------
                                                                             
     Net Income/(Loss)                              $(114,690)      (56,511) 
                                                    =======================
</TABLE>

See Notes to Financial Statements.

<PAGE>   4

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

                       STATEMENT OF PARTNERSHIP EQUITY
                For the years ended December 31, 1997 and 1996


<TABLE>
<CAPTION>
                                      Partners' Equity             Total
                                      ------------------------------------
                                       General       Limited  
                                      ------------------------------------

<S>                                   <C>           <C>          <C>             <C>
Year ended December 31, 1996                                  
                                                              
Balance December 31, 1995             $  27,472     1,515,452    1,542,924 
                                                                           
Capital Contributions                 $       0             0            0  
                                                                           
Capital Withdrawals                   $       0      (431,970)    (431,970) 
                                                                           
Net Income (Loss)                     $    (878)      (55,633)     (56,511) 
                                      ------------------------------------
                                                                           
Balance December 31, 1996             $  26,594     1,027,849    1,054,443 
                                                                           

                                                                           
Year ended December 31, 1997                                               
                                                                           
                                                                           
Capital Contributions                 $       0             0            0  
                                                                           
Capital Withdrawals                   $       0      (227,241)    (227,241) 
                                                                           
Net Income (Loss)                     $  (3,825)     (110,865)    (114,690) 
                                      ------------------------------------
                                                                           
Balance December 31, 1997             $  22,769       689,743      712,512  
                                      ====================================
                                                                

                                                                      1997         1996 
                                                                                       
Number of Units Outstanding                                            813        1,030 
                                                                                       
NAV Per Unit                                                      $    876        1,057 

</TABLE>

See Notes to Financial Statements.

<PAGE>   5


                       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, 1997 and 1996.


              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.



<PAGE>   6


                       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, 1997 and 1996 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.


<PAGE>   7


                        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.


<PAGE>   8


                        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 1997 and 1996 of $-1,065 and $198,534 respectively, as
        reported in the statement of operations. The Partnership had revenue
        from the change in unrealized net trading gains of $63,253 and $-69,828
        for the same period.


<TABLE>
<CAPTION>
          Unrealized holdings at December 31, 1997   Fair Value   Notional Value
                                                     ----------   --------------
        <S>                                          <C>          <C>         
                                                                              
        Futures contracts at a gain                   $106,055      $1,423,463
                                                                              
        Futures contracts at a loss                    (42,328)      2,545,959
                                                      --------      ----------
          Total                                       $ 63,727      $3,969,422
                                                      ========      ==========
</TABLE>


<PAGE>   9


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