<PAGE>   1

                                  EXHIBIT 13.06





                          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, 1998 AND 1997, AND THE RELATED STATEMENTS OF INCOME AND
PARTNERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997. 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, 1998 AND 1997, AND THE RESULTS OF ITS OPERATIONS AND
PARTNERS' EQUITY FOR THE YEARS THEN ENDED IN CONFORMITY WITH GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES.





MICHAEL COGLIANESE
CERTIFIED PUBLIC ACCOUNTANT

BLOOMINGDALE, ILLINOIS
FEBRUARY 23, 1999
<PAGE>   2
                        JEFFERSON FUTURES RESERVE I, L.P.
                         A DELAWARE LIMITED PARTNERSHIP

                                  BALANCE SHEET
                           December 31, 1998 and 1997

<TABLE>
<CAPTION>
                                                                            1998            1997
<S>                                                                       <C>             <C>
                                     ASSETS

CURRENT ASSETS

Cash held at bank                                                         $      0          1,378

Amount due from brokers                                                    685,627        718,496
Open Trade Equity                                                           11,592         63,727
                                                                          --------        -------

Total Current Assets                                                      $697,219        783,601
                                                                          ========       =======

                        LIABILITIES & PARTNERSHIP EQUITY

CURRENT LIABILITIES

Accrued commissions                                                       $  6,715          8,273
Accrued management fees                                                      4,318          6,228
Due to bank                                                                  3,199              0
Accrued expenses                                                            15,095         13,662
Redemptions payable                                                          9,246         42,926
                                                                          --------        -------

Total Liabilities                                                         $ 38,573         71,089


PARTNERSHIP EQUITY

General Partner                                                           $ 24,039         22,769
Limited Partners                                                           634,607        689,743
                                                                          --------        -------
Total Partners' Equity                                                    $658,646        712,512
                                                                          --------        -------
Total Liabilities & Partners' Equity                                      $697,219        783,601
                                                                          ========        =======
</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, 1998 and 1997



<TABLE>
<CAPTION>
                                                      1998             1997
<S>                                              <C>               <C>
REVENUE

         Gross realized gains from trading       $ 236,406           (1,065)
         Change in unrealized gains/(loss)
               from trading                        (52,135)          63,253
         Interest income                             5,809           23,888
                                                 ---------         -------- 

              Total Revenue                      $ 190,080           86,076



EXPENSES

         Brokerage commissions                   $  55,259           81,811
         Exchange and NFA fees                       4,385            6,139
         Management fees                            15,848           25,129
         Incentive fees                             25,069           39,687
         Other administrative expenses              58,000           48,000
                                                 ---------         -------- 

             Total Expenses                      $ 158,561          200,766
                                                 ---------         -------- 


            Net Income/(Loss)                    $  31,519         (114,690)
                                                 =========         ======== 
</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, 1998 and 1997

<TABLE>
<CAPTION>
                                         Partners' Equity                Total
                                   ----------------------------------------------
                                   General             Limited
                                   ----------------------------------------------
<S>                                <C>                <C>               <C>
Year ended December 31, 1997

Balance December 31, 1996          $   26,594         1,027,849         1,054,443

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



Year ended December 31, 1998


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
                                   ==============================================
</TABLE>

<TABLE>
<CAPTION>
                                         1998       1997
<S>                                      <C>        <C>
Number of Units Outstanding               712        813

NAV Per Unit                             $925        876
</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, 1998 and 1997.


                  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, 1998 and 1997 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 1998 and 1997 of $236,406 and $-1,065 respectively, as
         reported in the statement of operations. The Partnership had revenue
         from the change in unrealized net trading gains of $-52,135 and $63,253
         for the same period.


<TABLE>
<CAPTION>
          Unrealized holdings at December 31, 1998          Fair Value     Notional Value
                                                            ----------     --------------
<S>                                                         <C>              <C>        
         Futures contracts at a gain                        $   33,555       $ 1,340,381
         Futures contracts at a loss                           (21,963)        2,046,557
                                                            ----------     --------------
              Total                                         $   11,592       $ 3,386,938
                                                            ==========     ==============
</TABLE>


<PAGE>   9
         To the best of my knowledge and belief, the information contained in
         this document is accurate and complete.




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