SUMMARIZED FINANCIAL INFORMATION The following three financial statements (i.e. the Statement of Financial Condition of Capital Appreciation Plus L.P. I (the "Partnership") at March 31, 1996 and at December 31, 1995, and the Statement of Operations for the three months ended March 31, 1996 and 1995, and the Statement of Changes in Partners'Capital for the three months ended March 31, 1996 and 1995, in the opinion of management, include all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the financial position and the results of operations for the periods indicated. Information as of March 31, 1996 and 1995 is unaudited. It is recommended that these financial statements are read in conjunction with the audited financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 1995 (the "1995 Form 10-K"). These results are not necessarily indicative of results for a full year. CAPITAL APPRECIATION PLUS L.P. I STATEMENT OF FINANCIAL CONDITION (Unaudited) (Audited) March 31, December 31, 1996 1995 ASSETS: Equity in commodities futures trading account: $ 86,979 $ 62,067 Cash 6,798 6,964 Interest receivable 686 133 Fee rebates receivable 5,704 0 TOTAL ASSETS $ 100,167 $ 69,164 LIABILITIES AND PARTNERS' CAPITAL LIABILITIES: Accrued custodian/service fees 500 1,500 Accrued fixed rate fee 437 2,459 Administration fee payable 2,035 14,397 Redemptions payable 0 1,022 TOTAL LIABILITIES $ 2,972 $ 19,378 PARTNERS' CAPITAL General Partner 19,983 10,406 (500 Units outstanding) Limited Partners 77,212 39,380 (1932 and 1945 Units outstanding at 3/31/96 and 12/31/95 respectively) TOTAL PARTNERS' CAPITAL 97,195 49,786 TOTAL LIABILITIES AND $ 100,167 $ 69,164 PARTNERS' CAPITAL NET ASSET VALUE PER UNIT $ 39.97 $ 20.45 CAPITAL APPRECIATION PLUS L.P. I STATEMENT OF OPERATIONS (UNAUDITED) Three Months Ended March 31, March 31, 1996 1995 REVENUES: Gains (losses) on trading futures contracts and options on futures: Realized gains (losses) on closed positions $ 26,716 $ 14,779 Net change in unrealized gains (losses) 20,606 (29,899) Net realized and unrealized gains (losses) $ 47,322 $ (15,120) Interest Income 807 1,305 Total Revenue $ 48,129 $ (13,815) EXPENSES Miscellaneous fees (2,119) 1,737 Custodial and Administrative Fees 3,500 4,500 Execution Fees 437 1,060 Management Fees (1,475) 1,590 Total Expenses $ 343 $ 8,887 Net Income (loss) $ 47,786 $ (22,702) Net Income (loss) per weighted average unit of partnership interest $ 19.59 $ (7.99) CAPITAL APPRECIATION PLUS L.P. I STATEMENT OF CHANGES IN PARTNERS' CAPITAL FOR THE PERIOD FROM JANUARY 1, 1996 TO MARCH 31, 1996 AND FOR THE PERIOD FROM JANUARY 1, 1995 TO MARCH 31, 1995 Units of (Unaudited) Partnership Limited General Total Interest Partners Partner Partners' Capital 2,445 $39,380 $10,406 $49,786 January 1, 1996 Net Income $37,991 $ 9,795 $47,786 Redemptions (13) $ (377) $ (377) Partners' Capital 2,432 $76,994 $20,201 $97,195 March 31, 1996 Partners' Capital January 1, 1995 2,853 $187,209 $39,816 $227,025 Net Income $(18,656) $(4,046) $(22,702) Redemptions (49) $( 3,498) $( 3,498) Partners' Capital March 31, 1995 2,804 $165,055 $35,770 $200,825 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS Total assets of the Partnership at March 31, 1996 were approximately $100,167, an increase from the December 31, 1995 level due to trading profits exceeding the payment of accrued expenses. Partnership capital likewise increased proportionately. Operating results during the Partnership's first quarter of 1996 were favorable with net profits of $47,786. The operating results reflect a net trading profit of approximately $47,322 and interest income of approximately $807. As a result, the Net Asset Value of a Unit of Limited Partnership Interest increased $19.52 per Unit from operations during the three month period ended March 31, 1996, achieving a Net Asset Value of $39.97 per Unit as of March 31, 1996. Part II OTHER INFORMATION Item 1 Legal Proceeding none 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 not applicable Item 5 Other information none Item 6 Exhibits and reports on Form 8-K (a) Exhibits: none (b) Reports on Form 8-K: none SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Registrant By: Lamborn Commodity Pool Management, Inc. The General Partner Date: May 15, 1996 BY: George D. F. Lamborn President The General Partner, which signed above, is the only party authorized to act for the registrant. The registrant has no principal financial officer or chief accounting officer.