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SIGNATURE JOHN P. GRAYKEN
TITLE PRESIDENT
WHITEROCK PORTFOLIO INVESTORS, L.L.C.
SUPPLEMENT TO ITEM 77Q.2 OF FORM N-SAR
FOR PERIOD ENDED DECEMBER, 31 1995
In accordance with the requirements of Rule 405 of Regulation S-K,
the Registrant notes that it had not received as of December 31, 1995
any reports submitted pursuant to the provisions of Section 16(a) of the
Securities Exchange Act of 1934, and that it is currently attempting to
ascertain those persons who may have filing obligations under Section
16(a) of the Exchange Act by application of Section 30(f) of the
Investment Company Act of 1940.
The Members
Whiterock Portfolio Investors, L.L.C.
In planning and performing our audit of the financial statements of
Whiterock Portfolio Investors, L.L.C. for the period September 29, 1995
(inception) through December 31, 1995, we considered its internal
control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose for
expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of Whiterock Portfolio Investors, L.L.C. is responsible
for establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute assurance that assets are safeguarded
against loss from unauthorized use or disposition and transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of the inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected with a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1995.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
KPMG Peat Marwick, LLP
Dallas, Texas
June 6, 1996
