<PAGE>
WHITEROCK PORTFOLIO INVESTORS, L.L.C.
700 N.E. Multnomah, Suite 1600
Portland, Oregon 97232-4116
Semi - Annual Report
For The Period Ended June 30, 1996
August 29, 1996
To the Members:
The enclosed information concerning the performance results of WhiteRock
Portfolio Investors, L.L.C. for the period ended June 30, 1996, and the
financial position of the Company as of this date, is being furnished to you for
your information and in accordance with applicable law. This information has not
been audited by the Company's independent public accountants.
Please retain this information for future reference and call the
undersigned at (214) 831-2000 with any questions you may have.
Sincerely,
/s/ Sharlene D. Snyder
Sharlene D. Snyder
Assistant Secretary
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WHITEROCK PORTFOLIO INVESTORS, L.L.C.
Statement of Financial Condition
at June 30, 1996
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
------------------------------------------
<S> <C> <C>
ASSETS:
Cash in Bank $ 1,000,375 $ 1,834,136
Investment in Brazos Fund 14,408,450 10,216,165
Accounts Receivable 7,729 7,729
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TOTAL ASSETS $ 15,416,553 $ 12,058,030
================= ===================
LIABILITIES:
Accounts Payable $ 29,411 $ 29,356
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TOTAL LIABILITIES 29,411 29,356
----------------- -------------------
MEMBER'S EQUITY:
Member's Equity 14,498,762 12,087,790
Life-to-Date Earnings 888,380 (59,116)
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TOTAL MEMBER'S EQUITY 15,387,143 12,028,674
================= ===================
TOTAL LIABILITIES &
MEMBER'S EQUITY $ 15,416,553 $ 12,058,030
================= ===================
</TABLE>
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WHITEROCK PORTFOLIO INVESTORS, L.L.C.
Statement of Operations
for the Semi-Annual Period Ended June 30, 1996
<TABLE>
<CAPTION>
June 1996 December 1995 LTD
------------ -------------- ----------
<S> <C> <C> <C>
REVENUES:
Interest Income - Other $ 15,284 $ -- $ 15,284
Brazos Fund Investment 932,273 (59,116) 873,157
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TOTAL REVENUES 947,556 (59,116) 888,440
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EXPENSES:
Bank Service Charges 60 0 60
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TOTAL EXPENSES 60 - 60
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NET INCOME/(LOSS) $ 947,496 $ (59,116) $ 888,380
============ ============= ==========
</TABLE>
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WHITEROCK PORTFOLIO INVESTORS, L.L.C.
Statement of Equity
for the Period Ended June 30, 1996
<TABLE>
<CAPTION>
Units
-----------
<S> <C> <C>
PACIFICORP $ 15,225,266 979,130
J.T. CRANDALL 153,791 9,890
OTHER MEMBERS 8,086 520
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TOTAL EQUITY $ 15,387,143 989,540
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</TABLE>