<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, 1997
August 29, 1997
To the Members:
The enclosed information concerning the performance results of WhiteRock
Portfolio Investors, L.L.C. for the period ended June 30, 1997, 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) 754-8400 with any questions you may have.
Sincerely,
Sharlene D. Snyder
Secretary
<PAGE>
WHITEROCK PORTFOLIO INVESTORS, L.L.C.
Statement of Financial Condition
at June 30, 1997
<TABLE>
<CAPTION>
June 30, 1997 June 30, 1996
------------- -------------
<S> <C> <C>
ASSETS:
Cash in Bank $ 3,471 $ 1,000,375
Investment in Lone Star Fund 3,270,346 -
Investment in Brazos Fund 8,442,794 14,408,450
Accounts Receivable 11,787 7,729
------------- -------------
TOTAL ASSETS $11,728,399 $15,416,553
============= =============
LIABILITIES:
Accounts Payable $ 24,071 $ 29,411
------------- -------------
TOTAL LIABILITIES 24,071 29,411
------------- -------------
MEMBERS' EQUITY:
Members' Equity 6,806,363 14,498,762
Life-to-Date Earnings 4,897,965 888,380
------------- -------------
TOTAL MEMBERS' EQUITY 11,704,328 15,387,142
------------- -------------
TOTAL LIABILITIES &
PARTNERSHIP EQUITY $11,728,399 $15,416,553
============= =============
</TABLE>
<PAGE>
WHITEROCK PORTFOLIO INVESTORS, L.L.C.
Statement of Operations
for the Semi-Annual Period Ended June 30, 1997
<TABLE>
<CAPTION>
June 1997 June 1996 LTD
---------- ---------- ----------
<S> <C> <C> <C>
REVENUES:
Interest Income-Other $ 8,033 $ 15,284 $ 29,604
Lone Star Fund Investment (52,882) 0 (91,371)
Brazos Fund Investment 1,590,809 932,273 5,061,411
---------- ---------- ----------
TOTAL REVENUES 1,545,960 947,557 4,999,644
---------- ---------- ----------
EXPENSES:
Federal Income Tax Expense 14,866 - 101,679
---------- ---------- ----------
TOTAL EXPENSES 14,866 0 101,679
========== ========== ==========
NET INCOME/(LOSS) $1,531,095 $ 947,557 $4,897,965
========== ========== ==========
</TABLE>
NET INCOME/(LOSS)
<PAGE>
WHITEROCK PORTFOLIO INVESTORS, L.L.C.
Statement of Equity
for the Period Ended June 30, 1997
<TABLE>
<CAPTION>
June 30, 1997 Units
------------- -----------
<S> <C> <C>
PACIFICORP $11,585,007 1,860,995
GRAYKEN 117,020 18,798
OTHER MEMBERS 2,301 520
----------- -----------
TOTAL EQUITY $11,704,328 1,880,313
=========== ===========
</TABLE>
