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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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SIGNATURE JOHN R. ELDER
TITLE TREASURER
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12/14/1998
To the Investors and Board of Trustees of The Premium
Portfolios with respect to its series: Small Cap Growth Portfolio,
Large Cap Growth Portfolio and Growth and Income Portfolio
In planning and performing our audits of the financial statements of Small
Cap Growth Portfolio and Large Cap Growth Portfolio for the period ended
November 1, 1997 (commencement of operations) through October 31, 1998;
and Growth and Income Portfolio (the "Portfolios") for the period March 2,
1998 (commencement of operations) through October 31, 1998, we considered
their internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on internal
control.
The management of the Portfolios is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgements by management are required to assess the expected benefits
and related costs of control activities. Generally, control activities
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those control activities include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of internal control 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 internal control would not necessarily disclose all
matters in internal control 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 a specific internal control components does not reduce to a
relatively low level 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 within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving internal control, including control for safeguarding
securities, that we consider to be material weaknesses as defined above as
of October 31, 1998.
This report is intended solely for the information and use of management
and the Board of Trustees of the Portfolios and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
Chartered Accountants
