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008 D010001 NEW YORK
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013 A000001 PRICE WATERHOUSE
013 B010001 BOSTON
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013 B030001 02110
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<PAGE> PAGE 2
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022 A000001 HERZOG, HEINE GEDULD, INC.
022 B000001 13-1955436
022 C000001 546
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022 A000002 CLARKE (G.X.) & CO.
022 B000002 13-2969143
022 C000002 615
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<PAGE> PAGE 3
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SIGNATURE JOHN R. ELDER
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000942918
<NAME> SMALL CAP EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 4,698,917
<INVESTMENTS-AT-VALUE> 5,424,737
<RECEIVABLES> 1,528
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 385
<TOTAL-ASSETS> 5,426,650
<PAYABLE-FOR-SECURITIES> 437,228
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 437,228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,989,422
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 4,989,422
<DIVIDEND-INCOME> 5,205
<INTEREST-INCOME> 11,378
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 16,583
<REALIZED-GAINS-CURRENT> 288,385
<APPREC-INCREASE-CURRENT> 725,820
<NET-CHANGE-FROM-OPS> 1,030,788
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,044,649
<NUMBER-OF-SHARES-REDEEMED> (86,015)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,989,422
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,222
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 48,335
<AVERAGE-NET-ASSETS> 2,577,574
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
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<RETURNS-OF-CAPITAL> 0.00
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<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
February 7, 1996
To the Trustees of
Small Cap Equity Portfolio
In planning and performing our audit of the financial statements of
Small Cap Equity Portfolio (the "Portfolio"), a separate series of The
Premium Portfolios, for the year ended December 31, 1995, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures
for the purposes of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Portfolio is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements 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 that 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 inherent limitations in any internal control structure,
errors or irregularities may occur and 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 within 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.
Chartered Accountants
