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SIGNATURE JOHN R. ELDER
TITLE TREASURER
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<ARTICLE> 6
<CIK> 0000942918
<NAME> SMALL CAP EQUITY PORTFOLIO
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12/10/1997
To the Investors and Board of Trustees of the Premium Portfolios, with
respect to its series Large Cap Growth Portfolio (formerly Equity
Portfolio) and Small Cap Growth Portfolio (formerly Small Cap Equity
Portfolio).
In planning and performing our audits of the financial statements of Large
Cap Growth Portfolio and Small Cap Growth Portfolio (the "Portfolios",
formerly Equity Portfolio and Small Cap Equity Portfolio, respectively) for
the period ended October 31, 1997, we considered their internal control,
including control activities 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, 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 judgments 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
or 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 of 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, 1997.
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.
Chartered Accounts
