Exhibit 9(d)
May 6, 1994
The Premium Portfolios
Elizabethan Square - Second Floor
Grand Cayman, Cayman Islands
Re: International Equity Portfolio
Dear Sirs:
This letter will confirm the agreement of the undersigned, Signature Financial
Group (Cayman), Ltd. ("SFCG"), to pay all of the expenses of International
Equity Portfolio (the "Fund"), a series of The Premium Portfolios (the
"Trust"), described in the Registration Statement on Form N-1A of the Fund
filed with the Securities and Exchange Commission on March 21, 1994 (as amended
from time to time) (the "Registration Statement"), other than fees payable
under the Investment Advisory Agreement, Administrative Services Agreement,
Placement Agency Agreement or any Shareholder Servicing Agreement referred to
in the Registration Statement, and other than the amortization of expenses
relating to the organization of the Fund. All of the operating expenses paid by
SFGC pursuant to this letter agreement shall be subject to reimbursement from
the Fund. To accomplish such reimbursement, the Trust hereby agrees to pay to
SFGC an expense reimbursement fee from the Fund, in addition to the
administrative services payable pursuant to such Administrative Services
Agreement, estimated and accrued daily and paid monthly in an amount such that
immediately after any such payment the aggregate expenses of the Fund would not
on a per annum basis exceed 1.35% of the Fund's average daily net assets.
Upon execution, this agreement shall be effective retroactively as if in full
force and effect since April 29, 1994. This agreement shall terminate on the
earlier to occur of April 30, 2004 or the date on which the aggregate amount of
the expense reimbursement fees paid to SFGC hereunder equals the aggregate of
the reimbursable expenses paid by SFGC pursuant hereto, unless sooner
terminated by mutual agreement of the parties or pursuant to the following
sentence. In the event that the Administrative Services Agreement between the
Trust (on behalf of the Fund) and SFGC shall cease to be in full force and
effect, SFGC may, at its option, upon not less than 30 days nor more than 60
days written notice to the Trust, terminate this agreement.
In the event that SFGC terminates this Agreement, it shall continue to receive
the fee provided hereunder until such time as this agreement would otherwise
have been terminated pursuant to the first sentence of the preceding paragraph.
If the foregoing correctly sets forth our agreement, kindly so confirm by
signing this letter in the space indicated for signature on behalf of the Trust
below.
Very truly yours,
Signature Financial Group (Cayman), Ltd.
By: Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
Vice President
Agreed:
The Premium Portfolios
By: Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx
Treasurer & Secretary
