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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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SIGNATURE JOSEPH REARDON
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000004879
<NAME> WPG GROWTH AND INCOME FUND
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
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<NUMBER-OF-SHARES-REDEEMED> (17416)
<SHARES-REINVESTED> 4870
<NET-CHANGE-IN-ASSETS> 6312
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<ACCUMULATED-GAINS-PRIOR> 17
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<PER-SHARE-NII> 0.51
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</TABLE>
To the Board of Trustees of
WPG Growth and Income Fund:
In planning and performing our audit of the financial statements of WPG
Growth and Income Fund 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 purpose of expressing our opinion of the financial statements and
to comply with the requirements of Form N-SAR, not to provide assurance on
the internal control structure.
The management of WPG Growth and Income Fund 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 the Board of
Trustees, management and the Securities and Exchange Commission.
January 24, 1996
\s\KPMG Peat Marwick LLP
