<PAGE> PAGE 1
000 B000000 12/31/97
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001 A000000 WPG GROWTH AND INCOME FUND
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002 A000000 1 NEW YORK PLAZA, 31ST FLOOR
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<PAGE> PAGE 2
080 A000000 GULF INSURANCE COMPANY
080 C000000 3675
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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>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 75202
<INVESTMENTS-AT-VALUE> 115045
<RECEIVABLES> 2276
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 117328
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 182
<TOTAL-LIABILITIES> 182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76924
<SHARES-COMMON-STOCK> 3336
<SHARES-COMMON-PRIOR> 2829
<ACCUMULATED-NII-CURRENT> 243
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 136
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39843
<NET-ASSETS> 117146
<DIVIDEND-INCOME> 1811
<INTEREST-INCOME> 124
<OTHER-INCOME> 6
<EXPENSES-NET> 1074
<NET-INVESTMENT-INCOME> 867
<REALIZED-GAINS-CURRENT> 12903
<APPREC-INCREASE-CURRENT> 16703
<NET-CHANGE-FROM-OPS> 30473
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (735)
<DISTRIBUTIONS-OF-GAINS> (13500)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19356
<NUMBER-OF-SHARES-REDEEMED> (14277)
<SHARES-REINVESTED> 12892
<NET-CHANGE-IN-ASSETS> 34209
<ACCUMULATED-NII-PRIOR> 207
<ACCUMULATED-GAINS-PRIOR> 639
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 759
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1077
<AVERAGE-NET-ASSETS> 100403
<PER-SHARE-NAV-BEGIN> 29.32
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> 10.30
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> (4.51)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 35.11
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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, 1997, we considered its
internal control,
including controls over 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 the
internal control.
The management of WPG Growth and Income Fund 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 controls. Generally, controls 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
controls 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 any specific internal
control component
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, including controls over safeguarding securities, that we
consider to
be material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management, the
Board of
Trustees of the Fund, and the Securities and Exchange Commission.
January 19, 1998
