<PAGE> PAGE 1
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001 A000000 WPG GROWTH AND INCOME FUND
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002 A000000 1 NEW YORK PLAZA, 31ST FLOOR
002 B000000 NEW YORK
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002 D020000 1950
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<PAGE> PAGE 2
080 A000000 GULF INSURANCE COMPANY
080 C000000 3675
081 A000000 Y
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SIGNATURE JOSEPH REARDON
TITLE VICE PRESIDENT
To the Shareholders and Board of Trustees of
the WPG Growth and Income Fund:
In planning and performing our audit of the financial statements of the
WPG Growth and Income Fund (the "Fund") for the year ended
December 31, 1998, we considered its internal control, including control
activities for 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 the 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, error or fraud 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 the 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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 and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1998.
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, 1999
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<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
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<INVESTMENTS-AT-VALUE> 160474
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<APPREC-INCREASE-CURRENT> 17402
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<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> 9.38
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (3.85)
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<PER-SHARE-NAV-END> 40.64
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
