<PAGE> PAGE 1
000 B000000 12/31/99
000 C000000 0000004879
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 U
001 A000000 WPG GROWTH AND INCOME FUND
001 B000000 811-1447
001 C000000 2129089882
002 A000000 1 NEW YORK PLAZA, 31ST FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10004
002 D020000 1950
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
071 A000000 96434
071 B000000 125122
071 C000000 141613
071 D000000 68
072 A000000 12
074 N000000 145963
074 T000000 145734
075 A000000 0
075 B000000 144802
077 A000000 Y
<PAGE> PAGE 2
080 A000000 GULF INSURANCE
080 C000000 3675
081 A000000 Y
081 B000000 11
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
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, 1999, 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, 1999.
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 20, 2000
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000004879
<NAME> WPG GROWTH AND INCOME
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 91227
<INVESTMENTS-AT-VALUE> 145864
<RECEIVABLES> 94
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 145963
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 229
<TOTAL-LIABILITIES> 229
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90144
<SHARES-COMMON-STOCK> 3654
<SHARES-COMMON-PRIOR> 3954
<ACCUMULATED-NII-CURRENT> 14
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 939
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54637
<NET-ASSETS> 145734
<DIVIDEND-INCOME> 1894
<INTEREST-INCOME> 158
<OTHER-INCOME> 7
<EXPENSES-NET> 1486
<NET-INVESTMENT-INCOME> 573
<REALIZED-GAINS-CURRENT> 18319
<APPREC-INCREASE-CURRENT> (2608)
<NET-CHANGE-FROM-OPS> 16284
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 577
<DISTRIBUTIONS-OF-GAINS> 18839
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22140
<NUMBER-OF-SHARES-REDEEMED> 51130
<SHARES-REINVESTED> 17158
<NET-CHANGE-IN-ASSETS> (14964)
<ACCUMULATED-NII-PRIOR> 90
<ACCUMULATED-GAINS-PRIOR> 1438
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1086
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1489
<AVERAGE-NET-ASSETS> 144802
<PER-SHARE-NAV-BEGIN> 40.64
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 4.91
<PER-SHARE-DIVIDEND> 5.81
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.88
<EXPENSE-RATIO> 1.03
</TABLE>
