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SIGNATURE JOSEPH REARDON
TITLE VICE PRESIDENT
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 209292
<SHARES-COMMON-STOCK> 18283
<SHARES-COMMON-PRIOR> 24492
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (40484)
<ACCUM-APPREC-OR-DEPREC> 2766
<NET-ASSETS> 171578
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13623
<OTHER-INCOME> 45
<EXPENSES-NET> 1526
<NET-INVESTMENT-INCOME> 12142
<REALIZED-GAINS-CURRENT> (4897)
<APPREC-INCREASE-CURRENT> 16119
<NET-CHANGE-FROM-OPS> 23364
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11999)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11551
<NUMBER-OF-SHARES-REDEEMED> (75847)
<SHARES-REINVESTED> 8145
<NET-CHANGE-IN-ASSETS> (44786)
<ACCUMULATED-NII-PRIOR> 56
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (35760)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1117
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1538
<AVERAGE-NET-ASSETS> 186086
<PER-SHARE-NAV-BEGIN> 8.83
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> 0.54
<PER-SHARE-DIVIDEND> (0.59)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.38
<EXPENSE-RATIO> 0.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777025
<NAME> WPG FUNDS TRUST
<SERIES>
<NUMBER> 6
<NAME> WPG INTERMEDIATE MUNICIPAL BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 12201
<INVESTMENTS-AT-VALUE> 12730
<RECEIVABLES> 222
<ASSETS-OTHER> 126
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12773
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43
<TOTAL-LIABILITIES> 43
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12624
<SHARES-COMMON-STOCK> 1248
<SHARES-COMMON-PRIOR> 1473
<ACCUMULATED-NII-CURRENT> 28
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (146)
<ACCUM-APPREC-OR-DEPREC> 224
<NET-ASSETS> 12730
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 724
<OTHER-INCOME> 0
<EXPENSES-NET> 118
<NET-INVESTMENT-INCOME> 606
<REALIZED-GAINS-CURRENT> (3)
<APPREC-INCREASE-CURRENT> 977
<NET-CHANGE-FROM-OPS> 1580
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (606)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4206
<NUMBER-OF-SHARES-REDEEMED> (6960)
<SHARES-REINVESTED> 505
<NET-CHANGE-IN-ASSETS> (1275)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (141)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135
<AVERAGE-NET-ASSETS> 13851
<PER-SHARE-NAV-BEGIN> 9.51
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 0.69
<PER-SHARE-DIVIDEND> (0.44)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.20
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777025
<NAME> WPG FUNDS TRUST
<SERIES>
<NUMBER> 5
<NAME> WPG QUANTITATIVE EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 111573
<INVESTMENTS-AT-VALUE> 133605
<RECEIVABLES> 217
<ASSETS-OTHER> 321
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 134143
<PAYABLE-FOR-SECURITIES> 245
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 697
<TOTAL-LIABILITIES> 942
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 111186
<SHARES-COMMON-STOCK> 19456
<SHARES-COMMON-PRIOR> 13517
<ACCUMULATED-NII-CURRENT> (82)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 18
<ACCUM-APPREC-OR-DEPREC> 21951
<NET-ASSETS> 133201
<DIVIDEND-INCOME> 2888
<INTEREST-INCOME> 176
<OTHER-INCOME> 0
<EXPENSES-NET> 1021
<NET-INVESTMENT-INCOME> 2043
<REALIZED-GAINS-CURRENT> 5546
<APPREC-INCREASE-CURRENT> 20960
<NET-CHANGE-FROM-OPS> 28549
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2128)
<DISTRIBUTIONS-OF-GAINS> (5506)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 52783
<NUMBER-OF-SHARES-REDEEMED> (21192)
<SHARES-REINVESTED> 7211
<NET-CHANGE-IN-ASSETS> 59717
<ACCUMULATED-NII-PRIOR> 43
<ACCUMULATED-GAINS-PRIOR> 28
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 766
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1022
<AVERAGE-NET-ASSETS> 65866
<PER-SHARE-NAV-BEGIN> 5.44
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 1.70
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (0.30)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.85
<EXPENSE-RATIO> 1.0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777025
<NAME> WPG FUNDS TRUST
<SERIES>
<NUMBER> 7
<NAME> WPG INSTITUTIONAL SHORT DURATION
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777025
<NAME> WPG FUNDS TRUST
<SERIES>
<NUMBER> 3
<NAME> WPG TAX FREE MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-01-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 121248
<INVESTMENTS-AT-VALUE> 121248
<RECEIVABLES> 1104
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 122952
<PAYABLE-FOR-SECURITIES> 850
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 348
<TOTAL-LIABILITIES> 1198
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121766
<SHARES-COMMON-STOCK> 121766
<SHARES-COMMON-PRIOR> 152511
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (12)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 121754
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5365
<OTHER-INCOME> 0
<EXPENSES-NET> 938
<NET-INVESTMENT-INCOME> 4427
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4426
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4427)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 856653
<NUMBER-OF-SHARES-REDEEMED> (891456)
<SHARES-REINVESTED> 4057
<NET-CHANGE-IN-ASSETS> (30747)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (11)
<GROSS-ADVISORY-FEES> 620
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 939
<AVERAGE-NET-ASSETS> 124337
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Board of Trustees of
WPG Government Money Market Fund:
In planning and performing our audit of the financial statements of WPG
Government Money Market 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 Government Money Market 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
To the Board of Trustees of
WPG Government Securities Fund:
In planning and performing our audit of the financial statements of WPG
Government Securities 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 Government Securities 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
j:\peatgov
To the Board of Trustees of
WPG Intermediate Municipal Bond Fund:
In planning and performing our audit of the financial statements of WPG
Intermediate Municipal Bond 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 Intermediate Municipal Bond 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
To the Board of Trustees of
WPG Tax Free Money Market Fund:
In planning and performing our audit of the financial statements of WPG
Tax Free Money Market 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 Tax Free Money Market 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
To the Board of Trustees of
WPG Quantitative Equity Fund:
In planning and performing our audit of the financial statements of WPG
Quantitative Equity 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 Quantitative Equity 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
