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001 A000000 RWB/WPG US LARGE STOCK 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
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<CIK> 0000897568
<NAME> RWB/WPG US LARGE STOCK FUND
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<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 149870
<INVESTMENTS-AT-VALUE> 212832
<RECEIVABLES> 536
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 213388
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 437
<TOTAL-LIABILITIES> 437
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 149048
<SHARES-COMMON-STOCK> 28664
<SHARES-COMMON-PRIOR> 30092
<ACCUMULATED-NII-CURRENT> 773
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 176
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 62954
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<DIVIDEND-INCOME> 4035
<INTEREST-INCOME> 56
<OTHER-INCOME> 0
<EXPENSES-NET> (1058)
<NET-INVESTMENT-INCOME> 3033
<REALIZED-GAINS-CURRENT> 25418
<APPREC-INCREASE-CURRENT> 26789
<NET-CHANGE-FROM-OPS> 55240
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<DISTRIBUTIONS-OF-INCOME> (2702)
<DISTRIBUTIONS-OF-GAINS> (28496)
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<NUMBER-OF-SHARES-SOLD> 19457
<NUMBER-OF-SHARES-REDEEMED> (61561)
<SHARES-REINVESTED> 30787
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<ACCUMULATED-NII-PRIOR> 645
<ACCUMULATED-GAINS-PRIOR> 3052
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<GROSS-EXPENSE> 1097
<AVERAGE-NET-ASSETS> 206736
<PER-SHARE-NAV-BEGIN> 6.65
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 1.93
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (1.16)
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</TABLE>
Board of Trustees of
RWB/WPG U.S. Large Stock Fund:
In planning and performing our audit of the financial statements
of RWB/WPG U.S. Large Stock 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 RWB/WPG U.S. Large Stock 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
