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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE JOHN J PILEGGI
TITLE TREASURER
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<ACCUMULATED-NET-GAINS> 3772
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2889
<NET-ASSETS> 30563
<DIVIDEND-INCOME> 433
<INTEREST-INCOME> 137
<OTHER-INCOME> 0
<EXPENSES-NET> 325
<NET-INVESTMENT-INCOME> 245
<REALIZED-GAINS-CURRENT> 3776
<APPREC-INCREASE-CURRENT> 732
<NET-CHANGE-FROM-OPS> 4754
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 137
<DISTRIBUTIONS-OF-GAINS> 1209
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14865
<NUMBER-OF-SHARES-REDEEMED> 4015
<SHARES-REINVESTED> 1333
<NET-CHANGE-IN-ASSETS> 15592
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 215
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 407
<AVERAGE-NET-ASSETS> 21502
<PER-SHARE-NAV-BEGIN> 6.59
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.59
<PER-SHARE-DIVIDEND> .06
<PER-SHARE-DISTRIBUTIONS> .58
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.68
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> WESTWOOD EQUITY FUND SERVICE CLASS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 28287
<INVESTMENTS-AT-VALUE> 31175
<RECEIVABLES> 619
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 41
<TOTAL-ASSETS> 31840
<PAYABLE-FOR-SECURITIES> 1168
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 109
<TOTAL-LIABILITIES> 1277
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23699
<SHARES-COMMON-STOCK> 4
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 190
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3772
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2889
<NET-ASSETS> 30563
<DIVIDEND-INCOME> 433
<INTEREST-INCOME> 137
<OTHER-INCOME> 0
<EXPENSES-NET> 325
<NET-INVESTMENT-INCOME> 245
<REALIZED-GAINS-CURRENT> 3776
<APPREC-INCREASE-CURRENT> 732
<NET-CHANGE-FROM-OPS> 4754
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 137
<DISTRIBUTIONS-OF-GAINS> 1209
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14865
<NUMBER-OF-SHARES-REDEEMED> 4015
<SHARES-REINVESTED> 1333
<NET-CHANGE-IN-ASSETS> 15592
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 215
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 407
<AVERAGE-NET-ASSETS> 21502
<PER-SHARE-NAV-BEGIN> 6.57
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 1.58
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .52
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.69
<EXPENSE-RATIO> 1.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> WESTWOOD INTERMEDIATE BOND FD
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 5199
<INVESTMENTS-AT-VALUE> 5160
<RECEIVABLES> 834
<ASSETS-OTHER> 1188
<OTHER-ITEMS-ASSETS> 245
<TOTAL-ASSETS> 6241
<PAYABLE-FOR-SECURITIES> 700
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45
<TOTAL-LIABILITIES> 745
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6129
<SHARES-COMMON-STOCK> 556
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 466
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (596)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (39)
<NET-ASSETS> 4596
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 338
<OTHER-INCOME> 0
<EXPENSES-NET> 57
<NET-INVESTMENT-INCOME> 281
<REALIZED-GAINS-CURRENT> 92
<APPREC-INCREASE-CURRENT> (143)
<NET-CHANGE-FROM-OPS> 230
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 281
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1825
<NUMBER-OF-SHARES-REDEEMED> 1192
<SHARES-REINVESTED> 184
<NET-CHANGE-IN-ASSETS> 766
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 128
<AVERAGE-NET-ASSETS> 5189
<PER-SHARE-NAV-BEGIN> 9.98
<PER-SHARE-NII> .51
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> .51
<PER-SHARE-DISTRIBUTIONS> .51
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.88
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> WESTWOOD BALANCED FUND RETAIL CLASS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 32054
<INVESTMENTS-AT-VALUE> 34396
<RECEIVABLES> 719
<ASSETS-OTHER> 1760
<OTHER-ITEMS-ASSETS> 343
<TOTAL-ASSETS> 35459
<PAYABLE-FOR-SECURITIES> 855
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 231
<TOTAL-LIABILITIES> 1086
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29785
<SHARES-COMMON-STOCK> 4
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 472
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2244
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2341
<NET-ASSETS> 34374
<DIVIDEND-INCOME> 314
<INTEREST-INCOME> 619
<OTHER-INCOME> 0
<EXPENSES-NET> 337
<NET-INVESTMENT-INCOME> 596
<REALIZED-GAINS-CURRENT> 2403
<APPREC-INCREASE-CURRENT> 761
<NET-CHANGE-FROM-OPS> 3760
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 597
<DISTRIBUTIONS-OF-GAINS> 842
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21486
<NUMBER-OF-SHARES-REDEEMED> 4933
<SHARES-REINVESTED> 778
<NET-CHANGE-IN-ASSETS> 20249
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 179
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 430
<AVERAGE-NET-ASSETS> 23913
<PER-SHARE-NAV-BEGIN> 8.47
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> 1.37
<PER-SHARE-DIVIDEND> .22
<PER-SHARE-DISTRIBUTIONS> .35
<RETURNS-OF-CAPITAL> 0.24
<PER-SHARE-NAV-END> 9.71
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> WESTWOOD BALANCED FUND SERVICE CLASS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 32054
<INVESTMENTS-AT-VALUE> 34396
<RECEIVABLES> 719
<ASSETS-OTHER> 1760
<OTHER-ITEMS-ASSETS> 343
<TOTAL-ASSETS> 35459
<PAYABLE-FOR-SECURITIES> 855
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 231
<TOTAL-LIABILITIES> 1086
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29785
<SHARES-COMMON-STOCK> 4
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 472
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2244
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2341
<NET-ASSETS> 34374
<DIVIDEND-INCOME> 314
<INTEREST-INCOME> 619
<OTHER-INCOME> 0
<EXPENSES-NET> 337
<NET-INVESTMENT-INCOME> 596
<REALIZED-GAINS-CURRENT> 2403
<APPREC-INCREASE-CURRENT> 761
<NET-CHANGE-FROM-OPS> 3760
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 597
<DISTRIBUTIONS-OF-GAINS> 842
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21486
<NUMBER-OF-SHARES-REDEEMED> 4933
<SHARES-REINVESTED> 778
<NET-CHANGE-IN-ASSETS> 20249
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 179
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 430
<AVERAGE-NET-ASSETS> 23913
<PER-SHARE-NAV-BEGIN> 8.45
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> 1.37
<PER-SHARE-DIVIDEND> .20
<PER-SHARE-DISTRIBUTIONS> .33
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.69
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
November 12, 1996
To the Board of Trustees of
The Westwood Funds
In planning and performing our audit of the financial statements of The
Westwood Funds: Westwood Equity, Westwood Intermediate Bond, and
Westwood Balanced (collectively the "Funds") for the year ended
September 30, 1996, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine
our auditing procedures for the purposes of expressing our opinion on the
financial statements and to comply with the requirements of Form N-
SAR, and not to provide assurance on the internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments 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 appropriately 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 may 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 September 30,
1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
