WESTWOOD FUNDS
NSAR-A, 1997-05-30
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<PAGE>      PAGE  1
000 A000000 03/31/97
000 C000000 0000796229
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE WESTWOOD FUNDS
001 B000000 811-4719
001 C000000 8004223554
002 A000000 ONE CORPORATE CENTER
002 B000000 RYE
002 C000000 NY
002 D010000 10580
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 WESTWOOD EQUITY FUND
007 C030100 N
007 C010200  2
007 C010300  3
007 C020300 WESTWOOD INTERMEDIATE BOND FUND
007 C030300 N
007 C010400  4
007 C020400 WESTWOOD BALANCED FUND
007 C030400 N
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 TETON ADVISERS LLC
008 B00AA01 A
008 C00AA01 801-47568
008 D01AA01 RYE
008 D02AA01 NY
008 D03AA01 10580
008 A00AA02 WESTWOOD MANAGEMENT CORPORATION
008 B00AA02 S
008 C00AA02 801-04719
008 D01AA02 NEW YORK
008 D02AA02 NY
008 D03AA02 10022
010 A00AA01 BISYS FUND SERVICES LIMITED PARTNERSHIP
<PAGE>      PAGE  2
010 B00AA01 8-00000000
010 C01AA01 COLUMBUS
010 C02AA01 OH
010 C03AA01 43219
011 A00AA01 GABELLI & COMPANY, INC.
011 B00AA01 8-21373
011 C01AA01 RYE
011 C02AA01 NY
011 C03AA01 10580
012 A00AA01 STATE STREET BANK & TRUST CO.
012 B00AA01 85-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 SOUTHWEST SECURITIES
014 B00AA01 8-45123
014 A00AA02 GABELLI & COMPANY, INC.
014 B00AA02 8-21373
014 A00AA03 KEELEY INVESTMENT CORP.
014 B00AA03 8-20353
014 A00AA04 IFG NETWORK SECURITIES
014 B00AA04 8-37937
015 A00AA01 BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    3
019 C00AA00 WESTWOODFU
020 A000001 JEFFERIES & COMPANY, INC.
020 B000001 95-2622900
020 C000001     11
020 A000002 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000002 13-2741729
020 C000002      6
020 A000003 UBS SECURITIES INC.
020 B000003 13-2932996
020 C000003      5
020 A000004 MILLER TABAK HIRSCH & CO.
020 B000004 13-3086847
020 C000004      5
020 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
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020 C000005      5
<PAGE>      PAGE  3
020 A000006 SMITH BARNEY INC.
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020 A000008 LEHMAN BROTHERS INC.
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020 A000010 SOUNDVIEW FINANCIAL GROUP, INC.
020 B000010 13-2998183
020 C000010      3
021  000000       77
022 A000001 CLARKE (G.X.) & CO.
022 B000001 13-2969143
022 C000001     27644
022 D000001     17445
022 A000002 BEAR, STEARNS & CO., INC.
022 B000002 13-3299429
022 C000002     10377
022 D000002      5910
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003     11848
022 D000003      3607
022 A000004 OPPENHEIMER & CO., INC.
022 B000004 13-2798343
022 C000004       345
022 D000004     12458
022 A000005 CS FIRST BOSTON CORP.
022 B000005 13-5659485
022 C000005      4623
022 D000005      6412
022 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000006 13-2741729
022 C000006      7216
022 D000006      3338
022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000007 13-5674085
022 C000007      2998
022 D000007      2583
022 A000008 SMITH BARNEY INC.
022 B000008 13-1912900
022 C000008      3233
022 D000008       517
022 A000009 LEHMAN BROTHERS INC.
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022 C000009      2286
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<PAGE>      PAGE  4
022 A000010 UBS SECURITIES INC.
022 B000010 13-2932996
022 C000010       998
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023 D000000      56961
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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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  14
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<PAGE>      PAGE  17
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SIGNATURE   GEORGETTE L. HORTON                          
TITLE       ASSISTANT TREASURER 
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 011
   <NAME> WESTWOOD EQUITY FUND RETAIL CLASS
<MULTIPLIER> 1000
       
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<DISTRIBUTIONS-OF-INCOME>                          299
<DISTRIBUTIONS-OF-GAINS>                          3698
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           4580
<NUMBER-OF-SHARES-REDEEMED>                        782
<SHARES-REINVESTED>                                553
<NET-CHANGE-IN-ASSETS>                           32755
<ACCUMULATED-NII-PRIOR>                            199
<ACCUMULATED-GAINS-PRIOR>                         3772
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              222
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    371
<AVERAGE-NET-ASSETS>                             43137
<PER-SHARE-NAV-BEGIN>                             7.68
<PER-SHARE-NII>                                   0.05
<PER-SHARE-GAIN-APPREC>                           0.77
<PER-SHARE-DIVIDEND>                              0.07
<PER-SHARE-DISTRIBUTIONS>                         0.83
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               7.60
<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>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                            59037
<INVESTMENTS-AT-VALUE>                           63040
<RECEIVABLES>                                      558
<ASSETS-OTHER>                                     761
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   64359
<PAYABLE-FOR-SECURITIES>                           800
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          241
<TOTAL-LIABILITIES>                               1041
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         57704
<SHARES-COMMON-STOCK>                              288
<SHARES-COMMON-PRIOR>                              159
<ACCUMULATED-NII-CURRENT>                          155
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           1456
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          4003
<NET-ASSETS>                                     63318
<DIVIDEND-INCOME>                                  468
<INTEREST-INCOME>                                  144
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     347
<NET-INVESTMENT-INCOME>                            265
<REALIZED-GAINS-CURRENT>                          1530
<APPREC-INCREASE-CURRENT>                         1114
<NET-CHANGE-FROM-OPS>                             2909
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           11
<DISTRIBUTIONS-OF-GAINS>                           148
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           4580
<NUMBER-OF-SHARES-REDEEMED>                        782
<SHARES-REINVESTED>                                553
<NET-CHANGE-IN-ASSETS>                           32755
<ACCUMULATED-NII-PRIOR>                            199
<ACCUMULATED-GAINS-PRIOR>                         3772
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              222
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    371
<AVERAGE-NET-ASSETS>                              1682
<PER-SHARE-NAV-BEGIN>                             7.69
<PER-SHARE-NII>                                   0.04
<PER-SHARE-GAIN-APPREC>                           0.77
<PER-SHARE-DIVIDEND>                              0.06
<PER-SHARE-DISTRIBUTIONS>                         0.83
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               7.61
<EXPENSE-RATIO>                                   1.75
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 031
   <NAME> WESTWOOD INTERMEDIATE BOND FUND RETAIL CLASS
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                             4522
<INVESTMENTS-AT-VALUE>                            4424
<RECEIVABLES>                                      567
<ASSETS-OTHER>                                     438
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    5429
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           21
<TOTAL-LIABILITIES>                                 21
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          6002
<SHARES-COMMON-STOCK>                              543
<SHARES-COMMON-PRIOR>                              556
<ACCUMULATED-NII-CURRENT>                            1
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (498)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          (97)
<NET-ASSETS>                                      5408
<DIVIDEND-INCOME>                                   13
<INTEREST-INCOME>                                  176
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      29
<NET-INVESTMENT-INCOME>                            160
<REALIZED-GAINS-CURRENT>                            99
<APPREC-INCREASE-CURRENT>                         (59)
<NET-CHANGE-FROM-OPS>                              200
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          160
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             76
<NUMBER-OF-SHARES-REDEEMED>                        101
<SHARES-REINVESTED>                                 12
<NET-CHANGE-IN-ASSETS>                            (87)
<ACCUMULATED-NII-PRIOR>                              1
<ACCUMULATED-GAINS-PRIOR>                        (596)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               16
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     48
<AVERAGE-NET-ASSETS>                              5431
<PER-SHARE-NAV-BEGIN>                             9.88
<PER-SHARE-NII>                                   0.30
<PER-SHARE-GAIN-APPREC>                           0.08
<PER-SHARE-DIVIDEND>                              0.30
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.96
<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>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                            51003
<INVESTMENTS-AT-VALUE>                           54066
<RECEIVABLES>                                      569
<ASSETS-OTHER>                                       1
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   54636
<PAYABLE-FOR-SECURITIES>                           326
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          196
<TOTAL-LIABILITIES>                                522
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         49880
<SHARES-COMMON-STOCK>                             4326
<SHARES-COMMON-PRIOR>                             2385
<ACCUMULATED-NII-CURRENT>                           55
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           1116
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          3063
<NET-ASSETS>                                     54114
<DIVIDEND-INCOME>                                  318
<INTEREST-INCOME>                                  568
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     302
<NET-INVESTMENT-INCOME>                            584
<REALIZED-GAINS-CURRENT>                          1281
<APPREC-INCREASE-CURRENT>                          722
<NET-CHANGE-FROM-OPS>                             2587
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          405
<DISTRIBUTIONS-OF-GAINS>                          1721
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           2190
<NUMBER-OF-SHARES-REDEEMED>                        471
<SHARES-REINVESTED>                                285
<NET-CHANGE-IN-ASSETS>                           20092
<ACCUMULATED-NII-PRIOR>                              1
<ACCUMULATED-GAINS-PRIOR>                         2244
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              166
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    341
<AVERAGE-NET-ASSETS>                             32236
<PER-SHARE-NAV-BEGIN>                             9.71
<PER-SHARE-NII>                                   0.14
<PER-SHARE-GAIN-APPREC>                           0.60
<PER-SHARE-DIVIDEND>                              0.11
<PER-SHARE-DISTRIBUTIONS>                         0.58
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.76
<EXPENSE-RATIO>                                   1.25
<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>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                            51003
<INVESTMENTS-AT-VALUE>                           54066
<RECEIVABLES>                                      569
<ASSETS-OTHER>                                       1
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   54636
<PAYABLE-FOR-SECURITIES>                           326
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          196
<TOTAL-LIABILITIES>                                522
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         49880
<SHARES-COMMON-STOCK>                             1221
<SHARES-COMMON-PRIOR>                             1158
<ACCUMULATED-NII-CURRENT>                           55
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           1116
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          3063
<NET-ASSETS>                                     54114
<DIVIDEND-INCOME>                                  318
<INTEREST-INCOME>                                  568
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     302
<NET-INVESTMENT-INCOME>                            584
<REALIZED-GAINS-CURRENT>                          1281
<APPREC-INCREASE-CURRENT>                          722
<NET-CHANGE-FROM-OPS>                             2587
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          124
<DISTRIBUTIONS-OF-GAINS>                           688
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           2190
<NUMBER-OF-SHARES-REDEEMED>                        471
<SHARES-REINVESTED>                                285
<NET-CHANGE-IN-ASSETS>                           20092
<ACCUMULATED-NII-PRIOR>                              1
<ACCUMULATED-GAINS-PRIOR>                         2244
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              166
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    341
<AVERAGE-NET-ASSETS>                             11941
<PER-SHARE-NAV-BEGIN>                             9.69
<PER-SHARE-NII>                                   0.12
<PER-SHARE-GAIN-APPREC>                           0.62
<PER-SHARE-DIVIDEND>                              0.11
<PER-SHARE-DISTRIBUTIONS>                         0.58
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.74
<EXPENSE-RATIO>                                   1.50
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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