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<PAGE> PAGE 8
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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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SIGNATURE TRACY PERSINGER
TITLE MANAGER
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> WESTWOOD BALANCED FUND RETAIL CLASS
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<ACCUMULATED-NET-GAINS> 4056856
<OVERDISTRIBUTION-GAINS> 0
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<EXPENSES-NET> 730170
<NET-INVESTMENT-INCOME> 1425662
<REALIZED-GAINS-CURRENT> 4225571
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<DISTRIBUTIONS-OF-GAINS> 1720932<F1>
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<NUMBER-OF-SHARES-REDEEMED> 910694<F1>
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<ACCUMULATED-NII-PRIOR> 472
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<FN>
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
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<NAME> WESTWOOD BALANCED FUND SERVICE CLASS
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<PERIOD-END> SEP-30-1997
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 1157663<F1>
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4056856
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10770062
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<DISTRIBUTIONS-OF-GAINS> 687890<F1>
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<NUMBER-OF-SHARES-REDEEMED> 296196<F1>
<SHARES-REINVESTED> 85955<F1>
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<AVERAGE-NET-ASSETS> 12774693<F1>
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<PER-SHARE-GAIN-APPREC> 2.33<F1>
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<PER-SHARE-NAV-END> 11.46<F1>
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> WESTWOOD SMALLCAP EQUITY FUND RETAIL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 6946099
<INVESTMENTS-AT-VALUE> 8303906
<RECEIVABLES> 215612
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 214019
<TOTAL-ASSETS> 8733537
<PAYABLE-FOR-SECURITIES> 164696
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22862
<TOTAL-LIABILITIES> 187558
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6796931
<SHARES-COMMON-STOCK> 590203
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 47186
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 344055
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1357807
<NET-ASSETS> 8545979
<DIVIDEND-INCOME> 84563
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 37377
<NET-INVESTMENT-INCOME> 47186
<REALIZED-GAINS-CURRENT> 344055
<APPREC-INCREASE-CURRENT> 1357807
<NET-CHANGE-FROM-OPS> 1749048
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 882585
<NUMBER-OF-SHARES-REDEEMED> 292382
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8545979
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24918
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 61308
<AVERAGE-NET-ASSETS> 5395386
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 4.40
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.48
<EXPENSE-RATIO> 1.89
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
November 7, 1997
To the Shareholders and
Board of Trustees of
The Westwood Funds
In planning and performing our audit of the financial
statements of The Westwood Funds:
Westwood Equity Fund, Westwood Intermediate
Bond Fund, Westwood Balanced Fund, and
Westwood Small Cap Equity Fund
(collectively the "Funds") for the year ended
September 30, 1997 (for the period from commencement
of operations on April 15, 1997 through
September 30, 1997 for the Westwood Small Cap
Equity Fund), 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 internal control.
The management of the Funds 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 control activities. Generally, control
activities 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 control activities 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 the specific internal control components
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 internal control, including control activities
for safeguarding securities, that we consider to be
material weaknesses as defined above as of
September 30, 1997.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
