8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 30, 2009

WESTWOOD HOLDINGS GROUP, INC.

(Exact name of registrant as specified in charter)

Delaware	001-31234	75-2969997
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

200 Crescent Court, Suite 1200

Dallas, Texas 75201

(Address of principal executive offices)

(214) 756-6900

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

On March 30, 2009, Westwood Holdings Group, Inc. (“the Company”) will hold meetings with investors to provide an update on the Company’s business.

The slides accompanying the investor meetings are attached as Exhibit 99.1 and will be available on the Company’s website at www.westwoodgroup.com under “Investor Relations.”

The information in this report, including exhibits, is being furnished pursuant to Item 7.01 and shall not be deemed “filed” within the meaning of section 18 of the Securities Act of 1934, or otherwise subject to the liabilities under that Section.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Slides accompanying Company’s investor meetings to be held on March 30, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WESTWOOD HOLDINGS GROUP, INC. Date: March 30, 2009
By:	/s/    William R. Hardcastle, Jr.
	William R. Hardcastle, Jr.,
	Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Slides accompanying Company’s investor meetings to be held on March 30, 2009.

EX-99.1

Westwood Holdings Group, Inc.

Spring 2009 Investor Presentation

Brian O. Casey

President,

Chief Executive Officer

William R. Hardcastle, Jr.

Vice President,

Chief Financial Officer

Exhibit 99.1

Forward –

Looking Statements

Statements in this presentation that are not purely historical facts, including statements about our expected future financial position,

results

of

operations

or

cash

flows,

as

well

as

other

statements

including

words

such

as

“anticipate,”

“believe,”

“plan,”

“estimate,”

“expect,”

“intend,”

“should,”

“could,”

“goal,”

“target,”

“designed,”

“on track,”

“comfortable with,”

“optimistic”

and other similar

expressions, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and

Section

21E

of

the

Securities

Exchange

Act

of

1934,

as

amended.

Actual

results

and

the

timing

of

some

events

could

differ

materially

from those projected in or contemplated by the forward-looking statements due to a number of factors, including, without limitation,

those set forth below:

•

our ability to identify and successfully market services that appeal to our customers;

•

the significant concentration of our revenues in four of our customers;

•

our relationships with investment consulting firms;

•

our relationships with current and potential customers;

•

our ability to retain qualified personnel;

•

our ability to successfully develop and market new asset classes;

•

our ability to maintain our fee structure in light of competitive fee pressures;

•

competition in the marketplace;

•

downturn in the financial markets;

•

the passage of legislation adversely affecting the financial services industries;

•

interest rates;

•

changes in our effective tax rate;

•

our ability to maintain an effective system of internal controls; and

•

the other risks detailed from time to time in our SEC reports.

Additional

factors

that

could

cause

our

actual

results

to

differ

materially

from

our

expectations

are

discussed

under

the

section

entitled “Risk Factors”

in our Form 10-K for the year ended December 31, 2008, which together with our other filings can be viewed at

www.sec.gov. You should not unduly rely on these forward-looking statements. Except as required by law, we are not obligated to

publicly release any revisions to these forward-looking statements.

Page 1

Agenda

Page 2

I.

Firm Overview

II.

Investment Process & Products

III.

Financial Highlights

IV.

Summary

Firm Overview

•

Well-established asset management firm

•

Clear focus on investment management and client service since 1983

•

Strong long-term performance

•

Strict adherence to our process has resulted in strong risk-adjusted returns for our clients

•

Growing asset base

•

$7.2 billion in assets under management as of December 31, 2008

•

Four-year compound annual growth rate over 15%, compared to -7% for the S&P 500

•

Solid financial condition

•

No debt; strong cash generation; currently maintain over one year’s cash expenses in T-Bills

•

Independent with equity-based incentives

•

Publicly traded company (NYSE:  WHG) since 2002

•

36% of company stock held by senior management, employees and directors

•

Effective tool to attract and retain talented professionals

•

Strong and committed team of professionals

•

Senior members of the firm have worked together for over a decade

•

Client-centered culture

•

Culture of integrity, ethics, solid corporate governance and internal controls

Page 3

Westwood History

Westwood Funds

Westwood

Management Corp.

Acquired by Southwest

Securities (SWS)

Westwood Trust

Westwood Holdings

Group, Inc.

•

Registered Investment Advisor

•

Institutional focus

1983

1993

1994

1996

2002

SWS Provided:

•

Capital

•

Autonomy

•

Technology

•

Distribution

•

Distributed by Gabelli

•

Sub-advised by Westwood

•

Commingled funds

•

New product platform

•

Spin-off

•

Independent public company

WHG Funds

2005

•

Targeted to institutional, defined contribution market

•

Advised by Westwood; distributed by SEI

Page 4

WHG Commingled

Funds

2008

•

Targeted to major institutional plan sponsors

•

Advised by Westwood; distributed by SEI

Westwood Value Proposition

Page 5

•

At our spin-off in 2002 we said we would:

•

Build out our research team

•

Expand our product offerings

•

Deliver excellent performance for our clients

•

Operate the firm in a stockholder-friendly manner

•

Energize our employees

•

Since that time we have:

•

Developed a talented, team-based research process, adding 10 CFAs to the team

•

Launched six additional products

•

Generated

strong

investment

performance

–

LargeCap,

SMidCap,

SmallCap,

AllCap

and

Balanced

ranked

in

the

top

quartile

in

their

peer

group

for

the

five-year

trailing period as of December 30, 2008

•

Declared $46 million in dividends to stockholders

•

Experienced very low employee turnover

•

Built the platform for a much larger business

Product Distribution

Westwood Management Corp.

•

Separately

managed

portfolios

–

large

institutions

•

Subadvisory

•

Collective

funds

–

large

defined

contribution

marketplace

•

Managed

accounts

(“SMA”)

–

select

platforms

•

Institutional consultants

Account minimum –

$25,000,000

Westwood Trust

•

Commingled

Funds

–

small

to

mid-size

institutions,

high

net worth

•

Enhanced

Balanced

asset

allocation

model

•

Separately

managed

portfolios

–

tax-sensitive

accounts,

IRA

rollover

market

•

Institutional consultants, client referrals, centers of influence

Account minimum –

$5,000,000

WHG Funds

•

Institutional

share

class

–

institutions,

small

to

mid-size

defined

contribution

plans,

direct

retail

•

A share class –

mutual fund supermarket platforms

•

Institutional consultants, financial intermediaries, media coverage

Account minimum –

$5,000

Page 6

TM

Subadvisory

Page 7

•

Subadvisory

opportunities

–

attractive

means

for

enhanced

distribution

of

scalable products –

LargeCap

and MidCap

•

Access to established distribution channels

•

Generally lower average fee, but high profitability due to low incremental costs

•

Current

Westwood

subadvisory

mandates

•

UBS Pace

•

Wilmington Trust Co.

•

Principal Financial

•

State Farm

•

LPL Financial

•

Goodman Institutional Investors

•

Phoenix Insurance Company

•

Timothy Plan

•

GAMCO Westwood Funds

•

Westwood Trust

Overview of Investment Process

Qualities that Westwood analysts look for in securities:

•

Strong free cash flow characteristics

•

Stable to improving return on equity

•

Improving balance sheet

•

Upside earnings surprise without corresponding change in consensus estimates

Portfolio

Teams

Research

Analysts

•

Idea generation

•

Proprietary fundamental research

•

Make buy & sell recommendations

4 Research

Groups

•

Led by senior analysts

•

Weekly due diligence meetings to review analyst recommendations

•

Approved securities move to list of portfolio candidates

•

At least one member from each Research Group

•

Weekly meetings to review portfolio and new names

•

Makes buy and sell decisions and manages portfolio risk

Page 8

Peer Group Product Comparisons

Trailing 3-Years as of 12/31/08

LargeCap

SMidCap

SmallCap

AllCap

$43 Billion

$2 Billion

$1 Billion

$18 Billion

Portfolio

Median

Market Cap

eA Small-Mid Cap Value Equity Universe

Trailing 3-Years (Ending 12/31/08)

eA Large Cap Value Equity Universe

Trailing 3-Years (Ending 12/31/08)

eA All Cap Value Equity Universe

Trailing 3-Years (Ending 12/31/08)

eA Small Cap Value Equity Universe

Trailing 3-Years (Ending 12/31/08)

Westwood LargeCap Value

Russell 1000 Value

Westwood SMidCap Value

Russell 2500

Westwood SmallCap Value

Russell 2000 Value

Westwood AllCap Value

Russell 3000 Value

Page 9

Past performance is not a guarantee of future results.

Performance results are calculated gross of fees.

Please

see full performance

disclosures at end of presentation.

Peer Group Performance Comparison

Source: eVestment

Alliance

Returns for

1 Year

Trailing

Returns for

3 Years

Trailing

Returns for

5 Years

Trailing

Returns for

10 Years

Trailing

Returns for

20 Years

Trailing

LargeCap

21

7

5

21

3

SMidCap

7

2

1

8

N/A

SmallCap

45

27

11

N/A

N/A

AllCap

41

27

12

N/A

N/A

Balanced

24

13

8

17

4

Percentile Ranking as of December 31, 2008

Page 10

The eVestment

Alliance Universes contain the following number of return sets:

LargeCap

Value Equity (355), Small-MidCap

Value Equity (74),

SmallCap

Value Equity (220), AllCap

Value Equity (91), and US Balanced/TAA (106).

Past performance does not guarantee future results.

Stock market conditions vary from year to year and can result in a decline in market value.

This is not an offer or recommendation to buy or sell  a security or an economic sector.

Significant Product Capacity Remains

Page 11

Seasoned Products

(>3 year track record &

>$100 Million in assets)

Assets Under

Management

As of 12/31/08

Estimated

Maximum Capacity

AUM

Asset Growth

Potential

Product

Inception

LargeCap Value

$4.0 billion

$25 billion

$21.0 billion

1987

SMidCap Value

$1.4 billion

$3 billion

$1.6 billion

1997

SmallCap Value

$180 million

$1.5 billion

$1.3 billion

2004

AllCap Value

$90 million

$10 billion

$9.9 billion

2002

Income Opportunity

$240 million

$2 billion

$1.8 billion

2003

MLP

$140 million

$1.5 billion

$1.4 billion

2003

Total Seasoned

$6 billion

$43 billion

$37 billion

Unseasoned (R&D) Products

(<3 year track record &

<$100 Million in assets)

MidCap Value

$20 million

$15 billion

$15 billion

2007

LargeCap Enhanced 130/30

$7 million

$10 billion

$10 billion

2007

Total Unseasoned

$27 million

$25 billion

$25 billion

Total Seasoned & Unseasoned

$6 billion

$68 billion

$62 billion

Legacy Products

Balanced / Fixed Income / REIT

$500 million

N/A

N/A

1987 / 1985 / 1995

Note:

Table reflects Westwood Management assets under management as of 12/31/08

(including Westwood Trust commingled funds)

Seasoned Products & Capacity Available

Estimated

Capacity ($ millions)

Page 12

Westwood Trust

•

Consistent asset growth

–

11% compound annual growth rate of assets over the last five years

•

Enhanced

Balanced

–

Asset allocation model –

7 asset classes managed by Westwood Management

5 asset classes managed by subadvisors

–

Consultative approach

–

Low cost, efficient solution

–

Asset gathering platform

–

Private Client

–

“Best Ideas”

•

Subadvisors:

Page 13

International Growth

High

Yield

AllCap

Growth &

SmallCap

Growth

iShares

(active subadvisor

search in progress)

International Value

TM

WHG

SMidCap

(WHGMX)

WHG Income Opportunity (WHGIX)

WHG

LargeCap

Value

(WHGLX)

To be rated 7/1/09

WHG Balanced (WHGBX)

To be rated 9/8/09

WHG SmallCap

Value (WHGSX)

To be rated 4/1/10

Source: Morningstar as of December 31, 2008

* TPLNX has a four star rating for the 3-year period under Westwood’s management of the Fund

Mutual Funds

GAMCO Westwood Equity (WESWX)

GAMCO Westwood Balanced (WEBAX)

GAMCO Westwood Intermediate Bond (WEIBX)

Timothy Plan Large/MidCap

Value (TLVAX)

Timothy Plan SmallCap

Value (TPLNX)*

WHG

Funds

–

Advised

by

Westwood

Management

Other

Funds

–

Subadvised

by

Westwood

Management

Page 14

©2009

Morningstar,

Inc.

All

Rights

Reserved.

The

information

contained

herein:

(1)

is

proprietary

to

Morningstar

and/or

its

content

providers;

(2) may

not

be

copied

or

distributed;

and

(3)

is

not

warranted

to

be

accurate,

complete

or

timely.

Neither

Morningstar

nor

its

content

providers

are responsible

for

any

damages

or

losses

arising

from

any

use

of

this

information.

Past

performance

is

no

guarantee

of

future

results.

Please

see

appendix

for

a

full

explanation of the Morningstar rating system and how these ratings are determined.

Financial Highlights –

2008

Page 15

•

Strong asset inflows and performance fees offset difficult market environment

Year-over-year

Metric

2008 Result

Change

•

Assets under management

$7.2 billion

-9% (vs. -37% for S&P 500)

•

Revenue

$46.5 million

+28%

•

GAAP net income

$10.5 million

+33%

•

Cash earnings

$17.3 million

+30%

•

GAAP earnings per share

$1.63

+28%

•

Cash earnings per share

$2.68

+25%

•

Performance fees recognized in 2008 were $8.7 million vs. $3.0 million in 2007

Growth in Assets Under Management

Page 16

Quarterly AUM Growth

•

From Q1 2004 –

Q4 2008, Westwood’s AUM has increased by 85%, or a compound

annual growth rate of 14%

•

Over this same period, the level of the S&P 500 index has declined by 20%

•

Westwood achieved the highest level of net asset inflows in its history in 2008

AUM Growth in a Challenging Environment

Change in AUM vs. Product Performance & Benchmarks

Westwood Management

Westwood Trust

•

Westwood’s

strong

asset

inflows

and

relative

outperformance

mitigated

the

impact

of

the

2008

market

decline on assets under management

Page 17

Westwood AUM vs. Peers

•

Westwood’s AUM held up better than peers due to strong inflows and relative

investment performance

•

Many asset management firms significantly cut or eliminated their dividends in 2008

Page 18

2008

Quarterly Dividend

AUM Change

Action

Westwood Holdings Group, Inc. (WHG)

-8.5%

no change

Blackrock (BLK)

-3.6%

no change

Epoch Holding Corp. (EPHC)

-20.9%

no change

Eaton Vance (EV)

-21.2%

3% increase Q4

Boston Private Financial Holdings (BPFH)

-24.6%

90% cut Q3 '08

Waddell & Reed (WDR)

-26.8%

no change

Invesco (IVZ)

-28.6%

55% cut Q2 '08

T. Rowe Price (TROW)

-30.4%

4% increase Q1 '09

Franklin Resources (BEN)

-35.3%

no change

Affiliated Managers Group (AMG)

-38.1%

does not pay div.

Janus Capital (JNS)

-40.3%

no change

Alliance Bernstein (AB)

-42.3%

52% cut Q1 '09

Calamos Asset Management (CLMS)

-48.1%

50% cut Q4 '08

Cohen & Steers (CNS)

-49.3%

77% cut Q4 '08/Q1 '09

Pzena Investment Management (PZN)

-54.9%

100% cut Q4 '08

Peer group average

-33.2%

S&P

500

-

price

change

-38.5%

Revenue, Earnings and Dividend Growth

Page 19

Revenue Growth

Dividend Growth

Cash Earnings Growth

•

Compound annual growth rate from 2004 –

2008

•

Revenue

23%

•

Cash earnings

35%

•

Performance-based fees

•

2007

$3.0 million

•

2008

$8.7 million

•

Dividend yield of 3.2% as of March 24, 2009

WHG Stock Performance

•

Cumulative total return from December 31, 2002 to December 31, 2008 of 105%, compared to 4% for

the SNL Asset Manager Index and -5% for the Russell 2000 Index

•

Outperformed SNL Asset Manager Index by 56% in 2007 and 31% in 2008

•

Added to Russell 3000 and related indexes in 2008

Page 20

Near-term Objectives

•

Serve clients attentively

•

Generate competitive investment performance

•

Cultivate consultant relationships

•

Leverage referral sources at Westwood Trust  ~75% of new assets from referrals

•

Match manufacturing capability with distribution partners through subadvisory opportunities

•

Develop collective fund offerings across multiple products to serve the large defined

contribution plan market

•

Continue to grow the WHG Funds

•

Cultivate new “R&D”

products

•

Increase visibility of WHG stock

Page 21

Ownership

•

We believe owners behave differently than employees.

•

All employees participate in our equity compensation program, which represents a significant portion of total

compensation.

•

Unique

ownership

structure

aligns

the

interests

of

our

employees

with

those

of

our

clients

and

stockholders.

•

Employees and directors own approximately 35 percent of our outstanding stock, which makes our ownership

structure unique among our peers.

Results

•

Thanks

to

the

hard

work

of

our

employees

–

who

are

also

all

Westwood

stockholders

–

in

our

time

as

a

public

company we have:

•

Delivered strong product performance.

At year-end 2008, each of our products ranked in the top quartile or top

half of their respective peer groups for one-, three-, and five-year trailing performance.

•

Grown assets under management by 55%

from June 2002 to year-end 2008.  The S&P 500 Index declined by

9% over that period.

•

Increased shareholder value.

Westwood’s market value increased from $75 million at June 2002 to $198

million

at

year-end

2008

–

a

total

return

of

199%

compared

to

21%

for

the

Russell

2000

Index

over

the

same

period.

•

Returned excess cash to our stockholders through dividends.

We have declared approximately $46 million in

dividends to our stockholders since June 2002.

Ownership & Results

Our main objective:  Deliver superior returns to our clients and

our stockholders

Page 22

Summary

•

Established firm with recognized institutional presence

•

Seasoned competitive products

•

Attractive product pipeline with strong performance; solid momentum in

institutional marketplace

•

Private client growth opportunities

•

Employees are stakeholders

•

Opportunity to realize operational leverage and growth

•

Potential for significant cash generation combined with history of returning

excess cash to stockholders

Page 23

Cash to GAAP Reconciliations

Page 24

Cash Earnings Reconciliation

($ thousands)

Q1 2004

Q2 2004

Q3 2004

Q4 2004

Q1 2005

Q2 2005

Q3 2005

Q4 2005

GAAP net income

$     1,117

$        988

$        685

$        896

$        875

$        937

$        814

$     1,010

Add: Restricted stock expense

202

203

426

419

385

415

657

657

Add: Stock option expense

62

62

63

62

63

62

63

62

Less: Cumulative effect of change

in accounting principle

-

-

-

-

-

-

-

-

Non-GAAP cash earnings

$     1,381

$     1,253

$     1,174

$     1,377

$     1,323

$     1,414

$     1,534

$     1,729

Q1 2006

Q2 2006

Q3 2006

Q4 2006

Q1 2007

Q2 2007

Q3 2007

Q4 2007

Q1 2008

Q2 2008

Q3 2008

Q4 2008

GAAP net income

$     1,296

$        986

$        921

$     1,305

$     1,507

$     1,473

$     1,682

$     3,282

$     1,955

$     1,731

$     1,736

$     5,121

Add: Restricted stock expense

639

1,126

1,387

1,348

898

1,362

1,537

1,519

1,209

1,942

1,775

1,808

Add: Stock option expense

61

61

-

4

-

-

-

-

-

-

-

-

Less: Cumulative effect of change

in accounting principle

(39)

-

-

-

-

-

-

-

-

-

-

-

Non-GAAP cash earnings

$     1,957

$     2,173

$     2,308

$     2,657

$     2,405

$     2,835

$     3,219

$     4,801

$     3,164

$     3,673

$     3,511

$     6,929

LargeCap

Disclosure Information

Year

Gross-

of-Fees

Return

Net-of-

Fees

Return

Russell

1000 Value

S&P 500

Number of

Portfolios

Dispersion

Total Assets

at End of

Period

Percentage

of Firm

Assets

Percentage

of Non-Fee

Paying

Portfolios

Total

Firm

Assets

2008

-32.4%

-32.7%

-36.9%

-37.0%

36

0.3

$3,142.0

48.1%

0.0%

$6,538.0

2007

13.3%

12.9%

-0.2%

5.5%

34

0.3

$2,921.7

41.1%

0.0%

$7,113.2

2006

19.9%

19.5%

22.3%

15.8%

32

0.1

$2,368.8

43.4%

0.0%

$5,455.9

2005

15.8%

15.3%

7.1%

4.9%

32

0.3

$2,656.2

57.7%

0.0%

$4,606.5

2004

14.2%

13.7%

16.5%

10.9%

39

0.3

$2,572.6

67.7%

0.0%

$3,797.6

2003

24.8%

24.3%

30.0%

28.7%

42

0.5

$2,341.3

61.4%

0.0%

$3,815.3

2002

-15.7%

-16.1%

-15.5%

-22.1%

38

0.5

$1,822.5

45.4%

0.0%

$4,014.6

2001

-8.2%

-8.6%

-5.6%

-11.9%

35

0.4

$1,880.7

46.8%

0.0%

$4,022.9

2000

13.5%

13.0%

7.0%

-9.2%

33

0.6

$1,637.3

46.1%

0.0%

$3,551.7

1999

13.8%

13.3%

7.4%

21.1%

26

1.6

$1,111.4

48.0%

0.0%

$2,314.8

1998

21.5%

20.7%

15.6%

28.8%

17

4.3

$536.6

26.2%

0.0%

$2,049.7

The standard fee schedule for LargeCap Equity is 0.75% on the first $25 million, negotiable thereafter.

Westwood Management has been verified for the periods January 1, 1995 through December 31, 2007 by

Pricewaterhouse Coopers LLP. A copy of the verification report is available upon request.

The LargeCap composite includes all taxable and tax-exempt, fee-paying fully discretionary accounts invested primarily in equity

securities with market capitalizations above $7.5 billion and having comparable objectives.

The minimum portfolio size for inclusion in the LargeCap Composite is $5 million beginning 1/1/06.

PERFORMANCE RESULTS:  LARGECAP EQUITY COMPOSITE

January 1, 1995 through December 31, 2008

Reporting Currency: USD

Creation Date: January 1994

LARGECAP EQUITY

LARGECAP EQUITY

COMPOSITE RETURNS

COMPOSITE RETURNS

Gross of

Fees

Net of

Fees

S&P

500

Gross of

Fees

Net of

Fees

S&P

500

ANNUALIZED RETURNS

CALENDAR YEAR RETURNS

1 Year

-32.4

%

-32.7

%

-36.9

%

-37.0

%

2008

(32.4)

%

(32.7)

%

-36.9

%

-37.0

%

2 Years

-12.5

%

-12.8

%

-20.6

%

-18.5

%

2007

13.3

%

12.9

%

-0.2

%

5.5

%

3 Years

-2.8

%

-3.2

%

-8.3

%

-8.4

%

2006

19.9

%

19.5

%

22.3

%

15.8

%

4 Years

1.5

%

1.2

%

-4.7

%

-5.2

%

2005

15.8

%

15.3

%

7.1

%

4.9

%

5 Years

4.0

%

3.5

%

-0.8

%

-2.2

%

2004

14.2

%

13.7

%

16.5

%

10.9

%

6 Years

7.2

%

6.7

%

3.8

%

2.4

%

2003

24.8

%

24.3

%

30.0

%

28.7

%

7 Years

3.6

%

3.1

%

0.8

%

-1.5

%

2002

(15.7)

%

(16.1)

%

-15.5

%

-22.1

%

8 Years

2.0

%

1.6

%

0.0

%

-2.9

%

2001

(8.2)

%

(8.7)

%

-5.6

%

-11.9

%

9 Years

3.2

%

2.8

%

0.7

%

-3.6

%

2000

13.5

%

13.1

%

7.0

%

-9.1

%

10 Years

4.3

%

3.8

%

1.4

%

-1.4

%

1999

13.8

%

13.3

%

7.4

%

21.0

%

11 Years

5.7

%

5.2

%

2.6

%

1.0

%

1998

21.5

%

20.6

%

15.6

%

28.6

%

12 Years

7.8

%

7.3

%

5.0

%

3.4

%

1997

33.6

%

32.7

%

35.2

%

33.4

%

13 Years

9.2

%

8.7

%

6.2

%

4.8

%

1996

27.8

%

26.9

%

21.6

%

23.0

%

14 Years

11.2

%

10.6

%

8.2

%

6.8

%

1995

40.5

%

39.3

%

38.4

%

37.6

%

15 Years

10.7

%

10.1

%

7.5

%

6.5

%

1994

4.2

%

3.5

%

-2.0

%

1.3

%

16 Years

11.2

%

10.6

%

8.1

%

6.7

%

1993

19.2

%

18.5

%

18.1

%

10.1

%

17 Years

11.1

%

10.4

%

8.5

%

6.7

%

1992

9.0

%

8.3

%

13.8

%

7.6

%

18 Years

11.8

%

11.1

%

9.3

%

7.9

%

1991

24.7

%

23.9

%

24.6

%

30.5

%

19 Years

10.5

%

9.9

%

8.3

%

7.3

%

1990

(9.2)

%

(10.0)

%

-8.1

%

-3.1

%

20 Years

11.6

%

10.9

%

9.1

%

8.4

%

1989

32.5

%

31.7

%

25.2

%

31.7

%

21 Years

11.8

%

11.1

%

9.7

%

8.8

%

1988

16.6

%

15.7

%

23.2

%

16.6

%

22 Years

11.6

%

10.9

%

9.3

%

8.6

%

1987

7.8

%

6.9

%

0.5

%

5.3

%

Since Inception

(1/1/87)

11.6

%

10.9

%

9.3

%

8.6

%

Russell 1000

Value

Russell

1000 Value

SMidCap

Disclosure Information

Year

Gross of

Fees

Return

Net of

Fees

Return

Russell

2500

Russell

2500 Value

Number of

Portfolios

Dispersion

Total Assets

at End of

Period

Percentage

of Firm

Assets

Percentage

of Non-Fee

Paying

Portfolios

Total Firm

Assets

2008

-26.4%

-26.7%

-36.8%

-32.0%

16

0.2

$917.4

14.0%

0.0%

$6,538.0

2007

12.3%

11.7%

1.4%

-7.3%

14

0.3

$1,091.2

15.3%

0.0%

$7,113.2

2006

22.2%

21.6%

16.2%

20.2%

9

0.2

$784.5

14.4%

0.0%

$5,455.9

2005

20.8%

20.5%

8.1%

7.7%

4

0.1

$554.9

12.0%

0.0%

$4,606.5

2004

28.1%

27.6%

18.3%

21.6%

2

0.1

$77.9

2.1%

0.0%

$3,797.6

2003

34.1%

33.6%

45.5%

44.9%

2

0.3

$50.5

1.3%

0.0%

$3,815.3

2002

1.2%

0.7%

-17.8%

-9.9%

2

0.1

$32.7

0.8%

0.0%

$4,014.6

2001

-10.8%

-11.1%

1.2%

9.7%

2

1.4

$31.8

0.8%

0.0%

$4,022.9

2000

7.4%

7.0%

4.3%

20.8%

2

0.2

$35.9

1.0%

0.0%

$3,551.7

1999

30.1%

29.7%

24.2%

1.5%

2

0.5

$37.3

1.6%

0.0%

$2,314.8

1998

13.7%

13.0%

0.4%

-1.9%

2

0.1

$27.7

1.4%

0.0%

$2,049.7

The standard fee schedule for the SMidCap product is 0.85% on the first $25 million, negotiable thereafter.

Westwood Management has been verified for the periods July 1, 1997 through December 31, 2007 by

Pricewaterhouse Coopers LLP. A copy of the verification report is available upon request.

The SMidCap Composite consists of tax-exempt and taxable, fee-paying fully discretionary accounts invested primarily in equity securities

with market capitalizations between $500 million and $8.0 billion and having comparable objectives.

The minimum portfolio size for inclusion in the SMidCap Composite is $5 million beginning 1/1/06.

PERFORMANCE RESULTS: SMIDCAP COMPOSITE

January 1, 1998 through December 31, 2008

Reporting Currency: USD

Creation Date: July 1997

SMIDCAP EQUITY

COMPOSITE RETURNS

Gross of

Fees

Net of

Fees

Russell

2500

Russell

2500

Value

ANNUALIZED RETURNS

1 Year

(26.4)

%

(26.7)

%

(36.8)

%

(32.0)

%

2 Years

(9.1)

%

(9.5)

%

(20.0)

%

(20.6)

%

3 Years

0.4

%

(0.2)

%

(9.4)

%

(8.8)

%

4 Years

5.1

%

4.6

%

(5.3)

%

(4.9)

%

5 Years

9.4

%

8.9

%

(1.0)

%

(0.2)

%

6 Years

13.1

%

12.7

%

5.6

%

6.3

%

7 Years

11.3

%

10.9

%

1.9

%

3.8

%

8 Years

8.3

%

7.9

%

1.8

%

4.5

%

9 Years

8.2

%

7.8

%

2.1

%

6.2

%

10 Years

10.2

%

9.8

%

4.1

%

5.7

%

11 Years

10.5

%

10.1

%

3.7

%

5.0

%

Since Inception

(7/1/97)

11.7

%

11.2

%

4.6

%

6.1

%

CALENDAR YEARS

2008

(26.4)

%

(26.7)

%

(36.8)

%

(32.0)

%

2007

12.3

%

11.7

%

1.4

%

(7.3)

%

2006

22.2

%

21.6

%

16.2

%

20.2

%

2005

20.8

%

20.5

%

8.1

%

7.7

%

2004

28.1

%

27.6

%

18.3

%

21.6

%

2003

34.1

%

33.6

%

45.5

%

44.9

%

2002

1.2

%

0.7

%

(17.8)

%

(9.9)

%

2001

(10.8)

%

(11.1)

%

1.2

%

9.7

%

2000

7.4

%

7.0

%

4.3

%

20.8

%

1999

30.1

%

29.7

%

24.2

%

1.5

%

1998

13.7

%

13.0

%

0.4

%

(1.9)

%

SmallCap

Value Disclosure Information

Year

Gross

of Fees

Return

Net of

Fees

Return

Russell

2000 Value

Number of

Portfolios

Dispersion

Total Assets

at End of

Period

Percentage

of Firm

Assets

Percentage

of Non-Fee

Paying

Portfolios

Total Firm

Assets

2008

-31.0%

-31.4%

-28.9%

9

0.4

$177.2

2.7%

0.0%

$6,538.0

2007

3.6%

3.2%

-9.8%

5

0.9

$134.5

1.9%

0.0%

$7,113.2

2006

24.1%

23.7%

23.5%

4

0.2

$125.7

2.3%

0.0%

$5,455.9

2005

10.5%

10.1%

4.7%

3

0.5

$38.0

0.8%

0.0%

$4,606.5

2004

28.4%

28.1%

22.3%

3

0.3

$37.7

1.0%

0.0%

$3,797.6

The standard fee schedule for the SmallCap Value product is 1.00% on the first $10 million, negotiable thereafter.

Westwood Management has been verified for the periods January 1, 2004 through December 31, 2007 by

Pricewaterhouse Coopers LLP. A copy of the verification report is available upon request.

The minimum portfolio size for inclusion in the SmallCap Value Composite is $5 million beginning 1/1/06.

The SmallCap Value composite consists of taxable and tax-exempt, fee-paying fully discretionary accounts whose main

objective is to invest primarily in equity securities with market capitalizations between $100 million and $2.5 billion and having

comparable objectives.

PERFORMANCE RESULTS: SMALLCAP VALUE COMPOSITE

January 1, 2004 through December 31, 2008

Reporting Currency: USD

Creation Date: January 2004

SMALLCAP VALUE

COMPOSITE RETURNS

Gross of

Fees

Net of

Fees

Russell

2000 Value

ANNUALIZED RETURNS

1 Year

(31.0)

%

(31.4)

%

(28.9)

2 Years

(15.4)

%

(15.8)

%

(19.9)

3 Years

(3.9)

%

(4.3)

%

(7.5)

4 Years

(0.5)

%

(0.9)

%

(4.6)

5 Years

4.7

%

4.3

%

0.3

Since Inception

(1/1/04)

4.7

%

4.3

%

0.3

CALENDAR YEARS

2008

(31.0)

%

(31.4)

%

(28.9)

2007

3.6

%

3.2

%

(9.8)

2006

24.1

%

23.7

%

23.5

2005

10.5

%

10.1

%

4.7

2004

28.4

%

28.1

%

22.3

AllCap

Value Disclosure Information

Year

Gross

of Fees

Return

Net of

Fees

Return

Russell

3000 Value

Number of

Portfolios

Dispersion

Total Assets

at End of

Period

Percentage

of Firm

Assets

Total Firm Assets

2008

-34.5%

-34.9%

-36.3%

2

0.28

$21.3

0.3%

$6,538.0

2007

11.5%

11.0%

-1.0%

3

0.00

$39.0

0.5%

$7,113.2

2006

20.0%

19.5%

22.3%

1

0.00

$18.5

0.3%

$5,455.9

2005

16.0%

15.7%

6.9%

1

0.00

$12.5

0.3%

$4,606.5

2004

19.5%

19.3%

16.9%

1

0.00

$2.5

0.1%

$3,797.6

2003

28.6%

28.4%

31.1%

1

0.00

$96.8

2.5%

$3,815.3

2002¹

-12.9%

-13.0%

-11.7%

1

0.00

$63.3

1.6%

$4,014.6

1.

Inception Date 7/1/02

The standard AllCap Value fee schedule is 0.80% on the first $10 million, negotiable thereafter.

Westwood Management has been verified for the periods January 1, 1995 through December 31, 2007 by

Pricewaterhouse Coopers LLP. A copy of the verification report is available upon request.

The AllCap Value Composite includes all taxable and tax-exempt, fee-paying fully discretionary accounts generally

invested in equity securities  with market capitalizations greater than $100 million at time of purchase and having

comparable objectives.

The minimum portfolio size for inclusion in the AllCap Value Composite is $5 million beginning 1/1/06.

PERFORMANCE RESULTS: ALLCAP VALUE COMPOSITE

July 1, 2002 through December 31, 2008

Reporting Currency: USD

Creation Date: July 2002

ALLCAP VALUE

COMPOSITE RETURNS

Gross of

Fees

Net of

Fees

Russell 3000 Value

ANNUALIZED RETURNS

1 Year

(34.5)

%

(34.9)

%

(36.3)

%

2 Years

(14.5)

%

(15.0)

%

(20.6)

%

3 Years

(4.3)

%

(4.7)

%

(8.3)

%

4 Years

0.4

%

0.0

%

(4.7)

%

5 Years

4.0

%

3.6

%

(0.7)

%

6 Years

7.7

%

7.4

%

4.0

%

Since Inception

(7/1/02)

4.9

%

4.5

%

1.7

%

CALENDAR YEARS

2008

(34.5)

%

(34.9)

%

(36.3)

%

2007

11.5

%

11.0

%

(1.0)

%

2006

20.0

%

19.5

%

22.3

%

2005

16.0

%

15.7

%

6.9

%

2004

19.5

%

19.3

%

16.9

%

2003

28.6

%

28.4

%

31.1

%

2002¹

(12.9)

%

(13.0)

%

(11.7)

%

1.

Inception Date: 7/1/02

Balanced Disclosure Information

BALANCED

BALANCED

COMPOSITE RETURNS

COMPOSITE RETURNS

Gross of

Fees

Net of

Fees

60% S&P500 /

40% LBG/C

Gross of

Fees

Net of

Fees

60% S&P500 /

40% LBG/C

ANNUALIZED

RETURNS

CALENDAR

YEARS

1 Year

-18.5

%

-19.0

%

-21.9

%

2008

-18.5

%

-19.0

%

-21.9

%

2 Years

-5.0

%

-5.5

%

-8.9

%

2007

10.8

%

10.1

%

6.3

%

3 Years

0.8

%

0.2

%

-2.7

%

2006

13.4

%

12.7

%

10.9

%

4 Years

3.3

%

2.6

%

-1.1

%

2005

10.9

%

10.2

%

4.0

%

5 Years

4.5

%

3.8

%

0.7

%

2004

9.4

%

8.8

%

8.3

%

6 Years

6.3

%

5.6

%

3.5

%

2003

16.1

%

15.3

%

18.8

%

7 Years

4.6

%

4.0

%

1.6

%

2002

-4.8

%

-5.4

%

-9.5

%

8 Years

3.9

%

3.3

%

0.9

%

2001

-1.1

%

-1.7

%

-3.7

%

9 Years

4.9

%

4.3

%

0.7

%

2000

13.3

%

12.4

%

-0.9

%

10 Years

5.2

%

4.5

%

1.7

%

1999

7.6

%

7.0

%

11.4

%

11 Years

6.0

%

5.3

%

3.4

%

1998

14.0

%

13.2

%

21.4

%

12 Years

7.3

%

6.6

%

4.9

%

1997

23.6

%

22.8

%

23.7

%

13 Years

8.1

%

7.4

%

5.6

%

1996

17.5

%

16.8

%

14.7

%

14 Years

9.5

%

8.8

%

7.2

%

1995

30.5

%

29.4

%

30.0

%

15 Years

8.9

%

8.2

%

6.7

%

1994

0.3

%

-0.2

%

-0.6

%

16 Years

9.3

%

8.6

%

6.9

%

1993

15.7

%

14.8

%

10.5

%

17 Years

9.2

%

8.5

%

7.0

%

1992

8.0

%

7.5

%

7.7

%

18 Years

10.0

%

9.3

%

7.9

%

1991

23.2

%

22.6

%

24.8

%

19 Years

9.5

%

8.8

%

7.5

%

1990

1.1

%

0.5

%

1.6

%

20 Years

10.2

%

9.5

%

8.3

%

1989

24.7

%

24.1

%

24.6

%

21 Years

10.5

%

9.8

%

8.5

%

1988

15.9

%

15.2

%

13.0

%

22 Years

10.3

%

9.7

%

8.4

%

1987

8.0

%

7.5

%

5.5

%

Since Inception

(1/1/87)

10.3

%

9.7

%

8.4

%

Year

Gross of

Fees

Return

Net of

Fees

Return

60% S&P

500/40%

LBG/C

Number of

Portfolios

Dispersion

Total Assets

at End of

Period

Percentage

of Firm

Assets

Total Firm

Assets

2008

-18.5%

-19.0%

-21.9%

2

0.1

$28.9

0.4%

$6,538.0

2007

10.8%

10.1%

6.3%

3

0.2

$65.0

0.9%

$7,113.2

2006

13.4%

12.7%

10.9%

3

0.2

$57.6

1.1%

$5,455.9

2005

10.9%

10.2%

4.0%

3

0.2

$49.5

1.1%

$4,606.5

2004

9.4%

8.8%

8.2%

4

0.1

$73.5

1.9%

$3,797.6

2003

16.1%

15.3%

18.8%

3

0.2

$48.5

1.3%

$3,815.3

2002

-4.8%

-5.4%

-9.5%

5

0.5

$87.0

2.2%

$4,014.6

2001

-1.1%

-1.7%

-3.7%

6

0.3

$164.1

4.1%

$4,022.9

2000

13.3%

12.4%

-1.0%

5

0.2

$100.8

2.8%

$3,551.7

1999

7.6%

7.0%

11.5%

6

0.5

$96.8

4.2%

$2,314.8

1998

14.0%

13.2%

21.5%

6

0.3

$97.4

4.8%

$2,049.7

1997

23.6%

22.8%

23.7%

4

0.2

$49.5

3.0%

$1,676.4

1996

17.5%

16.8%

14.8%

5

0.1

$46.5

4.9%

$940.6

1995

30.5%

29.4%

30.0%

5

0.5

$33.4

4.7%

$716.4

Creation Date: January 1994

Reporting Currency: USD

PERFORMANCE RESULTS:  BALANCED COMPOSITE

January 1, 1995 through December 31, 2008

A composite of taxable and tax-exempt, fee-paying fully discretionary accounts invested in LargeCap Equity

and investment grade fixed income securities and having comparable objectives The typical allocation for the

composite is 60% equity and 40% fixed income.

The minimum portfolio size for inclusion in the Balanced Composite is $5 million beginning 1/1/06. 

The standard fee schedule for the Balanced product is 0.625% on the first $25 million, negotiable thereafter.

Westwood Management has been verified for the periods January 1, 1995 through

December 31, 2007 by Pricewaterhouse Coopers LLP. A copy of the verification report is

available upon request. 

©

2009

Morningstar,

Inc.

All

Rights

Reserved.

The

information

contained

herein:

(1)

is

proprietary

to

Morningstar

and/or

its

content

providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.  Neither Morningstar nor its

content providers are responsible for any damages or losses arising from any use of this information.  Past performance is no guarantee of

future results.  For each fund with at least a three year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-

Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and

redemption

fees),

placing

more

emphasis

on

downward

variations

and

rewarding

consistent

performance.

The

top

10%

of

funds

in

each

category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10%

receive 1 star.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its

three-,

five-

and

ten-year

Morningstar

Ratings

metric.

As

of

12/31/2008,

WHGIX

was

rated

among

962

Moderate

Allocation

funds

in

the

last

three

years

and

received

an

overall

Morningstar

Rating

of

5

stars;

WHGMX

was

rated

among

423

Mid

Cap

Blend

funds

in

the

last

three

years and received an overall Morningstar Rating of 5 stars.

Morningstar©

Disclaimer

www.westwoodgroup.com

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Suite 1200

Dallas, Texas 75201

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