Velocity profiles of galaxies with claimed black holes - II. f(E,L_z) models for M32 . ... The galaxy M32 has been claimed to contain a massive central black hole. ... We construct axisymmetric dynamical models with distribution functions of the form f(E,L_z) for these data. ... To fit the M32 data without a black hole requires a radially anisotropic velocity distribution in the central region and a tangentially anisotropic velocity distribution in the outer region. ...