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SIGNATURE VALERIE SMART
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 8,728
<RECEIVABLES> 20
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,728
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50
<TOTAL-LIABILITIES> 50
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,771
<SHARES-COMMON-STOCK> 88
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (34)
<ACCUMULATED-NET-GAINS> 39
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,098)
<NET-ASSETS> 8,678
<DIVIDEND-INCOME> 177
<INTEREST-INCOME> 20
<OTHER-INCOME> 0
<EXPENSES-NET> 76
<NET-INVESTMENT-INCOME> 121
<REALIZED-GAINS-CURRENT> 46
<APPREC-INCREASE-CURRENT> (231)
<NET-CHANGE-FROM-OPS> (64)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (226)
<DISTRIBUTIONS-OF-GAINS> (74)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30
<NUMBER-OF-SHARES-REDEEMED> (72)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 8,678
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (212)
<AVERAGE-NET-ASSETS> 7,638
<PER-SHARE-NAV-BEGIN> 95.61
<PER-SHARE-NII> 2.27
<PER-SHARE-GAIN-APPREC> 5.61
<PER-SHARE-DIVIDEND> (3.24)
<PER-SHARE-DISTRIBUTIONS> (1.30)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 98.95
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Trustees
Old Mutual Equity Growth Assets South Africa Fund:
In planning and performing our audit of the financial statements of Old
Mutual Equity Growth Assets South Africa Fund for the year ended June 30,
1997, 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 Old Mutual Equity Growth Assets South Africa Fund 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. Generally,
controls 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 controls 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 risks
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 the 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 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 June 30, 1997.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Boston, Massachusetts
July 25, 1997
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