OLD MUTUAL EQUITY GROWTH ASSETS SOUTH AFRICA FUND
NSAR-A, 1998-02-25
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SIGNATURE   VALERIE SMART                                
TITLE       CONTROLLER          
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001003161
<NAME> OMEGA SOUTH AFRICA FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1998
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                          14,406
<RECEIVABLES>                                        8
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  14,414
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           46
<TOTAL-LIABILITIES>                                 46
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        19,062
<SHARES-COMMON-STOCK>                              186
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                           (123)
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<ACCUM-APPREC-OR-DEPREC>                       (4,487)
<NET-ASSETS>                                    14,368
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<OTHER-INCOME>                                       0
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</TABLE>


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