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SIGNATURE VALERIE SMART
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001003162
<NAME> OLD MUTUAL SOUTH AFRICA EQUITY TRUST
<MULTIPLIER> 1000
<S> <C>
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<EXPENSES-NET> (5631)
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<NET-CHANGE-FROM-OPS> (24054)
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</TABLE>
[DESCRIPTION]Auditors Report of Internal Control
The Board of Trustees
Old Mutual South Africa Equity Trust:
In planning and performing our audit of the financial statements of Old
Mutual South Africa Equity Trust for the period from November 3, 1995
(commencement of operations) to June 30, 1996, we considered its
internal control structure, including procedures 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
the internal control structure.
The management of Old Mutual South Africa Equity Trust is responsible
for establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefit and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with a reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization
and recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure 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 the internal control structure would not
necessarily disclose all matters in the internal control structure 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 structure elements 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of June 30, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
KPMG Peat Marwick
Chartered Accountants
Hamilton, Bermuda
July 22, 1996
