<PAGE>1
FORM 3
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934, Section 17(a) of the Public Utility Holding Company Act
of 1935 or Section 30(f) of the Investment Company Act of 1940
<TABLE>
<CAPTION>
--------------------------------------- ------------------------ --------------------------------------------------------
<S> <C> <C> <C>
1. Name and Address of Reporting Person 2. Date of Event 4. Issuer Name and Ticket
Requiring Statement or Trading Symbol
(Month/Day/Year)
Arzac Enrique R. 02/13/96 The Latin America
Investment Fund, Inc. LAM
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(Last) (First) (Middle) 3. IRS or Social Security 5. Relationship of Reporting 6. If Amendment,
Number of Reporting Person to Issuer Date of Original
Person (Voluntary) (Check all applicable) (Month/Day/Year)
[X] Director [ ] 100% Owner
[ ] Officer [ ] Other (specify
(title below)
890 West End Avenue, Apt. 15B below)
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(Street)
New York New York 10025
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(City) (State) (Zip)
</TABLE>
<TABLE>
<CAPTION>
Table I -- Non-Derivative Securities Beneficially Owned
-------------------------------- -------------------------------- ---------------------- ----------------------------------------
<S> <C> <C> <C>
1.Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect Beneficial
(Instr. 4) Beneficially Owned Direct (D) or Ownership (Instr. 5)
(Instr. 4) Indirect (I)
(Instr. 5)
-------------------------------- -------------------------------- ---------------------- ----------------------------------------
Common Stock 200 D
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</TABLE>
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly. (Over)
(Print or Type Responses) SEC 1473 (8-92)
<PAGE>2
FORM 3 (continued)
<TABLE>
<CAPTION>
Table II -- Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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<S> <C> <C> <C> <C> <C>
1. Title of Derivative 2. Date Exercisable 3. Title and Amount of 4. Conversion 5. Ownership 6. Nature of
(Instr. 4) and Expiration Date Securities Underlying or Exercise Form of Indirect
(Month/Day/Year) Derivative Security of Price of Derivative Beneficial
(Instr. 4) Derivative Security: Ownership
Security Direct (D) (Instr.5)
or Indirect (I)
(Instr. 5)
------------- --------- ------------------------
Date Expiration Title Amount or
Exercisable Date Number of
Shares
--------------------- ------------- --------- ------------------------ -------------- ----------------- --------------
N/A
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--------------------- ------------- --------- ------------------------ -------------- ----------------- --------------
</TABLE>
Explanation of Responses:
N/A
/s/ Enrique R. Arzac 2/28/96
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**Signature of Reporting Person Date
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. and 15 U.S.C. 78ff(a).
Page 2
SEC 1473 (8-92)
