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SIGNATURE MICHAEL PIGNATARO
TITLE CFO
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862599
<NAME> THE LATIN AMERICA INVESTMENT FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 136985838
<INVESTMENTS-AT-VALUE> 153341691
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
The Latin America Investment Fund, Inc.:
In planning and performing our audit of the financial statements
of The Latin America Investment Fund, Inc., for the year ended
December 31, 1997, we considered its internal control, including
controls over 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 The Latin America Investment Fund, Inc., 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 of controls. 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 may not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risk 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 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 any specific
internal control component 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 controls over safeguarding securities, that
we consider to be material weaknesses as defined above as of
December 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
Coopers & Lybrand, L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
February 18, 1998
