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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<NAME> OFFITBANK EMERGING MARKETS FUND
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<TABLE> <S> <C>
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<NAME> THE OFFITBANK INVESTMENT FUND, INC.
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<NAME> OFFITBANK NEW YORK MUNICIPAL FUND
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<TABLE> <S> <C>
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<CIK> 0000912521
<NAME> THE OFFITBANK INVESTMENT FUND, INC.
<SERIES>
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<NAME> OFFITBANK LATIN AMERICA EQUITY FUND
<S> <C>
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<FN>
<F1>Select Shares
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000912521
<NAME> THE OFFITBANK INVESTMENT FUND, INC.
<SERIES>
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<NAME> OFFITBANK LATIN AMERICA EQUITY FUND
<S> <C>
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<FN>
<F1>Advisor Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> THE OFFITBANK INVESTMENT FUND, INC.
<SERIES>
<NUMBER> 05
<NAME> OFFITBANK CALIFORNIA MUNICIPAL FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> THE OFFITBANK INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 06
<NAME> OFFITBANK NATIONAL MUNICIPAL FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> THE OFFITBANK INVESTMENT FUND, INC.
<SERIES>
<NUMBER> 07
<NAME> OFFITBANK U.S. GOVERNMENT SECURITIES FUND
<S> <C>
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> THE OFFITBANK INVESTMENT FUND, INC.
<SERIES>
<NUMBER> 08
<NAME> OFFITBANK MORTGAGE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
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<OTHER-ITEMS-LIABILITIES> 118319
<TOTAL-LIABILITIES> 118319
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<PAID-IN-CAPITAL-COMMON> 16907889
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</TABLE>
February 16, 1998
To the Shareholders and
Board of Directors of
The OFFITBANK Investment Fund, Inc.
In planning and performing our audit of the financial
statements of OFFITBANK High Yield Fund,
OFFITBANK Emerging Markets Fund, OFFITBANK
Latin America Equity Fund (formerly
"OFFITBANK Latin America Total Return Fund"),
OFFITBANK New York Municipal Fund,
OFFITBANK California Municipal Fund,
OFFITBANK National Municipal Fund,
OFFITBANK U.S. Government Securities Fund,
and OFFITBANK Mortgage Securities Fund (the
"Funds", each constituting a portfolio of The
OFFITBANK Investment Fund, Inc.) for the
year ended December 31, 1997, we considered
their internal controls, 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 the Funds 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 control activities. Generally, control
activities 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 control activities
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 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 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
December 31, 1997.
This report is intended solely for the information
and use of management and the Board of
Directors of the Funds and the Securities and
Exchange Commission.
