<PAGE> PAGE 1
000 B000000 12/31/98
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007 C020400 OFFITBANK LATIN AMERICA EQUITY FUND
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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 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
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<NAME> OFFITBANK EMERGING MARKETS FUND
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<NAME> OFFITBANK NEW YORK MUNICIPAL FUND
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<TABLE> <S> <C>
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<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
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<NAME> OFFITBANK LATIN AMERICA EQUITY FUND
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<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
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<NAME> OFFITBANK CALIFORNIA MUNICIPAL FUND
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<TABLE> <S> <C>
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<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
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<NAME> OFFITBANK NATIONAL MUNICIPAL FUND
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
<NUMBER> 07
<NAME> OFFITBANK U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
<NUMBER> 08
<NAME> OFFITBANK MORTGAGE SECURITIES FUND
<S> <C>
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</TABLE>
Report of Independent Accountants
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, 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, 1998, we
considered their internal control, 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
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
fraud 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 one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud 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 and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of
management and the Board of Directors of the Fund and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
February 22, 1999
To the Shareholders and Board of Directors of
The OFFITBANK Investment Fund, Inc.
C:\WINDOWS\TEMP\nsar_off.doc 2/25/99 10:44:17 AM Ali
C:\WINDOWS\TEMP\nsar_off.doc 2/25/99 10:44:16 AM Ali
