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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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SIGNATURE MATT KINCAID
TITLE SENIOR ANALYST
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</TABLE>
Report of Independent Accountants
May 8, 1998
To the Shareholders and Board of Directors of
The OFFITBANK Variable Insurance Fund, Inc.
In planning and performing our audit of the
financial statements of OFFITBANK VIF-High
Yield Fund, OFFITBANK VIF-Emerging
Markets Fund, DJG Value Equity Fund, and
OFFITBANK VIF-U.S. Small Cap Fund (the
"Funds", each constituting a portfolio of The
OFFITBANK Variable Insurance Fund, Inc.)
for the year ended March 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 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 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 any
specific internal control components does not
reduce to a relatively low level the risk that errors
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,
including control activities for safeguarding
securities, that we consider to be material
weaknesses as defined above as of March 31, 1998.
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.
PRICE WATERHOUSE LLP
