August 18, 2000




The Latin America Investment Fund, Inc.
466 Lexington Avenue
14th Floor
New York, New York  10017

Ladies and Gentlemen:

We have acted as counsel to The Latin America Investment Fund, Inc. (the
"Fund"), a corporation organized under the laws of the State of Maryland, in
connection with its proposed merger (the "Merger") with The Latin America
Equity Fund, Inc. ("LAQ"), a corporation organized under the laws of the
State of Maryland. Pursuant to the Merger, outstanding shares of common
stock, $.001 par value, of LAQ (the "LAQ Shares") will be converted into full
shares of common stock, $.001 par value, of the Fund (the "LAM Shares").

We have examined copies of the Charter and By-Laws of the Fund, as amended,
the Fund's Registration Statement on Form N-14 (Securities File No.
333-42752) with respect to the Merger (the "Registration Statement"),
substantially in the form in which it is to become effective, the Merger
Agreement and Plan of Reorganization between LAQ and LAM dated as of July 31,
2000 (the "Agreement"), resolutions adopted by the Fund's Board of Directors
and other records and documents that we have deemed necessary or appropriate
for the purpose of this opinion. We have also examined such other documents,
papers, statutes and authorities as we have deemed necessary to form a basis
for the opinion hereinafter expressed.


In our examination, we have assumed the genuineness of all signatures and the
conformity to original documents of all copies submitted to us. We have also
assumed that the terms of the Agreement are fair and reasonable to the Fund.
As to various questions of fact material to our opinion, we have relied upon
statements and certificates of officers and representatives of the Fund and
others. As to matters governed by the laws of the State of Maryland, we have
relied upon the opinion of Messrs. Venable, Baetjer and Howard, LLP that is
attached to this opinion.


Based upon the foregoing, we are of the opinion that when the Merger has been
duly approved by the stockholders of the Fund, appropriate Articles of Merger
with respect to the Merger have been accepted for record by the Maryland State
Department of Assessments and Taxation and the LAQ




The Latin America Investment Fund, Inc.
August 18, 2000
Page 2


Shares have been converted into LAM Shares pursuant to the Agreement and the
Articles of Merger and in the manner described in the Registration Statement,
the LAM Shares will have been validly and legally authorized and issued and will
be fully paid and non-assessable.

We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to us under the caption "Legal
Matters" in the Proxy Statement/Prospectus included as part of the Registration
Statement.

Very truly yours,