N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-6094
THE LATIN AMERICA EQUITY FUND, INC.
(Exact name of registrant as specified in charter)
Eleven Madison Avenue, New York, New York					10010
(Address of principal executive offices)					(Zip code)
J. Kevin Gao, Esq. The Latin America Equity Fund, Inc. Eleven Madison Avenue New York, New York  10010
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(212) 325-2000
Date of fiscal year end:	December 31st
Date of reporting period:		January 1, 2008 to December 31, 2008

Item 1. Reports to Stockholders.

THE LATIN AMERICA
EQUITY FUND, INC.

ANNUAL REPORT
DECEMBER 31, 2008

LAQ-AR-1208

LETTER TO SHAREHOLDERS (UNAUDITED)

February 12, 2009

Dear Shareholder:

For the year ended December 31, 2008, The Latin America Equity Fund, Inc. (the "Fund") reported a decrease in its net asset value (NAV) of 53.46%, assuming reinvestment of dividends and distributions, net of all fees, expenses and taxes. By comparison, the Fund's benchmark, the Morgan Stanley Capital International Latin America Index,* fell 51.41% (total return index, net of foreign taxation) for the period.

Based on market price, the Fund's shares reported a total return of -54.99% during the year. These returns are calculated to include the payment of two dividends during the calendar year. The first for US$1.15 per share was paid on September 12th, 2008. The second for US$2.49 per share was paid on January 12th 2009. Taken together, these two dividends represent a dividend yield of 9.2% based on the average market share price of $39.69 during 2008.

The Fund's discount to its NAV averaged 11.06% during 2008, which is similar to the average discount to NAV during the previous calendar year. During the peak of the market volatility the Fund's shares slipped to a discount of more than 12% in relation to NAV at which time the Fund began to repurchase shares in the open market under the terms of the share buyback program announced by the Board of Directors. The Fund repurchased a total of 128,632 shares, equivalent to 2.03% of shares outstanding.

Latin America: The United States sneezes and the rest of the world catches a cold

After five consecutive years of bull markets during which the Fund's compounded annual returns were 47%, in 2008 the headwinds for riskier asset classes grew progressively stronger as the global financial crisis took shape. Normally, financial crises in the emerging world are self inflicted but on this occasion the crisis was imported from the developed world. Although there are few direct linkages between the bursting of real estate bubbles in the U.S. and Europe, and Latin America, the transmission mechanism was through expectations of slower global growth, collapsing export revenues as commodity prices fell, and decreasing appetite for riskier asset classes.

Talk of how emerging market economies would "decouple" from the US and Europe disappeared. Expectations of lower global growth fed through to the prices of commodities which collapsed in the second half of the year. The CRB index of commodity prices fell by 55.8% from its peak in July to its trough in December. Latin American equities marginally outperformed other emerging market areas during 2008 but the asset class as a whole suffered across the board.

Within Latin equities markets, the worst performer was Brazil, which has significant sensitivity to the prices of basic commodities such as iron ore, steel and pulp and paper, and fell by 57.6%.

Colombia was the best performing regional market in 2008, falling 27.7%, followed by Chile, which fell 37.3%. After Brazil, Argentina was the worst performer, declining 55.3%. Mexico fell by 44.0%. From a sector perspective, defensive sectors such as utilities (-30.5%) and consumer staples (-34.9%) outperformed, while industrials (-61.2%), materials (-60.5%) and energy (-58.9%) were the sectors hardest hit.

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LETTER TO SHAREHOLDERS (UNAUDITED) (CONTINUED)

Currencies also weakened across the region. The Brazilian Real depreciated by 30.1% during 2008, the Mexican Peso by 25.5% and the Chilean Peso by 28.2%. The main exception was the Peruvian Sol which depreciated by only 4.6% during the year.

Investment Grade: who needs it?

Ironically, 2008 was the year when the major ratings agencies finally upgraded Brazil to investment grade status. In our view, it was only a matter of time before Brazil was given the stamp of approval for its sound macroeconomic management. We had not expected the decision to come when it did—at the end of April—since even at the end of the first quarter of 2008, it was already apparent that the credit crunch was contaminating broader financial markets.

The upgrade certainly helped to spur equity prices in the near term and commodities continued to rally peaking in the summer but, with the benefit of hindsight, the Brazilian upgrade was close to marking the peak in the bull market.

Strong Macroeconomic Fundamentals

Last year, our major macroeconomic concern, other than the preoccupation with evidence of a bubble in commodity prices and fears of slower global growth, was with inflation. Inflationary trends were driven mainly by increases in the prices of energy and foods, in most cases due to specific supply side conditions, including competition with biofuels for agricultural land. As a result, several Central Banks in the region tightened monetary policy. In the fourth quarter, however, as the global economy ground to a halt, the price of oil and many other commodities dropped sharply and market expectations have been hit by forecasts of economic contraction ahead. As a result, many Central Banks in the region, including Brazil, Chile and Colombia, have been able to cut rates in recent weeks. In most financial crises, Central Banks in Latin America find themselves forced to raise rates. This is the first time, which we can recall, that the opposite is happening.

In this context, we think it unlikely that Latin American currencies will appreciate against the U.S. dollar in the near term. However, with a longer term perspective, we think that most Latin American currencies are now competitively positioned and that with the degree of fiscal and monetary stimulus which the authorities have deployed aimed at averting economic collapse, the likelihood is that this will ultimately feed through into inflation and dollar weakness over the medium term.

Performance: Market weakness across the board

For the year ended December 31, 2008, the Fund returned -53.46% based on net asset value, as compared to -51.41% for the Fund's benchmark. The Fund therefore underperformed by 2.05%. Only three benchmark stocks rose during the year. Unlike 2007, where the market was highly concentrated in two stocks (Petrobrás—18.7% of the Fund as of December 31st 2008, and Vale—11.3% of the Fund as of December 31, 2008), market weakness was broad. On the positive side, our underweights in the energy (Petrobrás and OGX—0% of the Fund as of December 31, 2008) and materials sectors (Vale, Southern Copper—0.6% of the Fund as of December 31, 2008, Gerdau—1.8% of the Fund as of December 31st 2008, CSN—0.7% of the Fund as of December 31, 2008) both made significant favorable contributions to returns, however these positions were outweighed by our overweight positions in certain companies in the industrial sector, notably Cemex (1.5% of the Fund as of December 31, 2008), ICA (0% of the Fund as of December 31, 2008), Tegma

2

LETTER TO SHAREHOLDERS (UNAUDITED) (CONTINUED)

(0% of the Fund as of December 31, 2008), Log-In (0.5% of the Fund as of December 31, 2008) and Metalfrio (0.3% of the Fund as of December 31, 2008).

Strategic Review and Outlook: Fundamentals remain sound

Our largest sector underweight continues to be in the materials sector, particularly the steel industry and copper mining. The Fund is also underweight energy and telecommunications services. The Fund is overweight healthcare, construction and industrials.

From a country perspective, as of December 31, 2008, the Fund was underweight in Brazil and Mexico and overweight in Colombia.

As of the end of 2008, 11.45% of the portfolio was invested in companies that do not form a part of the benchmark index so the Fund's portfolio continues to be skewed towards small- and mid-cap companies.

Having held an overweight position in Brazil for many years, the Fund reduced its exposure to Brazil in early 2008. We reduced this underweight during the sell off in the fourth quarter, and the Fund is now only slightly underweight the Brazilian market.

We continue to emphasize stocks that derive revenue from domestic sources, although in this environment we have allocated the Fund with a more defensive bias. The Fund continues to have exposure to infrastructure spending, credit growth and domestic consumption.

We continue to see significant potential in infrastructure investments. This includes electricity generation and transmission, roads, ports, railways, airports and airlines. Faced with the need to improve antiquated infrastructure in their countries, but constrained on the fiscal side, many governments in the region are turning to the private sector to lead investment.

The asset class cannot begin to recover until the global financial crisis has subsided and market participants have a clearer picture of the full extent of the slowdown. Once the market has a better feel for the depth of the global recession, we think emerging market assets may recover before other asset classes where the fundamental problems of excess leverage first arose and still need to be solved.

It is important to state that the headwinds are not exclusively coming from the developed world. China was certainly one of the driving factors behind the rise in commodity prices and the key for those who argued that the world no longer depended exclusively upon the U.S. consumer. China is now slowing rapidly, presenting policymakers with difficult choices. If the slowdown in China becomes a hard landing this could further complicate the outlook for producers of basic commodities.

3

LETTER TO SHAREHOLDERS (UNAUDITED) (CONTINUED)

For our part, we will continue to look for attractively valued companies with strong balance sheets and proven business models and tested managements that we think can deliver consistent earnings growth. We are optimistic that we should be able to find attractive entry points amidst this gloomy market environment.

Respectfully,

Matthew J.K. Hickman George Hornig Chief Investment Officer**	Chief Executive Officer and President***

International investing entails special risk considerations, including currency fluctuations, lower liquidity, economic and political risks, and differences in accounting methods; these risks are generally heightened for emerging-market investments.

In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign market, industry and economic trends and developments and government regulation and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.

* The Morgan Stanley Capital International Daily TR Net Emerging Markets Latin America Index is a total return free float-adjusted market capitalization index that is designed to measure equity-market performance in Latin America, including an assumption for the reinvestment of dividends, net of all foreign taxes payable. It is the exclusive property of Morgan Stanley Capital International Inc. Investors cannot invest directly in an index.

** Matthew J.K. Hickman, Director, is a portfolio manager specializing in Latin American equities. He has been following Latin American equity markets since 1987. He joined in 2003 from Compass Group Investment Advisors, where he was general manager of the private wealth management division based in Santiago, Chile. For much of Mr. Hickman's career he worked as an equity analyst at various investment banks, focusing on Latin American telecommunications companies and several Latin American country markets; prior to this, at Rothschild Asset Management, Mr. Hickman was a member of the management team for the Five Arrows Chile Fund. Mr. Hickman holds a BA in modern languages from Cambridge University and a diploma in corporate finance from the London Business School. He is fluent in Spanish, Portuguese and French. He is also the Chief Investment Officer of The Chile Fund, Inc.

*** George Hornig is a Managing Director of Credit Suisse. He is the Co-Chief Operating Officer of Asset Management and Head of Asset Management Americas. Mr. Hornig has been associated with Credit Suisse since 1999.

4

THE LATIN AMERICA EQUITY FUND, INC.

PORTFOLIO SUMMARY
DECEMBER 31, 2008 (UNAUDITED)

SECTOR ALLOCATION

GEOGRAPHIC ASSET BREAKDOWN

5

THE LATIN AMERICA EQUITY FUND, INC.

PORTFOLIO SUMMARY (CONTINUED)
DECEMBER 31, 2008 (UNAUDITED)

TOP 10 HOLDINGS, BY ISSUER

	Holding	Sector	Country	Percent of Net Assets
1.	Petróleo Brasileiro S.A.	Oil, Gas & Consumable Fuels	Brazil		18.7
2.	Companhia Vale do Rio Doce	Metals & Mining	Brazil		11.3
3.	América Móvil, S.A.B. de C.V.	Wireless Telecommunication Services	Mexico		9.3
4.	Fomento Economico Mexicano, S.A. de C.V.	Beverages	Mexico		4.0
5.	Banco Bradesco S.A.	Commercial Banks	Brazil		2.9
6.	Banco Itaú Holding Financeira S.A.	Commercial Banks	Brazil		2.8
7.	Investimentos Itaú S.A.	Commercial Banks	Brazil		2.5
8.	Suramericana de Inversiones S.A.	Diversified Financial Services	Columbia		2.2
9.	Companhia de Bebidas das Americas	Beverages	Brazil		2.2
10.	União de Bancos Brasileiros S.A.	Commercial Banks	Brazil		2.1

6

THE LATIN AMERICA EQUITY FUND, INC.

AVERAGE ANNUAL RETURNS
DECEMBER 31, 2008 (UNAUDITED)

	1 Year			3 Years			5 Years			10 Years
Net Asset Value (NAV)		(53.46	)%		1.34	%		16.69	%		14.27	%
Market Value		(54.99	)%		1.19	%		16.69	%		16.42	%

Credit Suisse currently waives fees and/or reimburses expenses, without which performance would be lower. Waivers and/or reimbursements are subject to change and may be discontinued at any time. Returns represent past performance. Total investment return at net asset value is based on changes in the net asset value of fund shares and assumes reinvestment of dividends and distributions, if any. Total investment return at market value is based on changes in the market price at which the fund's shares traded on the stock exchange during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the fund's dividend reinvestment program. Because the fund's shares trade in the stock market based on investor demand, the fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on share price and NAV. Past performance is no guarantee of future results. The current performance of the fund may be lower or higher than the figures shown. The fund's yield, return and market price and NAV will fluctuate. Performance information current to the most recent month-end is available by calling 800-293-1232.

The annualized gross expense ratio is 1.20%. The annualized net expense ratio after fee waivers and/or expense reimbursements is 1.19%.

7

THE LATIN AMERICA EQUITY FUND, INC.

SCHEDULE OF INVESTMENTS
DECEMBER 31, 2008

Description	No. of Shares		Value
EQUITY OR EQUITY-LINKED SECURITIES-106.73%
ARGENTINA-0.90%
COMMERCIAL BANKS-0.17%
Banco Patagonia S.A., BDR		32,000	$	227,787
ENERGY EQUIPMENT & SERVICES-0.54%
Tenaris S.A.		1		10
Tenaris S.A., ADR		33,938		712,019
				712,029
THRIFTS & MORTGAGE FINANCE-0.19%
Banco Hipotecario S.A., ADR†		157,700		242,038
TOTAL ARGENTINA (Cost $2,351,008)				1,181,854
BRAZIL-65.52%
AIR FREIGHT & LOGISTICS-0.48%
Log-in Logistica Intermodal S.A.		289,663		627,272
AIRLINES-0.35%
Tam S.A., PN		56,894		465,740
BEVERAGES-2.18%
Companhia de Bebidas das Americas, ADR		11,200		406,000
Companhia de Bebidas das Americas, ADR, PN		55,512		2,459,737
				2,865,737
CAPITAL MARKETS-0.09%
Clean Energy Brazil PLC†		477,000		116,587
Clean Energy Brazil PLC, warrants (strike price GBP 100, expires 12/18/11)†		126,750		1,367
				117,954
COMMERCIAL BANKS-10.23%
Banco Bradesco S.A., PN		388,109		3,759,598
Banco Itaú Holding Financeira S.A., PN		328,525		3,676,888
Investimentos Itaú S.A., PN		952,164		3,270,512

Description	No. of Shares		Value
COMMERCIAL BANKS (CONTINUED)
União de Bancos Brasileiros S.A., GDR		42,100	$	2,720,502
				13,427,500
DIVERSIFIED FINANCIAL SERVICES-1.13%
Bradespar S.A., PN		180,800		1,487,026
DIVERSIFIED TELECOMMUNICATION-3.95%
Brasil Telecom Participações S.A.		32,621		823,918
Brasil Telecom Participações S.A., ADR		11,845		457,572
GVT Holding S.A.†		123,900		1,347,917
Telecomunicações de São Paulo S.A., PN		54,900		1,076,106
Tele Norte Leste Participações S.A.		89,423		1,483,992
				5,189,505
ELECTRIC UTILITIES-3.26%
Centrais Elétricas Brasileiras S.A., PNB		60,623		628,587
Companhia Energética de Minas Gerais, ADR		121,146		1,664,546
EDP - Energias do Brasil S.A.		77,551		751,566
Terna Participações S.A.		131,118		1,236,400
				4,281,099
FOOD PRODUCTS-1.34%
Marfrig Frigorificos e Comercio de Alimentos S.A.†		93,000		299,099
Perdigao S.A.		95,684		1,220,258
Sao Martinho S.A.†		59,900		235,285
				1,754,642
HEALTH CARE PROVIDERS & SERVICES-0.69%
Diagnosticos da America S.A.		93,399		900,347
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS-0.63%
Tractebel Energia S.A.		104,652		832,459

See accompanying notes to financial statements.
8

THE LATIN AMERICA EQUITY FUND, INC.

SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2008

Description	No. of Shares		Value
INSURANCE-1.48%
Amil Participacoes S.A.		191,500	$	591,252
Sul America S.A.		197,000		1,351,630
				1,942,882
INTERNET & CATALOG RETAIL-0.47%
B2W Companhia Global do Varejo		60,000		612,350
IT SERVICES-0.50%
Redecard S.A.		59,800		659,031
MACHINERY-0.68%
Metalfrio Solutions S.A.		124,620		384,762
Weg S.A.		94,699		507,606
				892,368
MEDIA-0.92%
Net Servicos de Comunicacao S.A., PN†		211,403		1,204,780
METALS & MINING-14.26%
Companhia Vale do Rio Doce, PNA		338,839		3,471,211
Companhia Vale do Rio Doce, ADR, PNA		1,072,500		11,422,125
Gerdau S.A., PN		371,012		2,395,987
Usinas Siderúrgicas de Minas Gerais S.A.		26,248		290,957
Usinas Siderúrgicas de Minas Gerais S.A., PNA		100,597		1,144,010
				18,724,290
MULTILINE RETAIL-0.76%
Lojas Americanas S.A., PN		191,124		513,871
Lojas Renner S.A.		71,300		479,104
				992,975
OIL, GAS & CONSUMABLE FUELS-18.65%
Petróleo Brasileiro S.A., ADR		1,199,527		24,482,346
PERSONAL PRODUCTS-0.37%
Natura Cosmeticos S.A.		59,037		480,752

Description	No. of Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT-1.13%
General Shopping Brasil S.A.†		315,400	$	307,015
Multiplan Empreendimentos Imobiliarios S.A.†		34,700		183,172
PDG Realty S.A. Empreendimentos e Participacoes		206,498		987,330
				1,477,517
ROAD & RAIL-0.77%
All America Latina Logistica		237,400		1,018,010
STEEL-0.70%
Cia Siderúrgica Nacional, ADR		71,900		921,039
TEXTILES, APPAREL & LUXURY GOODS-0.05%
Springs Global Participacoes S.A.†		44,800		71,657
TRANSPORTATION INFRASTRUCTURE-0.27%
Obrascon Huarte Lain Brasil S.A.		67,072		361,533
WIRELESS TELECOMMUNICATION SERVICES-0.18%
Tim Participações S.A., ADR		18,400		229,816
TOTAL BRAZIL (Cost $81,352,353)				86,020,627
CHILE-6.95%
AIRLINES-0.15%
Lan Airlines S.A.		23,143		196,112
BEVERAGES-0.62%
Viña Concha y Toro S.A.		540,000		817,732
CHEMICALS-0.19%
Sociedad Quimica y Minera de Chile S.A., Class B		10,300		246,489
COMMERCIAL BANKS-0.62%
Banco Santander Chile S.A.		25,113,969		811,056

See accompanying notes to financial statements.
9

THE LATIN AMERICA EQUITY FUND, INC.

SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2008

Description	No. of Shares		Value
DIVERSIFIED TELECOMMUNICATION-0.63%
Empresa Nacional de Telecomunicaciones S.A.		77,000	$	833,739
ELECTRIC UTILITIES-0.74%
Enersis S.A.		3,780,000		977,135
FOOD & STAPLES RETAILING-0.35%
Cencosud S.A.		321,000		455,878
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS-1.58%
Colbun S.A.†		4,152,645		648,327
Empresa Nacional de Electricidad S.A.		1,249,910		1,431,831
				2,080,158
INDUSTRIAL CONGLOMERATES-0.57%
Empresas Copec S.A.		98,000		745,554
MULTILINE RETAIL-0.16%
S.A.C.I. Falabella		77,000		202,997
PAPER & FOREST PRODUCTS-0.36%
Empresas CMPC S.A.		29,857		466,186
WATER UTILITIES-0.98%
Inversiones Aguas Metropolitanas S.A., ADR††		84,144		1,287,571
TOTAL CHILE (Cost $8,425,918)				9,120,607
COLOMBIA-5.45%
COMMERCIAL BANKS-2.81%
Bancolombia S.A., PA		440,412		2,518,789
Bancolombia S.A., ADR		6,500		151,775
Corporacion Financiera Colombiana		172,456		1,020,050
				3,690,614
DIVERSIFIED FINANCIAL SERVICES-2.25%
Suramericana de Inversiones S.A.		428,416		2,945,553

Description	No. of Shares			Value
METALS & MINING-0.39%
Acerias Paz del Rio S.A.†		32,217,991		$	515,813
TOTAL COLOMBIA (Cost $7,644,883)					7,151,980
LATIN AMERICA-0.30%
VENTURE CAPITAL-0.30%
JPMorgan Latin America Capital Partners L.P.†‡# (Cost $841,494)		2,428,022	*		389,115
MEXICO-23.99%
BEVERAGES-3.96%
Fomento Economico Mexicano, S.A. de C.V., ADR		172,436			5,195,497
CONSTRUCTION MATERIALS-1.48%
Cemex S.A.B. de C.V., ADR†		213,165			1,948,328
FOOD & STAPLES RETAILING-1.55%
Wal-Mart de México, S.A. de C.V., Series V		761,417			2,034,331
HOTELS, RESTAURANTS & LEISURE-0.24%
Alsea, S.A. de C.V.†		711,600			319,099
HOUSEHOLD DURABLES-1.46%
Consorcio ARA, S.A. de C.V.		812,600			308,059
Corporación GEO, S.A. de C.V., Series B†		350,200			394,492
Urbi, Desarrollos Urbanos, S.A. de C.V.†		887,438			1,211,148
					1,913,699
MEDIA-2.34%
Grupo Televisa S.A., ADR		128,200			1,915,308
Grupo Televisa S.A., CPO		2,100			6,202
Megacable Holdings S.A.B. de C.V., CPO†		858,950			1,144,357
					3,065,867

See accompanying notes to financial statements.
10

THE LATIN AMERICA EQUITY FUND, INC.

SCHEDULE OF INVESTMENTS (CONTINUED)
DECEMBER 31, 2008

Description	No. of Shares		Value
METALS & MINING-1.75%
Southern Copper Corp.		52,800	$	847,968
Grupo Mexico S.A. de C.V., Class B		2,252,698		1,447,739
				2,295,707
PHARMACEUTICALS-0.74%
Genomma Lab Internacional S.A.†		1,406,000		979,738
TRANSPORTATION INFRASTRUCTURE-1.19%
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., ADR		61,394		681,473
Grupo Aeroportuario del Pacifico S.A. de C.V., ADR		38,121		877,545
				1,559,018
WIRELESS TELECOMMUNICATION SERVICES-9.28%
América Móvil S.A.B. de C.V., Series L		6,008,655		9,220,054
América Móvil S.A.B. de C.V., Series L, ADR		95,700		2,965,743
				12,185,797
TOTAL MEXICO (Cost $40,274,839)				31,497,081
PANAMA-0.37%
AIRLINES-0.37%
Copa Holdings S.A., Class A (Cost $404,486)		16,200		491,184
PERU-2.10%
COMMERCIAL BANKS-1.10%
Credicorp Limited		28,792		1,438,448
METALS & MINING-1.00%
Compania de Minas Buenaventura S.A., ADR		66,100		1,316,712
TOTAL PERU (Cost $2,443,120)				2,755,160

Description	No. of Shares			Value
VENEZUELA-0.90%
COMMERCIAL BANKS-0.90%
Mercantil Servicios Financieros, C.A., ADR (Cost $1,240,868)		36,358		$	1,187,234
GLOBAL-0.25%
VENTURE CAPITAL-0.25%
Emerging Markets Ventures I, L.P.†‡# (Cost $843,254)		2,237,292	*		334,587
TOTAL EQUITY OR EQUITY-LINKEDSECURITIES (Cost $145,822,224)					140,129,429
	Prinicipal Amount (000's)
SHORT-TERM INVESTMENTS-4.55%
CANADA-4.55%
Bank of America, overnight deposit, 0.06%, 01/02/09 (Cost $5,980,000)	$	5,980			5,980,000
TOTAL INVESTMENTS-111.28% (Cost $151,802,224)					146,109,429
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS-(11.28)%					(14,811,427	)
NET ASSETS-100.00%				$	131,298,002

†  Non-income producing security.

††  SEC Rule 144A security. Such securities are traded only among "qualified institutional buyers".

‡  Restricted security, not readily marketable; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors. (See Notes B and H).

#  As of December 31, 2008, the aggregate amount of open commitments for the Fund is $888,814. (See Note H).

*  Represents contributed capital.

ADR  American Depositary Receipts.

BDR  Brazilian Depositary Receipts.

CPO  Ordinary Participation Certificates.

GDR  Global Depositary Receipts.

PN  Preferred Shares.

PNA  Preferred Shares, Class A.

PNB  Preferred Shares, Class B.

See accompanying notes to financial statements.
11

THE LATIN AMERICA EQUITY FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2008

ASSETS
Investments, at value (Cost $151,802,224) (Notes B, E, G)	$	146,109,429
Foreign currencies (Cost $249,975)		257,816
Receivables:
Dividends		1,143,108
Prepaid expenses		6,551
Total Assets		147,516,904
LIABILITIES
Due to custodian		102,405
Payables:
Dividends and distributions (Note B)		15,397,834
Investment advisory fees (Note C)		311,720
Administration fees (Note C)		61,738
Directors' fees		7,975
Chilean repatriation taxes (Note B)		77,377
Other accrued expenses		259,853
Total Liabilities		16,218,902
NET ASSETS (applicable to 6,175,422 shares of common stock outstanding) (Note D)	$	131,298,002
NET ASSETS CONSIST OF
Capital stock, $0.001 par value; 6,175,422 shares issued and outstanding (100,000,000 shares authorized)	$	6,175
Paid-in capital		136,898,621
Undistributed net investment income		640,541
Accumulated net realized loss on investments and foreign currency related transactions		(527,510	)
Net unrealized depreciation in value of investments and translation of other assets and liabilities denominated in foreign currencies		(5,719,825	)
Net assets applicable to shares outstanding	$	131,298,002
NET ASSET VALUE PER SHARE ($131,298,002 ÷ 6,175,422)	$	21.26
MARKET PRICE PER SHARE	$	18.29

See accompanying notes to financial statements.
12

THE LATIN AMERICA EQUITY FUND, INC.

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2008

INVESTMENT INCOME
Income (Note B):
Dividends	$	7,323,334
Interest		48,393
Securities lending		3,252
Less: Foreign taxes withheld		(535,868	)
Total Investment Income		6,839,111
Expenses:
Investment advisory fees (Note C)		2,254,357
Custodian fees		440,733
Administration fees (Note C)		223,189
Accounting fees		102,877
Directors' fees		98,142
Audit and tax fees		53,275
Legal fees		53,149
Printing fees (Note C)		44,121
Shareholder servicing fees		19,252
Insurance fees		9,445
Stock exhange listing fees		1,336
Miscellaneous fees		17,253
Brazilian taxes (Note B)		808
Chilean repatriation taxes (Note B)		43,442
Total Expenses		3,361,379
Less: Fee waivers (Note C)		(10,005	)
Net Expenses		3,351,374
Net Investment Income		3,487,737
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS
Net realized gain/(loss) from:
Investments		12,172,612
Foreign currency related transactions		(44,337	)
Net change in unrealized depreciation in value of investments and translation of other assets and liabilties denominated in foreign currencies		(194,247,206	)
Net realized and unrealized loss on investments and foreign currency related transactions		(182,118,931	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(178,631,194	)

See accompanying notes to financial statements.
13

THE LATIN AMERICA EQUITY FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS

	For the Years Ended December 31,
	2008			2007
INCREASE/(DECREASE) IN NET ASSETS
Operations:
Net investment income	$	3,487,737		$	4,510,977
Net realized gain on investments and foreign currency related transactions		12,128,275			65,617,477
Net change in unrealized appreciation/(depreciation) in value of investments and translation of other assets and liabilities denominated in foreign currencies		(194,247,206	)		53,144,688
Net increase/(decrease) in net assets resulting from operations		(178,631,194	)		123,273,142
Dividends and distributions to shareholders:
Net investment income		(2,846,966	)		(4,816,468	)
Net realized gain on investments		(19,799,548	)		(74,458,333	)
Total dividends and distributions to shareholders		(22,646,514	)		(79,274,801	)
Capital share transactions (Note I):
Cost of 136,732 and 11,293 shares purchased under the share repurchase program		(3,158,571	)		(585,158	)
Issuance of 1,207 and 0 shares through the directors compensation plan (Note C)		35,336			—
Total capital share transactions		(3,123,235	)		—
Total increase/(decrease) in net assets		(204,400,943	)		43,413,183
NET ASSETS
Beginning of year		335,698,945			292,285,762
End of year*	$	131,298,002		$	335,698,945

*  Includes undistributed net investment income of $640,541 and $96,380, respectively.

See accompanying notes to financial statements.
14

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15

THE LATIN AMERICA EQUITY FUND, INC.

Financial Highlights§

Contained below is per share operating performance data for a share of common stock outstanding, total investment return, ratios to average net assets and other supplemental data for each year indicated. This information has been derived from information provided in the financial statements and market price data for the Fund's shares.

	For the Years Ended December 31,
	2008			2007			2006			2005			2004			2003			2002			2001
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	53.19		$	46.23		$	35.25		$	24.39		$	17.74		$	11.55		$	15.06		$	16.60
Net investment income/(loss)		0.55	†		0.71	†		0.63			0.61			0.45	†		0.34	†		0.01	**		0.41	*
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions		(28.97	)		18.79			15.78			11.03			6.66			5.99			(3.41	)		(1.50	)
Net increase/(decrease) in net assets resulting from operations		(28.42	)		19.50			16.41			11.64			7.11			6.33			(3.40	)		(1.09	)
Dividends and distributions to shareholders:
Net investment income		(0.45	)		(0.76	)		(0.56	)		(0.50	)		(0.46	)		(0.14	)		(0.21	)		(0.57	)
Net realized gain on investments and foreign currency related transactions		(3.15	)		(11.79	)		(4.87	)		(0.28	)		—			—			—			—
Total dividends and distributions to shareholders		(3.60	)		(12.55	)		(5.43	)		(0.78	)		(0.46	)		(0.14	)		(0.21	)		(0.57	)
Anti-dilutive impact due to capital shares tendered or repurchased		0.09			0.01			—			—			—			—			0.10	#		0.12	#
Net asset value, end of year	$	21.26		$	53.19		$	46.23		$	35.25		$	24.39		$	17.74		$	11.55		$	15.06
Market value, end of year	$	18.29		$	47.31		$	43.43		$	30.46		$	21.64		$	15.26		$	9.67		$	12.15
Total investment return (a)		(54.99	)%		42.45	%		61.62	%		44.06	%		45.04	%		59.15	%		(18.83	)%		(1.07	)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (000 omitted)	$	131,298		$	335,699		$	292,286		$	222,852		$	154,214		$	112,178		$	73,045		$	112,009
Ratio of expenses to average net assets (b)		1.19	%		1.14	%		1.44	%		1.33	%		1.41	%		1.37	%		3.06	%		1.51	%
Ratio of expenses to average net assets, excluding fee waivers		1.20	%		1.14	%		1.45	%		1.33	%		1.41	%		1.37	%		3.06	%		1.51	%
Ratio of expenses to average net assets, excluding taxes		1.18	%		1.11	%		1.19	%		1.26	%		1.40	%		1.49	%		1.52	%		1.40	%
Ratio of net investment income/(loss) to average net assets		1.24	%		1.28	%		1.49	%		2.13	%		2.36	%		2.49	%(c)		0.21	%		2.52	%
Portfolio turnover rate		16.55	%		26.33	%		46.05	%		75.60	%		69.80	%		62.62	%		75.28	%		101.73	%

§  Per share amounts prior to November 10, 2000 have been restated to reflect a conversion factor of 0.9175 for shares issued in connection with the merger of The Latin America Investment Fund, Inc. and The Latin America Equity Fund, Inc.

*  Based on actual shares outstanding on November 21, 2001 (prior to the 2001 tender offer) and December 31, 2001.

**  Based on actual shares outstanding on November 6, 2002 (prior to the 2002 tender offer) and December 31, 2002.

†  Based on average shares outstanding.

#  Impact of the Fund's self-tender program.

(a)  Total investment return at market value is based on the changes in market price of a share during the year and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the Fund's dividend reinvestment program.

(b)  Ratios reflect actual expenses incurred by the Fund. Amounts are net of fee waivers and inclusive of taxes.

(c)  Ratio includes the effect of a reversal of Chilean repatriation tax accrual; excluding the reversal, the ratio would have been 2.36%.

See accompanying notes to financial statements.
16

THE LATIN AMERICA EQUITY FUND, INC.

Financial Highlights

	2000			1999
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	18.57		$	10.96
Net investment income/(loss)		(0.11	)†		0.07	†
Net realized and unrealized gain/(loss) on investments and foreign currency related transactions		(2.44	)		7.07
Net increase/(decrease) in net assets resulting from operations		(2.55	)		7.14
Dividends and distributions to shareholders:
Net investment income		(0.08	)		—
Net realized gain on investments and foreign currency related transactions		—			—
Total dividends and distributions to shareholders		(0.08	)		—
Anti-dilutive impact due to capital shares tendered or repurchased		0.66			0.47
Net asset value, end of year	$	16.60		$	18.57
Market value, end of year	$	12.875		$	13.76
Total investment return (a)		(5.87	)%		75.65	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (000 omitted)	$	145,281		$	123,262
Ratio of expenses to average net assets (b)		2.13	%		2.14	%
Ratio of expenses to average net assets, excluding fee waivers		2.19	%		2.22	%
Ratio of expenses to average net assets, excluding taxes		2.03	%		2.05	%
Ratio of net investment income/(loss) to average net assets		(0.55	)%		0.46	%
Portfolio turnover rate		125.83	%		161.71	%

17

THE LATIN AMERICA EQUITY FUND, INC.

NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008

NOTE A. ORGANIZATION

The Latin America Equity Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended, as a closed-end, non-diversified management investment company.

NOTE B. SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Security Valuation: The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. The Fund's equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time").If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest ask quotation in the case of a short sale of securities. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indice s, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation.

Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time, but after the close of the securities' primary market, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Directors to fair value certain securities. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. At December 31, 2008, the Fund held 0.55% of its net assets in securities valued at fair value as determined in good faith under procedures established by the Board of Directors with an aggregate cost of $1,684,748 and fai r value of $723,702. The Fund's estimate of fair value assumes a willing buyer and a willing seller neither acting under the compulsion to buy or sell. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could differ from the prices originally paid by the Fund or the current carrying values, and the difference could be material.

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157

18

THE LATIN AMERICA EQUITY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2008

established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

•  Level 1—quoted prices in active markets for identical investments

•  Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of December 31, 2008 in valuing the Fund's investments carried at value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1—Quoted Prices	$	139,405,727	$	—
Level 2—Other Significant Observable Inputs		5,980,000		—
Level 3—Significant Unobservable Inputs		723,702		—
Total	$	146,109,429	$	—

*  Other financial instruments include futures, forwards and swap contracts.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

	Investments in Securities			Other Financial Instruments*
Balance as of 12/31/07	$	1,484,849		$	—
Accrued discounts/ premiums		—			—
Realized gain/loss and change in unrealized depreciation		(545,546	)		—
Net purchases/sales		(215,601	)		—
Net transfers in and/or out of Level 3		—			—
Balance as of 12/31/08	$	723,702			—
Net change in unrealized depreciation from investments still held as of 12/31/08	$	(545,546	)	$	—

*  Other financial instruments include futures, forwards and swap contracts.

19

THE LATIN AMERICA EQUITY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2008

Short-Term Investment: The Fund sweeps available cash into a short-term time deposit available through Brown Brothers Harriman & Co., the Fund's custodian. The short-term time deposit is a variable rate account classified as a short-term investment.

Investment Transactions and Investment Income: Investment transactions are accounted for on a trade date basis. The cost of investments sold is determined by use of the specific identification method for both financial reporting and U.S. income tax purposes. Interest income is accrued as earned; dividend income is recorded on the ex-dividend date.

Taxes: No provision is made for U.S. income or excise taxes as it is the Fund's intention to continue to qualify as a regulated investment company and make the requisite distributions to its shareholders sufficient to relieve it from all or substantially all U.S. income and excise taxes.

Income received by the Fund from sources within Latin America may be subject to withholding and other taxes imposed by such countries. Also, certain Latin American countries impose taxes on Funds remitted or repatriated from such countries.

Brazil imposes a Contribução Provisoria sobre Movimentaçãoes Financieras ("CPMF") tax that applies to foreign exchange transactions related to dividends carried out by financial institutions. The tax rate is 0.38%. For the year ended December 31, 2008, the Fund incurred $808 of such expense.

For Chilean securities the Fund accrues foreign taxes on realized gains as a liability and reduction of realized/unrealized gains in an amount equal to what the Fund would owe if the securities were sold on valuation date. Taxes on foreign income are recorded when the related income is recorded. For the year ended December 31, 2008, the Fund accrued $43,442.

During June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation 48 ("FIN 48 or the "Interpretation"), Accounting for Uncertainty in Income Taxes—an interpretation of FASB statement 109. The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Foreign Currency Translations: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

  (I)  market value of investment securities, assets and liabilities at the valuation date rate of exchange; and

  (II)  purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Fund does not isolate that portion of gains and losses on investments in equity securities which is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. Accordingly, realized and unrealized foreign currency gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions balances.

The Fund reports certain foreign currency related transactions and foreign taxes withheld on security transactions as components of realized gains for financial reporting purposes, whereas such foreign currency related transactions are treated as ordinary income for U.S. federal income tax purposes.

Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation/depreciation in value of

20

THE LATIN AMERICA EQUITY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2008

investments, and translation of other assets and liabilities denominated in foreign currencies.

Net realized foreign exchange gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date on security transactions, and the difference between the amounts of interest and dividends recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received.

Securities Lending: In connection with its security lending activities, the Fund received cash as collateral for any securities out on loan to brokers. Such cash collateral was reinvested into either an overnight repurchase agreement or a securities lending fund available through Brown Brothers Harriman & Co. Security loans are required at all times to have collateral at least equal to 100% of the market value of the securities on loan; however, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. During the year ended December 31, 2008, total earnings from the investment of cash collateral received by the Fund in a securities lending arrangement was $3,252.

Distributions of Income and Gains: The Fund distributes at least annually to shareholders substantially all of its net investment income and net realized short-term capital gains, if any. The Fund determines annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses, including capital loss carryovers, if any. An additional distribution may be made to the extent necessary to avoid the payment of a 4% U.S. federal excise tax. Dividends and distributions to shareholders are recorded by the Fund on the ex-dividend date.

The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for U.S. income tax purposes due to U.S. generally accepted accounting principles/tax differences in the character of income and expense recognition.

Partnership Accounting Policy: The Fund records its pro-rata share of the income/(loss) and capital gains/(losses) allocated from the underlying partnerships and adjusts the cost of the underlying partnerships accordingly. These amounts are included in the Fund's Statement of Operations.

Other: The Fund invests in securities of foreign countries and governments which involve certain risks in addition to those inherent in domestic investments. Such risks generally include, among others, currency risk (fluctuations in currency exchange rates), information risk (key information may be inaccurate or unavailable) and political risk (expropriation, nationalization or the imposition of capital or currency controls or punitive taxes). Other risks in investing in foreign securities include liquidity and valuation risks.

Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is a deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad. Amounts repatriated prior to the end of specified periods may be subject to taxes as imposed by a foreign country.

The Latin American securities markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. A high proportion of the securities of many companies in Latin American countries may be held by a limited number of persons, which may limit the number of securities available for the investment by the Fund. The limited

21

THE LATIN AMERICA EQUITY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2008

liquidity of Latin American country securities markets may also affect the Fund's ability to acquire or dispose of securities at the price and time it wishes to do so.

The Fund, subject to local investment limitations, may invest up to 10% of its assets (at the time of commitment) in illiquid equity securities, including securities of private equity funds (whether in corporate or partnership form) that invest primarily in emerging markets. When investing through another investment fund, the Fund will bear its proportionate share of the expenses incurred by the fund, including management fees. Such securities are expected to be illiquid which may involve a high degree of business and financial risk and may result in substantial losses. Because of the current absence of any liquid trading market for these investments, the Fund may take longer to liquidate these positions than would be the case for publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could be substantially less than those originally paid by the Fund or the current carrying values and these differences could be material. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements applicable to companies whose securities are publicly traded.

NOTE C. AGREEMENTS

Credit Suisse Asset Management, LLC ("Credit Suisse"), serves as the Fund's investment adviser with respect to all investments. Credit Suisse receives as compensation for its advisory services from the Fund, an annual fee, calculated weekly and paid quarterly, equal to 1.00% of the first $100 million of the Fund's average weekly market value or net assets (whichever is lower), 0.90% of the next $50 million and 0.80% of amounts over $150 million. For the year ended December 31, 2008, Credit Suisse earned $2,254,357 for advisory services, of which Credit Suisse waived $10,005. Credit Suisse also provides certain administrative services to the Fund and is reimbursed by the Fund for costs incurred on behalf of the Fund (up to $20,000 per annum). For the year ended December 31, 2008, Credit Suisse was reimbursed $6,467 for administrative services rendered to the Fund.

CELFIN CAPITAL Servicios Financieros S.A. ("Celfin") serves as the Fund's sub-adviser with respect to Chilean investments. As compensation for its services, Celfin is paid a fee, out of the advisory fees payable to Credit Suisse, calculated weekly and paid quarterly at an annual rate of 0.10% of the Fund's average weekly market value or net assets (whichever is lower). For the year ended December 31, 2008, these sub-advisory fees amounted to $251,386.

For the year ended December 31, 2008, Celfin earned approximately $12,608 in brokerage commissions from portfolio transactions executed on behalf of the Fund.

Bear Stearns Funds Management Inc. ("BSFM") served as the Fund's administrator until July 31, 2008. The Fund paid BSFM a monthly fee that was calculated weekly based on the Fund's average weekly net assets. For the period ended July 31, 2008, BSFM earned $101,554 for administrative services.

Brown Brothers Harriman & Co. ("BBH & Co.") serves as the Fund's administrator. For the period August 1, 2008 to December 31, 2008, BBH & Co. earned $47,397 for administrative and accounting services.

Celfin Capital S.A. Administradora de Fondos de Capital Extranjero ("AFCE") serves as the Fund's Chilean administrator. For its services, AFCE is paid an annual fee by the Fund equal to the greater of 2,000 Unidad de Fomentos ("U.F.s") (approximately $68,000 at December 31, 2008) or 0.10% of the Fund's average weekly market value or net assets invested in Chile (whichever is lower) and an annual reimbursement of out-of-pocket expenses not to exceed 500 U.F.s. In addition, an accounting fee is also paid to AFCE. For the year ended December 31, 2008, the administration

22

THE LATIN AMERICA EQUITY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2008

fees and accounting fees amounted to $115,113 and $7,613 respectively.

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing services. For the year ended December 31, 2008, Merrill was paid $30,641 for its services to the Fund.

The Independent Directors receive fifty percent (50%) of their annual retainer in the form of shares. Beginning in 2008, the Independent Directors can elect to receive up to 100% of their annual retainer in shares of the Fund. During the year end December 31, 2008, 1,207 shares were issued through the directors compensation plan. Directors as a group own less than 1% of the Fund's outstanding shares.

NOTE D. CAPITAL STOCK

The authorized capital stock of the Fund is 100,000,000 shares of common stock, $0.001 par value. Of the 6,175,422 shares outstanding at December 31, 2008, Credit Suisse owned 13,746 shares.

NOTE E. INVESTMENT IN SECURITIES

For the year ended December 31, 2008, purchases and sales of securities, other than short-term investments, were $46,986,894 and $118,681,707, respectively.

NOTE F. CREDIT FACILITY

The Fund, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a $50 million committed, unsecured, line of credit facility ("Credit Facility") with State Street Bank and Trust Company for temporary or emergency purposes. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At December 31, 2008, and during the year ended December 31, 2008, the Fund had no borrowings under the Credit Facility.

NOTE G. FEDERAL INCOME TAXES

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The tax character of dividends and distributions paid during the years ended December 31, 2008 and 2007, respectively, by the Fund were as follows:

Ordinary Income				Long-Term Capital Gains
2008		2007		2008		2007
$	3,594,118	$	13,513,266	$	19,052,396	$	65,761,535

The tax basis of components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences. These differences are primarily due to losses deferred on wash sales, timing differences due to partnership investments, and deferral of post-October losses.

At December 31, 2008, the components of distributable earnings on a tax basis, for the Fund were as follows:

Undistributed ordinary income	$	611,492
Undistributed long-term capital gain		16,699
Deferral of post-October capital losses		(376,947	)
Unrealized depreciation		(5,858,038	)
Total distributable earnings	$	(5,606,794	)

At December 31, 2008, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were $151,940,437, $29,819,822, $(35,650,830) and $(5,831,008), respectively.

23

THE LATIN AMERICA EQUITY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2008

At December 31, 2008, the Fund reclassified $96,610 from undistributed net investment income to accumulated net realized loss on investments and foreign currency related transactions. These permanent differences are due to differing book/tax treatments of foreign currency transactions, investments in partnerships, and distribution reclassifications. Net assets were not affected by these reclassifications.

NOTE H. RESTRICTED SECURITIES

Certain of the Fund's investments are restricted as to resale and are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors in the absence of readily ascertainable market values.

Security	Acquisition Date(s)	Cost		Fair Value At 12/31/08		Value per Share		Percent of Net Assets		Distributions Received		Open Commitments
Emerging Markets Ventures I L.P.	01/22/98 – 01/10/06	$	843,254	$	334,587		0.15		0.25	$	2,438,852	$	262,708
J.P. Morgan Latin America Capital Partners, L.P.	04/10/00 – 03/20/08		841,494		389,115		0.16		0.30		2,428,541		626,106
Total		$	1,684,748	$	723,702				0.55	$	4,867,393	$	888,814

The Fund may incur certain costs in connection with the disposition of the above securities.

NOTE I. SHARE REPURCHASE PROGRAM

Share Repurchase Program: The Board of Directors of the Fund, at a meeting held on November 15, 2007, authorized management to make open market purchases from time to time in an amount up to 10% of the Fund's outstanding shares whenever the Fund's shares are trading at a discount to net asset value of 12% or more. Open market purchases may also be made within the discretion of management if the discount is less than 12%. The Board has instructed management to report repurchase activity to it regularly, and to post the number of shares repurchased on the Fund's website on a monthly basis. For the year ended December 31, 2008, the Fund repurchased 136,732 of its shares for a total cost of $3,158,571 at a weighted discount of 15.50% from its net asset value.

NOTE J. CONTINGENCIES

In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

NOTE K. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"), an amendment of FASB Statement No. 133. FAS 161 requires enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for, and (c) how derivative instruments

24

THE LATIN AMERICA EQUITY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2008

and related hedging activities affect a fund's financial position, financial performance, and cash flows. Management of the Funds does not believe the adoption of FAS 161 will materially impact the financial statement amounts, but will require additional disclosures. This will include qualitative and quantitative disclosures on derivative positions existing at period end and the effect of using derivatives during the reporting period. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008.

NOTE L. OTHER MATTERS

On December 31, 2008, Credit Suisse, the corporate parent of the Funds' investment adviser, announced it had signed an agreement to sell part of its Global Investors traditional asset management business to Aberdeen Asset Management ("Aberdeen"), an international investment management group, managing assets for both institutions and private individuals from offices around the world. Credit Suisse has stated that the transaction is subject to customary closing conditions, including regulatory approvals in various jurisdictions and approval by Aberdeen shareholders, and is expected to close in the second quarter of 2009.

Pending the closing of the transaction, Credit Suisse Asset Management, LLC ("CSAM"), Credit Suisse Asset Management Limited (U.K.) ("CSAM UK") and Credit Suisse Asset Management Limited (Australia) ("CSAM Australia") are expected to continue to operate in the ordinary course of business as the investment adviser or sub-adviser of the Funds.

If completed, acquisition of the Credit Suisse business by Aberdeen would constitute an "assignment" of the Funds' Advisory and Sub-Advisory Agreements with CSAM, CSAM UK and CSAM Australia and, by law, would automatically terminate those agreements. Accordingly, each Fund's Board of Directors is considering various options in connection with the transaction, including possibly entering into new investment advisory and sub-advisory agreements with Aberdeen. If approved by a Fund's Board of Directors, including the Directors who are not "interested persons" of the investment manager and its affiliates or the Fund, any new investment advisory and sub-advisory agreements will require the approval of the Fund's shareholders.

25

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders
of The Latin America Equity Fund, Inc.:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of The Latin America Equity Fund, Inc. (the "Fund") at December 31, 2008, the results of its operations for the year then ended and the changes in its net assets and financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Bo ard (United States). These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2008 by correspondence with the custodian, brokers and private equity issuers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland
February 26, 2009

26

RESULTS OF ANNUAL MEETING OF SHAREHOLDERS (UNAUDITED)

On April 10, 2008, the Annual Meeting of Shareholders of the Fund (the "Meeting") was held and the following matter was voted upon:

(1)  To re-elect two directors to the Board of Directors of the Fund:

Name of Director	For		Withheld
James J. Cattano (Class II)		3,340,432		1,661,507
Steven N. Rappaport (Class II)		3,338,187		1,663,752

In addition to the directors elected at the Meeting, Enrique R. Arzac, Lawrence J. Fox and Martin M. Torino continued as directors of the Fund. Subsequent to the Meeting, Lawrence D. Haber resigned as a director of the Fund.

TAX INFORMATION (UNAUDITED)

For the fiscal year ended December 31, 2008, the Fund designates approximately $2,983,147, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for reduced tax rates. These lower rates range from 5% to 15% depending on an individual's tax bracket. If the Fund pays a distribution during calendar year 2008, complete information will be reported in conjunction with Form 1099-DIV.

During the year ended December 31, 2008, the Fund declared $19,052,396 in dividends that were designated as long-term capital gains dividends.

The Fund has made an election under Section 853 to pass through foreign taxes paid by the Fund to its shareholders. The amount of foreign taxes that were passed through to shareholders for the year ended December 31, 2008, was $535,868. The amount of foreign source income was $8,258,767. Shareholders should refer to their Form 1099-DIV to determine the amount includable on their respective tax returns for 2008.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

27

INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED)

Name, Address (Year of Birth)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
Independent Directors
Enrique R. Arzac c/o Credit Suisse Asset Management, LLC Attn: General Counsel Eleven Madison Avenue New York, New York 10010 (1941)	Chairman of the Board of Directors; Nominating Committee Chairman and Audit Committee Member	Director since 1996; Chairman since 2005; current term ends at the 2009 annual meeting	Professor of Finance and Economics, Graduate School of Business, Columbia University since 1971		33	Director of Epoch Holding Corporation (an Investment management and investment advisory services company); Director of The Adams Express Company (a closed-end investment company); Director of Petroleum and Resources Corporation (a closed-end investment company)
James J. Cattano c/o Primary Resources, Inc. 5100 Tamiami Trail N. Naples, FL 34103 (1943)	Director; Nominating Committee Member and Audit Committee Chairman	Since 1990; current term ends at the 2011 annual meeting	President, Primary Resources Inc. (an international trading and manufacturing company specializing in the sale of agricultural commodities throughout Latin American markets) since October 1996		7	None
Lawrence J. Fox One Logan Square 18th & Cherry Streets Philadelphia, Pennsylvania 19103 (1943)	Director; Nominating and Audit Committee Member	Since 2006; Current term ends at the 2009 annual meeting	Partner, Drinker Biddle & Reath (law firm) since 1972		6	None
Steven N. Rappaport Lehigh Court, LLC 555 Madison Ave., 29th Floor New York, New York 10022 (1948)	Director; Nominating and Audit Committee Member	Since 2005; current term ends at the 2011 annual meeting	Partner of Lehigh Court, LLC and RZ Capital (private investment firms) sinceJuly 2002		33	Director of iCAD, Inc. (Surgical & Medical Instruments & Apparatus); Director of Presstek, Inc. (digital imaging technologies company); Director of Wood Resources, LLC (a plywood manufacturing company)

28

INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED) (CONTINUED)

Name, Address (Year of Birth)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
Independent Directors—(continued)
Martin M. Torino c/o Credit Suisse Asset Management, LLC Attn: General Counsel Eleven Madison Avenue New York, New York 10010 (1949)	Director; Nominating and Audit Committee Member	Since 1990; current term ends at the 2010 annual meeting	Chief Executive Officer and Director of Celsur Logistica S.A. (Logistics) since 2002		3	None

Name, Address (Year of Birth)	Position(s) Held with Fund	Length of Time Served	Principal Occupation(s) During Past Five Years
Officers
George R. Hornig Credit Suisse Asset Management, LLC Eleven Madison Avenue New York , New York 10010 (1954)	Chief Executive Officer and President	Since 2008	Managing Director of Credit Suisse; Co-Chief Operating Officer of Asset Management and Head of Asset Management Americas; Associated with Credit Suisse since 1999; Officer of other Credit Suisse Funds.
Matthew J.K. Hickman c/o Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1964)	Chief Investment Officer	Since 2004	Director of Credit Suisse; Financial Advisor with Global Advisors from July 2003 to November 2003; General Manager of Compass Group Investment Advisors S.A. from February 2002 to July 2003; Officer of other Credit Suisse Funds.
Michael A. Pignataro Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1959)	Chief Financial Officer	Since 1993	Director and Director of Fund Administration of Credit Suisse; Associated with Credit Suisse or its predecessor since 1984; Officer of other Credit Suisse Funds.

29

INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED) (CONTINUED)

Name, Address (Year of Birth)	Position(s) Held with Fund	Length of Time Served	Principal Occupation(s) During Past Five Years
Officers—(continued)
Emidio Morizio Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1966)	Chief Compliance Officer	Since 2004	Director and Global Head of Compliance of Credit Suisse; Associated with Credit Suisse since July 2000; Officer of other Credit Suisse Funds.
J.Kevin Gao Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1967)	Chief Legal Officer since 2006; Senior Vice President and Secretary since 2004	Since 2004	Director and Legal Counsel of Credit Suisse; Associated with Credit Suisse since July 2003; Associated with the law firm of Willkie Farr & Gallagher LLP from 1998 to 2003; Officer of other Credit Suisse Funds.
Cecilia Chau Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York 10010 (1973)	Treasurer	Since 2008	Assistant Vice President of Credit Suisse since June 2007; Associated with Alliance Bernstein LP. From January 2007 to May 2007; Associated with Credit Suisse from August 2000 to December 2006; Officer of other Credit Suisse Funds.

30

ADVISORY AGREEMENT APPROVAL DISCLOSURE (UNAUDITED)

Board Consideration and Re-Approval of Investment Advisory and Sub-Advisory Agreements

The Board of Directors (the "Board") of The Latin America Equity Fund, Inc. (the "Fund"), including a majority of the Directors who have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Directors"), is required annually to review and re-approve the terms of the Fund's investment advisory and sub-advisory agreements. During the most recent six months covered by this report, the Board reviewed and re-approved: (i) an investment advisory agreement with Credit Suisse Asset Management, LLC ("Credit Suisse"), and (ii) a sub-advisory agreement with CELFIN CAPITAL Servicios Financieros S.A. ("CELFIN" or the "Sub-Adviser"). These agreements are collectively referred to as the "Advisory Agreements."

More specifically, at a meeting held on November 19-20, 2008, the Board, including the Independent Directors advised by their independent legal counsel, considered the factors and reached the conclusions described below relating to the selection of Credit Suisse and CELFIN and the re-approval of the Advisory Agreements.

Nature, Extent and Quality of Services

The Board received and considered various data and information regarding the nature, extent and quality of services provided to the Fund by Credit Suisse and CELFIN under the Advisory Agreements. The most recent investment adviser registration forms for Credit Suisse and CELFIN were provided to the Board, as were responses of Credit Suisse and CELFIN to a detailed series of requests submitted by the Independent Directors' independent legal counsel on their behalf. The Board reviewed and analyzed these materials, which included, among other things, information about the background and experience of senior management and investment personnel of Credit Suisse and CELFIN. In this regard, the Board specifically reviewed the qualifications, backgrounds and responsibilities of the individual primarily responsible for day-to-day portfolio management services for the Fund.

In addition, the Board considered the investment and legal compliance programs of Credit Suisse and CELFIN, including their compliance policies and procedures and reports of the Fund's Chief Compliance Officer.

The Board also evaluated the ability of Credit Suisse and CELFIN, including their respective resources, reputations and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

Finally, the Board considered preliminary information from Credit Suisse's corporate parent about its search for a strategic partner for part of its asset management business. In reaching its determination to continue the agreements and arrangements, the Board relied upon Credit Suisse's undertaking and assurances to continue providing quality management, personnel and other resources necessary to continue providing advisory services of a nature, extent and quality at least comparable to those currently provided to the Funds.

Based on the above factors, together with those referenced below, the Board concluded that it was satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by Credit Suisse and CELFIN.

31

ADVISORY AGREEMENT APPROVAL DISCLOSURE (UNAUDITED) (CONTINUED)

Fund Performance and Expenses

The Board considered the performance results of the Fund in comparison to the Fund's benchmark index, the MSCI Emerging Markets Free Latin America Index. The Board noted that the Fund has slightly underperformed its benchmark index in recent periods, including in the most recent quarter and year-to-date period ended September 30, 2008.

The Board also considered information regarding the Fund's total expense ratio and its various components in comparison to expense information for a group of funds that was determined to be the most similar to the Fund (the "Peer Group") and of a broader universe of relevant funds (the "Expense Universe"). Lipper Inc. ("Lipper"), an independent provider of investment company data, determined the Peer Group and Expense Universe for the Fund and provided the comparative data. The Board noted that the Fund's overall expense ratio was lower than the median overall expense ratios of the Fund's Peer Group and Expense Universe, including and excluding investment-related expenses and taxes.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance results and expense comparisons supported the re-approval of the Advisory Agreements.

Investment Advisory and Sub-Advisory Fee Rates

The Board reviewed the contractual investment advisory fee rate (the "Advisory Agreement Rate") payable by the Fund to Credit Suisse for investment advisory services. The Board also reviewed the contractual investment sub-advisory fee rate (the "Sub-Advisory Agreement Rate") payable by Credit Suisse to CELFIN for investment sub-advisory services. The Board noted that Credit Suisse had contractually agreed to base its current advisory fee upon the lower of the average weekly stock price or its average weekly net assets.

Additionally, the Board considered information comparing the Advisory Agreement Rate (both on a stand-alone basis and on a combined basis with the Fund's administration fee rates) with that of the other funds in its Peer Group. The Board observed that the combined rates of investment advisory and administration fees for the Fund were lower than the median combined rates of its Peer Group and Expense Universe. The Board also noted that the Fund's administrator is not affiliated with Credit Suisse and that the Fund's administration agreement and corresponding fees were negotiated at arm's length. The Board concluded that these and other factors supported the Advisory Agreement Rate.

The Board also reviewed the Sub-Advisory Agreement Rate charged by CELFIN, which is payable by Credit Suisse and not by the Fund, and concluded that it was not excessive.

Profitability

The Board received and considered an estimated profitability analysis of Credit Suisse based on the Advisory Agreement Rate and on revenues earned from other relationships between the Fund and Credit Suisse and its affiliates. The Board concluded that, in light of the costs of providing investment management and other services to the Fund, the profits and other ancillary benefits that Credit Suisse and its affiliates derived from providing these services to the Fund were not excessive.

32

ADVISORY AGREEMENT APPROVAL DISCLOSURE (UNAUDITED) (CONTINUED)

The Board also received and considered a profit statement related to the Fund from CELFIN. The Board observed the costs of providing portfolio management and other services to the Fund. The Board also noted that the sub-advisory fees are paid to CELFIN by Credit Suisse and not directly by the Fund, and were negotiated at arm's length. Based on these factors, the Board concluded that the profits and other ancillary benefits that CELFIN and its affiliates received with regard to providing these services to the Fund were not excessive.

Economies of Scale

The Board considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Board concluded that any actual or potential economies of scale are shared fairly with Fund shareholders, including most particularly through Advisory Agreement Rate breakpoints.

Information about Services to Other Clients

The Board considered information about the nature and extent of services and fee rates offered by Credit Suisse to other clients, including other registered investment companies, separate accounts and institutional investors and investment companies to which Credit Suisse serves as an unaffiliated sub-adviser. The Board also considered information about the nature and extent of services offered, and general information about the fees charged, by CELFIN to other clients. The Board concluded that the Advisory Agreement Rate and Sub-Advisory Agreement Rate were not excessive, given the nature and extent of services offered and comparison with rates charged to other clients.

Other Benefits to Credit Suisse

The Board also considered information regarding potential "fall-out" or ancillary benefits received by Credit Suisse, CELFIN and their respective affiliates as a result of their relationship with the Fund. In particular, the Board considered that Credit Suisse and CELFIN may gain certain reputational benefits from managing the Fund.

Other Factors and Broader Review

As discussed above, the Board reviews detailed materials received from Credit Suisse and CELFIN as part of the annual re-approval process. The Board also reviews and assesses the quality of the services that the Fund receives throughout the year. In this regard, the Board reviews reports of Credit Suisse and CELFIN at least quarterly, which include, among other things, detailed portfolio and market reviews and detailed fund performance reports.

After considering the above-described factors and based on the deliberations and its evaluation of the information provided to it, the Board concluded that re-approval of the Advisory Agreements for the Fund was in the best interest of the Fund and its shareholders. Accordingly, the Board members unanimously re-approved the Advisory Agreements.

33

PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

Information regarding how the Fund voted proxies related to its portfolio securities during the 12-month period ended June 30, of each year, as well as the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:

  •  by calling 1-800-293-1232;

  •  on the Fund's website, www.credit-suisse.com/us

  •  on the website of the Securities and Exchange Commission, www.sec.gov.

The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that The Latin America Equity Fund, Inc. may from time to time purchase shares of its capital stock in the open market.

34

DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN (UNAUDITED)

The Latin America Equity Fund, Inc. (the "Fund") offers a Dividend Reinvestment and Cash Purchase Plan (the "Plan") to its common stockholders. The Plan offers common stockholders a prompt and simple way to reinvest net investment income dividends and capital gains and other periodic distributions in shares of the Fund's common stock. Computershare Trust Company, N.A. ("Computershare") acts as Plan Agent for stockholders in administering the Plan.

Participation in the Plan is voluntary. In order to participate in the Plan, you must be a registered holder of at least one share of stock of the Fund. If you are a beneficial owner of the Fund having your shares registered in the name of a bank, broker or other nominee, you must first make arrangements with the organization in whose name your shares are registered to have the shares transferred into your own name. Registered shareholders can join the Plan via the Internet by going to www.computershare.com, authenticating your online account, agreeing to the Terms and Conditions of online "Account Access" and completing an online Plan Enrollment Form. Alternatively, you can complete the Plan Enrollment Form and return it to Computershare at the address below.

By participating in the Plan, your dividends and distributions will be promptly paid to you in additional shares of common stock of the Fund. The number of shares to be issued to you will be determined by dividing the total amount of the distribution payable to you by the greater of (i) the net asset value per share ("NAV") of the Fund's common stock on the payment date, or (ii) 95% of the market price per share of the Fund's common stock on the payment date. If the NAV of the Fund's common stock is greater than the market price (plus estimated brokerage commissions) on the payment date, then Computershare (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution on your shares to purchase shares of Fund common stock in the open market.

You should be aware that all net investment income dividends and capital gain distributions are taxable to you as ordinary income and capital gain, respectively, whether received in cash or reinvested in additional shares of the Fund's common stock.

The Plan also permits participants to purchase shares of the Fund through Computershare. You may invest $100 or more monthly, with a maximum of $100,000 in any annual period. Computershare will purchase shares for you on the open market on the 25th of each month or the next trading day if the 25th is not a trading day.

There is no service fee payable by Plan participants for dividend reinvestment. For voluntary cash payments, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of October 2006). Participants will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of October 2006).

You may terminate your participation in the Plan at any time by requesting a certificate or a sale of your shares held in the Plan. Your withdrawal will be effective immediately if your notice is received by Computershare prior to any dividend or distribution record date; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Your dividend participation option will remain the same unless you withdraw all of your whole and fractional Plan shares, in which case your participation in the Plan will be terminated and you will receive subsequent dividends and capital gains distributions in cash instead of shares.

35

DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN (UNAUDITED) (CONTINUED)

If you want further information about the Plan, including a brochure describing the Plan in greater detail, please contact Computershare as follows:

By Internet:	www.computershare.com
By phone:	(800) 730-6001 (U.S. and Canada)
	(781) 575-3100 (Outside U.S. and Canada)
	Customer service associates are available from 9:00 a.m. to 5:00 p.m. Eastern time, Monday through Friday
By mail:	The Latin America Equity Fund, Inc.
	c/o Computershare
	P.O. Box 43078
	Providence, Rhode Island 02940-3078
	All notices, correspondence, questions or other communications sent by mail should be sent by registered or certified mail, return receipt requested.

The Plan may be terminated by the Fund or Computershare upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend or distribution.

36

FUNDS MANAGED BY CREDIT SUISSE ASSET MANAGEMENT, LLC

CLOSED-END FUNDS

Single Country

The Chile Fund, Inc. (AMEX: CH)

The First Israel Fund, Inc. (AMEX: ISL)

The Indonesia Fund, Inc. (AMEX: IF)

Multiple Country

The Emerging Markets Telecommunications Fund, Inc. (AMEX: ETF)

The Latin America Equity Fund, Inc. (AMEX: LAQ)

Fixed Income

Credit Suisse Asset Management Income Fund, Inc. (AMEX: CIK)

Credit Suisse High Yield Bond Fund (AMEX: DHY)

Literature Request—Call today for free descriptive information on the closed-end funds listed above at 800-293-1232 or visit our website at www.credit-suisse.com/us.

OPEN-END FUNDS

Credit Suisse Commodity Return Strategy Fund	Credit Suisse Large Cap Blend Fund
Credit Suisse Global Fixed Income Fund	Credit Suisse Large Cap Growth Fund
Credit Suisse Global Small Cap Fund	Credit Suisse Large Cap Value Fund
Credit Suisse High Income Fund	Credit Suisse Mid-Cap Core Fund
Credit Suisse International Focus Fund	Credit Suisse Small Cap Core Fund
Fund shares are not deposits or other obligations of Credit Suisse Asset Management, LLC or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse Asset Management, LLC or any affiliate. Fund investments are subject to investment risks, including loss of your investment. There are special risk considerations associated with international, global, emerging-market, small-company, private equity, high-yield debt, single-industry, single-country and other special, aggressive or concentrated investment strategies. Past performance cannot guarantee future results.
More complete information about a fund, including charges and expenses, is provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling Credit Suisse Funds at 800-927-2874. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.
Credit Suisse Asset Management Securities, Inc., Distributor.

DIRECT CORPORATE OFFICERS

Enrique R. Arzac	Chairman of the Board of Directors
James J. Cattano	Director
Lawrence J. Fox	Director
Steven N. Rappaport	Director
Martin M. Torino	Director
George R. Hornig	Chief Executive Officer and President
Matthew J.K. Hickman	Chief Investment Officer
J. Kevin Gao	Chief Legal Officer, Senior Vice President and Secretary
Emidio Morizio	Chief Compliance Officer
Michael A. Pignataro	Chief Financial Officer
Cecilia Chau	Treasurer

INVESTMENT ADVISER

Credit Suisse Asset Management, LLC

Eleven Madison Avenue

New York, NY 10010

INVESTMENT SUB-ADVISER

Celfin Capital Servicios Financieros S.A.

Apoquindo 3721, Piso 19

Santiago, Chile

ADMINISTRATOR AND CUSTODIAN

Brown Brothers Harriman & Co.

40 Water Street

Boston, MA 02109

SHAREHOLDER SERVICING AGENT

Computershare Trust Company, N.A.

P.O. Box 43078

Providence, RI 02940

INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

PricewaterhouseCoopers LLP

100 East Pratt Street

Baltimore, MD 21202

LEGAL COUNSEL

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019

This report, including the financial statements herein, is sent to the shareholders of the Fund for their information. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.

LAQ-AR-1208

Item 2. Code of Ethics.

The registrant has adopted a code of ethics applicable to its Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. A copy of the code is filed as Exhibit 12(a)(1) to this Form. There were no amendments to the code during the fiscal year ended December 31, 2008. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended December 31, 2008.

Item 3. Audit Committee Financial Expert.

The registrant’s governing board has determined that it has two audit committee financial experts serving on its audit committee: Enrique R. Arzac and Steven N. Rappaport.  Each audit committee financial expert is “independent” for purposes of this item.

Item 4. Principal Accountant Fees and Services.

(a) through (d). The information in the table below is provided for services rendered to the registrant by its independent registered public accounting firm, PricewaterhouseCoopers LLP (“PwC”), for its fiscal years ended December 31, 2007 and December 31, 2008.

	2007		2008
Audit Fees	$	63,420	$	64,690
Audit-Related Fees(1)	$	3,340	$	3,400
Tax Fees(2)	$	8,345	$	4,000
All Other Fees	—		—
Total	$	75,105	$	72,090

(1) Services include agreed-upon procedures in connection with the registrant’s semi-annual financial statements ($3,340 in 2007 and $3,400 in 2008).

(2) Tax services in connection with the registrant’s excise tax calculations and review of the registrant’s applicable tax returns.

The information in the table below is provided with respect to non-audit services that directly relate to the registrant’s operations and financial reporting and that were rendered by PwC to the registrant’s investment adviser, Credit Suisse Asset Management, LLC (“Credit Suisse”), and any service provider to the registrant controlling, controlled by or under common control with Credit Suisse that provided ongoing services to the registrant (“Covered Services Provider”), for the registrant’s fiscal years ended December 31, 2007 and December 31, 2008.

	2007	2008
Audit-Related Fees	N/A	N/A
Tax Fees	N/A	N/A
All Other Fees	N/A	N/A
Total	N/A	N/A

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(e)(1) Pre-Approval Policies and Procedures.  The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to Credit Suisse and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant.  The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s).  The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than Credit Suisse or the registrant’s officers).  Pre-approval by the Committee of any permissible non-audit services shall not be required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the registrant, Credit Suisse and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the registrant to its independent registered public accounting firm during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X:

	2007	2008
Audit-Related Fees	N/A	N/A
Tax Fees	N/A	N/A
All Other Fees	N/A	N/A
Total	N/A	N/A

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The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to Credit Suisse and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii)of Regulation S-X, for the registrant’s fiscal years ended December 31, 2007 and December 31, 2008:

	2007	2008
Audit-Related Fees	N/A	N/A
Tax Fees	N/A	N/A
All Other Fees	N/A	N/A
Total	N/A	N/A

(f) Not Applicable.

(g) The aggregate fees billed by PwC for non-audit services rendered to the registrant, Credit Suisse and Covered Service Providers for the fiscal years ended December 31, 2007 and December 31, 2008 were $11,685 and $7,400, respectively.

(h) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

The registrant has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended.  The members of the committee are Enrique Arzac, James Cattano, Lawrence Fox, Steven Rappaport and Martin Torino.

Item 6. Schedule of Investments.

Included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

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CREDIT SUISSE ASSET MANAGEMENT, LLC

CREDIT SUISSE FUNDS

CREDIT SUISSE INSTITUTIONAL FUNDS

CREDIT SUISSE CLOSED-END FUNDS

PROXY VOTING POLICY AND PROCEDURES

Introduction

Credit Suisse Asset Management, LLC (“Credit Suisse”) is a fiduciary that owes each of its clients duties of care and loyalty with respect to proxy voting.  The duty of care requires Credit Suisse to monitor corporate events and to vote proxies.  To satisfy its duty of loyalty, Credit Suisse must cast proxy votes in the best interests of each of its clients.

The Credit Suisse Funds, Credit Suisse Institutional Funds, and Credit Suisse Closed-End Funds (the “Funds”), which have engaged Credit Suisse Asset Management, LLC as their investment adviser, are of the belief that the proxy voting process is a means of addressing corporate governance issues and encouraging corporate actions both of which can enhance shareholder value.

Policy

The Proxy Voting Policy (the “Policy”) set forth below is designed to ensure that proxies are voted in the best interests of Credit Suisse’s clients.  The Policy addresses particular issues and gives a general indication of how Credit Suisse will vote proxies.  The Policy is not exhaustive and does not include all potential issues.

Proxy Voting Committee

The Proxy Voting Committee will consist of a member of the Portfolio Management Department, a member of the Legal and Compliance Department, and a member of the Operations Department (or their designees).  The purpose of the Proxy Voting Committee is to administer the voting of all clients’ proxies in accordance with the Policy.  The Proxy Voting Committee will review the Policy annually to ensure that it is designed to promote the best interests of Credit Suisse’s clients.

For the reasons disclosed below under “Conflicts,” the Proxy Voting Committee has engaged the services of an independent third party (initially, Risk Metrics Group’s ISS Governance Services Unit (“ISS”)) to assist in issue analysis and vote recommendation for proxy proposals.  Proxy proposals addressed by the Policy will be voted in accordance with the Policy.  Proxy proposals

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addressed by the Policy that require a case-by-case analysis will be voted in accordance with the vote recommendation of ISS.  Proxy proposals not addressed by the Policy will also be voted in accordance with the vote recommendation of ISS.  To the extent that the Proxy Voting Committee proposes to deviate from the Policy or the ISS vote recommendation, the Committee shall obtain client consent as described below.

Credit Suisse investment professionals may submit a written recommendation to the Proxy Voting Committee to vote in a manner inconsistent with the Policy and/or the recommendation of ISS.  Such recommendation will set forth its basis and rationale.  In addition, the investment professional must confirm in writing that he/she is not aware of any conflicts of interest concerning the proxy matter or provide a full and complete description of the conflict.

Conflicts

Credit Suisse is part of the asset management business of Credit Suisse one of the world’s leading banks.  As part of a global, full service investment-bank, broker-dealer, and asset-management organization, Credit Suisse and its affiliates and personnel may have multiple advisory, transactional, financial, and other interests in securities, instruments, and companies that may be purchased or sold by Credit Suisse for its clients’ accounts.  The interests of Credit Suisse and/or its affiliates and personnel may conflict with the interests of Credit Suisse’s clients in connection with any proxy issue.  In addition, Credit Suisse may not be able to identify all of the conflicts of interest relating to any proxy matter.

Consent

In each and every instance in which the Proxy Voting Committee favors voting in a manner that is inconsistent with the Policy or the vote recommendation of ISS (including proxy proposals addressed and not addressed by the Policy), it shall disclose to the client conflicts of interest information and obtain client consent to vote.  Where the client is a Fund, disclosure shall be made to any one director who is not an “interested person,” as that term is defined under the Investment Company Act of 1940, as amended, of the Fund.

Recordkeeping

Credit Suisse is required to maintain in an easily accessible place for six years all records relating to proxy voting.

These records include the following:

·a copy of the Policy;

·a copy of each proxy statement received on behalf of Credit Suisse clients;

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·a record of each vote cast on behalf of Credit Suisse clients;

·a copy of all documents created by Credit Suisse personnel that were material to making a decision on a vote or that memorializes the basis for the decision; and

·a copy of each written request by a client for information on how Credit Suisse voted proxies, as well as a copy of any written response.

Credit Suisse reserves the right to maintain certain required proxy records with ISS in accordance with all applicable regulations.

Disclosure

Credit Suisse will describe the Policy to each client.  Upon request, Credit Suisse will provide any client with a copy of the Policy.  Credit Suisse will also disclose to its clients how they can obtain information on their proxy votes.

ISS will capture data necessary for Funds to file Form N-PX on an annual basis concerning their proxy voting record in accordance with applicable law.

Procedures

The Proxy Voting Committee will administer the voting of all client proxies. Credit Suisse has engaged ISS as an independent third party proxy voting service to assist in the voting of client proxies.  ISS will coordinate with each client’s custodian to ensure that proxy materials reviewed by the custodians are processed in a timely fashion.  ISS will provide Credit Suisse with an analysis of proxy issues and a vote recommendation for proxy proposals.  ISS will refer proxies to the Proxy Voting Committee for instructions when the application of the Policy is not clear.  The Proxy Voting Committee will notify ISS of any changes to the Policy or deviating thereof.

PROXY VOTING POLICY

Operational Items

Adjourn Meeting

Proposals to provide management with the authority to adjourn an annual or special meeting will be determined on a case-by-case basis.

Amend Quorum Requirements

Proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding will be determined on a case-by-case basis.

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Amend Minor Bylaws

Generally vote for bylaw or charter changes that are of a housekeeping nature.

Change Date, Time, or Location of Annual Meeting

Generally vote for management proposals to change the date/time/location of the annual meeting unless the proposed change is unreasonable.  Generally vote against shareholder proposals to change the date/time/location of the annual meeting unless the current scheduling or location is unreasonable.

Ratify Auditors

Generally vote for proposals to ratify auditors unless: (1) an auditor has a financial interest in or association with the company, and is therefore not independent; (2) fees for non-audit services are excessive, or (3) there is reason to believe that the independent auditor has rendered an opinion, which is neither accurate nor indicative of the company’s financial position.  Generally vote on a case-by-case basis on shareholder proposals asking companies to prohibit their auditors from engaging in non-audit services (or capping the level of non-audit services).  Generally vote on a case-by-case basis on auditor rotation proposals taking into consideration: (1) tenure of audit firm; (2) establishment and disclosure of a renewal process whereby the auditor is regularly evaluated for both audit quality and competitive price; (3) length of the rotation period advocated in the proposal, and (4) significant audit related issues.

Board of Directors

Voting on Director Nominees in Uncontested Elections

Generally votes on director nominees on a case-by-case basis.  Votes may be withheld: (1) from directors who attended less than 75% of the board and committee meetings without a valid reason for the absences; (2) implemented or renewed a dead-hand poison pill; (3) ignored a shareholder proposal that was approved by a majority of the votes cast for two consecutive years; (4) ignored a shareholder proposal approved by a majority of the shares outstanding; (5) have failed to act on takeover offers where the majority of the shareholders have tendered their shares; (6) are inside directors or affiliated outside directors and sit on the audit, compensation, or nominating committee; (7) are inside directors or affiliated outside directors and the full board serves as the audit, compensation, or nominating committee or the company does not have one of these committees; or (8) are audit committee members and the non-audit fees paid to the auditor are excessive

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Cumulative Voting

Proposals to eliminate cumulative voting will be determined on a case-by-case basis. Proposals to restore or provide for cumulative voting in the absence of sufficient good governance provisions and/or poor relative shareholder returns will be determined on a case-by-case basis.

Director and Officer Indemnification and Liability Protection

Proposals on director and officer indemnification and liability protection generally evaluated on a case-by-case basis.  Generally vote against proposals that would: (1) eliminate entirely directors’ and officers’ liability for monetary damages for violating the duty of care; or (2) expand coverage beyond just legal expenses to acts, such as negligence, that are more serious violations of fiduciary obligation than mere carelessness.  Generally vote for only those proposals providing such expanded coverage in cases when a director’s or officer’s legal defense was unsuccessful if: (1) the director was found to have acted in good faith and in a manner that he reasonably believed was in the best interests of the company, and (2) only if the director’s legal expenses would be covered.

Filling Vacancies/Removal of Directors

Generally vote against proposals that provide that directors may be removed only for cause.  Generally vote for proposals to restore shareholder ability to remove directors with or without cause.  Proposals that provide that only continuing directors may elect replacements to fill board vacancies will be determined on a case-by-case basis.  Generally vote for proposals that permit shareholders to elect directors to fill board vacancies.

Independent Chairman (Separate Chairman/CEO)

Generally vote for shareholder proposals requiring the position of chairman be filled by an independent director unless there are compelling reasons to recommend against the proposal, including: (1) designated lead director, elected by and from the independent board members with clearly delineated duties; (2) 2/3 independent board; (3) all independent key committees; or (4) established governance guidelines.

Majority of Independent Directors

Generally vote for shareholder proposals requiring that the board consist of a majority or substantial majority (two-thirds) of independent directors unless the board composition already meets the adequate threshold.  Generally vote for shareholder proposals requiring the board audit, compensation, and/or nominating committees be composed exclusively of independent directors if they currently do not meet that standard.  Generally withhold votes from insiders and affiliated outsiders sitting on the audit, compensation, or nominating committees.  Generally withhold votes from insiders and affiliated outsiders on boards that are

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lacking any of these three panels.  Generally withhold votes from insiders and affiliated outsiders on boards that are not at least majority independent.

Term Limits

Generally vote against shareholder proposals to limit the tenure of outside directors.

Proxy Contests

Voting on Director Nominees in Contested Elections

Votes in a contested election of directors should be decided on a case-by-case basis, with shareholders determining which directors are best suited to add value for shareholders.  The major decision factors are: (1) company performance relative to its peers; (2) strategy of the incumbents versus the dissidents; (3) independence of directors/nominees; (4) experience and skills of board candidates; (5) governance profile of the company; (6) evidence of management entrenchment; (7) responsiveness to shareholders; or (8) whether takeover offer has been rebuffed.

Amend Bylaws without Shareholder Consent

Proposals giving the board exclusive authority to amend the bylaws will be determined on a case-by-case basis.  Proposals giving the board the ability to amend the bylaws in addition to shareholders will be determined on a case-by-case basis.

Confidential Voting

Generally vote for shareholder proposals requesting that corporations adopt confidential voting, use independent vote tabulators and use independent inspectors of election, as long as the proposal includes a provision for proxy contests as follows: In the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy.  If the dissidents agree, the policy may remain in place.  If the dissidents will not agree, the confidential voting policy may be waived.  Generally vote for management proposals to adopt confidential voting.

Cumulative Voting

Proposals to eliminate cumulative voting will be determined on a case-by-case basis.  Proposals to restore or provide for cumulative voting in the absence of sufficient good governance provisions and/or poor relative shareholder returns will be determined on a case-by-case basis.

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Antitakeover Defenses and Voting Related Issues

Advance Notice Requirements for Shareholder Proposals/Nominations

Votes on advance notice proposals are determined on a case-by-case basis.

Amend Bylaws without Shareholder Consent

Proposals giving the board exclusive authority to amend the bylaws will be determined on a case-by-case basis.  Generally vote for proposals giving the board the ability to amend the bylaws in addition to shareholders.

Poison Pills (Shareholder Rights Plans)

Generally vote for shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it.  Votes regarding management proposals to ratify a poison pill should be determined on a case-by-case basis.  Plans should embody the following attributes: (1) 20% or higher flip-in or flip-over; (2) two to three year sunset provision; (3) no dead-hand or no-hand features; or (4) shareholder redemption feature

Shareholders’ Ability to Act by Written Consent

Generally vote against proposals to restrict or prohibit shareholders’ ability to take action by written consent.  Generally vote for proposals to allow or make easier shareholder action by written consent.

Shareholders’ Ability to Call Special Meetings

Proposals to restrict or prohibit shareholders’ ability to call special meetings or that remove restrictions on the right of shareholders to act independently of management will be determined on a case-by-case basis.

Supermajority Vote Requirements

Proposals to require a supermajority shareholder vote will be determined on a case-by-case basis Proposals to lower supermajority vote requirements will be determined on a case-by-case basis.

Merger and Corporate Restructuring

Appraisal Rights

Generally vote for proposals to restore, or provide shareholders with, rights of appraisal.

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Asset Purchases

Generally vote case-by-case on asset purchase proposals, taking into account: (1) purchase price, including earnout and contingent payments; (2) fairness opinion; (3) financial and strategic benefits; (4) how the deal was negotiated; (5) conflicts of interest; (6) other alternatives for the business; or (7) noncompletion risk (company’s going concern prospects, possible bankruptcy).

Asset Sales

Votes on asset sales should be determined on a case-by-case basis after considering: (1) impact on the balance sheet/working capital; (2) potential elimination of diseconomies; (3) anticipated financial and operating benefits; (4) anticipated use of funds; (5) value received for the asset; fairness opinion (if any); (6) how the deal was negotiated; or (6) Conflicts of interest

Conversion of Securities

Votes on proposals regarding conversion of securities are determined on a case-by-case basis. When evaluating these proposals, should review (1) dilution to existing shareholders’ position; (2) conversion price relative to market value; (3) financial issues: company’s financial situation and degree of need for capital; effect of the transaction on the company’s cost of capital; (4) control issues: change in management; change in control; standstill provisions and voting agreements; guaranteed contractual board and committee seats for investor; veto power over certain corporate actions; (5) termination penalties; (6) conflict of interest: arm’s length transactions, managerial incentives.  Generally vote for the conversion if it is expected that the company will be subject to onerous penalties or will be forced to file for bankruptcy if the transaction is not approved.

Corporate Reorganization

Votes on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan are determined on a case-by-case basis, after evaluating: (1) dilution to existing shareholders’ position; (2) terms of the offer; (3) financial issues; (4) management’s efforts to pursue other alternatives; (5) control issues; (6) conflict of interest.  Generally vote for the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.

Reverse Leveraged Buyouts

Votes on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan are determined on a case-by-case basis, after evaluating: (1) dilution to existing shareholders’ position; (2) terms of the offer; (3) financial issues; (4) management’s efforts to pursue other alternatives; (5) control issues; (6) conflict of interest.  Generally vote

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for the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.

Formation of Holding Company

Votes on proposals regarding the formation of a holding company should be determined on a case-by-case basis taking into consideration: (1) the reasons for the change; (2) any financial or tax benefits; (3) regulatory benefits; (4) increases in capital structure; (5) changes to the articles of incorporation or bylaws of the company.  Absent compelling financial reasons to recommend the transaction, generally vote against the formation of a holding company if the transaction would include either of the following: (1) increases in common or preferred stock in excess of the allowable maximum as calculated a model capital structure; (2) adverse changes in shareholder rights; (3) going private transactions; (4) votes going private transactions on a case-by-case basis, taking into account: (a) offer price/premium; (b) fairness opinion; (c) how the deal was negotiated; (d) conflicts of interest; (e) other alternatives/offers considered; (f) noncompletion risk.

Joint Ventures

Vote on a case-by-case basis on proposals to form joint ventures, taking into account: (1) percentage of assets/business contributed; (2) percentage ownership; (3) financial and strategic benefits; (4) governance structure; (5) conflicts of interest; (6) other alternatives; (7) noncompletion risk; (8) liquidations.  Votes on liquidations should be determined on a case-by-case basis after reviewing: (1) management’s efforts to pursue other alternatives such as mergers; (2) appraisal value of the assets (including any fairness opinions); (3) compensation plan for executives managing the liquidation.  Generally vote for the liquidation if the company will file for bankruptcy if the proposal is not approved.

Mergers and Acquisitions

Votes on mergers and acquisitions should be considered on a case-by-case basis, determining whether the transaction enhances shareholder value by giving consideration to: (1) prospects of the combined companies; (2) anticipated financial and operating benefits; (3) offer price; (4) fairness opinion; (5) how the deal was negotiated; (6) changes in corporate governance and their impact on shareholder rights; (7) change in the capital structure; (8) conflicts of interest.

Private Placements

Votes on proposals regarding private placements should be determined on a case-by-case basis. When evaluating these proposals, should review: (1) dilution to existing shareholders’ position; (2) terms of the offer; (3) financial issues; (4) management’s efforts to pursue alternatives such as mergers; (5) control issues; (6) conflict of interest.  Generally vote for the

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private placement if it is expected that the company will file for bankruptcy if the transaction is not approved.

Prepackaged Bankruptcy Plans

Votes on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan are determined on a case-by-case basis, after evaluating: (1) dilution to existing shareholders’ position; (2) terms of the offer; (3) financial issues; (4) management’s efforts to pursue other alternatives; (5) control issues; (6) conflict of interest.  Generally vote for the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.

Recapitalization

Votes case-by-case on recapitalizations (reclassifications of securities), taking into account: (1) more simplified capital structure; (2) enhanced liquidity; (3) fairness of conversion terms, including fairness opinion; (4) impact on voting power and dividends; (5) reasons for the reclassification; (6) conflicts of interest; (7) other alternatives considered.

Reverse Stock Splits

Generally vote for management proposals to implement a reverse stock split when the number of authorized shares will be proportionately reduced.  Generally vote for management proposals to implement a reverse stock split to avoid delisting.  Votes on proposals to implement a reverse stock split that do not proportionately reduce the number of shares authorized for issue should be determined on a case-by-case basis.

Spinoffs

Votes on spinoffs should be considered on a case-by-case basis depending on: (1) tax and regulatory advantages; (2) planned use of the sale proceeds; (3) valuation of spinoff; fairness opinion; (3) benefits that the spinoff may have on the parent company including improved market focus; (4) conflicts of interest; managerial incentives; (5) any changes in corporate governance and their impact on shareholder rights; (6) change in the capital structure

Value Maximization Proposals

Vote case-by-case on shareholder proposals seeking to maximize shareholder value.

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Capital Structure

Adjustments to Par Value of Common Stock

Generally vote for management proposals to reduce the par value of common stock unless the action is being taken to facilitate an antitakeover device or some other negative corporate governance action.  Generally vote for management proposals to eliminate par value.

Common Stock Authorization

Votes on proposals to increase the number of shares of common stock authorized for issuance are determined on a case-by-case basis.  Generally vote against proposals at companies with dual-class capital structures to increase the number of authorized shares of the class of stock that has superior voting rights.  Generally vote for proposals to approve increases beyond the allowable increase when a company’s shares are in danger of being delisted or if a company’s ability to continue to operate as a going concern is uncertain.

Dual-class Stock

Generally vote against proposals to create a new class of common stock with superior voting rights.  Generally vote for proposals to create a new class of nonvoting or subvoting common stock if: (1) it is intended for financing purposes with minimal or no dilution to current shareholders; (2) it is not designed to preserve the voting power of an insider or significant shareholder.

Issue Stock for Use with Rights Plan

Generally vote against proposals that increase authorized common stock for the explicit purpose of implementing a shareholder rights plan.

Preemptive Rights

Votes regarding shareholder proposals seeking preemptive rights should be determined on a case-by-case basis after evaluating: (1) the size of the company; (2) the shareholder base; (3) the liquidity of the stock

Preferred Stock

Generally vote against proposals authorizing the creation of new classes of preferred stock with unspecified voting, conversion, dividend distribution, and other rights (“blank check” preferred stock).  Generally vote for proposals to create “declawed” blank check preferred stock (stock that cannot be used as a takeover defense).  Generally vote for proposals to authorize preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable.  Generally vote against proposals to increase the number of blank check preferred stock authorized for issuance when no shares have been issued or reserved for a specific purpose.  Generally vote case-by-case on proposals to increase the number of blank check

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preferred shares after analyzing the number of preferred shares available for issue given a company’s industry and performance in terms of shareholder returns.

Recapitalization

Vote case-by-case on recapitalizations (reclassifications of securities), taking into account: (1) more simplified capital structure; (2) enhanced liquidity; (3) fairness of conversion terms, including fairness opinion; (4) impact on voting power and dividends; (5) reasons for the reclassification; (6) conflicts of interest; (7) other alternatives considered.

Reverse Stock Splits

Generally vote for management proposals to implement a reverse stock split when the number of authorized shares will be proportionately reduced.  Generally vote for management proposals to implement a reverse stock split to avoid delisting.  Votes on proposals to implement a reverse stock split that do not proportionately reduce the number of shares authorized for issue should be determined on a case-by-case basis.

Share Repurchase Programs

Generally vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

Stock Distributions: Splits and Dividends

Generally vote for management proposals to increase the common share authorization for a stock split or share dividend, provided that the increase in authorized shares would not result in an excessive number of shares available for issuance.

Tracking Stock

Votes on the creation of tracking stock are determined on a case-by-case basis, weighing the strategic value of the transaction against such factors as: (1) adverse governance changes; (2) excessive increases in authorized capital stock; (3) unfair method of distribution; (4) diminution of voting rights; (5) adverse conversion features; (6) negative impact on stock option plans; (7) other alternatives such as a spinoff.

Executive and Director Compensation

Executive and Director Compensation

Votes on compensation plans for directors are determined on a case-by-case basis.

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Stock Plans in Lieu of Cash

Votes for plans which provide participants with the option of taking all or a portion of their cash compensation in the form of stock are determined on a case-by-case basis.  Generally vote for plans which provide a dollar-for-dollar cash for stock exchange.  Votes for plans which do not provide a dollar-for-dollar cash for stock exchange should be determined on a case-by-case basis.

Director Retirement Plans

Generally vote against retirement plans for nonemployee directors.  Generally vote for shareholder proposals to eliminate retirement plans for nonemployee directors.

Management Proposals Seeking Approval to Reprice Options

Votes on management proposals seeking approval to reprice options are evaluated on a case-by-case basis giving consideration to the following: (1) historic trading patterns; (2) rationale for the repricing; (3) value-for-value exchange; (4) option vesting; (5) term of the option; (6) exercise price; (7) participants; (8) employee stock purchase plans.  Votes on employee stock purchase plans should be determined on a case-by-case basis.  Generally vote for employee stock purchase plans where: (1) purchase price is at least 85 percent of fair market value; (2) offering period is 27 months or less, and (3) potential voting power dilution (VPD) is ten percent or less.  Generally vote against employee stock purchase plans where either: (1) purchase price is less than 85 percent of fair market value; (2) Offering period is greater than 27 months, or (3) VPD is greater than ten percent

Incentive Bonus Plans and Tax Deductibility Proposals

Generally vote for proposals that simply amend shareholder-approved compensation plans to include administrative features or place a cap on the annual grants any one participant may receive.  Generally vote for proposals to add performance goals to existing compensation plans.  Votes to amend existing plans to increase shares reserved and to qualify for favorable tax treatment considered on a case-by-case basis.  Generally vote for cash or cash and stock bonus plans that are submitted to shareholders for the purpose of exempting compensation from taxes if no increase in shares is requested.

Employee Stock Ownership Plans (ESOPs)

Generally vote for proposals to implement an ESOP or increase authorized shares for existing ESOPs, unless the number of shares allocated to the ESOP is excessive (more than five percent of outstanding shares.)

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401(k) Employee Benefit Plans

Generally vote for proposals to implement a 401(k) savings plan for employees.

Shareholder Proposals Regarding Executive and Director Pay

Generally vote for shareholder proposals seeking additional disclosure of executive and director pay information, provided the information requested is relevant to shareholders’ needs, would not put the company at a competitive disadvantage relative to its industry, and is not unduly burdensome to the company.  Generally vote against shareholder proposals seeking to set absolute levels on compensation or otherwise dictate the amount or form of compensation.  Generally vote against shareholder proposals requiring director fees be paid in stock only.  Generally vote for shareholder proposals to put option repricings to a shareholder vote.  Vote for shareholders proposals to exclude pension fund income in the calculation of earnings used in determining executive bonuses/compensation.  Vote on a case-by-case basis for all other shareholder proposals regarding executive and director pay, taking into account company performance, pay level versus peers, pay level versus industry, and long term corporate outlook.

Performance-Based Option Proposals

Generally vote for shareholder proposals advocating the use of performance-based equity awards (indexed, premium-priced, and performance-vested options), unless: (1) the proposal is overly restrictive; or (2) the company demonstrates that it is using a substantial portion of performance-based awards for its top executives.

Stock Option Expensing

Generally vote for shareholder proposals asking the company to expense stock options unless the company has already publicly committed to start expensing by a specific date.

Golden and Tin Parachutes

Generally vote for shareholder proposals to require golden and tin parachutes to be submitted for shareholder ratification, unless the proposal requires shareholder approval prior to entering into employment contracts.  Vote on a case-by-case basis on proposals to ratify or cancel golden or tin parachutes.

May 14, 2008

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Information pertaining to the Chief Investment Officer of The Latin America Equity Fund, Inc., as of December 31, 2008, is set forth below.

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Matthew Hickman Chief Investment Officer Since 2004 Year of Birth: 1964 Director of Credit Suisse; Financial Advisor with Global Advisors from July 2003 to November 2003; General Manager of Compass Group Investment Advisors S.A. from February 2002 to July 2003; Financial Advisor with Credit Suisse First Boston from August 2000 to February 2002; Director of ABN AMRO from September 1998 to August 2000; Officer of other Credit Suisse Funds

Registered Investment Companies, Pooled Investment Vehicles and Other Accounts Managed

As reported to the Registrant, the information in the following table reflects the number of registered investment companies, pooled investment vehicles and other accounts managed by Matthew Hickman and the total assets managed within each category as of December 31, 2008.

Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
3	$297 million	2	$219 million	0	N/A

No advisory fee is paid based on performance for any of the accounts listed above.

Potential Conflicts of Interest

It is possible that conflicts of interest may arise in connection with the portfolio managers’ management of the Portfolio’s investments on the one hand and the investments of other accounts on the other. For example, the portfolio managers may have conflicts of interest in allocating management time, resources and investment opportunities among the Portfolio and other accounts they advise. In addition due to differences in the investment strategies or restrictions between the Portfolio and the other accounts, the portfolio managers may take action with respect to another account that differs from the action taken with respect to the Portfolio.  Credit Suisse has adopted policies and procedures that are designed to minimize the effects of these conflicts.

If Credit Suisse believes that the purchase or sale of a security is in the best interest of more than one client, it may (but is not obligated to) aggregate the orders to be sold or purchased to seek favorable execution or lower brokerage commissions, to the extent permitted by applicable laws and regulations.  Credit Suisse may aggregate orders if all participating client accounts benefit equally (i.e., all receive an average price of the aggregated orders). In the event Credit Suisse aggregates an order for participating accounts, the method of allocation will generally be determined prior to the trade execution. Although no specific method of allocation of transactions (as well as expenses

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incurred in the transactions) is expected to be used, allocations will be designed to ensure that over time all clients receive fair treatment consistent with Credit Suisse’s fiduciary duty to its clients (including its duty to seek to obtain best execution of client trades). The accounts aggregated may include registered and unregistered investment companies managed by Credit Suisse’s affiliates and accounts in which Credit Suisse’s officers, directors, agents, employees or affiliates own interests. Applicant may not be able to aggregate securities transactions for clients who direct the use of a particular broker-dealer, and the client also may not benefit from any improved execution or lower commissions that may be available for such transactions.

Compensation

Credit Suisse’s compensation to the Matthew Hickman includes both a fixed base salary component and a bonus component.  The bonus component is composed of two parts.  The first part of the bonus component is discretionary and generally is determined by considering various factors, such as the assets held in the Portfolio and other accounts managed by a portfolio manager, business growth, teamwork, management, corporate citizenship, etc.  The second part of the bonus generally is determined by the pre-tax investment performance of products, including the Portfolio, for which the portfolio manager is responsible (“Performance-Based Bonus”).  Credit Suisse considers both the short-term (generally one-year) and long-term (generally three-year) performance of a portfolio manager relative to selected benchmarks in determining the portfolio manager’s bonus.  The following table sets forth the benchmark used over a one-year period in determining each portfolio manager’s Performance-Based Bonus.

Portfolio Manager	Benchmark	Peer Group
Matthew Hickman	Chile Composite	N/A
	MSCI Latin America	Lipper Latin America Funds

A portion of the bonus may be paid in phantom shares of Credit Suisse Group stock as deferred compensation.  Phantom shares are shares representing an unsecured right to receive on a particular date a specified number of registered shares subject to certain terms and conditions.  .  A portion of the bonus will receive the notional return of the fund(s) the portfolio manager manages and a portion of the bonus will receive the notional return of a basket of other Credit Suisse funds along the product line of the portfolio manager.

Like all employees of Credit Suisse, portfolio managers participate in Credit Suisse’s profit sharing and 401(k) plans.

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Securities Ownership.  As of December 31, 2008, Mr. Hickman directly owned 100 shares of the registrant and 50 shares of the registrant were held by his spouse.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly announced Plans	(d) Maximum Number of Shares that may yet be purchase under the Plan
July 1st through July 31st	0	$	0.00	0	612,831
August 1st through August 31st	0	$	0.00	0	612,831
September 1st through September 30th	7,431	$	27.66	7,431	605,400
October 1st through October 31st	69,817	$	22.38	69,817	535,583
November 1st through November 30th	14,476	$	19.87	14,476	521,107
December 1st through December 31st	36,908	$	18.81	36,908	484,199

(a)The plan was announced November 16, 2007.

(b)10% of the Fund’s outstanding shares.

(c)There is no expiration date of the plan.

(d)Not applicable.

(e)Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated March 3, 2008.

Item 11. Controls and Procedures.

(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective

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based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.

(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)       Registrant’s Code of Ethics is an exhibit to this report.

(a)(2)       The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.

(a)(3)       Not applicable.

(b)           The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE LATIN AMERICA EQUITY FUND, INC.

/s/ George R. Hornig

Name: George R. Hornig

Title:   Chief Executive Officer

Date:   March 6, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ George R. Hornig

Name: George R. Hornig

Title:   Chief Executive Officer

Date:   March 6, 2009

/s/ Michael A. Pignataro

Name: Michael A. Pignataro

Title:   Chief Financial Officer

Date:   March 6, 2009

EX-99.CODEETH

EXHIBIT 99.CODE ETHICS

EXHIBIT 12(a)(1)

CODE OF ETHICS

CREDIT SUISSE FUNDS

CREDIT SUISSE INSTITUTIONAL FUNDS

CREDIT SUISSE CLOSED-END FUNDS

CODE OF ETHICS FOR SENIOR OFFICERS

Preamble

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers.  The Securities and Exchange Commission (the “SEC”) has adopted rules requiring annual disclosure of an investment company’s code of ethics applicable to the company’s principal executive as well as principal financial officers, if such a code has been adopted.  In response, the above Funds (each a “Fund”, and together the “Funds”) have adopted this Code of Ethics.

Statement of Policy

It is the obligation of the senior officers of the Funds to provide full, fair, timely and comprehensible disclosure—financial and otherwise—to Fund shareholders, regulatory authorities and the general public.  In fulfilling that obligation, senior officers must act ethically, honestly and diligently.  This Code is intended to enunciate guidelines to be followed by persons who serve the Funds in senior officerships.  No Code can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the

letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Fund shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Funds, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities.  This Code supplements other policies that the Funds and their adviser have adopted or may adopt in the future with which Fund officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

Covered Persons

This Code of Ethics applies to those persons appointed by the Fund’s Board of Directors as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.  It is recognized that each of such persons currently is a full-time employee of Credit Suisse Asset Management LLC (“Credit Suisse”), each Fund’s investment adviser.

Promotion of Honest and Ethical Conduct

In serving as an officer of the Funds, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Funds, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of a Fund, he has a duty to act in the best interests of the Fund and its shareholders.  The interests of other Credit Suisse clients or Credit Suisse itself or the Covered Person’s personal interests should not be allowed to compromise

the Covered Person’s fulfilling his duties as an officer of the Fund.  The governing Boards of the Funds recognize that the Covered Persons are also officers or employees of Credit Suisse.  Furthermore, the governing Boards of the Funds recognize that, subject to the Covered Person’s fiduciary duties to the Funds, the Covered Persons will in the normal course of their duties (whether formally for the Funds or for Credit Suisse, or for both) be involved in establishing policies and implementing decisions that will have different effects on Credit Suisse and the Funds.  The governing Boards of the Funds recognize that the participation of the Covered Persons in such activities is inherent in the contractual relationship between the Funds and Credit Suisse and/or its affiliates, and is consistent with the expectation of the governing Boards of the performance by the Covered Persons of their duties as officers of the Funds.

If a Covered Person believes that his responsibilities as an officer or employee of Credit Suisse are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Funds, he should consult with Credit Suisse ‘s general counsel, the Funds’ chief legal officer or outside counsel, or counsel to the independent Directors/Trustees of the relevant Fund or Funds.  Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Directors/Trustees of the relevant Fund or Funds or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Fund give a gift or an economic benefit of any kind to him in connection with the person’s retention or the provision of services.

Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Fund shareholders.  No Covered Person shall conceal or fail to disclose information within the Covered Person’s possession legally required to be disclosed or necessary to make the disclosure made not misleading.  If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Credit Suisse’s general counsel or Fund counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, relevant Fund service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.  Each Covered Person shall use his best efforts within his area of expertise to assure that Fund reports reveal, rather than conceal, the relevant Fund’s financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Funds to provide full, fair and accurate financial information and other disclosure to regulators and Fund shareholders.

Each Covered Person shall inquire of other Fund officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Funds, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

Promotion of Compliance with Applicable Government Laws, Rules and Regulations

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Funds and their operations and shall act with competence and due care in serving as an officer of the Funds.  Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Funds, recognizing that he will devote substantial time to providing services to other Credit Suisse clients and will perform other activities as an employee of Credit Suisse.

Each Covered Person shall cooperate with a Fund’s independent auditors, regulatory agencies and internal auditors in their review or inspection of the Fund and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Funds or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Funds or their operations.

Promoting Prompt Internal Reporting of Violations

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the relevant Fund’s Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the relevant Fund’s Audit Committee.  All waivers and amendments shall be disclosed as required by law.

Sanctions

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation.  Such sanctions may include censure, suspension or termination of position as an officer of the Fund.  Sanctions shall be imposed by the relevant Fund’s Audit Committee, subject to review by the entire Board of Directors/Trustees of the Fund.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Funds’ senior officers in the conduct of the Funds’ business.  It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Recordkeeping

The Funds will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board.

Amendments

The Directors/Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

Dated:  May 14, 2008

CODE OF ETHICS FOR SENIOR OFFICERS:

I HEREBY CERTIFY THAT:

(1)I have read and I understand the Code of Ethics for Senior Officers adopted by the Credit Suisse Funds, the Credit Suisse Institutional Funds and the Credit Suisse Closed-End Funds (the “Code of Ethics”);

(2)I recognize that I am subject to the Code of Ethics;

(3)I have complied with the requirements of the Code of Ethics during the calendar year ending December 31,               ; and

(4)I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar year ending December 31,               .

Set forth below exceptions to items (3) and (4), if any:

Name:

Date:

EX-99.CERT

EXHIBIT 99.CERT

EXHIBIT 12(a)(2)

CERTIFICATIONS

I, Michael A. Pignataro, certify that:

1.             I have reviewed this report on Form N-CSR of The Latin America Equity Fund, Inc.;

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.             The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report

that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.             The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  March 6, 2009

/s/ Michael A. Pignataro

Michael A. Pignataro

Chief Financial Officer

I, George R. Hornig, certify that:

1.             I have reviewed this report on Form N-CSR of The Latin America Equity Fund, Inc.;

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.             The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.             The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  March 6, 2009

/s/George R. Hornig

George R. Hornig

Chief Executive Officer

EX-99.906CERT

EXHIBIT 99.906CERT

EXHIBIT 12(b)

SECTION 906 CERTIFICATIONS

SECTION 906 CERTIFICATION

George R. Hornig, Chief Executive Officer, and Michael A. Pignataro, Chief Financial Officer, of The Latin America Equity Fund, Inc. (the “Fund”), each certify to his knowledge that:

(1)The Fund’s periodic report on Form N-CSR for the period ended December 31, 2008 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

/s/ George R. Hornig	/s/ Michael A. Pignataro
George R. Hornig	Michael A. Pignataro
Chief Executive Officer	Chief Financial Officer
March 6, 2009	March 6, 2009

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.