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SIGNATURE MARGARET HANKARD
TITLE ESQUIRE
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1000
<S> <C>
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<PAGE>
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<PAGE>
</TABLE>
EXHIBIT - 99
<PAGE>
For Period Ended December 31, 1995
File Number 811-1998
This report is signed on behalf of the Registrant, New York
Life Fund, Inc. in the City of New York, in the State of New York
on the 26th day of February, 1996.
New York Life Fund, Inc.
By: /s/ Marc Chalfin
Marc Chalfin
Controller
Witness:
/s/ Gregory J. Mulligan
Gregory J. Mulligan
Assistant Secretary
<PAGE>
1177 Avenue of the Americas
New York, NY 10036
Telephone (212) 596-7000
Facsimile (212) 596-8910
Price Waterhouse LLP
February 2, 1996
To the Board of Directors
of New York Life Fund, Inc.
In planning and performing our audit of the financial statements
of the New York Life Fund (the "Fund") for the year ended
December 31, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are appropriately safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weakness under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
<PAGE>
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
<PAGE>
