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<PAGE>
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008 A001101 MACKAY-SHIELDS FINANCIAL CORPORATION
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SIGNATURE JENNIFER B. MCHUGH
TITLE ATTORNEY
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<REALIZED-GAINS-CURRENT> 961,896
<APPREC-INCREASE-CURRENT> (10,866,414)
<NET-CHANGE-FROM-OPS> 4,478,442
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,405,743)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,643,335
<NUMBER-OF-SHARES-REDEEMED> (38,777,335)
<SHARES-REINVESTED> 14,405,743
<NET-CHANGE-IN-ASSETS> (8,655,558)
<ACCUMULATED-NII-PRIOR> 3,457
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (45,290)
<OVERDIST-NET-GAINS-PRIOR> (2,748,208)
<GROSS-ADVISORY-FEES> 569,711
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,321,852
<AVERAGE-NET-ASSETS> 227,864,593
<PER-SHARE-NAV-BEGIN> 13.420
<PER-SHARE-NII> 0.870
<PER-SHARE-GAIN-APPREC> (0.590)
<PER-SHARE-DIVIDEND> (0.870)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.830
<EXPENSE-RATIO> 0.580
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES>
<NUMBER> 06
<NAME> MAINSTAY VP GOVERNMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 77,300,554
<INVESTMENTS-AT-VALUE> 77,573,713
<RECEIVABLES> 1,369,237
<ASSETS-OTHER> 2,327
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78,945,277
<PAYABLE-FOR-SECURITIES> 5,753,923
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,814
<TOTAL-LIABILITIES> 5,822,737
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,967,622
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<NET-ASSETS> 73,122,540
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 4,644,150
<REALIZED-GAINS-CURRENT> (1,685,892)
<APPREC-INCREASE-CURRENT> (1,228,232)
<NET-CHANGE-FROM-OPS> 1,730,026
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 1,886,986
<NUMBER-OF-SHARES-REDEEMED> (1,218,718)
<SHARES-REINVESTED> 478,461
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES>
<NUMBER> 07
<NAME> MAINSTAY VP CASH MANAGEMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
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<INVESTMENTS-AT-VALUE> 118,558,267
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<TOTAL-LIABILITIES> 600,487
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<PAID-IN-CAPITAL-COMMON> 118,348,988
<SHARES-COMMON-STOCK> 118,349,803
<SHARES-COMMON-PRIOR> 87,841,000
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> 4,723,279
<REALIZED-GAINS-CURRENT> (733)
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<NET-CHANGE-FROM-OPS> 4,722,546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,723,279)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 237,105,070
<NUMBER-OF-SHARES-REDEEMED> (211,181,858)
<SHARES-REINVESTED> 4,585,591
<NET-CHANGE-IN-ASSETS> 30,507,578
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,333)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 240,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 619,000
<AVERAGE-NET-ASSETS> 96,094,000
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.049
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<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.049)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES>
<NUMBER> 08
<NAME> MAINSTAY VP HIGH YIELD CORPORATE BOND PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
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<INVESTMENTS-AT-VALUE> 203,081,885
<RECEIVABLES> 4,863,727
<ASSETS-OTHER> 213
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 207,945,825
<PAYABLE-FOR-SECURITIES> 2,779,009
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 165,781
<TOTAL-LIABILITIES> 2,944,790
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 199,113,296
<SHARES-COMMON-STOCK> 17,655,632
<SHARES-COMMON-PRIOR> 4,105,235
<ACCUMULATED-NII-CURRENT> 50,573
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,372,888
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,464,278
<NET-ASSETS> 205,001,035
<DIVIDEND-INCOME> 306,663
<INTEREST-INCOME> 10,189,398
<OTHER-INCOME> 0
<EXPENSES-NET> (759,780)
<NET-INVESTMENT-INCOME> 9,736,281
<REALIZED-GAINS-CURRENT> 4,084,739
<APPREC-INCREASE-CURRENT> 3,943,445
<NET-CHANGE-FROM-OPS> 17,764,465
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,685,708)
<DISTRIBUTIONS-OF-GAINS> (2,622,325)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,714,173
<NUMBER-OF-SHARES-REDEEMED> (225,140)
<SHARES-REINVESTED> 1,061,364
<NET-CHANGE-IN-ASSETS> 161,686,564
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (89,526)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 809,000
<AVERAGE-NET-ASSETS> 113,400,000
<PER-SHARE-NAV-BEGIN> 10.550
<PER-SHARE-NII> 0.590
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<PER-SHARE-DIVIDEND> (0.590)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES>
<NUMBER> 09
<NAME> MAINSTAY VP INTERNATIONAL EQUITY PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
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<INVESTMENTS-AT-VALUE> 32,573,758
<RECEIVABLES> 865,508
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<TOTAL-ASSETS> 36,554,170
<PAYABLE-FOR-SECURITIES> 1,987,559
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<OTHER-ITEMS-LIABILITIES> 57,391
<TOTAL-LIABILITIES> 2,044,950
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,569,344
<SHARES-COMMON-STOCK> 3,239,740
<SHARES-COMMON-PRIOR> 1,434,988
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,482,027)
<ACCUMULATED-NET-GAINS> 762,854
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,659,049
<NET-ASSETS> 34,509,220
<DIVIDEND-INCOME> 379,158
<INTEREST-INCOME> 108,380
<OTHER-INCOME> 0
<EXPENSES-NET> (238,348)
<NET-INVESTMENT-INCOME> 249,190
<REALIZED-GAINS-CURRENT> 758,097
<APPREC-INCREASE-CURRENT> 1,478,435
<NET-CHANGE-FROM-OPS> 2,485,722
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,745,204)
<DISTRIBUTIONS-OF-GAINS> (44,794)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,776,759
<NUMBER-OF-SHARES-REDEEMED> (140,402)
<SHARES-REINVESTED> 168,395
<NET-CHANGE-IN-ASSETS> 19,878,510
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 63,538
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 147,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 371,000
<AVERAGE-NET-ASSETS> 24,572,000
<PER-SHARE-NAV-BEGIN> 10.200
<PER-SHARE-NII> 0.140
<PER-SHARE-GAIN-APPREC> 0.920
<PER-SHARE-DIVIDEND> (0.600)
<PER-SHARE-DISTRIBUTIONS> (0.010)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.650
<EXPENSE-RATIO> 0.970
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES>
<NUMBER> 10
<NAME> MAINSTAY VP VALUE PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 106,549,294
<INVESTMENTS-AT-VALUE> 119,644,974
<RECEIVABLES> 879,407
<ASSETS-OTHER> 124
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 120,524,505
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 109,617
<TOTAL-LIABILITIES> 109,617
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 106,417,289
<SHARES-COMMON-STOCK> 8,662,000
<SHARES-COMMON-PRIOR> 2,109,524
<ACCUMULATED-NII-CURRENT> 2,636
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 899,283
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,095,680
<NET-ASSETS> 120,414,888
<DIVIDEND-INCOME> 1,410,854
<INTEREST-INCOME> 499,148
<OTHER-INCOME> 0
<EXPENSES-NET> (492,180)
<NET-INVESTMENT-INCOME> 1,417,822
<REALIZED-GAINS-CURRENT> 2,468,445
<APPREC-INCREASE-CURRENT> 11,576,673
<NET-CHANGE-FROM-OPS> 15,462,940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,415,317)
<DISTRIBUTIONS-OF-GAINS> (1,616,124)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,413,731
<NUMBER-OF-SHARES-REDEEMED> (78,366)
<SHARES-REINVESTED> 217,111
<NET-CHANGE-IN-ASSETS> 95,985,438
<ACCUMULATED-NII-PRIOR> 131
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 243,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 534,000
<AVERAGE-NET-ASSETS> 67,422,000
<PER-SHARE-NAV-BEGIN> 11.580
<PER-SHARE-NII> 0.170
<PER-SHARE-GAIN-APPREC> 2.520
<PER-SHARE-DIVIDEND> (0.170)
<PER-SHARE-DISTRIBUTIONS> (0.200)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.900
<EXPENSE-RATIO> 0.730
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES>
<NUMBER> 11
<NAME> MAINSTAY VP CONVERTIBLE PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> OCT-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 15,081,322
<INVESTMENTS-AT-VALUE> 15,333,540
<RECEIVABLES> 154,802
<ASSETS-OTHER> 45,860
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,534,202
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,842
<TOTAL-LIABILITIES> 69,842
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,207,315
<SHARES-COMMON-STOCK> 1,506,367
<SHARES-COMMON-PRIOR> 1,000,000
<ACCUMULATED-NII-CURRENT> 61
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,766
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 252,218
<NET-ASSETS> 15,464,360
<DIVIDEND-INCOME> 33,132
<INTEREST-INCOME> 142,602
<OTHER-INCOME> 0
<EXPENSES-NET> (21,851)
<NET-INVESTMENT-INCOME> 153,883
<REALIZED-GAINS-CURRENT> 31,320
<APPREC-INCREASE-CURRENT> 252,218
<NET-CHANGE-FROM-OPS> 437,421
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (153,822)
<DISTRIBUTIONS-OF-GAINS> (26,554)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 493,969
<NUMBER-OF-SHARES-REDEEMED> (5,130)
<SHARES-REINVESTED> 17,528
<NET-CHANGE-IN-ASSETS> 5,464,360
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 44,000
<AVERAGE-NET-ASSETS> 11,908,000
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> 0.290
<PER-SHARE-DIVIDEND> (0.100)
<PER-SHARE-DISTRIBUTIONS> (0.020)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.270
<EXPENSE-RATIO> 0.730
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
February 19, 1997
To the Board of Directors of
MainStay VP Series Fund, Inc.
In planning and performing our audit of the financial statements of Capital
Appreciation Portfolio, Cash Management Portfolio, Convertible Portfolio,
Government Portfolio, High Yield Corporate Bond Portfolio, International Equity
Portfolio, Total Return Portfolio, Value Portfolio, Bond Portfolio, Growth
Equity Portfolio and Indexed Equity Portfolio, separate portfolios constituting
MainStay VP Series Fund, Inc. (the "Fund") for the year ended December 31, 1996,
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 may 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
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of 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 procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
Price Waterhouse LLP
NEW YORK LIFE MFA SERIES FUND, INC.
ARTICLES SUPPLEMENTARY
New York Life MFA Series Fund, Inc., a Maryland Corporation registered as
an open-end investment company under the Investment Company Act of 1940 and
having its principal place of business in Baltimore, Maryland (the
"Corporation"), certifies to the State Department of Assessments and Taxation of
Maryland that:
FIRST: Pursuant to the authority granted to the Board of Directors in
Sections (1) and (2) of Article fifth of the Corporation's Articles of
Incorporation, as amended, there is hereby established and designated one
additional class (or "series") of common stock, as follows: one hundred million
(100,000,000) shares of the Corporation are hereby classified as Convertible
Portfolio shares.
SECOND: The total number of shares of capital stock which the Corporation
has the authority to issue remains two billion (2,000,000,000) shares of par
value of one cent ($0.01) per share and of the aggregate par value of twenty
million dollars ($20,000,000).
THIRD: The preferences, rights, voting powers, restrictions, limitations as
to dividends, qualifications, and terms and conditions of redemptions of the
shares of common stock of the Convertible Portfolio is as set forth in Articles
Fifth and Sixth of the Corporation's Articles of Incorporation, as amended, and
shall be subject to all provisions of the Articles of Incorporation, as amended,
relating to shares of the Corporation generally.
FOURTH: Immediately prior to the effectiveness of these Articles
Supplementary, the number of authorized shares indicated in Article Fifth of the
Corporation's Articles of Incorporation, as amended, was two billion
(2,000,000,000) shares of par value of one cent ($0.01) per share and of the
aggregate par value of twenty million dollars ($20,000,000). Immediately prior
to the effectiveness of these Articles Supplementary, the Cash Management
Portfolio was allocated 200,000,000 shares of common stock; the Growth Equity
Portfolio, the Bond Portfolio, the High Yield Corporate Bond Portfolio, the
International Equity Portfolio, the Money Market and the Value Portfolio were
each allocated 100,000,000 shares of common stock; and the Capital Appreciation
Portfolio, the Indexed Equity Portfolio, the Total Return Portfolio and the
Government Portfolio were each allocated 50,000,000 shares of common stock. The
Board of Directors' power to classify and reclassify any unissued shares is not
changed by these Articles Supplementary.
FIFTH: Immediately prior to the effectiveness of these Articles
Supplementary, the Money Market Portfolio was allocated 100,000,000 shares of
common stock and the Board of Directors, on behalf of the Corporation, wish to
correct these Articles to correctly reflect that the Money Market Portfolio was
merged into the Cash Management Portfolio, and the combined Portfolio was
allocated 200,000,000 shares of common stock.
SIXTH: The foregoing amendments to the Corporation's Articles of
Incorporation was approved pursuant to Article V, Section 2, by the entire Board
of Directors of the Corporation at a meeting held on August 22, 1996.
IN WITNESS WHEREOF, NEW YORK LIFE MFA SERIES FUND, INC. has caused these
presents to be signed in its name and on its behalf by its President and
attested by its Secretary on this 28th day of August, 1996.
ATTEST: NEW YORK LIFE MFA SERIES
FUND, INC.
By: /s/A. Thomas Smith III By: /s/Anne F. Pollack
Secretary President
THE UNDERSIGNED, President of New York Life MFA Series Fund, Inc., who
executed on behalf of the Corporation the foregoing Articles Supplementary of
which this certificate is made a part, hereby acknowledges that these Articles
Supplementary are the act of the Corporation, that to the best of her knowledge,
information and belief the matters and facts set forth herein relating to the
authorization and approval of the Articles Supplementary are true in all
material respects and that this statement is made under the penalties of
perjury.
By: /s/Anne F. Pollack
President
NEW YORK LIFE MFA SERIES FUND, INC.
ARTICLES OF AMENDMENT
New York Life MFA Series Fund, Inc., a Maryland having its principal office
in Baltimore City, Maryland (hereinafter called the "Corporation"), hereby
certifies to the State Department of Assessments and Taxation of the State of
Maryland that:
FIRST: The Corporation is registered as an open-end investment company
under the Investment Company Act of 1940.
SECOND: The Articles of Incorporation of the Corporation are hereby amended
by striking out Article II and inserting in lieu thereof:
ARTICLE II
NAME
The name of the corporation is MainStay VP Series Fund, Inc.
(the "Corporation").
THIRD: The Corporation currently has eleven classes of shares designated as
the: Growth Equity Portfolio; Bond Portfolio; Capital Appreciation Portfolio;
Indexed Equity Portfolio; Total Return Portfolio; Government Portfolio; High
Yield Corporate Bond Portfolio; International Equity Portfolio; Value Portfolio;
Cash Management Portfolio; and Convertible Portfolio.
FOURTH: The Corporation is herewith changing the name of the Growth Equity
Portfolio to MainStay VP Growth Equity Portfolio; the Bond Portfolio to MainStay
VP Bond Portfolio; the Capital Appreciation Portfolio to MainStay VP Capital
Appreciation Portfolio; the Indexed Equity Portfolio to MainStay VP Indexed
Equity Portfolio; the Total Return Portfolio to MainStay VP Total Return
Portfolio; the Government Portfolio to MainStay VP Government Portfolio; the
High Yield Corporate Bond Portfolio to MainStay VP High Yield Corporate Bond
Portfolio; the International Equity Portfolio to MainStay VP International
Equity Portfolio; the Value Portfolio to MainStay VP Value Portfolio; the Cash
Management Portfolio to MainStay VP Cash Management Portfolio; and the
Convertible Portfolio to MainStay VP Convertible Portfolio.
FIFTH: The foregoing amendment to the Corporation's Articles of
Incorporation and the change of the name of each of the Corporation's classes
was approved pursuant to Article V, Section 2, by the entire Board of Directors
of the Corporation at a meeting held on August 22, 1996 and in accordance with
Section 2-605(a)(4) under Title 2 of Corporations and Associations of the
Annotated Code of Maryland.
IN WITNESS WHEREOF, New York Life MFA Series Fund, Inc. has caused these
Articles of Amendment to be signed in its name and on its behalf by its
President and attested by its Secretary on August 28, 1996.
ATTEST: NEW YORK LIFE MFA SERIES
FUND, INC.
By: /s/A. Thomas Smith III By: /s/Anne F. Pollack
A. Thomas Smith Anne F. Pollack
Secretary President
THE UNDERSIGNED, President of New York Life MFA Series Fund, Inc., who
executed on behalf of the Corporation the foregoing Articles of Amendment of
which this certificate is made a part, hereby acknowledges that these Articles
of Amendment are the act of the Corporation, that to the best of her knowledge,
information and belief the matters and facts set forth herein relating to the
authorization and approval of the Articles of Amendment are true in all material
respects and that this statement is made under the penalties of perjury.
By: /s/Anne F. Pollack
Anne F. Pollack
President
