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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 16
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068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
<PAGE> PAGE 21
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 404882
071 B000500 402142
071 C000500 214816
071 D000500 187
072 A000500 12
072 B000500 15476
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<PAGE> PAGE 22
072 S000500 0
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072 X000500 1117
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072EE000500 640
073 A010500 0.8812
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073 B000500 0.0394
073 C000500 0.0000
074 A000500 6
074 B000500 0
074 C000500 4242
074 D000500 221262
074 E000500 0
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074 R040500 143
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074 T000500 228949
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<PAGE> PAGE 23
076 000500 0.00
008 A000601 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000601 A
008 C000601 801-5594
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10019
015 A000601 BANK OF NEW YORK
015 B000601 C
015 C010601 NEW YORK
015 C020601 NY
015 C030601 10286
015 E010601 X
024 000600 Y
025 A000601 LEHMAN BROTHERS
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<PAGE> PAGE 24
028 G040600 6047
028 H000600 0
053 A000600 N
062 A000600 Y
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062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 16.7
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 47.0
062 N000600 37.7
062 O000600 0.0
062 P000600 0.0
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062 R000600 0.0
063 A000600 0
063 B000600 10.4
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 N
<PAGE> PAGE 25
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 Y
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 247395
071 B000600 243515
071 C000600 70586
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<PAGE> PAGE 26
072EE000600 0
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008 A000701 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000701 A
008 C000701 801-5594
008 D010701 NEW YORK
008 D020701 NY
008 D030701 10019
015 A000701 BANK OF NEW YORK
015 B000701 C
015 C010701 NEW YORK
015 C020701 NY
015 C030701 10286
015 E010701 X
024 000700 Y
<PAGE> PAGE 27
025 A000701 GOLDMAN SACHS
025 C000701 D
025 D000701 6321
025 A000702 TRAVELERS, INC.
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053 A000700 N
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<PAGE> PAGE 28
062 J000700 0.0
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063 A000700 60
063 B000700 0.0
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 N
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
<PAGE> PAGE 29
070 Q020700 N
070 R010700 N
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<PAGE> PAGE 30
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008 A000801 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000801 A
008 C000801 801-5594
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008 D030801 10019
015 A000801 BANK OF NEW YORK
015 B000801 C
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015 C030801 10286
015 E010801 X
024 000800 N
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<PAGE> PAGE 31
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<PAGE> PAGE 32
053 A000800 Y
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
074 X000800 5
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008 A000901 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000901 A
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008 D010901 NEW YORK
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024 000900 Y
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<PAGE> PAGE 36
025 A000912 UNION BANK OF SWITZERLAND (FORWARD CONTRACT)
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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070 A010900 Y
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070 F020900 N
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070 I020900 N
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070 O020900 N
070 P010900 Y
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070 Q010900 N
070 Q020900 N
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<PAGE> PAGE 39
071 A000900 16408
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<PAGE> PAGE 40
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008 A001001 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001001 A
008 C001001 801-5594
008 D011001 NEW YORK
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015 A001001 BANK OF NEW YORK
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024 001000 Y
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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008 A001101 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001101 A
008 C001101 801-5594
008 D011101 NEW YORK
008 D021101 NY
008 D031101 10019
015 A001101 BANK OF NEW YORK
015 B001101 C
015 C011101 NEW YORK
015 C021101 NY
015 C031101 10286
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024 001100 Y
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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SIGNATURE JENNIFER B. MCHUGH
TITLE ATTORNEY
PRICE WATERHOUSE LLP
February 23, 1998
To the Shareholders and Board of Directors of
MainStay VP Series Fund, Inc.
In planning and performing our audit of the financial statements of MainStay VP
Series Funds, Inc. (the "Funds") for the year ended December 31, 1997, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control components does not reduce to a relatively low level
the risk that errors or 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and the
Board of Directors of the Fund and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<SERIES> MAINSTAY VP CAPITAL APPRECIATION PORTFOLIO
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<NAME>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND,INC.
<SERIES> MAINSTAY VP GROWTH EQUITY PORTFOLIO
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<NAME>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES> MAINSTAY VP INDEXED EQUITY PORTFOLIO
<NUMBER> 3
<NAME>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES> MAINSTAY VP TOTAL RETURN PORTFOLIO
<NUMBER> 4
<NAME>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES> MAINSTAY VP BOND PORTFOLIO
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<NAME>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUNDS, INC.
<SERIES> MAINSTAY VP GOVERNMENT PORTFOLIO
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<NAME>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES> MAINSTAY VP CASH MANAGEMENT PORTFOLIO
<NUMBER> 7
<NAME>
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<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC,
<SERIES> MAINSTAY VP HIGH YIELD CORPORATE BOND PORTFOLIO
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<NAME>
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<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES> MAINSTAY VP INTERNATIONAL EQUITY PORTFOLIO
<NUMBER> 9
<NAME>
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<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES> MAINSTAY VP VALUE PORTFOLIO
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<NAME>
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887340
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES> MAINSTAY VP CONVERTIBLE PORTFOLIO
<NUMBER> 11
<NAME>
<MULTIPLIER> 1
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
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