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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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015 A000701 BANK OF NEW YORK
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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008 B000901 A
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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070 A010900 Y
<PAGE> PAGE 41
070 A020900 N
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070 B020900 N
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070 C020900 N
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070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 Y
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 Y
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070 N020900 N
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070 Q010900 N
070 Q020900 N
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070 R020900 N
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<PAGE> PAGE 42
072 M000900 2
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<PAGE> PAGE 43
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008 A001001 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001001 A
008 C001001 801-5594
008 D011001 NEW YORK
008 D021001 NY
008 D031001 10019
015 A001001 BANK OF NEW YORK
015 B001001 C
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015 C021001 NY
015 C031001 10286
015 E011001 X
024 001000 Y
025 A001001 BANKAMERICA CORP.
025 C001001 E
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025 A001002 CITIGROUP INC.
025 C001002 E
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025 A001003 EQUITABLE COMPS INC.
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<PAGE> PAGE 44
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<PAGE> PAGE 45
054 L001000 Y
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<PAGE> PAGE 46
070 H011000 Y
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<PAGE> PAGE 47
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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
<PAGE> PAGE 48
015 A001101 BANK OF NEW YORK
015 B001101 C
015 C011101 NEW YORK
015 C021101 NY
015 C031101 10286
015 E011101 X
024 001100 Y
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<PAGE> PAGE 49
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<PAGE> PAGE 50
062 A001100 Y
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064 B001100 N
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070 A021100 N
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070 C021100 N
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070 D021100 N
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070 G021100 N
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070 H021100 N
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<PAGE> PAGE 51
070 J011100 Y
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<PAGE> PAGE 52
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008 A001201 NEW YORK LIFE INSURANCE COMPANY
008 B001201 A
008 C001201 801-19525
008 D011201 NEW YORK
008 D021201 NY
008 D031201 10010
008 A001202 AMERICAN CENTURY INVESTMENT MANAGEMENT, INC.
008 B001202 S
008 C001202 801-8174
008 D011202 KANSAS CITY
<PAGE> PAGE 53
008 D021202 MO
008 D031202 64111
015 A001201 BANK OF NEW YORK
015 B001201 C
015 C011201 NEW YORK
015 C021201 NY
015 C031201 10286
015 E011201 X
024 001200 Y
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
070 L021200 Y
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<PAGE> PAGE 57
073 A021200 0.0000
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008 A001301 NEW YORK LIFE INSURANCE COMPANY
008 B001301 A
008 C001301 801-19525
008 D011301 NEW YORK
008 D021301 NY
008 D031301 10010
008 A001302 THE DREYFUS CORPORATION
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008 D031302 10166
015 A001301 BANK OF NEW YORK
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<PAGE> PAGE 58
015 C021301 NY
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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008 A001401 NEW YORK LIFE INSURANCE COMPANY
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008 A001402 EAGLE ASSET MANAGEMENT, INC.
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<PAGE> PAGE 63
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045 001400 Y
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<PAGE> PAGE 64
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<PAGE> PAGE 65
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 N
070 B011400 Y
070 B021400 N
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070 D021400 N
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070 E021400 N
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070 I021400 N
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070 K021400 Y
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070 O021400 N
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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SIGNATURE MICHAEL MCDONOUGH
TITLE ATTORNEY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MAINSTAY VP SERIES FUND, INC.
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<NAME> MAINSTAY VP CAPITAL APPRECIATION PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MAINSTAY VP SERIES FUND, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MAINSTAY VP SERIES FUND, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY VP SERIES FUND, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MAINSTAY VP SERIES FUND, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> MAINSTAY VP SERIES FUND, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY VP SERIES FUND, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES>
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<NAME> MAINSTAY VP HIGH YIELD CORPORATE BOND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY VP SERIES FUND, INC.
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<NAME> MAINSTAY VP INTERNATIONAL EQUITY PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY VP SERIES FUND, INC.
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<NAME> MAINSTAY VP VALUE PORTFOLIO
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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> 0000787441
<NAME> MAINSTAY VP SERIES FUNDS
<SERIES>
<NUMBER> 11
<NAME> MAINSTAY VP CONVERTIBLE PORTFOLIO
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<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES>
<NUMBER> 12
<NAME> MAINSTAY VP AMERICAN CENTURY INCOME & GROWTH
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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> 0000787441
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES>
<NUMBER> 13
<NAME> MAINSTAY VP DREYFUS LARGE COMPANY VALUE
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> DEC-31-1998
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<PERIOD-END> DEC-31-1998
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<PER-SHARE-NAV-BEGIN> 10.000
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<EXPENSE-RATIO> 0.950
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY VP SERIES FUND, INC.
<SERIES>
<NUMBER> 14
<NAME> MAINSTAY VP EAGLE ASSET MANAGEMENT GROWTH & EQUITY
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAY-01-1998
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<PER-SHARE-NII> 0.010
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY SERIES FUND, INC.
<SERIES>
<NUMBER> 15
<NAME> MAINSTAY VP LORD ABBETT DEVELOPING GROWTH
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> DEC-31-1998
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<INVESTMENTS-AT-VALUE> 15,764,815
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<NET-CHANGE-FROM-OPS> 12,986
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<DISTRIBUTIONS-OF-GAINS> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 107,00
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<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.010)
<PER-SHARE-GAIN-APPREC> (0.780)
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</TABLE>
Report of Independent Accountants
To the Shareholders and Board of Directors of
MainStay VP Series Fund, Inc.
In planning and performing our audits of the financial statements of MainStay VP
Series Fund, Inc. (the "Fund") for the year ended December 31, 1998, 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
controls. Generally, controls 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 controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
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.
/s/
PricewaterhouseCoopers LLP
New York, New York
February 26, 1999
