MAINSTAY INSTITUTIONAL FUNDS INC
497, 2000-03-02
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                          MAINSTAY VP SERIES FUND, INC.

                       Supplement dated February 29, 2000
                       To the Prospectus dated May 1, 1999

         Steven  Tananbaum  is no longer  employed by MacKay  Shields  LLC,  the
investment  adviser  to  the  MainStay  VP  Global  High  Yield  Corporate  Bond
Portfolio.  Accordingly,  Mr.  Tananbaum's  biography  which  appears  under the
heading "The Fund and its Management - - Portfolio  Managers - - Biographies" is
hereby deleted in its entirety.



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