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Rule 497(e)
File No. 2-86082
New York Life MFA Series Fund, Inc.
Supplement dated June 14, 1996 to the
Prospectus dated May 1, 1996
Thomas Kolefas is no longer with MacKay-Shields Financial
Corporation, New York Life MFA Series Fund Inc. Value
Portfolio's investment adviser. Jeffrey A. Simon has assumed
Mr. Kolefas' responsibilities as a manager of the Portfolio.
Accordingly, Mr. Kolefas' biography which appears on page 34
under the heading "Portfolio Managers" is hereby deleted and
replaced with Mr. Simon's biography as follows: Mr. Simon is
a Director of MacKay-Shields and specializes in equity
securities. He joined MacKay-Shields in 1993 after working as
a senior equity research analyst and portfolio manager at
National Securities and Research Corporation (1991-1992) and
Neuberger & Berman (1987-1991).
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