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MAINSTAY VP SERIES FUND, INC.
Supplement dated May 30, 1997
to the Statement of Additional Information dated May 1, 1997
The following non-fundamental investment restrictions are
deleted, and the remaining non-fundamental restrictions are
re-numbered, as appropriate:
1. With respect to each of the Portfolios, other than the
Bond Portfolio, Growth Equity Portfolio and International
Equity Portfolio the investment restrictions on page 7,
as follows:
(3) purchase securities of any issuer with a record
of less than three years continuous operation,
including predecessors, except obligations
issued or guaranteed by the U.S. Government or
its agencies or instrumentalities if such
purchase would cause the investments of such
Portfolio in all such issuers to exceed 5% of
the value of the total assets of that
Portfolio;
(5) purchase warrants of any issuer, except on a
limited basis when, as a result of such
purchases by a Portfolio, no more than 2% of
the value of the Portfolio s total assets would
be invested in warrants which are not listed on
the New York Stock Exchange or the American
Stock Exchange, and no more than 5% of the
value of the total assets of a Portfolio may be
invested in warrants whether or not so listed,
such warrants in each case to be valued at the
lesser of cost or market, but assigning no
value to warrants acquired by a Portfolio in
units with or attached to debt securities;
(7) purchase or retain securities of an issuer any
of whose officers, directors, trustees or
security holders is an officer or Director of
the Fund or a member, officer, director or
trustee of the investment advisers of the Fund
if one or more of such individuals owns
beneficially more than one-half of one percent
(1/2 of 1%) of the securities (taken at market
value) of such issuer and such individuals
owning more than one-half of one percent (1/2
of 1%) of such securities together own
beneficially more than 5% of such securities or
both.
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II. With respect to the International Equity Portfolio the
investment restrictions on page 8, as follows:
(1) purchase or retain securities of any issuer if,
to the knowledge of this Portfolio, any of the
Directors or Officers of the Company, or any of
the directors or officers of the Portfolio s
investment adviser, individually own more than
1/2 of 1% of the outstanding securities of the
issuer and together own beneficially more than
5% of such issuer s securities;
(2) invest more than 5% of the value of its total
assets in securities of issuers (other than
issuers of Federal agency obligations) having a
record, together with predecessors or
unconditional guarantors, of less than three
years;
(8) purchase warrants, valued at the lower of cost
or market, in excess of 5% of the Portfolio s
net assets. Included within that amount, but
not to exceed 2% of net assets, are warrants
whose underlying securities are not traded on
principal domestic or foreign exchanges
(warrants acquired by the Portfolio in units or
attached to securities are not subject to these
restrictions).
III. With respect to the Bond and Growth Equity Portfolios the
investment restriction on page 9, as follows:
(4) purchase interests in oil, gas or other mineral
exploration or development programs, but the
Portfolios may purchase securities of issuers
who deal or invest in such programs.
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