Rule 497(e)
File No. 2-86082
MAINSTAY VP SERIES FUND, INC.
Supplement dated March 11, 1997
to the Prospectus dated October 1, 1996
The Government Portfolio s investment policy set out on page
13, which reads as follows:
Such assets may also be invested in securities such as
privately-issued collateralized mortgage obligations which are
not U.S. Government securities, but which are backed or
collateralized by U.S. Government securities.
is modified to read as follows:
Such assets may also be invested in securities such as
privately-issued collateralized mortgage obligations which are
not U.S. Government securities. <PAGE>
