NEW YORK LIFE MFA SERIES FUND INC
497, 1999-09-01
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                          MAINSTAY VP SERIES FUND, INC.
                        Supplement dated August 31, 1999
                       to the Prospectus dated May 1, 1999


Joseph  DePasquale is no longer employed by Madison Square  Advisors,  Inc., the
investment  adviser  to  the  MainStay  VP  Bond  Portfolio.   Accordingly,  Mr.
DePasquale'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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