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MAINSTAY VP SERIES FUND, INC.
SUPPLEMENT DATED MAY 1, 1999
TO PROSPECTUS DATED MAY 1, 1999
A. Neil Feinberg is no longer with MacKay-Shields Financial Corporation,
MainStay VP Convertible Portfolio's investment adviser. Accordingly, Mr.
Feinberg's biography which appears on page A-24 of the Prospectus for the
MainStay VP Series Fund, Inc. (the "Prospectus") under the heading
"Portfolio Managers - Biographies" is hereby deleted.
B. On page A-7 of the Prospectus the bar chart showing annual returns for the
MainStay VP Growth Equity Portfolio is hereby deleted and replaced with the
following:
[BAR GRAPH]
<TABLE>
<CAPTION>
'89' 25.51
- ---- -----
<S> <C>
'90' -6.19
'91' 33.62
'92' 12.42
'93' 13.71
'94' 1.20
'95' 29.16
'96' 24.50
'97' 26.75
'98' 26.59
</TABLE>
C. The information with respect to the MainStay VP International Equity
Portfolio that appears in the table "Average annual total returns as of
12/31/98" on page A-9 of the Prospectus is revised as follows:
1. The column heading "Since inception 8/1/95" is hereby deleted and replaced
with the heading "Since inception 5/1/95."
2. In the first line of the table, the number "11.66" is hereby deleted and
replaced with "12.29%."
D. Page A-12 of the Prospectus with respect to MainStay VP Convertible
Portfolio is hereby revised as follows:
1. In the table "Average annual total returns as of 12/31/98" in the first line
under the column "Since inception 10/1/96" the number "13.24" is hereby
deleted and replaced with "10.53%."
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2. The bar chart showing annual total returns is hereby deleted and replaced
with the following:
[BAR GRAPH]
<TABLE>
<CAPTION>
'97' 15.43
- ---- -----
<S> <C>
'98' 4.49
</TABLE>
E. On page A-14 of the Prospectus with respect to the MainStay VP Total Return
Portfolio in the table "Average annual total returns as of 12/31/98", in the
first line under the column "Since inception 1/29/93" the number "15.72" is
hereby deleted and replaced with "15.76%."
F. On page A-15 of the Prospectus with respect to the MainStay VP Value
Portfolio, in the table under the heading "Average annual total returns as
of 12/31/98", in the first line under the column "Since inception on 5/1/95"
the number "14.55" is hereby deleted and replaced with "15.44%."
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G. On page A-16 of the Prospectus with respect to the MainStay VP Bond
Portfolio the bar chart that shows annual total returns is hereby deleted
and replaced with the following:
[BAR GRAPH]
<TABLE>
<CAPTION>
'89' 11.95
- ---- -----
<S> <C>
'90' 7.36
'91' 16.27
'92' 8.26
'93' 11.40
'94' -3.39
'95' 18.31
'96' 2.05
'97' 9.65
'98' 9.12
</TABLE>
H. On page A-18 of the Prospectus with respect to the MainStay VP Government
Portfolio in the table "Average annual total returns as of 12/31/98", in the
first line under the column "Since inception 1/29/93" the number "6.32" is
hereby deleted and replaced with "6.81%."
I. On page A-19 of the Prospectus with respect to the MainStay VP High Yield
Corporate Bond Portfolio, in the table "Average annual total returns as of
12/31/98", in the first line under the column "Since inception 5/1/95", the
number "12.61" is hereby deleted and replaced with "11.59%."
J. Page A-20 of the Prospectus with respect to the MainStay VP Cash Management
Portfolio is hereby revised as follows:
1. In the table "Average annual total returns as of 12/31/98", with respect to
the MainStay VP Cash Management Portfolio in the first line under the column
"Since inception 1/29/93", the number "4.60" is hereby deleted and replaced
with "4.59%."
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2. The bar chart showing annual total returns is hereby deleted and replaced
with the following:
[BAR GRAPH]
<TABLE>
<CAPTION>
'94' 3.82
- ---- ----
<S> <C>
'95' 5.59
'96' 4.95
'97' 5.25
'98' 5.18
</TABLE>
18516A (5/99)
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