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.
The following biographies are hereby added under the heading "The Fund and Its
Management -- Portfolio Managers -- Biographies"
"Christopher Harms -- Mr. Harms has managed the Government Portfolio since
April 1999. Mr. Harms joined MacKay-Shields as a Director in 1991 with more
than 10 years prior investment management and research experience. Prior to
joining the firm, Mr. Harms was employed at Bear Stearns in the Asset
Management Division as a fixed income portfolio manager."
"Donald Morgan -- Mr. Morgan has managed the High Yield Corporate Bond
Portfolio since 1999. Mr. Morgan, who joined MacKay-Shields in 1997 as a
high yield research analyst, is a Director at the firm. Prior to joining
MacKay-Shields, he was employed at Fidelity Management and Research Company
as a high yield analyst."
The biography for Denis Laplaige that appears under the heading "The Fund and
Its Management -- Portfolio Managers -- Biographies" is hereby deleted in its
entirety and replaced by the following:
"Mr. Laplaige has managed the Value Portfolio since inception, and also has
managed the Convertible Portfolio since inception. Mr. Laplaige is
President, Senior Managing Director and Chief Investment Officer of
MacKay-Shields. He joined the firm in 1982, became a Director in 1988,
Managing Director in 1991, a member of the Board of Directors in 1993,
President in 1994 and Senior Managing Director and Chief Investment Officer
in 1996."
The biography for Edward Munshower that appears under the heading "The Fund and
Its Management -- Portfolio Managers -- Biographies" is hereby deleted in its
entirety and replaced by the following:
"Edward Munshower -- Mr. Munshower has managed the Government Portfolio
since inception, and the Total Return Portfolio since 1999. Mr. Munshower
is a Director of MacKay-Shields. He joined MacKay-Shields as a fixed income
investment specialist in 1985 after having been an investment analyst for
New York Life Insurance Company."
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MAINSTAY VP SERIES FUND, INC.
Supplement dated August 31, 1999 to
the Statement of Additional Information dated May 1, 1999
On page 11, the eighth full paragraph is hereby deleted in its entirety
and is replaced with the following:
"In addition, the High Yield Corporate Bond Portfolio may
invest no more than 20% of its net assets in securities rated
lower than B by Moody's or S&P or, if unrated, considered to
be of comparable quality by MacKay-Shields."
The information concerning the Anthony W. Polis, including his age,
position(s) held with registrant and principal occupation during the
last five years that appears on page 46 adjacent to Mr. Polis' name is
hereby deleted in its entirety and is replaced with the following:
"John Flanagan 53 Treasurer Vice President of New York
Life Insurance Company 1999
to date; Treasurer of the
Strong Funds and Senior Vice
President of Strong Capital
Management, Inc. from 1997
to 1998; Partner,
PricewaterhouseCoopers from
1994 to 1997."
The information concerning the Marc J. Chalfin, including his age, position(s)
held with registrant and principal occupation during the last five years that
appears on page 46 adjacent to Mr. Chalfin's name is hereby deleted in its
entirety and is replaced with the following:
"Richard Levy 42 Controller Senior Vice President of New
York Life Insurance Company,
September 1997 to date;
Partner and head of national
tax practice for financial
institutions at Coopers &
Lybrand 1996 to 1997; Senior
Vice President and Director
of Tax Accounting at
Midatlantic Corporation from
1983 to 1996."
