MAINSTAY INSTITUTIONAL FUNDS INC, 497, 1996-06-13

MAINSTAY INSTITUTIONAL FUNDS INC
497, 1996-06-13

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                          MAINSTAY INSTITUTIONAL FUNDS INC.

                        Supplement dated June 13, 1996 to the
                             Prospectus dated May 1, 1996


               Tom Kolefas is no longer with MacKay-Shields Financial
          Corporation, MainStay Institutional Value Equity Fund's
          investment adviser.  Jeffrey A. Simon has assumed Mr. Kolefas'
          responsibilities as a portfolio manager of the Fund. 
          Accordingly, Mr. Kolefas' biography which appears on page 22
          under the heading "Who's Managing Your Money?" is hereby deleted
          and replaced with Mr. Simon's biography as follows:  Mr. Simon is
          a Director of MacKay-Shields and specializes in equity
          securities.  He joined MacKay-Shields in 1993 after working as a
          senior equity research analyst and portfolio manager at National
          Securities and Research Corporation (1991-1992) and Neuberger &
          Berman (1987-1991).