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<PAGE>
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SIGNATURE JENNIFER B. MCHUGH
TITLE ATTORNEY
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<PERIOD-END> DEC-31-1996
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<INVESTMENTS-AT-VALUE> 116,298,825
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,013,752
<SHARES-COMMON-STOCK> 11,877,158
<SHARES-COMMON-PRIOR> 9,340,535
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,882,184
<NET-ASSETS> 127,005,412
<DIVIDEND-INCOME> 1,837,920
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 937,888
<REALIZED-GAINS-CURRENT> 5,355,134
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<NAME> INSTIT. INTERNATIONAL EQUITY FUND-INSTIT. SERVICE CLASS
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<TOTAL-LIABILITIES> 5,342,981
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</TABLE>
February 21, 1997
To the Board of Directors of
MainStay Institutional Funds Inc.
In planning and performing our audit of the financial statements of Money
Market Fund, Short-Term Bond Fund, Bond Fund, Indexed Bond Fund, Multi-Asset
Fund, Value Equity Fund, Growth Equity Fund, Indexed Equity Fund, International
Bond Fund, International Equity Fund, and EAFE Index Fund, separate portfolios
constituting MainStay Institutional Funds Inc. (the "Funds") for the year ended
December 31, 1996, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Funds is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
Price Waterhouse LLP
