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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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008 A000902 MAINSTAY MANAGEMENT, INC.
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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008 A001001 MACKAY-SHIELDS FINANCIAL CORPORATION
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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008 A001101 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001101 S
008 C001101 801-5594
008 D011101 NEW YORK
008 D021101 NY
008 D031101 10019
008 A001102 MAINSTAY MANAGEMENT, INC.
008 B001102 A
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025 A001101 AXA
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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SIGNATURE JENNIFER B. MCHUGH
TITLE ATTORNEY
PRICE WATERHOUSE LLP
February 23, 1998
To the Shareholders and Board of Directors of
MainStay Institutional Funds Inc.
In planning and performing our audit of the financial statements of MainStay
Institutional Funds Inc. (the "Funds") for the year ended December 31, 1997, we
considered their internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and the
Board of Directors of the Funds and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<SERIES> MAINSTAY INSTITUTIONAL MONEY MARKET FUND
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<NAME> INSTITUTIONAL CLASS
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<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
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<DISTRIBUTIONS-OF-INCOME> (8,228,621)
<DISTRIBUTIONS-OF-GAINS> (2,265)
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (888)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 324,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,412,000
<AVERAGE-NET-ASSETS> 210,209,000
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.050)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.500
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868307
<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
<SERIES> MAINSTAY INSTITUTIONAL MONEY MARKET FUND
<NUMBER> 012
<NAME> INSTITUTIONAL SERVICE CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 255,139,922
<INVESTMENTS-AT-VALUE> 255,139,922
<RECEIVABLES> 685,966
<ASSETS-OTHER> 227
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 255,826,115
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,278,991
<TOTAL-LIABILITIES> 1,278,991
<SENIOR-EQUITY> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
<SERIES> MAINSTAY INSTITUTIONAL SHORT TERM BOND FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
<SERIES> MAINSTAY INSTITUTIONAL SHORT TERM BOND FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868307
<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
<SERIES> MAINSTAY INSTITUTIONAL BOND FUND
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868307
<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
<SERIES> MAINSTAY INSTITUTIONAL BOND FUND
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868307
<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
<SERIES> MAINSTAY INSTITUTIONAL INDEXED BOND FUND
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<NAME> INSTITUTIONAL CLASS
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868307
<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
<SERIES> MAINSTAY INSTITUTIONAL INDEXED BOND FUND
<NUMBER> 042
<NAME> INSTITUTIONAL SERVICE CLASS
<MULTIPLIER> 1
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868307
<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
<SERIES> MAINSTAY INSTITUTIONAL MULTI-ASSET FUND
<NUMBER> 051
<NAME> INSTITUTIONAL CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868307
<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
<SERIES> MAINSTAY INSTITUTIONAL MULTI-ASSET FUND
<NUMBER> 052
<NAME> INSTITUTIONAL SERVICE CLASS
<MULTIPLIER> 1
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868307
<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MAINSTAY INSTITUTIONAL FUNDS INC.
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