SEC File No. 33-36962, 497(e)
MAINSTAY INSTITUTIONAL FUNDS INC.
Asset Manager Fund
Value Equity Fund
Supplement dated December 20, 1999
to the Prospectus dated May 1, 1999
The Asset Manager Fund's first principal investment strategy on page 4 of
the prospectus is hereby deleted and replaced by the following:
o 30% to 80% of net assets in common stocks as follows:
i. 15% to 80% of net assets in common stocks selected to parallel the
performance of the S&P 500 Composite Stock Price Index (the "S&P
500 Index")
ii. 0% to 10% of net assets in common stocks selected to parallel the
performance of the S&P MidCap 400 Index
iii. 0% to 5% of net assets in common stocks selected to parallel the
performance of the S&P SmallCap 600 Index
iv. 0% to 5% of net assets in equity securities selected to parallel
the performance of the Morgan Stanley REIT Index (a measure of real
estate equity performance)
At least 30% of the Fund's net assets will be invested in U.S. equity
securities.
"S&P 500(R)," "S&P MidCap 400 Index," "S&P SmallCap 600 Index" and
"S&P(R)" are trademarks of The McGraw-Hill Companies, Inc. and have been
licensed for use by Monitor Capital Advisors LLC. Standard & Poor's does
not sponsor, endorse, sell or promote the Fund or represent the
advisability of investing in the Fund. Each S&P Index is an unmanaged
index and is considered generally representative of a different
capitalization segment of the U.S. stock market.
The following is hereby added to the Asset Manager Fund's principal risks
on page 5 of the prospectus:
Historically, mid- and small-cap stocks, such as those in the S&P MidCap
400 Index and the S&P SmallCap 600 Index, have been more volatile than, and
at times have performed quite differently from, stocks in the S&P 500
Index.
Mr. Denis P. Laplaige is no longer a portfolio manager of the Value Equity
Fund. Mr. Laplaige's biography, which appears on page 66 of the prospectus is
hereby deleted.
