MAINSTAY INSTITUTIONAL FUNDS INC.
Value Equity Fund
Indexed Equity Fund
Multi-Asset Fund
Supplement dated March 3, 1999
to the Prospectus dated May 1, 1998
Richard A. Rosen has assumed Jeffrey A. Simon's responsibilities as a Portfolio
Manager of the Value Equity Fund. Mr. Simon is no longer with MacKay-Shields
Financial Corporation ("MacKay-Shields"), the investment sub-adviser to the
Value Equity Fund. Accordingly, Mr. Simon's biography which appears on page 24
of the prospectus is hereby deleted and replaced with Mr. Rosen's biography as
follows: Mr. Rosen is a Director at MacKay-Shields in the Equity Division. He
joined MacKay-Shields in January 1999 after working as a Managing Director
responsible for equity securities at Prudential Investments from August 1991 to
January 1999.
Stephen B. Killian serves as a Portfolio Manager of the Indexed Equity Fund
along with James A. Mehling. Accordingly, Mr. Killian's biography is hereby
added to page 21 of the prospectus as follows: Mr. Killian is a Vice President
with portfolio management responsibility for international equity funds, active
quantitative equity portfolios and development of quantitative strategies at
Monitor Capital. He joined Monitor Capital in 1997 after working as a Partner
and Senior Portfolio Manager at RhumbLine Advisers from 1992 to 1997. Mr.
Killian is a candidate in the CFA Program.
Jonathan B. Swaney serves as a Portfolio Manager of the Multi-Asset Fund along
with James A. Mehling. Accordingly, Mr. Swaney's biography is hereby added to
page 23 of the prospectus as follows: Mr. Swaney is a Portfolio Manager at
Monitor Capital, whose primary responsibility is asset allocation. He joined
Monitor Capital in 1997 after working as the Manager of a tax advantaged equity
index product at Pine Grove Partners, a hedge fund, from 1995 to 1997 and as a
fixed income statistician at The Vanguard Group, Inc. from 1993 to 1995. Mr.
Swaney has completed Level I of the CFA Program.
