MAINSTAY INSTITUTIONAL FUNDS INC
497, 1999-09-13
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                        MAINSTAY INSTITUTIONAL FUNDS INC.
                                Value Equity Fund

                       Supplement dated September 10, 1999
                       to the Prospectus dated May 1, 1999


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.



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