UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Check One:
|_| Form 10-K |_| Form 20-F |_| Form 11-K |_|Form 10-Q |X| Form N-SAR
SEC FILE NUMBER 811-6175
For Period Ended: December 31, 1998
PART I -- REGISTRANT INFORMATION
Mainstay Institutional Funds Inc.
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Full Name of Registrant
New York Life Institutional Funds, Inc.
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Former Name if Applicable
51 Madison Avenue
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Address of Principal Executive Office (Street and Number)
New York, NY 10010
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City, State and Zip Code
PART II -- RULES 12b-25(b) AND (c)
| (a) The reasons described in reasonable detail in Part III of this
| form could not be eliminated without unreasonable effort or
| expense;
| (b) The subject annual report, semi-annual report, transition report
| on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof,
X | will be filed on or before the fifteenth calendar day following
| the prescribed due date; or the subject quarterly report of
| transaction report on Form 10-Q, or portion thereof will be filed
| on or before the fifth calendar day following the prescribed due
| date; and
| (c) The accountant's statement or other exhibit required by Rule
| 12b-25(c) has been attached if applicable.
PART III -- NARRATIVE
The MainStay Institutional Funds Inc. (the "Registrant") is unable to
file its Form N-SAR for the twelve months ended December 31, 1998 within the
prescribed time period because there were unforeseen delays in the completion of
the Registrant's audit. Much of the information to be included in the
Registrant's Form N-SAR could not be determined until its audit was complete,
and because the Registrant includes eleven series, the Registrant was not able
to compile and input the information in the Form N-SAR prior to the required
filing date without the imposition of unreasonable effort and expense.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Jennifer B. McHugh (202) 261-3370
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(s). |X| Yes | | No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or porttion
thereof? | | Yes |X| No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
________________________________________________________________________________
Mainstay Institutional Funds Inc.
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(Name of Registrant as Specified in Charter)
Date: March 2, 1999 By: /s/ Anthony W. Polis
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