SEC File No. 33-36962
MAINSTAY INSTITUTIONAL FUNDS INC.
Supplement dated April 10, 2000
to the Prospectus dated March 1, 2000
Effective April 1, 2000, New York Life Asset Management Operating
Company LLC ("NYLAMOC") replaced New York Life Insurance Company ("New York
Life") as the Subadvisor to the Money Market Fund. NYLAMOC is a wholly-owned
subsidiary of New York Life Asset Management LLC and an indirect wholly-owned
subsidiary of New York Life. This replacement has had no effect on the Fund's
investment personnel, investment objectives, fees or any other aspect of the
Fund's operations.
Also effective April 1, 2000, shareholder service fees paid by the
Funds for services rendered in connection with the Institutional Service Class
shares of the Funds will be paid to MainStay Management LLC (the "Manager")
instead of to New York Life. In addition, New York Life has stopped serving as
the Funds' subadministrator and no longer receives fees from the Funds' Manager
for providing subadministration services.
The following changes are made to the Prospectus:
The reference to "New York Life Insurance Company" on page 41 of the
Prospectus is hereby deleted and replaced by "New York Life Asset Management
Operating Company LLC."
References to "New York Life" in the first paragraph under the heading
Shareholder Services Plan on page 52 of the Prospectus are hereby deleted and
replaced by "MainStay Management LLC."
The last sentence of the first paragraph under the heading Who Runs the
Funds' Day-to-Day Business? on page 62 of the Prospectus is hereby deleted in
its entirety and the second paragraph under the same heading is hereby deleted
in its entirety and replaced with the following: "The Manager pays the salaries
and expenses of all personnel affiliated with the Funds, and all the operational
expenses that aren't the responsibility of the Funds, including the fees paid to
the Subadvisors."
The second paragraph under the heading Who Manages Your Money? on page
63 of the Prospectus is hereby deleted in its entirety and replaced with the
following:
"New York Life Asset Management Operating Company LLC ("NYLAMOC"), 51
Madison Avenue, New York, NY 10010, is the Subadvisor to the Money
Market Fund. NYLAMOC, formed in 1999 as a Delaware limited liability
company, is a wholly-owned subsidiary of New York Life Asset Management
LLC and an indirect wholly-owned subsidiary of New York Life Insurance
Company ("New York Life"). As of April 1, 2000, NYLAMOC succeeded to
certain portions of the investment advisory business of New York Life,
including the portfolio management of the Money Market Fund, and
managed over $69 billion in assets."
In the second sentence of the third paragraph under the same heading
"NYLIFE LLC" is hereby replaced by "New York Life Asset Management LLC."
Mr. Jonathan B. Swaney is no longer a portfolio manager of the Asset
Manager Fund. Mr. Swaney's biography, which appears on page 65 of the
Prospectus, is hereby deleted.
MSIPS01-04/00
