BY-LAWS



                            NYLIM INSTITUTIONAL FUNDS



                            a Delaware Business Trust



























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                                TABLE OF CONTENTS



                                     BY-LAWS



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ARTICLE I      Offices.........................................................1



    Section 1.   Principal Office..............................................1

    Section 2.   Delaware Office...............................................1

    Section 3.   Other Offices.................................................1





ARTICLE II     Meetings of Shareholders........................................1



    Section 1.   Place of Meetings.............................................1

    Section 2.   Call of Meetings..............................................1

    Section 3.   Notice of Meetings of Shareholders............................2

    Section 4.   Manner of Giving Notice; Affidavit of Notice..................2

    Section 5.   Adjourned Meeting; Notice.....................................3

    Section 6.   Voting........................................................3

    Section 7.   Waiver of Notice; Consent of Absent Shareholders..............3

    Section 8.   Shareholder Action by Written Consent Without a Meeting.......3

    Section 9.   Record Date for Shareholder Notice, Voting and Giving

                 Consents. ....................................................4

    Section 10.  Proxies.......................................................4

    Section 11.  Inspectors of Election........................................5

    Section 12.  Quorum and Required Vote .....................................5





ARTICLE III    Trustees........................................................6



    Section 1.   Powers........................................................6

    Section 2.   Number of Trustees............................................6

    Section 3.   Vacancies.....................................................6

    Section 4.   Place of Meetings and Meetings by Telephone...................6

    Section 5.   Action Without a Meeting......................................7

    Section 6.   Fees and Compensation of Trustees.............................7

    Section 7.   Delegation of Power to Other Trustees.........................7





ARTICLE IV     Committees......................................................8



    Section 1.   Committees of Trustees........................................8

    Section 2.   Meetings and Action of Committees.............................8





                                       i

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ARTICLE V      Officers........................................................9



    Section 1.   Officers......................................................9

    Section 2.   Election of Officers..........................................9

    Section 3.   Subordinate Officers..........................................9

    Section 4.   Removal and Resignation of Officers...........................9

    Section 5.   Vacancies in Offices..........................................9

    Section 6.   Chairman......................................................9

    Section 7.   President.....................................................9

    Section 8.   Vice Presidents..............................................10

    Section 9.   Secretary....................................................10

    Section 10.  Treasurer....................................................10

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