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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
040 000400 Y
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<PAGE> PAGE 23
054 N000400 N
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<PAGE> PAGE 24
070 I010400 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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015 A000601 STATE STREET BANK & TRUST COMPANY
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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015 A000701 STATE STREET BANK & TRUST COMPANY
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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008 D060801 EC2N 2HE
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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054 K000800 N
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<PAGE> PAGE 44
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070 O020800 N
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<PAGE> PAGE 45
070 Q010800 N
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<PAGE> PAGE 46
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008 A000901 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000901 A
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015 A000901 STATE STREET BANK & TRUST COMPANY
015 B000901 C
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024 000900 Y
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
054 O000900 N
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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008 A001001 QUORUM CAPITAL MANAGEMENT LIMITED
008 B001001 A
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<PAGE> PAGE 52
015 A001001 STATE STREET BANK & TRUST COMPANY
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
074 M001100 76
074 N001100 109709
074 O001100 154
074 P001100 101
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 146
074 S001100 0
074 T001100 109308
074 U011100 5708
074 U021100 0
074 V011100 19.15
074 V021100 0.00
074 W001100 0.0000
074 X001100 8799
074 Y001100 495
075 A001100 0
075 B001100 81072
076 001100 0.00
008 A001201 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001201 A
008 C001201 801-5594
008 D011201 LONDON
008 D051201 UNITED KINDGOM
008 D061201 EC2N 2HE
015 A001201 BANK OF NEW YORK
015 B001201 C
015 C011201 NEW YORK
015 C021201 NY
015 C031201 10015
015 E011201 X
024 001200 N
025 D001201 0
025 D001202 0
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 136
028 A021200 43
028 A031200 0
028 A041200 177
028 B011200 1524
028 B021200 43
028 B031200 0
028 B041200 215
028 C011200 327
<PAGE> PAGE 63
028 C021200 48
028 C031200 0
028 C041200 195
028 D011200 438
028 D021200 49
028 D031200 0
028 D041200 82
028 E011200 472
028 E021200 52
028 E031200 0
028 E041200 67
028 F011200 530
028 F021200 93
028 F031200 0
028 F041200 31
028 G011200 3427
028 G021200 328
028 G031200 0
028 G041200 767
028 H001200 1034
029 001200 Y
030 A001200 47
030 B001200 4.50
030 C001200 2.00
031 A001200 16
031 B001200 0
032 001200 0
033 001200 31
034 001200 Y
035 001200 1
036 A001200 N
036 B001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 Y
041 001200 Y
042 A001200 0
042 B001200 0
042 C001200 0
042 D001200 0
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 49
044 001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.250
<PAGE> PAGE 64
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
053 A001200 Y
053 B001200 Y
053 C001200 N
054 A001200 Y
054 B001200 Y
054 C001200 Y
054 D001200 N
054 E001200 N
054 F001200 N
054 G001200 Y
054 H001200 Y
054 I001200 N
054 J001200 Y
054 K001200 N
054 L001200 Y
054 M001200 Y
054 N001200 N
054 O001200 N
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
060 A001200 Y
060 B001200 Y
061 001200 500
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
<PAGE> PAGE 65
062 E001200 1.8
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 2.5
062 M001200 0.0
062 N001200 0.0
062 O001200 95.7
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 0
063 B001200 20.2
064 A001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 N
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 Y
070 E021200 Y
070 F011200 N
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 N
070 K021200 N
070 L011200 N
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 N
070 N021200 N
070 O011200 Y
<PAGE> PAGE 66
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 23732
071 B001200 19415
071 C001200 18216
071 D001200 107
072 A001200 12
072 B001200 1218
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 47
072 G001200 47
072 H001200 0
072 I001200 29
072 J001200 20
072 K001200 0
072 L001200 32
072 M001200 1
072 N001200 4
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 15
072 S001200 4
072 T001200 49
072 U001200 9
072 V001200 0
072 W001200 10
072 X001200 267
072 Y001200 34
072 Z001200 985
072AA001200 612
072BB001200 219
072CC011200 0
072CC021200 1300
072DD011200 933
072DD021200 50
072EE001200 0
073 A011200 0.4989
073 A021200 0.5171
073 B001200 0.0000
073 C001200 0.0000
074 A001200 88
074 B001200 0
074 C001200 400
<PAGE> PAGE 67
074 D001200 20845
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 0
074 L001200 529
074 M001200 6
074 N001200 21868
074 O001200 0
074 P001200 10
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 70
074 S001200 0
074 T001200 21788
074 U011200 1992
074 U021200 198
074 V011200 9.95
074 V021200 9.91
074 W001200 0.0000
074 X001200 600
074 Y001200 0
075 A001200 0
075 B001200 18724
076 001200 0.00
008 A001301 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001301 A
008 C001301 801-5594
008 D011301 NEW YORK
008 D021301 NY
008 D031301 11019
015 A001301 BANK OF NEW YORK
015 B001301 C
015 C011301 NEW YORK
015 C021301 NY
015 C031301 10015
015 E011301 X
024 001300 N
025 D001301 0
025 D001302 0
025 D001303 0
025 D001304 0
025 D001305 0
025 D001306 0
025 D001307 0
025 D001308 0
<PAGE> PAGE 68
028 A011300 464
028 A021300 32
028 A031300 0
028 A041300 48
028 B011300 193
028 B021300 32
028 B031300 0
028 B041300 69
028 C011300 428
028 C021300 33
028 C031300 0
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028 D011300 122
028 D021300 34
028 D031300 0
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028 E011300 122
028 E021300 34
028 E031300 0
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028 F011300 247
028 F021300 66
028 F031300 0
028 F041300 122
028 G011300 1576
028 G021300 232
028 G031300 0
028 G041300 808
028 H001300 316
029 001300 Y
030 A001300 14
030 B001300 4.50
030 C001300 2.00
031 A001300 7
031 B001300 0
032 001300 0
033 001300 7
034 001300 Y
035 001300 0
036 A001300 N
036 B001300 0
037 001300 N
038 001300 0
039 001300 N
040 001300 Y
041 001300 Y
042 A001300 0
042 B001300 0
042 C001300 0
042 D001300 0
042 E001300 0
<PAGE> PAGE 69
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 47
044 001300 0
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.250
048 A011300 0
048 A021300 0.000
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
053 A001300 Y
053 B001300 Y
053 C001300 N
054 A001300 Y
054 B001300 Y
054 C001300 Y
054 D001300 N
054 E001300 N
054 F001300 N
054 G001300 Y
054 H001300 Y
054 I001300 N
054 J001300 Y
054 K001300 N
054 L001300 Y
054 M001300 Y
054 N001300 N
054 O001300 N
055 A001300 N
055 B001300 N
<PAGE> PAGE 70
056 001300 Y
057 001300 N
060 A001300 Y
060 B001300 Y
061 001300 500
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 2.3
062 M001300 0.0
062 N001300 0.0
062 O001300 97.7
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
063 A001300 0
063 B001300 20.2
064 A001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 N
070 B021300 N
070 C011300 N
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 Y
070 E021300 Y
070 F011300 N
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
<PAGE> PAGE 71
070 K011300 N
070 K021300 N
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 N
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 Y
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 21623
071 B001300 20594
071 C001300 18009
071 D001300 114
072 A001300 12
072 B001300 1209
072 C001300 0
072 D001300 0
072 E001300 0
072 F001300 46
072 G001300 46
072 H001300 0
072 I001300 26
072 J001300 17
072 K001300 0
072 L001300 33
072 M001300 1
072 N001300 2
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 15
072 S001300 4
072 T001300 47
072 U001300 9
072 V001300 0
072 W001300 10
072 X001300 256
072 Y001300 29
072 Z001300 982
072AA001300 702
072BB001300 276
072CC011300 0
072CC021300 1309
072DD011300 937
<PAGE> PAGE 72
072DD021300 46
072EE001300 0
073 A011300 0.5138
073 A021300 0.5880
073 B001300 0.0000
073 C001300 0.0000
074 A001300 52
074 B001300 0
074 C001300 0
074 D001300 19376
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 556
074 M001300 6
074 N001300 19990
074 O001300 0
074 P001300 9
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 145
074 S001300 0
074 T001300 19836
074 U011300 1803
074 U021300 158
074 V011300 10.12
074 V021300 10.02
074 W001300 0.0000
074 X001300 597
074 Y001300 0
075 A001300 0
075 B001300 18289
076 001300 0.00
008 A001401 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001401 A
008 C001401 801-5594
008 D011401 NEW YORK
008 D021401 NY
008 D031401 10019
015 A001401 BANK OF NEW YORK
015 B001401 C
015 C011401 NEW YORK
015 C021401 NY
015 C031401 10015
015 E011401 X
<PAGE> PAGE 73
024 001400 Y
025 A001401 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001401 D
025 D001401 1
025 A001402 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001402 D
025 D001402 0
025 A001403 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001403 D
025 D001403 5
025 A001404 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001404 D
025 D001404 0
025 A001405 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001405 D
025 D001405 0
025 A001406 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001406 D
025 D001406 24
025 A001407 MERRILL LYNCH PIERCE FENNER & SMITH
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025 D001407 27
025 D001408 0
028 A011400 397
028 A021400 39
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028 B011400 413
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028 G011400 3520
028 G021400 1189
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<PAGE> PAGE 74
028 H001400 57
029 001400 Y
030 A001400 2
030 B001400 4.50
030 C001400 2.00
031 A001400 0
031 B001400 0
032 001400 0
033 001400 2
034 001400 Y
035 001400 6
036 A001400 N
036 B001400 0
037 001400 N
038 001400 0
039 001400 N
040 001400 Y
041 001400 Y
042 A001400 0
042 B001400 0
042 C001400 0
042 D001400 0
042 E001400 0
042 F001400 0
042 G001400 0
042 H001400 100
043 001400 123
044 001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.450
048 A011400 0
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048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
048 D011400 0
048 D021400 0.000
048 E011400 0
048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
<PAGE> PAGE 75
048 J021400 0.000
048 K011400 0
048 K021400 0.000
053 A001400 N
054 A001400 Y
054 B001400 N
054 C001400 N
054 D001400 N
054 E001400 N
054 F001400 N
054 G001400 Y
054 H001400 Y
054 I001400 N
054 J001400 Y
054 K001400 N
054 L001400 N
054 M001400 Y
054 N001400 N
054 O001400 N
055 A001400 N
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
060 A001400 Y
060 B001400 Y
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062 A001400 Y
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 4.5
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.8
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 80.7
062 R001400 0.0
063 A001400 0
063 B001400 6.9
064 A001400 N
064 B001400 N
066 A001400 N
067 001400 N
<PAGE> PAGE 76
068 A001400 N
068 B001400 Y
069 001400 N
070 A011400 Y
070 A021400 N
070 B011400 N
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 Y
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 Y
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 Y
070 L021400 Y
070 M011400 Y
070 M021400 Y
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 Y
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 23752
071 B001400 17990
071 C001400 17435
071 D001400 103
072 A001400 12
072 B001400 1641
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072 G001400 53
072 H001400 0
<PAGE> PAGE 77
072 I001400 37
072 J001400 22
072 K001400 0
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072 M001400 0
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072 O001400 0
072 P001400 0
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072 R001400 30
072 S001400 17
072 T001400 123
072 U001400 14
072 V001400 0
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072 X001400 453
072 Y001400 63
072 Z001400 1251
072AA001400 407
072BB001400 31
072CC011400 1608
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072EE001400 0
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074 S001400 716
<PAGE> PAGE 78
074 T001400 24706
074 U011400 1264
074 U021400 1102
074 V011400 10.45
074 V021400 10.43
074 W001400 0.0000
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075 A001400 0
075 B001400 23971
076 001400 0.00
008 A001501 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001501 A
008 C001501 801-5594
008 D011501 NEW YORK
008 D021501 NY
008 D031501 10019
015 A001501 BANK OF NEW YORK
015 B001501 C
015 C011501 NEW YORK
015 C021501 NY
015 C031501 10015
015 E011501 X
024 001500 Y
025 A001501 MERRILL LYNCH PIERCE FENNER & SMITH
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025 A001502 MERRILL LYNCH PIERCE FENNER & SMITH
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025 D001502 0
025 A001503 DELETE
025 D001503 0
025 A001504 DELETE
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025 D001505 0
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<PAGE> PAGE 79
028 D021500 0
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034 001500 Y
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037 001500 N
038 001500 0
039 001500 N
040 001500 Y
041 001500 Y
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042 E001500 0
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044 001500 0
045 001500 Y
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<PAGE> PAGE 80
048 C011500 0
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048 D021500 0.000
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048 G021500 0.000
048 H011500 0
048 H021500 0.000
048 I011500 0
048 I021500 0.000
048 J011500 0
048 J021500 0.000
048 K011500 0
048 K021500 0.000
053 A001500 N
054 A001500 Y
054 B001500 N
054 C001500 N
054 D001500 N
054 E001500 N
054 F001500 N
054 G001500 Y
054 H001500 Y
054 I001500 N
054 J001500 Y
054 K001500 N
054 L001500 N
054 M001500 Y
054 N001500 N
054 O001500 N
055 A001500 N
055 B001500 N
056 001500 Y
057 001500 N
058 A001500 N
060 A001500 Y
060 B001500 Y
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062 D001500 0.0
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<PAGE> PAGE 81
062 J001500 0.0
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066 A001500 Y
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066 C001500 N
066 D001500 Y
066 E001500 N
066 F001500 N
066 G001500 N
067 001500 N
068 A001500 N
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069 001500 N
070 A011500 Y
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070 B011500 Y
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070 C011500 N
070 C021500 N
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070 E011500 N
070 E021500 N
070 F011500 Y
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 Y
070 H021500 N
070 I011500 Y
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 N
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070 L021500 Y
070 M011500 Y
070 M021500 Y
070 N011500 Y
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070 O011500 Y
070 O021500 N
070 P011500 Y
<PAGE> PAGE 82
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
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071 B001500 3677
071 C001500 26873
071 D001500 14
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SIGNATURE JENNIFER B. MCHUGH
TITLE ATTORNEY
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> THE MAINSTAY FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NAME> MAINSTAY CONVERTIBLE FUND - CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NAME> MAINSTAY CONVERTIBLE FUND - CLASS B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NAME> MAINSTAY HIGH YIELD CORPORATE BOND FUND - CLASS B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NUMBER> 051
<NAME> MAINSTAY GOVERNMENT FUND - CLASS A
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<PERIOD-TYPE> YEAR
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NUMBER> 052
<NAME> MAINSTAY GOVERNMENT FUND - CLASS B
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<S> <C>
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<NUMBER-OF-SHARES-REDEEMED> (28,453,365)
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<GROSS-EXPENSE> 16,950,000
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<PER-SHARE-DIVIDEND> (0.540)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 061
<NAME> MAINSTAY MONEY MARKET FUND - CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 314,613,837
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<NUMBER-OF-SHARES-SOLD> 88,180,222
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<PER-SHARE-NAV-END> 1.000
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 062
<NAME> MAINSTAY MONEY MARKET FUND - CLASS B
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<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 314,613,837
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<PAID-IN-CAPITAL-COMMON> 314,736,427
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<NET-ASSETS> 314,723,084
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<PER-SHARE-NAV-END> 1.000
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 071
<NAME> MAINSTAY TAX FREE BOND FUND - CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
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<INVESTMENTS-AT-COST> 514,534,345
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<OVERDISTRIBUTION-GAINS> (18,260,374)
<ACCUM-APPREC-OR-DEPREC> 18,073,370
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<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 28,098,025
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<DISTRIBUTIONS-OF-INCOME> (420,574)
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<NUMBER-OF-SHARES-SOLD> 1,047,407
<NUMBER-OF-SHARES-REDEEMED> (112,026)
<SHARES-REINVESTED> 37,465
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 9.200
<PER-SHARE-NII> 0.520
<PER-SHARE-GAIN-APPREC> 0.830
<PER-SHARE-DIVIDEND> (0.530)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.020
<EXPENSE-RATIO> 1.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 072
<NAME> MAINSTAY TAX FREE BOND FUND - CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
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<PERIOD-END> DEC-31-1995
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<SENIOR-LONG-TERM-DEBT> 0
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<OVERDISTRIBUTION-GAINS> (18,260,374)
<ACCUM-APPREC-OR-DEPREC> 18,073,370
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<EXPENSES-NET> (6,524,575)
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<NUMBER-OF-SHARES-SOLD> 5,918,474
<NUMBER-OF-SHARES-REDEEMED> (9,416,508)
<SHARES-REINVESTED> 1,793,930
<NET-CHANGE-IN-ASSETS> 30,563,368
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<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (32,725)
<OVERDIST-NET-GAINS-PRIOR> (21,511,468)
<GROSS-ADVISORY-FEES> 1,611,000
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<GROSS-EXPENSE> 6,525,000
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<PER-SHARE-NII> 0.510
<PER-SHARE-GAIN-APPREC> 0.830
<PER-SHARE-DIVIDEND> (0.510)
<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 10.030
<EXPENSE-RATIO> 1.200
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 091
<NAME> MAINSTAY TOTAL RETURN FUND - CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
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<PAYABLE-FOR-SECURITIES> 110,458,296
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<OTHER-ITEMS-LIABILITIES> 1,627,985
<TOTAL-LIABILITIES> 112,086,281
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 675,760,032
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<ACCUMULATED-NET-GAINS> 3,244,201
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 201,083,181
<NET-ASSETS> 880,087,414
<DIVIDEND-INCOME> 2,928,361
<INTEREST-INCOME> 24,983,040
<OTHER-INCOME> 0
<EXPENSES-NET> (12,817,251)
<NET-INVESTMENT-INCOME> 15,094,150
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<NET-CHANGE-FROM-OPS> 184,737,222
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (256,021)
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<NUMBER-OF-SHARES-SOLD> 1,097,695
<NUMBER-OF-SHARES-REDEEMED> (75,366)
<SHARES-REINVESTED> 14,387
<NET-CHANGE-IN-ASSETS> 201,763,882
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,396,000
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<GROSS-EXPENSE> 12,817,000
<AVERAGE-NET-ASSETS> 765,416,000
<PER-SHARE-NAV-BEGIN> 14.760
<PER-SHARE-NII> 0.420
<PER-SHARE-GAIN-APPREC> 3.770
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.420)
<RETURNS-OF-CAPITAL> 28.660
<PER-SHARE-NAV-END> 18.530
<EXPENSE-RATIO> 1.100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 092
<NAME> MAINSTAY TOTAL RETURN FUND - CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS
<SERIES>
<NUMBER> 111
<NAME> MAINSTAY EQUITY INDEX-FUND - CLASS A
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<S> <C>
<PERIOD-TYPE> YEAR
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<TOTAL-LIABILITIES> 400,712
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<PER-SHARE-NII> 0.24
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<PER-SHARE-DIVIDEND> (0.27)
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<PER-SHARE-NAV-END> 19.15
<EXPENSE-RATIO> 1.1
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 121
<NAME> MAINSTAY CALIFORNIA TAX FREE FUND - CLASS A
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<S> <C>
<PERIOD-TYPE> YEAR
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<PER-SHARE-NAV-END> 9.950
<EXPENSE-RATIO> 1.240
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 122
<NAME> MAINSTAY CALIFORNIA TAX FREE FUND - CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
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<EXPENSES-NET> (233,524)
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<NUMBER-OF-SHARES-SOLD> 207,943
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<SHARES-REINVESTED> 4,303
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<PER-SHARE-NAV-END> 9.910
<EXPENSE-RATIO> 1.490
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 131
<NAME> MAINSTAY NEW YORK TAX FREE FUND - CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
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<EXPENSES-NET> (227,415)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 132
<NAME> MAINSTAY NEW YORK TAX FREE FUND - CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
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<PER-SHARE-NII> 0.590
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<PER-SHARE-DIVIDEND> (0.590)
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<EXPENSE-RATIO> 1.490
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 141
<NAME> MAINSTAY INTERNATIONAL BOND - CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
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<PAID-IN-CAPITAL-COMMON> 24,092,089
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
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<ACCUM-APPREC-OR-DEPREC> 1,386,356
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<DISTRIBUTIONS-OF-INCOME> (1,222,895)
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<PER-SHARE-NII> 1.150
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<PER-SHARE-DIVIDEND> (1.150)
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<PER-SHARE-NAV-END> 10.430
<EXPENSE-RATIO> 1.500
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 142
<NAME> MAINSTAY INTERNATIONAL BOND - CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
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<DISTRIBUTIONS-OF-INCOME> (1,132,073)
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<NUMBER-OF-SHARES-SOLD> 588,004
<NUMBER-OF-SHARES-REDEEMED> (1,167,457)
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<GROSS-EXPENSE> 453,000
<AVERAGE-NET-ASSETS> 2,545,507,000
<PER-SHARE-NAV-BEGIN> 9.900
<PER-SHARE-NII> 1.060
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<PER-SHARE-NAV-END> 10.450
<EXPENSE-RATIO> 2.200
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 151
<NAME> INTERNATIONAL EQUITY FUND - CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 36,780,698
<INVESTMENTS-AT-VALUE> 37,638,880
<RECEIVABLES> 217,156
<ASSETS-OTHER> 2,206,132
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,062,168
<PAYABLE-FOR-SECURITIES> 1,245,163
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 620,802
<TOTAL-LIABILITIES> 1,865,965
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,237,772
<SHARES-COMMON-STOCK> 1,279,772
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (1,023,335)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 982,832
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 998,934
<NET-ASSETS> 38,196,203
<DIVIDEND-INCOME> 350,196
<INTEREST-INCOME> 199,815
<OTHER-INCOME> 0
<EXPENSES-NET> (737,384)
<NET-INVESTMENT-INCOME> (187,373)
<REALIZED-GAINS-CURRENT> 1,003,938
<APPREC-INCREASE-CURRENT> 1,115,294
<NET-CHANGE-FROM-OPS> 1,931,859
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (297,157)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,303,529
<NUMBER-OF-SHARES-REDEEMED> (30,099)
<SHARES-REINVESTED> 6,332
<NET-CHANGE-IN-ASSETS> 14,101,239
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 167,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 737,000
<AVERAGE-NET-ASSETS> 27,784,000
<PER-SHARE-NAV-BEGIN> 9.770
<PER-SHARE-NII> (0.270)
<PER-SHARE-GAIN-APPREC> 0.780
<PER-SHARE-DIVIDEND> (0.230)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.050
<EXPENSE-RATIO> 2.200
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 152
<NAME> INTERNATIONAL EQUITY FUND - CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 36,780,698
<INVESTMENTS-AT-VALUE> 37,638,880
<RECEIVABLES> 217,156
<ASSETS-OTHER> 2,206,132
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,062,168
<PAYABLE-FOR-SECURITIES> 1,245,163
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 620,802
<TOTAL-LIABILITIES> 1,865,965
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,237,772
<SHARES-COMMON-STOCK> 2,540,481
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (1,023,335)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 982,832
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 998,934
<NET-ASSETS> 38,196,203
<DIVIDEND-INCOME> 350,196
<INTEREST-INCOME> 199,815
<OTHER-INCOME> 0
<EXPENSES-NET> (737,384)
<NET-INVESTMENT-INCOME> (187,373)
<REALIZED-GAINS-CURRENT> 1,003,938
<APPREC-INCREASE-CURRENT> 1,115,294
<NET-CHANGE-FROM-OPS> 1,931,859
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (538,805)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,761,559
<NUMBER-OF-SHARES-REDEEMED> (1,376,037)
<SHARES-REINVESTED> 52,062
<NET-CHANGE-IN-ASSETS> 5,477,353
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 167,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 737,000
<AVERAGE-NET-ASSETS> 27,784,000
<PER-SHARE-NAV-BEGIN> 9.770
<PER-SHARE-NII> (0.270)
<PER-SHARE-GAIN-APPREC> 0.690
<PER-SHARE-DIVIDEND> (0.220)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.970
<EXPENSE-RATIO> 2.950
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
February 12, 1996
To the Board of Trustees of
The MainStay Funds
In planning and performing our audit of the financial
statements
of the Mainstay Capital Appreciation Fund, Value Fund,
Total
Return Fund, Convertible Fund, High Yield Corporate
Bond Fund,
Government Fund, Tax Free Bond Fund, Money Market Fund,
International Bond Fund, International Equity Fund,
Equity Index
Fund, California Tax Free Fund and New York Tax Free
Fund,
separate portfolios constituting the MainStay Funds
(the "Funds")
for the year ended December 31, 1995, we considered its
internal
control structure, including procedures for
safeguarding
securities, in order to determine our auditing
procedures for the
purposes of expressing our opinion on the financial
statements
and to comply with the requirements of Form N-SAR, and
not to
provide assurance on the internal control structure.
The management of the Funds is responsible for
establishing and
maintaining an internal control structure. In
fulfilling this
responsibility, estimates and judgments by management
are
required to assess the expected benefits and related
costs of
internal control structure policies and procedures.
Two of the
objectives of an internal control structure are to
provide
management with reasonable, but not absolute, assurance
that
assets are appropriately safeguarded against loss from
unauthorized use or disposition and that transactions
are
executed in accordance with management's authorization
and
recorded properly to permit preparation of financial
statements
in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and may
not be
detected. Also, projection of any evaluation of the
structure to
future periods is subject to the risk that it may
become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure
would not
necessarily disclose all matters in the internal
control
structure that might be material weaknesses under
standards
established by the American Institute of Certified
Public
Accountants. A material weakness is a condition in
which the
design or operation of the specific internal control
structure
elements does not reduce to a relatively low level the
risk that
errors or irregularities in amounts that would be
material in
relation to the financial statements being audited may
occur and
not be detected within a timely period by employees in
the normal
course of performing their assigned functions.
However, we noted
no matters involving the internal control structure,
including
procedures for safeguarding securities, that we
consider to be
material weaknesses as defined above as of December 31,
1995.
This report is intended solely for the information and
use of
management and the Securities and Exchange Commission.
/s/Price Waterhouse LLP
PRICE WATERHOUSE LLP
