<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000787441
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE MAINSTAY FUNDS
001 B000000 811- 4550
001 C000000 2125765738
002 A000000 51 MADISON AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10010
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 14
007 C010100 1
007 C020100 CAPITAL APPRECIATION FUND
007 C030100 N
007 C010200 2
007 C020200 VALUE FUND
007 C030200 N
007 C010300 3
007 C020300 CONVERTIBLE FUND
007 C030300 N
007 C010400 4
007 C020400 HIGH YIELD CORPORATE BOND FUND
007 C030400 N
007 C010500 5
007 C020500 GOVERNMENT FUND
007 C030500 N
007 C010600 6
007 C020600 MONEY MARKET FUND
007 C030600 N
007 C010700 7
007 C020700 TAX FREE BOND FUND
007 C030700 N
007 C010800 8
007 C010900 9
007 C020900 TOTAL RETURN FUND
007 C030900 N
007 C011000 10
007 C011100 11
007 C021100 EQUITY INDEX FUND
007 C031100 N
<PAGE> PAGE 2
007 C011200 12
007 C021200 CALIFORNIA TAX FREE FUND
007 C031200 N
007 C011300 13
007 C021300 NEW YORK TAX FREE FUND
007 C031300 N
007 C011400 14
007 C021400 INTERNATIONAL BOND FUND
007 C031400 N
007 C011500 15
007 C021500 INTERNATIONAL EQUITY FUND
007 C031500 N
007 C011600 16
007 C021600 STRATEGIC INCOME FUND
007 C031600 N
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 NYLIFE DISTRIBUTORS INC.
010 C01AA01 PARSIPPANY
010 C02AA01 NJ
010 C03AA01 07054
011 A00AA01 NYLIFE DISTRIBUTORS INC.
011 B00AA01 8-46655
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10010
012 A00AA01 MAINSTAY SHAREHOLDER SERVICES, INC.
012 B00AA01 84-5701
012 C01AA01 PARSIPPANY
012 C02AA01 NJ
012 C03AA01 07054
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10022
014 A00AA01 NYLIFE SECURITIES INC.
014 B00AA01 8-15517
014 A00AA02 NYLIFE DISTRIBUTORS INC.
014 B00AA02 8-46655
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 14
019 C00AA00 THMAINSTAY
020 A000001 BEAR STEARNS
020 C000001 242
020 A000002 GOLDMAN SACHS
020 C000002 219
020 A000003 AUTRANET
020 C000003 175
<PAGE> PAGE 3
020 A000004 PRUDENTIAL SECURITIES
020 C000004 173
020 A000005 MERRILL LYNCH
020 C000005 173
020 A000006 INSTINET
020 C000006 173
020 A000007 DONALDSON LUFKIN & JENRETTE
020 C000007 170
020 A000008 MORGAN STANLEY
020 C000008 168
020 A000009 SALOMON BROTHERS
020 C000009 129
020 A000010 SMITH BARNEY HARRIS
020 C000010 126
021 000000 3601
022 A000001 AMERICAN GENERAL
022 C000001 6809532
022 D000001 0
022 A000002 ASSOCIATES CORP.
022 C000002 2001313
022 D000002 0
022 A000003 AMERICAN EXPRESS CREDIT
022 C000003 1802279
022 D000003 5001
022 A000004 PRUDENTIAL FUNDING
022 C000004 1689863
022 D000004 0
022 A000005 BANK OF AMERICA
022 C000005 547762
022 D000005 99987
022 A000006 NORWEST, INC.
022 C000006 619507
022 D000006 0
022 A000007 CHEVRON
022 C000007 580903
022 D000007 0
022 A000008 BENEFICIAL FINANCE
022 C000008 570116
022 D000008 0
022 A000009 G.E.
022 C000009 499868
022 D000009 0
022 A000010 LEHMAN BROTHERS
022 C000010 469095
022 D000010 1314
023 C000000 17910947
023 D000000 772943
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
<PAGE> PAGE 4
026 E000000 Y
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 G000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 Y
078 000000 N
080 A00AA00 THE AETNA CASUALTY AND SURETY COMPANY
080 C00AA00 2500
081 A00AA00 Y
081 B00AA00 13
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
008 A000101 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000101 A
008 C000101 801-5594
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10019
015 A000101 STATE STREET BANK & TRUST COMPANY
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02110
015 E010101 X
024 000100 Y
025 A000101 TRAVELERS GROUP INC.
025 C000101 E
025 D000101 40234
<PAGE> PAGE 5
025 A000102 ASSOCIATES FIRST CAPITAL CORP.
025 C000102 E
025 D000102 19037
025 A000103 AMERICAN GENERAL FINANCE
025 C000103 D
025 D000103 25678
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 58870
028 A020100 0
028 A030100 0
028 A040100 36804
028 B010100 54940
028 B020100 0
028 B030100 0
028 B040100 32248
028 C010100 59954
028 C020100 0
028 C030100 0
028 C040100 32859
028 D010100 62705
028 D020100 0
028 D030100 0
028 D040100 43119
028 E010100 54586
028 E020100 0
028 E030100 0
028 E040100 51762
028 F010100 51806
028 F020100 0
028 F030100 0
028 F040100 33055
028 G010100 342861
028 G020100 0
028 G030100 0
028 G040100 229847
028 H000100 12767
029 000100 Y
030 A000100 762
030 B000100 5.50
030 C000100 2.00
031 A000100 107
031 B000100 0
032 000100 91
033 000100 564
034 000100 Y
035 000100 810
036 A000100 N
<PAGE> PAGE 6
036 B000100 0
037 000100 N
038 000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 5445
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.360
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
053 A000100 N
054 A000100 Y
054 B000100 N
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
<PAGE> PAGE 7
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
060 A000100 Y
060 B000100 Y
061 000100 500
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
<PAGE> PAGE 8
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 352593
071 B000100 217347
071 C000100 1563174
071 D000100 14
072 A000100 6
072 B000100 878
072 C000100 3917
072 D000100 0
072 E000100 0
072 F000100 2200
072 G000100 2200
072 H000100 0
072 I000100 1747
072 J000100 77
072 K000100 0
072 L000100 227
072 M000100 20
072 N000100 89
072 O000100 0
072 P000100 0
072 Q000100 94
072 R000100 15
072 S000100 34
072 T000100 5455
072 U000100 0
072 V000100 0
<PAGE> PAGE 9
072 W000100 11
072 X000100 12169
072 Y000100 0
072 Z000100 -7374
072AA000100 54201
072BB000100 23292
072CC010100 632681
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 14668
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1
074 B000100 0
074 C000100 25678
074 D000100 0
074 E000100 0
074 F000100 1756848
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 25244
074 K000100 0
074 L000100 4228
074 M000100 0
074 N000100 1811999
074 O000100 0
074 P000100 1728
074 Q000100 0
074 R010100 30040
074 R020100 0
074 R030100 0
074 R040100 0
074 S000100 0
074 T000100 1780231
074 U010100 4970
074 U020100 47163
074 V010100 34.54
074 V020100 34.11
074 W000100 0.0000
074 X000100 186235
074 Y000100 0
075 A000100 0
075 B000100 1596407
076 000100 0.00
008 A000201 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000201 A
008 C000201 801-5594
<PAGE> PAGE 10
008 D010201 NEW YORK
008 D020201 NY
008 D030201 10019
015 A000201 STATE STREET BANK & TRUST COMPANY
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02110
015 E010201 X
024 000200 Y
025 A000201 EQUITABLE COS. INC.
025 C000201 E
025 D000201 12010
025 A000202 FORD MOTOR COMPANY
025 C000202 E
025 D000202 20927
025 A000203 TRAVELERS GROUP INC.
025 C000203 E
025 D000203 20745
025 A000204 BENEFICIAL CORP.
025 C000204 D
025 D000204 9284
025 A000205 G.E.
025 C000205 D
025 D000205 30755
025 A000206 NORWEST FINANCIAL, INC.
025 C000206 D
025 D000206 31042
025 A000207 PRUDENTIAL FUNDING
025 C000207 D
025 D000207 24091
025 D000208 0
028 A010200 30650
028 A020200 0
028 A030200 0
028 A040200 17083
028 B010200 30538
028 B020200 0
028 B030200 0
028 B040200 11738
028 C010200 33591
028 C020200 0
028 C030200 0
028 C040200 14809
028 D010200 34428
028 D020200 0
028 D030200 0
028 D040200 19936
028 E010200 30724
028 E020200 2385
028 E030200 0
<PAGE> PAGE 11
028 E040200 13600
028 F010200 30206
028 F020200 0
028 F030200 0
028 F040200 13464
028 G010200 190137
028 G020200 2385
028 G030200 0
028 G040200 90630
028 H000200 7452
029 000200 Y
030 A000200 392
030 B000200 5.50
030 C000200 2.00
031 A000200 59
031 B000200 0
032 000200 56
033 000200 277
034 000200 Y
035 000200 469
036 A000200 N
036 B000200 0
037 000200 N
038 000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 4083
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.360
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
<PAGE> PAGE 12
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
053 A000200 N
054 A000200 Y
054 B000200 N
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 Y
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 N
054 M000200 Y
054 N000200 N
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
060 A000200 Y
060 B000200 Y
061 000200 500
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
<PAGE> PAGE 13
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 460478
071 B000200 395881
071 C000200 1114014
071 D000200 36
072 A000200 6
<PAGE> PAGE 14
072 B000200 1782
072 C000200 12075
072 D000200 0
072 E000200 0
072 F000200 1688
072 G000200 1688
072 H000200 0
072 I000200 1348
072 J000200 69
072 K000200 0
072 L000200 148
072 M000200 15
072 N000200 67
072 O000200 0
072 P000200 0
072 Q000200 73
072 R000200 15
072 S000200 25
072 T000200 4083
072 U000200 0
072 V000200 0
072 W000200 8
072 X000200 9227
072 Y000200 0
072 Z000200 4630
072AA000200 108789
072BB000200 11031
072CC010200 19515
072CC020200 0
072DD010200 539
072DD020200 4196
072EE000200 0
073 A010200 0.1278
073 A020200 0.0786
073 B000200 0.0000
073 C000200 0.0000
074 A000200 1
074 B000200 0
074 C000200 95172
074 D000200 0
074 E000200 9313
074 F000200 1198717
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 47499
074 K000200 0
074 L000200 5381
074 M000200 0
074 N000200 1356083
074 O000200 39712
<PAGE> PAGE 15
074 P000200 1351
074 Q000200 0
074 R010200 3395
074 R020200 0
074 R030200 0
074 R040200 0
074 S000200 0
074 T000200 1311625
074 U010200 4327
074 U020200 54264
074 V010200 22.40
074 V020200 22.38
074 W000200 0.0000
074 X000200 126012
074 Y000200 0
075 A000200 0
075 B000200 1183444
076 000200 0.00
008 A000301 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000301 A
008 C000301 801-5594
008 D010301 NEW YORK
008 D020301 NY
008 D030301 10019
015 A000301 STATE STREET BANK & TRUST COMPANY
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02110
015 E010301 X
024 000300 Y
025 A000301 CHEVRON CORPORATION
025 C000301 E
025 D000301 2519
025 A000302 FORD MOTOR COMPANY
025 C000302 E
025 D000302 1668
025 A000303 MERRILL LYNCH & CO. INC.
025 C000303 E
025 D000303 10604
025 A000304 SALOMON INC.
025 C000304 E
025 D000304 287
025 A000305 MERRILL LYNCH PIERCE FENNER & SMITH
025 C000305 D
025 D000305 4
025 A000306 MERRILL LYNCH PIERCE FENNER & SMITH
025 C000306 D
025 D000306 60
025 A000307 MERRILL LYNCH PIERCE FENNER & SMITH
025 C000307 D
<PAGE> PAGE 16
025 D000307 203
025 D000308 0
028 A010300 22609
028 A020300 0
028 A030300 0
028 A040300 14048
028 B010300 19659
028 B020300 94
028 B030300 0
028 B040300 12741
028 C010300 22438
028 C020300 3
028 C030300 0
028 C040300 13233
028 D010300 17643
028 D020300 6691
028 D030300 0
028 D040300 15439
028 E010300 19587
028 E020300 0
028 E030300 0
028 E040300 13924
028 F010300 6884
028 F020300 0
028 F030300 0
028 F040300 13687
028 G010300 108820
028 G020300 6788
028 G030300 0
028 G040300 83072
028 H000300 2277
029 000300 Y
030 A000300 239
030 B000300 5.50
030 C000300 2.00
031 A000300 34
031 B000300 0
032 000300 123
033 000300 82
034 000300 Y
035 000300 745
036 A000300 N
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 0
<PAGE> PAGE 17
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 3652
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.360
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
053 A000300 N
054 B000300 N
054 C000300 N
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 Y
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 N
054 M000300 Y
054 N000300 N
054 O000300 N
055 A000300 N
055 B000300 N
056 000300 Y
<PAGE> PAGE 18
057 000300 N
060 A000300 Y
060 B000300 Y
061 000300 500
062 A000300 Y
062 B000300 15.6
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 9.2
062 J000300 0.0
062 K000300 0.0
062 L000300 0.7
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.3
062 Q000300 41.8
062 R000300 42.3
063 A000300 0
063 B000300 5.9
064 A000300 N
064 B000300 Y
065 000300 N
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
<PAGE> PAGE 19
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 796900
071 B000300 861311
071 C000300 649338
071 D000300 123
072 A000300 6
072 B000300 17291
072 C000300 7871
072 D000300 0
072 E000300 0
072 F000300 1593
072 G000300 1593
072 H000300 0
072 I000300 791
072 J000300 53
072 K000300 0
072 L000300 132
072 M000300 12
072 N000300 66
072 O000300 0
072 P000300 0
072 Q000300 70
072 R000300 26
072 S000300 23
072 T000300 3652
072 U000300 0
072 V000300 0
072 W000300 1011
072 X000300 9022
<PAGE> PAGE 20
072 Y000300 0
072 Z000300 16140
072AA000300 46426
072BB000300 24403
072CC010300 15709
072CC020300 0
072DD010300 1302
072DD020300 14918
072EE000300 0
073 A010300 0.2934
073 A020300 0.2506
073 B000300 0.0000
073 C000300 0.0000
074 A000300 219
074 B000300 0
074 C000300 145520
074 D000300 388030
074 E000300 263725
074 F000300 130757
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 14078
074 K000300 0
074 L000300 18885
074 M000300 149741
074 N000300 1110955
074 O000300 10700
074 P000300 1177
074 Q000300 0
074 R010300 0
074 R020300 164442
074 R030300 0
074 R040300 10584
074 S000300 0
074 T000300 924052
074 U010300 4500
074 U020300 59726
074 V010300 14.39
074 V020300 14.39
074 W000300 0.0000
074 X000300 78368
074 Y000300 0
075 A000300 0
075 B000300 892248
076 000300 0.00
008 A000401 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000401 A
008 C000401 801-5594
008 D010401 NEW YORK
008 D020401 NY
<PAGE> PAGE 21
008 D030401 10019
015 A000401 STATE STREET BANK & TRUST COMPANY
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02110
015 E010401 X
024 000400 Y
025 A000401 AMERICAN EXPRESS CREDIT
025 C000401 D
025 D000401 102902
025 A000402 MERRILL LYNCH PIERCE FENNER & SMITH
025 C000402 D
025 D000402 61
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 116346
028 A020400 -1
028 A030400 0
028 A040400 38500
028 B010400 115375
028 B020400 12514
028 B030400 0
028 B040400 36184
028 C010400 108479
028 C020400 12565
028 C030400 0
028 C040400 54906
028 D010400 119760
028 D020400 12815
028 D030400 0
028 D040400 48310
028 E010400 116337
028 E020400 13235
028 E030400 0
028 E040400 35243
028 F010400 112174
028 F020400 13712
028 F030400 0
028 F040400 36542
028 G010400 688471
028 G020400 64840
028 G030400 0
028 G040400 249685
028 H000400 12532
029 000400 Y
030 A000400 1200
<PAGE> PAGE 22
030 B000400 4.50
030 C000400 2.00
031 A000400 150
031 B000400 0
032 000400 663
033 000400 387
034 000400 Y
035 000400 1178
036 A000400 N
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 11159
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.300
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
<PAGE> PAGE 23
053 A000400 N
054 B000400 N
054 C000400 N
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 Y
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
060 A000400 Y
060 B000400 Y
061 000400 500
062 A000400 Y
062 B000400 8.1
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 3.3
062 J000400 0.0
062 K000400 0.0
062 L000400 0.2
062 M000400 6.6
062 N000400 3.4
062 O000400 0.0
062 P000400 55.2
062 Q000400 10.6
062 R000400 10.9
063 A000400 0
063 B000400 5.7
064 A000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
<PAGE> PAGE 24
070 B020400 Y
070 C010400 Y
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 1789266
071 B000400 1296783
071 C000400 2341552
071 D000400 55
072 A000400 6
072 B000400 127275
072 C000400 5596
072 D000400 0
072 E000400 0
072 F000400 3900
072 G000400 3900
072 H000400 0
072 I000400 1615
072 J000400 130
072 K000400 0
072 L000400 250
072 M000400 36
072 N000400 200
<PAGE> PAGE 25
072 O000400 0
072 P000400 0
072 Q000400 154
072 R000400 22
072 S000400 169
072 T000400 11159
072 U000400 0
072 V000400 0
072 W000400 25
072 X000400 21560
072 Y000400 0
072 Z000400 111311
072AA000400 103930
072BB000400 24131
072CC010400 0
072CC020400 14837
072DD010400 6433
072DD020400 109715
072EE000400 0
073 A010400 0.3600
073 A020400 0.3360
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 360371
074 D000400 2429861
074 E000400 144013
074 F000400 147684
074 G000400 0
074 H000400 0
074 I000400 28
074 J000400 31223
074 K000400 0
074 L000400 72632
074 M000400 2897
074 N000400 3188709
074 O000400 39012
074 P000400 3419
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 24542
074 S000400 0
074 T000400 3121736
074 U010400 20893
074 U020400 349677
074 V010400 8.44
074 V020400 8.42
074 W000400 0.0000
<PAGE> PAGE 26
074 X000400 152484
074 Y000400 0
075 A000400 0
075 B000400 2814400
076 000400 0.00
008 A000501 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000501 A
008 C000501 801-5594
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10019
015 A000501 STATE STREET BANK & TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02110
015 E010501 X
024 000500 N
025 A000501 AMERICAN EXPRESS CREDIT
025 C000501 D
025 D000501 27555
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 4500
028 A020500 0
028 A030500 0
028 A040500 21975
028 B010500 6958
028 B020500 2611
028 B030500 0
028 B040500 26456
028 C010500 5256
028 C020500 2553
028 C030500 0
028 C040500 26136
028 D010500 5137
028 D020500 2496
028 D030500 0
028 D040500 28116
028 E010500 2913
028 E020500 2429
028 E030500 0
028 E040500 18022
028 F010500 4142
028 F020500 2394
028 F030500 0
<PAGE> PAGE 27
028 F040500 20403
028 G010500 28906
028 G020500 12483
028 G030500 0
028 G040500 141108
028 H000500 349
029 000500 Y
030 A000500 20
030 B000500 4.50
030 C000500 2.00
031 A000500 2
031 B000500 0
032 000500 4
033 000500 14
034 000500 Y
035 000500 426
036 A000500 N
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.300
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
<PAGE> PAGE 28
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
053 A000500 N
054 B000500 N
054 C000500 N
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 N
054 M000500 Y
054 N000500 N
054 O000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
060 A000500 Y
060 B000500 Y
061 000500 500
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 35.1
062 N000500 46.8
062 O000500 0.0
062 P000500 0.0
062 Q000500 28.0
062 R000500 -9.9
063 A000500 0
063 B000500 10.1
064 A000500 N
<PAGE> PAGE 29
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 1104235
071 B000500 1165222
071 C000500 735844
071 D000500 150
072 A000500 6
072 B000500 27690
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 1102
<PAGE> PAGE 30
072 G000500 1102
072 H000500 0
072 I000500 632
072 J000500 41
072 K000500 0
072 L000500 97
072 M000500 2
072 N000500 25
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 16
072 S000500 18
072 T000500 1919
072 U000500 0
072 V000500 0
072 W000500 982
072 X000500 5936
072 Y000500 0
072 Z000500 21754
072AA000500 4792
072BB000500 11270
072CC010500 2789
072CC020500 0
072DD010500 518
072DD020500 19381
072EE000500 0
073 A010500 0.2460
073 A020500 0.2160
073 B000500 0.0000
073 C000500 0.0000
074 A000500 3
074 B000500 0
074 C000500 0
074 D000500 763296
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 15601
074 K000500 237
074 L000500 8106
074 M000500 0
074 N000500 787243
074 O000500 87632
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
<PAGE> PAGE 31
074 R040500 4823
074 S000500 0
074 T000500 694788
074 U010500 2162
074 U020500 84753
074 V010500 8.04
074 V020500 8.00
074 W000500 7.9900
074 X000500 54690
074 Y000500 194173
075 A000500 0
075 B000500 740504
076 000500 0.00
008 A000601 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000601 A
008 C000601 801-5594
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10019
015 A000601 STATE STREET BANK & TRUST COMPANY
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02110
015 E010601 X
024 000600 Y
025 A000601 BANK OF AMERICA - ILLINOIS
025 C000601 D
025 D000601 4998
025 A000602 PRUDENTIAL FUNDING
025 C000602 D
025 D000602 3780
025 A000603 MERRILL LYNCH - AUSTRALIA
025 C000603 D
025 D000603 3041
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 54577
028 A020600 1408
028 A030600 0
028 A040600 54774
028 B010600 57725
028 B020600 1542
028 B030600 0
028 B040600 42757
028 C010600 83529
028 C020600 1325
028 C030600 0
<PAGE> PAGE 32
028 C040600 65021
028 D010600 94677
028 D020600 1419
028 D030600 0
028 D040600 86416
028 E010600 81063
028 E020600 1611
028 E030600 0
028 E040600 77067
028 F010600 60981
028 F020600 1723
028 F030600 0
028 F040600 77037
028 G010600 432552
028 G020600 9028
028 G030600 0
028 G040600 403072
028 H000600 0
029 000600 N
030 A000600 0
030 B000600 0.00
030 C000600 0.00
031 A000600 0
031 B000600 0
032 000600 0
033 000600 0
034 000600 Y
035 000600 396
036 A000600 N
036 B000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 N
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.250
048 A010600 0
048 A020600 0.000
048 B010600 0
<PAGE> PAGE 33
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
053 A000600 Y
053 B000600 Y
053 C000600 N
054 A000600 Y
054 B000600 N
054 C000600 N
054 D000600 N
054 E000600 N
054 F000600 N
054 G000600 Y
054 H000600 Y
054 I000600 N
054 J000600 Y
054 K000600 N
054 L000600 N
054 M000600 Y
054 N000600 N
054 O000600 N
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
060 A000600 Y
060 B000600 Y
061 000600 1000
062 A000600 Y
062 B000600 0.0
062 C000600 4.3
062 D000600 0.0
062 E000600 0.0
062 F000600 9.3
062 G000600 2.2
<PAGE> PAGE 34
062 H000600 0.0
062 I000600 87.4
062 J000600 0.0
062 K000600 0.0
062 L000600 6.3
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 55
063 B000600 0.0
064 A000600 Y
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 N
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
<PAGE> PAGE 35
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 6
072 B000600 11182
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 485
072 G000600 485
072 H000600 0
072 I000600 670
072 J000600 22
072 K000600 0
072 L000600 126
072 M000600 5
072 N000600 54
072 O000600 0
072 P000600 0
072 Q000600 34
072 R000600 12
072 S000600 9
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 4
072 X000600 1906
072 Y000600 512
072 Z000600 9788
072AA000600 3
072BB000600 0
072CC010600 0
072CC020600 0
072DD010600 1608
072DD020600 8180
072EE000600 0
073 A010600 0.0243
073 A020600 0.0243
073 B000600 0.0000
073 C000600 0.0000
074 A000600 329
074 B000600 0
074 C000600 410871
074 D000600 0
074 E000600 0
<PAGE> PAGE 36
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 1680
074 M000600 0
074 N000600 412880
074 O000600 0
074 P000600 25
074 Q000600 0
074 R010600 2971
074 R020600 0
074 R030600 0
074 R040600 0
074 S000600 0
074 T000600 409884
074 U010600 70392
074 U020600 339504
074 V010600 1.00
074 V020600 1.00
074 W000600 0.9999
074 X000600 51167
074 Y000600 0
075 A000600 401634
075 B000600 0
076 000600 0.00
008 A000701 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000701 A
008 C000701 801-5594
008 D010701 NEW YORK
008 D020701 NY
008 D030701 10019
015 A000701 STATE STREET BANK & TRUST COMPANY
015 B000701 C
015 C010701 BOSTON
015 C020701 MA
015 C030701 02110
015 E010701 X
024 000700 N
025 D000701 0
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 2766
028 A020700 0
<PAGE> PAGE 37
028 A030700 0
028 A040700 7429
028 B010700 2847
028 B020700 1299
028 B030700 0
028 B040700 13691
028 C010700 2442
028 C020700 1283
028 C030700 0
028 C040700 7128
028 D010700 4771
028 D020700 1269
028 D030700 0
028 D040700 8151
028 E010700 3292
028 E020700 1262
028 E030700 0
028 E040700 6336
028 F010700 3508
028 F020700 1254
028 F030700 0
028 F040700 6599
028 G010700 19626
028 G020700 6367
028 G030700 0
028 G040700 49334
028 H000700 668
029 000700 Y
030 A000700 28
030 B000700 4.50
030 C000700 2.00
031 A000700 5
031 B000700 0
032 000700 6
033 000700 17
034 000700 Y
035 000700 260
036 A000700 N
036 B000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
041 000700 Y
042 A000700 0
042 B000700 0
042 C000700 0
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
<PAGE> PAGE 38
042 H000700 0
043 000700 1098
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.300
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
053 A000700 N
054 B000700 N
054 C000700 N
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 Y
054 H000700 Y
054 I000700 N
054 J000700 Y
054 K000700 N
054 L000700 N
054 M000700 Y
054 N000700 N
054 O000700 N
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
060 A000700 Y
060 B000700 Y
061 000700 500
<PAGE> PAGE 39
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 2.9
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 1.8
062 M000700 0.0
062 N000700 0.0
062 O000700 100.6
062 P000700 0.0
062 Q000700 0.0
062 R000700 -3.5
063 A000700 0
063 B000700 24.3
064 A000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 Y
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
<PAGE> PAGE 40
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 282855
071 B000700 290092
071 C000700 485700
071 D000700 58
072 A000700 6
072 B000700 15665
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 737
072 G000700 737
072 H000700 0
072 I000700 201
072 J000700 24
072 K000700 0
072 L000700 52
072 M000700 7
072 N000700 18
072 O000700 0
072 P000700 0
072 Q000700 38
072 R000700 16
072 S000700 12
072 T000700 1098
072 U000700 0
072 V000700 0
072 W000700 14
072 X000700 2954
072 Y000700 0
072 Z000700 12711
072AA000700 4718
072BB000700 4193
072CC010700 5421
072CC020700 0
072DD010700 330
072DD020700 11777
072EE000700 0
073 A010700 0.2520
073 A020700 0.2400
073 B000700 0.0000
<PAGE> PAGE 41
073 C000700 0.0000
074 A000700 78
074 B000700 0
074 C000700 14159
074 D000700 494456
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 20085
074 M000700 0
074 N000700 528778
074 O000700 34794
074 P000700 431
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 2369
074 S000700 0
074 T000700 491184
074 U010700 1260
074 U020700 48461
074 V010700 9.87
074 V020700 9.88
074 W000700 0.0000
074 X000700 18083
074 Y000700 72236
075 A000700 0
075 B000700 495502
076 000700 0.00
028 A010800 0
028 A020800 0
028 A030800 0
028 A040800 0
028 B010800 0
028 B020800 0
028 B030800 0
028 B040800 0
028 C010800 0
028 C020800 0
028 C030800 0
028 C040800 0
028 D010800 0
028 D020800 0
028 D030800 0
028 D040800 0
028 E010800 0
<PAGE> PAGE 42
028 E020800 0
028 E030800 0
028 E040800 0
028 F010800 0
028 F020800 0
028 F030800 0
028 F040800 0
028 G010800 0
028 G020800 0
028 G030800 0
028 G040800 0
028 H000800 0
008 A000901 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000901 A
008 C000901 801-5594
008 D010901 NEW YORK
008 D020901 NY
008 D030901 10019
015 A000901 STATE STREET BANK & TRUST COMPANY
015 B000901 C
015 C010901 BOSTON
015 C020901 MA
015 C030901 02110
015 E010901 X
024 000900 Y
025 A000901 ASSOCIATES FIRST CAPITAL CORP.
025 C000901 E
025 D000901 8159
025 A000902 TRAVELERS GROUP INC.
025 C000902 E
025 D000902 15555
025 A000903 AMERICAN GENERAL FINANCE
025 C000903 D
025 D000903 2089
025 A000904 LEHMAN BROS. HOLDINGS INC.
025 C000904 D
025 D000904 2609
025 A000905 PRUDENTIAL FUNDING
025 C000905 D
025 D000905 23000
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 20462
028 A020900 0
028 A030900 0
028 A040900 14461
028 B010900 15353
028 B020900 0
028 B030900 0
028 B040900 13632
<PAGE> PAGE 43
028 C010900 16399
028 C020900 0
028 C030900 0
028 C040900 14626
028 D010900 22717
028 D020900 4115
028 D030900 0
028 D040900 19029
028 E010900 14010
028 E020900 0
028 E030900 0
028 E040900 15828
028 F010900 13263
028 F020900 0
028 F030900 0
028 F040900 12836
028 G010900 102204
028 G020900 4115
028 G030900 0
028 G040900 90412
028 H000900 4102
029 000900 Y
030 A000900 203
030 B000900 5.50
030 C000900 2.00
031 A000900 28
031 B000900 0
032 000900 14
033 000900 161
034 000900 Y
035 000900 485
036 A000900 N
036 B000900 0
037 000900 N
038 000900 0
040 000900 Y
041 000900 Y
042 A000900 0
042 B000900 0
042 C000900 0
042 D000900 0
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 100
043 000900 3814
044 000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.320
<PAGE> PAGE 44
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
053 A000900 N
054 A000900 Y
054 B000900 N
054 C000900 N
054 D000900 N
054 E000900 N
054 F000900 N
054 G000900 Y
054 H000900 Y
054 I000900 N
054 J000900 Y
054 K000900 N
054 L000900 N
054 M000900 Y
054 N000900 N
054 O000900 N
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
060 A000900 Y
060 B000900 Y
061 000900 500
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
<PAGE> PAGE 45
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 0.0
066 A000900 Y
066 B000900 N
066 C000900 N
066 D000900 N
066 E000900 N
066 F000900 N
066 G000900 Y
067 000900 Y
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 Y
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 N
<PAGE> PAGE 46
070 N010900 Y
070 N020900 Y
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 893221
071 B000900 885323
071 C000900 1116102
071 D000900 79
072 A000900 6
072 B000900 15380
072 C000900 1779
072 D000900 0
072 E000900 0
072 F000900 1747
072 G000900 1747
072 H000900 0
072 I000900 1186
072 J000900 72
072 K000900 0
072 L000900 163
072 M000900 15
072 N000900 39
072 O000900 0
072 P000900 0
072 Q000900 70
072 R000900 15
072 S000900 25
072 T000900 3814
072 U000900 0
072 V000900 0
072 W000900 7
072 X000900 8900
072 Y000900 0
072 Z000900 8259
072AA000900 48442
072BB000900 14512
072CC010900 61381
072CC020900 0
072DD010900 767
072DD020900 7349
072EE000900 0
073 A010900 0.1901
073 A020900 0.1433
073 B000900 0.0000
073 C000900 0.0000
<PAGE> PAGE 47
074 A000900 3
074 B000900 0
074 C000900 70460
074 D000900 409689
074 E000900 0
074 F000900 761880
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 79893
074 K000900 0
074 L000900 5652
074 M000900 0
074 N000900 1327577
074 O000900 111188
074 P000900 1287
074 Q000900 0
074 R010900 4888
074 R020900 0
074 R030900 0
074 R040900 0
074 S000900 0
074 T000900 1210214
074 U010900 4230
074 U020900 51249
074 V010900 21.81
074 V020900 21.81
074 W000900 0.0000
074 X000900 115147
074 Y000900 87882
075 A000900 0
075 B000900 1140887
076 000900 0.00
008 A001101 MONITOR CAPITAL ADVISORS, INC
008 B001101 A
008 C001101 801-34412
008 D011101 NEW YORK
008 D021101 NY
008 D031101 10010
015 A001101 BANK OF NEW YORK
015 B001101 C
015 C011101 NEW YORK
015 C021101 NY
015 C031101 10015
015 E011101 X
024 001100 N
028 A011100 14819
028 A021100 0
028 A031100 0
028 A041100 3586
028 B011100 10932
<PAGE> PAGE 48
028 B021100 0
028 B031100 0
028 B041100 2295
028 C011100 12709
028 C021100 0
028 C031100 0
028 C041100 6423
028 D011100 11308
028 D021100 0
028 D031100 0
028 D041100 4979
028 E011100 13604
028 E021100 0
028 E031100 0
028 E041100 5001
028 F011100 15671
028 F021100 0
028 F031100 0
028 F041100 3445
028 G011100 79043
028 G021100 0
028 G031100 0
028 G041100 25729
028 H001100 26152
029 001100 Y
030 A001100 1693
030 B001100 3.00
030 C001100 1.50
031 A001100 154
031 B001100 0
032 001100 899
033 001100 640
034 001100 N
035 001100 0
036 B001100 0
037 001100 N
038 001100 0
039 001100 N
040 001100 Y
041 001100 Y
042 A001100 0
042 B001100 0
042 C001100 0
042 D001100 0
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
043 001100 0
044 001100 0
045 001100 Y
<PAGE> PAGE 49
046 001100 N
047 001100 Y
048 001100 0.100
048 A011100 0
048 A021100 0.000
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
053 A001100 N
054 A001100 Y
054 B001100 Y
054 C001100 Y
054 D001100 N
054 E001100 N
054 F001100 N
054 G001100 Y
054 H001100 Y
054 I001100 N
054 J001100 Y
054 K001100 N
054 L001100 Y
054 M001100 Y
054 N001100 N
054 O001100 N
055 A001100 N
055 B001100 N
056 001100 Y
057 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 1000
062 A001100 N
062 B001100 0.0
062 C001100 0.0
<PAGE> PAGE 50
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
066 A001100 Y
066 B001100 N
066 C001100 N
066 D001100 Y
066 E001100 N
066 F001100 N
066 G001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 Y
070 A011100 Y
070 A021100 N
070 B011100 Y
070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 Y
070 F021100 Y
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 Y
070 M011100 N
<PAGE> PAGE 51
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 50175
071 B001100 3501
071 C001100 94291
071 D001100 4
072 A001100 6
072 B001100 352
072 C001100 2388
072 D001100 0
072 E001100 0
072 F001100 135
072 G001100 540
072 H001100 0
072 I001100 161
072 J001100 28
072 K001100 0
072 L001100 45
072 M001100 3
072 N001100 34
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 13
072 S001100 5
072 T001100 338
072 U001100 6
072 V001100 0
072 W001100 3
072 X001100 1311
072 Y001100 231
072 Z001100 1660
072AA001100 3529
072BB001100 132
072CC011100 45704
072CC021100 0
072DD011100 0
072DD021100 0
072EE001100 0
073 A011100 0.0000
073 A021100 0.0000
073 B001100 0.0000
<PAGE> PAGE 52
073 C001100 0.0000
074 A001100 29
074 B001100 0
074 C001100 12700
074 D001100 0
074 E001100 0
074 F001100 315848
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 971
074 K001100 0
074 L001100 2852
074 M001100 43
074 N001100 332443
074 O001100 2059
074 P001100 159
074 Q001100 0
074 R011100 400
074 R021100 0
074 R031100 0
074 R041100 0
074 S001100 0
074 T001100 329825
074 U011100 11745
074 U021100 0
074 V011100 28.08
074 V021100 0.00
074 W001100 0.0000
074 X001100 19589
074 Y001100 34322
075 A001100 0
075 B001100 272262
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
<PAGE> PAGE 53
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 372
028 A021200 0
028 A031200 0
028 A041200 140
028 B011200 90
028 B021200 55
028 B031200 0
028 B041200 66
028 C011200 468
028 C021200 56
028 C031200 0
028 C041200 1212
028 D011200 386
028 D021200 55
028 D031200 0
028 D041200 806
028 E011200 463
028 E021200 53
028 E031200 0
028 E041200 185
028 F011200 147
028 F021200 53
028 F031200 0
028 F041200 256
028 G011200 1926
028 G021200 272
028 G031200 0
028 G041200 2665
028 H001200 862
029 001200 Y
030 A001200 27
030 B001200 4.50
030 C001200 2.00
031 A001200 4
031 B001200 0
032 001200 3
033 001200 20
034 001200 Y
035 001200 3
036 A001200 N
036 B001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 Y
041 001200 Y
042 A001200 0
<PAGE> PAGE 54
042 B001200 0
042 C001200 0
042 D001200 0
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 35
044 001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.250
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
<PAGE> PAGE 55
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
062 E001200 0.0
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 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 100.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 0
063 B001200 23.7
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
<PAGE> PAGE 56
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
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 9913
071 B001200 9860
071 C001200 72212
071 D001200 44
072 A001200 6
072 B001200 710
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 28
072 G001200 28
072 H001200 0
072 I001200 17
072 J001200 9
072 K001200 0
072 L001200 20
072 M001200 0
072 N001200 2
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 10
072 S001200 1
072 T001200 35
072 U001200 0
072 V001200 0
072 W001200 3
072 X001200 153
072 Y001200 6
072 Z001200 563
072AA001200 225
<PAGE> PAGE 57
072BB001200 130
072CC011200 22
072CC021200 0
072DD011200 425
072DD021200 132
072EE001200 0
073 A011200 0.2400
073 A021200 0.2280
073 B001200 0.0000
073 C001200 0.0000
074 A001200 0
074 B001200 0
074 C001200 0
074 D001200 22666
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 0
074 L001200 565
074 M001200 0
074 N001200 23231
074 O001200 245
074 P001200 14
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 297
074 S001200 0
074 T001200 22675
074 U011200 1701
074 U021200 623
074 V011200 9.76
074 V021200 9.74
074 W001200 0.0000
074 X001200 673
074 Y001200 0
075 A001200 0
075 B001200 22816
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
<PAGE> PAGE 58
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
028 A011300 321
028 A021300 0
028 A031300 0
028 A041300 61
028 B011300 90
028 B021300 34
028 B031300 0
028 B041300 555
028 C011300 187
028 C021300 34
028 C031300 0
028 C041300 1116
028 D011300 187
028 D021300 32
028 D031300 0
028 D041300 265
028 E011300 318
028 E021300 32
028 E031300 0
028 E041300 514
028 F011300 275
028 F021300 32
028 F031300 0
028 F041300 221
028 G011300 1378
028 G021300 162
028 G031300 0
028 G041300 2732
028 H001300 114
029 001300 Y
030 A001300 14
030 B001300 4.50
030 C001300 2.00
031 A001300 2
031 B001300 0
032 001300 9
033 001300 3
034 001300 Y
<PAGE> PAGE 59
035 001300 2
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
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 29
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
<PAGE> PAGE 60
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
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 0.0
062 M001300 0.0
062 N001300 0.0
062 O001300 96.6
062 P001300 0.0
062 Q001300 0.0
062 R001300 3.4
063 A001300 0
063 B001300 22.0
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
<PAGE> PAGE 61
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
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 15006
071 B001300 16277
071 C001300 18428
071 D001300 81
072 A001300 6
072 B001300 593
072 C001300 0
072 D001300 0
072 E001300 0
072 F001300 24
072 G001300 24
072 H001300 0
072 I001300 17
072 J001300 10
072 K001300 0
072 L001300 19
072 M001300 0
072 N001300 1
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 10
<PAGE> PAGE 62
072 S001300 0
072 T001300 29
072 U001300 0
072 V001300 0
072 W001300 3
072 X001300 137
072 Y001300 15
072 Z001300 471
072AA001300 243
072BB001300 73
072CC011300 128
072CC021300 0
072DD011300 350
072DD021300 103
072EE001300 0
073 A011300 0.2400
073 A021300 0.2280
073 B001300 0.0000
073 C001300 0.0000
074 A001300 49
074 B001300 0
074 C001300 0
074 D001300 17913
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 695
074 M001300 1
074 N001300 18658
074 O001300 0
074 P001300 9
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 114
074 S001300 0
074 T001300 18535
074 U011300 1387
074 U021300 481
074 V011300 9.94
074 V021300 9.87
074 W001300 0.0000
074 X001300 633
074 Y001300 0
075 A001300 0
075 B001300 18881
<PAGE> PAGE 63
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
024 001400 Y
025 A001401 BANK OF AMERICA
025 C001401 D
025 D001401 1
025 A001402 BANK OF AMERICA
025 C001402 D
025 D001402 1
025 A001403 BANK OF AMERICA
025 C001403 D
025 D001403 29
025 A001404 BANK OF AMERICA
025 C001404 D
025 D001404 15
025 A001405 BANK OF AMERICA
025 C001405 D
025 D001405 1
025 A001406 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001406 D
025 D001406 34
025 A001407 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001407 D
025 D001407 22
025 A001408 MERRILL LYNCH CORP.
025 C001408 D
025 D001408 7
025 A001409 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001409 D
025 D001409 319
025 A001410 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001410 D
025 D001410 21
025 A001411 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001411 D
025 D001411 14
025 A001412 BANK OF AMERICA
025 C001412 D
025 D001412 1
025 A001413 BANK OF AMERICA
<PAGE> PAGE 64
025 C001413 D
025 D001413 2
025 A001414 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001414 D
025 D001414 1
025 A001415 BANK OF AMERICA
025 C001415 D
025 D001415 14
025 A001416 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001416 D
025 D001416 6
025 A001417 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001417 D
025 D001417 18
025 A001418 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001418 D
025 D001418 24
025 A001419 SMITH BARNEY INC.
025 C001419 D
025 D001419 5
025 A001420 SMITH BARNEY INC.
025 C001420 D
025 D001420 3
025 A001421 SMITH BARNEY INC.
025 C001421 D
025 D001421 4
025 A001422 BANK OF AMERICA
025 C001422 D
025 D001422 1
025 A001423 BANK OF AMERICA
025 C001423 D
025 D001423 1
025 A001424 BANK OF AMERICA
025 C001424 D
025 D001424 2
025 A001425 BANK OF AMERICA
025 C001425 D
025 D001425 1
025 A001426 BANK OF AMERICA
025 C001426 D
025 D001426 2
025 A001427 BANK OF AMERICA
025 C001427 D
025 D001427 16
025 A001428 SMITH BARNEY
025 C001428 D
025 D001428 110
025 A001429 BANK OF AMERICA
025 C001429 D
025 D001429 1
025 A001430 MERRILL LYNCH PIERCE FENNER & SMITH
<PAGE> PAGE 65
025 C001430 D
025 D001430 47
025 A001431 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001431 D
025 D001431 3
025 D001432 0
028 A011400 1437
028 A021400 0
028 A031400 0
028 A041400 504
028 B011400 1015
028 B021400 81
028 B031400 0
028 B041400 1688
028 C011400 1356
028 C021400 83
028 C031400 0
028 C041400 471
028 D011400 1046
028 D021400 85
028 D031400 0
028 D041400 559
028 E011400 528
028 E021400 86
028 E031400 0
028 E041400 456
028 F011400 844
028 F021400 87
028 F031400 0
028 F041400 624
028 G011400 6226
028 G021400 422
028 G031400 0
028 G041400 4302
028 H001400 291
029 001400 Y
030 A001400 18
030 B001400 4.50
030 C001400 2.00
031 A001400 3
031 B001400 0
032 001400 7
033 001400 8
034 001400 Y
035 001400 15
036 A001400 N
036 B001400 0
037 001400 N
038 001400 0
039 001400 N
040 001400 Y
<PAGE> PAGE 66
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 103
044 001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.450
048 A011400 0
048 A021400 0.000
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
048 J021400 0.000
048 K011400 0
048 K021400 0.000
053 A001400 Y
053 B001400 Y
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
<PAGE> PAGE 67
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
061 001400 500
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 0.0
062 I001400 0.8
062 J001400 0.0
062 K001400 0.3
062 L001400 0.0
062 M001400 0.0
062 N001400 3.8
062 O001400 0.0
062 P001400 0.0
062 Q001400 87.1
062 R001400 0.0
063 A001400 0
063 B001400 8.7
064 A001400 N
064 B001400 N
066 A001400 N
067 001400 N
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
<PAGE> PAGE 68
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 33810
071 B001400 26222
071 C001400 26270
071 D001400 100
072 A001400 6
072 B001400 1056
072 C001400 0
072 D001400 0
072 E001400 0
072 F001400 70
072 G001400 39
072 H001400 0
072 I001400 41
072 J001400 15
072 K001400 0
072 L001400 24
072 M001400 0
072 N001400 18
072 O001400 0
072 P001400 0
072 Q001400 7
072 R001400 18
072 S001400 0
072 T001400 103
072 U001400 5
072 V001400 0
072 W001400 4
072 X001400 344
<PAGE> PAGE 69
072 Y001400 47
072 Z001400 759
072AA001400 3774
072BB001400 2574
072CC011400 0
072CC021400 1920
072DD011400 334
072DD021400 512
072EE001400 0
073 A011400 0.3120
073 A021400 0.2700
073 B001400 0.0000
073 C001400 0.0000
074 A001400 2205
074 B001400 0
074 C001400 270
074 D001400 29562
074 E001400 0
074 F001400 0
074 G001400 108
074 H001400 304
074 I001400 0
074 J001400 0
074 K001400 0
074 L001400 1711
074 M001400 22
074 N001400 34182
074 O001400 1376
074 P001400 30
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 250
074 S001400 0
074 T001400 32526
074 U011400 1090
074 U021400 1956
074 V011400 10.65
074 V021400 10.69
074 W001400 0.0000
074 X001400 3649
074 Y001400 2563
075 A001400 0
075 B001400 31539
076 001400 0.00
008 A001501 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001501 A
008 C001501 801-5594
008 D011501 NEW YORK
008 D021501 NY
<PAGE> PAGE 70
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 REUTERS HOLDINGS
025 C001501 E
025 D001501 114
025 A001502 MERRILL LYNCH & CO. INC.
025 C001502 D
025 D001502 3900
025 A001503 BANK OF AMERICA
025 C001503 D
025 D001503 19
025 A001504 BANK OF AMERICA
025 C001504 D
025 D001504 177
025 A001505 BANK OF AMERICA
025 C001505 D
025 D001505 209
025 A001506 BANK OF AMERICA
025 C001506 D
025 D001506 22
025 A001507 BANK OF AMERICA
025 C001507 D
025 D001507 26
025 A001508 BANK OF AMERICA
025 C001508 D
025 D001508 40
025 A001509 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001509 D
025 D001509 347
025 A001510 BANK OF AMERICA
025 C001510 D
025 D001510 4
025 A001511 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001511 D
025 D001511 2
025 A001512 BANK OF AMERICA
025 C001512 D
025 D001512 23
025 A001513 SMITH BARNEY INC.
025 C001513 D
025 D001513 45
025 A001514 SMITH BARNEY INC.
025 C001514 D
025 D001514 26
025 A001515 SMITH BARNEY INC.
<PAGE> PAGE 71
025 C001515 D
025 D001515 31
025 A001516 BANK OF AMERICA
025 C001516 D
025 D001516 7
025 A001517 BANK OF AMERICA
025 C001517 D
025 D001517 3
025 A001518 BANK OF AMERICA
025 C001518 D
025 D001518 4
025 A001519 SMITH BARNEY INC.
025 C001519 D
025 D001519 20
025 A001520 SMITH BARNEY INC.
025 C001520 D
025 D001520 7
025 A001521 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001521 D
025 D001521 62
025 A001522 BANK OF AMERICA
025 C001522 D
025 D001522 380
025 A001523 AXA
025 C001523 E
025 D001523 325
025 D001524 0
028 A011500 3273
028 A021500 0
028 A031500 0
028 A041500 1874
028 B011500 4350
028 B021500 0
028 B031500 0
028 B041500 5363
028 C011500 3901
028 C021500 0
028 C031500 0
028 C041500 3386
028 D011500 4215
028 D021500 0
028 D031500 0
028 D041500 2350
028 E011500 3415
028 E021500 0
028 E031500 0
028 E041500 1941
028 F011500 3072
028 F021500 0
028 F031500 0
028 F041500 1971
<PAGE> PAGE 72
028 G011500 22226
028 G021500 0
028 G031500 0
028 G041500 16885
028 H001500 959
029 001500 Y
030 A001500 43
030 B001500 5.50
030 C001500 2.00
031 A001500 6
031 B001500 0
032 001500 4
033 001500 33
034 001500 Y
035 001500 47
036 A001500 N
036 B001500 0
037 001500 N
038 001500 0
039 001500 N
040 001500 Y
041 001500 Y
042 A001500 0
042 B001500 0
042 C001500 0
042 D001500 0
042 E001500 0
042 F001500 0
042 G001500 0
042 H001500 100
043 001500 283
044 001500 0
045 001500 Y
046 001500 N
047 001500 Y
048 001500 0.600
048 A011500 0
048 A021500 0.000
048 B011500 0
048 B021500 0.000
048 C011500 0
048 C021500 0.000
048 D011500 0
048 D021500 0.000
048 E011500 0
048 E021500 0.000
048 F011500 0
048 F021500 0.000
048 G011500 0
048 G021500 0.000
048 H011500 0
<PAGE> PAGE 73
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
061 001500 500
062 A001500 N
062 B001500 0.0
062 C001500 0.0
062 D001500 0.0
062 E001500 0.0
062 F001500 0.0
062 G001500 0.0
062 H001500 0.0
062 I001500 0.0
062 J001500 0.0
062 K001500 0.0
062 L001500 0.0
062 M001500 0.0
062 N001500 0.0
062 O001500 0.0
062 P001500 0.0
062 Q001500 0.0
062 R001500 0.0
066 A001500 Y
066 B001500 N
<PAGE> PAGE 74
066 C001500 N
066 D001500 Y
066 E001500 N
066 F001500 N
066 G001500 N
067 001500 N
068 A001500 N
068 B001500 Y
069 001500 N
070 A011500 Y
070 A021500 N
070 B011500 Y
070 B021500 N
070 C011500 N
070 C021500 N
070 D011500 Y
070 D021500 N
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
070 L011500 Y
070 L021500 Y
070 M011500 Y
070 M021500 Y
070 N011500 Y
070 N021500 N
070 O011500 Y
070 O021500 N
070 P011500 Y
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
071 A001500 12483
071 B001500 9473
071 C001500 66621
071 D001500 14
072 A001500 6
072 B001500 108
<PAGE> PAGE 75
072 C001500 852
072 D001500 0
072 E001500 0
072 F001500 219
072 G001500 146
072 H001500 0
072 I001500 132
072 J001500 30
072 K001500 0
072 L001500 36
072 M001500 1
072 N001500 23
072 O001500 0
072 P001500 0
072 Q001500 14
072 R001500 18
072 S001500 0
072 T001500 283
072 U001500 4
072 V001500 0
072 W001500 11
072 X001500 917
072 Y001500 0
072 Z001500 43
072AA001500 7816
072BB001500 2915
072CC011500 3255
072CC021500 0
072DD011500 0
072DD021500 0
072EE001500 0
073 A011500 0.0000
073 A021500 0.0000
073 B001500 0.0000
073 C001500 0.0000
074 A001500 5953
074 B001500 0
074 C001500 3900
074 D001500 0
074 E001500 62
074 F001500 74262
074 G001500 0
074 H001500 172
074 I001500 541
074 J001500 6187
074 K001500 0
074 L001500 556
074 M001500 18
074 N001500 91651
074 O001500 7648
074 P001500 122
<PAGE> PAGE 76
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 156
074 S001500 0
074 T001500 83725
074 U011500 1588
074 U021500 5665
074 V011500 11.66
074 V021500 11.51
074 W001500 0.0000
074 X001500 14432
074 Y001500 10303
075 A001500 0
075 B001500 73667
076 001500 0.00
008 A001601 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001601 A
008 C001601 801-5594
008 D011601 NEW YORK
008 D021601 NY
008 D031601 10019
015 A001601 BANK OF NEW YORK
015 B001601 C
015 C011601 NEW YORK
015 C021601 NY
015 C031601 10015
015 E011601 X
024 001600 Y
025 A001601 AMERICAN GENERAL FINANCE
025 C001601 D
025 D001601 146
025 A001602 AMERICAN EXPRESS CREDIT
025 C001602 D
025 D001602 650
025 A001603 PRUDENTIAL FUNDING
025 C001603 D
025 D001603 2080
025 A001604 AMERICAN EXPRESS CREDIT
025 C001604 D
025 D001604 1160
025 A001605 PRUDENTIAL FUNDING
025 C001605 D
025 D001605 120
025 A001606 AMERICAN EXPRESS CREDIT
025 C001606 D
025 D001606 190
025 A001607 PRUDENTIAL FUNDING
025 C001607 D
025 D001607 100
<PAGE> PAGE 77
025 A001608 BANK OF AMERICA
025 C001608 D
025 D001608 25
025 A001609 BANK OF AMERICA
025 C001609 D
025 D001609 9
025 A001610 BANK OF AMERICA
025 C001610 D
025 D001610 7
025 A001611 BANK OF AMERICA
025 C001611 D
025 D001611 27
025 A001612 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001612 D
025 D001612 9
025 A001613 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001613 D
025 D001613 19
025 A001614 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001614 D
025 D001614 6
025 A001615 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001615 D
025 D001615 18
025 A001616 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001616 D
025 D001616 12
025 A001617 BANK OF AMERICA
025 C001617 D
025 D001617 1
025 A001618 BANK OF AMERICA
025 C001618 D
025 D001618 1
025 A001619 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001619 D
025 D001619 1
025 A001620 BANK OF AMERICA
025 C001620 D
025 D001620 15
025 A001621 BANK OF AMERICA
025 C001621 D
025 D001621 7
025 A001622 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001622 D
025 D001622 3
025 A001623 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001623 D
025 D001623 9
025 A001624 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001624 D
025 D001624 11
<PAGE> PAGE 78
025 A001625 SMITH BARNEY INC.
025 C001625 D
025 D001625 4
025 A001626 SMITH BARNEY INC.
025 C001626 D
025 D001626 4
025 A001627 SMITH BARNEY INC.
025 C001627 D
025 D001627 1
025 A001628 SMITH BARNEY INC.
025 C001628 D
025 D001628 5
025 A001629 BANK OF AMERICA
025 C001629 D
025 D001629 1
025 A001630 BANK OF AMERICA
025 C001630 D
025 D001630 1
025 A001631 BANK OF AMERICA
025 C001631 D
025 D001631 1
025 A001632 BANK OF AMERICA
025 C001632 D
025 D001632 2
025 A001633 BANK OF AMERICA
025 C001633 D
025 D001633 16
025 A001634 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001634 D
025 D001634 3
025 A001635 MERRILL LYNCH PIERCE FENNER & SMITH
025 C001635 D
025 D001635 9
025 D001636 0
025 D001637 0
025 D001638 0
025 D001639 0
025 D001640 0
028 A011600 0
028 A021600 0
028 A031600 0
028 A041600 0
028 B011600 0
028 B021600 0
028 B031600 0
028 B041600 0
028 C011600 11201
028 C021600 0
028 C031600 0
028 C041600 0
028 D011600 7457
<PAGE> PAGE 79
028 D021600 0
028 D031600 0
028 D041600 134
028 E011600 5136
028 E021600 217
028 E031600 0
028 E041600 220
028 F011600 5919
028 F021600 238
028 F031600 0
028 F041600 202
028 G011600 29713
028 G021600 455
028 G031600 0
028 G041600 556
028 H001600 2301
029 001600 Y
030 A001600 117
030 B001600 4.50
030 C001600 2.00
031 A001600 5
031 B001600 0
032 001600 33
033 001600 79
034 001600 Y
035 001600 1
036 A001600 Y
036 B001600 0
037 001600 N
038 001600 0
039 001600 N
040 001600 Y
041 001600 Y
042 A001600 0
042 B001600 0
042 C001600 0
042 D001600 0
042 E001600 0
042 F001600 0
042 G001600 0
042 H001600 0
043 001600 70
044 001600 0
045 001600 Y
046 001600 N
047 001600 Y
048 001600 0.300
048 A011600 0
048 A021600 0.000
048 B011600 0
048 B021600 0.000
<PAGE> PAGE 80
048 C011600 0
048 C021600 0.000
048 D011600 0
048 D021600 0.000
048 E011600 0
048 E021600 0.000
048 F011600 0
048 F021600 0.000
048 G011600 0
048 G021600 0.000
048 H011600 0
048 H021600 0.000
048 I011600 0
048 I021600 0.000
048 J011600 0
048 J021600 0.000
048 K011600 0
048 K021600 0.000
049 001600 N
050 001600 N
051 001600 N
052 001600 N
053 A001600 Y
053 B001600 Y
053 C001600 N
054 A001600 Y
054 B001600 N
054 C001600 N
054 D001600 N
054 E001600 N
054 F001600 N
054 G001600 Y
054 H001600 Y
054 I001600 N
054 J001600 Y
054 K001600 N
054 L001600 N
054 M001600 Y
054 N001600 N
054 O001600 N
055 A001600 N
055 B001600 N
056 001600 Y
057 001600 N
058 A001600 N
060 A001600 Y
060 B001600 Y
061 001600 500
062 A001600 Y
062 B001600 31.7
062 C001600 0.0
<PAGE> PAGE 81
062 D001600 0.0
062 E001600 0.0
062 F001600 0.0
062 G001600 0.0
062 H001600 0.0
062 I001600 8.1
062 J001600 0.0
062 K001600 0.0
062 L001600 0.0
062 M001600 0.9
062 N001600 9.7
062 O001600 0.0
062 P001600 23.1
062 Q001600 57.4
062 R001600 -2.3
063 A001600 0
063 B001600 14.7
064 A001600 N
064 B001600 N
066 A001600 N
067 001600 N
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 N
070 B011600 N
070 B021600 N
070 C011600 Y
070 C021600 N
070 D011600 N
070 D021600 N
070 E011600 Y
070 E021600 N
070 F011600 N
070 F021600 N
070 G011600 Y
070 G021600 N
070 H011600 N
070 H021600 N
070 I011600 Y
070 I021600 N
070 J011600 Y
070 J021600 Y
070 K011600 Y
070 K021600 N
070 L011600 Y
070 L021600 Y
070 M011600 Y
070 M021600 Y
070 N011600 Y
<PAGE> PAGE 82
070 N021600 N
070 O011600 Y
070 O021600 N
070 P011600 Y
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 N
070 R021600 N
071 A001600 93223
071 B001600 43760
071 C001600 34041
071 D001600 129
072 A001600 4
072 B001600 1004
072 C001600 30
072 D001600 0
072 E001600 0
072 F001600 40
072 G001600 40
072 H001600 0
072 I001600 11
072 J001600 14
072 K001600 0
072 L001600 18
072 M001600 0
072 N001600 7
072 O001600 0
072 P001600 0
072 Q001600 6
072 R001600 8
072 S001600 1
072 T001600 70
072 U001600 8
072 V001600 0
072 W001600 3
072 X001600 226
072 Y001600 35
072 Z001600 843
072AA001600 692
072BB001600 511
072CC011600 429
072CC021600 0
072DD011600 480
072DD021600 306
072EE001600 0
073 A011600 0.1749
073 A021600 0.1563
073 B001600 0.0000
073 C001600 0.0000
074 A001600 74
<PAGE> PAGE 83
074 B001600 0
074 C001600 5946
074 D001600 48548
074 E001600 1277
074 F001600 116
074 G001600 0
074 H001600 0
074 I001600 35
074 J001600 2984
074 K001600 0
074 L001600 1331
074 M001600 203
074 N001600 60514
074 O001600 6800
074 P001600 38
074 Q001600 0
074 R011600 0
074 R021600 0
074 R031600 0
074 R041600 397
074 S001600 0
074 T001600 53279
074 U011600 2840
074 U021600 2427
074 V011600 10.12
074 V021600 10.11
074 W001600 0.0000
074 X001600 1641
074 Y001600 0
075 A001600 0
075 B001600 39907
076 001600 0.00
SIGNATURE JENNIFER B. MCHUGH
TITLE ATTORNEY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 011
<NAME> MAINSTAY CAPITAL APPRECIATION FUND-CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,149,845,288
<INVESTMENTS-AT-VALUE> 1,782,525,926
<RECEIVABLES> 29,472,271
<ASSETS-OTHER> 505
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,811,998,702
<PAYABLE-FOR-SECURITIES> 26,986,627
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,781,329
<TOTAL-LIABILITIES> 31,767,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,131,262,423
<SHARES-COMMON-STOCK> 4,970,204
<SHARES-COMMON-PRIOR> 4,154,921
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,661,890
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 632,680,638
<NET-ASSETS> 1,780,230,746
<DIVIDEND-INCOME> 3,916,624
<INTEREST-INCOME> 878,028
<OTHER-INCOME> 0
<EXPENSES-NET> (12,168,857)
<NET-INVESTMENT-INCOME> (7,374,205)
<REALIZED-GAINS-CURRENT> 30,908,566
<APPREC-INCREASE-CURRENT> 174,145,989
<NET-CHANGE-FROM-OPS> 197,680,350
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,847,714
<NUMBER-OF-SHARES-REDEEMED> (2,032,431)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 310,694,461
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,200,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,169,000
<AVERAGE-NET-ASSETS> 1,596,407,000
<PER-SHARE-NAV-BEGIN> 30.56
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 4.06
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 34.54
<EXPENSE-RATIO> 1.1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 012
<NAME> MAINSTAY CAPITAL APPRECIATION FUND-CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,149,845,288
<INVESTMENTS-AT-VALUE> 1,782,525,926
<RECEIVABLES> 29,472,271
<ASSETS-OTHER> 505
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,811,998,702
<PAYABLE-FOR-SECURITIES> 26,986,627
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,781,329
<TOTAL-LIABILITIES> 31,767,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,131,262,423
<SHARES-COMMON-STOCK> 47,162,858
<SHARES-COMMON-PRIOR> 44,389,430
<ACCUMULATED-NII-CURRENT> (7,374,205)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,661,890
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 632,680,638
<NET-ASSETS> 1,780,230,746
<DIVIDEND-INCOME> 3,916,624
<INTEREST-INCOME> 878,028
<OTHER-INCOME> 0
<EXPENSES-NET> (12,168,857)
<NET-INVESTMENT-INCOME> (7,374,205)
<REALIZED-GAINS-CURRENT> 30,908,566
<APPREC-INCREASE-CURRENT> 174,145,989
<NET-CHANGE-FROM-OPS> 197,680,350
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,036,206
<NUMBER-OF-SHARES-REDEEMED> (5,262,778)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 310,694,461
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,200,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,169,000
<AVERAGE-NET-ASSETS> 1,596,407,000
<PER-SHARE-NAV-BEGIN> 30.25
<PER-SHARE-NII> (0.15)
<PER-SHARE-GAIN-APPREC> 4.01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 34.11
<EXPENSE-RATIO> 1.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 021
<NAME> MAINSTAY VALUE FUND-CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,089,773,543
<INVESTMENTS-AT-VALUE> 1,303,202,267
<RECEIVABLES> 52,880,328
<ASSETS-OTHER> 881
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,356,083,476
<PAYABLE-FOR-SECURITIES> 39,712,047
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,746,216
<TOTAL-LIABILITIES> 44,458,263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 980,023,473
<SHARES-COMMON-STOCK> 4,327,374
<SHARES-COMMON-PRIOR> 3,602,507
<ACCUMULATED-NII-CURRENT> 9,161
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 118,163,855
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 213,428,724
<NET-ASSETS> 1,311,625,213
<DIVIDEND-INCOME> 12,074,804
<INTEREST-INCOME> 1,782,219
<OTHER-INCOME> 0
<EXPENSES-NET> (9,227,451)
<NET-INVESTMENT-INCOME> 4,629,572
<REALIZED-GAINS-CURRENT> 97,757,515
<APPREC-INCREASE-CURRENT> 19,514,835
<NET-CHANGE-FROM-OPS> 121,901,922
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (539,438)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,279,843
<NUMBER-OF-SHARES-REDEEMED> (567,942)
<SHARES-REINVESTED> 12,966
<NET-CHANGE-IN-ASSETS> 219,058,671
<ACCUMULATED-NII-PRIOR> 115,020
<ACCUMULATED-GAINS-PRIOR> 20,406,340
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,688,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,227,000
<AVERAGE-NET-ASSETS> 1,183,444,000
<PER-SHARE-NAV-BEGIN> 20.34
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 2.06
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.40
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 022
<NAME> MAINSTAY VALUE FUND-CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,089,773,543
<INVESTMENTS-AT-VALUE> 1,303,202,267
<RECEIVABLES> 52,880,328
<ASSETS-OTHER> 881
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,356,083,476
<PAYABLE-FOR-SECURITIES> 39,712,047
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,746,216
<TOTAL-LIABILITIES> 44,458,263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 980,023,473
<SHARES-COMMON-STOCK> 54,264,492
<SHARES-COMMON-PRIOR> 50,151,718
<ACCUMULATED-NII-CURRENT> 9,161
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 118,163,855
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 213,428,724
<NET-ASSETS> 1,311,625,213
<DIVIDEND-INCOME> 12,074,804
<INTEREST-INCOME> 1,782,219
<OTHER-INCOME> 0
<EXPENSES-NET> (9,227,451)
<NET-INVESTMENT-INCOME> 4,629,572
<REALIZED-GAINS-CURRENT> 97,757,515
<APPREC-INCREASE-CURRENT> 19,514,835
<NET-CHANGE-FROM-OPS> 121,901,922
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,195,993)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,762,164
<NUMBER-OF-SHARES-REDEEMED> (3,754,700)
<SHARES-REINVESTED> 105,310
<NET-CHANGE-IN-ASSETS> 219,058,671
<ACCUMULATED-NII-PRIOR> 115,020
<ACCUMULATED-GAINS-PRIOR> 20,406,340
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,688,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,227,000
<AVERAGE-NET-ASSETS> 1,183,444,000
<PER-SHARE-NAV-BEGIN> 20.32
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 2.06
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.38
<EXPENSE-RATIO> 1.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 031
<NAME> MAINSTAY CONVERTIBLE FUND-CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 882,416,356
<INVESTMENTS-AT-VALUE> 928,032,061
<RECEIVABLES> 32,963,636
<ASSETS-OTHER> 149,959,653
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,110,955,350
<PAYABLE-FOR-SECURITIES> 10,699,942
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 176,203,352
<TOTAL-LIABILITIES> 186,903,294
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 865,441,008
<SHARES-COMMON-STOCK> 4,500,328
<SHARES-COMMON-PRIOR> 4,101,318
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (343,091)
<ACCUMULATED-NET-GAINS> 28,306,066
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,648,073
<NET-ASSETS> 924,052,056
<DIVIDEND-INCOME> 7,870,968
<INTEREST-INCOME> 17,291,414
<OTHER-INCOME> 0
<EXPENSES-NET> (9,022,497)
<NET-INVESTMENT-INCOME> 16,139,885
<REALIZED-GAINS-CURRENT> 22,022,831
<APPREC-INCREASE-CURRENT> 15,708,626
<NET-CHANGE-FROM-OPS> 53,871,342
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,301,811)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 820,898
<NUMBER-OF-SHARES-REDEEMED> (467,828)
<SHARES-REINVESTED> 45,940
<NET-CHANGE-IN-ASSETS> 58,141,717
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6,283,235
<OVERDISTRIB-NII-PRIOR> (263,608)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,593,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,022,000
<AVERAGE-NET-ASSETS> 892,248,000
<PER-SHARE-NAV-BEGIN> 13.810
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> 0.600
<PER-SHARE-DIVIDEND> (0.290)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.390
<EXPENSE-RATIO> 1.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 032
<NAME> MAINSTAY CONVERTIBLE FUND-CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 882,416,356
<INVESTMENTS-AT-VALUE> 928,032,061
<RECEIVABLES> 32,963,636
<ASSETS-OTHER> 149,959,653
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,110,955,350
<PAYABLE-FOR-SECURITIES> 10,699,942
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 176,203,352
<TOTAL-LIABILITIES> 186,903,294
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 865,441,008
<SHARES-COMMON-STOCK> 59,725,522
<SHARES-COMMON-PRIOR> 57,781,155
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (343,091)
<ACCUMULATED-NET-GAINS> 28,306,066
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,648,073
<NET-ASSETS> 924,052,056
<DIVIDEND-INCOME> 7,870,968
<INTEREST-INCOME> 17,291,414
<OTHER-INCOME> 0
<EXPENSES-NET> (9,022,497)
<NET-INVESTMENT-INCOME> 16,139,885
<REALIZED-GAINS-CURRENT> 22,022,831
<APPREC-INCREASE-CURRENT> 15,708,626
<NET-CHANGE-FROM-OPS> 53,871,342
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,917,557)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,946,177
<NUMBER-OF-SHARES-REDEEMED> (5,450,908)
<SHARES-REINVESTED> 449,098
<NET-CHANGE-IN-ASSETS> 65,917,933
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6,283,235
<OVERDISTRIB-NII-PRIOR> (263,608)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,593,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,022,000
<AVERAGE-NET-ASSETS> 892,248,000
<PER-SHARE-NAV-BEGIN> 13.800
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> 0.600
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.390
<EXPENSE-RATIO> 2.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 041
<NAME> MAINSTAY HIGH YIELD CORPORATE BOND FUND-CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 3,014,233,062
<INVESTMENTS-AT-VALUE> 3,081,957,305
<RECEIVABLES> 103,854,527
<ASSETS-OTHER> 2,584,594
<OTHER-ITEMS-ASSETS> 312,550
<TOTAL-ASSETS> 3,188,708,976
<PAYABLE-FOR-SECURITIES> 39,012,346
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,961,123
<TOTAL-LIABILITIES> 66,973,469
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,966,222,472
<SHARES-COMMON-STOCK> 20,892,777
<SHARES-COMMON-PRIOR> 14,129,093
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4,014,468)
<ACCUMULATED-NET-GAINS> 91,749,595
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67,777,908
<NET-ASSETS> 3,121,735,507
<DIVIDEND-INCOME> 5,596,040
<INTEREST-INCOME> 127,274,758
<OTHER-INCOME> 0
<EXPENSES-NET> (21,560,207)
<NET-INVESTMENT-INCOME> 111,310,591
<REALIZED-GAINS-CURRENT> 79,799,374
<APPREC-INCREASE-CURRENT> (14,837,249)
<NET-CHANGE-FROM-OPS> 176,272,716
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,432,829)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,388,010
<NUMBER-OF-SHARES-REDEEMED> (4,077,570)
<SHARES-REINVESTED> 453,244
<NET-CHANGE-IN-ASSETS> 225,900,795
<ACCUMULATED-NII-PRIOR> 823,169
<ACCUMULATED-GAINS-PRIOR> 11,950,221
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,900,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,560,000
<AVERAGE-NET-ASSETS> 2,814,400,000
<PER-SHARE-NAV-BEGIN> 8.270
<PER-SHARE-NII> 0.350
<PER-SHARE-GAIN-APPREC> 0.180
<PER-SHARE-DIVIDEND> (0.360)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.440
<EXPENSE-RATIO> 1.0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 042
<NAME> MAINSTAY HIGH YIELD CORPORATE BOND FUND-CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 3,014,233,062
<INVESTMENTS-AT-VALUE> 3,081,957,305
<RECEIVABLES> 103,854,527
<ASSETS-OTHER> 2,584,594
<OTHER-ITEMS-ASSETS> 312,550
<TOTAL-ASSETS> 3,188,708,976
<PAYABLE-FOR-SECURITIES> 39,012,346
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,961,123
<TOTAL-LIABILITIES> 66,973,469
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,966,222,472
<SHARES-COMMON-STOCK> 349,677,431
<SHARES-COMMON-PRIOR> 295,648,907
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4,014,468)
<ACCUMULATED-NET-GAINS> 91,749,595
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67,777,908
<NET-ASSETS> 3,121,735,507
<DIVIDEND-INCOME> 5,596,040
<INTEREST-INCOME> 127,274,758
<OTHER-INCOME> 0
<EXPENSES-NET> (21,560,207)
<NET-INVESTMENT-INCOME> 111,310,591
<REALIZED-GAINS-CURRENT> 79,799,374
<APPREC-INCREASE-CURRENT> (14,837,249)
<NET-CHANGE-FROM-OPS> 176,272,716
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (109,715,399)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 72,715,582
<NUMBER-OF-SHARES-REDEEMED> (26,106,021)
<SHARES-REINVESTED> 7,418,963
<NET-CHANGE-IN-ASSETS> 514,122,258
<ACCUMULATED-NII-PRIOR> 823,169
<ACCUMULATED-GAINS-PRIOR> 11,950,221
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,900,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,560,000
<AVERAGE-NET-ASSETS> 2,814,400,000
<PER-SHARE-NAV-BEGIN> 8.260
<PER-SHARE-NII> 0.320
<PER-SHARE-GAIN-APPREC> 0.180
<PER-SHARE-DIVIDEND> (0.340)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.420
<EXPENSE-RATIO> 1.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 051
<NAME> MAINSTAY GOVERNMENT FUND-CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 760,507,438
<INVESTMENTS-AT-VALUE> 763,296,467
<RECEIVABLES> 23,943,794
<ASSETS-OTHER> 3,389
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 787,243,650
<PAYABLE-FOR-SECURITIES> 87,632,388
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,822,938
<TOTAL-LIABILITIES> 92,455,326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 838,616,822
<SHARES-COMMON-STOCK> 2,162,322
<SHARES-COMMON-PRIOR> 2,037,511
<ACCUMULATED-NII-CURRENT> 1,854,909
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (148,472,436)
<ACCUM-APPREC-OR-DEPREC> 2,789,029
<NET-ASSETS> 694,788,324
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 27,690,261
<OTHER-INCOME> 0
<EXPENSES-NET> (5,936,380)
<NET-INVESTMENT-INCOME> 21,753,881
<REALIZED-GAINS-CURRENT> (6,478,017)
<APPREC-INCREASE-CURRENT> (253,247)
<NET-CHANGE-FROM-OPS> 15,022,617
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (517,857)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 642,345
<NUMBER-OF-SHARES-REDEEMED> (554,637)
<SHARES-REINVESTED> 37,103
<NET-CHANGE-IN-ASSETS> 15,491,887
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (141,994,419)
<GROSS-ADVISORY-FEES> 1,102,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,936,000
<AVERAGE-NET-ASSETS> 740,504,000
<PER-SHARE-NAV-BEGIN> 8.060
<PER-SHARE-NII> 0.260
<PER-SHARE-GAIN-APPREC> (0.070)
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.000
<EXPENSE-RATIO> 1.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 052
<NAME> MAINSTAY GOVERNMENT FUND-CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 760,507,438
<INVESTMENTS-AT-VALUE> 763,296,467
<RECEIVABLES> 23,943,794
<ASSETS-OTHER> 3,389
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 787,243,650
<PAYABLE-FOR-SECURITIES> 87,632,388
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,822,938
<TOTAL-LIABILITIES> 92,455,326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 838,616,822
<SHARES-COMMON-STOCK> 84,752,739
<SHARES-COMMON-PRIOR> 97,390,018
<ACCUMULATED-NII-CURRENT> 1,854,909
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (148,472,436)
<ACCUM-APPREC-OR-DEPREC> 2,789,029
<NET-ASSETS> 694,788,324
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 27,690,261
<OTHER-INCOME> 0
<EXPENSES-NET> (5,936,380)
<NET-INVESTMENT-INCOME> 21,753,881
<REALIZED-GAINS-CURRENT> (6,478,017)
<APPREC-INCREASE-CURRENT> (253,247)
<NET-CHANGE-FROM-OPS> 15,022,617
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,381,115)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,980,928
<NUMBER-OF-SHARES-REDEEMED> (17,153,899)
<SHARES-REINVESTED> 1,535,692
<NET-CHANGE-IN-ASSETS> (105,064,289)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (141,994,419)
<GROSS-ADVISORY-FEES> 1,102,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,936,000
<AVERAGE-NET-ASSETS> 740,504,000
<PER-SHARE-NAV-BEGIN> 8.040
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> (0.070)
<PER-SHARE-DIVIDEND> (0.220)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.990
<EXPENSE-RATIO> 1.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 410,870,975
<INVESTMENTS-AT-VALUE> 410,870,975
<RECEIVABLES> 1,680,793
<ASSETS-OTHER> 328,731
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 412,880,499
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,996,202
<TOTAL-LIABILITIES> 2,996,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 409,895,774
<SHARES-COMMON-STOCK> 70,391,861
<SHARES-COMMON-PRIOR> 58,890,270
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11,477)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 409,884,297
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,181,767
<OTHER-INCOME> 0
<EXPENSES-NET> (1,394,164)
<NET-INVESTMENT-INCOME> 9,787,603
<REALIZED-GAINS-CURRENT> 3,024
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,790,627
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,607,950)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 124,177,809
<NUMBER-OF-SHARES-REDEEMED> (109,119,050)
<SHARES-REINVESTED> 1,442,832
<NET-CHANGE-IN-ASSETS> 24,684,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (14,501)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 485,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,906,000
<AVERAGE-NET-ASSETS> 401,634,000
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.024
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.024)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.7
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 062
<NAME> MAINSTAY MONEY MARKET FUND - CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 410,870,975
<INVESTMENTS-AT-VALUE> 410,870,975
<RECEIVABLES> 1,680,793
<ASSETS-OTHER> 328,731
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 412,880,499
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,996,202
<TOTAL-LIABILITIES> 2,996,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 409,895,774
<SHARES-COMMON-STOCK> 339,503,916
<SHARES-COMMON-PRIOR> 317,497,716
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11,477)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 409,884,297
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,181,767
<OTHER-INCOME> 0
<EXPENSES-NET> (1,394,154)
<NET-INVESTMENT-INCOME> 9,787,603
<REALIZED-GAINS-CURRENT> 3,024
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,790,627
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,179,653)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 308,373,833
<NUMBER-OF-SHARES-REDEEMED> (293,953,016)
<SHARES-REINVESTED> 7,585,383
<NET-CHANGE-IN-ASSETS> 23,617,174
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (14,501)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 485,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,906,000
<AVERAGE-NET-ASSETS> 401,634,000
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.024
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.024)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.7
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 503,194,487
<INVESTMENTS-AT-VALUE> 508,615,162
<RECEIVABLES> 20,084,555
<ASSETS-OTHER> 78,356
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 528,778,073
<PAYABLE-FOR-SECURITIES> 34,793,890
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,800,004
<TOTAL-LIABILITIES> 37,593,894
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 500,427,059
<SHARES-COMMON-STOCK> 1,260,446
<SHARES-COMMON-PRIOR> 1,676,249
<ACCUMULATED-NII-CURRENT> 603,867
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (15,267,422)
<ACCUM-APPREC-OR-DEPREC> 5,420,675
<NET-ASSETS> 491,184,179
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,665,434
<OTHER-INCOME> 0
<EXPENSES-NET> (2,954,262)
<NET-INVESTMENT-INCOME> 12,711,172
<REALIZED-GAINS-CURRENT> 525,033
<APPREC-INCREASE-CURRENT> 678,457
<NET-CHANGE-FROM-OPS> 13,914,662
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (329,693)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 224,080
<NUMBER-OF-SHARES-REDEEMED> (660,891)
<SHARES-REINVESTED> 21,008
<NET-CHANGE-IN-ASSETS> 9,469,610
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (245)
<OVERDIST-NET-GAINS-PRIOR> (15,792,455)
<GROSS-ADVISORY-FEES> 737,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,954,000
<AVERAGE-NET-ASSETS> 495,502,000
<PER-SHARE-NAV-BEGIN> 9.840
<PER-SHARE-NII> 0.260
<PER-SHARE-GAIN-APPREC> 0.020
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.870
<EXPENSE-RATIO> 1.010
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 503,194,487
<INVESTMENTS-AT-VALUE> 508,615,162
<RECEIVABLES> 20,084,555
<ASSETS-OTHER> 78,356
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 528,778,073
<PAYABLE-FOR-SECURITIES> 34,793,890
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,800,004
<TOTAL-LIABILITIES> 37,593,894
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 500,427,059
<SHARES-COMMON-STOCK> 48,460,846
<SHARES-COMMON-PRIOR> 50,420,942
<ACCUMULATED-NII-CURRENT> 603,867
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (15,267,422)
<ACCUM-APPREC-OR-DEPREC> 5,420,675
<NET-ASSETS> 491,184,179
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,665,434
<OTHER-INCOME> 0
<EXPENSES-NET> (2,954,262)
<NET-INVESTMENT-INCOME> 12,711,172
<REALIZED-GAINS-CURRENT> 525,033
<APPREC-INCREASE-CURRENT> 678,457
<NET-CHANGE-FROM-OPS> 13,914,662
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,777,367)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,782,251
<NUMBER-OF-SHARES-REDEEMED> (4,373,904)
<SHARES-REINVESTED> 631,557
<NET-CHANGE-IN-ASSETS> (17,087,671)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (245)
<OVERDIST-NET-GAINS-PRIOR> (15,792,455)
<GROSS-ADVISORY-FEES> 737,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,954,000
<AVERAGE-NET-ASSETS> 495,502,000
<PER-SHARE-NAV-BEGIN> 9.840
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> 0.030
<PER-SHARE-DIVIDEND> (0.240)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.880
<EXPENSE-RATIO> 1.210
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 901,333,831
<INVESTMENTS-AT-VALUE> 1,242,028,575
<RECEIVABLES> 85,545,722
<ASSETS-OTHER> 2,653
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,327,576,950
<PAYABLE-FOR-SECURITIES> 111,188,053
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,174,828
<TOTAL-LIABILITIES> 117,362,881
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 831,480,479
<SHARES-COMMON-STOCK> 4,229,846
<SHARES-COMMON-PRIOR> 3,433,467
<ACCUMULATED-NII-CURRENT> 142,614
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 37,896,232
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 340,694,744
<NET-ASSETS> 1,210,214,069
<DIVIDEND-INCOME> 1,779,021
<INTEREST-INCOME> 15,380,168
<OTHER-INCOME> 0
<EXPENSES-NET> (8,900,575)
<NET-INVESTMENT-INCOME> 8,258,614
<REALIZED-GAINS-CURRENT> 33,930,403
<APPREC-INCREASE-CURRENT> 61,381,356
<NET-CHANGE-FROM-OPS> 103,570,373
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (766,916)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,188,681
<NUMBER-OF-SHARES-REDEEMED> (411,643)
<SHARES-REINVESTED> 19,391
<NET-CHANGE-IN-ASSETS> 118,806,326
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,965,829
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,747,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,901,000
<AVERAGE-NET-ASSETS> 1,140,887,000
<PER-SHARE-NAV-BEGIN> 20.090
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> 1.720
<PER-SHARE-DIVIDEND> (0.190)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 21.810
<EXPENSE-RATIO> 1.150
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 901,333,831
<INVESTMENTS-AT-VALUE> 1,242,028,575
<RECEIVABLES> 85,545,722
<ASSETS-OTHER> 2,653
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,327,576,950
<PAYABLE-FOR-SECURITIES> 111,188,053
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,174,828
<TOTAL-LIABILITIES> 117,362,881
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 831,480,479
<SHARES-COMMON-STOCK> 51,249,344
<SHARES-COMMON-PRIOR> 51,247,218
<ACCUMULATED-NII-CURRENT> 142,614
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 37,896,232
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 340,694,744
<NET-ASSETS> 1,210,214,069
<DIVIDEND-INCOME> 1,779,021
<INTEREST-INCOME> 15,380,168
<OTHER-INCOME> 0
<EXPENSES-NET> (8,900,575)
<NET-INVESTMENT-INCOME> 8,258,614
<REALIZED-GAINS-CURRENT> 33,930,403
<APPREC-INCREASE-CURRENT> 61,381,356
<NET-CHANGE-FROM-OPS> 103,570,373
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,349,084
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,794,594
<NUMBER-OF-SHARES-REDEEMED> (3,984,718)
<SHARES-REINVESTED> 192,250
<NET-CHANGE-IN-ASSETS> 96,125,028
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,965,829
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,747,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,901,000
<AVERAGE-NET-ASSETS> 1,140,887,000
<PER-SHARE-NAV-BEGIN> 20.100
<PER-SHARE-NII> 0.140
<PER-SHARE-GAIN-APPREC> 1.710
<PER-SHARE-DIVIDEND> (0.140)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 21.810
<EXPENSE-RATIO> 1.610
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 111
<NAME> MAINSTAY EQUITY INDEX FUND - CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 229,541,999
<INVESTMENTS-AT-VALUE> 328,548,391
<RECEIVABLES> 3,822,492
<ASSETS-OTHER> 72,116
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 332,442,999
<PAYABLE-FOR-SECURITIES> 2,059,502
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 558,850
<TOTAL-LIABILITIES> 2,618,352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 224,387,035
<SHARES-COMMON-STOCK> 11,744,821
<SHARES-COMMON-PRIOR> 9,659,232
<ACCUMULATED-NII-CURRENT> 1,659,640
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,603,861
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 99,056,663
<NET-ASSETS> 329,824,647
<DIVIDEND-INCOME> 2,387,379
<INTEREST-INCOME> 352,359
<OTHER-INCOME> 0
<EXPENSES-NET> (1,080,098)
<NET-INVESTMENT-INCOME> 1,659,640
<REALIZED-GAINS-CURRENT> 3,396,906
<APPREC-INCREASE-CURRENT> 45,704,562
<NET-CHANGE-FROM-OPS> 49,101,468
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,103,729
<NUMBER-OF-SHARES-REDEEMED> (1,018,140)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 140,075,036
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,206,955
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 135,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,311,000
<AVERAGE-NET-ASSETS> 272,262,345
<PER-SHARE-NAV-BEGIN> 23.370
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> 4.590
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 28.080
<EXPENSE-RATIO> 0.800
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 121
<NAME> MAINSTAY CALIFORNIA TAX FREE FUND - CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 22,644,290
<INVESTMENTS-AT-VALUE> 22,666,288
<RECEIVABLES> 564,876
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,231,164
<PAYABLE-FOR-SECURITIES> 244,627
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 311,266
<TOTAL-LIABILITIES> 555,893
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,708,846
<SHARES-COMMON-STOCK> 1,700,526
<SHARES-COMMON-PRIOR> 1,849,908
<ACCUMULATED-NII-CURRENT> 9,347
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (64,920)
<ACCUM-APPREC-OR-DEPREC> 21,998
<NET-ASSETS> 22,675,271
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 709,689
<OTHER-INCOME> 0
<EXPENSES-NET> (147,135)
<NET-INVESTMENT-INCOME> 562,554
<REALIZED-GAINS-CURRENT> 95,435
<APPREC-INCREASE-CURRENT> (147,126)
<NET-CHANGE-FROM-OPS> 510,863
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (424,613)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 78,188
<NUMBER-OF-SHARES-REDEEMED> (249,286)
<SHARES-REINVESTED> 21,716
<NET-CHANGE-IN-ASSETS> (1,364,072)
<ACCUMULATED-NII-PRIOR> 3,129
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (160,355)
<GROSS-ADVISORY-FEES> 28,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 153,000
<AVERAGE-NET-ASSETS> 22,816,000
<PER-SHARE-NAV-BEGIN> 9.780
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> (0.020)
<PER-SHARE-DIVIDEND> (0.240)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.760
<EXPENSE-RATIO> 1.240
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 22,644,290
<INVESTMENTS-AT-VALUE> 22,666,288
<RECEIVABLES> 564,876
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,231,164
<PAYABLE-FOR-SECURITIES> 244,627
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 311,266
<TOTAL-LIABILITIES> 555,893
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,708,846
<SHARES-COMMON-STOCK> 623,555
<SHARES-COMMON-PRIOR> 521,745
<ACCUMULATED-NII-CURRENT> 9,347
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (64,920)
<ACCUM-APPREC-OR-DEPREC> 21,998
<NET-ASSETS> 22,675,271
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 709,689
<OTHER-INCOME> 0
<EXPENSES-NET> (147,135)
<NET-INVESTMENT-INCOME> 562,554
<REALIZED-GAINS-CURRENT> 95,435
<APPREC-INCREASE-CURRENT> (147,126)
<NET-CHANGE-FROM-OPS> 510,863
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (131,723)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 120,727
<NUMBER-OF-SHARES-REDEEMED> (25,321)
<SHARES-REINVESTED> 6,404
<NET-CHANGE-IN-ASSETS> 1,362,735
<ACCUMULATED-NII-PRIOR> 3,129
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (160,355)
<GROSS-ADVISORY-FEES> 28,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 153,000
<AVERAGE-NET-ASSETS> 22,816,000
<PER-SHARE-NAV-BEGIN> 9.750
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> (0.010)
<PER-SHARE-DIVIDEND> 0.230
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.740
<EXPENSE-RATIO> 1.490
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 17,784,748
<INVESTMENTS-AT-VALUE> 17,912,795
<RECEIVABLES> 695,640
<ASSETS-OTHER> 49,363
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,657,798
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 123,302
<TOTAL-LIABILITIES> 123,302
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,363,981
<SHARES-COMMON-STOCK> 1,386,667
<SHARES-COMMON-PRIOR> 1,570,554
<ACCUMULATED-NII-CURRENT> 21,394
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,073
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 128,048
<NET-ASSETS> 18,534,496
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 592,835
<OTHER-INCOME> 0
<EXPENSES-NET> (121,535)
<NET-INVESTMENT-INCOME> 471,300
<REALIZED-GAINS-CURRENT> 170,311
<APPREC-INCREASE-CURRENT> (134,050)
<NET-CHANGE-FROM-OPS> 507,561
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (350,265)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37,624
<NUMBER-OF-SHARES-REDEEMED> (233,427)
<SHARES-REINVESTED> 11,916
<NET-CHANGE-IN-ASSETS> (1,664,738)
<ACCUMULATED-NII-PRIOR> 3,279
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (149,238)
<GROSS-ADVISORY-FEES> 23,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 137,000
<AVERAGE-NET-ASSETS> 18,881,000
<PER-SHARE-NAV-BEGIN> 9.910
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> 0.030
<PER-SHARE-DIVIDEND> 0.240
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.940
<EXPENSE-RATIO> 1.240
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 17,784,748
<INVESTMENTS-AT-VALUE> 17,912,795
<RECEIVABLES> 695,640
<ASSETS-OTHER> 49,363
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,657,798
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 123,302
<TOTAL-LIABILITIES> 123,302
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,363,981
<SHARES-COMMON-STOCK> 481,052
<SHARES-COMMON-PRIOR> 416,659
<ACCUMULATED-NII-CURRENT> 21,394
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,073
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 128,048
<NET-ASSETS> 18,534,496
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 592,835
<OTHER-INCOME> 0
<EXPENSES-NET> (121,535)
<NET-INVESTMENT-INCOME> 471,300
<REALIZED-GAINS-CURRENT> 170,311
<APPREC-INCREASE-CURRENT> (134,050)
<NET-CHANGE-FROM-OPS> 507,561
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (102,920)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 102,803
<NUMBER-OF-SHARES-REDEEMED> (42,981)
<SHARES-REINVESTED> 4,571
<NET-CHANGE-IN-ASSETS> 1,034,953
<ACCUMULATED-NII-PRIOR> 3,279
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (149,238)
<GROSS-ADVISORY-FEES> 23,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 137,000
<AVERAGE-NET-ASSETS> 18,881,000
<PER-SHARE-NAV-BEGIN> 9.840
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> 0.030
<PER-SHARE-DIVIDEND> 0.230
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.870
<EXPENSE-RATIO> 1.490
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 30,235,820
<INVESTMENTS-AT-VALUE> 29,940,408
<RECEIVABLES> 1,711,877
<ASSETS-OTHER> 2,530,100
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,182,385
<PAYABLE-FOR-SECURITIES> 1,375,885
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 280,620
<TOTAL-LIABILITIES> 1,656,505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,444,051
<SHARES-COMMON-STOCK> 1,090,223
<SHARES-COMMON-PRIOR> 1,092,984
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (123,445)
<ACCUMULATED-NET-GAINS> 1,219,891
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (14,617)
<NET-ASSETS> 32,525,880
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,056,465
<OTHER-INCOME> 0
<EXPENSES-NET> (297,246)
<NET-INVESTMENT-INCOME> 759,219
<REALIZED-GAINS-CURRENT> 1,199,630
<APPREC-INCREASE-CURRENT> (1,919,624)
<NET-CHANGE-FROM-OPS> 39,225
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (333,858)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 94,255
<NUMBER-OF-SHARES-REDEEMED> (103,357)
<SHARES-REINVESTED> 6,341
<NET-CHANGE-IN-ASSETS> (336,765)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 20,261
<OVERDISTRIB-NII-PRIOR> (36,679)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 344,000
<AVERAGE-NET-ASSETS> 31,539,000
<PER-SHARE-NAV-BEGIN> 10.950
<PER-SHARE-NII> 0.280
<PER-SHARE-GAIN-APPREC> (0.270)
<PER-SHARE-DIVIDEND> (0.310)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.650
<EXPENSE-RATIO> 1.500
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 30,235,820
<INVESTMENTS-AT-VALUE> 29,940,408
<RECEIVABLES> 1,711,877
<ASSETS-OTHER> 2,530,100
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,182,385
<PAYABLE-FOR-SECURITIES> 1,375,885
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 280,620
<TOTAL-LIABILITIES> 1,656,505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,444,051
<SHARES-COMMON-STOCK> 1,956,171
<SHARES-COMMON-PRIOR> 1,732,970
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (123,445)
<ACCUMULATED-NET-GAINS> 1,219,891
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (14,617)
<NET-ASSETS> 32,525,880
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,056,465
<OTHER-INCOME> 0
<EXPENSES-NET> (297,246)
<NET-INVESTMENT-INCOME> 759,219
<REALIZED-GAINS-CURRENT> 1,199,630
<APPREC-INCREASE-CURRENT> (1,919,624)
<NET-CHANGE-FROM-OPS> 39,225
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (512,127)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 488,243
<NUMBER-OF-SHARES-REDEEMED> (298,506)
<SHARES-REINVESTED> 33,464
<NET-CHANGE-IN-ASSETS> 1,916,736
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 20,261
<OVERDISTRIB-NII-PRIOR> (36,679)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 344,000
<AVERAGE-NET-ASSETS> 31,539,000
<PER-SHARE-NAV-BEGIN> 10.980
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> (0.260)
<PER-SHARE-DIVIDEND> (0.270)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.690
<EXPENSE-RATIO> 2.100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 71,566,700
<INVESTMENTS-AT-VALUE> 78,395,643
<RECEIVABLES> 6,743,292
<ASSETS-OTHER> 6,511,639
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91,650,574
<PAYABLE-FOR-SECURITIES> 7,647,747
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 278,644
<TOTAL-LIABILITIES> 7,926,391
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73,099,727
<SHARES-COMMON-STOCK> 1,587,656
<SHARES-COMMON-PRIOR> 1,667,969
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,225,875)
<ACCUMULATED-NET-GAINS> 4,439,283
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,411,048
<NET-ASSETS> 83,724,183
<DIVIDEND-INCOME> 852,369
<INTEREST-INCOME> 107,506
<OTHER-INCOME> 0
<EXPENSES-NET> (917,198)
<NET-INVESTMENT-INCOME> 42,677
<REALIZED-GAINS-CURRENT> 4,901,470
<APPREC-INCREASE-CURRENT> 3,254,637
<NET-CHANGE-FROM-OPS> 8,198,784
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 503,767
<NUMBER-OF-SHARES-REDEEMED> (584,080)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,362,600
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (1,268,552)
<OVERDIST-NET-GAINS-PRIOR> (462,187)
<GROSS-ADVISORY-FEES> 219,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 917,000
<AVERAGE-NET-ASSETS> 73,667,000
<PER-SHARE-NAV-BEGIN> 10.480
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 1.160
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.660
<EXPENSE-RATIO> 1.990
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 71,566,700
<INVESTMENTS-AT-VALUE> 78,395,643
<RECEIVABLES> 6,743,292
<ASSETS-OTHER> 6,511,639
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91,650,574
<PAYABLE-FOR-SECURITIES> 7,647,747
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 278,644
<TOTAL-LIABILITIES> 7,926,391
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73,099,727
<SHARES-COMMON-STOCK> 5,664,662
<SHARES-COMMON-PRIOR> 5,076,632
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,225,875)
<ACCUMULATED-NET-GAINS> 4,439,283
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,411,048
<NET-ASSETS> 83,724,183
<DIVIDEND-INCOME> 852,369
<INTEREST-INCOME> 107,506
<OTHER-INCOME> 0
<EXPENSES-NET> (917,198)
<NET-INVESTMENT-INCOME> 42,677
<REALIZED-GAINS-CURRENT> 4,901,470
<APPREC-INCREASE-CURRENT> 3,254,637
<NET-CHANGE-FROM-OPS> 8,198,784
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,611,132
<NUMBER-OF-SHARES-REDEEMED> (1,023,102)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,375,997
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (1,268,552)
<OVERDIST-NET-GAINS-PRIOR> (462,187)
<GROSS-ADVISORY-FEES> 219,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 917,000
<AVERAGE-NET-ASSETS> 73,667,000
<PER-SHARE-NAV-BEGIN> 10.380
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 1.110
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.510
<EXPENSE-RATIO> 2.670
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 161
<NAME> MAINSTAY STRATEGIC INCOME FUND-CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> FEB-28-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 55,581,494
<INVESTMENTS-AT-VALUE> 55,921,503
<RECEIVABLES> 4,314,782
<ASSETS-OTHER> 185,338
<OTHER-ITEMS-ASSETS> 92,523
<TOTAL-ASSETS> 60,514,146
<PAYABLE-FOR-SECURITIES> 6,800,450
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 435,151
<TOTAL-LIABILITIES> 7,235,601
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,611,828
<SHARES-COMMON-STOCK> 2,840,093
<SHARES-COMMON-PRIOR> 2,000,000
<ACCUMULATED-NII-CURRENT> 56,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 181,146
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 429,030
<NET-ASSETS> 53,278,545
<DIVIDEND-INCOME> 29,922
<INTEREST-INCOME> 1,004,334
<OTHER-INCOME> 0
<EXPENSES-NET> (191,269)
<NET-INVESTMENT-INCOME> 842,987
<REALIZED-GAINS-CURRENT> 181,146
<APPREC-INCREASE-CURRENT> 429,030
<NET-CHANGE-FROM-OPS> 1,453,163
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (480,207)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 816,126
<NUMBER-OF-SHARES-REDEEMED> (6,003)
<SHARES-REINVESTED> 29,970
<NET-CHANGE-IN-ASSETS> 9,337,623
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 226,000
<AVERAGE-NET-ASSETS> 39,907,000
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.12
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 162
<NAME> MAINSTAY STRATEGIC INCOME FUND-CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> FEB-28-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 55,581,494
<INVESTMENTS-AT-VALUE> 55,921,503
<RECEIVABLES> 4,314,782
<ASSETS-OTHER> 185,338
<OTHER-ITEMS-ASSETS> 92,523
<TOTAL-ASSETS> 60,514,146
<PAYABLE-FOR-SECURITIES> 6,800,450
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 435,151
<TOTAL-LIABILITIES> 7,235,601
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,611,828
<SHARES-COMMON-STOCK> 2,426,715
<SHARES-COMMON-PRIOR> 300,000
<ACCUMULATED-NII-CURRENT> 56,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 181,146
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 429,030
<NET-ASSETS> 53,278,545
<DIVIDEND-INCOME> 29,922
<INTEREST-INCOME> 1,004,334
<OTHER-INCOME> 0
<EXPENSES-NET> (191,269)
<NET-INVESTMENT-INCOME> 842,987
<REALIZED-GAINS-CURRENT> 181,146
<APPREC-INCREASE-CURRENT> 429,030
<NET-CHANGE-FROM-OPS> 1,453,163
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (306,239)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,160,707
<NUMBER-OF-SHARES-REDEEMED> (49,566)
<SHARES-REINVESTED> 15,574
<NET-CHANGE-IN-ASSETS> 22,394,085
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 226,000
<AVERAGE-NET-ASSETS> 39,907,000
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.11
<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
