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<PAGE>
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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 2074
025 A000902 TRAVELERS GROUP INC.
025 C000902 E
025 D000902 15730
025 A000903 AMERICAN EXPRESS CREDIT
025 C000903 D
025 D000903 6335
025 A000904 MERRILL LYNCH & CO., INC.
025 C000904 D
025 D000904 4016
025 A000905 PAINEWEBBER GROUP
025 C000905 D
025 D000905 1033
025 A000906 SALOMON INC.
<PAGE>
025 C000906 D
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032 000900 0
033 000900 310
034 000900 Y
035 000900 745
036 A000900 N
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037 000900 N
038 000900 0
040 000900 Y
041 000900 Y
<PAGE>
042 A000900 0
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042 E000900 0
042 F000900 0
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043 000900 7171
044 000900 0
045 000900 Y
046 000900 N
047 000900 Y
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048 A010900 0
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048 B010900 0
048 B020900 0.000
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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
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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
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054 N000900 N
<PAGE>
054 O000900 N
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
060 A000900 Y
060 B000900 Y
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066 A000900 Y
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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
<PAGE>
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
070 N010900 Y
070 N020900 N
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 1782248
071 B000900 1675131
071 C000900 969288
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072 A000900 12
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<PAGE>
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008 A001101 MONITOR CAPITAL ADVISORS, INC
008 B001101 A
008 C001101 801-34412
008 D011101 NEW YORK
008 D021101 NY
008 D031101 10010
<PAGE>
015 A001101 BANK OF NEW YORK
015 B001101 C
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032 001100 0
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034 001100 N
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036 B001100 0
037 001100 N
038 001100 0
039 001100 N
040 001100 Y
<PAGE>
041 001100 Y
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042 D001100 0
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
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044 001100 0
045 001100 Y
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048 K021100 0.000
053 A001100 N
054 A001100 Y
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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
<PAGE>
054 N001100 N
054 O001100 N
055 A001100 N
055 B001100 N
056 001100 Y
057 001100 Y
060 A001100 Y
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066 A001100 Y
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066 E001100 N
066 F001100 N
066 G001100 N
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070 F021100 Y
070 G011100 Y
<PAGE>
070 G021100 N
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070 K021100 N
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070 L021100 N
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070 M021100 N
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070 P021100 N
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070 Q021100 Y
070 R011100 N
070 R021100 N
071 A001100 102913
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<PAGE>
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008 A001201 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001201 A
008 C001201 801-5594
008 D011201 LONDON
008 D051201 UNITED KINDGOM
<PAGE>
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
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<PAGE>
032 001200 0
033 001200 31
034 001200 Y
035 001200 2
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037 001200 N
038 001200 0
039 001200 N
040 001200 Y
041 001200 Y
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053 A001200 Y
053 B001200 Y
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054 A001200 Y
<PAGE>
054 B001200 Y
054 C001200 Y
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054 E001200 N
054 F001200 N
054 G001200 Y
054 H001200 Y
054 I001200 N
054 J001200 Y
054 K001200 N
054 L001200 Y
054 M001200 Y
054 N001200 N
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055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
060 A001200 Y
060 B001200 Y
061 001200 500
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064 A001200 N
066 A001200 N
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069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 N
070 B021200 N
<PAGE>
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 Y
070 E021200 Y
070 F011200 N
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 N
070 K021200 N
070 L011200 N
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 N
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
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070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 18846
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<PAGE>
072 P001200 0
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<PAGE>
074 Y001200 793
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008 A001301 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001301 A
008 C001301 801-5594
008 D011301 NEW YORK
008 D021301 NY
008 D031301 11019
015 A001301 BANK OF NEW YORK
015 B001301 C
015 C011301 NEW YORK
015 C021301 NY
015 C031301 10015
015 E011301 X
024 001300 N
025 D001301 0
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
074 R041300 150
074 S001300 0
074 T001300 19672
074 U011300 1571
074 U021300 417
074 V011300 9.91
074 V021300 9.84
074 W001300 0.0000
074 X001300 650
074 Y001300 2706
075 A001300 0
075 B001300 19747
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 MERRILL LYNCH PIERCE FENNER & SMITH (MLPF&S)
025 C001401 D
025 D001401 0
025 A001402 SMITH BARNEY INC.
025 C001402 D
025 D001402 0
025 A001403 SMITH BARNEY INC.
025 C001403 D
025 D001403 14
025 A001404 MLPF&S
025 C001404 D
025 D001404 0
025 A001405 MLPF&S
025 C001405 D
025 D001405 0
025 A001406 SMITH BARNEY INC.
025 C001406 D
025 D001406 0
025 A001407 MLPF&S
025 C001407 D
025 D001407 0
025 A001408 MLPF&S
025 C001408 D
025 D001408 0
028 A011400 530
<PAGE>
028 A021400 60
028 A031400 0
028 A041400 328
028 B011400 765
028 B021400 61
028 B031400 0
028 B041400 500
028 C011400 746
028 C021400 63
028 C031400 0
028 C041400 777
028 D011400 1450
028 D021400 65
028 D031400 0
028 D041400 935
028 E011400 970
028 E021400 71
028 E031400 0
028 E041400 742
028 F011400 1335
028 F021400 740
028 F031400 0
028 F041400 604
028 G011400 5796
028 G021400 1060
028 G031400 0
028 G041400 3886
028 H001400 406
029 001400 Y
030 A001400 55
030 B001400 4.50
030 C001400 2.00
031 A001400 6
031 B001400 0
032 001400 0
033 001400 49
034 001400 Y
035 001400 20
036 A001400 N
036 B001400 0
037 001400 N
038 001400 0
039 001400 N
040 001400 Y
041 001400 Y
042 A001400 0
042 B001400 0
042 C001400 0
042 D001400 0
042 E001400 0
042 F001400 0
<PAGE>
042 G001400 0
042 H001400 100
043 001400 171
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
054 M001400 Y
054 N001400 N
054 O001400 N
055 A001400 N
055 B001400 N
056 001400 Y
057 001400 N
<PAGE>
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 4.5
062 J001400 0.0
062 K001400 0.1
062 L001400 4.4
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 72.2
062 R001400 0.0
063 A001400 0
063 B001400 6.2
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
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 Y
070 I021400 N
070 J011400 Y
070 J021400 N
<PAGE>
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 15710
071 B001400 13062
071 C001400 22287
071 D001400 59
072 A001400 12
072 B001400 1883
072 C001400 0
072 D001400 0
072 E001400 0
072 F001400 123
072 G001400 69
072 H001400 0
072 I001400 46
072 J001400 28
072 K001400 0
072 L001400 76
072 M001400 1
072 N001400 26
072 O001400 0
072 P001400 0
072 Q001400 13
072 R001400 11
072 S001400 1
072 T001400 171
072 U001400 12
072 V001400 0
072 W001400 9
072 X001400 586
072 Y001400 82
072 Z001400 1379
072AA001400 3119
072BB001400 1523
072CC011400 0
072CC021400 519
072DD011400 794
<PAGE>
072DD021400 985
072EE001400 416
073 A011400 0.7325
073 A021400 0.6531
073 B001400 0.1515
073 C001400 0.1515
074 A001400 4750
074 B001400 0
074 C001400 1380
074 D001400 23725
074 E001400 0
074 F001400 0
074 G001400 42
074 H001400 0
074 I001400 220
074 J001400 0
074 K001400 0
074 L001400 975
074 M001400 27
074 N001400 31119
074 O001400 31
074 P001400 28
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 75
074 S001400 0
074 T001400 30985
074 U011400 1093
074 U021400 1733
074 V011400 10.95
074 V021400 10.98
074 W001400 0.0000
074 X001400 2793
074 Y001400 4667
075 A001400 0
075 B001400 27427
076 001400 0.00
008 A001501 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001501 A
008 C001501 801-5594
008 D011501 NEW YORK
008 D021501 NY
008 D031501 10019
015 A001501 BANK OF NEW YORK
015 B001501 C
015 C011501 NEW YORK
015 C021501 NY
015 C031501 10015
015 E011501 X
<PAGE>
024 001500 Y
025 A001501 SMITH BARNEY INC.
025 C001501 D
025 D001501 0
025 A001502 SMITH BARNEY INC.
025 C001502 D
025 D001502 54
025 A001503 MLPF&S
025 C001503 D
025 D001503 0
025 A001504 MLPF&S
025 C001504 D
025 D001504 0
025 A001505 MLPF&S
025 C001505 D
025 D001505 0
025 A001506 SMITH BARNEY INC.
025 C001506 D
025 D001506 0
025 A001507 MLPF&S
025 C001507 D
025 D001507 0
025 A001508 SMITH BARNEY INC.
025 C001508 D
025 D001508 0
025 A001509 SMITH BARNEY INC.
025 C001509 D
025 D001509 0
025 A001510 MLPF&S
025 C001510 D
025 D001510 0
025 A001511 SMITH BARNEY INC.
025 C001511 D
025 D001511 0
025 A001512 SMITH BARNEY INC.
025 C001512 D
025 D001512 27
025 A001513 MLPF&S
025 C001513 D
025 D001513 0
025 A001514 DELETE
025 D001514 0
025 A001515 DELETE
025 D001515 0
025 A001516 DELETE
025 D001516 0
028 A011500 3903
028 A021500 0
028 A031500 0
028 A041500 1042
028 B011500 2183
<PAGE>
028 B021500 0
028 B031500 0
028 B041500 971
028 C011500 2244
028 C021500 0
028 C031500 0
028 C041500 1405
028 D011500 2506
028 D021500 0
028 D031500 0
028 D041500 1740
028 E011500 2674
028 E021500 0
028 E031500 0
028 E041500 1342
028 F011500 2617
028 F021500 2705
028 F031500 0
028 F041500 1496
028 G011500 16127
028 G021500 2705
028 G031500 0
028 G041500 7996
028 H001500 1836
029 001500 Y
030 A001500 92
030 B001500 5.50
030 C001500 2.00
031 A001500 7
031 B001500 0
032 001500 0
033 001500 85
034 001500 Y
035 001500 24
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 436
044 001500 0
<PAGE>
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
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
<PAGE>
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
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
<PAGE>
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 39530
071 B001500 9714
071 C001500 52510
071 D001500 19
072 A001500 12
072 B001500 168
072 C001500 917
072 D001500 0
072 E001500 0
072 F001500 342
072 G001500 228
072 H001500 0
072 I001500 143
072 J001500 68
072 K001500 0
072 L001500 120
072 M001500 2
072 N001500 37
072 O001500 0
072 P001500 0
072 Q001500 22
072 R001500 12
072 S001500 3
072 T001500 436
072 U001500 11
072 V001500 0
072 W001500 22
072 X001500 1446
072 Y001500 0
072 Z001500 -361
072AA001500 4383
072BB001500 2360
072CC011500 3157
072CC021500 0
072DD011500 845
072DD021500 2275
072EE001500 180
073 A011500 0.5206
<PAGE>
073 A021500 0.4600
073 B001500 0.0280
073 C001500 0.0280
074 A001500 2366
074 B001500 0
074 C001500 1970
074 D001500 0
074 E001500 71
074 F001500 65384
074 G001500 0
074 H001500 0
074 I001500 2485
074 J001500 2085
074 K001500 0
074 L001500 301
074 M001500 22
074 N001500 74684
074 O001500 3928
074 P001500 105
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 467
074 S001500 0
074 T001500 70184
074 U011500 1668
074 U021500 5077
074 V011500 10.48
074 V021500 10.38
074 W001500 0.0000
074 X001500 11403
074 Y001500 2727
075 A001500 0
075 B001500 57017
076 001500 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
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<S> <C>
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<NET-INVESTMENT-INCOME> (9,072,781)
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<APPREC-INCREASE-CURRENT> 192,853,116
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<NUMBER-OF-SHARES-REDEEMED> (1,663,537)
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NAME> MAINSTAY CAPITAL APPRECIATION FUND-CLASS B
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<S> <C>
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<NUMBER-OF-SHARES-REDEEMED> (8,527,997)
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<NET-CHANGE-IN-ASSETS> 568,881,456
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (7,438,705)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,429,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,535,000
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<PER-SHARE-NAV-BEGIN> 25.770
<PER-SHARE-NII> (0.220)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 021
<NAME> MAINSTAY VALUE FUND-CLASS A
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<S> <C>
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<NUMBER-OF-SHARES-REDEEMED> (818,466)
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<GROSS-EXPENSE> 14,151,000
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<PER-SHARE-NAV-BEGIN> 18.25
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 3.66
<PER-SHARE-DIVIDEND> (0.300)
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<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> 12-MOS
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 031
<NAME> MAINSTAY CONVERTIBLE FUND-CLASS A
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<S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 032
<NAME> MAINSTAY CONVERTIBLE FUND-CLASS B
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<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
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<DISTRIBUTIONS-OF-GAINS> (34,512,908)
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<NUMBER-OF-SHARES-REDEEMED> (5,658,320)
<SHARES-REINVESTED> 3,935,048
<NET-CHANGE-IN-ASSETS> 374,499,799
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</TABLE>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 041
<NAME> MAINSTAY HIGH YIELD CORPORATE BOND FUND-CLASS A
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<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
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<INVESTMENTS-AT-COST> 2,435,139,671
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<OVERDISTRIBUTION-GAINS> (723,161)
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<NET-ASSETS> 2,557,985,170
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<NET-INVESTMENT-INCOME> 174,787,175
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<NUMBER-OF-SHARES-SOLD> 12,343,998
<NUMBER-OF-SHARES-REDEEMED> (4,492,355)
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<GROSS-EXPENSE> 31,933,000
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</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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
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<INVESTMENTS-AT-COST> 2,435,139,671
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<NUMBER-OF-SHARES-SOLD> 111,563,499
<NUMBER-OF-SHARES-REDEEMED> (36,876,001)
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 051
<NAME> MAINSTAY GOVERNMENT FUND - CLASS A
<MULTIPLIER> 1
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
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<NUMBER-OF-SHARES-REDEEMED> (828,274)
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<PER-SHARE-GAIN-APPREC> (0.350)
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 052
<NAME> MAINSTAY GOVERNMENT FUND-CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
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<NUMBER-OF-SHARES-SOLD> 8,589,595
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<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 371,820,693
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<NET-ASSETS> 371,373,482
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<NUMBER-OF-SHARES-SOLD> 119,892,722
<NUMBER-OF-SHARES-REDEEMED> (103,071,681)
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<ACCUMULATED-GAINS-PRIOR> (13,343)
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<GROSS-EXPENSE> 3,420,000
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<PER-SHARE-NII> 0.048
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<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.048)
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.70
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<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 371,820,693
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,400,876
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> (2,474,037)
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<NUMBER-OF-SHARES-SOLD> 512,217,941
<NUMBER-OF-SHARES-REDEEMED> (488,364,222)
<SHARES-REINVESTED> 13,787,949
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 3,420,000
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<PER-SHARE-NII> 0.048
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.700
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<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 498,731,828
<INVESTMENTS-AT-VALUE> 503,425,109
<RECEIVABLES> 10,628,326
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<SHARES-COMMON-STOCK> 1,676,249
<SHARES-COMMON-PRIOR> 972,846
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<NET-INVESTMENT-INCOME> 27,351,209
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 1,113,623
<NUMBER-OF-SHARES-REDEEMED> (466,784)
<SHARES-REINVESTED> 56,564
<NET-CHANGE-IN-ASSETS> 22,611,614
<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> (18,260,374)
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<GROSS-EXPENSE> 6,299,000
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<PER-SHARE-NAV-BEGIN> 10.020
<PER-SHARE-NII> 0.540
<PER-SHARE-GAIN-APPREC> (0.190)
<PER-SHARE-DIVIDEND> (0.530)
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<PER-SHARE-NAV-END> 9.840
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<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 498,731,828
<INVESTMENTS-AT-VALUE> 503,425,109
<RECEIVABLES> 10,628,326
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<TOTAL-ASSETS> 514,110,862
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<OTHER-ITEMS-LIABILITIES> 1,393,960
<TOTAL-LIABILITIES> 1,393,960
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<PAID-IN-CAPITAL-COMMON> 523,767,384
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<SHARES-COMMON-PRIOR> 54,154,876
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<OVERDISTRIBUTION-NII> (245)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (15,792,455)
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 33,650,181
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<EXPENSES-NET> (6,298,972)
<NET-INVESTMENT-INCOME> 27,351,209
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<APPREC-INCREASE-CURRENT> (13,331,152)
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<NUMBER-OF-SHARES-SOLD> 4,283,287
<NUMBER-OF-SHARES-REDEEMED> (9,723,975)
<SHARES-REINVESTED> 1,706,754
<NET-CHANGE-IN-ASSETS> (46,473,105)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (45,290)
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<GROSS-EXPENSE> 6,299,000
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<PER-SHARE-NAV-BEGIN> 10.030
<PER-SHARE-NII> 0.510
<PER-SHARE-GAIN-APPREC> (0.190)
<PER-SHARE-DIVIDEND> (0.510)
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.840
<EXPENSE-RATIO> 1.200
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 823,047,415
<INVESTMENTS-AT-VALUE> 1,102,360,803
<RECEIVABLES> 21,704,772
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,124,070,201
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<OTHER-ITEMS-LIABILITIES> 2,680,734
<TOTAL-LIABILITIES> 25,217,113
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 815,573,871
<SHARES-COMMON-STOCK> 3,433,467
<SHARES-COMMON-PRIOR> 1,036,716
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,965,829
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 279,313,388
<NET-ASSETS> 1,098,853,088
<DIVIDEND-INCOME> 3,285,718
<INTEREST-INCOME> 26,617,725
<OTHER-INCOME> 0
<EXPENSES-NET> (15,593,380)
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<REALIZED-GAINS-CURRENT> 27,774,121
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<NET-CHANGE-FROM-OPS> 120,314,391
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> (1,702,480)
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<NUMBER-OF-SHARES-SOLD> 3,241,212
<NUMBER-OF-SHARES-REDEEMED> (1,015,102)
<SHARES-REINVESTED> 170,641
<NET-CHANGE-IN-ASSETS> 163,731,831
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,244,201
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,087,000
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<GROSS-EXPENSE> 15,593,000
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<PER-SHARE-NAV-BEGIN> 18.530
<PER-SHARE-NII> 0.370
<PER-SHARE-GAIN-APPREC> 2.070
<PER-SHARE-DIVIDEND> (0.370)
<PER-SHARE-DISTRIBUTIONS> (0.510)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 20.090
<EXPENSE-RATIO> 1.100
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 823,047,415
<INVESTMENTS-AT-VALUE> 1,102,360,803
<RECEIVABLES> 21,704,772
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<TOTAL-ASSETS> 1,124,070,201
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<SENIOR-LONG-TERM-DEBT> 0
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 815,573,871
<SHARES-COMMON-STOCK> 51,247,218
<SHARES-COMMON-PRIOR> 46,458,958
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,965,829
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 279,313,388
<NET-ASSETS> 1,098,853,088
<DIVIDEND-INCOME> 3,285,718
<INTEREST-INCOME> 26,617,725
<OTHER-INCOME> 0
<EXPENSES-NET> (15,593,380)
<NET-INVESTMENT-INCOME> 14,310,063
<REALIZED-GAINS-CURRENT> 27,774,121
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<NET-CHANGE-FROM-OPS> 120,314,391
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 9,840,839
<NUMBER-OF-SHARES-REDEEMED> (6,941,460)
<SHARES-REINVESTED> 1,888,881
<NET-CHANGE-IN-ASSETS> 175,348,234
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 15,593,000
<AVERAGE-NET-ASSETS> 995,703,790
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<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> 2.080
<PER-SHARE-DIVIDEND> (0.270)
<PER-SHARE-DISTRIBUTIONS> (0.510)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 20.100
<EXPENSE-RATIO> 1.590
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 101
<NAME> MAINSTAY EQUITY INDEX FUND - CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 171,447,607
<INVESTMENTS-AT-VALUE> 224,826,767
<RECEIVABLES> 1,864,765
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<TOTAL-ASSETS> 226,837,027
<PAYABLE-FOR-SECURITIES> 468,936
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<OTHER-ITEMS-LIABILITIES> 618,480
<TOTAL-LIABILITIES> 1,087,416
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 171,093,963
<SHARES-COMMON-STOCK> 9,659,232
<SHARES-COMMON-PRIOR> 5,708,350
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,352,101
<NET-ASSETS> 225,749,611
<DIVIDEND-INCOME> 3,202,159
<INTEREST-INCOME> 988,955
<OTHER-INCOME> 0
<EXPENSES-NET> (1,310,281)
<NET-INVESTMENT-INCOME> 2,880,833
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<APPREC-INCREASE-CURRENT> 25,632,481
<NET-CHANGE-FROM-OPS> 34,018,610
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,255,511)
<DISTRIBUTIONS-OF-GAINS> (6,641,480)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,772,785
<NUMBER-OF-SHARES-REDEEMED> (809,900)
<SHARES-REINVESTED> 490,696
<NET-CHANGE-IN-ASSETS> 116,441,942
<ACCUMULATED-NII-PRIOR> 1,369,359
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 163,785
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<GROSS-EXPENSE> 1,600,303
<AVERAGE-NET-ASSETS> 164,233,832
<PER-SHARE-NAV-BEGIN> 19.150
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> 3.920
<PER-SHARE-DIVIDEND> (0.540)
<PER-SHARE-DISTRIBUTIONS> (0.820)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 23.370
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
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<INVESTMENTS-AT-COST> 22,693,711
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<PAID-IN-CAPITAL-COMMON> 23,175,573
<SHARES-COMMON-STOCK> 1,849,908
<SHARES-COMMON-PRIOR> 1,991,937
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (160,355)
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<NET-ASSETS> 23,187,471
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<INTEREST-INCOME> 1,402,431
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<EXPENSES-NET> (290,866)
<NET-INVESTMENT-INCOME> 1,111,565
<REALIZED-GAINS-CURRENT> (24,010)
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<NUMBER-OF-SHARES-SOLD> 113,950
<NUMBER-OF-SHARES-REDEEMED> (312,676)
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<NET-CHANGE-IN-ASSETS> (1,529,196)
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<PER-SHARE-NII> 0.500
<PER-SHARE-GAIN-APPREC> (0.170)
<PER-SHARE-DIVIDEND> (0.500)
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<EXPENSE-RATIO> 1.240
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<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 22,693,711
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<PAID-IN-CAPITAL-COMMON> 23,175,573
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<OVERDISTRIBUTION-GAINS> (160,355)
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<NET-INVESTMENT-INCOME> 1,111,565
<REALIZED-GAINS-CURRENT> (24,010)
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 333,884
<NUMBER-OF-SHARES-REDEEMED> (22,357)
<SHARES-REINVESTED> 12,178
<NET-CHANGE-IN-ASSETS> 3,736,451
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<OVERDIST-NET-GAINS-PRIOR> (136,345)
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<GROSS-EXPENSE> 313,000
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<PER-SHARE-NAV-BEGIN> 9.910
<PER-SHARE-NII> 0.450
<PER-SHARE-GAIN-APPREC> (0.160)
<PER-SHARE-DIVIDEND> (0.450)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.750
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 18,844,004
<INVESTMENTS-AT-VALUE> 19,104,977
<RECEIVABLES> 1,105,401
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<OTHER-ITEMS-LIABILITIES> 159,385
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<EQUALIZATION> 0
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<NET-CHANGE-IN-ASSETS> (2,532,386)
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</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>
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<OVERDISTRIBUTION-GAINS> (149,238)
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<OTHER-INCOME> 0
<EXPENSES-NET> (252,594)
<NET-INVESTMENT-INCOME> 978,259
<REALIZED-GAINS-CURRENT> 178,029
<APPREC-INCREASE-CURRENT> (553,341)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (132,523)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 286,262
<NUMBER-OF-SHARES-REDEEMED> (37,063)
<SHARES-REINVESTED> 9,001
<NET-CHANGE-IN-ASSETS> 2,970,913
<ACCUMULATED-NII-PRIOR> 17,943
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (327,267)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 293,000
<AVERAGE-NET-ASSETS> 19,747,000
<PER-SHARE-NAV-BEGIN> 10.020
<PER-SHARE-NII> 0.450
<PER-SHARE-GAIN-APPREC> (0.180)
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 141
<NAME> MAINSTAY INTERNATIONAL BOND - CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
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<INVESTMENTS-AT-VALUE> 25,146,506
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<SHARES-COMMON-PRIOR> 1,101,568
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<ACCUMULATED-NET-GAINS> 20,262
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<NET-INVESTMENT-INCOME> 1,378,963
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<DISTRIBUTIONS-OF-GAINS> (162,643)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 196,255
<NUMBER-OF-SHARES-REDEEMED> (227,941)
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 142
<NAME> MAINSTAY INTERNATIONAL BOND - CLASS B
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<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
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<SHARES-COMMON-PRIOR> 1,263,826
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 20,262
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 30,985,134
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<NET-INVESTMENT-INCOME> 1,378,963
<REALIZED-GAINS-CURRENT> 1,595,985
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<DISTRIBUTIONS-OF-INCOME> (984,527)
<DISTRIBUTIONS-OF-GAINS> (253,849)
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<NUMBER-OF-SHARES-SOLD> 724,853
<NUMBER-OF-SHARES-REDEEMED> (357,142)
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</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>
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<FISCAL-YEAR-END> DEC-31-1996
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<INVESTMENTS-AT-COST> 65,911,213
<INVESTMENTS-AT-VALUE> 67,425,403
<RECEIVABLES> 2,385,791
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<OTHER-ITEMS-LIABILITIES> 571,463
<TOTAL-LIABILITIES> 4,499,239
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67,758,698
<SHARES-COMMON-STOCK> 1,667,969
<SHARES-COMMON-PRIOR> 1,279,772
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,268,552)
<ACCUMULATED-NET-GAINS> (462,187)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,156,411
<NET-ASSETS> 70,184,370
<DIVIDEND-INCOME> 916,842
<INTEREST-INCOME> 168,056
<OTHER-INCOME> 0
<EXPENSES-NET> (1,446,038)
<NET-INVESTMENT-INCOME> (361,140)
<REALIZED-GAINS-CURRENT> 2,022,939
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (844,610)
<DISTRIBUTIONS-OF-GAINS> (45,418)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 644,092
<NUMBER-OF-SHARES-REDEEMED> (300,668)
<SHARES-REINVESTED> 44,772
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<ACCUMULATED-GAINS-PRIOR> 0
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 152
<NAME> INTERNATIONAL EQUITY FUND - CLASS B
<MULTIPLIER> 1
<S> <C>
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<TOTAL-LIABILITIES> 4,499,239
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 5,076,632
<SHARES-COMMON-PRIOR> 2,540,481
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,268,552)
<ACCUMULATED-NET-GAINS> (462,187)
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<DIVIDEND-INCOME> 916,842
<INTEREST-INCOME> 168,056
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> (361,140)
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<DISTRIBUTIONS-OF-GAINS> (135,451)
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<SHARES-REINVESTED> 217,643
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<ACCUMULATED-NII-PRIOR> 139,764
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> (281,728)
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<GROSS-EXPENSE> 1,446,000
<AVERAGE-NET-ASSETS> 57,017,000
<PER-SHARE-NAV-BEGIN> 9.970
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<RETURNS-OF-CAPITAL> 0.000
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</TABLE>
February 19, 1997
To the Board of Trustees of
The MainStay Funds
In planning and performing our audit of the financial statements of
MainStay Capital Appreciation Fund, MainStay Value Fund, MainStay Total Return
Fund, MainStay Convertible Fund, MainStay High Yield Corporate Bond Fund,
MainStay Government Fund, MainStay Tax Free Bond Fund, MainStay Money Market
Fund, MainStay International Bond Fund, MainStay International Equity Fund,
MainStay Equity Index Fund, MainStay California Tax Free Fund and MainStay New
York Tax Free Fund, separate portfolios constituting The MainStay Funds (the
"Funds") for the year ended December 31, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on the internal control structure.
The management of the Funds is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
Price Waterhouse LLP
