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<PAGE> PAGE 8
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
054 A000700 Y
054 B000700 Y
054 C000700 Y
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 Y
054 H000700 N
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
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
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062 A000700 Y
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064 A000700 Y
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
<PAGE> PAGE 42
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 Y
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
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
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071 B000700 578910
071 C000700 477193
071 D000700 116
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<PAGE> PAGE 43
072 L000700 107
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<PAGE> PAGE 44
074 V010700 0.00
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008 A000901 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B000901 S
008 C000901 801-5594
008 D010901 NEW YORK
008 D020901 NY
008 D030901 10019
008 A000902 MAINSTAY MANAGEMENT, INC.
008 B000902 A
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008 D010902 PARSIPPANY
008 D020902 NJ
008 D030902 07054
015 A000901 STATE STREET BANK & TRUST COMPANY
015 B000901 C
015 C010901 BOSTON
015 C020901 MA
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<PAGE> PAGE 45
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<PAGE> PAGE 46
048 E010900 0
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053 B000900 Y
053 C000900 N
054 A000900 Y
054 B000900 Y
054 C000900 Y
054 D000900 N
054 E000900 N
054 F000900 N
054 G000900 Y
054 H000900 N
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 Y
058 A000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
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<PAGE> PAGE 47
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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 Y
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 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 Y
070 O010900 Y
070 O020900 N
<PAGE> PAGE 48
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 2443
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071 C000900 1398
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<PAGE> PAGE 49
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008 A001101 MONITOR CAPITAL ADVISORS, INC
008 B001101 S
008 C001101 801-34412
008 D011101 PRINCETON
008 D021101 NJ
008 D031101 08540
008 A001102 MAINSTAY MANAGEMENT, INC.
008 B001102 A
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008 D011102 PARSIPPANY
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008 D031102 07054
015 A001101 BANK OF NEW YORK
015 B001101 C
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<PAGE> PAGE 50
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039 001100 N
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<PAGE> PAGE 51
042 B001100 0
042 C001100 0
042 D001100 0
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042 F001100 0
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053 A001100 Y
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054 A001100 Y
054 B001100 Y
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054 D001100 N
054 E001100 N
054 F001100 N
054 G001100 Y
054 H001100 N
054 I001100 N
054 J001100 Y
054 K001100 N
054 L001100 N
054 M001100 Y
<PAGE> PAGE 52
054 N001100 N
054 O001100 N
055 A001100 N
055 B001100 N
056 001100 Y
057 001100 Y
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066 D001100 N
066 E001100 N
066 F001100 N
066 G001100 N
067 001100 N
068 A001100 N
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069 001100 Y
070 A011100 Y
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<PAGE> PAGE 53
070 E021100 N
070 F011100 Y
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070 K011100 N
070 K021100 N
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070 M021100 N
070 N011100 Y
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<PAGE> PAGE 54
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008 A001201 MACKAY-SHIELDS FINANCIAL CORPORATION
<PAGE> PAGE 55
008 B001201 S
008 C001201 801-5594
008 D011201 NEW YORK
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
070 R011200 N
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<PAGE> PAGE 60
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008 A001301 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001301 S
008 C001301 801-5594
008 D011301 NEW YORK
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008 A001302 MAINSTAY MANAGEMENT, INC.
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015 A001301 BANK OF NEW YORK
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<PAGE> PAGE 61
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025 D001310 0
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025 D001313 0
025 D001314 0
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034 001300 Y
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036 A001300 Y
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<PAGE> PAGE 62
038 001300 0
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048 E021300 0.000
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048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
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053 A001300 Y
053 B001300 Y
053 C001300 N
054 A001300 Y
054 B001300 Y
054 C001300 Y
054 D001300 N
054 E001300 N
054 F001300 N
054 G001300 Y
054 H001300 N
<PAGE> PAGE 63
054 I001300 N
054 J001300 Y
054 K001300 N
054 L001300 N
054 M001300 Y
054 N001300 N
054 O001300 N
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 N
060 B001300 N
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062 R001300 2.2
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063 B001300 23.5
064 A001300 Y
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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
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070 D021300 N
<PAGE> PAGE 64
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 Y
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
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071 C001300 20900
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<PAGE> PAGE 65
072 T001300 69
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<PAGE> PAGE 66
008 A001401 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001401 S
008 C001401 801-5594
008 D011401 NEW YORK
008 D021401 NY
008 D031401 10019
008 A001402 MAINSTAY MANAGEMENT, INC.
008 B001402 A
008 C001402 801-54912
008 D011402 PARSIPPANY
008 D021402 NJ
008 D031402 07054
015 A001401 BANK OF NEW YORK
015 B001401 C
015 C011401 NEW YORK
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<PAGE> PAGE 67
028 G011400 2753
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034 001400 Y
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039 001400 N
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041 001400 Y
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<PAGE> PAGE 68
048 H021400 0.000
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048 J011400 0
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053 A001400 Y
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054 A001400 Y
054 B001400 Y
054 C001400 Y
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054 E001400 N
054 F001400 N
054 G001400 Y
054 H001400 N
054 I001400 N
054 J001400 Y
054 K001400 N
054 L001400 N
054 M001400 Y
054 N001400 N
054 O001400 N
055 A001400 N
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056 001400 Y
057 001400 N
058 A001400 N
059 001400 Y
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<PAGE> PAGE 69
062 R001400 0.0
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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
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
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070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
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<PAGE> PAGE 70
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<PAGE> PAGE 71
074 P001400 32
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008 A001501 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001501 S
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008 D011501 NEW YORK
008 D021501 NY
008 D031501 10019
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015 A001501 BANK OF NEW YORK
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<PAGE> PAGE 72
025 D001505 1111
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<PAGE> PAGE 73
042 B001500 0
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053 A001500 N
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054 F001500 N
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054 I001500 N
054 J001500 Y
054 K001500 N
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<PAGE> PAGE 74
055 A001500 N
055 B001500 N
056 001500 Y
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<PAGE> PAGE 75
070 F021500 N
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<PAGE> PAGE 76
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008 A001601 MACKAY-SHIELDS FINANCIAL CORPORATION
008 B001601 S
008 C001601 801-5594
<PAGE> PAGE 77
008 D011601 NEW YORK
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008 A001602 MAINSTAY MANAGEMENT, INC.
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<PAGE> PAGE 78
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<PAGE> PAGE 79
048 J011600 0
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052 001600 N
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<PAGE> PAGE 80
062 Q001600 41.0
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<PAGE> PAGE 81
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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<PAGE> PAGE 91
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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<PAGE> PAGE 96
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<PAGE> PAGE 97
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<PAGE> PAGE 99
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<PAGE> PAGE 100
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<PAGE> PAGE 101
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<PAGE> PAGE 102
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<PAGE> PAGE 103
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<PAGE> PAGE 104
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<PAGE> PAGE 105
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<PAGE> PAGE 106
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<PAGE> PAGE 107
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<PAGE> PAGE 108
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<PAGE> PAGE 109
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<PAGE> PAGE 110
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<PAGE> PAGE 111
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<PAGE> PAGE 112
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<PAGE> PAGE 113
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<PAGE> PAGE 114
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<PAGE> PAGE 115
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<PAGE> PAGE 116
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<PAGE> PAGE 117
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<PAGE> PAGE 118
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<PAGE> PAGE 119
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<PAGE> PAGE 120
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<PAGE> PAGE 121
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<PAGE> PAGE 122
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<PAGE> PAGE 123
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<PAGE> PAGE 124
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<PAGE> PAGE 125
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SIGNATURE JENNIFER B. MCHUGH
TITLE ATTORNEY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> THE MAINSTAY FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 201
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 202
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 203
<NAME> CLASS C
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NAME> CLASS A
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<INVESTMENTS-AT-VALUE> 9,632,711
<RECEIVABLES> 315,329
<ASSETS-OTHER> 416,453
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<TOTAL-ASSETS> 10,364,493
<PAYABLE-FOR-SECURITIES> 203,117
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81,107
<TOTAL-LIABILITIES> 284,224
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<ACCUM-APPREC-OR-DEPREC> (908,281)
<NET-ASSETS> 10,080,269
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 614,448
<OTHER-INCOME> 0
<EXPENSES-NET> (201,395)
<NET-INVESTMENT-INCOME> 413,053
<REALIZED-GAINS-CURRENT> (1,284,173)
<APPREC-INCREASE-CURRENT> (908,281)
<NET-CHANGE-FROM-OPS> (1,779,401)
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<NUMBER-OF-SHARES-SOLD> 57,118
<NUMBER-OF-SHARES-REDEEMED> (14,634)
<SHARES-REINVESTED> 1,536
<NET-CHANGE-IN-ASSETS> (1,701,310)
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 213,000
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<EXPENSE-RATIO> 3.3900
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NAME> CLASS B
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<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JUN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 10,544,518
<INVESTMENTS-AT-VALUE> 9,632,711
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<TOTAL-ASSETS> 10,364,493
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 614,448
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<EXPENSES-NET> (201,395)
<NET-INVESTMENT-INCOME> 413,053
<REALIZED-GAINS-CURRENT> (1,284,173)
<APPREC-INCREASE-CURRENT> (908,281)
<NET-CHANGE-FROM-OPS> (1,779,401)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (89,012)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 230,609
<NUMBER-OF-SHARES-REDEEMED> (17,533)
<SHARES-REINVESTED> 4,244
<NET-CHANGE-IN-ASSETS> 2,645
<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 213,000
<AVERAGE-NET-ASSETS> 9,711,000
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<PER-SHARE-NII> 0.320
<PER-SHARE-GAIN-APPREC> (2.020)
<PER-SHARE-DIVIDEND> (0.320)
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<PER-SHARE-NAV-END> 7.980
<EXPENSE-RATIO> 4.1400
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<AVG-DEBT-PER-SHARE> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 243
<NAME> CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> SEP-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 10,544,518
<INVESTMENTS-AT-VALUE> 9,632,711
<RECEIVABLES> 315,329
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<TOTAL-ASSETS> 10,364,493
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<TOTAL-LIABILITIES> 284,224
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<PAID-IN-CAPITAL-COMMON> 12,270,413
<SHARES-COMMON-STOCK> 51
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<ACCUMULATED-NII-CURRENT> 2,310
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> (1,284,173)
<ACCUM-APPREC-OR-DEPREC> (908,281)
<NET-ASSETS> 10,080,269
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 614,448
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<EXPENSES-NET> (201,395)
<NET-INVESTMENT-INCOME> 413,053
<REALIZED-GAINS-CURRENT> (1,284,173)
<APPREC-INCREASE-CURRENT> (908,281)
<NET-CHANGE-FROM-OPS> (1,779,401)
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<NUMBER-OF-SHARES-SOLD> 2,683
<NUMBER-OF-SHARES-REDEEMED> (2,634)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (1,779,868)
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,900
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 213,000
<AVERAGE-NET-ASSETS> 9,711,000
<PER-SHARE-NAV-BEGIN> 7.430
<PER-SHARE-NII> 0.320
<PER-SHARE-GAIN-APPREC> 0.550
<PER-SHARE-DIVIDEND> (0.320)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.980
<EXPENSE-RATIO> 4.1400
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY EQUITY INDEX FUND
<SERIES>
<NUMBER> 111
<NAME> CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 530,583,750
<INVESTMENTS-AT-VALUE> 792,380,423
<RECEIVABLES> 7,647,317
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<OTHER-ITEMS-ASSETS> 43,621
<TOTAL-ASSETS> 800,095,913
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<OTHER-ITEMS-LIABILITIES> 1,735,435
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<PAID-IN-CAPITAL-COMMON> 528,918,071
<SHARES-COMMON-STOCK> 20,195,467
<SHARES-COMMON-PRIOR> 14,094,106
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<ACCUM-APPREC-OR-DEPREC> 262,263,859
<NET-ASSETS> 797,120,013
<DIVIDEND-INCOME> 8,533,317
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<EXPENSES-NET> (5,825,684)
<NET-INVESTMENT-INCOME> 4,145,683
<REALIZED-GAINS-CURRENT> 10,457,429
<APPREC-INCREASE-CURRENT> 135,090,904
<NET-CHANGE-FROM-OPS> 149,694,016
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<DISTRIBUTIONS-OF-INCOME> (4,229,242)
<DISTRIBUTIONS-OF-GAINS> (8,583,224)
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<NUMBER-OF-SHARES-SOLD> 13,478,226
<NUMBER-OF-SHARES-REDEEMED> (7,362,354)
<SHARES-REINVESTED> 323,433
<NET-CHANGE-IN-ASSETS> 361,431,207
<ACCUMULATED-NII-PRIOR> 15,071
<ACCUMULATED-GAINS-PRIOR> 4,132,366
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 608,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,998,000
<AVERAGE-NET-ASSETS> 607,721,000
<PER-SHARE-NAV-BEGIN> 30.910
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> 8.350
<PER-SHARE-DIVIDEND> (0.210)
<PER-SHARE-DISTRIBUTIONS> (0.430)
<RETURNS-OF-CAPITAL> 0.640
<PER-SHARE-NAV-END> 39.470
<EXPENSE-RATIO> 0.9600
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 051
<NAME> CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 672,595,264
<INVESTMENTS-AT-VALUE> 674,879,147
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<TOTAL-ASSETS> 681,575,251
<PAYABLE-FOR-SECURITIES> 66,170,234
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,528,806
<TOTAL-LIABILITIES> 68,699,040
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 717,872,852
<SHARES-COMMON-STOCK> 2,623,604
<SHARES-COMMON-PRIOR> 2,069,931
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<OVERDISTRIBUTION-GAINS> (107,280,524)
<ACCUM-APPREC-OR-DEPREC> 2,283,883
<NET-ASSETS> 612,876,211
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 39,425,549
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<EXPENSES-NET> (11,546,355)
<NET-INVESTMENT-INCOME> 27,879,194
<REALIZED-GAINS-CURRENT> 30,978,483
<APPREC-INCREASE-CURRENT> (13,940,211)
<NET-CHANGE-FROM-OPS> 44,917,466
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,082,867)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 2,439,180
<NUMBER-OF-SHARES-REDEEMED> (2,001,249)
<SHARES-REINVESTED> 115,741
<NET-CHANGE-IN-ASSETS> 48,543,231
<ACCUMULATED-NII-PRIOR> 4,118
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> (138,580,517)
<GROSS-ADVISORY-FEES> 1,871,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,546,000
<AVERAGE-NET-ASSETS> 18,900,000
<PER-SHARE-NAV-BEGIN> 8.270
<PER-SHARE-NII> 0.440
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.460
<EXPENSE-RATIO> 1.1200
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 052
<NAME> CLASS B
<MULTIPLIER> 1
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
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<INVESTMENTS-AT-COST> 672,595,264
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<PAID-IN-CAPITAL-COMMON> 717,872,852
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<OVERDISTRIBUTION-GAINS> (107,280,524)
<ACCUM-APPREC-OR-DEPREC> 2,283,883
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> (11,546,355)
<NET-INVESTMENT-INCOME> 27,879,194
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<APPREC-INCREASE-CURRENT> (13,940,211)
<NET-CHANGE-FROM-OPS> 44,917,466
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<DISTRIBUTIONS-OF-INCOME> (29,969,034)
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<NUMBER-OF-SHARES-SOLD> 642,345
<NUMBER-OF-SHARES-REDEEMED> (554,637)
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<NET-CHANGE-IN-ASSETS> (44,448,849)
<ACCUMULATED-NII-PRIOR> 4,118
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<OVERDIST-NET-GAINS-PRIOR> (138,580,517)
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<PER-SHARE-NAV-END> 8.440
<EXPENSE-RATIO> 1.8700
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 053
<NAME> CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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<INVESTMENTS-AT-COST> 672,595,264
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (107,280,524)
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<NET-INVESTMENT-INCOME> 27,879,194
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<PER-SHARE-NAV-END> 8.440
<EXPENSE-RATIO> 1.8700
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 071
<NAME> CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
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<INVESTMENTS-AT-COST> 465,238,536
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.200
<EXPENSE-RATIO> 1.0200
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 072
<NAME> CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
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<NAME> CLASS A
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<FISCAL-YEAR-END> DEC-31-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 092
<NAME> CLASS B
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<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 093
<NAME> SERIES 093
<MULTIPLIER> 1
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 041
<NAME> MAINSTAY HIGH YIELD CORPORATE BOND FUND
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<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 042
<NAME> MAINSTAY HIGH YIELD CORPORATE BOND FUND
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NUMBER> 043
<NAME> MAINSTAY HIGH YIELD CORPORATE BOND FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NAME> CLASS C
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
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<NUMBER> 191
<NAME> CLASS A
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
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<NUMBER> 192
<NAME> CLASS B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
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<NUMBER> 193
<NAME> CLASS C
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 211
<NAME> MAINSTAY EQUITY INCOME FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 212
<NAME> MAINSTAY EQUITY INCOME FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 213
<NAME> MAINSTAY EQUITY INCOME FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 221
<NAME> CLASS A
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 223
<NAME> CLASS C
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<S> <C>
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<PERIOD-START> JUN-01-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 222
<NAME> MAINSTAY GROWTH OPPORTUNITIES FUND
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<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 231
<NAME> MAINSTAY RESEARCH VALUE FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JUN-01-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 232
<NAME> MAINSTAY RESEARCH VALUE FUND
<MULTIPLIER> 1
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> MAINSTAY FUNDS INC.
<SERIES>
<NUMBER> 233
<NAME> MAINSTAY RESEARCH VALUE FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JUN-01-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 011
<NAME> CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 012
<NAME> CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
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<NAME> CLASS B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
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<NUMBER> 023
<NAME> CLASS C
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
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<NAME> CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
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<NUMBER> 122
<NAME> CLASS B
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
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<NUMBER> 123
<NAME> CLASS C
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 131
<NAME> CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NAME> CLASS B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NUMBER> 133
<NAME> CLASS C
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 141
<NAME> MAINSTAY INTERNATIONAL BOND
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<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 142
<NAME> MAINSTAY INTERNATIONAL BOND
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<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 143
<NAME> MAINSTAY INTERNATIONAL BOND
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<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 151
<NAME> CLASS A
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 152
<NAME> CLASS B
<MULTIPLIER> 1
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000078744
<NAME> THE MAINSTAY FUNDS
<SERIES>
<NUMBER> 153
<NAME> CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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<INVESTMENTS-AT-COST> 23,794,979
<INVESTMENTS-AT-VALUE> 24,184,710
<RECEIVABLES> 443,080
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<OVERDISTRIBUTION-GAINS> 0
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<EXPENSES-NET> (279,244)
<NET-INVESTMENT-INCOME> 922,511
<REALIZED-GAINS-CURRENT> 250,744
<APPREC-INCREASE-CURRENT> (86,245)
<NET-CHANGE-FROM-OPS> 1,087,010
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<DISTRIBUTIONS-OF-GAINS> (2)
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<PER-SHARE-NII> 0.140
<PER-SHARE-GAIN-APPREC> (0.020)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> THE MAINSTAY FUNDS
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<OTHER-INCOME> 0
<EXPENSES-NET> (1,469,172)
<NET-INVESTMENT-INCOME> 4,237,985
<REALIZED-GAINS-CURRENT> 896,469
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<NET-CHANGE-FROM-OPS> 3,302,520
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<DISTRIBUTIONS-OF-INCOME> (1,389,164)
<DISTRIBUTIONS-OF-GAINS> 0
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<SHARES-REINVESTED> 107,500
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<OVERDIST-NET-GAINS-PRIOR> (116,065)
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<GROSS-EXPENSE> 1,500,000
<AVERAGE-NET-ASSETS> 75,851,000
<PER-SHARE-NAV-BEGIN> 9.910
<PER-SHARE-NII> 0.690
<PER-SHARE-GAIN-APPREC> (0.190)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000787441
<NAME> THE MAINSTAY FUNDS
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<NAME> CLASS B
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<S> <C>
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<PERIOD-START> JAN-01-1998
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<INVESTMENTS-AT-VALUE> 83,609,160
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<DISTRIBUTIONS-OF-INCOME> (3,652,049)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> (1,491,703)
<SHARES-REINVESTED> 297,289
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<PER-SHARE-NII> 0.620
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> THE MAINSTAY FUNDS
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<NAME> CLASS C
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<PERIOD-START> SEP-01-1998
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<INVESTMENTS-AT-VALUE> 83,609,160
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<DISTRIBUTIONS-OF-INCOME> (217)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,395
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<SHARES-REINVESTED> 22
<NET-CHANGE-IN-ASSETS> 3,393,463
<ACCUMULATED-NII-PRIOR> 15,118
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<OVERDIST-NET-GAINS-PRIOR> (116,065)
<GROSS-ADVISORY-FEES> 228,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,500,000
<AVERAGE-NET-ASSETS> 75,851,000
<PER-SHARE-NAV-BEGIN> 9.590
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> 0.110
<PER-SHARE-DIVIDEND> (0.210)
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<PER-SHARE-NAV-END> 9.700
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</TABLE>
PRICEWATERHOUSECOOPERS LLP
1117 AVENUE OF THE AMERICAS
NEW YORK NY 10036
TELEPHONE: (212) 596-7000
FACSIMILE: (212) 596-8910
Report of Independent Accountants
To the Shareholders and Board of Trustees of
The MainStay Funds
In planning and performing our audit of the financial statements of The MainStay
Funds (the "Funds") for the year ended December 31, 1998, we considered their
internal controls, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal controls.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control 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 internal control would not necessarily disclose all matters
in internal control 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management and the
Board of Trustees of the Funds and the Securities and Exchange Commission.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
New York, New York
February 26,1999
