N-CSR/A

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM N-CSR/A


              CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
                              INVESTMENT COMPANIES

                  Investment Company Act file number 811-04550

                               THE MAINSTAY FUNDS
               (Exact name of Registrant as specified in charter)

                      51 Madison Avenue, New York, NY 10010
               (Address of principal executive offices) (Zip code)

                         Marguerite E.H. Morrison, Esq.
                              169 Lackawanna Avenue
                              Parsippany, NJ 07054
                     (Name and address of agent for service)

Registrant's telephone number, including area code: (973) 394-4437

Date of fiscal year end: October 31

Date of reporting period: October 31, 2007


                                Explanatory Note

The Registrant is filing this amendment to its Form N-CSR for the period ended
October 31, 2007, originally filed with the Securities and Exchange Commission
on January 7, 2008 (Accession Number 0000950123-08-000133) to amend Item 4,
"Audit Fees." The purpose of the amendment to Item 4 is to amend information
related to the fiscal year ended 2007.

Items 1, 2, 3, and 5 through 11 to this Form N-CSR are incorporated by reference
to the Form N-CSR filed on EDGAR on January 7, 2008 (Accession Number
0000950123-08-000133).






                                   FORM N-CSR/A







ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees billed for the fiscal year ended October 31, 2007 for
professional services rendered by KPMG LLP ("KPMG") for the audit of the
Registrant's annual financial statements or services that are normally provided
by KPMG in connection with statutory and regulatory filings or engagements for
that fiscal year were $747,000.

The aggregate fees billed for the fiscal year ended October 31, 2006 for
professional services rendered by KPMG for the audit of the Registrant's annual
financial statements or services that are normally provided by KPMG in
connection with statutory and regulatory filings or engagements for that fiscal
year were $812,750.

(b) Audit Related Fees


The aggregate fees billed for assurance and related services by KPMG that are
reasonably related to the performance of the audit of the Registrant's financial
statements and are not reported under paragraph (a) of this Item were: (i)
$5,000 for the fiscal year ended October 31, 2007, and (ii) $0 for the fiscal
year ended October 31, 2006. These audit-related services include review of
financial highlights for Registrant's registration statements and issuance of
consents to use of the auditor's reports.


(c) Tax Fees




The aggregate fees billed for professional services rendered by KPMG for tax
compliance, tax advice, and tax planning were: (i) $98,450 during the fiscal
year ended October 31, 2007, and (ii) $90,100 during the fiscal year ended
October 31, 2006. These services primarily included preparation of federal,
state and local income tax returns and excise tax returns, as well as services
relating to excise tax distribution requirements.


(d) All Other Fees

The aggregate fees billed for products and services provided by KPMG, other than
the services reported in paragraphs (a) through (c) of this Item were: (i)
$0 during the fiscal year ended October 31, 2007, and (ii) $0 during the
fiscal year ended October 31, 2006.

(e) Pre-Approval Policies and Procedures

     (1) The Registrant's Audit and Compliance Committee has adopted
     pre-approval policies and procedures (the "Procedures") to govern the
     Committee's pre-approval of (i) all audit services and permissible
     non-audit services to be provided to the Registrant by its independent
     accountant, and (ii) all permissible non-audit services to be provided by
     such independent accountant to the Registrant's investment adviser and to
     any entity controlling, controlled by or under common control with the
     investment adviser that provides ongoing services to the Registrant
     (collectively, the "Service Affiliates") if the services directly relate to
     the Registrant's operations and financial reporting. In accordance with the
     Procedures, the Audit and Compliance Committee is responsible for the
     engagement of the independent accountant to certify the Registrant's
     financial statements for each fiscal year. With respect to the pre-approval
     of non-audit services provided to the Registrant and its Service
     Affiliates, the Procedures provide that the Audit and Compliance Committee
     may annually pre-approve a list of the types of services that may be
     provided to the Registrant or its Service Affiliates, or the Audit and
     Compliance Committee may pre-approve such services on a project-by-project
     basis as they arise. Unless a type of service has received general
     pre-approval, it will require specific pre-approval by the Audit and
     Compliance Committee if it is to be provided by the independent accountant.
     The Procedures also permit the Audit and Compliance Committee to delegate
     authority to one or more of its members to pre-approve any proposed
     non-audit services that have not been previously pre-approved by the Audit
     and Compliance Committee, subject to the ratification by the full Audit and
     Compliance Committee no later than its next scheduled meeting. To date, the
     Audit and Compliance Committee has not delegated such authority.

     (2) With respect to the services described in paragraphs (b) through (d) of
     this Item 4, no amount was approved by the Audit and Compliance Committee
     pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) There were no hours expended on KPMG's engagement to audit the Registrant's
financial statements for the most recent fiscal year attributable to work
performed by persons other than KPMG's full-time, permanent employees.



(g) All non-audit fees billed by KPMG for services rendered to the Registrant
for the fiscal years ended October 31, 2007 and October 31, 2006 are disclosed
in 4(b)-(d) above.


The aggregate non-audit fees billed by KPMG for services rendered to the
Registrant's investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the Registrant were
approximately: (i) $33,750 for the fiscal year ended October 31, 2007, and
(ii) $25,000 for the fiscal year ended October 31, 2006.


(h) The Registrant's Audit and Compliance Committee has determined that the
non-audit services rendered by KPMG for the fiscal year ended October 31, 2007
to the Registrant's investment adviser and any entity controlling, controlled
by, or under common control with the Registrant's investment adviser that
provides ongoing services to the Registrant that were not required to be
pre-approved by the Audit and Compliance Committee because they did not relate
directly to the operations and financial reporting of the registrant were
compatible with maintaining the respective independence of KPMG during the
relevant time period.











ITEM 12. EXHIBITS.


(a)(1) Code of Ethics

(a)(2) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2 under the Investment Company Act of 1940.

(b) Certifications of principal executive officer and principal financial
officer as required by Section 906 of the Sarbanes-Oxley Act of 2002.



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this Report to be
signed on its behalf by the undersigned, thereunto duly authorized.

THE MAINSTAY FUNDS


By: /s/ Stephen P. Fisher
    ---------------------------------
    Stephen P. Fisher
    President


Date: March 5, 2008


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this Report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.


By: /s/ Stephen P. Fisher
    ---------------------------------
    Stephen P. Fisher
    President


Date: March 5, 2008



By: /s/ Jack R. Benintende
    ---------------------------------
    Jack R. Benintende
    Treasurer and Principal Financial
    and Accounting Officer


Date: March 5, 2008





                                  EXHIBIT INDEX



(a)(1) Code of Ethics - filed as Exhibit (a)(1) to Form N-CSR filed on EDGAR on
January 7, 2008 (Accession Number 0000950123-08-000133).


(a)(2) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2 under the Investment Company Act of 1940.

(b) Certification of principal executive officer and principal financial officer
as required by Section 906 of the Sarbanes-Oxley Act of 2002.

EX-99.CERT

                                                                    [EX-99.CERT]

                                                                  Exhibit (a)(2)

                           SECTION 302 CERTIFICATIONS

     I, Stephen P. Fisher, President of The MainStay Funds, certify that:


     1. I have reviewed this amended report on Form N-CSR of The MainStay Funds;


     2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;

     4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:

     (a)  Designed such disclosure controls and procedures, or caused such
          disclosure controls and procedures to be designed under our
          supervision, to ensure that material information relating to the
          registrant, including its consolidated subsidiaries, is made known to
          us by others within those entities, particularly during the period in
          which this report is being prepared;

     (b)  Designed such internal control over financial reporting, or caused
          such internal control over financial reporting to be designed under
          our supervision, to provide reasonable assurance regarding the
          reliability of financial reporting and the preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     (c)  Evaluated the effectiveness of the registrant's disclosure controls
          and procedures and presented in this report our conclusions about the
          effectiveness of the disclosure controls and procedures, as of a date
          within 90 days prior to the filing date of this report based on such
          evaluation; and

     (d)  Disclosed in this report any change in the registrant's internal
          control over financial reporting that occurred during the second
          fiscal quarter of the period covered by this report that has
          materially affected, or is reasonably likely to materially affect, the
          registrant's internal control over financial reporting; and



     5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
trustees (or persons performing the equivalent functions):

     (a)  All significant deficiencies and material weaknesses in the design or
          operation of internal control over financial reporting which are
          reasonably likely to adversely affect the registrant's ability to
          record, process, summarize, and report financial information; and

     (b)  Any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          control over financial reporting.


                                        By: /s/ Stephen P. Fisher
                                            ------------------------------------
                                            Stephen P. Fisher
                                            President


                                        Date: March 5, 2008




                           SECTION 302 CERTIFICATIONS

     I, Jack R. Benintende, Treasurer and Principal Financial and Accounting
Officer of The MainStay Funds, certify that:


     1. I have reviewed this amended report on Form N-CSR of The MainStay Funds;


     2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;

     4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:

     (a)  Designed such disclosure controls and procedures, or caused such
          disclosure controls and procedures to be designed under our
          supervision, to ensure that material information relating to the
          registrant, including its consolidated subsidiaries, is made known to
          us by others within those entities, particularly during the period in
          which this report is being prepared;

     (b)  Designed such internal control over financial reporting, or caused
          such internal control over financial reporting to be designed under
          our supervision, to provide reasonable assurance regarding the
          reliability of financial reporting and the preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     (c)  Evaluated the effectiveness of the registrant's disclosure controls
          and procedures and presented in this report our conclusions about the
          effectiveness of the disclosure controls and procedures, as of a date
          within 90 days prior to the filing date of this report based on such
          evaluation; and

     (d)  Disclosed in this report any change in the registrant's internal
          control over financial reporting that occurred during the second
          fiscal quarter of the period covered by this report that has
          materially affected, or is reasonably likely to materially affect, the
          registrant's internal control over financial reporting; and



     5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
trustees (or persons performing the equivalent functions):

     (a)  All significant deficiencies and material weaknesses in the design or
          operation of internal control over financial reporting which are
          reasonably likely to adversely affect the registrant's ability to
          record, process, summarize, and report financial information; and

     (b)  Any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          control over financial reporting.


                                        By: /s/ Jack R. Benintende
                                            ------------------------------------
                                            Jack R. Benintende
                                            Treasurer and Principal Financial
                                            and Accounting Officer


                                        Date: March 5, 2008

EX-99.906CERT

                                                                [EX.-99.906CERT]

                                                                     Exhibit (b)

                           SECTION 906 CERTIFICATIONS

     In connection with this amended report on Form N-CSR for the Registrant as
furnished to the Securities and Exchange Commission on the date hereof (the
"Report"), the undersigned hereby certifies, pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:

     (1) the Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934, as applicable; and

     (2) the information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.


                                        By: /s/ Stephen P. Fisher
                                            ------------------------------------
                                            Stephen P. Fisher
                                            President


                                        Date: March 5, 2008




                           SECTION 906 CERTIFICATIONS

     In connection with this amended report on Form N-CSR for the Registrant as
furnished to the Securities and Exchange Commission on the date hereof (the
"Report"), the undersigned hereby certifies, pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:

     (1) the Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934, as applicable; and

     (2) the information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.


                                        By: /s/ Jack R. Benintende
                                            ------------------------------------
                                            Jack R. Benintende
                                            Treasurer and Principal Financial
                                            and Accounting Officer


                                        Date: March 5, 2008