X0101 EFFECT 33 LIVE 2007-09-12 13:00:00

N-14

0000787441 MAINSTAY FUNDS 333-145346 0000787441 MAINSTAY FUNDS S000018790 MainStay Institutional Bond Fund C000051986 Class I 0000919556 MCMORGAN FUNDS S000005307 McMorgan Intermediate Fixed Income Fund C000014491 McMorgan Class 0000787441 MAINSTAY FUNDS S000018790 MainStay Institutional Bond Fund C000051986 Class I 0000919556 MCMORGAN FUNDS S000005307 McMorgan Intermediate Fixed Income Fund C000014492 Class Z 0000787441 MAINSTAY FUNDS S000018790 MainStay Institutional Bond Fund C000051986 Class I 0000919556 MCMORGAN FUNDS S000005308 McMorgan Fixed Income Fund C000014493 McMorgan Class 0000787441 MAINSTAY FUNDS S000018790 MainStay Institutional Bond Fund C000051986 Class I 0000919556 MCMORGAN FUNDS S000005308 McMorgan Fixed Income Fund C000014494 Class Z 0000787441 MAINSTAY FUNDS S000018790 MainStay Institutional Bond Fund C000051986 Class I 0000919556 MCMORGAN FUNDS S000005308 McMorgan Fixed Income Fund C000014495 Class R1 0000787441 MAINSTAY FUNDS S000018790 MainStay Institutional Bond Fund C000051986 Class I 0000919556 MCMORGAN FUNDS S000005308 McMorgan Fixed Income Fund C000014496 Class R2