EXHIBIT (D)(2)(I)
FORM OF
AMENDMENT TO THE SUB-ADVISORY AGREEMENT
BETWEEN
MACKAY XXXXXXX LLC
AND
NEW YORK LIFE INVESTMENT MANAGEMENT LLC
This Amendment (the "Amendment") is dated as of May 1, 2008 by and between
MacKay Xxxxxxx LLC (the "Sub-Adviser") and New York Life Investment Management
LLC (the "Manager").
W I T N E S S E T H:
WHEREAS, the Manager and the Sub-Adviser are parties to that certain
Sub-Advisory Agreement (the "Agreement"), dated February 13th, 2001, entered
into on behalf of the Capital Appreciation Portfolio, the Cash Management
Portfolio, the Convertible Portfolio, Government Portfolio, the High Yield
Corporate Bond Portfolio, the International Equity Portfolio, and the Value
Portfolio (together the "Portfolios"); and
WHEREAS, the Manager and the Sub-Adviser wish to amend the fee schedule
provided for under the Agreement;
NOW, THEREFORE, the fee schedule for the above-referenced Agreement is
replaced with the attached Schedule A.
Except as provided herein, the terms and conditions contained in the
Supplements shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their duly authorized officers effective as of the date first above
written.
MACKAY XXXXXXX LLC NEW YORK LIFE INVESTMENT
MANAGEMENT LLC
By: ___________________________ By: ___________________________
Name: ___________________________ Name: ___________________________
Title: ___________________________ Title: ___________________________
SCHEDULE A
NAME OF PORTFOLIO SUB-ADVISORY FEE
----------------- ----------------
Capital Appreciation Portfolio 0.305%(1)
Cash Management Portfolio 0.225%(2)
Convertible Portfolio 0.300%(3)
Government Portfolio 0.250%(4)
High Yield Corporate Bond Portfolio 0.285%(5)
International Equity Portfolio 0.445%(6)
Value Portfolio 0.310%(7)
_______________
(1) 0.305% on assets up to $1 billion; and 0.25% on assets over $1 billion
(2) 0.225% on assets up to $500 million; 0.20% on assets from $500 million
to $1 billion; and 0.175% on assets over $1 billion
(3) 0.30% on assets up to $1 billion; and 0.25% on assets over $1 billion
(4) 0.25% on assets up to $500 million; 0.2375% on assets from $500 million to
$1 billion; and 0.225% on assets over $1 billion
(5) 0.285% on assets up to $1 billion; 0.275% on assets from $1 billion to
$5 billion; and 0.2625% on assets over $5 billion
(6) 0.445% on assets up to $500 million; and 0.425% on assets over $500 million
(7) 0.31% on assets up to $1 billion; and 0.25% on assets over $1 billion
