MAINSTAY VP FUNDS TRUST AMENDMENT TO THE SUBADVISORY AGREEMENT

Exhibit d 5 b

MAINSTAY VP FUNDS TRUST

AMENDMENT TO THE SUBADVISORY AGREEMENT

This Amendment to the Subadvisory Agreement, made as of the 1^st day of July (the “Amendment”), between New York Life Investment Management LLC, a Delaware limited liability company (the “Manager”) and Madison Square Investors LLC, a Delaware limited liability company (the “Subadvisor”).

WHEREAS, the parties hereto have entered into a Subadvisory Agreement dated as of April 29, 2011 (the “Agreement”);

WHEREAS, the parties hereby wish to amend the Agreement to reflect the addition of MainStay VP International Equity Portfolio.

NOW, THEREFORE, the parties agree as follows:

Effective as of the close of business on July 1, 2011, Schedule A is hereby amended by deleting it in its entirety and replacing it with the Schedule attached hereto.

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their duly authorized officers and attested effective as of the date first written above.

NEW YORK LIFE INVESTMENT MANAGEMENT LLC

Attest:	/s/ Xxxxx X. Xxxx		By:	/s/ Xxxxxxx X. Xxxxxx
Name:	Xxxxx X. Xxxx		Name:	Xxxxxxx X. Xxxxxx
Title:	Vice President & Assistant		Title:	Senior Managing Director
	General Counsel

MADISON SQUARE INVESTORS LLC

Attest:	/s/ Xxxxxx Xxxx		By:	/s/ Xxxxxxx Xxxxxx
Name:	Xxxxxx Xxxx		Name:	Xxxxxxx Xxxxxx
Title:	2nd Vice President		Title:	Chief Executive Officer

SCHEDULE A

(As of July 1, 2011)

As compensation for services provided by Subadvisor the Manager will pay the Subadvisor and Subadvisor agrees to accept as full compensation for all services rendered hereunder, at an annual subadvisory fee equal to the following:

PORTFOLIO		ANNUAL RATE
Balanced Portfolio		0.375% up to $1 billion; and 0.350% in excess of $1 billion
Growth Equity Portfolio		0.305 % on assets up to $1 billion; and 0.250% on assets in excess of $1 billion
Common Stock Portfolio		0.275% up to $500 million; 0.2625% from $500 million to $1 billion; and 0.250% in excess of $1 billion
International Equity Portfolio*		0.445%  on assets up to $500 million; 0.425% in excess of $500 million
Mid Cap Core Portfolio		0.425% up to $1 billion; and 0.400% in excess of $1 billion
S&P 500 Index Portfolio *		0.150% up to $1 billion; 0.1375% from $1 billion to $2 billion; 0.1325% from $2 billion to $3 billion; and 0.125% in excess of $3 billion

The portion of the fee based upon the average daily net assets of the respective Portfolio shall be accrued daily at the rate of 1/(number of days in calendar year) of the annual rate applied to the daily net assets of the Portfolio.

Payment will be made to the Subadvisor on a monthly basis.

* For certain Portfolios listed above, the Manager has agreed to waive a portion of each Portfolio’s management fee or reimburse the expenses of the appropriate class of the Portfolio so that the class’ total ordinary operating expenses do not exceed certain amounts. These waivers or reimbursements may be changed with Board approval. To the extent the Manager has agreed to waive its management fee or reimburse expenses, Madison Square Investors LLC, as Subadvisor for these Portfolios, has voluntarily agreed to waive or reimburse its fee proportionately.