<?xml version="1.0" encoding="us-ascii"?>
<!-- EDGAR Online I-Metrix Xcelerate Risk Return XBRL Schema Document, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Created (UTC): 12/19/2012 9:35:16 PM -->
<!-- XBRL File Set ID: b5df62eb-124f-4160-8287-03e0dcf49c16 -->
<!-- App Version: 3.0.0.183, 6.1.7601.65536, 14.0 -->
<!-- Copyright (c) 2005-2012 EDGAR Online, Inc. All Rights Reserved. -->
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  <import schemaLocation="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-types-2009-01-31.xsd" namespace="http://xbrl.us/us-types/2009-01-31" />
  <import schemaLocation="http://xbrl.sec.gov/rr/2010/rr-2010-02-28.xsd" namespace="http://xbrl.sec.gov/rr/2010-02-28" />
  <import schemaLocation="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd" namespace="http://xbrl.us/us-gaap/negated/2008-03-31" />
  <import schemaLocation="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd" namespace="http://xbrl.us/dei/2009-01-31" />
  <annotation>
    <appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="ck0000887340-20121213_lab.xml" xlink:title="Label Links, all" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" />
      <link:linkbaseRef xlink:type="simple" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="ck0000887340-20121213_def.xml" xlink:title="Definition Links, all" />
      <link:linkbaseRef xlink:type="simple" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="ck0000887340-20121213_pre.xml" xlink:title="Presentation Links, all" />
      <link:roleType roleURI="http://mainstayinvestments.com/20121213/role/DocumentDocumentandEntityInformation" id="DocumentDocumentandEntityInformation" xmlns:link="http://www.xbrl.org/2003/linkbase">
        <link:definition>0011 - Document - Document And Entity Information {Elements}</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://mainstayinvestments.com/20121213/role/RiskReturn_P0001-S000031904Member" id="RiskReturn_P0001-S000031904Member" xmlns:link="http://www.xbrl.org/2003/linkbase">
        <link:definition>010005 - Document - Risk/Return Summary {Unlabeled} (VP Flexible Bond Opportunities Portfolio (Prospectus Summary):)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://mainstayinvestments.com/20121213/role/ShareholderFeesData_P0001-S000031904Member" id="ShareholderFeesData_P0001-S000031904Member" xmlns:link="http://www.xbrl.org/2003/linkbase">
        <link:definition>010010 - Schedule - Shareholder Fees</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://mainstayinvestments.com/20121213/role/OperatingExpensesData_P0001-S000031904Member" id="OperatingExpensesData_P0001-S000031904Member" xmlns:link="http://www.xbrl.org/2003/linkbase">
        <link:definition>010015 - Schedule - Annual Fund Operating Expenses</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://mainstayinvestments.com/20121213/role/ExpenseExample_P0001-S000031904Member" id="ExpenseExample_P0001-S000031904Member" xmlns:link="http://www.xbrl.org/2003/linkbase">
        <link:definition>010020 - Schedule - Expense Example {Transposed}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://mainstayinvestments.com/20121213/role/ExpenseExampleNoRedemption_P0001-S000031904Member" id="ExpenseExampleNoRedemption_P0001-S000031904Member" xmlns:link="http://www.xbrl.org/2003/linkbase">
        <link:definition>010025 - Schedule - Expense Example, No Redemption {Transposed}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://mainstayinvestments.com/20121213/role/BarChartData_P0001-S000031904Member" id="BarChartData_P0001-S000031904Member" xmlns:link="http://www.xbrl.org/2003/linkbase">
        <link:definition>010030 - Schedule - Annual Total Returns</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
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        <link:definition>010035 - Schedule - Average Annual Total Returns {Transposed}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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  <element id="ck0000887340_Component4OtherExpenses" xbrli:periodType="duration" name="Component4OtherExpenses" nillable="true" substitutionGroup="xbrli:item" type="rr:NonNegativePure4Type" />
  <element id="ck0000887340_Component5OtherExpenses" xbrli:periodType="duration" name="Component5OtherExpenses" nillable="true" substitutionGroup="xbrli:item" type="rr:NonNegativePure4Type" />
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