Strategy. Artisan Partners Limited Partnership (Artisan Partners or Subadviser), subadviser to the Portfolio, invests, under normal market conditions, substantially all of the Portfolios assets in common stocks and similar securities, and invests at least 65% of the Portfolios net assets in securities of non-U.S. companies located in a minimum of four different countries. The Portfolio invests primarily in developed markets but also may invest up to 35% of its net assets in emerging and less developed markets. The Portfolio typically holds securities representing at least 15 countries. The maximum investment in any single country is 30% of the Portfolios net assets. The percentage limits above are measured using the market value of the Portfolios assets at the time of purchase. Stock … Show more… Artisan Partners Limited Partnership (Artisan Partners or Subadviser), subadviser to the Portfolio, invests, under normal market conditions, substantially all of the Portfolios assets in common stocks and similar securities, and invests at least 65% of the Portfolios net assets in securities of non-U.S. companies located in a minimum of four different countries. The Portfolio invests primarily in developed markets but also may invest up to 35% of its net assets in emerging and less developed markets. The Portfolio typically holds securities representing at least 15 countries. The maximum investment in any single country is 30% of the Portfolios net assets. The percentage limits above are measured using the market value of the Portfolios assets at the time of purchase. Stock Selection Artisan Partners employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a portfolio of non-U.S. growth companies of all market capitalizations. Artisan Partners seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential. Themes. Artisan Partners identifies long-term secular growth trends with the objective of investing in companies that have meaningful exposure to these trends. Artisan Partners fundamental analysis focuses on those industry leaders with attractive growth and valuation characteristics that will be long-term beneficiaries of any structural change and/or trend. Sustainable Growth. Artisan Partners applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. Artisan Partners seeks high-quality companies that typically have a sustainable competitive advantage, a superior business model, and a high-quality management team. Valuation. Artisan Partners uses multiple valuation metrics to establish a target price range. Artisan Partners assesses the relationship between its estimate of a companys sustainable growth prospects and its current valuation. Artisan Partners constructs the portfolio without regard to index weightings. There are no restrictions on the size of the companies in which the Portfolio may invest. Artisan Partners may sell a security when Artisan Partners thinks the security is approaching full valuation, changing circumstances affect the original reasons for the securitys purchase, the company exhibits deteriorating fundamentals, or more attractive opportunities are identified by Artisan Partners. The Portfolio buys and sells non-U.S. currencies to facilitate transactions in portfolio securities because many of the Portfolios investments typically are traded in currencies other than U.S. dollars. The Portfolio is also directly or indirectly exposed to changes in foreign currency exchange rates when it holds certain U.S. dollar-denominated securities, such as depositary receipts and participation certificates. The Portfolio tries to maintain a cash position of no more than 5% of its net assets, although cash flows, including from contract owners purchases and sales of Portfolio shares and the Portfolios purchases and sales of portfolio securities, may cause the Portfolios cash position to be larger or smaller. As a result, the Portfolio may at times hold more than 5% of its net assets in cash. Show less