| BRIGHTHOUSE FUNDS TRUST I |
SUMMARY PROSPECTUS |
April 28,
2025 |
MetLife Multi-Index
Targeted Risk Portfolio
Class B
Shares
| Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its
risks. You can find the Portfolio’s Prospectus, reports to
shareholders, and other information about the Portfolio (including the documents listed below) online at https://dfinview.com/BHFT. You can also get this information at no cost by calling
1-800-882-1292 or by sending an e-mail request to RCG@brighthousefinancial.com. The Portfolio’s Prospectus and Statement of
Additional Information, both dated April 28, 2025, as supplemented from time
to time, and the Portfolio’s financial statements for the
year ended December 31, 2024, including the notes to the financial statements, the financial highlights and the report of the Portfolio’s independent registered public accounting firm, all of which are included in Form N-CSR of the Portfolio, dated
December 31, 2024, are all incorporated by reference into this Summary
Prospectus. The summary prospectuses, prospectuses and
statement of additional information for the Underlying Portfolios (as defined
below) may be obtained in the same manner as you would obtain a
copy of the Portfolio’s Prospectus. This Summary Prospectus is intended for individuals who have purchased Contracts (as defined below) from insurance companies, including insurance companies affiliated with Brighthouse Investment
Advisers, LLC, and is not intended for use by other investors.
|
Investment Objectives
Seeks a balance between growth of capital and current income, with a greater emphasis on growth of capital.
Fees and Expenses of the Portfolio
The following table describes the fees and expenses that you may pay if you buy and hold shares of the
Portfolio. The table and the Example below do not reflect the fees, expenses or withdrawal
charges imposed by your variable life insurance policy or variable annuity contract (the
“Contract”). If Contract expenses were reflected, the fees and expenses in the table and Example would be higher. See the Contract prospectus for a description of those fees, expenses and charges.
| Shareholder Fees
(fees paid directly from your investment)— |
None |
| Annual Portfolio Operating
Expenses (expenses that you pay each year as a percentage of the value of your investment) | |
| |
Class B |
| Management Fee |
0.17% |
| Distribution and/or Service (12b-1) Fees |
0.25% |
| Other Expenses |
0.02% |
| Acquired Fund Fees and Expenses (Underlying Portfolio Fees and Expenses) |
0.22% |
| Total Annual Portfolio Operating Expenses |
0.66% |
Example
The following Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that
you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that
the
Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class B |
$67
|
$211
|
$368
|
$822
|
Portfolio
Turnover
The Portfolio pays transaction costs when it buys
and sells certain instruments (or “turns over” its portfolio). In addition,
each of the investment companies in which the Portfolio invests (the “Underlying
Portfolios”) pays transaction costs, such as commissions, when it turns over its portfolio. A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual
portfolio operating expenses or in the Example, affect the performance of both the Underlying
Portfolios and the Portfolio. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 12% of the average value of its portfolio.
Principal Investment Strategies
The Portfolio seeks to achieve its objectives by investing approximately 75% of its assets in Class A shares of the Underlying Portfolios, which are
passively-managed index portfolios that are series of the Brighthouse Funds Trust II
(“Trust II”) (the “Base Portion”), and approximately 25% of its
assets in a portfolio of fixed income securities that serve as collateral for equity
derivative instruments, consisting primarily of stock index futures (the “Overlay Portion”). A stock index future is a contract for the future delivery of a cash payment based on the performance of a stock index
such as the S&P 500® Index. Under normal circumstances, the Portfolio will invest at least 80% of its net assets in
index-related instruments, including derivatives.
In its neutral state,
the Portfolio will allocate 60% of its total assets to equity instruments (either equity index portfolios or equity derivative instruments) and 40% of its total assets to fixed-income securities (either fixed
income index portfolios or fixed income securities). The Portfolio will alter its allocation as necessary to reduce volatility in an attempt to mitigate the effects of extreme market conditions. In
general, the Portfolio will decrease equity exposure in periods of increased volatility and
increase equity exposure during periods of reduced volatility. The Portfolio’s
exposure to equity markets will range from approximately 10% to approximately 70% of its total assets.
Brighthouse Investment Advisers, LLC (“BIA”) is the adviser to
the Portfolio and is also responsible for managing the Base Portion’s allocations
among the Underlying Portfolios. BIA establishes specific target investment percentages for the asset classes and the various components of each asset category. Under normal circumstances, the approximately
75% of the Portfolio’s assets comprising the Base Portion invest primarily in Underlying Portfolios in accordance with the target allocations of 35% to equity and 40% to fixed
income.
The Base Portion seeks to achieve capital
appreciation through its investments in Underlying Portfolios that seek to track the
performance of equity indexes such as the S&P 500 Index, S&P MidCap 400® Index, Russell 2000® Index and MSCI EAFE® Index. The Base Portion seeks to achieve current income through its investments in Underlying Portfolios
that seek to track the performance of fixed income indexes, such as the Bloomberg U.S.
Aggregate Bond Index. The Portfolio is expected to have exposure to equities of various market capitalizations and foreign equities, as well as fixed income indexes tracking investment grade and mortgage- and asset-backed
securities through the Base Portion’s investments. In the future the Base Portion may invest in other Underlying Portfolios that are series of Trust II or of Brighthouse Funds Trust I (the
“Trust”).
MetLife Investment Management, LLC
(“MIM” or the “Subadviser”), is responsible for managing the Overlay Portion, including the management of the fixed income collateral. The Overlay Portion, which comprises
approximately 25% of the Portfolio’s total assets, in its neutral state will provide the Portfolio with an additional 25% exposure to the equity markets utilizing equity derivative instruments,
which primarily include stock index futures and swaps. Because equity derivative
instruments may be purchased with a fraction of the assets that would be needed to purchase
the equity securities directly, the remainder of the assets in the Overlay Portion will be invested in a variety of high quality, short-term fixed income instruments. For more information about the
derivative instruments in which the Portfolio may invest, please see the section “Additional Information About the Portfolio’s Investment Strategies—Understanding the Portfolio”
in the Prospectus and “Investment Strategies and Risks” in the Statement of Additional Information.
The Portfolio’s investment in equity derivative instruments will be used to increase or decrease the Portfolio’s overall equity exposure, and therefore, its
volatility. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index over time. High volatility may result from rapid and
dramatic price swings. The Subadviser will adjust the Portfolio’s equity exposure in
accordance with the guidelines discussed below within a range from approximately 10% to
approximately 70%. For example, when the market is in a state of increased volatility, the
Subadviser will decrease the Portfolio’s equity exposure by holding fewer long equity
index futures or by taking a short position in equity index futures. A short position involves the use by the Portfolio of a security or instrument that may benefit from a decrease in the price of underlying
securities. When the Portfolio’s total equity exposure exceeds 60%, the Portfolio may
be exposed to leverage.
The Subadviser will purchase or sell equity derivatives in the Overlay Portion in an attempt to target
an annualized equity contribution to the Portfolio’s volatility level of 10%. The
Subadviser will allow the equity contribution to the Portfolio’s volatility level to
vary between a low of 8% and a high of 12%. If volatility remains within this range, the Subadviser will take no action to alter the Portfolio’s equity exposure. If volatility falls outside of this range, the
Subadviser will take action to attempt to increase or decrease the Portfolio’s equity market exposure until the 10% level is achieved. There can be no guarantee that the Portfolio will achieve the targeted
volatility or remain within its target volatility range.
In addition to managing the Portfolio’s overall equity exposure as described above, the Subadviser will, within established guidelines, manage the approximately 25% of the
Portfolio allocated as collateral to support the equity and other derivatives used by the
Portfolio. The Subadviser will invest the collateral in fixed-income instruments consisting of a mix of U.S. Government securities, certificates of deposit, commercial paper rated in the two highest grades by
a nationally recognized statistical ratings organization, or, if unrated, determined by the
Subadviser to be of comparable quality, and repurchase agreements on such instruments. At
times, including during periods of high volatility, the Subadviser may reduce the equity
derivative holdings and invest a portion of the Overlay Portion’s assets in
short-term fixed income instruments that replicate the holdings of indexes of Treasury and/or agency securities. All fixed-income instruments held in the Overlay Portion will have a remaining maturity of 365 days or
less.
The Portfolio will also make use of an interest rate
overlay that: (1) will use a combination of interest rate swaps, interest rate futures
and total return swaps (“Interest Rate Derivatives”) and (2) will have a notional value (meaning the fixed face value, rather than the market value, of these instruments) equal to approximately 30% of the Portfolio’s
net assets under normal market conditions. The percentage of the Portfolio’s net assets
represented by Interest Rate Derivatives may change in different
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2
market environments,
but is normally expected to stay within a range of 25% to 35% of net assets. The Subadviser expects these instruments to provide additional diversification and balance the sources of risk in the Portfolio.
Under certain market conditions, however, the investment performance of the Portfolio may be less favorable than it would be if the Portfolio did not use Interest Rate Derivatives. The Subadviser
anticipates that under normal market conditions the Portfolio’s Interest Rate Derivatives will have a maturity of approximately 10 years.
The following chart sets forth the Portfolio’s neutral asset allocation targets set by BIA for the
entire investment portfolio, as of April 28, 2025. The Portfolio’s actual allocations to the asset classes and sub-asset classes within the Base Portion and within the Overlay Portion could vary
substantially from the target allocations due to both market valuation changes and the
Subadviser’s management of the Overlay Portion in response to volatility changes.
Both the asset allocation between equity instruments and fixed income securities and the allocation between the Base Portion and the Overlay Portion will therefore generally be rebalanced on a quarterly
basis.
| Asset Class |
% of Total
Portfolio* | |
| Equity |
60% |
|
| U.S. Large Cap |
|
27.75% |
| U.S. Mid Cap |
|
8.25% |
| U.S. Small Cap |
|
5% |
| Foreign Equity |
|
19% |
| Fixed Income |
40% |
|
| U.S. Investment Grade |
|
40% |
*
Individual figures may not add up to the totals shown due to rounding.
Principal Risks
As with all mutual funds, there is no guarantee that the Portfolio
will achieve its investment objective. You could lose money by investing in the Portfolio. An investment in the Portfolio through a Contract is not a deposit or obligation of, or guaranteed by, any bank, and is not federally
insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any
other agency of the U.S. Government.
The risks described in
this section include both direct risks of the Portfolio and indirect risks through the Portfolio’s investment in the Underlying Portfolios. The value of your investment in the Portfolio may be affected by one or more
of the following risks, which are described in more detail in “Principal Risks of
Investing in the Portfolio” in the Prospectus. The significance of any specific risk
to an investment in the Portfolio will vary over time, depending on the composition of the Portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully,
because any one or more of these risks could cause the Portfolio’s return, the price of the Portfolio’s shares or the Portfolio’s yield to fluctuate.
Volatility Management Risk. Although the Subadviser attempts to adjust the Portfolio’s overall exposure to volatility, there can be no guarantee that
the Subadviser will be successful
in managing the Portfolio’s overall level of volatility. The Portfolio may not realize the
anticipated benefits from its volatility management strategies or it may realize losses because of the investment techniques employed by the Subadviser to manage volatility, the implementation
of those strategies by the Subadviser or the limitations of those strategies in times of
extremely low volatility or extremely high volatility. Under certain market conditions, the
use of volatility management strategies by the Subadviser may also result in less favorable
performance than if such strategies had not been used. For example, if the Portfolio has
reduced its overall exposure to equities to avoid losses in certain market environments, the
Portfolio may forego some of the returns that can be associated with periods of rising
equity values.
Model and Data Risk. When the quantitative models (“Models”) and information and data (“Data”) used in managing the Portfolio
contain an error, are input or designed incorrectly, or prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Portfolio may
realize losses. Models may cause the Portfolio to underperform other investment strategies
and may not perform as intended in volatile markets. In addition, any hedging based on
faulty Models and Data may prove to be unsuccessful. Furthermore, the success of Models
that are predictive in nature is dependent largely on the accuracy and reliability of the
supplied historical data. All Models are susceptible to input errors which may cause the resulting information to be incorrect.
Asset Allocation Risk. The Portfolio’s ability to achieve its investment objective depends upon BIA’s analysis of
various factors and the mix of asset classes that results from such analysis, which may
prove incorrect. The particular asset allocation selected for the Portfolio may not perform as well as other asset allocations that could have been selected for the Portfolio. The Portfolio may experience losses or poor
relative performance if BIA allocates a significant portion of the Portfolio’s assets
to an asset class that does not perform as BIA anticipated, including relative to other
asset classes or other subsets of asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.
Derivatives Risk. Derivatives risk is both a direct and indirect risk of investing in the Portfolio. The Portfolio or
Underlying Portfolios may invest in derivatives to obtain investment exposure, enhance
return or “hedge” or protect its assets from an unfavorable shift in the value or rate of a reference instrument or asset. Derivatives can be highly volatile and can significantly increase the Portfolio’s or an
Underlying Portfolio’s exposure to market risk, credit and counterparty risk and other risks. Derivatives may be illiquid and difficult to value and can involve risks in addition to, and potentially
greater than, the risks of the underlying reference instrument. Because of their complex
nature, some derivatives may not perform as intended. As a result, the Portfolio or an
Underlying Portfolio may not realize the anticipated benefits from a derivative it holds or it may
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3
realize losses. Certain
derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivative transactions may create investment leverage, which increases the Portfolio’s or an Underlying
Portfolio’s volatility and may require such Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the
Portfolio or an Underlying Portfolio from using such instruments as part of its investment
strategies, which could adversely affect the Portfolio or Underlying
Portfolio.
Leveraging Risk. Leveraging risk is a direct risk of investing in the Portfolio. Derivatives and other transactions that give rise to leverage may cause the
Portfolio’s performance to be more volatile than if the Portfolio had not been leveraged. Leveraging also may require that the Portfolio liquidate portfolio securities when it is not advantageous to do so
to satisfy its obligations. Leveraging may expose the Portfolio to losses in excess of the
amounts invested or borrowed. Leverage can create an interest expense that would lower the
Portfolio’s overall returns. There can be no guarantee that a leveraging strategy will be successful.
Market Risk. Market risk is both a direct and indirect risk of investing in the Portfolio. The Portfolio’s or an Underlying Portfolio’s share price can
fall because of, among other things, a decline in the market as a whole, deterioration in the prospects for a particular industry or company, changes in general economic conditions, such as prevailing
interest rates or investor sentiment, or other factors including terrorism, war, natural
disasters and the spread of infectious illness including epidemics or pandemics. In
addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader
economy, perhaps suddenly and to a significant degree. Significant disruptions to the
financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio or an Underlying Portfolio.
Interest Rate Risk. Interest rate risk is both a direct and indirect risk of investing in the Portfolio. The value of the
Portfolio’s or an Underlying Portfolio’s investments in fixed income securities
may decline when prevailing interest rates rise or increase when interest rates fall. The longer a security’s maturity or duration, the greater the degree and frequency of which its value should be expected to
change in response to changes in interest rates. The Portfolio’s fixed-income portion
will normally have a greater maturity or duration than will its benchmark. The interest
earned on the Portfolio’s or an Underlying Portfolio’s investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates,
the Portfolio or an Underlying Portfolio may be unable to maintain positive returns or pay
dividends to Portfolio or Underlying Portfolio shareholders, respectively. Additionally,
under certain market conditions in which interest rates are low or negative, the Portfolio or an Underlying Portfolio may have a very low, or even negative yield.
A low or negative yield would cause the Portfolio or an Underlying Portfolio to lose money and the net asset value of the Portfolio’s or the Underlying
Portfolio’s shares to decline in certain conditions and over certain time periods. Changes in prevailing interest rates, particularly sudden changes, may also increase the level of volatility in
fixed income and other markets, increase redemptions in the Portfolio’s or an Underlying Portfolio’s shares and reduce the liquidity of the Portfolio’s or an Underlying
Portfolio’s debt securities and other income-producing holdings. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general
economic and market conditions.
Credit and Counterparty Risk. Credit and counterparty risk is both a direct and indirect risk of investing in the Portfolio. The value of the Portfolio’s or an Underlying Portfolio’s investments may be adversely
affected if a security’s credit rating is downgraded or an issuer of an investment held by the Portfolio or an Underlying Portfolio fails to pay an obligation on a timely basis, otherwise defaults or is
perceived by other investors to be less creditworthy. If a counterparty to a derivatives or other transaction with the Portfolio or an Underlying Portfolio files for bankruptcy, becomes insolvent, or
otherwise becomes unable or unwilling to honor its obligation to the Portfolio or an
Underlying Portfolio, the Portfolio or an Underlying Portfolio may experience significant
losses or delays in realizing income on or recovering collateral and may lose all or a part of the income from the transaction.
Other direct risks of investing in the Portfolio also include:
Underlying Portfolio Risk. The investment performance of a Portfolio that invests all or substantially all of its assets in Underlying Portfolios may be adversely affected if the Underlying Portfolios are unable to meet their
investment objectives or the Portfolio allocates a significant portion of its assets to an
Underlying Portfolio that performs poorly, including relative to other Underlying Portfolios. Any Underlying Portfolio may have multiple asset class exposures and such exposures may change over time. In addition, the
Portfolio bears its pro-rata portion of the operating expenses of the Underlying Portfolios in which it invests.
Interest Rate Swap Risk. The risk of interest rate swaps includes changes in market conditions that may affect the value of the contract or the cash flows, and the possible inability or unwillingness of the counterparty to
fulfill its obligations under the agreement. Certain interest rate swap arrangements also
involve the risk that they do not fully offset adverse changes in interest rates. Interest
rate swaps may be illiquid and may be difficult to trade or value, especially in the event of market disruptions. Under certain market conditions, the use of interest rate swaps may result in less
favorable performance than if such swap arrangements had not been used.
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4
Forward and Futures Contract Risk. The successful use of forward and futures contracts will depend upon the Subadviser’s skill and experience with respect
to such instruments and are subject to special risk considerations. The primary risks
associated with the use of forward and futures contracts include (i) the imperfect
correlation between the change in market value of the instruments held by the Portfolio and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and
the resulting inability to close a forward or futures contract when desired; (iii) losses
caused by unanticipated market movements, which are potentially unlimited; (iv) the
Subadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the
performance of its obligations; (vi) if the Portfolio has insufficient cash, it may have to
sell securities to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it is disadvantageous to do so; (vii) the possibility that the Portfolio may be delayed or prevented from
recovering margin or other amounts deposited with a futures commission merchant or
clearinghouse; (viii) the possibility that position or trading limits will preclude the
Subadviser from taking positions in certain futures contracts on behalf of the Portfolio; and (ix) the risks typically associated with foreign investments to the extent the Portfolio invests in derivatives traded
on markets outside the United States.
Short Position Risk. The Portfolio will incur a loss from a short position if the value of the reference instrument increases
after the time the Portfolio entered into the short position. Engaging in a short position
may cause the Portfolio to lose more money than the actual cost of the short position and the
Portfolio’s potential losses may be unlimited if the Portfolio does not own the
reference instrument and it is unable to close out of the short position. Any gain from a short position will be offset in whole or in part by the transaction costs associated with the short position. Short positions
generally involve a form of leverage, which can exaggerate the Portfolio’s losses.
Indirect risks of investing in the Portfolio (direct risks of investing in the Underlying Portfolios) include:
Passive Management Risk. In attempting to track the returns of an index, an Underlying Portfolio may be more susceptible to risks than an actively managed portfolio because it generally will not use any defensive
strategies to mitigate its risk exposure. In addition, the Underlying Portfolio’s returns may deviate from the index it seeks to track as a result of, among other things, portfolio operating
expenses, transaction costs and delays in investing cash.
Sampling Error Risk. To the extent an Underlying Portfolio holds only a subset of the index securities, the Underlying Portfolio is subject to the risk that it may
not track the return of an index as well as it would if the Underlying Portfolio held every
security in the index in the same proportions as the index.
Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions that category will be out of favor with
investors. Larger, more established companies may be unable to respond quickly to new
competitive challenges or attain the high growth rate of successful smaller companies.
Stocks of medium and small capitalization companies may be more volatile than those of
larger companies due to, among other things, narrower product lines, more limited financial
resources and fewer experienced managers. In addition, there is typically less publicly available information about small capitalization companies, and their stocks may have a more limited trading
market than stocks of larger companies.
Foreign Investment Risk. Investments in foreign securities, whether direct or indirect, tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to
political, social, economic and other developments abroad, as well as risks resulting from
differences between the regulations and reporting standards and practices to which U.S. and
foreign issuers are subject. To the extent foreign securities are denominated in foreign currencies, their values may be adversely affected by changes in currency exchange rates. All of the risks of
investing in foreign securities are typically increased by investing in emerging market countries. To the extent an Underlying Portfolio invests in foreign sovereign debt securities, it is subject to
additional risks.
Mortgage-Backed and
Asset-Backed Securities Risk. The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and
credit and counterparty risk. These securities are also subject to the risk that issuers
will prepay the principal more quickly or more slowly than expected, which could cause an Underlying Portfolio to invest the proceeds in less attractive investments or increase the volatility of their prices. To the
extent mortgage-backed and asset-backed securities held by an Underlying Portfolio are
backed by lower rated securities, such as sub-prime obligations, or are subordinated to
other interests in the same mortgage or asset pool, the likelihood of an Underlying Portfolio receiving payments of principal or interest may be substantially limited.
Focused Investment Risk. Substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector make
an Underlying Portfolio’s performance more susceptible to any single economic, market,
political or regulatory occurrence affecting those particular securities or issuers or that
particular market, industry, group of industries, country, region, group of countries, asset class or sector than a portfolio that invests more broadly.
Past Performance
The information below provides some indication of the risks of investing in the Portfolio by showing
changes in the Portfolio’s performance from year to year and how the Portfolio’s average
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5
annual returns over
time compare with those of broad-based securities market indexes and an additional index reflecting the market segment(s) in which the Portfolio invests. Note that the results in the bar chart and table do not include the effect of Contract charges. If these Contract
charges had been included, performance would have been lower. As with all mutual funds,
past returns are not a prediction of future returns.
Year-by-Year Total Return for Class B Shares as of
December 31 of Each Year
December 31 of Each Year
| Highest Quarter |
Q4 2023 |
12.50% |
| Lowest Quarter |
Q2 2022 |
-10.93% |
Average Annual Total Return as of December 31,
2024
| |
1 Year |
5 Years |
10 Years |
| Class B |
7.48% |
2.45% |
4.27% |
| MSCI All Country World Index* (reflects no deduction for mutual fund fees or expenses) |
17.49% |
10.06% |
9.23% |
| Bloomberg U.S. Aggregate Bond Index* (reflects no deduction for mutual fund fees or expenses) |
1.25% |
-0.33% |
1.35% |
| Dow Jones Moderate Portfolio Index
(reflects no deduction for mutual fund
fees or expenses) |
8.55% |
5.02% |
5.81% |
*
Effective February 26, 2025, the MSCI All Country World Index and the Bloomberg U.S. Aggregate Bond Index were added as a broad measure of market performance in accordance with
recent changes to regulatory disclosure requirements. The Portfolio continues to use the Dow Jones Moderate Portfolio Index as an additional benchmark that reflects the market segment(s) in which the
Portfolio invests.
Management
Adviser.
Brighthouse Investment Advisers, LLC (“BIA”), is the Portfolio’s investment
adviser and manages the Base Portion of the Portfolio.
Subadviser.
MetLife Investment Management, LLC, is the subadviser to the Overlay Portion of the
Portfolio.
Portfolio Managers The Base Portion of the Portfolio is managed by a committee led by Kristi Slavin. Other members of the committee are James Mason and Anna Koska. Ms. Slavin has been a member since 2012. Mr. Mason has been a member since 2021. Ms. Koska has been a member since 2022.
The Overlay Portion of the Portfolio has been managed by Eric Chan, CFA, Director, since 2024.
Purchase and Sale of Portfolio Shares
Shares of the Portfolio are only sold to separate accounts of insurance companies, including insurance
companies affiliated with BIA, to fund Contracts. For information regarding the purchase
and sale of the Portfolio’s shares, please see the prospectus for the relevant Contract.
Tax Information
For information regarding the tax consequences of Contract ownership, please see the prospectus for the relevant Contract.
Payments to Broker-Dealers and Other Financial
Intermediaries
Intermediaries
The Portfolio is not sold directly to the general public but instead is offered as an underlying
investment option for Contracts issued by insurance companies, including insurance
companies that are affiliated with the Portfolio and BIA. The Portfolio and its related
companies, including BIA, may make payments to the sponsoring insurance companies (or their
affiliates) for distribution and/or other services, and the insurance companies may benefit
more from offering the Portfolio as an investment option in the Contracts than offering
other portfolios. The benefits to the insurance companies of offering the Portfolio over
other portfolios and these payments may be factors that the insurance companies consider in
including the Portfolio as an underlying investment option in the Contracts and may create
a conflict of interest. The prospectus for your Contract contains additional information about these payments.
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6