# EDGAR Filing Document

**Accession Number:** 0001126087
**File Stem:** 0001193125-26-176284
**Filing Date:** 2026-4
**Character Count:** 29960
**Document Hash:** b5eee4c917d8d34ad802302384c7b78e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-176284.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001193125-26-176284

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brighthouse Funds Trust I
- **CENTRAL INDEX KEY:** 0001126087

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-48456
- **FILM NUMBER:** 26891733

**BUSINESS ADDRESS:**
- **STREET 1:** BRIGHTHOUSE INVESTMENT ADVISERS, LLC
- **STREET 2:** 11225 NORTH COMMUNITY HOUSE RD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277
- **BUSINESS PHONE:** 9809495121

**MAIL ADDRESS:**
- **STREET 1:** BRIGHTHOUSE INVESTMENT ADVISERS, LLC
- **STREET 2:** 11225 NORTH COMMUNITY HOUSE RD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MET INVESTORS SERIES TRUST
- **DATE OF NAME CHANGE:** 20001010

## Series and Classes Contracts Data

### State Street Moderate ETF Portfolio (Series ID: S000011112)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030695 | Class A      |  |
| C000030696 | Class B      |  |
| C000030698 | Class E      |  |

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BRIGHTHOUSE FUNDS TRUST I SUMMARY PROSPECTUS April 27, 2026

State Street Moderate ETF Portfolio

**(formerly, SSGA Growth and Income ETF Portfolio)**

**Class A, Class B and Class E Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp; Before you invest, you may want to review the Portfolio's Prospectus, which contains more information about the Portfolio and its <br> risks. You can find the Portfolio's Prospectus, reports to shareholders, and other information about the Portfolio (including the <br> documents listed below) online at https://dfinview.com/BHFT. You can also get this information at no cost by calling <br> 1-800-882-1292 or by sending an e-mail request to RCG@brighthousefinancial.com. The Portfolio's Prospectus and Statement of <br> Additional Information, both dated April 27, 2026, as supplemented from time to time, and the Portfolio's financial statements for <br> the year ended December 31, 2025, including the notes to the financial statements, the financial highlights and the report of the <br> Portfolio's independent registered public accounting firm, all of which are included in Form N-CSR of the Portfolio, dated <br> December 31, 2025, are all incorporated by reference into this Summary Prospectus. This Summary Prospectus is intended for <br> individuals who have purchased Contracts (as defined below) from insurance companies, including insurance companies affiliated <br> with Brighthouse Investment Advisers, LLC, and is not intended for use by other investors.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Investment Objectives**

Growth of capital and income.

**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.

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| | |
|:---|:---|
| **Shareholder Fees** <br> (fees paid directly from your investment)—<br>| **None** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Annual Portfolio Operating Expenses** (expenses <br> that you pay each year as a percentage of the value of <br> your investment) | **Annual Portfolio Operating Expenses** (expenses <br> that you pay each year as a percentage of the value of <br> your investment) | **Annual Portfolio Operating Expenses** (expenses <br> that you pay each year as a percentage of the value of <br> your investment) | **Annual Portfolio Operating Expenses** (expenses <br> that you pay each year as a percentage of the value of <br> your investment) |
|  | **Class A** | **Class B** | **Class E** |
| Management Fee | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% |
| &nbsp;&nbsp;&nbsp; Distribution and/or Service (12b-1) <br> Fees<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% |
| &nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses <br> (Underlying ETF Fees and <br> Expenses)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% |
| &nbsp;&nbsp;&nbsp; Total Annual Portfolio Operating <br> Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $160 | &nbsp;&nbsp; $280 | &nbsp;&nbsp; $628 |
| Class B | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $240 | &nbsp;&nbsp; $417 | &nbsp;&nbsp; $930 |
| Class E | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $208 | &nbsp;&nbsp; $362 | &nbsp;&nbsp; $810 |

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**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "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 Portfolio's performance. <br>During the most recent fiscal year, the Portfolio's portfolio turnover rate was 103% of the average value of its portfolio.

**Principal Investment Strategies**

SSGA Funds Management, Inc. ("SSGA FM" or "Subadviser"), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio's net assets in investment companies known as exchange-traded funds (the "Underlying ETFs"), including exchange-traded funds advised by SSGA FM. The Portfolio allocates its assets among various asset classes. SSGA FM establishes specific investment percentages for the asset classes and then selects the Underlying ETFs in which the Portfolio invests.

The Portfolio is managed for total return and invests a significant portion of its assets in Underlying ETFs that invest in U.S. equity and fixed income securities.

In an effort to achieve its investment objectives and reduce portfolio volatility over an intermediate-term cycle, the Portfolio's equity investments may be allocated across a range of asset classes which can include, but are not limited to, varying market capitalization categories (large, mid and small), U.S. and foreign real estate investment trust ("REIT"), and foreign

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developed and emerging markets, and the Portfolio's fixed income investments may be allocated across a range of sectors which can include, but are not limited to, government, inflation protected government (both U.S. Treasury Inflation Protected Securities ("TIPS") and equivalent foreign securities), bank loans, and U.S. and foreign debt securities, including emerging market debt securities, as well as investment grade corporate debt securities and lower rated, higher-yielding debt securities (commonly referred to as "junk bonds").

In addition, the Portfolio may invest in other asset classes (e.g., commodities) through exchange traded investment vehicles.

The following chart describes the strategic target allocations, as of April 27, 2026, among the range of equities, fixed income and cash/money market securities for the Portfolio. You should note that these target allocations may not directly correspond to investment in the Underlying ETFs because each Underlying ETF may contain various subsets of an asset class (*e.g.*, large cap and mid cap equity securities), and the target allocations are subject to review and modification by SSGA FM.

In addition to investing in Underlying ETFs, the Portfolio may invest in other exchange traded vehicles such as exchanged traded notes and exchange traded grantor trusts.

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| | | |
|:---|:---|:---|
| **Asset Class** | &nbsp;&nbsp; **Target** <br> **Allocation\*** | &nbsp;&nbsp; **Target** <br> **Allocation\*** |
| Equities | 60% |  |
| &nbsp;&nbsp;&nbsp; U.S. Large Cap |  | 28% |
| &nbsp;&nbsp;&nbsp; U.S. Mid Cap |  | 3% |
| &nbsp;&nbsp;&nbsp; U.S. Small Cap |  | 3% |
| &nbsp;&nbsp;&nbsp; International Equity |  | 14% |
| &nbsp;&nbsp;&nbsp; International Small Cap |  | 2% |
| &nbsp;&nbsp;&nbsp; Emerging Market Equity |  | 7% |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts |  | 1% |
| &nbsp;&nbsp;&nbsp; Commodities  |  | 2% |
| Fixed Income | 38% |  |
| &nbsp;&nbsp;&nbsp; U.S. Fixed Income |  | 26.5% |
| &nbsp;&nbsp;&nbsp; High Yield |  | 2.5% |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 2.5% |
| &nbsp;&nbsp;&nbsp; Emerging Market Debt |  | 2.5% |
| &nbsp;&nbsp;&nbsp; Treasury Inflation-Protected Securities |  | 4% |
| Cash/Cash Equivalents | 2% |  |

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\*

Individual figures may not add up to the totals shown due to rounding.

Although the Portfolio will invest new assets and reinvest dividends based on the target allocations at such time, the Portfolio's target allocations could change substantially over time as the Underlying ETFs' asset values change due to market movements and portfolio management decisions.

The Portfolio currently seeks to achieve capital growth through its investments in Underlying ETFs that invest primarily in equity securities of large U.S. and foreign companies.

The Portfolio currently seeks to achieve current income through its investments in Underlying ETFs that invest primarily in domestic investment-grade fixed income securities.

Target allocations are reviewed by SSGA FM at least monthly and may be adjusted as the market and economic outlook changes. Generally, any changes among asset classes will be within a range of plus or minus 5 percentage points per asset class per quarter; however, SSGA FM may at times make larger allocation changes if it believes market conditions warrant a larger change, and at any time the target allocation to a certain asset class may be zero. SSGA FM reserves the right to replace Underlying ETFs or other securities in its asset allocation model at any time, although such changes would generally be the result of a change in the target allocation with respect to an asset class.

Although the Portfolio currently invests primarily in Underlying ETFs, it may also invest in other types of securities, including open-end investment companies, such as high yield bond funds, and cash equivalents, such as money market funds or repurchase agreements. In addition, SSGA FM may choose to achieve a target allocation to cash by entering into repurchase agreements, directly purchasing money market instruments, or purchasing Underlying ETFs that invest in cash securities.

For additional information about the Portfolio's investment strategies and where to find more detailed information about the Portfolio's investments in the Underlying ETFs, please see "Additional Information about the Portfolio's Investment Strategies" in the Prospectus.

**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.

There are direct and indirect risks of investing in the Portfolio. 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.

Direct risks of investing in the Portfolio include:

**Underlying ETF Risk.** The investment performance of a Portfolio that invests all or substantially all of its assets in Underlying ETFs may be adversely affected if the Underlying ETFs are unable to meet their investment objectives or the Portfolio allocates a significant portion of its assets to an Underlying ETF that performs poorly, including relative to other

**State Street Moderate ETF Portfolio**

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Underlying ETFs. In addition, the Portfolio bears its pro-rata portion of the operating expenses of the Underlying ETFs in which it invests.

**Asset Allocation Risk.** The Portfolio's ability to achieve its investment objective depends upon the Subadviser's analysis of various factors and the mix of asset classes that results from such analysis, which my 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 the Subadviser allocates a significant portion of the Portfolio's assets to an asset class that does not perform as the Subadviser anticipated, including relative to other asset classes. The Portfolio may underperform funds that allocate their assets differently than the Portfolio.

**Portfolio Turnover Risk.** Portfolio turnover risk is both a direct and indirect risk of investing in the Portfolio. The investment techniques and strategies utilized by the Portfolio or the Underlying ETFs might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio's or the Underlying ETFs' transaction costs, which can adversely affect the returns on the Portfolio's or the Underlying ETFs' performance.

**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.

Indirect risks of investing in the Portfolio (direct risks of investing in the Underlying ETFs) include:

**Market Risk.** An Underlying ETF'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 an Underlying ETF.

**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.

**Emerging Markets Risk.** In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.

**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.

**Investment Style Risk.** Different investment styles such as growth or value tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. An Underlying ETF may outperform or underperform other funds that employ a different investment style.

**Credit and Counterparty Risk.** The value of an Underlying ETF's investments may be adversely affected if a security's credit rating is downgraded or an issuer of an investment held by an Underlying ETF 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 an Underlying ETF files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to an Underlying ETF, the Underlying ETF

**State Street Moderate ETF Portfolio**

**3**

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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.

**Interest Rate Risk.** The value of an Underlying ETF'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 its value will change in response to changes in interest rates. The interest earned on an Underlying ETF's investments in fixed income securities may decline when prevailing interest rates fall. During periods of very low or negative interest rates, an Underlying ETF may be unable to maintain positive returns or pay dividends to Underlying ETF shareholders. Additionally, under certain market conditions in which interest rates are low or negative, an Underlying ETF may have a very low, or even negative yield. A low or negative yield would cause an Underlying ETF to lose money and the net asset value of the Underlying ETF'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 an Underlying ETF's shares and reduce the liquidity of an Underlying ETF'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.

**Loan Investment Risk.** Investments by Underlying ETFs in loans expose the Portfolio to interest rate risk and the credit and counterparty risk of the underlying borrowers of those loans. No active trading market may exist for certain loans. Moreover, adverse market conditions may impair the liquidity of some actively traded loans. The Underlying ETF may have difficulty valuing and selling loans that are illiquid or are less actively traded. Loans are also subject to the risk that borrowers will prepay the principal more quickly than expected, which could cause the Underlying ETF to reinvest the repaid principal in investments with lower yields, thereby exposing the Portfolio to a lower rate of return. There may be a limited amount of public information about the loans in which the Underlying ETF invests. Purchases and sales of loans are generally subject to contractual restrictions that may impede the Underlying ETF's ability to buy or sell loans and may negatively affect the transaction price. Loan transactions may take longer than seven days to settle, and the Underlying ETFs may hold cash, sell investments, or temporarily borrow from banks or other lenders in order to meet short-term liquidity needs. The Underlying ETF may not be entitled to rely on the anti-fraud protections of the federal securities laws with respect to any loans it owns in the event of fraud or misrepresentation by a borrower. The Underlying ETF's purchase and sale of loans may involve the risk of market manipulation by a borrower. Any investments in below investment grade loans and other debt securities expose a portfolio to greater market risk and credit and counterparty risk than a portfolio that invests only in investment grade loans and

debt securities. Lower rated securities also may be subject to greater price volatility than higher rated investments.

**High Yield Debt Security Risk.** High yield debt securities, or "junk" bonds, may be more susceptible to market risk and credit and counterparty risk than investment grade debt securities because issuers of high yield debt securities are less secure financially and their securities are more sensitive to downturns in the economy. In addition, the secondary market for high yield debt securities may not be as liquid as that for higher rated debt securities. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or whose issuers are in bankruptcy.

**Commodities Risk.** Exposure to the commodities markets may subject an Underlying ETF to greater volatility than investments in traditional securities. The value of commodities and commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. The ability of an Underlying ETF that intends to qualify as a regulated investment company to invest in commodity-linked derivative instruments may be limited by its intention to so qualify, and could adversely affect such Underlying ETF's ability to so qualify.

**Real Estate Investment Risk.** Investments in real estate investment trusts and other real estate related securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region.

**TIPS and Inflation-Linked Bonds Risk.** The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates would rise, leading to a decrease in the value of inflation-protected securities. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the markets for nominal bonds from the same issuers and as such can suffer losses during times of economic stress or illiquidity.

**State Street Moderate ETF Portfolio**

**4**

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**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 annual returns over time compare with those of a broad-based securities market index 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 A Shares as of** <br>**December 31 of Each Year**

![](g293821ssgagietfa.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarter | Q2 2020 | 13.28% |
| Lowest Quarter | Q1 2020 | -16.25% |

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**Average Annual Total Return as of December 31, 2025** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp; 17.09% | &nbsp;&nbsp; 7.46% | &nbsp;&nbsp; 8.13% |
| Class B | &nbsp;&nbsp; 16.78% | &nbsp;&nbsp; 7.19% | &nbsp;&nbsp; 7.85% |
| Class E | &nbsp;&nbsp; 16.93% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.96% |
| &nbsp;&nbsp;&nbsp; MSCI All Country World Index <br> (reflects no deduction for mutual fund <br> fees or expenses)<br>| &nbsp;&nbsp; 22.34% | &nbsp;&nbsp; 11.19% | &nbsp;&nbsp; 11.72% |
| &nbsp;&nbsp;&nbsp; State Street Moderate Composite Index <br> (reflects no deduction for mutual fund <br> fees or expenses)<br>| &nbsp;&nbsp; 16.05% | &nbsp;&nbsp; 7.04% | &nbsp;&nbsp; 8.28% |

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**Management**

**Adviser.** Brighthouse Investment Advisers, LLC ("BIA"), is the Portfolio's investment adviser.

**Subadviser.** SSGA Funds Management, Inc., is the subadviser to the Portfolio.

**Portfolio Managers. Jeremiah Holly**, CFA, a Vice President of State Street Investment Management ("State Street IM") and a Senior Portfolio Manager in SSGA FM's Investment Solutions Group ("ISG"), and **Michael Martel**, a Managing Director of State Street IM and Head of Portfolio Management in the Americas for the ISG, have managed the Portfolio since 2021 and 2014, respectively.

**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** <br> **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.

**State Street Moderate ETF Portfolio**

**5**

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