# EDGAR Filing Document

**Accession Number:** 0001126087
**File Stem:** 0001193125-26-176268
**Filing Date:** 2026-4
**Character Count:** 36974
**Document Hash:** 2cadbd5e465a8d6aca859c8af8b1a886
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-176268.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001193125-26-176268

**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:** 26891715

**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

### MetLife Multi-Index Targeted Risk Portfolio (Series ID: S000038859)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000119619 | Class B      |  |

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

BRIGHTHOUSE FUNDS TRUST I SUMMARY PROSPECTUS April 27, 2026

MetLife Multi-Index Targeted Risk Portfolio

**Class B 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. The summary prospectuses, prospectuses and <br> statement of additional information for the Underlying Portfolios (as defined below) may be obtained in the same manner as you <br> would obtain a copy of the Portfolio's Prospectus. This Summary Prospectus is intended for individuals who have purchased <br> Contracts (as defined below) from insurance companies, including insurance companies affiliated with Brighthouse Investment <br> Advisers, LLC, and is not intended for use by other investors.<br>

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

**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.

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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) |
|  | **Class B** |
| Management Fee | &nbsp;&nbsp;&nbsp;&nbsp; 0.16% |
| Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses (Underlying Portfolio Fees and <br> Expenses)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21% |
| Total Annual Portfolio Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% |

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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 B | &nbsp;&nbsp; $63 | &nbsp;&nbsp; $199 | &nbsp;&nbsp; $346 | &nbsp;&nbsp; $774 |

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**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 4% 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<sup>®</sup> Index. Under normal circumstances, the Portfolio will invest at least 80% of its net assets in index-related instruments, including derivatives.

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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<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and MSCI EAFE<sup>®</sup> 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

**MetLife Multi-Index Targeted Risk Portfolio**

**2**

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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 27, 2026. 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.

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| | | |
|:---|:---|:---|
| **Asset Class** | &nbsp;&nbsp; **% of Total** <br> **Portfolio\*** | &nbsp;&nbsp; **% of Total** <br> **Portfolio\*** |
| Equity | 60% |  |
| &nbsp;&nbsp;&nbsp; U.S. Large Cap |  | 28.50% |
| &nbsp;&nbsp;&nbsp; U.S. Mid Cap |  | 8% |
| &nbsp;&nbsp;&nbsp; U.S. Small Cap |  | 4.50% |
| &nbsp;&nbsp;&nbsp; Foreign Equity |  | 19% |
| Fixed Income | 40% |  |
| &nbsp;&nbsp;&nbsp; U.S. Investment Grade |  | 40% |

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\*

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

**MetLife Multi-Index Targeted Risk Portfolio**

**3**

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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.

**MetLife Multi-Index Targeted Risk Portfolio**

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**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

**MetLife Multi-Index Targeted Risk Portfolio**

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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** <br>**December 31 of Each Year**

![](g390382mlmitrb.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarter | Q4 2023 | 12.50% |
| Lowest Quarter | Q2 2022 | -10.93% |

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

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class B | &nbsp;&nbsp; 9.08% | &nbsp;&nbsp; 2.93% | &nbsp;&nbsp; 5.31% |
| &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; Bloomberg U.S. Aggregate Bond Index <br> (reflects no deduction for mutual fund <br> fees or expenses)<br>| &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; -0.36% | &nbsp;&nbsp; 2.01% |
| &nbsp;&nbsp;&nbsp; Dow Jones Moderate Portfolio Index <br> (reflects no deduction for mutual fund <br> fees or expenses)<br>| &nbsp;&nbsp; 13.82% | &nbsp;&nbsp; 5.31% | &nbsp;&nbsp; 7.32% |

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**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, Managing Director of Global Derivatives and Structuring, 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** <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.

**MetLife Multi-Index Targeted Risk Portfolio**

**6**

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BHF-36773

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