# EDGAR Filing Document

**Accession Number:** 0001126087
**File Stem:** 0001193125-26-176281
**Filing Date:** 2026-4
**Character Count:** 23950
**Document Hash:** 8d369ce5b43f419355a82881348460e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-176281.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001193125-26-176281

**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:** 26891730

**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

### Western Asset Management Government Income Portfolio (Series ID: S000032439)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000100091 | Class B      |  |

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

BRIGHTHOUSE FUNDS TRUST I SUMMARY PROSPECTUS April 27, 2026

Western Asset Management Government Income 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. 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 Objective**

Seeks a high level of current income, consistent with preservation of principal.

**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; 0.45% |
| Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.08% |
| Total Annual Portfolio Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% |
| Fee Waiver<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04%)<br>|
| Net Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% |

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<sup>1</sup>

Brighthouse Investment Advisers, LLC has contractually agreed, for the period May 1, 2026 through April 30, 2027, to reduce the Management Fee. Additionally, Brighthouse Investment Advisers, LLC has contractually agreed to waive a portion of the Management Fee reflecting the difference, if any, between the subadvisory fee payable by Brighthouse Investment Advisers, LLC to Western Asset Management Company, LLC that is calculated based solely on the assets of the Portfolio and the fee that is calculated when the Portfolio's assets are aggregated with those of Western Asset Management U.S. Government Portfolio, a series of Brighthouse

Funds Trust II. These arrangements may be modified or discontinued prior to April 30, 2027, only with the approval of the Board of Trustees of the Portfolio.

**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, that the Portfolio's operating expenses remain the same, and that all fee waivers for the Portfolio will expire after one year. 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; $76 | &nbsp;&nbsp; $245 | &nbsp;&nbsp; $429 | &nbsp;&nbsp; $962 |

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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 155% of the average value of its portfolio.

**Principal Investment Strategies**

Western Asset Management Company, LLC ("Western Asset" or "Subadviser"), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio's net assets in U.S. Government securities and instruments related to U.S. Government securities, such as repurchase agreements on such securities. Certain issuers of U.S. Government securities are sponsored or chartered by Congress but their securities are neither issued nor guaranteed by the U.S. Treasury. Western Asset may also invest the Portfolio's assets in mortgage-backed and asset-backed securities, including collateralized mortgage

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obligations, and foreign securities. The Portfolio's investments in foreign securities will be limited to 10% of total assets.

Western Asset uses a blended index comprised of the Bloomberg 5+ Year Treasury Index (40%), the Bloomberg U.S. MBS Index (35%) and the Bloomberg U.S. Agency Bond Index (25%) as a guide in structuring the Portfolio and selecting its investments. Western Asset manages the Portfolio to have similar overall interest rate risk to the blended index.

*Investment Selection*

Western Asset's investment approach revolves around an investment outlook developed by a team of senior professionals that reviews developments in the economy and the markets and establishes a recommended portfolio structure, including targets for duration, yield curve exposure and sector allocation.

Western Asset's investment team implements the strategy in a manner consistent with the investment policies of the Portfolio, using information on the relative credit strength, liquidity, issue structure, event risk, covenant protection and market valuation of available securities.

Western Asset may engage in transactions that have a leveraging effect on the Portfolio, including investments in derivatives such as options, options on futures contracts, currency-related derivatives, swaps, structured notes and inverse floaters, regardless of whether the Portfolio may own the asset, instrument or components of the index underlying the derivative, and forward-settling securities. Western Asset may invest a significant portion of the Portfolio's assets in these types of investments and may take short positions in futures contracts and forward-settling securities. Western Asset may also invest in mortgage dollar roll transactions. Mortgage dollar rolls are transactions in which the Portfolio sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not necessarily identical securities on a specified future date. Western Asset may invest in Treasury Inflation Protected Securities ("TIPS") and other inflation-linked bonds. For more information about the types of investments in which the Portfolio may invest, please see "Investment Strategies and Risks" in the Statement of Additional Information.

**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 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.

**Market Risk.** The 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.

**Interest Rate Risk.** The value of the 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 its value will change in response to changes in interest rates. The interest earned on the 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 may be unable to maintain positive returns or pay dividends to Portfolio shareholders. Additionally, under certain market conditions in which interest rates are low or negative, the Portfolio may have a very low, or even negative yield. A low or negative yield would cause the Portfolio to lose money and the net asset value of the 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 shares and reduce the liquidity of the 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.** The value of the 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 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 files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the

**Western Asset Management Government Income Portfolio**

**2**

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Portfolio, the 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.

**Derivatives Risk.** The Portfolio 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 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 may not realize the anticipated benefits from a derivative it holds or it may 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 volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so. Government regulation of derivative instruments may limit or prevent the Portfolio from using such instruments as part of its investment strategies, which could adversely affect the Portfolio.

**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 the 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 the 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 the Portfolio receiving payments of principal or interest may be substantially limited.

**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.

**Forward Commitment, When-Issued and Delayed Delivery Securities Risk.** Investments in forward commitments and when-issued and delayed delivery securities are subject to the risk that the value or yield of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price or expected yield before the securities are actually issued or

delivered. These investments may create a form of investment leverage, which may increase the Portfolio's volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.

**Mortgage Dollar Roll Transactions Risk.** Mortgage dollar roll transactions are subject to the risk that the value of the securities the Portfolio is obligated to purchase will decline below the agreed upon purchase price. In addition, the Portfolio will incur higher transaction costs if its mortgage dollar roll transactions lead to higher portfolio turnover. These transactions also may subject the Portfolio to a form of investment leverage, which may increase the Portfolio's volatility and may require the Portfolio to liquidate portfolio securities when it is not advantageous to do so.

**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.

**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 the Portfolio invests in foreign sovereign debt securities, it is subject to additional risks.

**Portfolio Turnover Risk.** The investment techniques and strategies utilized by the Portfolio might result in a high degree of portfolio turnover. High portfolio turnover rates will increase the Portfolio's transaction costs, which can adversely affect the Portfolio's performance.

**Western Asset Management Government Income Portfolio**

**3**

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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 additional indexes 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. Effective April 29, 2019, Western Asset became the subadviser to the Portfolio. Investment performance prior to that date may not be representative of the performance the Portfolio would have achieved had Western Asset been its subadviser and had its current principal investment strategies then been in effect.

**Year-by-Year Total Return for Class B Shares as of** <br>**December 31 of Each Year**

![](g389945wamgib.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarter | Q4 2023 | 7.26% |
| Lowest Quarter | Q1 2022 | -5.55% |

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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; 7.21% | &nbsp;&nbsp; -1.27% | &nbsp;&nbsp; 1.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index <br> (reflects no deduction for mutual fund fees <br> or expenses)<br>| &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; -0.36% | &nbsp;&nbsp; 2.01% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Government Bond Index <br> (reflects no deduction for mutual fund fees <br> or expenses)<br>| &nbsp;&nbsp; 6.31% | &nbsp;&nbsp; -0.94% | &nbsp;&nbsp; 1.38% |
| &nbsp;&nbsp;&nbsp; Custom Benchmark <br> (reflects no deduction for mutual fund fees <br> or expenses)<br>| &nbsp;&nbsp; 7.33% | &nbsp;&nbsp; -1.21% | &nbsp;&nbsp; 1.45% |

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**Management**

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

**Subadviser.** Western Asset Management Company, LLC is the subadviser to the Portfolio.

**Portfolio Managers.** The Portfolio is managed by a team at Western Asset led by **Mark Lindbloom**, Deputy Chief Investment Officer and Portfolio Manager, **Frederick Marki**, Portfolio Manager, **Michael Buchanan**, Chief Investment Officer and Portfolio Manager, and **Nicholas Mastroianni**, Portfolio Manager. Messrs. Lindbloom and Marki have been on the team since 2005. Mr. Buchanan has been on the team since 2025. Mr. Mastroianni has been on the team since April 2026.

**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.

BHF-36788

**Western Asset Management Government Income Portfolio**

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