# EDGAR Filing Document

**Accession Number:** 0001126087
**File Stem:** 0001193125-26-176245
**Filing Date:** 2026-4
**Character Count:** 20116
**Document Hash:** 2b56930cc0fd222bd921518f0d168662
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-176245.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001193125-26-176245

**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:** 26891693

**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

### Brighthouse/Eaton Vance Floating Rate Portfolio (Series ID: S000028757)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000088087 | Class A      |  |
| C000088088 | Class B      |  |

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

BRIGHTHOUSE FUNDS TRUST I SUMMARY PROSPECTUS April 27, 2026

Brighthouse/Eaton Vance Floating Rate Portfolio

**Class A and 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**

A high level of current 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) |
|  | **Class A** | **Class B** |
| Management Fee | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% |
| Distribution and/or Service (12b-1) Fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| Total Annual Portfolio Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% |
| Fee Waiver<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03%)<br>|
| Net Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% |

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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 for each class of the Portfolio. This arrangement 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 A | &nbsp;&nbsp; $72 | &nbsp;&nbsp; $230 | &nbsp;&nbsp; $403 | &nbsp;&nbsp; $904 |
| Class B | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $309 | &nbsp;&nbsp; $539 | &nbsp;&nbsp; $1199 |

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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 34% of the average value of its portfolio.

**Principal Investment Strategies**

Eaton Vance Management ("Eaton Vance" or "Subadviser"), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolio's net assets in income producing floating rate loans and other floating rate debt securities. The Portfolio invests primarily in senior floating rate loans of domestic and foreign borrowers ("Senior Loans"). Senior Loans typically are secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to subordinated debtholders and stockholders of the borrower. Loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high yield/high risk, speculative characteristics.

The Portfolio may also invest in secured and unsecured subordinated loans, second lien loans and subordinated bridge loans ("Junior Loans"). In addition, the Portfolio may invest in

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other floating rate debt securities, fixed income debt obligations and money market instruments, which may include bonds, notes and debentures issued by corporations; debt securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and commercial paper. Those money market instruments with a remaining maturity of less than 60 days will be deemed floating rate debt securities. Senior Loans and Junior Loans are referred to together herein as "loans."

The Portfolio may invest up to 20% of its total assets in foreign Senior Loans and foreign securities. Foreign Senior Loans must be U.S. dollar denominated or be denominated in Euros, British pounds, Swiss francs, or Canadian dollars (each such foreign currency, an "Authorized Foreign Currency").

Eaton Vance's portfolio managers seek to maintain broad borrower and industry diversification among the Portfolio's loans. When selecting loans, the portfolio managers seek to implement a systematic risk-weighted approach that utilizes fundamental analysis of risk/return characteristics. Loans may be sold if, in the opinion of Eaton Vance's portfolio managers, the risk-return profile deteriorates or if the portfolio managers wish to pursue more attractive investment opportunities. In managing the Portfolio, Eaton Vance seeks to invest in a portfolio of loans that it believes will be less volatile over time than the general loan market. Preservation of capital is considered when consistent with the Portfolio's objective.

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 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.

**Loan Investment Risk.** Investments 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 Portfolio 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 Portfolio 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

**Brighthouse/Eaton Vance Floating Rate Portfolio**

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the Portfolio invests. Purchases and sales of loans are generally subject to contractual restrictions that may impede the Portfolio'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 Portfolio may hold cash, sell investments, or temporarily borrow from banks or other lenders in order to meet short-term liquidity needs. The Portfolio 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 Portfolio'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.

**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.

**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.

**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**

![](g344123bhevfra.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarter | Q2 2020 | 7.04% |
| Lowest Quarter | Q1 2020 | -10.07% |

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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; 4.05% | &nbsp;&nbsp; 5.01% | &nbsp;&nbsp; 4.85% |
| Class B | &nbsp;&nbsp; 3.81% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.59% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Universal Bond Index <br> (reflects no deduction for mutual fund fees <br> or expenses)<br>| &nbsp;&nbsp; 7.58% | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 2.44% |
| &nbsp;&nbsp;&nbsp; Morningstar LSTA U.S. Leveraged Loan Index <br> (reflects no deduction for mutual fund fees <br> or expenses)<br>| &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.42% | &nbsp;&nbsp; 5.83% |

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**Management**

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

**Subadviser.** Eaton Vance Management is the subadviser to the Portfolio.

**Portfolio Managers. Peter Campo**, CFA, Vice President and Portfolio Manager, has managed the Portfolio since 2025. **Ralph H. Hinckley Jr.**, CFA, Vice President and Portfolio Manager, has managed the Portfolio since 2025. **Michael J. Turgel**, CFA, Vice President and Portfolio Manager, has managed the Portfolio since 2020.

**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.

**Brighthouse/Eaton Vance Floating Rate Portfolio**

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**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-36758

**Brighthouse/Eaton Vance Floating Rate Portfolio**

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