04/25/2024 | Press release | Distributed by Public on 04/25/2024 11:33
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Glossary
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3
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Updated Information You Should Consider About the Contract
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3
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Contract Owner Inquiries
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3
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Important Information You Should Consider About the Contract
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5
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Appendix A: Underlying Funds Available Under the Contract
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A-1
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Appendix B: Underlying Funds Available Under the Benefits Offered Under the Contract
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B-1
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Rollover Requests (Non-ERISA plan/ IRA account)
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P.O. Box 70255
Philadelphia, PA 19176-0255
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Payments/ Contributions (Non-Qualified/ IRA account)
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P.O. Box 70247
Philadelphia, PA 19176-0247
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General Servicing Requests and Elections for Contracts
receiving Annuity Payments
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P.O. Box 4363
Clinton, IA 52733-4363
Telephone: (800) 882-1292
Fax: (877) 246-8424
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Death Claims for Contracts receiving Annuity Payments
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P.O. Box 4364
Clinton, IA 52733-4364
Telephone: (800) 882-1292
Fax: (877) 245-8163
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All Other Correspondence and Requests
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P.O. Box 4261
Clinton, IA 52733-4261
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Fees and Expenses
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Location in
Prospectus
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Charges for Early
Withdrawals
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If you withdraw money during the first 9 full Contract Years following a
Purchase Payment , you may be assessed a withdrawal charge of up to 8% of
the Purchase Payment and any associated Purchase Payment Credits
withdrawn, declining to 0% over that time period.
For example, if you make an early withdrawal, you could pay a withdrawal
charge of up to $8,000 on a $100,000 investment.
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Fee Table and
Examples
Charges and
Deductions -
Withdrawal
Charge
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Transaction
Charges
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In addition to withdrawal charges, you also may be charged for the
following transactions: transfers of cash value between investment options,
which include the Underlying Funds and the Fixed Account.
Transfer Charge. Currently, we allow unlimited transfers among the
investment options without charge. However, we reserve the right to charge
for transfers after the first 12 transfers per year.
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Fee Table and
Examples
Charges and
Deductions -
Transfer Charges
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Fees and Expenses
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Location in
Prospectus
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Ongoing Fees and
Expenses (annual
charges)
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The table below describes the fees and expenses that you may pay each
year, depending on the options you choose. Please refer to your Contract
specifications page for information about the specific fees you will pay each
year based on the options you have elected.
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Fee Table and
Examples
Charges and
Deductions
Appendix A:
Underlying Funds
Available Under
the Contract
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Annual Fee
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Minimum
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Maximum
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Base Contract1
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1.57%
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1.57%
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Investment options
(Portfolio Company fees
and expenses)2
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0.53%
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1.24%
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Optional benefits
available for an
additional charge (for a
single optional benefit, if
elected)
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0.15%3
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0.65%4
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1 As a percentage of average daily net assets of the Separate Account. The charge shown also
includes the annual Contract administrative charge.
2 As a percentage of fund assets before temporary expense reimbursements and/or fee
waivers.
3 As a percentage of average daily net assets of the Separate Account. This charge is the
current charge for the least expensive optional benefit.
4 As a percentage of average daily net assets of the Separate Account. This charge is the
current charge for the most expensive optional benefit.
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Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your
Contract, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add withdrawal
charges that substantially increase costs.
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Lowest Annual Cost
$1,451
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Highest Annual Cost
$3,714
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Assumes:
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Assumes:
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•Investment of $100,000
•5% annual appreciation
•Least expensive Portfolio Company
fees and expenses
•No optional benefits
•No Purchase Payment Credits
•No additional Purchase Payments,
transfers, or withdrawals
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•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
optional benefits and Portfolio
Company fees and expenses
•No Purchase Payment Credits
•No additional Purchase
Payments, transfers, or
withdrawals
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Risks
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Location in
Prospectus
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Risk of Loss
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You can lose money by investing in this Contract including loss of
principal.
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Principal Risks
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Not a Short-Term
Investment
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This Contract is not a short-term investment and is not appropriate for an
investor who needs ready access to cash.
Withdrawal charges may apply for the first 9 years of the Contract.
Withdrawal charges will reduce the value of your Contract if you withdraw
money during that time period.
The benefits of tax deferral and living benefit protection also mean the
Contract is more beneficial to investors with a long time horizon.
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Principal Risks
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Risks Associated
with Investment
Options
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•An investment in this Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the
investment options available under the Contract (e.g., Underlying
Funds).
•Each investment option, including the Fixed Account, has its own unique
risks.
•You should review the prospectuses for the available Underlying Funds
and the prospectus disclosure concerning the Fixed Account before
making an investment decision.
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Principal Risks
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Insurance
Company Risks
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An investment in the Contract is subject to the risks related to us. Any
obligations (including under the Fixed Account), or guarantees and benefits
of the Contract that exceed the assets of the Separate Account are subject
to our claims-paying ability. If we experience financial distress, we may not
be able to meet our obligations to you. More information about the
Company, including our financial strength ratings, is available by
contacting us at (888) 243-1968.
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Principal Risks
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Restrictions
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Investments
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•The Fixed Account is currently not available for new investments, except
through our Special Dollar Cost Averaging Program.
•Currently, we allow unlimited transfers without charge among
investment options during the accumulation phase. However, we reserve
the right to impose a charge for transfers in excess of 12 per year.
•We reserve the right to limit transfers in circumstances of frequent or
large transfers.
•We reserve the right to remove or substitute the Underlying Funds
available as investment options under the Contract.
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Transfers
Appendix C:
Fixed Account
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Optional Benefits
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•Certain optional benefits limit or restrict the investment options that you
may select under the Contract. We may change these restrictions in the
future.
• Certain optional benefits could limit subsequent Purchase Payments.
• Withdrawals may reduce the value of an optional benefit by an amount
greater than the value withdrawn, which could significantly reduce the
value or even terminate the benefit.
• You must select a specific annuity option to exercise the Variable
Liquidity Benefit during the annuity period.
•Purchase Payment Credits may not be included in the calculation of a
living or death benefit, including the standard death benefit.
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Benefits Available
Under the
Contract
Death Benefit
Living Benefits
Payment Options
- Variable
Liquidity Benefit
Appendix B:
Underlying Funds
Available Under
the Benefits
Offered Under
the Contract
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Taxes
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Location in
Prospectus
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Tax Implications
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•Consult with a tax professional to determine the tax implications of an
investment in and payments received under this Contract.
•If you purchase the Contract through a tax-qualified plan or individual
retirement account, you do not get any additional tax benefit.
•You will generally not be taxed on increases in the value of the Contract
until they are withdrawn. Withdrawals will be subject to ordinary
income tax, and may be subject to tax penalties if you take a withdrawal
before age 59½.
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Federal Tax
Considerations
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Conflicts of Interest
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Investment
Professional
Compensation
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Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g.,
bonuses), and non-cash compensation. This conflict of interest may
influence your investment professional to recommend this Contract over
another investment for which the investment professional is not
compensated or compensated less.
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Other
Information -
Distributor
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Exchanges
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If you already own an insurance contract, some investment professionals
may have a financial incentive to offer you a new contract in place of the
one you own. You should only exchange a contract you already own if you
determine, after comparing the features, fees, and risks of both contracts,
that it is better for you to purchase the new contract rather than continue to
own your existing contract.
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Other
Information -
Exchanges
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Investment Objectives
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Portfolio Company and
Adviser/Sub-Adviser
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Current
Expenses
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Average Annual
Total Returns
(as of 12/31/2023)
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1
Year
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5
Year
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10
Year
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Seeks both capital
appreciation and current
income.
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Invesco V.I. Equity and Income Fund -
Series I††
Invesco Advisers, Inc.
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0.57%
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10.56%
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9.93%
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7.06%
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Seeks long-term capital
appreciation.
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BNY Mellon Sustainable U.S. Equity
Portfolio, Inc. - Service Shares
The Dreyfus Corporation
Subadviser: Newton Investment
Management (North America) Limited
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0.92%
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23.50%
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14.85%
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10.18%
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Seeks to maximize total
return, consistent with
income generation and
prudent investment
management.
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BlackRock High Yield Portfolio -
Class B#
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Financial
Management, Inc.
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0.90%
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13.07%
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5.66%
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4.53%
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Seeks capital appreciation.
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Brighthouse/abrdn Emerging Markets
Equity Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: abrdn Investments Limited
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0.96%
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6.67%
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3.14%
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1.56%
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Seeks capital appreciation.
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Invesco Global Equity Portfolio -
Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Invesco Advisers, Inc.
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0.83%
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34.58%
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12.20%
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8.41%
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Seeks capital appreciation.
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MFS® Research International Portfolio -
Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial
Services Company
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0.90%
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12.82%
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8.54%
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4.17%
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Seeks long-term capital
appreciation by investing in
common stocks believed to
be undervalued. Income is
a secondary objective.
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T. Rowe Price Large Cap Value Portfolio
- Class B#
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
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0.78%
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9.64%
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11.26%
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8.66%
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Investment Objectives
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Portfolio Company and
Adviser/Sub-Adviser
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Current
Expenses
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Average Annual
Total Returns
(as of 12/31/2023)
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1
Year
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5
Year
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10
Year
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Seeks long-term growth of
capital.
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T. Rowe Price Mid Cap Growth Portfolio
- Class B#
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
Sub-Subadviser: T. Rowe Price
Investment Management, Inc.
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0.95%
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19.84%
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11.63%
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10.45%
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Seeks a competitive total
return primarily from
investing in fixed-income
securities.
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BlackRock Bond Income Portfolio -
Class B#
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC
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0.64%
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5.59%
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1.28%
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1.95%
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Seeks a high level of current
income consistent with
prudent investment risk and
preservation of capital.
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BlackRock Ultra-Short Term Bond
Portfolio - Class B#
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC
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0.61%
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4.80%
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1.50%
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0.98%
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Seeks high total return in
the form of income and
growth of capital, with a
greater emphasis on
income.
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Brighthouse Asset Allocation 40 Portfolio
- Class B‡
Brighthouse Investment Advisers, LLC
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0.89%
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10.52%
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5.60%
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4.34%
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Seeks a balance between a
high level of current
income and growth of
capital, with a greater
emphasis on growth of
capital.
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Brighthouse Asset Allocation 60 Portfolio
- Class B‡
Brighthouse Investment Advisers, LLC
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0.91%
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13.59%
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7.72%
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5.67%
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Seeks growth of capital.
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Brighthouse Asset Allocation 80 Portfolio
- Class B‡
Brighthouse Investment Advisers, LLC
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0.94%
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17.30%
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9.75%
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6.91%
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Seeks long-term capital
appreciation with some
current income.
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Brighthouse/Wellington Balanced
Portfolio - Class B
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management
Company LLP
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0.78%
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17.88%
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9.82%
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7.81%
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Seeks to provide a growing
stream of income over time
and, secondarily, long-term
capital appreciation and
current income.
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Brighthouse/Wellington Core Equity
Opportunities Portfolio - Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management
Company LLP
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0.86%
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7.38%
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12.84%
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10.08%
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Seeks maximum capital
appreciation.
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Frontier Mid Cap Growth Portfolio -
Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Frontier Capital Management
Company, LLC
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0.96%
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17.73%
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10.99%
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9.01%
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Seeks long-term growth of
capital.
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Jennison Growth Portfolio - Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Jennison Associates LLC
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0.80%
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52.86%
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17.69%
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14.03%
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Investment Objectives
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Portfolio Company and
Adviser/Sub-Adviser
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Current
Expenses
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Average Annual
Total Returns
(as of 12/31/2023)
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1
Year
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5
Year
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10
Year
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Seeks to track the
performance of the
Standard & Poor's 500®
Composite Stock Price
Index.
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MetLife Stock Index Portfolio - Class B#
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment
Management, LLC
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0.51%
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25.63%
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15.10%
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11.47%
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Seeks a favorable total
return through investment
in a diversified portfolio.
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MFS® Total Return Portfolio - Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial
Services Company
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0.87%
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10.13%
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8.26%
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6.33%
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Seeks capital appreciation.
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MFS® Value Portfolio - Class E#
Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial
Services Company
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0.73%
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7.97%
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11.39%
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8.62%
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Seeks high total return,
consisting principally of
capital appreciation.
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Neuberger Berman Genesis Portfolio -
Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Neuberger Berman
Investment Advisers LLC
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1.05%
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15.20%
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12.13%
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8.48%
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Seeks long-term growth of
capital.
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T. Rowe Price Large Cap Growth
Portfolio - Class E#
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
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0.72%
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46.66%
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13.35%
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11.72%
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Seeks long-term capital
growth.
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T. Rowe Price Small Cap Growth
Portfolio - Class B
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
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0.76%
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21.28%
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11.56%
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9.17%
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Seeks to maximize total
return consistent with
preservation of capital.
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Western Asset Management Strategic
Bond Opportunities Portfolio - Class E#
Brighthouse Investment Advisers, LLC
Subadviser: Western Asset Management
Company LLC
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0.71%
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9.30%
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2.65%
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2.87%
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Seeks long-term capital
appreciation.
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DWS Small Mid Cap Value VIP -
Class B#
DWS Investment Management Americas,
Inc.
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1.17%
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14.59%
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8.38%
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5.13%
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Seeks long-term capital
appreciation.
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Alger Capital Appreciation Portfolio -
Class S††
Fred Alger Management, LLC
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1.20%
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42.78%
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15.14%
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12.25%
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BlackRock Ultra-Short Term Bond Portfolio - Class B
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Brighthouse Asset Allocation 40 Portfolio - Class B
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Brighthouse Asset Allocation 60 Portfolio - Class B
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Brighthouse Asset Allocation 80 Portfolio - Class B
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