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Panagora Global Diversified Risk Portfolio General Information Portfolio Allocation

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Panagora Global Diversified Risk Portfolio General Information Portfolio Allocation March 31, 2021 PanAgora Global Diversified Risk Portfolio General Information Portfolio Allocation Inception Date April 15, 2014 Total Assets $254 Million (as of 3/31/2021) Adviser Brighthouse Investment Advisers, LLC SubAdviser PanAgora Asset Management, Inc. Portfolio Managers Bryan Belton, CFA, Director, Multi Asset Edward Qian, Ph.D., CFA, Chief Investment Officer and Head of Multi Asset Research Jonathon Beaulieu, CFA Investment Strategy The PanAgora Global Diversified Risk Portfolio investment philosophy is centered on the belief that risk diversification is the key to generating better risk-adjusted returns and avoiding risk concentration within a portfolio is the best way to achieve true diversification. They look to accomplish this by evaluating risk across and within asset classes using proprietary risk assessment and management techniques, including an approach to active risk management called Dynamic Risk Allocation. The portfolio targets a risk allocation of 40% equities, 40% fixed income and 20% inflation protection. Portfolio Statistics Portfolio Composition 1 Yr 3 Yr Inception 1.88 0.62 Sharpe Ratio 0.6 Positioning as of Positioning as of 0.83 0.75 Beta* 0.78 December 31, 2020 March 31, 2021 Correlation* 0.87 0.86 0.79 42.4% 10.04 10.6 Global Equity 43.4% Std. Deviation 9.15 24.9% U.S. Stocks 23.6% Weighted Portfolio Duration (Month End) 9.0% 8.03 Developed non-U.S. Stocks 9.8% 8.5% *Statistic is measured against the Dow Jones Moderate Index Emerging Markets Equity 10.0% 106.8% Portfolio Benchmark: Nominal Fixed Income 142.6% 42.0% The Dow Jones Moderate Index is a composite index with U.S. Treasury Bonds 74.4% approximately 60% of its weight allocated to global equities, 35% 9.7% U.S. Investment Grade Debt 10.6% to global bonds, and 5% to cash. 55.0% Non-U.S. Sovereign Debt 57.6% 34.1% Inflation Protected 33.4% 2.6% Current Risk Allocation Energy Commodities 3.2% 2.7% Industrial Metals Commodities 2.5% Risk Precious Metals Commodities 3.4% 3.2% Allocation Agriculture Commodities 5.3% 47.7% Equity Risk 23.6% Global Inflation-linked Bonds 13.9% 14.6% Bloomberg Commodity Index 5.1% Nominal Interest Rate Risk 36.0%% 5.0% Total Portfolio Exposure 219.4% 183.3% Inflation Risk 40.4% Total 100% Top 5 Holdings Strategic Risk Allocation % of Portfolio INTEREST RATE SWAP ON 5 YR RATE 10.0% U.S. TREASURY 30 YR BONDS FUTURE 6.9% 40% Equity INTEREST RATE SWAP ON 10 YR RATE 6.6% 40% Nominal JAPAN 10 YR MINI BOND FUTURE 6.1% Interest Rate ISHARES IBOXX INVESTMENT GRADE 5.3% Total 34.9% 20% Inflationflati Glossary of Terms Glossary Terms Alpha Sharpe Ratio Measures the portion of a fund’s return that is unrelated to movements in the benchmark. The ratio of a fund’s excess returns (over the Merrill Lynch 3-Month Treasury Bill index) to Duration BetaIt is calculated over the most recent 36 months of data. its standard deviation. Measured over a 36-month period. Measures the degree to which a fund’s return is affected by movements A measure of the sensitivity of the price of a fixed income investment inBeta the market, represented by the fund’s benchmark index. The market toStandard a change Deviation in interest rates. The larger the number duration number, isMeasures represented the degree as 1.0, to whichso a funda fund’s with return a beta is affected of 2.0 bymeans movements that thein the fund’s market, theMeasures greater the the historical interest-rate volatility riskof a or fund. reward Funds for with bond higher prices. standard Measure deviation are represented by the fund’s benchmark index. The market is represented as 1.0, so a fund generally considered to be riskier. price moves twice as much as the market, plus or minus the fund’s alpha. expressed as a number of years. with a beta of 2.0 means that the fund’s price moves twice as much as the market, plus or Volatility minus the fund’s alpha. Correlation SharpeVolatility Ratio is a statistical measurement of the magnitude of up and down fluctuations in the AR-Squared statistical measure of how two securities move in relation to each Thevalue ratio of a of financial a fund’s instrument excess orreturns index over(over time. the Volatility Merrill mayLynch result 3-Month from rapid and other.Measures Correlation the proportion ranges of a fund’s between performance -1 and that +1. is A related correlation to its benchmark of -1 equals index. For Treasurydramatic price Bill index)swings. to its standard deviation. Most meaningful with at perfectexample, negative a large cap correlation. equity fund with A correlation an R2 of 86 ofthat +1 is equals benchmarked perfect to thepositive S&P 500 least 36 months of data. correlation.Index indicates If that the 86% correlation of the fund’s is 0, historical the movements behavior can of be the attributed securities to movements are Standard Deviation saidin the to S&P have 500. no correlation; they are completely random. For purposes of Measures the historical volatility of a fund. Funds with higher standard this portfolio, portfolio correlation is being measured vs. the DJ Global deviation are generally considered to be riskier. Most meaningful with Moderate Index. Most meaningful with at least 36 months of data. 1 Please refer to the Portfolio prospectus for additional details. at least 36 months of data. 2 The Portfolio will use a combination of interest rate derivatives (with a nominal value of approximately 30% of the Portfolio’s value but may range ±5%) backed by cash and cash equivalents to provide additional 1 diversificationPlease refer and to thebalance Portfolio the sources prospectus of risk in the for Portfolio. additional details. 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 “Primary Risks of Investing in the Portfolio” in the Prospectus,The value anyof yourof which investment could cause in the the Portfolio Portfolio’s may return, be affected the price ofby theone Portfolio’s or more ofshares the following or the Portfolio’s risks, whichyield toare fluctuate. described Please in morenote detailthat there in “Primary are many Risks other of circumstancesInvesting in the that Portfolio” in the Prospectus, any of which could cause the Portfolio’s return, the price of the Portfolio’s shares or the Portfolio’s yield to fluctuate. Please note that there are couldmany adversely other circumstances affect your investment that could and adversely prevent affectthe Portfolio your investmentfrom reaching and its preventobjective, the which Portfolio are notfrom described reaching here. its objective, which are not described here. May invest in derivatives to obtain investment exposure, enhance return or protect the Portfolio’s assets from unfavorable shifts in the value or rate of underlying investments. Because ofInvests their complex in securities nature, ofsome foreign derivatives companies may and not governments, perform as intended, which involves can significantly risks not increase typically the associated Portfolio’s with exposure U.S. investments, to the existing including risks of thechanges underlying in currency investments exchange and mayrates; beeconomic, illiquid and political difficult and to value. social As conditions a result, the in foreignPortfolio countries; may not realizeand governmental the anticipated regulations benefits from and accountinga derivative standardsit holds or differentit may realize from losses. those Derivative in the U.S. transactions may create investmentThis portfolio leverage, invests which in amay limited increase number the volatilityof issuers. and Poor may performance require liquidation of a single of securities issuer whenwill generally it may not have be advantageousa more adverse to doimpact so. on the return of the portfolio than on a Theportfolio Portfolio that is a invests “fund-of-funds” across a greater portfolio. number Because of ofissuers. this two-tier structure, the Portfolio bears its own investment management fee and expenses, which includes the cost of the asset allocation services it provides, as well as its pro rata share of the management fee and expenses of each underlying portfolio. Without these asset allocation services, the contract owner’s expensesMay invest would in derivativesbe lower. to obtain investment exposure, enhance return or protect the Portfolio’s assets from unfavorable shifts in the value or rate of underlying investments. Because of their complex nature, some derivatives may not perform as intended, can significantly increase the Portfolio’s exposure to the existing risks of the underlying Investsinvestments in securities and mayof foreign be illiquid companies and difficult and governments, to value. which As a involvesresult, the risks Portfolio not typically may associatednot realize withthe U.S.anticipated investments, benefits including from changes a derivative in currency it holds exchange or it mayrates; realize economic, losses. politicalDerivative and transactionssocial conditions may in create foreign investment countries; andleverage, governmental which may regulations increase and the accountingvolatility and standards may require different liquidation from those of securities in the U.S. when it may not be advantageous to do so. SM TheThe BlackRock PanAgora Global Global Track Diversified Strategies RiskPortfolio Portfolio is a partis a ofpart the of MetLifethe MetLife Protected risk Growthmanaged Strategies portfolios lineup availableavailable onlyonly throughthrough certaincertain MetLife MetLife variable variable products. products. Certain broker/dealers do not make some of the Protected Growth Strategy portfolios available when you apply for a MetLife Investors variable annuity contract. If you would like to invest inIf a you Protected would Growthlike to invest Strategy in aportfolio risk managed that is portfolionot available that atis notapplication, available you at application,may do so after you the may variable do so afterannuity the contract variable has annuity been contractissued.
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