Brighthouse Fund UL III for Variable Life Insurance

04/15/2026 | Press release | Distributed by Public on 04/15/2026 07:17

Notice Document by Insurance Company (Form N-VP)

 
Corporate Select
ISSUED BY
BRIGHTHOUSE LIFE INSURANCE COMPANY
and
Brighthouse Fund UL III for Variable Life Insurance
 
Disclosure Notice
April 27, 2026
A Corporate Owned Flexible Premium Variable Life Insurance Policy
This Disclosure Notice provides certain updated information about Corporate Select, a corporate owned flexible premium variable life insurance policy (the "Policy") issued by Brighthouse Life Insurance Company (the "Company", or "we" or "us"). The Policy is no longer available for purchase.
Updated financial statements for the Company and Brighthouse Fund UL III for Variable Life Insurance (the "Separate Account") are available free of charge at https://dfinview.com/BHF/PUFT/BHF111. The Policy prospectus, dated April 29, 2019, as supplemented, is available and contains more information about the Policy, including its features, benefits, and risks. You can obtain this information at no cost by calling 877-887-3510 or by sending an email request to [email protected].
The Policy is a complex investment and involves risks, including potential loss of principal. The Policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Surrenders (partial or full) could result in taxes.
The Company's obligations under the Policy are subject to our financial strength and claims-paying ability. Additional general information about certain investment products, including variable life insurance, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or determined if this Disclosure Notice is accurate or complete. Any representation to the contrary is a criminal offense.
Table of Contents
 
Page
Glossary
3
Updated Information You Should Consider About the Policy
3
Important Information You Should Consider About The Policy
6
Appendix A: Funds Available Under The Policy
A-1
2
Glossary
Cash Surrender Value - the Contract Value less any Outstanding Loans.
Contract Value - the sum of the accumulated value held in the Investment Options plus the Loan Account value and the Fixed Account value attributable to the Policy.
Cost of Insurance Charge - a charge that reflects the anticipated mortality of the Insured.
Death Benefit - the amount payable to the Beneficiary if this Policy is in force upon the death of the Insured.
Fund - a registered open-end management investment company or a series thereof that corresponds to an Investment Option. Each Investment Option invests directly in a mutual fund of the same name.
Fixed Account - part of the General Account of the Company.
General Account - an account that consists of the Company's assets other than those held in any separate account.
Insured - the person whose life is insured under the Policy.
Investment Options - the segments of the Separate Account to which you may allocate Premium Payments or Contract Value. Each Investment Option invests directly in a corresponding mutual fund.
Monitored Portfolios - Certain Funds on which we monitor transfer activity. We may change the Monitored Portfolios at any time without notice in our sole discretion.
Monthly Deduction Amount - the amount of charges deducted from the Policy's Contract Value, which includes cost of insurance charges, administrative charges, and any charges for benefits associated with any Rider(s).
Policy -Corporate Owned Variable Universal Life Insurance, a corporate owned variable flexible premium life insurance policy.
Policy Month - twelve one-month periods during the Policy Year, each of which begins on the Policy Date or the Deduction Day.
Policy Year - each successive twelve-month period; the first beginning with the Policy Date.
Premium Payment - the amounts you send us to be applied to your Policy.
Riders - supplemental insurance benefits offered under the Policy.
Updated Information You Should Consider About the Policy
The information in this section is a summary of certain Policy features that have changed since the the Disclosure Notice dated April 28, 2025. This does not reflect all of the changes that have occurred since you purchased your Policy.
On November 6, 2025, Brighthouse Financial, Inc. ("BHF") and Aquarian Capital LLC ("Aquarian") announced that they had entered into a definitive agreement under which an affiliate of Aquarian will acquire BHF. This transaction is subject to the satisfaction or waiver of customary closing conditions, including receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction or waiver of the other conditions, the transaction is expected to be consummated in 2026.
Upon the consummation of the transaction, Aquarian will become the ultimate parent of BHF and the Company will remain an indirect wholly-owned subsidiary of BHF. Although Aquarian will replace BHF as the Company's ultimate parent, the Company will continue in its present role as the issuer of your Policy. All of your rights and benefits under your Policy and the Company's obligations under the Policy will remain unchanged.
Founded in 2017, Aquarian Capital is a diversified global holding company with a strategic portfolio of insurance and asset management solutions. Aquarian is headquartered in New York, NY.
3
Additional Information Regarding Funds
Certain Funds were subject to a name or other change. The chart below describes these changes in more detail.
Fund Name Changes 
Former Name
New Name
American Funds Insurance Series®
American Funds Insurance Series®
American Funds Global Small Capitalization Fund
American Funds SMALLCAP World Fund®*
American Funds International Fund
American Funds EUPAC Fund™*
BNY Mellon Variable Investment Fund
BNY Mellon Variable Investment Fund
Opportunistic Small Cap Portfolio
Small Cap Portfolio**
Brighthouse Funds Trust I
Brighthouse Funds Trust I
SSGA Emerging Markets Enhanced Index Portfolio
State Street Emerging Markets Enhanced Index Portfolio
Delaware VIP® Trust
Delaware VIP® Trust
Macquarie VIP Small Cap Value Series
Nomura VIP Small Cap Value Series***
Franklin Templeton Variable Insurance Products Trust
Franklin Templeton Variable Insurance Products Trust
Templeton Developing Markets VIP Fund
Templeton Emerging Markets VIP Fund*
* The effective date of this name change is May 1, 2026.
** The effective date of this name change was December 31, 2025.
*** The effective date of this name change was December 1, 2025.
Fund Additions
The following Funds have been added to the Policy:
Fidelity® Variable Insurance Products
Freedom 2040 Portfolio - Initial Class
Freedom 2050 Portfolio - Initial Class
Trust/Fund Reorganization
Each of the following Former Funds of the Former Trust has been reorganized into a corresponding New Fund of the New Trust. 
Former Trust/Fund
New Trust/Fund
Legg Mason Partners Variable Equity Trust
Lincoln Variable Insurance Products Trust
ClearBridge Variable Appreciation Portfolio
LVIP ClearBridge Appreciation Fund
ClearBridge Variable Dividend Strategy Portfolio
LVIP ClearBridge Dividend Strategy Fund
ClearBridge Variable Large Cap Growth Portfolio
LVIP ClearBridge Large Cap Growth Fund
ClearBridge Variable Large Cap Value Portfolio
LVIP ClearBridge Large Cap Value Fund
Policy Charges and Deductions
Monthly Sales Expense Charge. The monthly sales expense charge has been modified in order to eliminate the current charge on any increase in coverage under the Policy once the Policy has been in force for 20 Policy Years.
Transfers
Monitored Portfolios. We monitor transfer activity in the following Funds for purposes of imposing our restrictions on frequent transfers.
AB VPS International Value Portfolio
AB VPS Sustainable Global Thematic Portfolio
American Funds American High-Income Trust
American Funds EUPAC Fund™
American Funds Global Growth Fund
American Funds Growth Fund
4
American Funds Growth-Income Fund
American Funds New World Fund®
American Funds SMALLCAP World Fund®
American Funds The Bond Fund of America
American Funds U.S. Government Securities Fund
Baillie Gifford International Stock Portfolio
BlackRock High Yield Portfolio
Brighthouse Small Cap Value Portfolio
Brighthouse/Eaton Vance Floating Rate Portfolio
CBRE Global Real Estate Portfolio
Emerging Markets Debt Portfolio
Emerging Markets Equity Portfolio
Franklin Mutual Global Discovery VIP Fund
Franklin Small-Mid Cap Growth VIP Fund
Harris Oakmark International Portfolio
High Income Portfolio
Invesco Global Equity Portfolio
Invesco Small Cap Growth Portfolio
Invesco V.I. EQV International Equity Fund
Invesco V.I. Main Street Small Cap Fund®
Janus Henderson Global Research Portfolio
Janus Henderson Global Technology and Innovation Portfolio
Janus Henderson Overseas Portfolio
Loomis Sayles Global Allocation Portfolio
Loomis Sayles Small Cap Core Portfolio
MetLife MSCI EAFE® Index Portfolio
MetLife Russell 2000® Index Portfolio
MFS® Global Equity Series
MFS® High Yield Portfolio
MFS® New Discovery Series
MFS® Research International Portfolio
Neuberger Berman Genesis Portfolio
Nomura VIP Small Cap Value Series
Overseas Portfolio
Putnam VT International Value Fund
Royce Micro-Cap Portfolio
Royce Small-Cap Portfolio
Small Cap Portfolio
Small Company Growth Portfolio
State Street Emerging Markets Enhanced Index Portfolio
T. Rowe Price Small Cap Growth Portfolio
Templeton Emerging Markets VIP Fund
Templeton Foreign VIP Fund
Templeton Global Bond VIP Fund
Western Asset Management Strategic Bond Opportunities Portfolio
Western Asset Variable Global High Yield Bond Portfolio
5
Important Information You Should Consider About The Policy  
Fees and Expenses
Location in
Prospectus
Charges for Early
Withdrawals
None.
Policy Charges and
Deductions -
Charges Against
Contract Value
 
Fee Tables
Transaction
Charges
You may be charged for certain transactions. These charges include a
sales charge, a state premium tax charge and a federal deferred
acquisition cost charge with respect to Premium Payments, a charge for
transfers of Contract Value among Investment Options, and a charge for
Policy illustrations. We do not currently impose a charge for transfers or
illustrations but reserve the right to do so.
Policy Charges and
Deductions -
Charges Against
Premium; Charges
Against Contract
Value
 
Fee Tables
Ongoing Fees and
Expenses (annual
charges)
In addition to transaction charges, an investment in the Policy is subject
to certain ongoing fees and expenses, including a Cost of Insurance
Charge, a Policy administrative expense charge, a mortality and expense
risk charge, a Policy loan cost and charges for various Riders offered
along with the Policy. Certain of these ongoing charges vary in amount
depending on the Insured's Age, risk class, and (except for unisex
Policies) sex. You should view the Policy Summary page of your Policy
for the specific charges applicable to your Policy.
 
 
You will also bear expenses associated with the Funds under the Policy,
as shown in the following table:
Policy Charges and
Deductions -
Charges Against
Cash Value; Charges
Against the Separate
Account
 
Fee Tables
 
Appendix A: Funds
Available Under the
Policy (located in
this Disclosure
Notice)
Annual Fee
Minimum
Maximum
Investment options
(Fund fees and expenses)
0.09%
3.38%
RISKS
Risk of Loss
You can lose money by investing in the Policy.
Summary of
Principal Policy
Benefits and Risks
Not a Short-Term
Investment
The Policy is not a short-term investment and is not appropriate for an
investor who needs ready access to cash. If you make a premature
withdrawal of cash from your Policy, you may incur possible federal
income tax.
Summary of
Principal Policy
Benefits and Risks
 
Policy Charges and
Deductions
6
Risks Associated
with Investment
Options
An investment in the Policy is subject to the risk of poor investment
performance and can vary depending on the performance of the
investment options available under the Policy (e.g., the Funds). Each
investment option, including the Fixed Account, will have its own
unique risks, and you should review these investment options before
making an investment decision.
 
There is no guarantee that a money market fund will be able to maintain
a stable net asset value of $1.00 per share. During extended periods of
low interest rates, the yield of an Investment Option that invests in a
money market fund may become extremely low and possibly negative. It
is therefore possible that your Contract Value may decline even when
you select a money market fund for investment.
Description of the
Company, Separate
Account and Funds
- The Funds
Insurance
Company Risks
An investment in the Policy is subject to the risks related to the
Company, including that any obligations (including obligations related to
amounts invested in the Fixed Account), guarantees or benefits are
subject to the Company's claims-paying ability. More information about
the Company, including its financial strength ratings, is available upon
request by calling (888) 243-1968.
Description of the
Company, Separate
Account and Funds
- The Insurance
Company
Contract Lapse
In general, in any month that your Policy's Cash Surrender Value is not
large enough to cover the Monthly Deduction Amount, your Policy will
be in default, and may lapse. Your Policy's Cash Surrender Value can be
impacted by poor investment performance of the Funds you select. Your
Policy may also lapse if Policy loans plus accrued interest exceed the
Policy's Contract Value. Additionally, insufficient Premium Payments,
withdrawals and Policy charges (including increases in those charges)
could cause the Policy to lapse and you will no longer have insurance
coverage. If your Policy has lapsed, you may reinstate it within three
years from the date the last Monthly Deduction Amount was paid.
Reinstatement in all cases requires payment of certain charges described
in the Policy and usually requires evidence of insurability that is
satisfactory to us. A Death Benefit will not be paid if the Policy has
lapsed.
Lapse and
Reinstatement
RESTRICTIONS
Investments
Availability of Funds. We reserve the right to close or substitute a Fund or
limit its availability to subsequent Premium Payments and/or transfers of
Contract Value.
Transfers. We reserve the right to impose a charge of $10 on transfers in
excess of six per year and to limit transfers in circumstances of frequent
or large transfers. We may also limit the frequency and amount of
transfers from the Fixed Account to the Investment Options and from the
Investment Options to the Fixed Account.
Description of the
Company, Separate
Account and Funds
- The Funds
 
Transfers
Optional Benefits
Various optional benefits may be available in the form of a Rider to your
Policy. Not all of these Riders may be available to you. In general,
supplemental insurance benefits may be (i) available only to insureds
within certain age ranges and/or who meet certain criteria (e.g., terminal
illness); (ii) subject to minimum and/or maximum specified amounts; or
(iii) subject to certain termination conditions. We may stop offering an
optional benefit at any time.
Other Benefits
Available Under the
Policy
TAXES
Tax Implications
You should consult with a tax professional to determine the tax
implications of an investment in and payments received under the
Policy. Please note that there is no additional tax benefit to you if the
Policy is purchased through a tax-qualified plan. Withdrawals will be
subject to ordinary income tax and may be subject to tax penalties.
Federal Tax
Considerations
7
CONFLICTS OF INTEREST
Investment
Professional
Compensation
All firms selling the Policy receive commissions. The portion of the
commission payments that selling firms pass on to their sales
representatives is determined in accordance with their internal
compensation programs. A selling firm, or a sales representative of a
selling firm, may receive different compensation for selling one product
over another and may have a financial incentive to offer or recommend
the Policy over another investment. Apart from the payment of
commissions, selling firms may receive additional compensation,
including marketing allowances, introduction fees, persistency
payments, preferred status fees and industry conference fees.
Distribution &
Compensation
Exchanges
In general, sales representatives may have a financial incentive to offer
you a new insurance policy in place of the Policy you already own. You
should exchange your Policy only if you determine, after comparing the
features, fees, and risks of both policies, that it is preferable for you to
purchase the new policy rather than continue to own the existing Policy.
Distribution &
Compensation
8
Appendix A
Funds Available Under The Policy
The following is a list of Funds available under the Policy. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at https://dfinview.com/BHF/PUFT/BHF111. You can also request this information at no cost by calling 877-887-3510 or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Fund, but do not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Fund's past performance is not necessarily an indication of future performance.  
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks long-term growth of
capital.
AB VPS International Value Portfolio -
Class A#
AllianceBernstein L.P.
0.90%
41.70%
10.47%
6.64%
Seeks long-term growth of
capital.
AB VPS Sustainable Global Thematic
Portfolio - Class B#
AllianceBernstein L.P.
1.19%
6.02%
3.02%
9.80%
Seeks capital growth and
income through
investments in equity
securities, including
common stocks, preferred
stocks and securities
convertible into common
and preferred stocks.
Invesco V.I. Comstock Fund - Series II
Invesco Advisers, Inc.
1.00%
17.14%
15.14%
11.67%
Seeks long-term growth of
capital.
Invesco V.I. EQV International Equity
Fund - Series I
Invesco Advisers, Inc.
0.90%
16.50%
3.68%
6.22%
Seeks total return,
comprised of current
income and capital
appreciation.
Invesco V.I. Government Securities Fund
- Series I
Invesco Advisers, Inc.
0.70%
7.37%
0.04%
1.60%
Seeks capital appreciation.
Invesco V.I. Main Street Small Cap Fund®
- Series I
Invesco Advisers, Inc.
0.84%
8.70%
8.34%
10.59%
Seeks a high level of current
income. Its secondary
investment objective is
capital appreciation.
American Funds American High-Income
Trust - Class 2#
Capital Research and Management
CompanySM
0.62%
8.24%
5.60%
6.96%
Seeks long-term growth of
capital.
American Funds EUPAC Fund™ -
Class 22#
Capital Research and Management
CompanySM
0.72%
26.77%
3.40%
7.00%
Seeks long-term growth of
capital.
American Funds Global Growth Fund -
Class 2#
Capital Research and Management
CompanySM
0.65%
21.62%
8.23%
12.17%
A-1
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks growth of capital.
American Funds Growth Fund - Class 2
Capital Research and Management
CompanySM
0.58%
20.24%
13.37%
17.97%
Seeks long-term growth of
capital and income.
American Funds Growth-Income Fund
- Class 2
Capital Research and Management
CompanySM
0.53%
18.06%
13.90%
13.92%
Seeks long-term capital
appreciation.
American Funds New World Fund® -
Class 2#
Capital Research and Management
CompanySM
0.82%
28.29%
5.33%
9.25%
Seeks long-term growth of
capital.
American Funds SMALLCAP World
Fund® - Class 21#
Capital Research and Management
CompanySM
0.90%
14.64%
0.49%
7.23%
Seeks as high a level of
current income as is
consistent with the
preservation of capital.
American Funds The Bond Fund of
America - Class 2#
Capital Research and Management
CompanySM
0.47%
7.26%
-0.14%
2.36%
Seeks a high level of current
income consistent with
prudent investment risk and
preservation of capital.
American Funds U.S. Government
Securities Fund - Class 2#
Capital Research and Management
CompanySM
0.50%
7.75%
-0.23%
1.70%
Seeks long-term capital
growth consistent with the
preservation of capital. Its
secondary goal is current
income.
Appreciation Portfolio - Initial Shares
BNY Mellon Investment Adviser, Inc.
Subadviser: Fayez Sarofim & Co.
0.85%
10.07%
9.37%
12.92%
Seeks capital growth.
Small Cap Portfolio - Initial Shares
BNY Mellon Investment Adviser, Inc.
Subadviser: Newton Investment
Management North America, LLC
0.83%
10.99%
4.26%
7.83%
Seeks to maximize total
return, consistent with
income generation and
prudent investment
management.
BlackRock High Yield Portfolio -
Class A#
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Financial
Management, Inc.
0.63%
9.15%
4.94%
6.62%
Seeks growth of capital.
Brighthouse Asset Allocation 100
Portfolio - Class B‡
Brighthouse Investment Advisers, LLC
0.96%
17.06%
8.63%
10.70%
Seeks long-term capital
appreciation.
Brighthouse Small Cap Value Portfolio -
Class B#†
Brighthouse Investment Advisers, LLC
Subadviser: Allspring Global
Investments, LLC
1.03%
-3.21%
6.43%
8.07%
Seeks a high level of current
income.
Brighthouse/Eaton Vance Floating Rate
Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Eaton Vance Management
0.70%
4.05%
5.01%
4.85%
A-2
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks long-term capital
appreciation.
Brighthouse/Wellington Large Cap
Research Portfolio - Class E#
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management
Company LLP
0.69%
15.74%
12.14%
13.45%
Seeks total return through
investment in real estate
securities, emphasizing
both capital appreciation
and current income.
CBRE Global Real Estate Portfolio -
Class A#
Brighthouse Investment Advisers, LLC
Subadviser: CBRE Investment
Management Listed Real Assets LLC
0.66%
7.11%
4.30%
4.22%
Seeks long-term capital
appreciation.
Harris Oakmark International Portfolio -
Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Harris Associates L.P.
0.72%
33.17%
6.72%
7.01%
Seeks capital appreciation.
Invesco Global Equity Portfolio -
Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Invesco Advisers, Inc.
0.83%
15.60%
7.30%
11.00%
Seeks long-term growth of
capital.
Invesco Small Cap Growth Portfolio -
Class A#†
Brighthouse Investment Advisers, LLC
Subadviser: Invesco Advisers, Inc.
0.74%
6.17%
-0.66%
9.27%
Seeks to maximize total
return.
JPMorgan Core Bond Portfolio -
Class B#
Brighthouse Investment Advisers, LLC
Subadviser: J.P. Morgan Investment
Management Inc.
0.70%
6.95%
-0.19%
2.02%
Seeks high total investment
return through a
combination of capital
appreciation and income.
Loomis Sayles Global Allocation
Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles & Company,
L.P.
0.79%
12.94%
6.52%
9.50%
Seeks long-term growth of
capital.
Loomis Sayles Growth Portfolio -
Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles & Company,
L.P.
0.55%
15.21%
15.06%
14.19%
Seeks capital appreciation.
MFS® Research International Portfolio -
Class B#†
Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial
Services Company
0.81%
22.41%
5.54%
7.57%
Seeks capital appreciation.
Morgan Stanley Discovery Portfolio -
Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Morgan Stanley Investment
Management Inc.
0.65%
13.55%
-5.58%
14.29%
A-3
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks maximum real return,
consistent with preservation
of capital and prudent
investment management.
PIMCO Inflation Protected Bond
Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Pacific Investment
Management Company LLC
1.13%
7.93%
1.40%
3.35%
Seeks to provide total
return, primarily through
capital appreciation.
State Street Emerging Markets Enhanced
Index Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: SSGA Funds Management,
Inc
0.55%
34.45%
6.31%
-
Seeks long-term capital
appreciation by investing in
common stocks believed to
be undervalued. Income is
a secondary objective.
T. Rowe Price Large Cap Value Portfolio
- Class B#
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
0.78%
12.05%
10.28%
10.09%
Seeks long-term capital
appreciation by investing in
common stocks believed to
be undervalued. Income is
a secondary objective.
T. Rowe Price Large Cap Value Portfolio
- Class E††
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
0.68%
12.16%
10.39%
10.20%
Seeks long-term growth of
capital.
T. Rowe Price Mid Cap Growth Portfolio
- Class A††
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
Sub-Subadviser: T. Rowe Price
Investment Management, Inc.
0.70%
3.75%
4.08%
10.05%
Seeks high total return by
investing in equity
securities of mid-sized
companies.
Victory Sycamore Mid Cap Value
Portfolio - Class B#
Brighthouse Investment Advisers, LLC
Subadviser: Victory Capital Management
Inc.
0.85%
2.29%
9.62%
9.58%
Seeks long-term growth of
capital.
Baillie Gifford International Stock
Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Baillie Gifford Overseas
Limited
0.74%
19.31%
0.96%
7.62%
Seeks a competitive total
return primarily from
investing in fixed-income
securities.
BlackRock Bond Income Portfolio -
Class A#
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC
0.38%
7.95%
-0.17%
2.38%
Seeks long-term growth of
capital.
BlackRock Capital Appreciation Portfolio
- Class A#
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC
0.56%
13.19%
11.07%
15.80%
Seeks a high level of current
income consistent with
prudent investment risk and
preservation of capital.
BlackRock Ultra-Short Term Bond
Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC
0.37%
4.15%
3.09%
2.10%
A-4
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks a high level of current
income, with growth of
capital as a secondary
objective.
Brighthouse Asset Allocation 20 Portfolio
- Class B#‡
Brighthouse Investment Advisers, LLC
0.93%
9.25%
2.06%
3.97%
Seeks high total return in
the form of income and
growth of capital, with a
greater emphasis on
income.
Brighthouse Asset Allocation 40 Portfolio
- Class B‡
Brighthouse Investment Advisers, LLC
0.91%
11.50%
3.84%
5.69%
Seeks a balance between a
high level of current
income and growth of
capital, with a greater
emphasis on growth of
capital.
Brighthouse Asset Allocation 60 Portfolio
- Class B‡
Brighthouse Investment Advisers, LLC
0.91%
13.77%
5.55%
7.47%
Seeks growth of capital.
Brighthouse Asset Allocation 80 Portfolio
- Class B‡
Brighthouse Investment Advisers, LLC
0.93%
15.63%
7.18%
9.22%
Seeks long-term capital
appreciation with some
current income.
Brighthouse/Wellington Balanced
Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management
Company LLP
0.52%
12.67%
7.45%
9.41%
Seeks to provide a growing
stream of income over time
and, secondarily, long-term
capital appreciation and
current income.
Brighthouse/Wellington Core Equity
Opportunities Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management
Company LLP
0.62%
7.83%
8.29%
10.73%
Seeks maximum capital
appreciation.
Frontier Mid Cap Growth Portfolio -
Class D#
Brighthouse Investment Advisers, LLC
Subadviser: Frontier Capital Management
Company, LLC
0.79%
5.08%
3.68%
10.04%
Seeks long-term growth of
capital.
Jennison Growth Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Jennison Associates LLC
0.54%
14.04%
10.28%
16.71%
Seeks long-term capital
growth from investments in
common stocks or other
equity securities.
Loomis Sayles Small Cap Core Portfolio
- Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles & Company,
L.P.
0.90%
5.29%
7.44%
9.43%
Seeks to track the
performance of the
Bloomberg U.S. Aggregate
Bond Index.
MetLife Aggregate Bond Index Portfolio
- Class A#
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment
Management, LLC
0.26%
7.04%
-0.64%
1.75%
Seeks to track the
performance of the
Standard & Poor's MidCap
400® Composite Stock
Price Index.
MetLife Mid Cap Stock Index Portfolio -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment
Management, LLC
0.30%
7.19%
8.81%
10.43%
A-5
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks to track the
performance of the MSCI
EAFE® Index.
MetLife MSCI EAFE® Index Portfolio -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment
Management, LLC
0.37%
31.02%
8.62%
8.04%
Seeks to track the
performance of the Russell
2000® Index.
MetLife Russell 2000® Index Portfolio -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment
Management, LLC
0.30%
12.66%
5.99%
9.55%
Seeks to track the
performance of the
Standard & Poor's 500®
Composite Stock Price
Index.
MetLife Stock Index Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment
Management, LLC
0.27%
17.59%
14.13%
14.53%
Seeks a favorable total
return through investment
in a diversified portfolio.
MFS® Total Return Portfolio - Class F#
Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial
Services Company
0.82%
10.89%
6.20%
7.44%
Seeks capital appreciation.
MFS® Value Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial
Services Company
0.58%
13.29%
10.11%
10.27%
Seeks high total return,
consisting principally of
capital appreciation.
Neuberger Berman Genesis Portfolio -
Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Neuberger Berman
Investment Advisers LLC
0.81%
-4.57%
2.86%
9.12%
Seeks long-term growth of
capital.
T. Rowe Price Large Cap Growth
Portfolio - Class B#†
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
0.81%
15.45%
9.37%
14.10%
Seeks long-term capital
growth.
T. Rowe Price Small Cap Growth
Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
0.51%
10.30%
5.75%
10.88%
Seeks to maximize total
return consistent with
preservation of capital.
Western Asset Management Strategic
Bond Opportunities Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Western Asset Management
Company LLC
0.57%
9.07%
1.42%
4.03%
Seeks to maximize total
return consistent with
preservation of capital and
maintenance of liquidity.
Western Asset Management
U.S. Government Portfolio - Class A#
Brighthouse Investment Advisers, LLC
Subadviser: Western Asset Management
Company LLC
0.50%
7.07%
0.59%
1.82%
A-6
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks capital appreciation.
Nomura VIP Small Cap Value Series -
Standard Class
Delaware Management Company, a
series of Nomura Investment
Management Business Trust
Subadvisers: Macquarie Funds
Management HK Ltd.; Macquarie
Investment Management Global Limited
0.74%
8.16%
9.26%
9.15%
Seeks long-term capital
appreciation.
Contrafund® Portfolio - Service Class 2
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and FMR
Japan
0.79%
21.24%
15.08%
15.49%
Seeks reasonable income.
The fund will also consider
the potential for capital
appreciation. The fund's
goal is to achieve a yield
which exceeds the
composite yield on the
securities comprising the
S&P 500® Index.
Equity-Income Portfolio - Initial Class
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and FMR
Japan
0.46%
19.02%
12.51%
11.60%
Seeks high total return with
a secondary objective of
principal preservation as
the fund approaches its
target date and beyond.
Freedom 2010 Portfolio - Initial Class
Fidelity Management & Research
Company LLC
0.38%
10.53%
3.15%
5.73%
Seeks high total return with
a secondary objective of
principal preservation as
the fund approaches its
target date and beyond.
Freedom 2015 Portfolio - Initial Class
Fidelity Management & Research
Company LLC
0.41%
11.87%
3.99%
6.60%
Seeks high total return with
a secondary objective of
principal preservation as
the fund approaches its
target date and beyond.
Freedom 2020 Portfolio - Initial Class
Fidelity Management & Research
Company LLC
0.44%
13.33%
4.84%
7.38%
Seeks high total return with
a secondary objective of
principal preservation as
the fund approaches its
target date and beyond.
Freedom 2025 Portfolio - Initial Class
Fidelity Management & Research
Company LLC
0.46%
14.59%
5.52%
8.02%
Seeks high total return with
a secondary objective of
principal preservation as
the fund approaches its
target date and beyond.
Freedom 2030 Portfolio - Initial Class
Fidelity Management & Research
Company LLC
0.49%
15.52%
6.25%
8.88%
A-7
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks as high a level of
current income as is
consistent with preservation
of capital and liquidity.
Government Money Market Portfolio -
Initial Class
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and FMR
Japan
0.25%
4.13%
3.10%
2.03%
Seeks high total return
through a combination of
current income and capital
appreciation.
Growth & Income Portfolio - Service
Class 2
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and FMR
Japan
0.72%
21.21%
15.83%
13.56%
Seeks a high level of current
income, while also
considering growth of
capital.
High Income Portfolio - Initial Class#
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and FMR
Japan
0.81%
10.36%
4.22%
5.59%
Seeks investment results
that correspond to the total
return of common stocks
publicly traded in the
United States, as
represented by the S&P
500® Index.
Index 500 Portfolio - Initial Class
Fidelity Management & Research
Company LLC
Subadviser: Geode Capital Management,
LLC
0.09%
17.78%
14.31%
14.70%
Seeks as high a level of
current income as is
consistent with the
preservation of capital.
Investment Grade Bond Portfolio -
Service Class
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and FMR
Japan
0.47%
7.14%
-0.06%
2.61%
Seeks long-term growth of
capital.
Mid Cap Portfolio - Service Class 2
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and FMR
Japan
0.80%
11.49%
9.83%
10.31%
Seeks long-term growth of
capital.
Overseas Portfolio - Service Class 2
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, FMR
Japan, FIA, FIA(UK), and FIJ
0.97%
20.05%
6.35%
7.66%
Seeks capital appreciation.
Franklin Mutual Global Discovery VIP
Fund - Class 2
Franklin Mutual Advisers, LLC
1.16%
23.34%
12.00%
8.52%
Seeks long-term capital
growth.
Franklin Small-Mid Cap Growth VIP
Fund - Class 2†
Franklin Advisers, Inc.
1.09%
2.52%
1.03%
9.89%
Seeks long-term capital
appreciation.
Templeton Emerging Markets VIP Fund
- Class 2^^
Templeton Asset Management Ltd.
Subadviser: Franklin Templeton
Investment Management Limited
1.37%
46.27%
5.46%
10.40%
A-8
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks long-term capital
growth.
Templeton Foreign VIP Fund - Class 2#
Templeton Investment Counsel, LLC
1.08%
29.19%
8.25%
5.75%
Seeks high current income,
consistent with preservation
of capital, with capital
appreciation as a secondary
consideration.
Templeton Global Bond VIP Fund -
Class 1#
Franklin Advisers, Inc.
0.50%
16.09%
-0.69%
0.11%
Seeks long-term growth of
capital.
Janus Henderson Enterprise Portfolio -
Service Shares
Janus Henderson Investors US LLC
0.97%
7.41%
7.35%
12.51%
Seeks long-term growth of
capital.
Janus Henderson Global Research
Portfolio - Service Shares†
Janus Henderson Investors US LLC
1.07%
20.60%
12.23%
12.64%
Seeks long-term growth of
capital.
Janus Henderson Global Technology and
Innovation Portfolio - Service Shares
Janus Henderson Investors US LLC
0.97%
24.84%
13.44%
21.18%
Seeks capital appreciation.
Janus Henderson Mid Cap Value Portfolio
- Service Shares#
Janus Henderson Investors US LLC
1.08%
6.29%
8.43%
8.40%
Seeks long-term growth of
capital.
Janus Henderson Overseas Portfolio -
Service Shares
Janus Henderson Investors US LLC
0.96%
28.58%
9.17%
8.97%
Seeks capital appreciation.
ClearBridge Variable Growth Portfolio -
Class I
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
0.87%
13.32%
5.24%
7.47%
Seeks to maximize total
return.
Western Asset Variable Global High Yield
Bond Portfolio - Class I
Legg Mason Partners Fund Advisor, LLC
Subadvisers: Western Asset Management
Company, LLC; Western Asset
Management Company Limited; Western
Asset Management Company Pte. Ltd.
0.81%
9.96%
2.56%
5.33%
Seeks capital growth.
LVIP American Century Capital
Appreciation Fund - Standard Class II#
Lincoln Financial Investments
Corporation (LFI)
Subadviser: American Century
Investment Management, Inc. (American
Century)
0.79%
6.72%
5.16%
11.47%
Seeks long-term capital
growth.
LVIP American Century Ultra Fund -
Standard Class II#
Lincoln Financial Investments
Corporation (LFI)
Subadviser: American Century
Investment Management, Inc. (American
Century)
0.75%
12.84%
11.68%
17.16%
A-9
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks long-term capital
appreciation.
LVIP ClearBridge Appreciation Fund -
Class I#
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
0.70%
14.50%
12.72%
13.34%
Seeks dividend income,
growth of dividend income
and long-term capital
appreciation.
LVIP ClearBridge Dividend Strategy Fund
- Class I#
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
0.75%
12.62%
11.86%
12.46%
Seeks long-term growth of
capital.
LVIP ClearBridge Large Cap Growth
Fund - Class I#
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
0.74%
8.62%
10.57%
14.46%
Seeks long-term growth of
capital as its primary
objective. Current income
is a secondary objective.
LVIP ClearBridge Large Cap Value Fund
- Class I#
Legg Mason Partners Fund Advisor, LLC
Subadviser: ClearBridge Investments,
LLC
0.72%
10.20%
10.11%
10.01%
Seeks capital appreciation.
MFS® Global Equity Series - Initial
Class#
Massachusetts Financial Services
Company
0.93%
13.59%
5.72%
8.91%
Seeks capital appreciation.
MFS® New Discovery Series - Initial
Class#
Massachusetts Financial Services
Company
0.87%
12.96%
-0.28%
10.74%
Seeks total return with an
emphasis on high current
income, but also
considering capital
appreciation.
MFS® High Yield Portfolio - Initial
Class#
Massachusetts Financial Services
Company
0.72%
8.65%
3.87%
5.56%
Seeks high total return by
investing primarily in fixed
income securities of
government and
government-related issuers
and, to a lesser extent, of
corporate issuers in
emerging market countries.
Emerging Markets Debt Portfolio -
Class I#
Morgan Stanley Investment Management
Inc.
Subadviser: Morgan Stanley Investment
Management Limited
1.10%
15.33%
2.70%
4.51%
Seeks long-term capital
appreciation by investing
primarily in
growth-oriented equity
securities of issuers in
emerging market countries.
Emerging Markets Equity Portfolio -
Class I#
Morgan Stanley Investment Management
Inc.
Subadviser: Morgan Stanley Investment
Management Company
1.25%
32.96%
4.37%
7.27%
Seeks maximum real return
consistent with preservation
of real capital and prudent
investment management.
PIMCO All Asset Portfolio -
Administrative Class#
PIMCO
Subadviser: Research Affiliates, LLC
2.13%
14.20%
5.60%
6.77%
A-10
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks maximum real return,
consistent with prudent
investment management.
PIMCO CommodityRealReturn® Strategy
Portfolio - Administrative Class#
PIMCO
3.19%
18.79%
10.55%
6.54%
Seeks maximum total
return, consistent with
preservation of capital and
prudent investment
management.
PIMCO Long-Term U.S. Government
Portfolio - Administrative Class
PIMCO
2.48%
6.15%
-6.82%
0.01%
Seeks maximum total
return, consistent with
preservation of capital and
prudent investment
management.
PIMCO Low Duration Portfolio -
Administrative Class
PIMCO
0.66%
5.52%
1.57%
1.79%
Seeks maximum total
return, consistent with
preservation of capital and
prudent investment
management.
PIMCO Total Return Portfolio -
Administrative Class
PIMCO
0.73%
8.89%
0.02%
2.36%
Seeks capital growth.
Current income is a
secondary objective.
Putnam VT International Value Fund -
Class IB
Putnam Investment Management, LLC
1.06%
34.68%
12.49%
8.86%
Seeks long-term growth of
capital.
Royce Micro-Cap Portfolio - Investment
Class
Royce Investment Partners
1.22%
13.89%
9.17%
10.14%
Seeks long-term growth of
capital.
Royce Small-Cap Portfolio - Investment
Class
Royce Investment Partners
1.18%
8.93%
10.66%
7.88%
Seeks to provide long-term
capital appreciation and
income.
Diversified Value Portfolio
Aristotle Capital Management, LLC;
Harris Associates L.P.; Hotchkis and
Wiley Capital Management, LLC
0.28%
16.83%
13.24%
11.76%
Seeks to track the
performance of a
benchmark index that
measures the investment
return of
large-capitalization stocks.
Equity Index Portfolio
The Vanguard Group, Inc.
0.14%
17.70%
14.27%
14.66%
Seeks to track the
performance of a
benchmark index that
measures the investment
return of mid-capitalization
stocks.
Mid-Cap Index Portfolio
Vanguard Portfolio Management
0.17%
11.54%
8.46%
10.77%
Seeks to provide current
income while maintaining
limited price volatility.
Short-Term Investment-Grade Portfolio
The Vanguard Group, Inc.
0.14%
6.85%
2.23%
2.81%
Seeks to provide long-term
capital appreciation.
Small Company Growth Portfolio
Vanguard Quantitative Equity Group and
ArrowMark Partners
0.29%
6.11%
3.81%
9.61%
A-11
Investment Objectives
Portfolio Company and
Adviser/Sub-Adviser
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1
Year
5
Year
10
Year
Seeks to track the
performance of a
benchmark index that
measures the investment
return of the overall stock
market.
Total Stock Market Index Portfolio
Vanguard Capital Management
0.13%
16.93%
12.98%
14.10%
Seeks capital appreciation
by investing in a diversified
portfolio of securities
consisting primarily of
common stocks.
Victory Pioneer Mid Cap Value VCT
Portfolio - Class II#
Victory Capital Management Inc.
1.02%
10.86%
10.88%
8.73%
#
Certain Funds and their investment advisers have entered into temporary expense reimbursements and/or fee waivers, which are reflected in the Current Expenses. Please see the Funds' prospectuses for additional information regarding these arrangements.
‡
This Fund is a fund of funds and invests substantially all of its assets in other underlying funds. Because the Fund invests in other funds, it will bear its pro rata portion of the operating expenses of those underlying funds, including the management fee.
†
Not available under all Policies. Availability depends on Policy issue date.
††
Closed to new investments except under dollar cost averaging and rebalancing programs in existence at the time of closing.
^^
Until May 1, 2026, the name of this Fund is Templeton Developing Markets VIP Fund.
2
Until May 1, 2026, the name of this Fund is American Funds International Fund.
1
Until May 1, 2026, the name of this Fund is American Funds Global Small Capitalization Fund.
A-12
 
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The prospectus, as supplemented, and statement of additional information ("SAI") dated April 29, 2019 include additional information. The prospectus, as supplemented, and SAI are available, without charge, upon request. For a free copy, call us at 877-887-3510 or send an email request to [email protected]. You can also access other information about the Policy online at https://dfinview.com/BHF/PUFT/BHF111.
Reports and other information about the Separate Account are available on the SEC's website at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
 
 
The Financial Industry Regulatory Authority ("FINRA") provides background information about broker-dealers and their registered representatives through FINRA BrokerCheck. You may contact the FINRA BrokerCheck Hotline at 1-800-289-9999, or log on to www.finra.org. An investor brochure that includes information describing FINRA BrokerCheck is available through the Hotline or on-line.
We are not a fiduciary and do not give advice or make recommendations regarding insurance or investment products. Ask your financial representative for guidance regarding any requests or elections and for information about your particular investment needs. Please bear in mind that your financial representative, or any financial firm or financial professional you consult to provide advice, is acting on your behalf. We are not a party to any agreement between you and your financial professional. We do not recommend and are not responsible for any securities transactions or investment strategies involving securities (including account recommendations).
EDGAR Contract Identifier No. is C000011940
Brighthouse Fund UL III for Variable Life Insurance published this content on April 15, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 15, 2026 at 13:18 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]