UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-10183

BRIGHTHOUSE FUNDS TRUST I

(Exact name of registrant as specified in charter)

One Financial Center

Boston, Massachusetts 02111

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Peter H. Duffy Brighthouse Investment Advisers, LLC One Financial Center Boston, Massachusetts 02111	Brian McCabe, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, MA 02199

Registrant’s telephone number, including area code: (617) 578-3408

Date of fiscal year end: December 31

Date of reporting period: January 1, 2017 to March 31, 2017

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1. Schedule of Investments.

The following is a copy of the unaudited schedules as of the close of the reporting period as set forth in §§ 210.12-12 – 12-14 of Regulation S-X [17 CFR 210.12-12 – 12.14]:

Brighthouse Funds Trust I

(formerly, Met Investors Series Trust)

Schedule of Investments

March 31, 2017

Brighthouse Funds Trust I

Table of Contents

AB Global Dynamic Allocation Portfolio	BHFTI-1
Allianz Global Investors Dynamic Multi-Asset Plus Portfolio	BHFTI-29
American Funds Balanced Allocation Portfolio	BHFTI-39
American Funds Growth Allocation Portfolio	BHFTI-40
American Funds Growth Portfolio	BHFTI-41
American Funds Moderate Allocation Portfolio	BHFTI-42
AQR Global Risk Balanced Portfolio	BHFTI-43
BlackRock Global Tactical Strategies Portfolio	BHFTI-49
BlackRock High Yield Portfolio	BHFTI-54
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (formerly, Met/Aberdeen Emerging Markets Equity Portfolio)	BHFTI-79
Brighthouse/Artisan International Portfolio (formerly, Met/Artisan International Portfolio)	BHFTI-83
Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)	BHFTI-87
Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)	BHFTI-100
Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio)	BHFTI-117
Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio)	BHFTI-125
Brighthouse Asset Allocation 100 Portfolio (formerly, MetLife Asset Allocation 100 Portfolio)	BHFTI-132
Brighthouse Balanced Plus Portfolio (formerly, MetLife Balanced Plus Portfolio)	BHFTI-134
Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio)	BHFTI-140
Clarion Global Real Estate Portfolio	BHFTI-146
ClearBridge Aggressive Growth Portfolio	BHFTI-150
Goldman Sachs Mid Cap Value Portfolio	BHFTI-155
Harris Oakmark International Portfolio	BHFTI-160
Invesco Balanced-Risk Allocation Portfolio	BHFTI-164
Invesco Comstock Portfolio	BHFTI-168
Invesco Mid Cap Value Portfolio	BHFTI-174
Invesco Small Cap Growth Portfolio	BHFTI-179
JPMorgan Core Bond Portfolio	BHFTI-184
JPMorgan Global Active Allocation Portfolio	BHFTI-209
JPMorgan Small Cap Value Portfolio	BHFTI-244
Loomis Sayles Global Markets Portfolio	BHFTI-252
MetLife Multi-Index Targeted Risk Portfolio	BHFTI-266
MFS Research International Portfolio	BHFTI-268
Morgan Stanley Mid Cap Growth Portfolio	BHFTI-273
Oppenheimer Global Equity Portfolio	BHFTI-279
PanAgora Global Diversified Risk Portfolio	BHFTI-284
PIMCO Inflation Protected Bond Portfolio	BHFTI-299
PIMCO Total Return Portfolio	BHFTI-315
Pyramis Government Income Portfolio	BHFTI-340
Pyramis Managed Risk Portfolio	BHFTI-347
Schroders Global Multi-Asset Portfolio	BHFTI-351
SSGA Growth and Income ETF Portfolio	BHFTI-370
SSGA Growth ETF Portfolio	BHFTI-373
T. Rowe Price Large Cap Value Portfolio	BHFTI-376
T. Rowe Price Mid Cap Growth Portfolio	BHFTI-380
TCW Core Fixed Income Portfolio	BHFTI-387
Notes to Schedule of Investments	BHFTI-396

Not all Portfolios are available under every product.

Refer to your prospectus for information on the Portfolios that are available.

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—56.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.9%
Airbus SE		58,933	$	4,484,766
Arconic, Inc.		28,950		762,543
BAE Systems plc		322,884		2,602,272
Boeing Co. (The)		41,125		7,273,368
Cobham plc		171,972		286,739
Dassault Aviation S.A.		232		295,155
Elbit Systems, Ltd.		2,428		277,653
General Dynamics Corp.		19,330		3,618,576
L3 Technologies, Inc.		5,185		857,029
Leonardo S.p.A. (a)		41,164		583,622
Lockheed Martin Corp.		17,345		4,641,522
Meggitt plc		78,627		439,049
Northrop Grumman Corp.		12,025		2,860,026
Raytheon Co.		19,815		3,021,788
Rockwell Collins, Inc.		8,635		838,977
Rolls-Royce Holdings plc (a)		187,000		1,764,786
Safran S.A.		31,801		2,375,893
Singapore Technologies Engineering, Ltd.		157,900		421,304
Textron, Inc.		17,880		850,909
Thales S.A.		10,788		1,043,407
TransDigm Group, Inc.		3,602		793,016
United Technologies Corp.		51,425		5,770,399
Zodiac Aerospace		20,665		517,244
				46,380,043
Air Freight & Logistics—0.3%
Bollore S.A.		88,425		342,400
C.H. Robinson Worldwide, Inc. (b)		9,460		731,163
Deutsche Post AG		98,643		3,377,099
Expeditors International of Washington, Inc.		12,005		678,162
FedEx Corp.		16,910		3,299,987
Royal Mail plc		90,625		482,752
United Parcel Service, Inc. - Class B		45,600		4,892,880
Yamato Holdings Co., Ltd.		35,493		745,088
				14,549,531
Airlines—0.2%
Alaska Air Group, Inc. (b)		8,203		756,481
American Airlines Group, Inc.		39,821		1,684,428
ANA Holdings, Inc.		117,656		359,645
Cathay Pacific Airways, Ltd.		119,200		173,046
Delta Air Lines, Inc.		51,351		2,360,092
Deutsche Lufthansa AG		23,975		388,763
easyJet plc		16,275		209,218
International Consolidated Airlines Group S.A. - Class DI		86,021		569,005
Japan Airlines Co., Ltd.		12,261		389,306
Qantas Airways, Ltd.		46,907		139,346
Ryanair Holdings plc (ADR) (a)		2,174		180,399
Singapore Airlines, Ltd.		54,200		390,177
Southwest Airlines Co.		42,085		2,262,490
United Continental Holdings, Inc. (a)		22,191		1,567,572
				11,429,968
Auto Components—0.4%
Aisin Seiki Co., Ltd.		19,510		961,145
BorgWarner, Inc.		14,440		603,448
Bridgestone Corp.		66,137		2,681,380
Cie Generale des Etablissements Michelin		18,612		2,262,856
Continental AG		11,185		2,452,058
Delphi Automotive plc		18,321		1,474,657
Denso Corp.		48,471		2,138,382
GKN plc		174,312		794,795
Goodyear Tire & Rubber Co. (The)		17,590		633,240
Koito Manufacturing Co., Ltd.		11,444		596,619
NGK Spark Plug Co., Ltd.		18,220		418,067
NOK Corp.		9,647		224,274
Nokian Renkaat Oyj		11,840		494,379
Stanley Electric Co., Ltd.		15,244		435,806
Sumitomo Electric Industries, Ltd.		76,768		1,277,180
Sumitomo Rubber Industries, Ltd.		17,301		295,806
Toyoda Gosei Co., Ltd.		6,645		169,472
Toyota Industries Corp.		16,628		828,872
Valeo S.A.		24,315		1,621,591
Yokohama Rubber Co., Ltd. (The)		11,251		220,875
				20,584,902
Automobiles—1.0%
Bayerische Motoren Werke AG		33,664		3,070,853
Daimler AG		97,896		7,229,808
Ferrari NV		12,534		932,656
Fiat Chrysler Automobiles NV (a)		91,508		995,150
Ford Motor Co.		257,495		2,997,242
Fuji Heavy Industries, Ltd.		62,564		2,303,621
General Motors Co.		92,813		3,281,868
Harley-Davidson, Inc.		12,075		730,537
Honda Motor Co., Ltd.		165,756		5,008,515
Isuzu Motors, Ltd.		60,200		799,852
Mazda Motor Corp.		57,942		837,334
Mitsubishi Motors Corp.		67,400		406,130
Nissan Motor Co., Ltd.		239,489		2,315,179
Peugeot S.A. (a)		49,463		997,344
Renault S.A.		19,550		1,698,481
Suzuki Motor Corp.		35,023		1,458,208
Toyota Motor Corp.		265,406		14,443,324
Volkswagen AG		3,311		493,444
Yamaha Motor Co., Ltd.		28,582		690,933
				50,690,479
Banks—5.2%
ABN AMRO Group NV		28,812		698,903
Aozora Bank, Ltd.		119,635		441,213
Australia & New Zealand Banking Group, Ltd.		297,645		7,229,298
Banco Bilbao Vizcaya Argentaria S.A.		667,179		5,174,313
Banco de Sabadell S.A.		542,458		994,313
Banco Espirito Santo S.A. (a) (c) (d)		169,954		0
Banco Popular Espanol S.A. (a) (b)		338,081		328,201
Banco Santander S.A.		1,482,625		9,086,495
Bank Hapoalim B.M.		108,341		659,998
Bank Leumi Le-Israel B.M. (a)		147,101		649,357

BHFTI-1

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
Bank of America Corp.		682,208	$	16,093,287
Bank of East Asia, Ltd. (The)		123,600		511,611
Bank of Ireland (a)		2,796,891		700,781
Bank of Kyoto, Ltd. (The)		30,632		223,868
Bank of Queensland, Ltd.		39,380		365,674
Bankia S.A.		467,223		531,385
Bankinter S.A.		68,370		574,128
Barclays plc		1,722,852		4,856,283
BB&T Corp.		53,545		2,393,461
Bendigo & Adelaide Bank, Ltd.		48,049		445,323
BNP Paribas S.A.		107,722		7,175,201
BOC Hong Kong Holdings, Ltd.		375,000		1,531,731
CaixaBank S.A.		364,889		1,568,313
Chiba Bank, Ltd. (The)		70,833		456,586
Chugoku Bank, Ltd. (The)		17,308		252,617
Citigroup, Inc.		194,771		11,651,201
Citizens Financial Group, Inc.		34,854		1,204,206
Comerica, Inc.		11,455		785,584
Commerzbank AG		107,959		975,589
Commonwealth Bank of Australia		175,201		11,492,191
Concordia Financial Group, Ltd.		118,714		551,910
Credit Agricole S.A.		114,366		1,552,318
Danske Bank A/S		70,012		2,387,826
DBS Group Holdings, Ltd.		181,400		2,517,506
DNB ASA		99,417		1,576,119
Erste Group Bank AG		30,680		999,163
Fifth Third Bancorp		51,735		1,314,069
Fukuoka Financial Group, Inc.		78,326		340,145
Hachijuni Bank, Ltd. (The)		41,338		234,277
Hang Seng Bank, Ltd.		77,900		1,579,949
Hiroshima Bank, Ltd. (The)		50,340		214,621
HSBC Holdings plc		2,012,821		16,446,101
Huntington Bancshares, Inc.		52,455		702,372
ING Groep NV		394,316		5,957,468
Intesa Sanpaolo S.p.A.		1,290,005		3,503,824
Intesa Sanpaolo S.p.A. - Risparmio Shares		93,031		236,606
Japan Post Bank Co., Ltd.		41,218		512,374
JPMorgan Chase & Co.		242,500		21,301,200
KBC Groep NV		25,521		1,693,325
KeyCorp		55,120		980,034
Kyushu Financial Group, Inc.		34,671		212,725
Lloyds Banking Group plc		6,531,082		5,433,933
M&T Bank Corp.		10,495		1,623,891
Mebuki Financial Group, Inc.		95,600		383,224
Mediobanca S.p.A.		57,418		517,592
Mitsubishi UFJ Financial Group, Inc.		1,296,526		8,184,219
Mizrahi Tefahot Bank, Ltd.		14,234		241,291
Mizuho Financial Group, Inc.		2,452,038		4,505,855
National Australia Bank, Ltd.		270,156		6,858,996
Natixis S.A.		95,446		588,176
Nordea Bank AB		308,827		3,528,555
Oversea-Chinese Banking Corp., Ltd.		319,700		2,223,056
People’s United Financial, Inc. (b)		20,495		373,009
PNC Financial Services Group, Inc. (The)		33,135		3,984,152
Raiffeisen Bank International AG (a)		11,960		271,747
Regions Financial Corp.		85,015		1,235,268
Resona Holdings, Inc.		223,826		1,205,899
Banks—(Continued)
Royal Bank of Scotland Group plc (a)		360,627		1,094,021
Seven Bank, Ltd. (b)		60,420		197,911
Shinsei Bank, Ltd.		181,300		334,772
Shizuoka Bank, Ltd. (The)		53,824		439,320
Skandinaviska Enskilda Banken AB - Class A (b)		154,485		1,718,983
Societe Generale S.A.		78,011		3,967,358
Standard Chartered plc (a)		333,877		3,195,293
Sumitomo Mitsui Financial Group, Inc.		136,583		4,979,902
Sumitomo Mitsui Trust Holdings, Inc.		33,735		1,174,514
SunTrust Banks, Inc.		33,300		1,841,490
Suruga Bank, Ltd.		17,702		373,724
Svenska Handelsbanken AB - A Shares (b)		155,263		2,129,592
Swedbank AB - A Shares (b)		92,075		2,133,254
U.S. Bancorp		107,835		5,553,502
UniCredit S.p.A.		191,718		2,955,382
United Overseas Bank, Ltd.		134,000		2,119,520
Wells Fargo & Co. (e)		305,210		16,987,989
Westpac Banking Corp.		340,214		9,078,267
Yamaguchi Financial Group, Inc.		20,000		217,368
Zions Bancorp		13,460		565,320
				256,081,388
Beverages—1.1%
Anheuser-Busch InBev S.A.		77,471		8,510,937
Asahi Group Holdings, Ltd.		39,406		1,491,520
Brown-Forman Corp. - Class B		13,254		612,070
Carlsberg A/S - Class B		10,906		1,006,293
Coca-Cola Amatil, Ltd.		58,081		479,883
Coca-Cola Co. (The) (e)		257,410		10,924,480
Coca-Cola European Partners plc		22,157		828,557
Coca-Cola HBC AG (a)		18,478		477,155
Coca-Cola West Co., Ltd.		12,200		393,846
Constellation Brands, Inc. - Class A		11,675		1,892,167
Diageo plc		255,826		7,328,143
Dr Pepper Snapple Group, Inc.		12,340		1,208,333
Heineken Holding NV		10,291		818,377
Heineken NV		23,428		1,993,728
Kirin Holdings Co., Ltd.		83,636		1,580,196
Molson Coors Brewing Co. - Class B		12,105		1,158,570
Monster Beverage Corp. (a)		29,940		1,382,330
PepsiCo, Inc.		95,525		10,685,426
Pernod-Ricard S.A.		21,589		2,555,216
Remy Cointreau S.A.		2,302		225,388
Suntory Beverage & Food, Ltd.		14,121		595,626
Treasury Wine Estates, Ltd.		75,048		700,002
				56,848,243
Biotechnology—1.1%
AbbVie, Inc.		106,392		6,932,503
Actelion, Ltd. (a)		9,836		2,776,157
Alexion Pharmaceuticals, Inc. (a)		14,900		1,806,476
Amgen, Inc.		49,683		8,151,490
Biogen, Inc. (a)		14,530		3,972,793
Celgene Corp. (a)		51,640		6,425,565
CSL, Ltd.		46,359		4,426,719

BHFTI-2

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Genmab A/S (a)		5,830	$	1,123,711
Gilead Sciences, Inc.		90,343		6,136,097
Grifols S.A.		30,297		743,121
Incyte Corp. (a)		11,933		1,595,084
Regeneron Pharmaceuticals, Inc. (a)		5,241		2,030,940
Shire plc		91,862		5,344,873
Vertex Pharmaceuticals, Inc. (a)		16,267		1,778,796
				53,244,325
Building Products—0.3%
Allegion plc		6,301		476,986
Asahi Glass Co., Ltd.		102,557		833,044
Assa Abloy AB - Class B		101,906		2,091,273
Cie de St-Gobain		50,786		2,611,431
Daikin Industries, Ltd.		23,844		2,403,270
Fortune Brands Home & Security, Inc.		10,227		622,313
Geberit AG		3,769		1,625,639
Johnson Controls International plc		62,484		2,631,826
LIXIL Group Corp.		27,029		687,171
Masco Corp.		21,975		746,930
TOTO, Ltd.		14,500		549,204
				15,279,087
Capital Markets—1.4%
3i Group plc		98,652		926,427
Aberdeen Asset Management plc		93,561		309,713
Affiliated Managers Group, Inc.		3,605		591,004
Ameriprise Financial, Inc.		11,115		1,441,393
ASX, Ltd.		19,761		760,515
Bank of New York Mellon Corp. (The)		70,985		3,352,622
BlackRock, Inc.		8,410		3,225,319
CBOE Holdings, Inc.		6,217		504,012
Charles Schwab Corp. (The)		79,345		3,238,069
CME Group, Inc.		22,385		2,659,338
Credit Suisse Group AG (a)		201,861		2,998,402
Daiwa Securities Group, Inc.		168,970		1,032,336
Deutsche Bank AG (a)		140,235		2,416,083
Deutsche Boerse AG		19,255		1,770,879
E*Trade Financial Corp. (a)		18,615		649,477
Franklin Resources, Inc.		24,641		1,038,372
Goldman Sachs Group, Inc. (The)		25,950		5,961,234
Hargreaves Lansdown plc		26,609		433,954
Hong Kong Exchanges and Clearing, Ltd.		118,300		2,976,914
Intercontinental Exchange, Inc.		39,680		2,375,642
Invesco, Ltd.		27,420		839,875
Investec plc		66,572		454,368
Japan Exchange Group, Inc.		52,901		755,050
Julius Baer Group, Ltd. (a)		22,802		1,138,351
London Stock Exchange Group plc		32,105		1,275,599
Macquarie Group, Ltd.		31,144		2,143,809
Moody’s Corp.		11,225		1,257,649
Morgan Stanley		100,860		4,320,842
Nasdaq, Inc.		7,570		525,737
Nomura Holdings, Inc.		369,217		2,303,467
Northern Trust Corp.		14,190		1,228,570
Partners Group Holding AG		1,771		952,152
Capital Markets—(Continued)
Raymond James Financial, Inc.		8,749		667,199
S&P Global, Inc.		17,515		2,289,911
SBI Holdings, Inc.		21,636		302,334
Schroders plc		13,807		524,171
Singapore Exchange, Ltd.		81,700		449,980
State Street Corp.		26,390		2,100,908
T. Rowe Price Group, Inc.		16,390		1,116,978
UBS Group AG		371,909		5,952,440
				69,261,095
Chemicals—1.6%
Air Liquide S.A.		39,533		4,517,148
Air Products & Chemicals, Inc.		12,845		1,737,800
Air Water, Inc.		15,152		280,425
Akzo Nobel NV		25,640		2,124,996
Albemarle Corp.		7,488		791,032
Arkema S.A.		6,945		685,902
Asahi Kasei Corp.		128,347		1,247,595
BASF SE		93,385		9,256,978
CF Industries Holdings, Inc. (b)		15,300		449,055
Chr Hansen Holding A/S		10,049		644,584
Covestro AG		7,249		558,253
Croda International plc		13,342		596,253
Daicel Corp.		28,442		343,808
Dow Chemical Co. (The)		73,740		4,685,440
E.I. du Pont de Nemours & Co.		57,555		4,623,393
Eastman Chemical Co.		9,780		790,224
Ecolab, Inc.		17,645		2,211,624
EMS-Chemie Holding AG		837		487,704
Evonik Industries AG		16,604		541,568
FMC Corp.		8,740		608,217
Frutarom Industries, Ltd.		3,975		221,809
Givaudan S.A.		940		1,693,099
Hitachi Chemical Co., Ltd.		10,588		293,609
Incitec Pivot, Ltd.		171,108		490,057
International Flavors & Fragrances, Inc.		5,285		700,421
Israel Chemicals, Ltd.		50,889		216,194
Johnson Matthey plc		19,760		763,282
JSR Corp.		19,520		329,938
K&S AG (b)		19,543		454,288
Kaneka Corp.		27,974		209,098
Kansai Paint Co., Ltd.		22,175		471,459
Koninklijke DSM NV		18,476		1,249,395
Kuraray Co., Ltd.		36,005		547,559
LANXESS AG		9,304		624,447
Linde AG		18,884		3,143,305
LyondellBasell Industries NV - Class A		22,871		2,085,607
Mitsubishi Chemical Holdings Corp.		137,833		1,069,545
Mitsubishi Gas Chemical Co., Inc.		18,434		383,769
Mitsui Chemicals, Inc.		93,044		460,948
Monsanto Co.		29,080		3,291,856
Mosaic Co. (The)		23,280		679,310
Nippon Paint Holdings Co., Ltd.		16,543		576,295
Nissan Chemical Industries, Ltd.		12,526		365,420
Nitto Denko Corp.		16,830		1,303,191
Novozymes A/S - B Shares		23,428		928,620

BHFTI-3

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—(Continued)
Orica, Ltd.		38,024	$	510,964
PPG Industries, Inc.		17,590		1,848,357
Praxair, Inc.		18,825		2,232,645
Sherwin-Williams Co. (The)		5,260		1,631,599
Shin-Etsu Chemical Co., Ltd.		39,547		3,439,267
Sika AG		219		1,314,253
Solvay S.A.		7,560		923,884
Sumitomo Chemical Co., Ltd.		159,897		896,915
Symrise AG		12,588		837,156
Syngenta AG		9,413		4,154,823
Taiyo Nippon Sanso Corp.		13,268		155,739
Teijin, Ltd.		19,023		359,570
Toray Industries, Inc.		149,289		1,326,097
Umicore S.A.		9,671		550,937
Yara International ASA		18,136		698,412
				80,615,138
Commercial Services & Supplies—0.2%
Babcock International Group plc		25,499		281,943
Brambles, Ltd.		160,856		1,147,212
Cintas Corp. (b)		5,830		737,728
Dai Nippon Printing Co., Ltd.		53,966		583,101
Edenred		21,336		504,421
G4S plc		157,358		599,965
ISS A/S		16,976		640,916
Park24 Co., Ltd.		10,380		271,987
Republic Services, Inc.		15,685		985,175
Secom Co., Ltd.		21,398		1,535,271
Securitas AB - B Shares		31,876		498,355
Societe BIC S.A.		2,943		366,710
Sohgo Security Services Co., Ltd.		7,300		272,906
Stericycle, Inc. (a)		5,615		465,427
Toppan Printing Co., Ltd.		53,429		545,813
Waste Management, Inc.		27,335		1,993,268
				11,430,198
Communications Equipment—0.4%
Cisco Systems, Inc. (e)		332,400		11,235,120
F5 Networks, Inc. (a)		4,585		653,684
Harris Corp.		8,190		911,301
Juniper Networks, Inc.		23,220		646,213
Motorola Solutions, Inc.		10,500		905,310
Nokia Oyj		593,333		3,201,484
Telefonaktiebolaget LM Ericsson - B Shares (b)		312,073		2,084,842
				19,637,954
Construction & Engineering—0.3%
ACS Actividades de Construccion y Servicios S.A.		19,478		662,797
Boskalis Westminster		9,235		318,471
Bouygues S.A.		21,178		863,090
CIMIC Group, Ltd.		9,985		273,801
Eiffage S.A.		6,003		469,972
Ferrovial S.A.		49,490		990,445
Construction & Engineering—(Continued)
Fluor Corp.		9,095		478,579
HOCHTIEF AG		1,962		324,406
Jacobs Engineering Group, Inc.		8,050		445,004
JGC Corp.		21,182		369,514
Kajima Corp.		91,374		597,398
Obayashi Corp.		66,022		619,403
Quanta Services, Inc. (a)		9,885		366,832
Shimizu Corp.		56,119		504,928
Skanska AB - B Shares (b)		34,694		817,596
Taisei Corp.		104,934		765,545
Vinci S.A. (b)		51,612		4,095,736
				12,963,517
Construction Materials—0.2%
Boral, Ltd.		119,191		531,329
CRH plc		84,640		2,983,524
Fletcher Building, Ltd.		70,559		410,025
HeidelbergCement AG (b)		15,145		1,417,910
Imerys S.A.		3,643		309,243
James Hardie Industries plc		44,798		703,742
LafargeHolcim, Ltd. (a)		46,280		2,740,118
Martin Marietta Materials, Inc.		4,312		941,094
Taiheiyo Cement Corp.		122,000		408,998
Vulcan Materials Co.		8,850		1,066,248
				11,512,231
Consumer Finance—0.3%
Acom Co., Ltd. (a)		40,470		162,099
AEON Financial Service Co., Ltd.		11,405		215,655
American Express Co.		54,080		4,278,269
Capital One Financial Corp.		34,865		3,021,401
Credit Saison Co., Ltd.		15,015		268,921
Discover Financial Services		27,285		1,866,021
Navient Corp.		22,635		334,093
Provident Financial plc		15,002		563,761
Synchrony Financial		55,087		1,889,484
				12,599,704
Containers & Packaging—0.1%
Amcor, Ltd.		117,456		1,350,490
Avery Dennison Corp.		5,900		475,540
Ball Corp.		9,370		695,816
International Paper Co.		27,135		1,377,915
Sealed Air Corp.		12,895		561,964
Toyo Seikan Group Holdings, Ltd.		16,596		270,699
WestRock Co.		16,695		868,641
				5,601,065
Distributors—0.0%
Genuine Parts Co.		9,915		916,245
Jardine Cycle & Carriage, Ltd.		10,000		313,558
LKQ Corp. (a)		20,132		589,264
				1,819,067

BHFTI-4

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Consumer Services—0.0%
Benesse Holdings, Inc.		6,754	$	211,815
H&R Block, Inc.		15,555		361,654
				573,469
Diversified Financial Services—0.6%
AMP, Ltd.		299,966		1,184,138
Berkshire Hathaway, Inc. - Class B (a) (e)		123,824		20,638,984
Challenger, Ltd.		57,931		553,608
Eurazeo S.A.		4,088		269,214
EXOR NV		11,104		574,290
First Pacific Co., Ltd.		212,900		154,444
Groupe Bruxelles Lambert S.A.		8,244		748,437
Industrivarden AB - C Shares		16,648		360,907
Investor AB - B Shares		46,319		1,951,486
Kinnevik AB - Class B		23,890		637,688
L E Lundbergforetagen AB - B Shares		3,931		266,693
Leucadia National Corp.		21,975		571,350
Mitsubishi UFJ Lease & Finance Co., Ltd.		45,420		227,115
ORIX Corp.		134,621		1,998,428
Pargesa Holding S.A.		3,539		250,162
Wendel S.A.		2,909		368,564
				30,755,508
Diversified Telecommunication Services—1.4%
AT&T, Inc. (e)		406,380		16,885,078
Bezeq The Israeli Telecommunication Corp., Ltd.		210,348		377,847
BT Group plc		860,572		3,431,173
CenturyLink, Inc. (b)		35,850		844,984
Deutsche Telekom AG		332,859		5,832,418
Elisa Oyj		14,493		512,894
HKT Trust & HKT, Ltd.		384,900		498,262
Iliad S.A.		2,688		601,563
Inmarsat plc		46,000		490,543
Koninklijke KPN NV		346,462		1,043,119
Level 3 Communications, Inc. (a)		19,014		1,087,981
Nippon Telegraph & Telephone Corp.		70,339		3,004,571
Orange S.A.		202,841		3,156,465
PCCW, Ltd.		429,700		253,468
Proximus		15,518		486,957
SFR Group S.A. (a)		8,939		281,238
Singapore Telecommunications, Ltd.		68,700		192,610
Singapore Telecommunications, Ltd.		761,400		2,128,280
Spark New Zealand, Ltd.		185,573		453,812
Swisscom AG (b)		2,639		1,217,567
TDC A/S		82,351		424,217
Telecom Italia S.p.A. (a)		1,159,306		1,042,593
Telecom Italia S.p.A. - Risparmio Shares		611,323		446,606
Telefonica Deutschland Holding AG		75,607		375,183
Telefonica S.A.		460,986		5,171,857
Telenor ASA		76,442		1,272,499
Telia Co. AB		263,487		1,106,064
Telstra Corp., Ltd.		425,014		1,512,690
TPG Telecom, Ltd.		33,859		180,150
Verizon Communications, Inc. (e)		269,120		13,119,600
Diversified Telecommunication Services—(Continued)
Vocus Group, Ltd. (b)		53,233		175,460
				67,607,749
Electric Utilities—1.0%
Alliant Energy Corp.		15,144		599,854
American Electric Power Co., Inc.		32,450		2,178,368
AusNet Services		181,254		233,037
Cheung Kong Infrastructure Holdings, Ltd.		67,300		528,166
Chubu Electric Power Co., Inc.		65,337		877,998
Chugoku Electric Power Co., Inc. (The)		28,234		312,901
CLP Holdings, Ltd.		166,982		1,746,845
Contact Energy, Ltd.		72,566		257,123
DONG Energy A/S		14,960		576,490
Duke Energy Corp.		45,515		3,732,685
Edison International		21,545		1,715,197
EDP - Energias de Portugal S.A.		241,650		819,084
Electricite de France S.A.		27,877		233,892
Endesa S.A.		32,228		757,406
Enel S.p.A.		775,255		3,650,599
Entergy Corp.		11,825		898,227
Eversource Energy		20,965		1,232,323
Exelon Corp.		60,724		2,184,850
FirstEnergy Corp.		27,925		888,574
Fortum Oyj (b)		45,074		713,503
HK Electric Investments & HK Electric Investments, Ltd.		264,400		243,926
Hokuriku Electric Power Co.		17,011		165,699
Iberdrola S.A.		562,040		4,020,191
Kansai Electric Power Co., Inc. (The)		71,333		877,363
Kyushu Electric Power Co., Inc.		43,197		461,773
Mercury NZ, Ltd.		70,992		156,794
NextEra Energy, Inc.		30,445		3,908,225
PG&E Corp.		32,545		2,159,686
Pinnacle West Capital Corp.		7,350		612,843
Power Assets Holdings, Ltd.		141,000		1,216,190
PPL Corp.		44,515		1,664,416
Red Electrica Corp. S.A.		43,900		841,835
Southern Co. (The)		60,295		3,001,485
SSE plc		103,137		1,907,611
Terna Rete Elettrica Nazionale S.p.A.		153,270		760,321
Tohoku Electric Power Co., Inc.		45,838		621,846
Tokyo Electric Power Co. Holdings, Inc. (a)		146,585		575,204
Xcel Energy, Inc.		33,510		1,489,520
				48,822,050
Electrical Equipment—0.5%
ABB, Ltd.		191,402		4,476,468
Acuity Brands, Inc. (b)		2,897		590,988
AMETEK, Inc.		15,467		836,455
Eaton Corp. plc		30,338		2,249,563
Emerson Electric Co.		42,495		2,543,751
Fuji Electric Co., Ltd.		56,922		339,177
Legrand S.A.		27,174		1,639,600
Mabuchi Motor Co., Ltd.		5,000		282,423
Mitsubishi Electric Corp.		196,481		2,826,442
Nidec Corp.		24,254		2,312,343

BHFTI-5

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electrical Equipment—(Continued)
OSRAM Licht AG		9,074	$	568,879
Prysmian S.p.A.		19,870		525,269
Rockwell Automation, Inc.		8,645		1,346,113
Schneider Electric SE		57,154		4,189,027
Vestas Wind Systems A/S		22,536		1,834,192
				26,560,690
Electronic Equipment, Instruments & Components—0.5%
Alps Electric Co., Ltd.		19,105		543,759
Amphenol Corp. - Class A		20,270		1,442,616
Corning, Inc.		73,440		1,982,880
FLIR Systems, Inc.		9,005		326,701
Hamamatsu Photonics KK		14,500		418,183
Hexagon AB - B Shares		26,343		1,058,364
Hirose Electric Co., Ltd.		3,256		451,632
Hitachi High-Technologies Corp.		7,011		286,252
Hitachi, Ltd.		491,431		2,669,471
Ingenico Group S.A.		5,669		534,449
Keyence Corp.		9,816		3,937,346
Kyocera Corp.		32,691		1,825,961
Murata Manufacturing Co., Ltd.		19,481		2,779,305
Nippon Electric Glass Co., Ltd.		42,602		258,180
Omron Corp.		19,566		860,886
Shimadzu Corp.		23,973		381,806
TDK Corp.		12,525		795,611
TE Connectivity, Ltd.		24,400		1,819,020
Yaskawa Electric Corp.		25,733		517,828
Yokogawa Electric Corp.		23,143		365,298
				23,255,548
Energy Equipment & Services—0.3%
Baker Hughes, Inc.		28,925		1,730,294
Halliburton Co.		56,650		2,787,747
Helmerich & Payne, Inc. (b)		7,105		472,980
National Oilwell Varco, Inc. (b)		24,805		994,432
Petrofac, Ltd.		26,377		304,043
Saipem S.p.A. (a)		607,572		275,795
Schlumberger, Ltd. (e)		91,837		7,172,470
TechnipFMC plc (a)		31,936		1,037,920
Tenaris S.A.		47,891		819,053
Transocean, Ltd. (a)		22,580		281,121
				15,875,855
Equity Real Estate Investment Trusts—3.6%
Acadia Realty Trust		8,655		260,169
Activia Properties, Inc.		59		281,397
Advance Residence Investment Corp.		131		358,150
Aedifica S.A.		1,377		103,624
AEON REIT Investment Corp.		161		178,778
Affine S.A.		700		11,504
Agree Realty Corp.		2,700		129,492
Alexander’s, Inc.		228		98,464
Alexandria Real Estate Equities, Inc.		15,712		1,736,490
Allied Properties Real Estate Investment Trust		9,170		248,859
Equity Real Estate Investment Trusts—(Continued)
Alstria Office REIT-AG (a)		14,300		174,966
American Assets Trust, Inc.		4,200		175,728
American Campus Communities, Inc.		14,277		679,442
American Homes 4 Rent - Class A		24,103		553,405
American Tower Corp.		28,045		3,408,589
ANF Immobilier		750		16,260
Apartment Investment & Management Co. - Class A		27,215		1,206,985
Apple Hospitality REIT, Inc.		22,900		437,390
Artis Real Estate Investment Trust		16,200		161,166
Ascendas Real Estate Investment Trust		500,750		902,100
Ashford Hospitality Trust, Inc.		9,900		63,063
Assura plc		178,450		129,345
AvalonBay Communities, Inc.		23,934		4,394,282
Axiare Patrimonio SOCIMI S.A.		6,300		94,027
Befimmo S.A.		2,100		119,227
Beni Stabili S.p.A. SIIQ		115,157		72,051
Big Yellow Group plc		15,350		140,664
Boardwalk Real Estate Investment Trust		4,150		147,201
Boston Properties, Inc.		26,725		3,538,657
Brandywine Realty Trust		18,926		307,169
British Land Co. plc (The)		209,848		1,605,099
Brixmor Property Group, Inc.		32,864		705,261
BWP Trust		52,748		114,823
Camden Property Trust		9,450		760,347
Canadian Apartment Properties REIT		14,600		365,590
Canadian Real Estate Investment Trust		7,900		287,996
Capital & Regional plc		57,500		40,281
CapitaLand Commercial Trust, Ltd.		425,450		470,758
CapitaLand Mall Trust		499,400		703,720
Care Capital Properties, Inc.		8,999		241,803
CareTrust REIT, Inc.		6,850		115,217
CBL & Associates Properties, Inc.		18,350		175,059
CDL Hospitality Trusts		69,700		71,534
Cedar Realty Trust, Inc.		9,200		46,184
Champion REIT		211,550		129,671
Charter Hall Retail REIT		36,400		120,663
Chatham Lodging Trust		3,950		78,013
Chesapeake Lodging Trust		6,407		153,512
Cofinimmo S.A.		2,195		250,790
Colony Starwood Homes		5,250		178,238
Columbia Property Trust, Inc.		13,300		295,925
Cominar Real Estate Investment Trust		19,531		211,487
Corporate Office Properties Trust		10,200		337,620
Cousins Properties, Inc.		36,880		304,998
Crombie Real Estate Investment Trust		9,400		98,464
Cromwell Property Group		159,300		116,207
Crown Castle International Corp.		22,010		2,078,844
CubeSmart		19,421		504,169
Custodian REIT plc		33,200		46,592
Daiwa House Residential Investment Corp. (REIT)		282		733,395
Daiwa Office Investment Corp.		30		153,485
DCT Industrial Trust, Inc.		9,852		474,078
DDR Corp.		33,550		420,382
Derwent London plc		10,750		379,007
Dexus Property Group		203,334		1,520,549

BHFTI-6

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
DiamondRock Hospitality Co.		21,650	$	241,398
Digital Realty Trust, Inc. (b)		26,961		2,868,381
Douglas Emmett, Inc.		15,164		582,298
Dream Global Real Estate Investment Trust		13,350		96,573
Dream Office Real Estate Investment Trust		11,300		163,486
Duke Realty Corp.		38,277		1,005,537
DuPont Fabros Technology, Inc.		8,175		405,398
EastGroup Properties, Inc.		3,583		263,458
Education Realty Trust, Inc. (b)		7,866		321,326
Empire State Realty Trust, Inc. - Class A		13,179		272,015
Empiric Student Property plc		54,150		73,444
EPR Properties		6,797		500,463
Equinix, Inc.		4,617		1,848,508
Equity Commonwealth (a)		13,659		426,434
Equity Lifestyle Properties, Inc.		8,419		648,768
Equity Residential		63,030		3,921,727
Essex Property Trust, Inc.		11,450		2,651,018
Eurocommercial Properties NV		5,050		180,903
Extra Space Storage, Inc.		20,953		1,558,694
Federal Realty Investment Trust (b)		12,334		1,646,589
FelCor Lodging Trust, Inc.		15,000		112,650
First Industrial Realty Trust, Inc.		12,600		335,538
First Potomac Realty Trust		6,200		63,736
Fonciere Des Regions		7,662		639,333
Forest City Realty Trust, Inc. - Class A		25,350		552,123
Fortune Real Estate Investment Trust		143,600		160,805
Four Corners Property Trust, Inc.		6,400		146,112
Franklin Street Properties Corp.		10,650		129,291
Frontier Real Estate Investment Corp.		48		218,155
Fukuoka REIT Corp.		68		111,471
Gaming and Leisure Properties, Inc.		22,146		740,119
GCP Student Living plc		36,250		68,135
Gecina S.A.		8,571		1,163,107
Getty Realty Corp.		2,715		68,608
GGP, Inc.		92,811		2,151,359
Global Net Lease, Inc.		6,050		145,684
GLP J-Reit		287		331,782
Goodman Group		373,603		2,209,683
Government Properties Income Trust (b)		7,635		159,801
GPT Group (The)		376,698		1,483,529
Gramercy Property Trust		15,056		395,973
Granite Real Estate Investment Trust		5,100		178,405
Great Portland Estates plc		37,150		302,710
Green REIT plc		73,850		107,122
H&R Real Estate Investment Trust		30,694		532,474
Hamborner REIT AG		8,250		84,004
Hammerson plc		166,333		1,190,234
Hansteen Holdings plc		80,400		120,374
HCP, Inc.		80,975		2,532,898
Healthcare Realty Trust, Inc.		12,510		406,575
Healthcare Trust of America, Inc. - Class A		15,275		480,552
Hersha Hospitality Trust		3,812		71,627
Hibernia REIT plc		73,600		97,583
Highwoods Properties, Inc.		11,000		540,430
Hispania Activos Inmobiliarios SOCIMI S.A.		9,600		137,949
Hospitality Properties Trust		17,750		559,658
Equity Real Estate Investment Trusts—(Continued)
Host Hotels & Resorts, Inc. (b)		130,385		2,432,984
Hudson Pacific Properties, Inc.		16,563		573,742
Hulic Reit, Inc.		90		149,234
Icade		7,596		555,989
Immobiliare Grande Distribuzione SIIQ S.p.A. (b)		39,546		34,594
Industrial & Infrastructure Fund Investment Corp.		35		157,507
Intervest Offices & Warehouses NV		1,600		40,576
Intu Properties plc		190,602		666,996
Investa Office Fund		61,012		221,368
Investors Real Estate Trust (b)		13,058		77,434
Invincible Investment Corp.		315		126,695
Invitation Homes, Inc. (a)		8,429		184,005
Irish Residential Properties REIT plc		37,850		50,070
Iron Mountain, Inc.		15,849		565,334
Japan Excellent, Inc.		123		151,061
Japan Hotel REIT Investment Corp.		407		281,117
Japan Logistics Fund, Inc.		90		193,685
Japan Prime Realty Investment Corp.		172		665,971
Japan Real Estate Investment Corp.		267		1,415,004
Japan Rental Housing Investments, Inc.		163		119,683
Japan Retail Fund Investment Corp.		537		1,054,020
Kenedix Office Investment Corp.		39		229,807
Kenedix Retail REIT Corp.		45		101,048
Keppel REIT		206,000		154,626
Killam Apartment Real Estate Investment Trust		7,250		69,128
Kilroy Realty Corp.		10,534		759,291
Kimco Realty Corp.		73,188		1,616,723
Kite Realty Group Trust		8,862		190,533
Kiwi Property Group, Ltd.		140,400		140,190
Klepierre		44,595		1,734,874
Land Securities Group plc		165,188		2,192,931
Lar Espana Real Estate Socimi S.A.		9,400		72,335
LaSalle Hotel Properties		12,150		351,743
Lexington Realty Trust		25,450		253,991
Liberty Property Trust		15,950		614,873
Life Storage, Inc.		5,031		413,146
Link REIT		465,500		3,260,881
LondonMetric Property plc		63,100		126,432
LTC Properties, Inc.		4,250		203,575
Macerich Co. (The)		23,877		1,537,679
Mack-Cali Realty Corp.		9,607		258,813
Mapletree Commercial Trust		204,594		223,773
Mapletree Industrial Trust		136,200		173,402
Mapletree Logistics Trust		159,300		124,698
Medical Properties Trust, Inc. (b)		34,595		445,930
Mercialys S.A.		4,450		83,008
Merlin Properties Socimi S.A.		35,034		391,704
Mid-America Apartment Communities, Inc.		19,920		2,026,661
Milestone Apartments Real Estate Investment Trust		8,700		141,178
Mirvac Group		776,577		1,299,164
Monmouth Real Estate Investment Corp. (b)		7,350		104,885
Monogram Residential Trust, Inc.		18,200		181,454
Mori Hills REIT Investment Corp.		156		209,115

BHFTI-7

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
Mori Trust Sogo REIT, Inc.		107	$	165,537
National Health Investors, Inc.		3,950		286,889
National Retail Properties, Inc.		15,883		692,816
National Storage Affiliates Trust		4,500		107,550
New Senior Investment Group, Inc.		8,500		86,700
NewRiver REIT plc		25,200		106,700
Nippon Accommodations Fund, Inc.		48		208,459
Nippon Building Fund, Inc.		281		1,536,832
Nippon Prologis REIT, Inc.		329		713,053
Nomura Real Estate Master Fund, Inc.		835		1,296,860
Northview Apartment Real Estate Investment Trust		5,400		88,643
NSI NV		14,793		60,749
Omega Healthcare Investors, Inc. (b)		18,570		612,624
Orix JREIT, Inc.		311		492,833
Paramount Group, Inc.		16,124		261,370
Parkway, Inc.		4,572		90,937
Pebblebrook Hotel Trust (b)		7,750		226,378
Pennsylvania Real Estate Investment Trust		7,150		108,251
Physicians Realty Trust		14,519		288,493
Piedmont Office Realty Trust, Inc. - Class A		15,700		335,666
Premier Investment Corp.		135		152,666
Primary Health Properties plc		61,876		85,649
ProLogis, Inc.		91,270		4,735,088
PS Business Parks, Inc.		2,200		252,472
Public Storage		25,446		5,570,384
Pure Industrial Real Estate Trust		26,500		121,356
QTS Realty Trust, Inc. - Class A		4,900		238,875
Quality Care Properties, Inc. (a)		10,040		189,354
Ramco-Gershenson Properties Trust		8,428		118,161
Realty Income Corp.		44,292		2,636,703
Redefine International plc		129,900		59,774
Regency Centers Corp.		25,878		1,718,040
Regional REIT, Ltd.		24,250		30,687
Retail Estates NV		550		45,119
Retail Opportunity Investments Corp. (b)		11,735		246,787
Retail Properties of America, Inc. - Class A		25,550		368,431
Rexford Industrial Realty, Inc.		6,950		156,514
RioCan Real Estate Investment Trust		35,138		692,270
RLJ Lodging Trust		13,400		315,034
Ryman Hospitality Properties, Inc. (b)		5,286		326,833
Sabra Health Care REIT, Inc.		7,000		195,510
Safestore Holdings plc		22,350		106,185
Saul Centers, Inc.		1,507		92,861
Scentre Group		1,092,222		3,578,930
Segro plc		207,931		1,188,562
Sekisui House Reit, Inc.		100		132,629
Sekisui House SI Residential Investment Corp.		107		118,655
Select Income REIT		7,305		188,396
Senior Housing Properties Trust		25,650		519,413
Seritage Growth Properties - Class A (b)		2,800		120,820
Shaftesbury plc		24,600		281,654
Shopping Centres Australasia Property Group		80,250		137,313
Silver Bay Realty Trust Corp.		3,600		77,292
Simon Property Group, Inc.		54,375		9,354,131
Equity Real Estate Investment Trusts—(Continued)
SL Green Realty Corp. (b)		17,590		1,875,446
Smart Real Estate Investment Trust		12,000		294,800
Spirit Realty Capital, Inc.		49,712		503,583
STAG Industrial, Inc.		8,135		203,538
Stockland		502,360		1,782,478
STORE Capital Corp.		16,662		397,889
Summit Hotel Properties, Inc.		9,350		149,413
Sun Communities, Inc.		7,046		566,005
Sunstone Hotel Investors, Inc.		23,356		358,047
Suntec Real Estate Investment Trust		508,200		651,178
Tanger Factory Outlet Centers, Inc.		10,350		339,170
Target Healthcare REIT, Ltd.		25,700		36,799
Taubman Centers, Inc.		6,500		429,130
Terreno Realty Corp.		5,050		141,400
Tier REIT, Inc.		5,100		88,536
Tokyu REIT, Inc.		95		119,483
Tritax Big Box REIT plc		119,400		216,319
UDR, Inc.		46,490		1,685,727
Unibail-Rodamco SE (Paris Exchange)		20,721		4,835,181
UNITE Group plc (The)		23,950		191,196
United Urban Investment Corp.		633		972,226
Universal Health Realty Income Trust		1,450		93,525
Urban Edge Properties		9,650		253,795
Urstadt Biddle Properties, Inc. - Class A		3,200		65,792
Vastned Retail NV		2,007		75,885
Ventas, Inc.		60,440		3,931,018
VEREIT, Inc.		104,250		885,083
Vicinity Centres		696,258		1,505,019
Vornado Realty Trust		29,980		3,007,294
Warehouses De Pauw SCA		1,767		164,465
Washington Prime Group, Inc.		19,850		172,497
Washington Real Estate Investment Trust		8,044		251,616
Weingarten Realty Investors		12,408		414,303
Welltower, Inc.		62,595		4,432,978
Wereldhave Belgium NV		250		27,470
Wereldhave NV		4,350		191,773
Westfield Corp.		409,052		2,774,622
Weyerhaeuser Co.		49,292		1,674,942
Workspace Group plc		12,700		125,118
WP Carey, Inc.		9,751		606,707
Xenia Hotels & Resorts, Inc.		11,650		198,866
				180,839,272
Food & Staples Retailing—1.0%
Aeon Co., Ltd.		66,329		969,625
Carrefour S.A.		57,730		1,362,049
Casino Guichard Perrachon S.A.		5,643		315,334
Colruyt S.A.		6,906		339,046
Costco Wholesale Corp.		29,095		4,878,941
CVS Health Corp.		72,615		5,700,278
Distribuidora Internacional de Alimentacion S.A.		63,286		365,988
FamilyMart UNY Holdings Co., Ltd.		8,414		501,730
ICA Gruppen AB (b)		8,172		279,000
J Sainsbury plc		166,753		552,208
Jeronimo Martins SGPS S.A.		25,725		460,513

BHFTI-8

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Food & Staples Retailing—(Continued)
Koninklijke Ahold Delhaize NV		130,273	$	2,788,113
Kroger Co. (The)		64,360		1,897,976
Lawson, Inc.		5,099		346,102
Metro AG		18,119		579,500
Seven & i Holdings Co., Ltd.		76,608		3,011,601
Sundrug Co., Ltd.		7,600		255,060
Sysco Corp.		34,645		1,798,768
Tesco plc (a)		829,011		1,928,235
Tsuruha Holdings, Inc.		3,754		347,721
Wal-Mart Stores, Inc. (e)		103,674		7,472,822
Walgreens Boots Alliance, Inc.		56,995		4,733,435
Wesfarmers, Ltd.		114,986		3,953,202
Whole Foods Market, Inc. (b)		21,400		636,008
WM Morrison Supermarkets plc		225,571		678,310
Woolworths, Ltd.		130,971		2,648,917
				48,800,482
Food Products—1.2%
Ajinomoto Co., Inc.		55,281		1,092,382
Archer-Daniels-Midland Co.		39,255		1,807,300
Aryzta AG (a)		8,983		288,338
Associated British Foods plc		36,287		1,185,651
Barry Callebaut AG (a)		224		292,802
Calbee, Inc.		8,149		278,416
Campbell Soup Co.		11,890		680,584
Chocoladefabriken Lindt & Spruengli AG		11		730,662
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		103		584,095
Conagra Brands, Inc.		28,640		1,155,338
Danone S.A.		60,018		4,084,235
General Mills, Inc.		39,160		2,310,832
Golden Agri-Resources, Ltd.		715,600		196,779
Hershey Co. (The)		9,465		1,034,051
Hormel Foods Corp.		17,810		616,760
J.M. Smucker Co. (The)		7,885		1,033,566
Kellogg Co.		16,655		1,209,320
Kerry Group plc - Class A		16,128		1,269,737
Kikkoman Corp.		14,934		446,836
Kraft Heinz Co. (The)		39,323		3,570,922
Marine Harvest ASA (a)		38,805		591,172
McCormick & Co., Inc.		7,670		748,209
Mead Johnson Nutrition Co.		12,330		1,098,356
MEIJI Holdings Co., Ltd.		11,637		969,979
Mondelez International, Inc. - Class A		103,560		4,461,365
Nestle S.A.		316,422		24,273,696
NH Foods, Ltd.		17,715		475,830
Nisshin Seifun Group, Inc.		20,232		302,793
Nissin Foods Holdings Co., Ltd.		6,034		334,340
Orkla ASA		82,669		740,012
Tate & Lyle plc		47,326		453,326
Toyo Suisan Kaisha, Ltd.		9,019		336,405
Tyson Foods, Inc. - Class A		19,350		1,194,088
WH Group, Ltd.		817,000		704,174
Wilmar International, Ltd.		194,339		490,015
Yakult Honsha Co., Ltd.		8,992		499,887
Yamazaki Baking Co., Ltd.		13,438		276,936
				61,819,189
Gas Utilities—0.1%
APA Group		113,294		775,272
Gas Natural SDG S.A.		35,562		778,124
Hong Kong & China Gas Co., Ltd.		775,726		1,550,996
Osaka Gas Co., Ltd.		189,489		721,045
Toho Gas Co., Ltd.		38,048		269,695
Tokyo Gas Co., Ltd.		198,460		904,477
				4,999,609
Health Care Equipment & Supplies—1.0%
Abbott Laboratories		113,570		5,043,644
Baxter International, Inc.		36,100		1,872,146
Becton Dickinson & Co.		13,977		2,563,941
Boston Scientific Corp. (a)		89,080		2,215,420
C.R. Bard, Inc.		4,885		1,214,118
Cochlear, Ltd.		5,869		606,049
Coloplast A/S - Class B		12,120		946,531
Cooper Cos., Inc. (The)		3,276		654,840
CYBERDYNE, Inc. (a) (b)		11,143		160,182
Danaher Corp.		39,460		3,375,014
DENTSPLY SIRONA, Inc.		15,907		993,233
Edwards Lifesciences Corp. (a)		14,160		1,332,031
Essilor International S.A.		21,066		2,558,428
Getinge AB - B Shares (b)		20,224		355,014
Hologic, Inc. (a)		16,263		691,991
Hoya Corp.		39,630		1,911,781
IDEXX Laboratories, Inc. (a)		6,091		941,730
Intuitive Surgical, Inc. (a)		2,520		1,931,504
Medtronic plc		92,879		7,482,332
Olympus Corp.		29,606		1,141,206
Smith & Nephew plc		89,463		1,363,260
Sonova Holding AG		5,322		738,453
Stryker Corp.		20,670		2,721,205
Sysmex Corp.		15,900		966,266
Terumo Corp.		34,844		1,212,202
Varian Medical Systems, Inc. (a)		6,325		576,397
William Demant Holding A/S (a)		12,280		256,621
Zimmer Biomet Holdings, Inc.		11,835		1,445,172
				47,270,711
Health Care Providers & Services—0.9%
Aetna, Inc.		23,144		2,952,017
Alfresa Holdings Corp.		19,100		331,566
AmerisourceBergen Corp.		12,685		1,122,623
Anthem, Inc.		17,280		2,857,766
Cardinal Health, Inc.		21,730		1,772,082
Centene Corp. (a)		11,209		798,753
Chartwell Retirement Residences		20,600		241,496
Cigna Corp.		16,925		2,479,343
DaVita, Inc. (a)		10,930		742,912
Envision Healthcare Corp. (a)		7,919		485,593
Express Scripts Holding Co. (a)		41,814		2,755,961
Fresenius Medical Care AG & Co. KGaA		21,865		1,843,887
Fresenius SE & Co. KGaA		41,708		3,349,973
HCA Holdings, Inc. (a)		20,169		1,794,839
Healthscope, Ltd.		176,411		305,699
Henry Schein, Inc. (a)		5,403		918,348

BHFTI-9

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
Humana, Inc.		9,800	$	2,020,172
Laboratory Corp. of America Holdings (a)		6,725		964,836
McKesson Corp.		15,155		2,246,880
Mediclinic International plc		37,142		331,122
Medipal Holdings Corp.		17,387		273,201
Miraca Holdings, Inc.		5,843		269,297
Patterson Cos., Inc.		5,480		247,860
Quest Diagnostics, Inc.		9,405		923,477
Ramsay Health Care, Ltd.		14,442		770,824
Ryman Healthcare, Ltd.		37,412		219,511
Sonic Healthcare, Ltd.		40,063		676,680
Suzuken Co., Ltd.		7,900		259,761
UnitedHealth Group, Inc.		62,800		10,299,828
Universal Health Services, Inc. - Class B		6,000		746,700
				45,003,007
Health Care Technology—0.0%
Cerner Corp. (a)		19,960		1,174,646
M3, Inc.		19,698		489,651
				1,664,297
Hotels, Restaurants & Leisure—0.8%
Accor S.A.		17,460		727,410
Aristocrat Leisure, Ltd.		54,968		754,229
Carnival Corp.		29,720		1,750,805
Carnival plc		19,406		1,110,792
Chipotle Mexican Grill, Inc. (a)		2,015		897,723
Compass Group plc		167,006		3,146,645
Crown Resorts, Ltd.		36,935		333,092
Darden Restaurants, Inc. (b)		7,575		633,800
Domino’s Pizza Enterprises, Ltd.		6,309		279,829
Flight Centre Travel Group, Ltd.		5,595		123,138
Galaxy Entertainment Group, Ltd.		238,071		1,301,639
Genting Singapore plc		613,000		446,989
InterContinental Hotels Group plc		19,136		936,998
Marriott International, Inc. - Class A		21,507		2,025,529
McDonald’s Corp.		59,540		7,716,980
McDonald’s Holdings Co. Japan, Ltd.		6,777		197,998
Melco Crown Entertainment, Ltd. (ADR)		19,297		357,766
Merlin Entertainments plc		71,979		432,528
MGM China Holdings, Ltd.		94,700		197,231
Oriental Land Co., Ltd.		22,200		1,274,399
Paddy Power Betfair plc		8,121		872,012
Pandox AB		6,236		95,274
Royal Caribbean Cruises, Ltd.		11,214		1,100,206
Sands China, Ltd.		245,535		1,136,436
Shangri-La Asia, Ltd.		125,200		182,497
SJM Holdings, Ltd.		199,356		162,323
Sodexo S.A.		9,402		1,105,888
Starbucks Corp.		97,660		5,702,367
Tabcorp Holdings, Ltd.		84,923		307,809
Tatts Group, Ltd.		148,528		502,463
TUI AG		50,598		702,175
Whitbread plc		18,685		926,599
William Hill plc		87,073		317,243
Wyndham Worldwide Corp.		7,365		620,796
Hotels, Restaurants & Leisure—(Continued)
Wynn Macau, Ltd.		158,378		321,886
Wynn Resorts, Ltd.		5,350		613,164
Yum! Brands, Inc.		27,040		1,727,856
				41,042,514
Household Durables—0.4%
Barratt Developments plc		101,792		697,522
Berkeley Group Holdings plc		13,452		540,773
Casio Computer Co., Ltd.		22,385		312,523
D.R. Horton, Inc.		21,650		721,162
Electrolux AB - Series B (b)		24,443		679,700
Garmin, Ltd. (b)		7,770		397,125
Husqvarna AB - B Shares		42,228		370,932
Iida Group Holdings Co., Ltd.		14,955		229,885
Leggett & Platt, Inc.		8,880		446,842
Lennar Corp. - Class A		11,895		608,905
Mohawk Industries, Inc. (a)		4,260		977,627
Newell Brands, Inc.		30,095		1,419,581
Nikon Corp.		34,555		501,818
Panasonic Corp.		224,467		2,543,992
Persimmon plc		31,456		826,043
PulteGroup, Inc.		20,980		494,079
Rinnai Corp.		3,475		277,033
SEB S.A.		2,294		320,508
Sekisui Chemical Co., Ltd.		41,524		699,303
Sekisui House, Ltd.		61,233		1,009,254
Sharp Corp. (a) (b)		151,393		642,208
Sony Corp.		128,433		4,356,970
Taylor Wimpey plc		331,957		803,850
Techtronic Industries Co., Ltd.		138,500		560,034
Whirlpool Corp.		5,130		878,923
				21,316,592
Household Products—0.7%
Church & Dwight Co., Inc.		17,202		857,864
Clorox Co. (The)		8,515		1,148,077
Colgate-Palmolive Co.		58,950		4,314,550
Henkel AG & Co. KGaA		10,586		1,176,181
Kimberly-Clark Corp.		23,835		3,137,401
Lion Corp.		24,330		437,944
Procter & Gamble Co. (The) (e)		174,906		15,715,304
Reckitt Benckiser Group plc		64,129		5,844,676
Svenska Cellulosa AB SCA - Class B (b)		61,867		1,996,875
Unicharm Corp.		41,122		986,553
				35,615,425
Independent Power and Renewable Electricity Producers—0.0%
AES Corp.		43,585		487,280
Electric Power Development Co., Ltd.		14,856		348,162
Meridian Energy, Ltd.		127,850		250,697
NRG Energy, Inc.		20,705		387,184
				1,473,323

BHFTI-10

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Industrial Conglomerates—1.2%
3M Co.		40,045	$	7,661,810
CK Hutchison Holdings, Ltd.		274,646		3,378,218
DCC plc		9,065		798,260
General Electric Co. (e)		602,372		17,950,686
Honeywell International, Inc.		50,860		6,350,888
Jardine Matheson Holdings, Ltd.		25,500		1,638,431
Jardine Strategic Holdings, Ltd.		22,600		949,215
Keihan Holdings Co., Ltd.		51,000		312,516
Keppel Corp., Ltd.		147,000		730,076
Koninklijke Philips NV		96,434		3,099,845
NWS Holdings, Ltd.		154,500		281,844
Roper Technologies, Inc.		6,690		1,381,418
Seibu Holdings, Inc.		17,359		287,079
Sembcorp Industries, Ltd.		99,600		226,582
Siemens AG		77,780		10,654,707
Smiths Group plc		40,340		819,103
Toshiba Corp. (a)		407,779		883,849
				57,404,527
Insurance—2.2%
Admiral Group plc		21,734		541,642
Aegon NV		179,286		912,188
Aflac, Inc.		27,685		2,004,948
Ageas		19,898		777,815
AIA Group, Ltd.		1,225,773		7,726,274
Allianz SE		46,465		8,607,089
Allstate Corp. (The)		24,965		2,034,398
American International Group, Inc.		68,371		4,268,402
Aon plc		17,880		2,122,177
Arthur J. Gallagher & Co.		11,642		658,239
Assicurazioni Generali S.p.A.		118,994		1,891,447
Assurant, Inc.		4,305		411,859
Aviva plc		412,636		2,750,583
AXA S.A.		197,206		5,103,271
Baloise Holding AG		5,116		704,321
Chubb, Ltd.		30,467		4,151,129
Cincinnati Financial Corp.		9,710		701,742
CNP Assurances		17,410		354,390
Dai-ichi Life Holdings, Inc.		109,626		1,976,316
Direct Line Insurance Group plc		139,799		608,534
Gjensidige Forsikring ASA		20,238		308,336
Hannover Rueck SE		6,164		710,804
Hartford Financial Services Group, Inc. (The)		26,140		1,256,550
Insurance Australia Group, Ltd.		240,712		1,110,595
Japan Post Holdings Co., Ltd.		45,713		574,714
Legal & General Group plc		605,368		1,875,804
Lincoln National Corp.		15,840		1,036,728
Loews Corp.		17,640		825,023
Mapfre S.A.		109,312		374,941
Marsh & McLennan Cos., Inc.		34,450		2,545,510
Medibank Private, Ltd.		280,006		603,014
MetLife, Inc. (f)		72,375		3,822,847
MS&AD Insurance Group Holdings, Inc.		51,587		1,646,413
Muenchener Rueckversicherungs-Gesellschaft AG		16,375		3,204,305
Insurance—(Continued)
NN Group NV		32,343		1,051,946
Old Mutual plc		499,952		1,258,042
Poste Italiane S.p.A.		52,984		353,271
Principal Financial Group, Inc.		17,875		1,128,091
Progressive Corp. (The)		38,605		1,512,544
Prudential Financial, Inc.		29,430		3,139,592
Prudential plc		262,228		5,547,033
QBE Insurance Group, Ltd.		139,070		1,363,822
RSA Insurance Group plc		103,355		759,534
Sampo Oyj - A Shares		45,452		2,158,113
SCOR SE		16,605		628,440
Sompo Holdings, Inc.		35,900		1,320,064
Sony Financial Holdings, Inc.		17,647		284,771
St. James’s Place plc		53,463		710,842
Standard Life plc		200,347		891,239
Suncorp Group, Ltd.		131,178		1,322,848
Swiss Life Holding AG (a)		3,270		1,055,198
Swiss Re AG		32,949		2,959,046
T&D Holdings, Inc.		58,752		857,169
Tokio Marine Holdings, Inc.		69,318		2,934,849
Torchmark Corp.		7,455		574,333
Travelers Cos., Inc. (The)		19,480		2,348,119
Tryg A/S		11,462		207,952
UnipolSai S.p.A.		112,924		249,126
Unum Group		15,695		735,939
Willis Towers Watson plc		9,167		1,199,869
XL Group, Ltd.		19,265		767,903
Zurich Insurance Group AG		15,305		4,086,089
				109,608,132
Internet & Direct Marketing Retail—0.7%
Amazon.com, Inc. (a)		26,450		23,448,983
Expedia, Inc.		7,785		982,233
Netflix, Inc. (a)		28,281		4,180,215
Priceline Group, Inc. (The) (a)		3,295		5,865,001
Rakuten, Inc.		94,392		947,192
Start Today Co., Ltd.		18,015		398,378
TripAdvisor, Inc. (a) (b)		7,505		323,916
Zalando SE (a)		8,883		359,411
				36,505,329
Internet Software & Services—1.3%
Akamai Technologies, Inc. (a)		11,610		693,117
Alphabet, Inc. - Class A (a) (e)		19,340		16,396,452
Alphabet, Inc. - Class C (a) (e)		19,666		16,314,127
Auto Trader Group plc		99,871		490,890
DeNA Co., Ltd.		10,707		217,634
eBay, Inc. (a)		71,575		2,402,773
Facebook, Inc. - Class A (a)		151,646		21,541,314
Kakaku.com, Inc.		14,381		195,644
Mixi, Inc.		4,567		220,386
United Internet AG		12,525		554,161
VeriSign, Inc. (a) (b)		6,335		551,842
Yahoo Japan Corp.		144,403		668,960
Yahoo!, Inc. (a)		57,495		2,668,343
				62,915,643

BHFTI-11

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—1.2%
Accenture plc - Class A		41,495	$	4,974,421
Alliance Data Systems Corp.		3,950		983,550
Amadeus IT Group S.A.		44,617		2,262,143
Atos SE		9,074		1,121,861
Automatic Data Processing, Inc.		30,195		3,091,666
Cap Gemini S.A.		16,589		1,533,093
Cognizant Technology Solutions Corp. - Class A (a)		40,250		2,395,680
Computershare, Ltd.		47,095		503,945
CSRA, Inc.		8,955		262,292
Fidelity National Information Services, Inc.		18,185		1,447,890
Fiserv, Inc. (a)		14,760		1,701,976
Fujitsu, Ltd.		189,416		1,162,127
Global Payments, Inc.		10,137		817,853
International Business Machines Corp. (e)		58,396		10,169,079
MasterCard, Inc. - Class A		64,800		7,288,056
Nomura Research Institute, Ltd.		13,400		494,562
NTT Data Corp.		12,909		613,863
Obic Co., Ltd.		6,570		313,525
Otsuka Corp.		5,300		288,227
Paychex, Inc.		21,215		1,249,564
PayPal Holdings, Inc. (a)		73,475		3,160,894
Teradata Corp. (a)		8,700		270,744
Total System Services, Inc.		11,095		593,139
Visa, Inc. - Class A		126,760		11,265,161
Western Union Co. (The)		33,120		673,992
Worldpay Group plc		182,551		675,674
				59,314,977
Leisure Products—0.1%
Bandai Namco Holdings, Inc.		20,310		608,488
Hasbro, Inc.		7,445		743,160
Mattel, Inc.		22,445		574,817
Sankyo Co., Ltd.		4,604		154,304
Sega Sammy Holdings, Inc.		18,848		253,040
Shimano, Inc.		7,541		1,102,901
Yamaha Corp.		17,000		467,922
				3,904,632
Life Sciences Tools & Services—0.2%
Agilent Technologies, Inc.		21,635		1,143,843
Eurofins Scientific SE		1,124		489,165
Illumina, Inc. (a)		9,719		1,658,450
Lonza Group AG (a)		5,889		1,112,018
Mettler-Toledo International, Inc. (a)		1,789		856,770
PerkinElmer, Inc.		7,190		417,451
QIAGEN NV (a)		22,296		647,200
Thermo Fisher Scientific, Inc.		26,230		4,028,928
Waters Corp. (a)		5,390		842,511
				11,196,336
Machinery—1.1%
Alfa Laval AB		29,885		563,012
Alstom S.A. (a)		15,672		467,687
Amada Holdings Co., Ltd.		34,599		396,115
Machinery—(Continued)
Andritz AG		7,457		373,691
Atlas Copco AB - A Shares		68,275		2,410,104
Atlas Copco AB - B Shares		39,741		1,263,157
Caterpillar, Inc.		38,485		3,569,869
CNH Industrial NV		103,558		998,707
Cummins, Inc.		10,695		1,617,084
Deere & Co.		19,815		2,157,061
Dover Corp.		10,200		819,570
FANUC Corp.		19,736		4,056,236
Flowserve Corp. (b)		8,580		415,444
Fortive Corp.		19,730		1,188,141
GEA Group AG		18,679		793,138
Hino Motors, Ltd.		26,133		317,265
Hitachi Construction Machinery Co., Ltd.		10,958		274,032
Hoshizaki Corp.		5,200		410,027
IHI Corp. (a)		148,748		470,488
Illinois Tool Works, Inc.		21,600		2,861,352
IMI plc		27,792		415,112
Ingersoll-Rand plc		16,965		1,379,594
JTEKT Corp.		22,617		352,526
Kawasaki Heavy Industries, Ltd.		143,697		437,872
Komatsu, Ltd.		93,891		2,456,235
Kone Oyj - Class B		34,321		1,507,828
Kubota Corp.		107,670		1,620,655
Kurita Water Industries, Ltd.		10,324		250,208
Makita Corp.		22,780		799,280
MAN SE		3,616		372,981
Metso Oyj		11,424		345,559
Minebea Co., Ltd.		38,698		518,251
Mitsubishi Heavy Industries, Ltd.		325,000		1,307,915
Nabtesco Corp.		11,451		304,004
NGK Insulators, Ltd.		26,643		604,795
NSK, Ltd.		44,839		644,313
PACCAR, Inc.		23,195		1,558,704
Parker-Hannifin Corp.		8,935		1,432,459
Pentair plc		11,973		751,665
Sandvik AB		108,495		1,618,293
Schindler Holding AG		2,065		391,563
Schindler Holding AG (Participation Certificate)		4,156		802,883
SKF AB - B Shares (b)		40,630		804,368
SMC Corp.		5,831		1,730,645
Snap-on, Inc.		3,810		642,633
Stanley Black & Decker, Inc.		10,040		1,334,015
Sumitomo Heavy Industries, Ltd.		55,676		389,350
THK Co., Ltd.		12,252		309,673
Volvo AB - B Shares (b)		157,578		2,319,996
Wartsila Oyj Abp		15,108		807,983
Weir Group plc (The)		22,172		533,014
Xylem, Inc.		11,740		589,583
Yangzijiang Shipbuilding Holdings, Ltd.		191,390		154,612
Zardoya Otis S.A.		18,949		175,059
				55,085,806
Marine—0.1%
AP Moeller - Maersk A/S - Class A		385		621,298
AP Moeller - Maersk A/S - Class B		668		1,105,214

BHFTI-12

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Marine—(Continued)
Kuehne & Nagel International AG		5,514	$	779,513
Mitsui OSK Lines, Ltd.		115,913		365,697
Nippon Yusen KK (a)		162,984		345,088
				3,216,810
Media—1.2%
Altice NV - Class A (a)		37,507		848,071
Altice NV - Class B (a)		11,192		253,006
Axel Springer SE		4,395		242,820
CBS Corp. - Class B		27,850		1,931,676
Charter Communications, Inc. - Class A (a)		14,457		4,732,065
Comcast Corp. - Class A		321,404		12,081,576
Dentsu, Inc.		21,987		1,195,846
Discovery Communications, Inc. - Class A (a) (b)		9,850		286,537
Discovery Communications, Inc. - Class C (a)		15,650		443,051
DISH Network Corp. - Class A (a)		14,194		901,177
Eutelsat Communications S.A.		17,666		394,953
Hakuhodo DY Holdings, Inc.		21,670		257,541
Interpublic Group of Cos., Inc. (The)		26,525		651,719
ITV plc		368,346		1,012,076
JCDecaux S.A.		7,557		266,332
Lagardere SCA		11,972		352,634
News Corp. - Class A		25,021		325,273
News Corp. - Class B		7,056		95,256
Omnicom Group, Inc.		15,785		1,360,825
Pearson plc		83,376		711,198
ProSiebenSat.1 Media SE		23,755		1,051,813
Publicis Groupe S.A.		19,536		1,365,287
REA Group, Ltd.		5,372		242,644
RTL Group S.A.		328		26,418
RTL Group S.A. (Brussels Exchange)		3,657		293,095
Schibsted ASA - B Shares		9,063		207,415
Schibsted ASA - Class A		7,700		198,387
Scripps Networks Interactive, Inc. - Class A		6,250		489,812
SES S.A.		37,187		865,642
Singapore Press Holdings, Ltd.		162,000		411,126
Sky plc		105,010		1,283,514
TEGNA, Inc.		14,440		369,953
Telenet Group Holding NV (a)		5,365		319,082
Time Warner, Inc.		52,155		5,096,065
Toho Co., Ltd.		11,494		305,343
Twenty-First Century Fox, Inc. - Class A		73,958		2,395,500
Twenty-First Century Fox, Inc. - Class B		28,425		903,346
Viacom, Inc. - Class B		22,870		1,066,199
Vivendi S.A.		104,672		2,036,706
Walt Disney Co. (The)		99,179		11,245,907
WPP plc		130,036		2,854,645
				61,371,531
Metals & Mining—0.8%
Alumina, Ltd. (b)		246,487		336,824
Anglo American plc (a)		142,569		2,161,070
Antofagasta plc		39,993		416,788
ArcelorMittal (a)		187,092		1,565,265
Metals & Mining—(Continued)
BHP Billiton plc		214,740		3,330,572
BHP Billiton, Ltd.		326,541		5,961,208
Boliden AB		27,900		832,297
Fortescue Metals Group, Ltd.		157,896		750,585
Freeport-McMoRan, Inc. (a)		82,700		1,104,872
Fresnillo plc		22,556		437,613
Glencore plc (a)		1,244,019		4,890,348
Hitachi Metals, Ltd.		21,804		306,787
JFE Holdings, Inc.		53,226		915,821
Kobe Steel, Ltd. (a)		31,167		285,206
Maruichi Steel Tube, Ltd.		5,700		162,441
Mitsubishi Materials Corp.		11,364		344,331
Newcrest Mining, Ltd.		78,038		1,341,267
Newmont Mining Corp.		34,935		1,151,458
Nippon Steel & Sumitomo Metal Corp.		82,097		1,899,618
Norsk Hydro ASA		136,734		794,735
Nucor Corp.		20,940		1,250,537
Randgold Resources, Ltd.		9,558		834,513
Rio Tinto plc		125,802		5,063,814
Rio Tinto, Ltd.		43,129		1,990,269
South32, Ltd.		539,922		1,137,198
Sumitomo Metal Mining Co., Ltd.		50,265		715,817
ThyssenKrupp AG		37,506		918,420
Voestalpine AG		11,624		457,476
				41,357,150
Multi-Utilities—0.6%
AGL Energy, Ltd.		68,428		1,378,565
Ameren Corp.		15,960		871,256
CenterPoint Energy, Inc.		28,400		782,988
Centrica plc		557,921		1,516,966
CMS Energy Corp.		18,255		816,729
Consolidated Edison, Inc.		19,345		1,502,333
Dominion Resources, Inc. (b)		39,390		3,055,482
DTE Energy Co.		11,830		1,207,961
DUET Group		247,374		527,183
E.ON SE		202,936		1,613,083
Engie S.A.		160,941		2,277,671
Innogy SE (a)		14,122		533,087
National Grid plc		382,657		4,853,325
NiSource, Inc.		21,050		500,779
Public Service Enterprise Group, Inc.		33,370		1,479,959
RWE AG (a)		49,684		823,469
SCANA Corp.		9,440		616,904
Sempra Energy		15,620		1,726,010
Suez		34,430		543,807
Veolia Environnement S.A.		48,565		909,800
WEC Energy Group, Inc.		20,829		1,262,862
				28,800,219
Multiline Retail—0.2%
Dollar General Corp.		19,180		1,337,421
Dollar Tree, Inc. (a)		15,513		1,217,150
Don Quijote Holdings Co., Ltd.		12,100		420,265
Harvey Norman Holdings, Ltd. (b)		55,438		191,018
Isetan Mitsukoshi Holdings, Ltd.		33,997		374,147

BHFTI-13

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Multiline Retail—(Continued)
J Front Retailing Co., Ltd.		24,534	$	364,685
Kohl’s Corp.		12,525		498,620
Macy’s, Inc.		20,410		604,952
Marks & Spencer Group plc		164,770		694,740
Marui Group Co., Ltd.		21,200		288,770
Next plc		14,193		768,786
Nordstrom, Inc. (b)		8,440		393,051
Ryohin Keikaku Co., Ltd.		2,427		532,257
Takashimaya Co., Ltd.		30,372		266,208
Target Corp.		39,790		2,196,010
				10,148,080
Oil, Gas & Consumable Fuels—2.8%
Anadarko Petroleum Corp.		33,535		2,079,170
Apache Corp.		24,995		1,284,493
BP plc		1,923,869		11,047,883
Cabot Oil & Gas Corp.		30,190		721,843
Caltex Australia, Ltd.		26,485		595,781
Chesapeake Energy Corp. (a) (b)		34,135		202,762
Chevron Corp. (e)		124,400		13,356,828
Cimarex Energy Co.		6,315		754,579
Concho Resources, Inc. (a)		8,505		1,091,532
ConocoPhillips		81,620		4,070,389
Devon Energy Corp.		33,620		1,402,626
Enagas S.A.		23,044		598,006
Eni S.p.A.		258,648		4,239,169
EOG Resources, Inc.		36,290		3,540,090
EQT Corp.		11,210		684,931
Exxon Mobil Corp. (e)		274,389		22,502,642
Galp Energia SGPS S.A.		50,837		772,160
Hess Corp.		17,470		842,229
Idemitsu Kosan Co., Ltd.		9,055		315,649
Inpex Corp.		96,398		950,991
JX Holdings, Inc.		215,024		1,060,088
Kinder Morgan, Inc.		120,830		2,626,844
Koninklijke Vopak NV		7,230		315,579
Lundin Petroleum AB (a)		19,145		388,804
Marathon Oil Corp.		55,680		879,744
Marathon Petroleum Corp.		34,910		1,764,351
Murphy Oil Corp. (b)		10,585		302,625
Neste Oyj (b)		13,033		508,291
Newfield Exploration Co. (a)		13,000		479,830
Noble Energy, Inc.		28,300		971,822
Occidental Petroleum Corp.		50,445		3,196,195
Oil Search, Ltd.		138,984		763,341
OMV AG		15,023		591,166
ONEOK, Inc.		13,860		768,398
Origin Energy, Ltd.		177,824		954,743
Phillips 66		31,040		2,458,989
Pioneer Natural Resources Co.		10,765		2,004,766
Range Resources Corp.		11,105		323,156
Repsol S.A.		114,703		1,771,223
Royal Dutch Shell plc - A Shares		444,305		11,686,144
Royal Dutch Shell plc - B Shares		380,814		10,462,754
Santos, Ltd. (a)		185,942		537,042
Showa Shell Sekiyu KK		19,100		193,789
Oil, Gas & Consumable Fuels—(Continued)
Snam S.p.A.		248,518		1,074,805
Southwestern Energy Co. (a)		25,705		210,010
Statoil ASA		114,831		1,973,700
Tesoro Corp.		7,825		634,295
TonenGeneral Sekiyu KK		29,770		372,783
Total S.A. (b)		231,368		11,688,464
Valero Energy Corp.		31,015		2,055,984
Williams Cos., Inc. (The)		39,465		1,167,769
Woodside Petroleum, Ltd.		77,107		1,884,260
				137,125,507
Paper & Forest Products—0.1%
Mondi plc		37,458		905,758
OJI Holdings Corp.		82,507		386,850
Stora Enso Oyj - R Shares		55,871		661,521
UPM-Kymmene Oyj		54,336		1,278,669
				3,232,798
Personal Products—0.5%
Beiersdorf AG		10,278		972,988
Coty, Inc. - Class A		31,719		575,065
Estee Lauder Cos., Inc. (The) - Class A		14,620		1,239,630
Kao Corp.		51,243		2,814,796
Kose Corp.		3,076		278,934
L’Oreal S.A.		25,612		4,922,462
Pola Orbis Holdings, Inc.		9,396		227,143
Shiseido Co., Ltd.		38,695		1,020,223
Unilever NV		165,624		8,228,155
Unilever plc		130,493		6,440,843
				26,720,239
Pharmaceuticals—3.5%
Allergan plc		23,108		5,520,963
Astellas Pharma, Inc.		218,985		2,889,721
AstraZeneca plc		128,620		7,904,840
Bayer AG		84,078		9,691,634
Bristol-Myers Squibb Co.		110,235		5,994,579
Chugai Pharmaceutical Co., Ltd.		22,826		786,205
Daiichi Sankyo Co., Ltd.		61,319		1,383,345
Eisai Co., Ltd.		25,670		1,331,925
Eli Lilly & Co.		64,330		5,410,796
Galenica AG		400		422,150
GlaxoSmithKline plc		495,771		10,312,929
Hikma Pharmaceuticals plc		14,688		364,276
Hisamitsu Pharmaceutical Co., Inc.		6,325		362,297
Johnson & Johnson (e)		182,320		22,707,956
Kyowa Hakko Kirin Co., Ltd.		26,502		420,554
Mallinckrodt plc (a)		7,370		328,481
Merck & Co., Inc. (e)		183,335		11,649,106
Merck KGaA		13,154		1,498,144
Mitsubishi Tanabe Pharma Corp.		22,801		475,436
Mylan NV (a)		27,185		1,059,943
Novartis AG		227,040		16,855,903
Novo Nordisk A/S - Class B		194,392		6,683,072
Ono Pharmaceutical Co., Ltd.		42,028		871,328

BHFTI-14

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—(Continued)
Orion Oyj - Class B		10,461	$	545,391
Otsuka Holdings Co., Ltd.		39,713		1,794,993
Perrigo Co. plc		9,653		640,863
Pfizer, Inc.		399,506		13,667,100
Roche Holding AG		71,432		18,222,687
Sanofi		117,990		10,675,325
Santen Pharmaceutical Co., Ltd.		37,800		548,292
Shionogi & Co., Ltd.		30,400		1,572,833
Sumitomo Dainippon Pharma Co., Ltd.		16,100		266,313
Taisho Pharmaceutical Holdings Co., Ltd.		3,715		302,309
Takeda Pharmaceutical Co., Ltd.		72,326		3,402,840
Taro Pharmaceutical Industries, Ltd. (a) (b)		1,461		170,382
Teva Pharmaceutical Industries, Ltd. (ADR)		92,820		2,978,594
UCB S.A.		12,892		1,000,038
Zoetis, Inc.		30,140		1,608,572
				172,322,115
Professional Services—0.4%
Adecco Group AG		16,561		1,176,458
Bureau Veritas S.A.		26,975		569,073
Capita plc		67,114		475,241
Dun & Bradstreet Corp. (The)		2,395		258,516
Equifax, Inc.		7,815		1,068,623
Experian plc		96,578		1,971,414
Intertek Group plc		16,487		813,684
Nielsen Holdings plc		23,833		984,541
Randstad Holding NV (b)		12,162		701,732
Recruit Holdings Co., Ltd.		37,370		1,909,525
RELX NV		101,176		1,879,726
RELX plc		110,257		2,162,391
Robert Half International, Inc.		8,620		420,915
Seek, Ltd.		33,510		407,526
SGS S.A.		559		1,193,507
Verisk Analytics, Inc. (a)		10,201		827,709
Wolters Kluwer NV		30,740		1,277,439
				18,098,020
Real Estate Management & Development—1.1%
ADLER Real Estate AG (a) (b)		2,700		40,280
ADO Properties S.A.		3,148		112,923
Aeon Mall Co., Ltd.		24,247		382,508
Allreal Holding AG (a)		1,050		171,498
Azrieli Group, Ltd.		9,049		481,828
BUWOG AG (a)		10,250		258,610
CA Immobilien Anlagen AG (a)		7,482		164,390
Capital & Counties Properties plc		79,450		289,267
CapitaLand, Ltd.		533,500		1,384,464
Castellum AB		29,527		391,616
CBRE Group, Inc. - Class A (a)		19,115		665,011
Cheung Kong Property Holdings, Ltd.		572,696		3,866,428
City Developments, Ltd.		105,500		769,953
Citycon Oyj		42,300		100,186
Conwert Immobilien Invest SE (a)		3,137		52,976
D Carnegie & Co. AB (a)		3,800		43,998
Daejan Holdings plc		550		44,345
Daito Trust Construction Co., Ltd.		7,144		982,430
Real Estate Management & Development—(Continued)
Daiwa House Industry Co., Ltd.		57,578		1,657,223
Deutsche Euroshop AG		4,950		202,388
Deutsche Wohnen AG		72,433		2,385,205
DIC Asset AG		4,650		46,134
Dios Fastigheter AB		9,132		44,809
Entra ASA		10,118		110,462
Fabege AB (b)		14,300		227,460
Fastighets AB Balder - B Shares (a)		10,400		217,106
First Capital Realty, Inc.		10,450		157,396
Global Logistic Properties, Ltd.		270,168		537,357
Grainger plc		44,350		136,758
Grand City Properties S.A.		10,950		201,330
Hang Lung Group, Ltd.		89,000		379,729
Hang Lung Properties, Ltd.		444,450		1,157,527
Helical plc		10,700		42,026
Hemfosa Fastigheter AB		10,224		91,320
Henderson Land Development Co., Ltd.		231,954		1,436,869
Hongkong Land Holdings, Ltd.		245,850		1,892,602
Hufvudstaden AB - A Shares		12,000		177,852
Hulic Co., Ltd.		68,755		647,994
Hysan Development Co., Ltd.		129,750		588,698
Inmobiliaria Colonial S.A.		25,450		189,826
Kennedy Wilson Europe Real Estate plc		10,500		124,122
Kerry Properties, Ltd.		129,700		449,360
Klovern AB - B Shares		60,850		60,617
Kungsleden AB		20,520		117,598
LEG Immobilien AG (a)		6,800		557,441
Lend Lease Group (REIT)		56,310		669,921
Mitsubishi Estate Co., Ltd.		254,953		4,662,315
Mitsui Fudosan Co., Ltd.		193,268		4,134,619
Mobimo Holding AG (a)		650		168,237
New World Development Co., Ltd.		1,156,575		1,426,007
Nomura Real Estate Holdings, Inc.		25,559		408,120
Norwegian Property ASA		18,350		21,333
NTT Urban Development Corp.		11,696		101,646
PSP Swiss Property AG		4,259		387,581
Sino Land Co., Ltd.		649,600		1,138,271
Sponda Oyj		26,398		110,393
Sumitomo Realty & Development Co., Ltd.		83,104		2,163,649
Sun Hung Kai Properties, Ltd.		299,328		4,397,551
Swire Pacific, Ltd. - Class A		54,900		549,478
Swire Properties, Ltd.		245,000		784,881
Swiss Prime Site AG (a)		14,324		1,260,782
TAG Immobilien AG		15,300		205,901
Technopolis Oyj		15,250		49,239
TLG Immobilien AG		6,592		128,461
Tokyo Tatemono Co., Ltd.		43,156		570,462
Tokyu Fudosan Holdings Corp.		52,123		283,347
UOL Group, Ltd.		99,800		497,669
Vonovia SE		97,272		3,427,981
Wallenstam AB - B Shares		21,100		170,124
WCM Beteiligungs & Grundbesitz-AG (a)		9,400		30,683
Wharf Holdings, Ltd. (The)		269,550		2,312,942
Wheelock & Co., Ltd.		82,700		653,821
Wihlborgs Fastigheter AB		7,150		135,580
				54,890,914

BHFTI-15

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Road & Rail—0.6%
Aurizon Holdings, Ltd.		208,082	$	834,147
Central Japan Railway Co.		14,662		2,396,556
ComfortDelGro Corp., Ltd.		217,700		398,418
CSX Corp.		63,570		2,959,183
DSV A/S		19,319		1,001,176
East Japan Railway Co.		33,682		2,938,464
Hankyu Hanshin Holdings, Inc.		24,561		800,087
J.B. Hunt Transport Services, Inc.		5,896		540,899
Kansas City Southern		7,190		616,614
Keikyu Corp.		47,373		520,979
Keio Corp.		58,815		466,674
Keisei Electric Railway Co., Ltd.		14,119		328,174
Kintetsu Group Holdings Co., Ltd.		184,158		664,411
MTR Corp., Ltd.		149,200		837,891
Nagoya Railroad Co., Ltd.		93,000		419,460
Nippon Express Co., Ltd.		84,428		434,635
Norfolk Southern Corp.		19,740		2,210,288
Odakyu Electric Railway Co., Ltd.		30,011		584,935
Ryder System, Inc.		3,500		264,040
Tobu Railway Co., Ltd.		98,045		497,869
Tokyu Corp.		107,569		762,806
Union Pacific Corp.		55,890		5,919,869
West Japan Railway Co.		16,778		1,092,825
				27,490,400
Semiconductors & Semiconductor Equipment—1.2%
Advanced Micro Devices, Inc. (a)		52,778		767,920
Analog Devices, Inc.		24,102		1,975,159
Applied Materials, Inc.		74,660		2,904,274
ASM Pacific Technology, Ltd.		24,700		335,918
ASML Holding NV		37,957		5,034,615
Broadcom, Ltd.		24,495		5,363,425
Infineon Technologies AG		115,169		2,351,624
Intel Corp. (e)		312,070		11,256,365
KLA-Tencor Corp.		9,070		862,285
Lam Research Corp.		10,447		1,340,977
Microchip Technology, Inc.		14,030		1,035,133
Micron Technology, Inc. (a)		68,470		1,978,783
NVIDIA Corp.		33,670		3,667,673
NXP Semiconductors NV (a)		29,903		3,094,960
Qorvo, Inc. (a)		8,523		584,337
QUALCOMM, Inc.		98,705		5,659,745
Rohm Co., Ltd.		9,078		605,407
Skyworks Solutions, Inc.		12,671		1,241,504
STMicroelectronics NV		64,965		994,290
Texas Instruments, Inc.		66,430		5,351,601
Tokyo Electron, Ltd.		15,975		1,749,169
Xilinx, Inc.		16,880		977,183
				59,132,347
Software—1.7%
Activision Blizzard, Inc.		45,854		2,286,281
Adobe Systems, Inc. (a)		32,920		4,283,880
Autodesk, Inc. (a)		14,815		1,281,053
CA, Inc.		19,545		619,967
Software—(Continued)
Check Point Software Technologies, Ltd. (a)		13,337		1,369,176
Citrix Systems, Inc. (a)		10,170		848,076
Dassault Systemes SE		13,107		1,135,212
Electronic Arts, Inc. (a)		20,380		1,824,418
Gemalto NV		8,289		462,989
Intuit, Inc.		16,995		1,971,250
Konami Holdings Corp.		9,503		403,958
LINE Corp. (a)		4,401		169,428
Microsoft Corp. (e)		522,555		34,415,472
Mobileye NV (a)		17,906		1,099,428
Nexon Co., Ltd.		17,705		282,037
Nice, Ltd.		6,131		416,004
Nintendo Co., Ltd.		11,524		2,680,327
Oracle Corp. (e)		208,110		9,283,787
Oracle Corp. Japan		3,933		225,069
Red Hat, Inc. (a)		12,035		1,041,028
Sage Group plc (The)		109,480		866,024
Salesforce.com, Inc. (a)		41,660		3,436,533
SAP SE		99,925		9,805,065
Symantec Corp.		40,200		1,233,336
Synopsys, Inc. (a)		10,322		744,526
Trend Micro, Inc.		11,424		509,082
				82,693,406
Specialty Retail—0.9%
ABC-Mart, Inc.		3,400		199,202
Advance Auto Parts, Inc.		4,820		714,613
AutoNation, Inc. (a)		4,805		203,203
AutoZone, Inc. (a)		2,035		1,471,407
Bed Bath & Beyond, Inc.		10,775		425,181
Best Buy Co., Inc. (b)		18,545		911,487
CarMax, Inc. (a) (b)		12,850		760,977
Dixons Carphone plc		99,261		394,989
Dufry AG (a)		4,688		714,748
Fast Retailing Co., Ltd.		5,395		1,697,905
Foot Locker, Inc.		9,044		676,582
Gap, Inc. (The)		14,940		362,893
Hennes & Mauritz AB - B Shares		96,532		2,463,434
Hikari Tsushin, Inc.		2,200		215,282
Home Depot, Inc. (The)		83,770		12,299,949
Industria de Diseno Textil S.A.		110,908		3,909,162
Kingfisher plc		226,486		925,822
L Brands, Inc.		16,840		793,164
Lowe’s Cos., Inc.		60,420		4,967,128
Nitori Holdings Co., Ltd.		8,150		1,030,584
O’Reilly Automotive, Inc. (a)		6,465		1,744,516
Ross Stores, Inc.		26,680		1,757,412
Shimamura Co., Ltd.		2,252		297,856
Signet Jewelers, Ltd.		5,225		361,936
Staples, Inc.		42,585		373,470
Tiffany & Co.		7,320		697,596
TJX Cos., Inc. (The)		44,250		3,499,290
Tractor Supply Co.		8,835		609,350
Ulta Salon Cosmetics & Fragrance, Inc. (a)		4,279		1,220,499
USS Co., Ltd.		22,240		371,423

BHFTI-16

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Specialty Retail—(Continued)
Yamada Denki Co., Ltd.		63,710	$	318,645
				46,389,705
Technology Hardware, Storage & Peripherals—1.4%
Apple, Inc. (e)		358,952		51,567,044
Brother Industries, Ltd.		23,946		502,231
Canon, Inc.		108,486		3,398,894
FUJIFILM Holdings Corp.		44,483		1,741,843
Hewlett Packard Enterprise Co.		113,410		2,687,817
HP, Inc.		114,010		2,038,499
Konica Minolta, Inc.		45,753		410,576
NEC Corp.		264,087		637,269
NetApp, Inc.		19,070		798,080
Ricoh Co., Ltd.		68,163		561,970
Seagate Technology plc		19,560		898,391
Seiko Epson Corp.		28,400		599,362
Western Digital Corp.		18,524		1,528,786
Xerox Corp.		62,860		461,392
				67,832,154
Textiles, Apparel & Luxury Goods—0.7%
adidas AG		19,145		3,640,842
Asics Corp.		16,265		261,737
Burberry Group plc		44,817		970,051
Christian Dior SE		5,554		1,291,785
Cie Financiere Richemont S.A.		53,074		4,189,281
Coach, Inc. (b)		18,250		754,272
Hanesbrands, Inc. (b)		25,822		536,065
Hermes International		2,689		1,273,996
Hugo Boss AG		6,845		498,826
Kering		7,706		1,994,986
Li & Fung, Ltd.		596,300		258,924
Luxottica Group S.p.A.		17,270		953,347
LVMH Moet Hennessy Louis Vuitton SE		28,353		6,234,235
Michael Kors Holdings, Ltd. (a)		11,797		449,584
NIKE, Inc. - Class B		89,180		4,970,001
Pandora A/S		11,321		1,254,331
PVH Corp.		5,408		559,566
Ralph Lauren Corp.		3,795		309,748
Swatch Group AG (The)		5,046		350,961
Swatch Group AG (The) - Bearer Shares		3,143		1,123,385
Under Armour, Inc. - Class A (a) (b)		11,972		236,806
Under Armour, Inc. - Class C (a) (b)		12,056		220,625
VF Corp.		22,400		1,231,328
Yue Yuen Industrial Holdings, Ltd.		75,100		295,374
				33,860,056
Tobacco—0.9%
Altria Group, Inc.		129,325		9,236,392
British American Tobacco plc		189,556		12,565,650
Imperial Brands plc		97,475		4,727,708
Japan Tobacco, Inc.		111,840		3,640,680
Philip Morris International, Inc. (e)		102,405		11,561,524
Reynolds American, Inc.		54,664		3,444,925
Swedish Match AB		19,170		623,089
				45,799,968
Trading Companies & Distributors—0.4%
AerCap Holdings NV (a)		15,707		722,051
Ashtead Group plc		50,708		1,049,660
Brenntag AG		15,756		883,700
Bunzl plc		34,203		992,876
Fastenal Co.		19,050		981,075
ITOCHU Corp.		152,010		2,161,405
Marubeni Corp.		167,866		1,035,973
MISUMI Group, Inc.		27,900		505,581
Mitsubishi Corp.		153,584		3,326,192
Mitsui & Co., Ltd.		173,524		2,520,119
Rexel S.A.		30,751		559,181
Sumitomo Corp.		120,887		1,628,955
Toyota Tsusho Corp.		21,695		658,600
Travis Perkins plc		25,465		483,072
United Rentals, Inc. (a)		6,000		750,300
Wolseley plc		25,711		1,617,190
WW Grainger, Inc.		3,820		889,143
				20,765,073
Transportation Infrastructure—0.2%
Abertis Infraestructuras S.A.		65,287		1,051,740
Aena S.A.		6,881		1,088,677
Aeroports de Paris		3,054		377,374
Atlantia S.p.A.		42,088		1,086,579
Auckland International Airport, Ltd.		96,611		455,908
Fraport AG Frankfurt Airport Services Worldwide		4,236		299,807
Groupe Eurotunnel SE		47,494		478,075
Hutchison Port Holdings Trust - Class U		521,402		216,377
Japan Airport Terminal Co., Ltd.		4,700		163,700
Kamigumi Co., Ltd.		23,677		204,951
Mitsubishi Logistics Corp.		11,649		160,824
SATS, Ltd.		68,300		238,325
Sydney Airport		111,804		578,062
Transurban Group		207,169		1,846,255
				8,246,654
Water Utilities—0.1%
American Water Works Co., Inc.		11,776		915,820
Severn Trent plc		24,076		717,481
United Utilities Group plc		69,155		860,211
				2,493,512
Wireless Telecommunication Services—0.4%
KDDI Corp.		186,503		4,900,353
Millicom International Cellular S.A.		6,786		378,444
NTT DoCoMo, Inc.		140,867		3,283,000
SoftBank Group Corp.		83,931		5,944,486
StarHub, Ltd.		61,000		125,301
Tele2 AB - B Shares (b)		36,703		350,659
Vodafone Group plc		2,706,053		7,037,905
				22,020,148
Total Common Stocks (Cost $2,125,953,395)				2,823,765,413

BHFTI-17

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—19.8%

Security Description	Principal Amount*		Value
Federal Agencies—0.8%
Federal Home Loan Mortgage Corp. 2.375%, 01/13/22		8,925,000	$	9,086,364
6.250%, 07/15/32		2,480,000		3,453,797
Federal National Mortgage Association 0.875%, 02/08/18		20,645,000		20,605,878
5.375%, 06/12/17		756,000		762,506
6.625%, 11/15/30		1,650,000		2,327,105
7.250%, 05/15/30 (b)		1,941,000		2,845,822
				39,081,472
U.S. Treasury—19.0%
U.S. Treasury Bonds 2.250%, 08/15/46 (b)		11,613,000		9,828,407
2.500%, 02/15/45		5,830,000		5,238,576
2.750%, 08/15/42		5,415,000		5,162,439
2.875%, 05/15/43		5,779,000		5,626,625
2.875%, 08/15/45		29,325,000		28,439,532
3.000%, 05/15/45 (b)		1,395,000		1,386,881
3.125%, 11/15/41		7,070,000		7,234,872
3.125%, 02/15/42		5,645,000		5,775,320
3.125%, 02/15/43		8,925,000		9,102,108
3.625%, 08/15/43 (b)		25,457,000		28,345,784
3.750%, 08/15/41		8,025,000		9,099,909
4.250%, 05/15/39		1,235,000		1,508,196
4.375%, 05/15/40 (b)		6,650,000		8,256,653
4.375%, 05/15/41		7,495,000		9,330,983
4.750%, 02/15/41		1,780,000		2,330,340
6.000%, 02/15/26		33,774,000		43,656,847
6.250%, 08/15/23		4,620,000		5,757,134
6.250%, 05/15/30		1,815,000		2,572,550
6.875%, 08/15/25		2,640,000		3,561,009
8.875%, 02/15/19 (b)		2,158,000		2,466,527
U.S. Treasury Notes 0.750%, 10/31/18 (b)		25,820,700		25,639,155
1.125%, 02/28/21		10,400,000		10,146,500
1.125%, 09/30/21		7,998,000		7,737,753
1.250%, 11/30/18		16,530,000		16,540,976
1.250%, 01/31/19		6,545,000		6,547,042
1.250%, 04/30/19		8,909,000		8,903,432
1.250%, 03/31/21		24,650,000		24,141,594
1.250%, 10/31/21		21,327,200		20,729,868
1.375%, 12/31/18		10,073,700		10,099,670
1.375%, 03/31/20		9,890,000		9,847,117
1.375%, 08/31/20		17,945,000		17,778,865
1.375%, 10/31/20		27,166,000		26,868,858
1.375%, 05/31/21		6,338,000		6,225,108
1.500%, 08/31/18 (g)		81,582,000		81,948,466
1.500%, 01/31/19		5,070,000		5,093,565
1.500%, 11/30/19		29,340,000		29,389,291
1.500%, 05/31/20		9,830,000		9,805,425
1.625%, 06/30/20		13,695,000		13,706,230
1.625%, 07/31/20		7,875,000		7,875,921
1.625%, 11/15/22		41,304,000		40,355,288
1.625%, 02/15/26		11,320,000		10,643,007
U.S. Treasury—(Continued)
1.750%, 05/15/23		47,565,000		46,533,791
1.875%, 11/30/21		13,250,100		13,234,571
2.000%, 02/15/22		22,105,600		22,198,863
2.000%, 02/15/23		9,615,000		9,565,425
2.000%, 08/15/25		17,740,000		17,274,325
2.000%, 11/15/26 (b)		4,620,000		4,462,994
2.125%, 08/15/21		19,150,000		19,375,913
2.125%, 05/15/25		36,853,000		36,297,330
2.250%, 11/15/24		15,206,500		15,169,077
2.250%, 02/15/27		3,400,000		3,356,572
2.625%, 08/15/20		7,910,000		8,164,291
2.625%, 11/15/20		28,794,000		29,733,174
2.750%, 02/15/19 (b)		43,873,000		45,101,795
2.750%, 11/15/23		9,125,000		9,447,587
3.500%, 05/15/20		9,995,000		10,583,765
3.625%, 02/15/20		29,095,000		30,854,346
3.625%, 02/15/21		37,121,000		39,742,671
				945,800,313
Total U.S. Treasury & Government Agencies (Cost $988,857,265)				984,881,785
Mutual Funds—9.9%
Investment Company Securities—9.9%
F&C Commercial Property Trust, Ltd.		57,000		103,340
F&C UK Real Estate Investment, Ltd.		25,750		32,750
iShares Core MSCI Emerging Markets ETF (b)		1,791,677		85,624,244
iShares J.P. Morgan USD Emerging Markets Bond ETF (b)		874,214		99,398,132
iShares Russell 2000 ETF (b)		621,318		85,418,799
MedicX Fund, Ltd.		43,683		48,713
Picton Property Income, Ltd.		58,350		61,226
Schroder Real Estate Investment Trust, Ltd.		56,000		43,339
SPDR S&P 500 ETF Trust		142,419		33,573,855
Standard Life Investment Property Income Trust, Ltd.		41,090		45,177
UK Commercial Property Trust, Ltd.		71,600		77,150
Vanguard FTSE Emerging Markets ETF (b)		332,550		13,208,886
Vanguard Global ex-U.S. Real Estate ETF (b)		929,342		49,496,755
Vanguard REIT ETF (b)		608,040		50,218,024
Vanguard Small-Cap ETF		570,148		75,989,325
Total Mutual Funds (Cost $487,074,081)				493,339,715
Foreign Government—8.0%
Sovereign—8.0%
Australia Government Bonds 2.750%, 04/21/24 (AUD)		7,630,000		5,926,195
3.750%, 04/21/37 (AUD)		1,495,000		1,214,438

BHFTI-18

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Australia Government Bonds
5.250%, 03/15/19 (AUD)		510,000	$	415,528
5.750%, 05/15/21 (AUD)		2,345,000		2,048,977
Austria Government Bonds 3.150%, 06/20/44 (144A) (EUR)		530,000		794,716
3.400%, 11/22/22 (144A) (EUR)		1,740,000		2,228,462
4.150%, 03/15/37 (144A) (EUR)		380,000		621,251
Belgium Government Bonds 2.600%, 06/22/24 (144A) (EUR)		905,000		1,124,225
3.750%, 09/28/20 (144A) (EUR)		3,495,000		4,276,892
4.250%, 09/28/21 (144A) (EUR)		900,000		1,157,463
4.250%, 03/28/41 (144A) (EUR)		1,125,000		1,832,079
5.000%, 03/28/35 (144A) (EUR)		355,000		602,707
5.500%, 09/28/17 (144A) (EUR)		900,000		989,106
5.500%, 03/28/28 (EUR)		2,980,000		4,750,735
Bundesobligation 0.250%, 04/13/18 (EUR)		11,320,000		12,199,484
Bundesrepublik Deutschland 0.500%, 02/15/26 (EUR)		4,445,000		4,883,244
1.500%, 05/15/23 (EUR)		885,000		1,046,179
1.500%, 05/15/24 (EUR)		1,965,000		2,336,782
2.000%, 01/04/22 (EUR)		1,505,000		1,794,778
2.000%, 08/15/23 (EUR)		1,170,000		1,426,722
2.500%, 01/04/21 (EUR)		2,715,000		3,235,583
2.500%, 07/04/44 (EUR)		1,615,000		2,298,869
3.250%, 07/04/42 (EUR)		135,000		215,475
4.250%, 07/04/39 (EUR)		1,955,000		3,485,482
5.500%, 01/04/31 (EUR)		1,505,000		2,656,331
Canadian Government Bonds 1.500%, 06/01/26 (CAD)		2,675,000		1,987,367
2.750%, 06/01/22 (CAD)		1,870,000		1,516,193
3.500%, 06/01/20 (CAD)		420,000		341,246
3.500%, 12/01/45 (CAD)		1,275,000		1,186,344
4.000%, 06/01/41 (CAD)		975,000		955,637
5.750%, 06/01/29 (CAD)		385,000		408,954
5.750%, 06/01/33 (CAD)		245,000		274,763
Denmark Government Bonds 1.500%, 11/15/23 (DKK)		5,745,000		902,860
4.000%, 11/15/19 (DKK)		3,690,000		590,995
4.500%, 11/15/39 (DKK)		4,060,000		981,588
Finland Government Bonds 0.500%, 04/15/26 (144A) (EUR)		495,000		530,499
3.500%, 04/15/21 (144A) (EUR)		1,500,000		1,850,849
France Government Bond OAT Zero Coupon, 05/25/21 (EUR)		11,420,000		12,232,974
Zero Coupon, 05/25/22 (EUR)		1,450,000		1,537,028
0.500%, 05/25/26 (EUR)		3,470,000		3,576,275
1.000%, 11/25/25 (EUR)		7,220,000		7,837,855
1.750%, 05/25/23 (EUR)		545,000		632,273
2.250%, 05/25/24 (EUR)		3,550,000		4,255,987
2.500%, 05/25/30 (EUR)		3,205,000		3,918,254
3.250%, 05/25/45 (EUR)		4,605,000		6,258,030
Ireland Government Bonds 2.000%, 02/18/45 (EUR)		190,000		199,368
4.500%, 10/18/18 (EUR)		3,420,000		3,921,615
4.500%, 04/18/20 (EUR)		415,000		506,196
5.400%, 03/13/25 (EUR)		1,625,000		2,354,122
Sovereign—(Continued)
Italy Buoni Poliennali Del Tesoro 2.000%, 12/01/25 (EUR)		1,190,000		1,266,638
3.250%, 09/01/46 (144A) (EUR)		875,000		934,626
3.750%, 03/01/21 (EUR)		6,625,000		7,937,239
3.750%, 09/01/24 (EUR)		13,635,000		16,501,646
5.000%, 08/01/39 (EUR)		2,370,000		3,287,650
5.250%, 08/01/17 (EUR)		15,815,000		17,184,404
5.250%, 11/01/29 (EUR)		4,420,000		6,107,010
5.500%, 11/01/22 (EUR)		1,215,000		1,590,043
Japan Government Five Year Bonds 0.100%, 12/20/19 (JPY)		139,400,000		1,261,812
0.300%, 09/20/18 (JPY)		2,243,100,000		20,307,580
Japan Government Forty Year Bonds 1.700%, 03/20/54 (JPY)		25,750,000		286,222
Japan Government Ten Year Bonds 0.100%, 09/20/26 (JPY)		1,656,450,000		14,948,669
0.500%, 12/20/24 (JPY)		555,750,000		5,189,795
0.800%, 09/20/22 (JPY)		1,675,100,000		15,789,845
0.800%, 12/20/22 (JPY)		317,250,000		2,996,763
0.800%, 09/20/23 (JPY)		252,300,000		2,394,119
Japan Government Thirty Year Bonds 0.500%, 09/20/46 (JPY)		638,300,000		5,240,218
1.800%, 09/20/43 (JPY)		498,100,000		5,564,823
1.900%, 09/20/42 (JPY)		325,250,000		3,689,906
2.300%, 03/20/40 (JPY)		387,100,000		4,641,271
Japan Government Twenty Year Bonds 0.500%, 09/20/36 (JPY)		1,213,550,000		10,657,613
1.400%, 12/20/22 (JPY)		764,200,000		7,455,292
1.500%, 03/20/33 (JPY)		230,600,000		2,420,565
1.700%, 12/20/31 (JPY)		561,250,000		6,031,131
1.700%, 09/20/32 (JPY)		182,400,000		1,963,262
1.700%, 09/20/33 (JPY)		418,500,000		4,513,545
2.100%, 06/20/29 (JPY)		555,050,000		6,140,001
2.100%, 12/20/29 (JPY)		121,550,000		1,349,715
2.500%, 12/21/20 (JPY)		808,300,000		7,975,183
Mexican Bonos 6.500%, 06/10/21 (MXN)		43,260,000		2,281,621
7.750%, 11/13/42 (MXN)		3,375,000		186,488
10.000%, 11/20/36 (MXN)		17,380,000		1,173,232
Netherlands Government Bonds 2.250%, 07/15/22 (144A) (EUR)		2,130,000		2,574,063
3.750%, 01/15/42 (144A) (EUR)		880,000		1,486,064
5.500%, 01/15/28 (EUR)		3,425,000		5,550,800
Norway Government Bonds 3.000%, 03/14/24 (144A) (NOK)		3,240,000		419,857
Poland Government Bonds 5.500%, 10/25/19 (PLN)		3,610,000		984,696
5.750%, 04/25/29 (PLN)		3,940,000		1,207,027
Republic of Austria Government Bonds 0.750%, 10/20/26 (144A) (EUR)		1,805,000		1,962,945
Republic of South Africa Government Bonds 6.500%, 02/28/41 (ZAR)		6,815,000		358,624
8.250%, 09/15/17 (ZAR)		12,430,000		929,045
10.500%, 12/21/26 (ZAR)		29,175,000		2,404,457

BHFTI-19

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Foreign Government—(Continued)

Security Description	Shares/ Principal Amount*		Value
Sovereign—(Continued)
Singapore Government Bonds 2.125%, 06/01/26 (SGD)		815,000	$	582,039
2.250%, 06/01/21 (SGD)		865,000		632,958
Spain Government Bonds 1.950%, 04/30/26 (144A) (EUR)		5,390,000		5,968,495
2.750%, 10/31/24 (144A) (EUR)		2,425,000		2,879,656
4.000%, 04/30/20 (144A) (EUR)		8,535,000		10,222,519
4.200%, 01/31/37 (144A) (EUR)		650,000		877,107
4.400%, 10/31/23 (144A) (EUR)		445,000		580,776
4.700%, 07/30/41 (144A) (EUR)		1,305,000		1,884,875
5.850%, 01/31/22 (144A) (EUR)		1,680,000		2,259,854
6.000%, 01/31/29 (EUR)		995,000		1,529,678
Sweden Government Bonds 1.000%, 11/12/26 (SEK)		14,580,000		1,686,117
1.500%, 11/13/23 (SEK)		3,330,000		403,360
5.000%, 12/01/20 (SEK)		8,685,000		1,158,103
Switzerland Government Bonds 4.000%, 02/11/23 (CHF)		415,000		524,276
United Kingdom Gilt 2.000%, 09/07/25 (GBP)		4,080,000		5,559,048
2.250%, 09/07/23 (GBP)		1,170,000		1,613,597
2.750%, 09/07/24 (GBP)		1,425,000		2,037,599
3.250%, 01/22/44 (GBP)		3,265,000		5,375,370
3.750%, 09/07/20 (GBP)		4,235,000		5,951,512
4.250%, 09/07/39 (GBP)		2,035,000		3,740,108
4.250%, 12/07/46 (GBP)		4,100,000		8,120,805
4.500%, 12/07/42 (GBP)		275,000		540,852
8.000%, 06/07/21 (GBP)		1,170,000		1,937,233
Total Foreign Government (Cost $416,551,439)				395,530,417
Preferred Stocks—0.2%
Auto Components—0.0%
Schaeffler AG		16,952		298,187
Automobiles—0.1%
Bayerische Motoren Werke (BMW) AG		5,575		439,132
Porsche Automobil Holding SE		15,619		852,112
Volkswagen AG		18,869		2,748,833
				4,040,077
Chemicals—0.0%
FUCHS Petrolub SE		7,151		348,860
Household Products—0.1%
Henkel AG & Co. KGaA		18,115		2,321,397
Total Preferred Stocks (Cost $6,923,516)				7,008,521
Rights—0.0%
Security Description	Shares/ Principal Amount*		Value
Banks—0.0%
Deutsche Bank AG, Expires 04/06/17 (a) (Cost $0)		140,235		335,110
Short-Term Investments—5.1%
Repurchase Agreement—4.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $205,034,667 on 04/03/17, collateralized by $210,510,000 U.S. Treasury Note at 1.375% due 10/31/20 with a value of $209,136,001.		205,033,129		205,033,129
U.S. Treasury—1.0%
U.S. Treasury Bills 0.519%, 05/25/17# (h)		50,000,000		49,948,250
Total Short-Term Investments (Cost $254,994,054)				254,981,379
Securities Lending Reinvestments (i)—7.0%
Certificates of Deposit—1.8%
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (j)		10,000,000		10,004,830
Canadian Imperial Bank 1.423%, 05/23/17 (j)		4,002,008		4,001,617
Cooperative Rabobank UA New York 1.422%, 10/13/17 (j)		1,500,000		1,502,043
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (j)		1,500,000		1,500,170
Credit Suisse AG New York 1.581%, 04/11/17 (j)		3,500,000		3,500,287
DNB NOR Bank ASA 1.279%, 07/28/17 (j)		2,200,000		2,200,972
ING Bank NV 1.461%, 04/18/17 (j)		2,000,000		2,000,852
KBC Bank NV 1.150%, 04/18/17		2,000,000		2,000,180
1.150%, 04/27/17		8,000,000		7,995,280
1.170%, 04/06/17		1,000,000		1,000,010
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (j)		2,500,000		2,500,305
Mizuho Bank, Ltd., New York 1.582%, 04/26/17 (j)		2,000,000		2,000,332
1.591%, 04/11/17 (j)		2,500,000		2,500,190
1.643%, 04/18/17 (j)		2,000,000		2,000,290
Natixis New York 1.444%, 04/07/17 (j)		2,000,000		2,000,110
Norinchukin Bank New York 1.346%, 08/21/17 (j)		12,000,000		12,003,756

BHFTI-20

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (i)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Rabobank London 1.422%, 10/13/17 (j)		1,000,000	$	1,002,445
Royal Bank of Canada New York 1.422%, 10/13/17 (j)		2,000,000		2,003,578
Sumitomo Mitsui Banking Corp., New York 1.534%, 04/07/17 (j)		1,000,000		1,000,058
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (j)		2,000,000		2,001,359
Sumitomo Mitsui Trust Bank, Ltd., New York 1.308%, 08/16/17 (j)		12,000,000		12,005,652
1.558%, 04/10/17 (j)		1,500,000		1,500,189
Svenska Handelsbanken New York 1.508%, 05/18/17 (j)		3,000,000		3,001,551
UBS, Stamford 1.301%, 05/12/17 (j)		2,000,000		2,000,492
1.589%, 07/31/17 (j)		2,004,335		2,005,509
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (j)		2,000,000		2,003,270
1.452%, 04/26/17 (j)		2,000,000		2,000,532
				89,235,859
Commercial Paper—1.2%
Barton Capital S.A. 1.110%, 04/21/17		2,991,490		2,997,999
Den Norske ASA 1.432%, 04/27/17 (j)		2,000,000		2,000,432
Kells Funding LLC 1.010%, 05/25/17		11,967,343		11,977,884
LMA S.A. & LMA Americas 1.120%, 04/13/17		2,991,600		2,998,932
Macquarie Bank, Ltd. 1.120%, 04/20/17		2,991,600		2,998,053
1.120%, 04/24/17		7,479,000		7,494,337
Ridgefield Funding Co. LLC 1.300%, 06/12/17		2,487,451		2,494,098
1.366%, 08/21/17 (j)		5,000,000		5,001,140
Sheffield Receivables Co. 1.170%, 05/15/17		7,476,844		7,488,525
Versailles Commercial Paper LLC 0.850%, 04/03/17		998,890		999,945
1.120%, 04/24/17		2,991,600		2,998,161
1.120%, 04/25/17		9,972,000		9,993,610
				59,443,116
Repurchase Agreements—2.7%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $2,029,934 on 04/03/17, collateralized by $2,919,579 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $2,070,401.		2,029,804		2,029,804
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $1,800,132 on 04/03/17, collateralized by $1,842,277 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $1,836,000.		1,800,000		1,800,000
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $7,548,363 on 07/03/17, collateralized by various Common Stock with a value of $8,250,000.		7,500,000		7,500,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $400,032 on 04/03/17, collateralized by $404,712 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $408,005.		400,000		400,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $5,000,542 on 04/03/17, collateralized by $772,491 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $5,489,933.		5,000,000		5,000,000
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $9,005,850 on 04/03/17, collateralized by $1,390,484 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $9,881,879.		9,000,000		9,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $7,543,200 on 06/02/17, collateralized by various Common Stock with a value of $8,250,000.		7,500,000		7,500,000

BHFTI-21

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (i)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $19,801,353 on 04/03/17, collateralized by $19,676,133 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $20,208,197.		19,800,000	$	19,800,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $3,029,375 on 07/03/17, collateralized by various Common Stock with a value of $3,300,000.		3,000,000		3,000,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $50,004,083 on 04/03/17, collateralized by $58,532,570 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $51,004,165.		50,000,000		50,000,000
Repurchase Agreement dated 03/30/17 at 0.980% to be repurchased at $20,003,811 on 04/06/17, collateralized by $43,566,629 U.S. Government Agency Obligations with rates ranging from 0.000% - 5.000%, maturity dates ranging from 10/09/19 - 08/16/58, with a value of $20,402,229.		20,000,000		20,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $10,000,775 on 04/03/17, collateralized by $29,934,744 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $10,200,000.		10,000,000		10,000,000
				136,029,804
Time Deposits—1.3%
Nordea Bank New York 0.810%, 04/03/17		15,000,000		15,000,000
OP Corporate Bank plc 1.180%, 04/24/17		4,000,000		4,000,000
1.200%, 04/10/17		3,000,000		3,000,000
Royal Bank of Canada 0.810%, 04/03/17		15,000,000		15,000,000
Shinkin Central Bank 1.440%, 04/26/17		6,000,000		6,000,000
Time Deposits—(Continued)
Skandanaviska Enskilda Banken 0.810%, 04/03/17		10,000,000		10,000,000
Svenska 0.800%, 04/03/17		10,000,000		10,000,000
				63,000,000
Total Securities Lending Reinvestments (Cost $347,681,568)				347,708,779
Total Investments—106.8% (Cost $4,628,035,318) (k)				5,307,551,119
Other assets and liabilities (net)—(6.8)%				(335,749,939	)
Net Assets—100.0%			$	4,971,801,180

#	All or a portion represents positions held in the respective subsidiary.
*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $338,994,571 and the collateral received consisted of cash in the amount of $347,583,966. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent less than 0.05% of net assets.
(d)	Illiquid security. As of March 31, 2017, these securities represent 0.0% of net assets.
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $125,136,428.
(f)	Affiliated Issuer.
(g)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of March 31, 2017, the market value of securities pledged was $75,336,900.
(h)	The rate shown represents current yield to maturity.
(i)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(j)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(k)	As of March 31, 2017, the aggregate cost of investments was $4,628,035,318. The aggregate unrealized appreciation and depreciation of investments were $848,349,161 and $(168,833,360), respectively, resulting in net unrealized appreciation of $679,515,801.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $48,059,086, which is 1.0% of net assets.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.
(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar

BHFTI-22

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

(CHF)—	Swiss Franc
(DKK)—	Danish Krone
(ETF)—	Exchange-Traded Fund
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(PLN)—	Polish Zloty
(REIT)—	A Real Estate Investment Trust is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interest.
(SEK)—	Swedish Krona
(SGD)—	Singapore Dollar
(ZAR)—	South African Rand

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	73,792,343	BNP Paribas S.A.		06/15/17	$	56,638,295	$	(334,516	)
CAD	11,575,000	BNP Paribas S.A.		06/15/17		8,621,822		90,663
CAD	16,594,712	Barclays Bank plc		06/15/17		12,299,394		191,419
CAD	11,625,777	JPMorgan Chase Bank N.A.		06/15/17		8,768,778		(18,074	)
EUR	793,114	Citibank N.A.		04/12/17		851,244		(4,857	)
EUR	959,478	JPMorgan Chase Bank N.A.		04/12/17		1,024,513		(589	)
EUR	1,309,885	Morgan Stanley & Co. International		04/12/17		1,404,408		(6,540	)
EUR	963,219	State Street Bank and Trust		04/12/17		1,027,006		911
EUR	1,172,836	State Street Bank and Trust		04/12/17		1,249,472		2,141
EUR	1,234,383	State Street Bank and Trust		04/12/17		1,308,146		9,149
EUR	8,855,308	Royal Bank of Scotland plc		06/15/17		9,440,247		38,438
EUR	18,537,517	UBS AG		06/15/17		20,134,244		(291,762	)
GBP	4,780,000	Royal Bank of Scotland plc		06/15/17		5,863,172		135,873
GBP	6,295,393	UBS AG		06/15/17		7,856,198		44,711
GBP	8,557,115	UBS AG		06/15/17		10,678,664		60,774
JPY	415,240,441	Standard Chartered Bank		05/11/17		3,722,202		12,576
JPY	2,342,848,834	Barclays Bank plc		06/15/17		20,490,732		611,201
JPY	2,460,149,792	Nomura Global Financial Products Inc.		06/15/17		22,152,635		5,823
JPY	3,196,965,127	Nomura Global Financial Products Inc.		06/15/17		28,787,353		7,567
NZD	10,628,960	Morgan Stanley & Co. International		06/15/17		7,407,971		29,300
SEK	253,709,000	Credit Suisse International		06/15/17		28,497,211		(86,062	)
Contracts to Deliver
AUD	4,620,464	Citibank N.A.		04/06/17		3,480,864		(49,038	)
AUD	7,605,648	Royal Bank of Scotland plc		04/06/17		5,726,193		(84,302	)
AUD	556,839	State Street Bank and Trust		04/06/17		420,078		(5,331	)
AUD	86,059,988	BNP Paribas S.A.		06/15/17		65,909,205		245,176
AUD	73,792,343	Royal Bank of Scotland plc		06/15/17		56,499,820		196,041
CAD	9,037,564	Goldman Sachs International		04/07/17		6,916,168		119,832
CAD	39,795,489	BNP Paribas S.A.		06/15/17		29,961,066		7,064
CHF	528,590	State Street Bank and Trust		04/07/17		531,604		3,797
CHF	112,773,950	Citibank N.A.		06/15/17		112,018,942		(1,045,466	)
CHF	5,711,806	Citibank N.A.		06/15/17		5,673,842		(52,675	)
DKK	17,164,748	State Street Bank and Trust		05/11/17		2,441,583		(24,232	)
EUR	106,806,268	Citibank N.A.		04/12/17		115,174,646		1,194,367
EUR	3,643,052	Citibank N.A.		04/12/17		3,915,043		27,292
EUR	58,375,141	Goldman Sachs International		04/12/17		62,665,130		369,021
EUR	520,011	HSBC Bank USA		04/12/17		546,838		(8,101	)
EUR	5,029,187	Morgan Stanley & Co. International		04/12/17		5,401,749		34,760
EUR	940,072	Morgan Stanley & Co. International		04/12/17		1,012,814		9,599
EUR	13,925,096	State Street Bank and Trust		04/12/17		15,146,856		286,433
EUR	554,052	State Street Bank and Trust		04/12/17		588,757		(2,510	)
EUR	1,459,589	UBS AG		04/12/17		1,548,931		(8,697	)
EUR	978,411	UBS AG		04/12/17		1,055,784		11,654
EUR	30,302,803	Bank of America N.A.		06/15/17		32,207,205		(228,790	)

BHFTI-23

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	8,855,308	Bank of America N.A.		06/15/17	$	9,411,826	$	(66,859	)
EUR	8,599,849	Credit Suisse International		06/15/17		9,264,540		59,297
GBP	26,384,703	Citibank N.A.		05/18/17		32,220,471		(870,538	)
GBP	1,455,418	Standard Chartered Bank		05/18/17		1,831,456		6,108
GBP	4,033,837	Barclays Bank plc		06/15/17		4,919,446		(143,142	)
GBP	9,303,278	UBS AG		06/15/17		11,403,679		(272,216	)
JPY	15,005,266,794	Goldman Sachs International		05/11/17		131,156,321		(3,804,888	)
JPY	2,342,848,834	Standard Chartered Bank		06/15/17		21,012,191		(89,742	)
JPY	3,196,965,127	UBS AG		06/15/17		28,327,701		(467,219	)
MXN	66,854,788	Citibank N.A.		04/26/17		3,245,930		(312,787	)
NOK	3,292,107	State Street Bank and Trust		05/11/17		393,743		10,179
NOK	73,590,422	JPMorgan Chase Bank N.A.		06/15/17		8,595,466		18,430
NZD	10,628,960	Credit Suisse International		06/15/17		7,452,499		15,228
PLN	8,567,594	HSBC Bank USA		05/11/17		2,106,540		(53,075	)
SEK	27,396,001	HSBC Bank USA		05/11/17		3,061,057		(1,592	)
SEK	334,564,140	Credit Suisse International		06/15/17		37,723,577		258,010
SEK	253,709,000	Credit Suisse International		06/15/17		29,015,096		603,947
SEK	36,992,070	Credit Suisse International		06/15/17		4,230,549		88,059
SGD	1,674,868	Morgan Stanley & Co. International		05/18/17		1,185,195		(12,547	)
ZAR	47,598,161	HSBC Bank USA		05/24/17		3,768,003		250,643
Net Unrealized Depreciation							$	(3,290,664	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		06/15/17		788			AUD	99,271,255		$	1,486,495
Euro Stoxx 50 Index Futures		06/16/17		1,614			EUR	53,941,010			1,445,119
FTSE 100 Index Futures		06/16/17		655			GBP	47,709,609			(69,015	)
MSCI EAFE Mini Index Futures		06/16/17		30			USD	2,653,245			19,755
S&P 500 E-Mini Index Futures		06/16/17		228			USD	26,961,491			(66,611	)
S&P Midcap 400 E-Mini Index Futures		06/16/17		954			USD	163,844,389			71,891
U.S. Treasury Note 10 Year Futures		06/21/17		2,542			USD	316,249,514			388,361
U.S. Treasury Note 5 Year Futures		06/30/17		1,136			USD	133,534,977			202,399
U.S. Treasury Ultra Long Bond Futures		06/21/17		452			USD	72,013,558			588,942
Futures Contracts—Short
Canada Government Bond 10 Year Futures		06/21/17		(70	)		CAD	(9,567,009	)		(34,132	)
Euro-Bund Futures		06/08/17		(768	)		EUR	(124,107,608	)		146,203
Hang Seng Index Futures		04/27/17		(403	)		HKD	(491,185,269	)		636,379
Japanese Government 10 Year Bond Futures		06/13/17		(171	)		JPY	(25,698,617,140	)		6,621
SPI 200 Index Futures		06/15/17		(709	)		AUD	(102,129,465	)		(1,166,120	)
TOPIX Index Futures		06/08/17		(232	)		JPY	(3,507,602,961	)		(12,548	)
United Kingdom Long Gilt Bond Futures		06/28/17		(324	)		GBP	(40,470,539	)		(1,084,237	)
Net Unrealized Appreciation										$	2,559,502

BHFTI-24

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Swap Agreements

OTC Total Return Swaps

Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate

Maturity Date

Counterparty

Underlying Reference Instrument

Notional Amount

Market Value

Upfront Premium Paid/(Received)

Unrealized Appreciation

Receive

1M LIBOR

1.304

%

04/26/17

Citibank N.A.

S&P 500 Total Return Index

USD

344,789,719

$

2,336,166

$

—

$

2,336,166

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay		3M BKBM		3.580	%		12/28/26		NZD	113,170,000	$	995,452
Pay		3M LIBOR		2.367	%		03/29/27		USD	1,239,000,000		(5,445,529	)
Net Unrealized Depreciation											$	(4,450,077	)

Securities in the amount of $2,935,755 have been received at the custodian bank as collateral for OTC swap contracts.

(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(DKK)—	Danish Krone
(EUR)—	Euro
(GBP)—	British Pound
(HKD)—	Hong Kong Dollar
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(PLN)—	Polish Zloty
(SEK)—	Swedish Krona
(SGD)—	Singapore Dollar
(USD)—	United States Dollar
(ZAR)—	South African Rand
(BKBM)—	New Zealand Bank Bill Reference Rate
(LIBOR)—	London Interbank Offered Rate

BHFTI-25

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	31,288,153	$	15,091,890	$	—	$	46,380,043
Air Freight & Logistics		9,602,192		4,947,339		—		14,549,531
Airlines		8,811,462		2,618,506		—		11,429,968
Auto Components		2,711,345		17,873,557		—		20,584,902
Automobiles		7,009,647		43,680,832		—		50,690,479
Banks		88,590,035		167,491,353		0		256,081,388
Beverages		27,863,376		28,984,867		—		56,848,243
Biotechnology		38,829,744		14,414,581		—		53,244,325
Building Products		4,478,055		10,801,032		—		15,279,087
Capital Markets		39,384,151		29,876,944		—		69,261,095
Chemicals		28,366,580		52,248,558		—		80,615,138
Commercial Services & Supplies		4,181,598		7,248,600		—		11,430,198
Communications Equipment		14,351,628		5,286,326		—		19,637,954
Construction & Engineering		1,290,415		11,673,102		—		12,963,517
Construction Materials		2,007,342		9,504,889		—		11,512,231
Consumer Finance		11,389,268		1,210,436		—		12,599,704
Containers & Packaging		3,979,876		1,621,189		—		5,601,065
Distributors		1,505,509		313,558		—		1,819,067
Diversified Consumer Services		361,654		211,815		—		573,469
Diversified Financial Services		21,210,334		9,545,174		—		30,755,508
Diversified Telecommunication Services		31,937,643		35,670,106		—		67,607,749
Electric Utilities		26,266,253		22,555,797		—		48,822,050
Electrical Equipment		7,566,870		18,993,820		—		26,560,690
Electronic Equipment, Instruments & Components		5,571,217		17,684,331		—		23,255,548
Energy Equipment & Services		14,476,964		1,398,891		—		15,875,855
Equity Real Estate Investment Trusts		122,550,666		58,288,606		—		180,839,272
Food & Staples Retailing		27,118,228		21,682,254		—		48,800,482
Food Products		20,920,691		40,898,498		—		61,819,189
Gas Utilities		—		4,999,609		—		4,999,609
Health Care Equipment & Supplies		35,054,718		12,215,993		—		47,270,711
Health Care Providers & Services		36,371,486		8,631,521		—		45,003,007
Health Care Technology		1,174,646		489,651		—		1,664,297
Hotels, Restaurants & Leisure		23,146,992		17,895,522		—		41,042,514
Household Durables		5,944,244		15,372,348		—		21,316,592
Household Products		25,173,196		10,442,229		—		35,615,425
Independent Power and Renewable Electricity Producers		874,464		598,859		—		1,473,323

BHFTI-26

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Industrial Conglomerates	$	33,344,802		$	24,059,725		$	—	$	57,404,527
Insurance		37,245,942			72,362,190			—		109,608,132
Internet & Direct Marketing Retail		34,800,348			1,704,981			—		36,505,329
Internet Software & Services		60,567,968			2,347,675			—		62,915,643
IT Services		50,345,957			8,969,020			—		59,314,977
Leisure Products		1,317,977			2,586,655			—		3,904,632
Life Sciences Tools & Services		8,947,953			2,248,383			—		11,196,336
Machinery		20,317,174			34,768,632			—		55,085,806
Marine		—			3,216,810			—		3,216,810
Media		44,375,937			16,995,594			—		61,371,531
Metals & Mining		3,506,867			37,850,283			—		41,357,150
Multi-Utilities		13,823,263			14,976,956			—		28,800,219
Multiline Retail		6,247,204			3,900,876			—		10,148,080
Oil, Gas & Consumable Fuels		72,378,892			64,746,615			—		137,125,507
Paper & Forest Products		—			3,232,798			—		3,232,798
Personal Products		1,814,695			24,905,544			—		26,720,239
Pharmaceuticals		71,737,335			100,584,780			—		172,322,115
Professional Services		3,560,304			14,537,716			—		18,098,020
Real Estate Management & Development		822,407			54,068,507			—		54,890,914
Road & Rail		12,510,893			14,979,507			—		27,490,400
Semiconductors & Semiconductor Equipment		48,061,324			11,071,023			—		59,132,347
Software		65,738,211			16,955,195			—		82,693,406
Specialty Retail		33,850,653			12,539,052			—		46,389,705
Technology Hardware, Storage & Peripherals		59,980,009			7,852,145			—		67,832,154
Textiles, Apparel & Luxury Goods		9,267,995			24,592,061			—		33,860,056
Tobacco		24,242,841			21,557,127			—		45,799,968
Trading Companies & Distributors		3,342,569			17,422,504			—		20,765,073
Transportation Infrastructure		—			8,246,654			—		8,246,654
Water Utilities		915,820			1,577,692			—		2,493,512
Wireless Telecommunication Services		—			22,020,148			—		22,020,148
Total Common Stocks		1,454,425,982			1,369,339,431			0		2,823,765,413
Total U.S. Treasury & Government Agencies*		—			984,881,785			—		984,881,785
Mutual Funds
Investment Company Securities		492,928,020			411,695			—		493,339,715
Total Foreign Government*		—			395,530,417			—		395,530,417
Total Preferred Stocks*		—			7,008,521			—		7,008,521
Total Rights*		335,110			—			—		335,110
Total Short-Term Investments*		—			254,981,379			—		254,981,379
Total Securities Lending Reinvestments*		—			347,708,779			—		347,708,779
Total Investments	$	1,947,689,112		$	3,359,862,007		$	0	$	5,307,551,119
Collateral for Securities Loaned (Liability)	$	—		$	(347,583,966	)	$	—	$	(347,583,966	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	5,055,483		$	—	$	5,055,483
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(8,346,147	)		—		(8,346,147	)
Total Forward Contracts	$	—		$	(3,290,664	)	$	—	$	(3,290,664	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	4,992,165		$	—		$	—	$	4,992,165
Futures Contracts (Unrealized Depreciation)		(2,432,663	)		—			—		(2,432,663	)
Total Futures Contracts	$	2,559,502		$	—		$	—	$	2,559,502

BHFTI-27

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	995,452		$	—	$	995,452
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—		(5,445,529	)		—		(5,445,529	)
Total Centrally Cleared Swap Contracts	$	—	$	(4,450,077	)	$	—	$	(4,450,077	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	2,336,166		$	—	$	2,336,166

* See Consolidated Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

BHFTI-28

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—61.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.2%
General Dynamics Corp.		1,189	$	222,581
Spirit AeroSystems Holdings, Inc. - Class A		485		28,091
Thales S.A.		457		44,201
				294,873
Air Freight & Logistics—0.8%
Air Transport Services Group, Inc. (a)		5,486		88,050
Atlas Air Worldwide Holdings, Inc. (a)		901		49,960
bpost S.A.		2,354		55,187
Deutsche Post AG		14,653		501,654
FedEx Corp.		3,164		617,455
Park-Ohio Holdings Corp.		396		14,236
				1,326,542
Airlines—0.9%
Alaska Air Group, Inc. (b)		4,273		394,056
ANA Holdings, Inc.		103,000		314,845
Exchange Income Corp. (b)		3,917		114,990
International Consolidated Airlines Group S.A.		41,977		278,567
JetBlue Airways Corp. (a)		7,395		152,411
SkyWest, Inc.		6,515		223,139
				1,478,008
Auto Components—0.7%
Bridgestone Corp.		300		12,163
Cie Automotive S.A.		6,789		133,843
Exedy Corp.		600		17,181
FCC Co., Ltd.		5,700		114,062
Grammer AG		1,445		88,688
Kongsberg Automotive ASA (a)		29,173		19,875
Lear Corp.		2,164		306,379
Modine Manufacturing Co. (a)		1,070		13,054
Standard Motor Products, Inc.		513		25,209
Stoneridge, Inc. (a)		8,074		146,462
Superior Industries International, Inc.		5,727		145,179
Toyoda Gosei Co., Ltd.		800		20,403
Toyota Boshoku Corp.		1,600		37,219
Unipres Corp.		1,000		20,944
Xinyi Glass Holdings, Ltd.		76,000		66,999
				1,167,660
Automobiles—1.9%
Daimler AG		8,777		648,198
Ford Motor Co.		47,363		551,305
Fuji Heavy Industries, Ltd.		500		18,410
General Motors Co.		17,387		614,804
Nissan Motor Co., Ltd.		48,200		465,957
Peugeot S.A. (a)		1,006		20,285
Toyota Motor Corp.		16,000		870,716
				3,189,675
Banks—4.7%
Banc of California, Inc. (b)		14,852		307,436
BancFirst Corp.		293		26,341
Bank of Queensland, Ltd.		3,127		29,037
Banks—(Continued)
Berkshire Hills Bancorp, Inc.		4,973		179,277
BNC Bancorp		846		29,652
Brookline Bancorp, Inc.		13,395		209,632
Cardinal Financial Corp.		4,358		130,479
Cathay General Bancorp		4,731		178,264
Dah Sing Financial Holdings, Ltd.		2,000		15,233
Danske Bank A/S		1,526		52,046
DBS Group Holdings, Ltd.		21,400		296,994
DNB ASA		27,450		435,182
First Merchants Corp.		1,222		48,049
Great Southern Bancorp, Inc.		774		39,087
Heartland Bank, Ltd.		13,369		15,370
HSBC Holdings plc		40,559		331,394
Huntington Bancshares, Inc.		1,222		16,363
Iberiabank Corp.		360		28,476
Independent Bank Corp./Rockland Trust		3,593		233,545
Intesa Sanpaolo S.p.A.		158,558		430,664
JPMorgan Chase & Co.		777		68,252
Mitsubishi UFJ Financial Group, Inc.		115,700		730,347
Mizuho Financial Group, Inc.		292,700		537,864
Oversea-Chinese Banking Corp., Ltd.		38,900		270,494
PNC Financial Services Group, Inc. (The)		1,133		136,232
Renasant Corp.		4,980		197,656
Royal Bank of Canada		6,543		476,709
Royal Bank of Canada (U.S. Listed Shares)		5,504		401,297
Southside Bancshares, Inc.		1,041		34,946
Sparebank 1 Nord Norge		2,534		16,307
Sumitomo Mitsui Financial Group, Inc.		9,800		357,314
Sydbank A/S		2,655		92,038
Toronto-Dominion Bank (The)		9,082		454,902
Toronto-Dominion Bank (The) (U.S. Listed Shares)		7,470		374,172
United Overseas Bank, Ltd.		17,100		270,476
Wells Fargo & Co.		9,294		517,304
				7,968,831
Beverages—0.4%
Dr Pepper Snapple Group, Inc.		3,768		368,963
Heineken Holding NV		4,529		360,162
				729,125
Biotechnology—1.1%
AbbVie, Inc.		1,600		104,256
AMAG Pharmaceuticals, Inc. (a)		1,877		42,326
Amgen, Inc.		5,571		914,034
Gilead Sciences, Inc.		9,545		648,296
PDL BioPharma, Inc.		59,880		135,928
				1,844,840
Building Products—0.4%
Insteel Industries, Inc.		7,019		253,667
NCI Building Systems, Inc. (a)		7,754		132,981
Owens Corning		5,319		326,427
Patrick Industries, Inc. (a)		591		41,902
				754,977

BHFTI-29

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Capital Markets—1.1%
3i Group plc		31,831	$	298,921
Arlington Asset Investment Corp. - Class A (b)		1,498		21,167
Bank of New York Mellon Corp. (The)		8,526		402,683
CME Group, Inc.		1,068		126,878
Cowen Group, Inc. - Class A (a)		4,191		62,655
International FCStone, Inc. (a)		3,890		147,664
Investec plc		3,160		21,568
Morgan Stanley		16,000		685,440
Piper Jaffray Cos.		1,746		111,482
				1,878,458
Chemicals—1.6%
A. Schulman, Inc.		747		23,493
Arkema S.A.		2,112		208,585
Borregaard ASA		19,892		223,033
Covestro AG		4,900		377,354
Denka Co., Ltd.		14,000		72,902
Dow Chemical Co. (The)		11,060		702,752
Kuraray Co., Ltd.		16,600		252,451
LyondellBasell Industries NV - Class A		6,166		562,278
Yara International ASA		8,807		339,155
				2,762,003
Commercial Services & Supplies—0.7%
Dai Nippon Printing Co., Ltd.		24,000		259,319
Deluxe Corp.		456		32,910
Downer EDI, Ltd.		3,926		17,349
Ennis, Inc.		3,559		60,503
Johnson Service Group plc		25,374		37,592
KAR Auction Services, Inc.		2,374		103,673
Pitney Bowes, Inc.		14,706		192,796
Quad/Graphics, Inc.		6,151		155,251
SmartGroup Corp., Ltd.		8,795		44,333
Toppan Printing Co., Ltd.		27,000		275,823
Transcontinental, Inc. - Class A		1,015		18,761
VSE Corp.		750		30,600
				1,228,910
Communications Equipment—0.6%
Cisco Systems, Inc.		31,352		1,059,698
Construction & Engineering—0.7%
ACS Actividades de Construccion y Servicios S.A.		3,259		110,897
Eiffage S.A.		3,332		260,861
Galliford Try plc		7,341		135,466
Kyudenko Corp.		3,500		95,420
Peab AB		19,681		188,054
PER Aarsleff Holding A/S		1,130		27,046
Toshiba Plant Systems & Services Corp. (b)		5,600		81,884
Tutor Perini Corp. (a)		1,032		32,818
Veidekke ASA		2,311		30,418
Vinci S.A.		3,596		285,365
				1,248,229
Construction Materials—0.4%
Adelaide Brighton, Ltd.		39,278		170,379
Boral, Ltd.		41,499		184,994
CSR, Ltd.		35,168		121,088
Fletcher Building, Ltd.		32,851		190,900
				667,361
Consumer Finance—0.1%
Nelnet, Inc. - Class A		3,299		144,694
Regional Management Corp. (a)		1,544		30,000
				174,694
Containers & Packaging—0.2%
Smurfit Kappa Group plc		573		15,137
Smurfit Kappa Group plc		9,655		256,115
				271,252
Diversified Consumer Services—0.0%
Carriage Services, Inc.		2,449		66,417
EnerCare, Inc.		1,110		17,336
				83,753
Diversified Financial Services—0.4%
Berkshire Hathaway, Inc. - Class B (a)		787		131,177
Groupe Bruxelles Lambert S.A.		3,089		280,437
Voya Financial, Inc.		8,323		315,941
				727,555
Diversified Telecommunication Services—2.6%
AT&T, Inc.		33,663		1,398,698
BCE, Inc.		6,669		295,274
CenturyLink, Inc. (b)		13,413		316,144
Consolidated Communications Holdings, Inc. (b)		2,813		65,880
IDT Corp. - Class B		1,360		17,299
Koninklijke KPN NV		29,388		88,481
Nippon Telegraph & Telephone Corp.		12,300		525,402
Orange S.A.		29,834		464,255
Verizon Communications, Inc.		23,814		1,160,933
				4,332,366
Electric Utilities—2.5%
American Electric Power Co., Inc.		6,049		406,069
AusNet Services		166,348		213,873
CLP Holdings, Ltd.		36,000		376,606
Duke Energy Corp.		7,400		606,874
Entergy Corp.		4,463		339,010
Exelon Corp.		14,034		504,943
Iberdrola S.A.		73,599		526,443
NextEra Energy, Inc.		4,737		608,089
Portland General Electric Co.		815		36,202
Southern Co. (The)		11,340		564,505
Spark Energy, Inc. - Class A (b)		2,815		89,939
				4,272,553

BHFTI-30

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electrical Equipment—0.0%
Fujikura, Ltd.		3,000	$	21,647
Electronic Equipment, Instruments & Components—1.3%
Arrow Electronics, Inc. (a)		4,121		302,523
CDW Corp.		5,640		325,484
Citizen Watch Co., Ltd.		14,200		91,350
Corning, Inc.		17,749		479,223
ePlus, Inc. (a)		611		82,515
Flex, Ltd. (a)		1,071		17,993
Hitachi, Ltd.		75,000		407,403
Jabil Circuit, Inc.		737		21,314
Orbotech, Ltd. (a)		4,415		142,384
Sanmina Corp. (a)		569		23,101
SYNNEX Corp.		2,402		268,880
Taiyo Yuden Co., Ltd.		1,700		21,559
				2,183,729
Energy Equipment & Services—0.2%
Helix Energy Solutions Group, Inc. (a)		3,261		25,338
Nabors Industries, Ltd.		15,699		205,186
Seadrill, Ltd. (a) (b)		14,000		22,231
				252,755
Equity Real Estate Investment Trusts—0.4%
CareTrust REIT, Inc.		6,609		111,163
Fortune Real Estate Investment Trust		124,000		138,856
Getty Realty Corp.		4,535		114,600
Keppel DC REIT		55,000		47,182
Omega Healthcare Investors, Inc. (b)		5,869		193,618
				605,419
Food & Staples Retailing—0.9%
CVS Health Corp.		8,560		671,960
George Weston, Ltd.		157		13,698
Ingles Markets, Inc. - Class A		5,045		217,692
Koninklijke Ahold Delhaize NV		16,758		358,656
Metcash, Ltd. (a)		103,051		194,130
Qol Co., Ltd.		2,100		31,112
Rallye S.A.		1,522		30,819
U.S. Foods Holding Corp. (a)		2,855		79,883
				1,597,950
Food Products—1.6%
Archer-Daniels-Midland Co.		8,365		385,125
Aryzta AG (a)		255		8,290
Bunge, Ltd.		3,926		311,175
Fonterra Co-operative Group, Ltd.		14,264		60,592
Grieg Seafood ASA		18,327		137,444
Ingredion, Inc.		2,350		283,010
John B Sanfilippo & Son, Inc.		2,484		181,804
Leroy Seafood Group ASA		1,777		77,848
Morinaga Milk Industry Co., Ltd.		22,000		163,215
Omega Protein Corp.		8,396		168,340
Pilgrim’s Pride Corp.		606		13,638
Salmar ASA		1,593		34,350
Food Products—(Continued)
Sanderson Farms, Inc. (b)		2,115		219,622
Select Harvests, Ltd.		8,344		37,467
Tassal Group, Ltd.		6,685		23,123
Tyson Foods, Inc. - Class A		5,484		338,418
WH Group, Ltd.		321,000		276,670
				2,720,131
Gas Utilities—0.3%
Atmos Energy Corp.		3,600		284,364
UGI Corp.		5,811		287,063
				571,427
Health Care Equipment & Supplies—0.5%
Baxter International, Inc.		6,302		326,822
Hogy Medical Co., Ltd.		300		18,932
Inogen, Inc. (a)		903		70,037
Teleflex, Inc.		1,809		350,457
				766,248
Health Care Providers & Services—2.5%
Aetna, Inc.		4,530		577,801
Anthem, Inc.		3,955		654,078
Cardinal Health, Inc.		5,686		463,693
Centene Corp. (a)		218		15,535
Envision Healthcare Corp. (a)		2,311		141,710
HCA Holdings, Inc. (a)		5,737		510,536
Medical Facilities Corp.		2,160		29,935
Quest Diagnostics, Inc.		3,865		379,504
Tivity Health, Inc. (a)		9,206		267,895
Triple-S Management Corp. - Class B (a)		6,361		111,763
UnitedHealth Group, Inc.		6,390		1,048,024
				4,200,474
Health Care Technology—0.1%
AGFA-Gevaert NV (a)		9,150		44,723
Evolent Health, Inc. - Class A (a)		4,023		89,713
				134,436
Hotels, Restaurants & Leisure—1.1%
Aramark		5,224		192,609
Carnival plc		6,137		351,280
Collins Foods, Ltd.		9,606		38,083
Eldorado Resorts, Inc. (a) (b)		6,699		126,779
Elior Group		3,971		90,024
Greene King plc		11,774		103,490
International Game Technology plc		8,595		203,701
Marriott Vacations Worldwide Corp.		254		25,382
Retail Food Group, Ltd.		17,092		69,576
Royal Caribbean Cruises, Ltd.		244		23,939
Star Entertainment Group, Ltd. (The)		50,793		211,944
Yum! Brands, Inc.		7,753		495,417
				1,932,224

BHFTI-31

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—1.9%
Barratt Developments plc		38,663	$	264,935
Bassett Furniture Industries, Inc.		2,458		66,120
Bellway plc		4,904		166,193
D.R. Horton, Inc.		10,804		359,881
Garmin, Ltd.		6,069		310,187
Hooker Furniture Corp.		1,113		34,559
LGI Homes, Inc. (a) (b)		3,732		126,552
Libbey, Inc.		761		11,095
Mohawk Industries, Inc. (a)		1,756		402,985
Persimmon plc		11,732		308,085
Sekisui Chemical Co., Ltd.		15,600		262,719
Sekisui House, Ltd.		18,200		299,976
SodaStream International, Ltd. (a)		4,687		226,991
Taylor Wimpey plc		116,417		281,910
ZAGG, Inc. (a)		16,171		116,431
				3,238,619
Household Products—0.1%
Central Garden and Pet Co. (a)		2,953		109,468
Independent Power and Renewable Electricity Producers—0.1%
ERG S.p.A.		4,103		51,650
TransAlta Renewables, Inc.		5,555		65,790
				117,440
Industrial Conglomerates—0.7%
3M Co.		2,705		517,548
CK Hutchison Holdings, Ltd.		41,500		510,461
General Electric Co.		5,087		151,592
				1,179,601
Insurance—4.1%
Allstate Corp. (The)		5,952		485,028
American Financial Group, Inc.		3,278		312,787
AMERISAFE, Inc.		2,561		166,209
Axis Capital Holdings, Ltd.		4,694		314,639
Chubb, Ltd.		4,650		633,562
Cincinnati Financial Corp.		4,480		323,770
Direct Line Insurance Group plc		57,115		248,617
Employers Holdings, Inc.		2,829		107,361
Everest Re Group, Ltd.		1,269		296,705
Federated National Holding Co.		1,567		27,313
Genworth Financial, Inc. - Class A (a)		17,325		71,379
Hartford Financial Services Group, Inc. (The)		8,365		402,106
Heritage Insurance Holdings, Inc.		5,029		64,220
Muenchener Rueckversicherungs-Gesellschaft AG		2,290		448,114
Reinsurance Group of America, Inc.		2,346		297,895
SCOR SE		7,893		298,722
Selective Insurance Group, Inc.		746		35,174
Sompo Holdings, Inc.		9,800		360,352
Swiss Life Holding AG (a)		964		311,074
Swiss Re AG		5,227		469,420
Travelers Cos., Inc. (The)		4,406		531,099
Universal Insurance Holdings, Inc. (b)		9,185		225,032
Zurich Insurance Group AG		1,840		491,238
				6,921,816
Internet & Direct Marketing Retail—0.2%
Amazon.com, Inc. (a)		256		226,954
PetMed Express, Inc. (b)		6,303		126,943
				353,897
Internet Software & Services—0.9%
Alphabet, Inc. - Class C (a)		762		632,125
Facebook, Inc. - Class A (a)		2,735		388,507
j2 Global, Inc.		2,900		243,339
Meet Group, Inc. (The) (a)		37,295		219,667
				1,483,638
IT Services—1.4%
Bechtle AG		1,935		210,038
Cap Gemini S.A.		3,819		352,938
CGI Group, Inc. - Class A (a)		315		15,093
Convergys Corp.		6,987		147,775
Euronet Worldwide, Inc. (a)		1,656		141,621
Itochu Techno-Solutions Corp.		800		23,527
Leidos Holdings, Inc.		6,047		309,244
Net 1 UEPS Technologies, Inc. (a)		8,400		102,732
NeuStar, Inc. - Class A (a)		6,481		214,845
NTT Data Corp.		2,500		118,883
Science Applications International Corp.		2,879		214,198
Sykes Enterprises, Inc. (a)		6,653		195,598
Western Union Co. (The)		15,533		316,097
				2,362,589
Leisure Products—0.0%
American Outdoor Brands Corp. (a) (b)		2,275		45,068
Machinery—1.0%
American Railcar Industries, Inc. (b)		2,294		94,283
CKD Corp.		13,700		173,848
Douglas Dynamics, Inc.		2,805		85,973
Fukushima Industries Corp.		1,100		38,389
Greenbrier Cos., Inc. (The) (b)		3,731		160,806
Illinois Tool Works, Inc.		287		38,019
Kadant, Inc.		486		28,844
Lydall, Inc. (a)		3,338		178,917
Mitsui Engineering & Shipbuilding Co., Ltd.		9,000		13,959
PACCAR, Inc.		7,016		471,475
Supreme Industries, Inc. - Class A		16,006		324,282
Valmet Oyj		991		15,401
				1,624,196
Marine—0.1%
DFDS A/S		1,156		63,636
Matson, Inc.		3,506		111,351
				174,987
Media—1.4%
Comcast Corp. - Class A		30,602		1,150,329
Eros International plc (a) (b)		5,705		58,762
Lagardere SCA		1,331		39,204
Nippon Television Holdings, Inc.		2,000		34,549

BHFTI-32

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—(Continued)
Quebecor, Inc. - Class B		6,698	$	206,553
Southern Cross Media Group, Ltd.		59,751		63,847
TEGNA, Inc.		11,996		307,338
TV Tokyo Holdings Corp.		600		13,741
Walt Disney Co. (The)		3,978		451,065
				2,325,388
Metals & Mining—0.8%
Aichi Steel Corp.		700		27,918
APERAM S.A. (b)		625		31,225
ArcelorMittal (a)		30,555		255,563
Bekaert S.A.		556		27,192
Boliden AB		10,858		323,910
Evolution Mining, Ltd.		21,302		34,650
Fortescue Metals Group, Ltd.		59,215		281,489
Lucara Diamond Corp.		14,594		33,910
Norsk Hydro ASA		42,214		245,359
Northern Star Resources, Ltd.		20,356		63,934
				1,325,150
Mortgage Real Estate Investment Trusts—1.3%
AG Mortgage Investment Trust, Inc.		4,512		81,442
AGNC Investment Corp.		12,873		256,044
Annaly Capital Management, Inc.		30,452		338,322
Anworth Mortgage Asset Corp.		19,720		109,446
Apollo Commercial Real Estate Finance, Inc.		11,456		215,487
Ares Commercial Real Estate Corp.		5,893		78,848
Chimera Investment Corp.		12,279		247,790
CYS Investments, Inc.		22,668		180,211
Ladder Capital Corp.		1,137		16,418
Mortgage Investment Corp.		11,744		196,712
New Residential Investment Corp.		14,312		243,018
New York Mortgage Trust, Inc.		27,016		166,689
Two Harbors Investment Corp.		8,898		85,332
Western Asset Mortgage Capital Corp.		5,903		57,672
				2,273,431
Multi-Utilities—0.5%
Dominion Resources, Inc.		1,380		107,047
National Grid plc		42,715		541,764
SCANA Corp.		4,109		268,523
				917,334
Multiline Retail—0.8%
Canadian Tire Corp., Ltd. - Class A		2,435		289,267
Harvey Norman Holdings, Ltd. (b)		63,313		218,152
Kohl’s Corp.		5,719		227,673
Macy’s, Inc.		2,119		62,807
Myer Holdings, Ltd. (b)		104,453		96,845
Target Corp.		7,207		397,754
				1,292,498
Oil, Gas & Consumable Fuels—2.2%
American Midstream Partners L.P.		6,319		93,837
Avance Gas Holding, Ltd.		5,918		19,438
Oil, Gas & Consumable Fuels—(Continued)
BW LPG, Ltd.		18,789		95,585
Caltex Australia, Ltd.		9,205		207,067
Canadian Natural Resources, Ltd.		3,538		116,011
Enviva Partners L.P.		1,892		53,165
Exxon Mobil Corp.		4,101		336,323
Galp Energia SGPS S.A.		22,066		335,159
Green Plains Partners L.P.		1,653		33,225
Green Plains, Inc.		7,349		181,888
HollyFrontier Corp.		7,561		214,279
KNOT Offshore Partners L.P.		2,334		54,382
Koninklijke Vopak NV		4,812		210,037
Neste Oyj		6,689		260,873
Phillips 66		4,418		349,994
REX American Resources Corp. (a)		540		48,865
Royal Dutch Shell plc - A Shares		3,540		93,245
Ship Finance International, Ltd. (b)		10,833		159,245
Tanker Investments, Ltd. (a)		3,348		16,962
Tesoro Corp.		3,538		286,790
Valero Energy Corp.		7,355		487,563
				3,653,933
Paper & Forest Products—0.3%
Canfor Pulp Products, Inc.		988		8,982
Holmen AB - B Shares		5,531		215,208
UPM-Kymmene Oyj		13,648		321,173
Western Forest Products, Inc.		6,956		11,351
				556,714
Personal Products—0.1%
Best World International, Ltd.		45,000		81,371
Revlon, Inc. - Class A (a)		745		20,748
				102,119
Pharmaceuticals—1.9%
Allergan plc		2,076		495,998
Eli Lilly & Co.		4,743		398,934
Johnson & Johnson		12,712		1,583,280
Mallinckrodt plc (a)		2,214		98,678
Merck & Co., Inc.		421		26,750
Merck KGaA		197		22,437
Otsuka Holdings Co., Ltd.		4,100		185,316
Teva Pharmaceutical Industries, Ltd.		9,572		309,137
				3,120,530
Professional Services—0.4%
Barrett Business Services, Inc.		2,884		157,524
CBIZ, Inc. (a)		7,003		94,891
ICF International, Inc. (a)		331		13,670
Kelly Services, Inc. - Class A		2,137		46,715
Wolters Kluwer NV		8,088		336,107
				648,907
Real Estate Management & Development—0.4%
Deutsche Wohnen AG		9,718		320,012
Entra ASA		7,379		80,559

BHFTI-33

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Management & Development—(Continued)
Nexity S.A.		2,989	$	146,961
WCM Beteiligungs & Grundbesitz-AG (a)		15,971		52,132
				599,664
Road & Rail—0.5%
ArcBest Corp.		690		17,940
East Japan Railway Co.		5,200		453,655
National Express Group plc		4,771		21,527
Senko Co., Ltd.		3,000		19,356
Sixt SE (b)		315		16,227
West Japan Railway Co.		5,200		338,699
				867,404
Semiconductors & Semiconductor Equipment—3.1%
Alpha & Omega Semiconductor, Ltd. (a)		2,889		49,662
Applied Materials, Inc.		16,239		631,697
BE Semiconductor Industries NV		2,266		92,384
Broadcom, Ltd.		3,579		783,658
Intel Corp.		28,358		1,022,873
KLA-Tencor Corp.		4,266		405,569
Lam Research Corp.		3,409		437,579
Micron Technology, Inc. (a)		18,240		527,136
NeoPhotonics Corp. (a) (b)		13,312		119,941
NVIDIA Corp.		6,931		754,994
Photronics, Inc. (a)		19,305		206,563
Rudolph Technologies, Inc. (a)		5,348		119,795
Towa Corp.		5,700		102,030
				5,253,881
Software—1.1%
Ebix, Inc. (b)		2,248		137,690
Microsoft Corp.		11,544		760,288
Open Text Corp.		7,674		260,830
Symantec Corp.		12,912		396,140
UBISOFT Entertainment S.A. (a)		5,655		241,499
VirnetX Holding Corp. (a) (b)		9,283		21,351
				1,817,798
Specialty Retail—0.5%
American Eagle Outfitters, Inc.		11,687		163,968
Best Buy Co., Inc.		333		16,367
Bilia AB - A Shares		5,768		119,041
Foot Locker, Inc.		4,570		341,882
GameStop Corp. - Class A		8,398		189,375
				830,633
Technology Hardware, Storage & Peripherals—2.4%
Apple, Inc.		20,921		3,005,511
Brother Industries, Ltd.		1,100		23,071
FUJIFILM Holdings Corp.		10,200		399,406
Hewlett Packard Enterprise Co.		16,410		388,917
HP, Inc.		16,668		298,024
				4,114,929
Thrifts & Mortgage Finance—0.1%
Provident Financial Services, Inc.		2,529		65,375
Territorial Bancorp, Inc.		823		25,653
				91,028
Tobacco—0.9%
Imperial Brands plc		11,332		549,622
Japan Tobacco, Inc.		5,900		192,060
Reynolds American, Inc.		10,984		692,212
				1,433,894
Trading Companies & Distributors—0.4%
AerCap Holdings NV (a)		3,307		152,023
Aircastle, Ltd.		8,827		212,995
GATX Corp. (b)		4,581		279,258
H&E Equipment Services, Inc.		755		18,513
Rush Enterprises, Inc. - Class A (a)		1,737		57,460
				720,249
Transportation Infrastructure—0.1%
Enav S.p.A. (a)		24,448		99,252
Water Utilities—0.2%
American Water Works Co., Inc.		3,478		270,484
Wireless Telecommunication Services—0.5%
NTT DoCoMo, Inc.		11,400		265,685
Vodafone Group plc		224,528		583,952
				849,637
Total Common Stocks (Cost $93,736,625)				103,223,979
U.S. Treasury & Government Agencies—27.6%
Federal Agencies—0.4%
Federal Home Loan Mortgage Corp. 1.000%, 06/29/17		741,000		741,231
U.S. Treasury—27.2%
U.S. Treasury Bonds 3.000%, 11/15/44		1,267,000		1,261,210
3.125%, 02/15/43 (c)		2,538,000		2,588,364
4.375%, 05/15/41 (d)		2,607,000		3,245,613
4.500%, 05/15/38 (d)		2,854,000		3,619,897
5.375%, 02/15/31		1,139,000		1,520,876
6.875%, 08/15/25		1,351,000		1,822,319
7.625%, 11/15/22		1,986,000		2,573,499
7.875%, 02/15/21		1,839,000		2,258,809
U.S. Treasury Notes 0.625%, 11/30/17		489,000		487,854
0.750%, 02/28/18		1,607,000		1,602,481
0.875%, 07/31/19		1,483,000		1,467,301
1.000%, 06/30/19		1,483,000		1,472,573

BHFTI-34

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes
1.125%, 03/31/20		1,471,000	$	1,453,992
1.500%, 02/28/19		1,483,000		1,489,952
1.875%, 10/31/17		500,000		502,578
2.000%, 05/31/21		1,839,000		1,852,936
2.000%, 11/15/21		2,022,000		2,031,320
2.000%, 02/15/23 (c)		6,568,000		6,534,135
2.125%, 08/31/20		1,766,000		1,793,800
2.250%, 07/31/18 (d)		1,325,000		1,344,150
2.375%, 08/15/24		2,027,000		2,043,232
2.750%, 05/31/17		1,236,000		1,239,860
3.125%, 05/15/19		1,483,000		1,539,424
				45,746,175
Total U.S. Treasury & Government Agencies (Cost $47,648,467)				46,487,406
Mutual Funds—6.3%
Investment Company Securities—6.3%
iShares iBoxx $ High Yield Corporate Bond ETF		66,000		5,793,480
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (b)		110,000		2,036,100
Vanguard Emerging Markets Government Bond ETF (b)		35,000		2,787,750
Total Mutual Funds (Cost $10,407,999)				10,617,330
Preferred Stock—0.3%
Automobiles—0.3%
Volkswagen AG (Cost $653,205)		3,287		478,850
Rights—0.0%
Engineering & Construction—0.0%
Downer EDI, Ltd., Expires 04/11/17 (a) (Cost $0)		1,570		14
Short-Term Investment—3.7%
Repurchase Agreement—3.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $6,266,159 on 04/03/17, collateralized by $6,385,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $6,395,114.		6,266,112		6,266,112
Total Short-Term Investments (Cost $6,266,112)				6,266,112
Securities Lending Reinvestments (e)—2.9%
Security Description	Principal Amount*		Value
Repurchase Agreements—2.6%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $1,093,996 on 04/03/17, collateralized by $1,573,454 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,115,805.		1,093,925		1,093,925
Deutsche Bank AG, London Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $5,003 on 04/03/17, collateralized by $772 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $5,490.		5,000		5,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $300,033 on 04/03/17, collateralized by $46,349 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $329,396.		300,000		300,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,000,068 on 04/03/17, collateralized by $993,744 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,020,616.		1,000,000		1,000,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $1,000,082 on 04/03/17, collateralized by $1,170,651 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $1,020,083.		1,000,000		1,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $1,000,078 on 04/03/17, collateralized by $2,993,474 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $1,020,000.		1,000,000		1,000,000
				4,398,925
Time Deposits—0.3%
Credit Agricole S.A. London 0.830%, 04/03/17		200,000		200,000
Den Norske Bank Oslo 0.900%, 04/03/17		200,000		200,000

BHFTI-35

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Skandanaviska Enskilda Banken 0.850%, 04/03/17		200,000	$	200,000
				600,000
Total Securities Lending Reinvestments (Cost $4,998,925)				4,998,925
Total Investments—102.1% (Cost $163,711,333) (f)				172,072,616
Other assets and liabilities (net)—(2.1)%				(3,598,325	)
Net Assets—100.0%			$	168,474,291

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $4,855,112 and the collateral received consisted of cash in the amount of $4,998,925. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $1,804,501.
(d)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of March 31, 2017, the market value of securities pledged was $3,219,042.
(e)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(f)	As of March 31, 2017, the aggregate cost of investments was $163,711,333. The aggregate unrealized appreciation and depreciation of investments were $14,602,076 and $(6,240,793), respectively, resulting in net unrealized appreciation of $8,361,283.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Euro Stoxx 50 Index Futures		06/16/17		100			EUR	3,339,130		$	92,673
FTSE 100 Index Futures		06/16/17		6			GBP	437,108			(723	)
MSCI Emerging Markets Index Mini Futures		06/16/17		50			USD	2,356,866			46,635
Russell 2000 Index Mini Futures		06/16/17		63			USD	4,320,606			40,254
TOPIX Index Futures		06/08/17		24			JPY	372,035,400			(81,159	)
U.S. Treasury Note 2 Year Futures		06/30/17		53			USD	11,465,343			6,672
Futures Contracts—Short
U.S. Treasury Long Bond Futures		06/21/17		(61	)		USD	(9,157,505	)		(43,963	)
U.S. Treasury Note 10 Year Futures		06/21/17		(36	)		USD	(4,470,963	)		(13,288	)
U.S. Treasury Note 5 Year Futures		06/30/17		(35	)		USD	(4,114,859	)		(5,571	)
Net Unrealized Appreciation										$	41,530

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Depreciation
Pay		3M LIBOR		1.437	%		07/29/26		USD	6,000,000	$	(469,987	)
Pay		3M LIBOR		1.610	%		05/18/26		USD	45,000,000		(2,760,277	)
Net Unrealized Depreciation											$	(3,230,264	)

(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(USD)—	United States Dollar
(LIBOR)—	London Interbank Offered Rate

BHFTI-36

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	250,672	$	44,201	$	—	$	294,873
Air Freight & Logistics		769,701		556,841		—		1,326,542
Airlines		884,596		593,412		—		1,478,008
Auto Components		636,283		531,377		—		1,167,660
Automobiles		1,166,109		2,023,566		—		3,189,675
Banks		4,088,071		3,880,760		—		7,968,831
Beverages		368,963		360,162		—		729,125
Biotechnology		1,844,840		—		—		1,844,840
Building Products		754,977		—		—		754,977
Capital Markets		1,557,969		320,489		—		1,878,458
Chemicals		1,288,523		1,473,480		—		2,762,003
Commercial Services & Supplies		594,494		634,416		—		1,228,910
Communications Equipment		1,059,698		—		—		1,059,698
Construction & Engineering		32,818		1,215,411		—		1,248,229
Construction Materials		—		667,361		—		667,361
Consumer Finance		174,694		—		—		174,694
Containers & Packaging		—		271,252		—		271,252
Diversified Consumer Services		83,753		—		—		83,753
Diversified Financial Services		447,118		280,437		—		727,555
Diversified Telecommunication Services		3,254,228		1,078,138		—		4,332,366
Electric Utilities		3,155,631		1,116,922		—		4,272,553
Electrical Equipment		—		21,647		—		21,647
Electronic Equipment, Instruments & Components		1,663,417		520,312		—		2,183,729
Energy Equipment & Services		230,524		22,231		—		252,755
Equity Real Estate Investment Trusts		419,381		186,038		—		605,419
Food & Staples Retailing		983,233		614,717		—		1,597,950
Food Products		1,909,422		810,709		—		2,720,131
Gas Utilities		571,427		—		—		571,427
Health Care Equipment & Supplies		747,316		18,932		—		766,248
Health Care Providers & Services		4,200,474		—		—		4,200,474
Health Care Technology		89,713		44,723		—		134,436
Hotels, Restaurants & Leisure		1,067,827		864,397		—		1,932,224
Household Durables		1,654,801		1,583,818		—		3,238,619
Household Products		109,468		—		—		109,468
Independent Power and Renewable Electricity Producers		65,790		51,650		—		117,440
Industrial Conglomerates		669,140		510,461		—		1,179,601

BHFTI-37

Brighthouse Funds Trust I

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Insurance	$	4,294,279		$	2,627,537		$	—	$	6,921,816
Internet & Direct Marketing Retail		353,897			—			—		353,897
Internet Software & Services		1,483,638			—			—		1,483,638
IT Services		1,657,203			705,386			—		2,362,589
Leisure Products		45,068			—			—		45,068
Machinery		1,382,599			241,597			—		1,624,196
Marine		111,351			63,636			—		174,987
Media		2,174,047			151,341			—		2,325,388
Metals & Mining		33,910			1,291,240			—		1,325,150
Mortgage Real Estate Investment Trusts		2,273,431			—			—		2,273,431
Multi-Utilities		375,570			541,764			—		917,334
Multiline Retail		977,501			314,997			—		1,292,498
Oil, Gas & Consumable Fuels		2,415,567			1,238,366			—		3,653,933
Paper & Forest Products		20,333			536,381			—		556,714
Personal Products		20,748			81,371			—		102,119
Pharmaceuticals		2,603,640			516,890			—		3,120,530
Professional Services		312,800			336,107			—		648,907
Real Estate Management & Development		—			599,664			—		599,664
Road & Rail		17,940			849,464			—		867,404
Semiconductors & Semiconductor Equipment		5,059,467			194,414			—		5,253,881
Software		1,576,299			241,499			—		1,817,798
Specialty Retail		711,592			119,041			—		830,633
Technology Hardware, Storage & Peripherals		3,692,452			422,477			—		4,114,929
Thrifts & Mortgage Finance		91,028			—			—		91,028
Tobacco		692,212			741,682			—		1,433,894
Trading Companies & Distributors		720,249			—			—		720,249
Transportation Infrastructure		—			99,252			—		99,252
Water Utilities		270,484			—			—		270,484
Wireless Telecommunication Services		—			849,637			—		849,637
Total Common Stocks		70,162,376			33,061,603			—		103,223,979
Total U.S. Treasury & Government Agencies*		—			46,487,406			—		46,487,406
Total Mutual Funds*		10,617,330			—			—		10,617,330
Total Preferred Stock*		—			478,850			—		478,850
Total Rights*		14			—			—		14
Total Short-Term Investment*		—			6,266,112			—		6,266,112
Total Securities Lending Reinvestments*		—			4,998,925			—		4,998,925
Total Investments	$	80,779,720		$	91,292,896		$	—	$	172,072,616
Collateral for Securities Loaned (Liability)	$	—		$	(4,998,925	)	$	—	$	(4,998,925	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	186,234		$	—		$	—	$	186,234
Futures Contracts (Unrealized Depreciation)		(144,704	)		—			—		(144,704	)
Total Futures Contracts	$	41,530		$	—		$	—	$	41,530
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Depreciation)	$	—		$	(3,230,264	)	$	—	$	(3,230,264	)

* See Consolidated Schedule of Investments for additional detailed categorizations.

BHFTI-38

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.0%
American Funds AMCAP Fund (Class R-6)		13,329,663	$	388,159,775
American Funds American Mutual Fund (Class R-6)		10,120,229		387,908,359
American Funds Blue Chip Income and Growth Fund (Class 1)		27,433,303		387,083,910
American Funds Bond Fund (Class 1) (a)		53,878,695		588,355,344
American Funds Fundamental Investors Fund (Class R-6)		6,753,389		390,953,694
American Funds Global Bond Fund (Class 1) (a)		11,858,688		136,137,739
American Funds Global Small Capitalization Fund (Class 1)		6,681,893		145,999,358
American Funds Growth Fund (Class 1)		6,024,801		442,883,130
American Funds Growth-Income Fund (Class 1)		9,256,533		438,574,538
American Funds High-Income Bond Fund (Class 1) (a)		18,369,470		192,512,043
American Funds International Fund (Class 1)		15,845,794		292,830,277
Investment Company Securities—(Continued)
American Funds International Growth and Income Fund (Class 1) (a)		24,676,105		384,947,243
American Funds New World Fund (Class 1)		4,502,714		97,258,620
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1) (a)		40,816,437		496,736,034
Total Mutual Funds (Cost $4,330,424,818)				4,770,340,064
Total Investments—100.0% (Cost $4,330,424,818) (b)				4,770,340,064
Other assets and liabilities (net)—0.0%				(2,284,264	)
Net Assets—100.0%			$	4,768,055,800

(a)	Affiliated Issuer.
(b)	As of March 31, 2017, the aggregate cost of investments was $4,330,424,818. The aggregate unrealized appreciation and depreciation of investments were $475,701,249 and $(35,786,003), respectively, resulting in net unrealized appreciation of $439,915,246.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	4,770,340,064	$	—	$	—	$	4,770,340,064
Total Investments	$	4,770,340,064	$	—	$	—	$	4,770,340,064

BHFTI-39

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds AMCAP Fund (Class R-6)		12,486,879	$	363,617,908
American Funds American Mutual Fund (Class R-6)		7,886,796		302,300,898
American Funds Blue Chip Income and Growth Fund (Class 1)		21,360,935		301,402,786
American Funds Bond Fund (Class 1)		10,610,647		115,868,262
American Funds Fundamental Investors Fund (Class R-6)		5,794,630		335,451,109
American Funds Global Bond Fund (Class 1)		5,050,678		57,981,782
American Funds Global Small Capitalization Fund (Class 1)		6,928,717		151,392,466
American Funds Growth Fund (Class 1)		4,573,108		336,169,146
American Funds Growth-Income Fund (Class 1)		6,414,890		303,937,467
American Funds High-Income Bond Fund (Class 1)		8,485,017		88,922,978
American Funds International Fund (Class 1)		13,127,801		242,601,764
American Funds International Growth and Income Fund (Class 1) (a)		19,395,089		302,563,387
Investment Company Securities—(Continued)
American Funds New World Fund (Class 1)		4,236,449		91,507,305
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		2,375,209		28,906,289
Total Mutual Funds (Cost $2,632,545,432)				3,022,623,547
Total Investments—100.1% (Cost $2,632,545,432) (b)				3,022,623,547
Other assets and liabilities (net)—(0.1)%				(1,512,300	)
Net Assets—100.0%			$	3,021,111,247

(a)	Affiliated Issuer.
(b)	As of March 31, 2017, the aggregate cost of investments was $2,632,545,432. The aggregate unrealized appreciation and depreciation of investments were $409,336,423 and $(19,258,308), respectively, resulting in net unrealized appreciation of $390,078,115.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	3,022,623,547	$	—	$	—	$	3,022,623,547
Total Investments	$	3,022,623,547	$	—	$	—	$	3,022,623,547

BHFTI-40

Brighthouse Funds Trust I

American Funds Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Fund—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Security—100.1%
American Funds Growth Fund (Class 1) (a) (Cost $960,161,618)		15,949,172	$	1,172,423,646
Total Investments—100.1% (Cost $960,161,618) (b)				1,172,423,646
Other assets and liabilities (net)—(0.1)%				(638,445	)
Net Assets—100.0%			$	1,171,785,201

(a)	Affiliated Issuer.
(b)	As of March 31, 2017, the aggregate cost of investments was $960,161,618. The aggregate unrealized appreciation of investments was $212,262,028.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Fund
Investment Company Security	$	1,172,423,646	$	—	$	—	$	1,172,423,646
Total Investments	$	1,172,423,646	$	—	$	—	$	1,172,423,646

BHFTI-41

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds AMCAP Fund (Class R-6)		5,113,778	$	148,913,221
American Funds American Mutual Fund (Class R-6)		6,985,965		267,772,047
American Funds Blue Chip Income and Growth Fund (Class 1)		16,827,631		237,437,867
American Funds Bond Fund (Class 1)		49,803,465		543,853,840
American Funds Fundamental Investors Fund (Class R-6)		2,587,990		149,818,747
American Funds Global Bond Fund (Class 1)		7,379,400		84,715,512
American Funds Global Small Capitalization Fund (Class 1)		1,373,615		30,013,492
American Funds Growth Fund (Class 1)		2,049,268		150,641,660
American Funds Growth-Income Fund (Class 1)		5,045,171		239,040,219
American Funds High-Income Bond Fund (Class 1) (a)		14,224,559		149,073,380
American Funds International Fund (Class 1)		8,147,594		150,567,543
American Funds International Growth and Income Fund (Class 1) (a)		11,567,030		180,445,669
Investment Company Securities—(Continued)
American Funds New World Fund (Class 1)		1,393,952		30,109,372
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1) (a)		46,995,627		571,936,779
Total Mutual Funds (Cost $2,734,211,387)				2,934,339,348
Total Investments—100.1% (Cost $2,734,211,387) (b)				2,934,339,348
Other assets and liabilities (net)—(0.1)%				(1,483,122	)
Net Assets—100.0%			$	2,932,856,226

(a)	Affiliated Issuer.
(b)	As of March 31, 2017, the aggregate cost of investments was $2,734,211,387. The aggregate unrealized appreciation and depreciation of investments were $230,793,835 and $(30,665,874), respectively, resulting in net unrealized appreciation of $200,127,961.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	2,934,339,348	$	—	$	—	$	2,934,339,348
Total Investments	$	2,934,339,348	$	—	$	—	$	2,934,339,348

BHFTI-42

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—22.7% of Net Assets

Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—22.7%
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/20 (a)		227,552,474	$	230,945,509
0.125%, 04/15/21 (a)		260,407,564		263,092,887
0.125%, 07/15/26 (a)		140,570,262		137,143,721
0.375%, 07/15/25 (a)		96,475,501		96,722,092
0.625%, 01/15/26 (a)		126,878,148		129,179,464
Total U.S. Treasury & Government Agencies (Cost $842,860,929)				857,083,673
Foreign Government—18.0%
Sovereign—18.0%
Deutsche Bundesrepublik Inflation Linked Bonds 0.100%, 04/15/23 (EUR) (a)		65,793,984		76,287,171
0.100%, 04/15/26 (EUR) (a)		85,349,225		100,384,127
1.750%, 04/15/20 (EUR) (a)		22,837,984		26,884,357
France Government Bond OAT 0.100%, 07/25/21 (EUR) (a)		22,107,598		24,935,766
0.100%, 03/01/25 (EUR) (a)		50,272,500		56,657,073
0.250%, 07/25/24 (EUR) (a)		23,284,404		26,653,103
1.100%, 07/25/22 (EUR) (a)		47,902,032		57,187,090
1.850%, 07/25/27 (EUR) (a)		21,224,434		27,782,006
2.250%, 07/25/20 (EUR) (a)		34,378,249		41,314,207
United Kingdom Gilt Inflation Linked Bonds 0.125%, 03/22/24 (GBP) (a)		91,686,654		136,098,878
0.125%, 03/22/26 (GBP) (a)		70,027,911		106,402,507
Total Foreign Government (Cost $705,052,426)				680,586,285
Short-Term Investments—55.9%
Mutual Funds—39.3%
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.596%# (b)		352,113,317		352,113,317
Dreyfus Treasury Cash Management Fund, Institutional Class, 0.630%# (b)		331,856,006		331,856,006
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.951%# (b) (c)		139,703,181		139,717,152
Mutual Funds—(Continued)
State Street Institutional Treasury Plus Money Market Fund, Class, 0.597% (b) (c)		293,835,637		293,835,637
UBS Select Treasury Preferred Fund, Institutional Class, 0.620%# (b)		369,513,779		369,513,779
				1,487,035,891
U.S. Treasury—16.6%
U.S. Treasury Bills 0.488%, 04/06/17# (d)		11,026,000		11,025,438
0.495%, 04/13/17# (c) (d)		4,719,000		4,718,051
0.605%, 05/25/17# (c) (d)		4,067,000		4,062,791
0.609%, 06/01/17# (c) (d)		63,375,000		63,302,055
0.625%, 08/03/17 (d)		208,319,000		207,761,122
0.645%, 06/15/17# (c) (d)		17,641,000		17,615,226
0.645%, 08/17/17 (d)		17,366,000		17,314,267
0.670%, 08/31/17 (d)		304,854,000		303,782,743
				629,581,693
Total Short-Term Investments (Cost $2,116,961,794)				2,116,617,584
Total Investments—96.6% (Cost $3,664,875,149) (e)				3,654,287,542
Other assets and liabilities (net)—3.4%				127,189,004
Net Assets—100.0%			$	3,781,476,546

*	Principal amount stated in U.S. dollars unless otherwise noted.
#	All or a portion represents positions held in the respective subsidiary.
(a)	Principal amount of security is adjusted for inflation.
(b)	The rate shown represents the annualized seven-day yield as of March 31, 2017.
(c)	All or a portion of the security was pledged as collateral against open swap contracts and open forward foreign currency exchange contracts. As of March 31, 2017, the market value of securities pledged was $149,740,662.
(d)	The rate shown represents current yield to maturity.
(e)	As of March 31, 2017, the aggregate cost of investments was $3,664,875,149. The aggregate unrealized appreciation and depreciation of investments were $14,222,930 and $(24,810,537), respectively, resulting in net unrealized depreciation of $(10,587,607).
(EUR)—	Euro
(GBP)—	British Pound

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
CHF	13,000	Citibank N.A.		06/21/17	$	12,925	$	114
CHF	26,000	Citibank N.A.		06/21/17		25,960		117
CHF	143,742	Citibank N.A.		06/21/17		143,026		1,144
CHF	194,006	Citibank N.A.		06/21/17		193,397		1,187
CHF	216,000	Citibank N.A.		06/21/17		215,075		1,568
CHF	236,306	Citibank N.A.		06/21/17		236,563		446

BHFTI-43

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
CHF	276,000	Citibank N.A.		06/21/17	$	278,301	$	(1,479	)
CHF	359,356	Citibank N.A.		06/21/17		360,004		422
CHF	622,884	Citibank N.A.		06/21/17		620,692		4,047
CHF	715,000	Citibank N.A.		06/21/17		716,421		707
CHF	718,712	Citibank N.A.		06/21/17		714,718		6,134
CHF	766,626	Citibank N.A.		06/21/17		760,785		8,123
CHF	910,368	Citibank N.A.		06/21/17		903,962		9,116
EUR	1,973,000	Citibank N.A.		06/21/17		2,091,554		21,008
EUR	4,370,000	Citibank N.A.		06/21/17		4,654,346		24,769
EUR	4,720,000	Citibank N.A.		06/21/17		5,099,619		(45,746	)
EUR	9,375,897	Citibank N.A.		06/21/17		10,045,149		(6,040	)
GBP	1,593,000	Citibank N.A.		06/21/17		1,989,612		9,986
HKD	120,000	Citibank N.A.		06/21/17		15,469		(3	)
HKD	3,497,000	Citibank N.A.		06/21/17		451,077		(363	)
HKD	13,463,000	Citibank N.A.		06/21/17		1,737,047		(1,855	)
HKD	14,484,000	Citibank N.A.		06/21/17		1,868,512		(1,728	)
JPY	46,069,000	Citibank N.A.		06/21/17		402,763		12,298
Contracts to Deliver
CAD	297,000	Citibank N.A.		06/21/17		226,286		2,714
CAD	218,026	Citibank N.A.		06/21/17		162,756		(1,368	)
CAD	212,133	Citibank N.A.		06/21/17		162,189		2,502
CAD	185,432	Citibank N.A.		06/21/17		141,709		2,121
CAD	179,581	Citibank N.A.		06/21/17		134,033		(1,150	)
CAD	152,445	Citibank N.A.		06/21/17		113,485		(1,271	)
CAD	130,702	Citibank N.A.		06/21/17		97,663		(726	)
CAD	90,681	Citibank N.A.		06/21/17		68,690		428
CHF	1,000	Citibank N.A.		06/21/17		999		(4	)
EUR	106,167,135	Citibank N.A.		06/21/17		113,074,862		(602,090	)
EUR	96,515,577	Citibank N.A.		06/21/17		102,170,645		(1,172,039	)
EUR	72,386,682	Citibank N.A.		06/21/17		76,916,593		(590,418	)
EUR	70,578,390	Citibank N.A.		06/21/17		75,205,816		(364,993	)
EUR	48,257,789	Citibank N.A.		06/21/17		51,174,418		(496,924	)
EUR	29,926,880	Citibank N.A.		06/21/17		31,881,285		(162,497	)
EUR	7,810,000	Citibank N.A.		06/21/17		8,335,917		(26,530	)
GBP	36,948,063	Citibank N.A.		06/21/17		45,418,421		(960,275	)
GBP	35,515,059	Citibank N.A.		06/21/17		44,276,103		(303,828	)
GBP	34,082,054	Citibank N.A.		06/21/17		41,756,835		(1,024,331	)
GBP	30,027,936	Citibank N.A.		06/21/17		37,363,470		(328,803	)
GBP	28,412,047	Citibank N.A.		06/21/17		35,755,859		91,914
GBP	28,218,419	Citibank N.A.		06/21/17		35,247,213		(173,682	)
GBP	506,718	Citibank N.A.		06/21/17		620,999		(15,054	)
HKD	3,511,584	Citibank N.A.		06/21/17		452,913		319
HKD	3,218,708	Citibank N.A.		06/21/17		415,316		469
HKD	3,025,766	Citibank N.A.		06/21/17		390,314		335
HKD	2,927,641	Citibank N.A.		06/21/17		377,632		300
HKD	2,927,414	Citibank N.A.		06/21/17		377,438		136
HKD	2,926,887	Citibank N.A.		06/21/17		377,639		405
HKD	1,156,000	Citibank N.A.		06/21/17		149,071		79
HKD	729,000	Citibank N.A.		06/21/17		93,999		41
JPY	96,751,518	Citibank N.A.		06/21/17		866,946		(4,741	)
JPY	55,774,903	Citibank N.A.		06/21/17		495,027		(7,479	)
JPY	55,440,095	Citibank N.A.		06/21/17		493,547		(5,943	)
JPY	39,329,971	Citibank N.A.		06/21/17		346,958		(7,387	)
JPY	38,134,513	Citibank N.A.		06/21/17		336,608		(6,966	)
Net Unrealized Depreciation							$	(6,112,764	)

BHFTI-44

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Aluminum Futures#		04/04/17		25		USD	1,054,935	$	165,221
Aluminum Futures#		04/25/17		144		USD	6,639,608		394,612
Aluminum Futures#		04/28/17		85		USD	3,857,527		295,488
Aluminum Futures#		05/10/17		66		USD	3,080,675		149,447
Aluminum Futures#		05/17/17		76		USD	3,568,949		153,626
Aluminum Futures#		05/24/17		14		USD	658,676		26,711
Aluminum Futures#		06/19/17		1,465		USD	69,411,561		2,529,095
Amsterdam Index Futures		04/21/17		80		EUR	8,151,840		97,463
Australian 10 Year Treasury Bond Futures		06/15/17		1,211		AUD	152,290,550		2,490,512
CAC 40 Index Futures		04/21/17		473		EUR	23,489,398		754,139
Canada Government Bond 10 Year Futures		06/21/17		1,318		CAD	179,706,975		963,105
Copper Futures#		05/26/17		1,637		USD	112,600,135		(4,046,573	)
Cotton No. 2 Futures#		05/08/17		82		USD	3,140,191		30,339
DAX Index Futures		06/16/17		73		EUR	21,942,816		595,830
Euro Stoxx 50 Index Futures		06/16/17		1,940		EUR	64,532,517		2,060,932
Euro-Bund Futures		06/08/17		5,978		EUR	967,495,017		(2,695,011	)
FTSE 100 Index Futures		06/16/17		992		GBP	72,265,617		(116,090	)
FTSE JSE Top 40 Index Futures		06/15/17		498		ZAR	224,572,631		249,847
FTSE MIB Index Futures		06/16/17		50		EUR	4,776,941		251,561
H-Shares Index Futures		04/27/17		45		HKD	23,544,049		(50,962	)
Hang Seng Index Futures		04/27/17		39		HKD	47,510,127		(58,506	)
IBEX 35 Index Futures		04/21/17		76		EUR	7,516,042		424,251
Japanese Government 10 Year Bond Futures		06/13/17		324		JPY	48,688,965,216		15,762
KOSPI 200 Index Futures		06/08/17		542		KRW	36,794,896,907		1,229,950
Lean Hogs Futures#		06/14/17		673		USD	20,790,617		(910,197	)
Live Cattle Futures#		06/30/17		277		USD	11,822,496		462,454
MSCI Taiwan Index Futures		04/27/17		251		USD	9,191,428		(87,658	)
Nickel Futures#		04/04/17		14		USD	844,299		(7,449	)
Nickel Futures#		04/25/17		65		USD	3,778,397		114,918
Nickel Futures#		04/28/17		37		USD	2,204,671		11,952
Nickel Futures#		05/10/17		28		USD	1,767,593		(88,853	)
Nickel Futures#		05/17/17		31		USD	2,040,544		(181,102	)
Nickel Futures#		05/24/17		6		USD	386,987		(26,920	)
Nickel Futures#		06/19/17		568		USD	36,952,561		(2,811,217	)
Russell 2000 Index Mini Futures		06/16/17		1,099		USD	74,967,782		1,104,998
S&P 500 Index E-Mini Futures		06/16/17		7,065		USD	835,994,642		(2,607,242	)
S&P Midcap 400 Index E-Mini Futures		06/16/17		551		USD	94,113,959		558,861
S&P TSX 60 Index Futures		06/15/17		348		CAD	63,403,413		59,215
SGX CNX Nifty Index Futures		04/27/17		1,142		USD	20,898,158		110,074
SPI 200 Index Futures		06/15/17		348		AUD	50,057,738		626,375
Soybean Futures#		05/12/17		25		USD	1,279,560		(97,060	)
Soybean Meal Futures#		05/12/17		171		USD	5,852,851		(579,211	)
Soybean Oil Futures#		05/12/17		448		USD	9,327,850		(785,386	)
Sugar No. 11 Futures#		04/28/17		1,874		USD	43,218,329		(8,041,100	)
TOPIX Index Futures		06/08/17		878		JPY	13,503,149,324		(2,006,641	)
U.S. Treasury Note 10 Year Futures		06/21/17		10,595		USD	1,315,764,367		3,975,321
United Kingdom Long Gilt Bond Futures		06/28/17		1,006		GBP	126,364,455		2,482,028
Wheat Futures#		05/12/17		35		USD	783,240		(36,865	)
Zinc Futures#		04/04/17		9		USD	579,931		38,875
Zinc Futures#		04/25/17		20		USD	1,393,299		(14,234	)
Zinc Futures#		04/28/17		5		USD	352,262		(7,380	)
Zinc Futures#		05/10/17		6		USD	434,806		(20,384	)
Zinc Futures#		05/17/17		10		USD	703,487		(12,237	)
Zinc Futures#		05/24/17		7		USD	493,312		(9,437	)
Zinc Futures#		06/19/17		564		USD	40,042,435		(971,335	)

BHFTI-45

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Aluminum Futures#		04/04/17		(25	)		USD	(1,054,939	)	$	(165,218	)
Aluminum Futures#		04/25/17		(144	)		USD	(6,657,847	)		(376,373	)
Aluminum Futures#		04/28/17		(85	)		USD	(3,835,417	)		(317,598	)
Aluminum Futures#		05/10/17		(66	)		USD	(3,081,626	)		(148,497	)
Aluminum Futures#		05/17/17		(76	)		USD	(3,568,489	)		(154,086	)
Aluminum Futures#		05/24/17		(14	)		USD	(659,366	)		(26,022	)
Nickel Futures#		04/04/17		(14	)		USD	(841,730	)		4,880
Nickel Futures#		04/25/17		(65	)		USD	(3,757,140	)		(136,176	)
Nickel Futures#		04/28/17		(37	)		USD	(2,205,923	)		(10,700	)
Nickel Futures#		05/10/17		(28	)		USD	(1,754,145	)		75,405
Nickel Futures#		05/17/17		(31	)		USD	(2,044,994	)		185,552
Nickel Futures#		05/24/17		(6	)		USD	(386,262	)		26,195
Zinc Futures#		04/04/17		(9	)		USD	(573,559	)		(45,247	)
Zinc Futures#		04/25/17		(20	)		USD	(1,394,154	)		15,089
Zinc Futures#		04/28/17		(5	)		USD	(356,193	)		11,311
Zinc Futures#		05/10/17		(6	)		USD	(431,235	)		16,814
Zinc Futures#		05/17/17		(10	)		USD	(710,476	)		19,226
Zinc Futures#		05/24/17		(7	)		USD	(492,914	)		9,039
Net Unrealized Depreciation										$	(4,862,494	)

Swap Agreements

OTC Total Return Swaps

Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
04/12/17	Bank of America N.A.	Bovespa Index Futures		BRL	62,439,415	$	(703,831	)	$	—	$	(703,831	)
04/27/17	Citibank N.A.	Brent Crude Futures#		USD	53,131,069		1,523,061			—		1,523,061
04/27/17	Merrill Lynch International	Brent Crude Futures#		USD	41,967,520		1,284,720			—		1,284,720
06/21/17	Bank of America N.A.	Canada Government Bond 10 Year Futures		CAD	31,435,797		214,403			—		214,403
04/12/17	Citibank N.A.	Coffee “C” Futures#		USD	18,295,263		(743,463	)		—		(743,463	)
04/12/17	Merrill Lynch International	Coffee “C” Futures#		USD	14,972,194		(711,356	)		—		(711,356	)
01/01/00	Merrill Lynch International	Commodity Excess-Return Index#		USD	43,138,599		(874,654	)		—		(874,654	)
04/21/17	Citibank N.A.	Corn No. 2 Futures#		USD	53,821,866		(2,116,579	)		—		(2,116,579	)
04/21/17	Merrill Lynch International	Corn No. 2 Futures#		USD	53,538,300		(1,741,950	)		—		(1,741,950	)
04/13/17	Citibank N.A.	Cotton No. 2 Futures#		USD	5,906,042		87,033			—		87,033
04/13/17	Merrill Lynch International	Cotton No. 2 Futures#		USD	11,375,575		223,925			—		223,925
04/19/17	Citibank N.A.	Crude Oil Futures#		USD	55,423,434		(3,103,034	)		—		(3,103,034	)
04/19/17	Merrill Lynch International	Crude Oil Futures#		USD	40,866,060		(2,308,860	)		—		(2,308,860	)
06/08/17	Bank of America N.A.	Euro-Bund Futures		EUR	124,781,094		(1,209,083	)		—		(1,209,083	)
05/31/17	Citibank N.A.	Gold 100 oz. Futures#		USD	70,085,169		857,871			—		857,871
05/31/17	Merrill Lynch International	Gold 100 oz. Futures#		USD	91,545,400		1,043,400			—		1,043,400
04/27/17	Bank of America N.A.	Hang Seng China Enterprises Index Futures		HKD	358,100,681		(804,360	)		—		(804,360	)
04/27/17	Goldman Sachs & Co.	Hang Seng China Enterprises Index Futures		HKD	128,092,937		(265,706	)		—		(265,706	)
04/27/17	Bank of America N.A.	Hang Seng Index Futures		HKD	65,774,710		(79,909	)		—		(79,909	)
04/27/17	Goldman Sachs & Co.	Hang Seng Index Futures		HKD	23,150,109		(29,037	)		—		(29,037	)
06/13/17	Bank of America N.A.	Japanese Government 10 Year Bond Futures		JPY	16,686,574,500		(49,353	)		—		(49,353	)
04/21/17	Citibank N.A.	KC Hard Red Winter Wheat Future#		USD	14,508,176		(1,388,576	)		—		(1,388,576	)
04/21/17	Merrill Lynch International	KC Hard Red Winter Wheat Future#		USD	2,899,275		(250,125	)		—		(250,125	)

BHFTI-46

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Swap Agreements—(Continued)

Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
06/14/17	Merrill Lynch International	Lean Hogs Futures#		USD	13,934,970	$	(641,970	)	$	—	$	(641,970	)
06/02/17	Merrill Lynch International	Live Cattle Futures#		USD	38,876,320		1,570,880			—		1,570,880
06/28/17	Bank of America N.A.	Long Gilt Futures		GBP	70,305,928		1,426,893			—		1,426,893
04/27/17	Bank of America N.A.	MSCI Taiwan Stock Index Futures		USD	18,325,550		(190,550	)		—		(190,550	)
04/27/17	Goldman Sachs & Co.	MSCI Taiwan Stock Index Futures		USD	3,116,801		(33,851	)		—		(33,851	)
04/26/17	Citibank N.A.	Natural Gas Futures#		USD	57,086,190		5,214,510			—		5,214,510
04/26/17	Merrill Lynch International	Natural Gas Futures#		USD	40,304,790		3,621,510			—		3,621,510
04/27/17	Citibank N.A.	NY Harbor ULSD Futures#		USD	31,079,674		(922,935	)		—		(922,935	)
04/27/17	Merrill Lynch International	NY Harbor ULSD Futures#		USD	18,612,758		(558,394	)		—		(558,394	)
04/27/17	Citibank N.A.	RBOB Gasoline Futures#		USD	32,354,830		(96,603	)		—		(96,603	)
04/27/17	Merrill Lynch International	RBOB Gasoline Futures#		USD	20,855,621		(41,555	)		—		(41,555	)
04/28/17	Citibank N.A.	Silver Futures#		USD	37,384,065		497,135			—		497,135
04/28/17	Merrill Lynch International	Silver Futures#		USD	24,261,110		293,210			—		293,210
04/21/17	Citibank N.A.	Soybean Futures#		USD	44,896,093		(4,927,593	)		—		(4,927,593	)
04/21/17	Merrill Lynch International	Soybean Futures#		USD	39,437,950		(4,388,650	)		—		(4,388,650	)
04/21/17	Citibank N.A.	Soybean Meal Futures#		USD	14,120,579		(1,476,179	)		—		(1,476,179	)
04/21/17	Merrill Lynch International	Soybean Meal Futures#		USD	12,061,000		(1,267,000	)		—		(1,267,000	)
04/21/17	Citibank N.A.	Soybean Oil Futures#		USD	19,078,521		(1,650,369	)		—		(1,650,369	)
04/21/17	Merrill Lynch International	Soybean Oil Futures#		USD	9,824,568		(786,336	)		—		(786,336	)
04/17/17	Citibank N.A.	Sugar No. 11 Futures#		USD	2,313,065		(417,174	)		—		(417,174	)
04/17/17	Merrill Lynch International	Sugar No. 11 Futures#		USD	731,853		(131,174	)		—		(131,174	)
06/16/17	Bank of America N.A.	Swiss Market Index Futures		CHF	43,388,659		245,226			—		245,226
06/21/17	Bank of America N.A.	U.S. Treasury Note 10 Year Futures		USD	886,952,249		1,302,939			—		1,302,939
04/21/17	Citibank N.A.	Wheat Futures#		USD	31,488,793		(2,209,568	)		—		(2,209,568	)
04/21/17	Merrill Lynch International	Wheat Futures#		USD	16,854,438		(988,638	)		—		(988,638	)
Totals						$	(17,701,699	)	$	—	$	(17,701,699	)

# All or a portion represents positions held in the respective Subsidiary.

Index Information

Commodity Excess-Return Index—a commodity index composed of futures contracts on Aluminum, Brent Crude, Coffee ‘C’, Copper, Corn, Cotton No.2, Gasoline RBOB, Gold, Heating Oil, Kansas Wheat, Lean Hogs, Live Cattle, Natural Gas, Nickel, Silver, Soybean Meal, Soybean Oil, Soybeans, Sugar No.11, Wheat, WTI Crude and Zinc.

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(EUR)—	Euro
(GBP)—	British Pound
(HKD)—	Hong Kong Dollar
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(USD)—	United States Dollar
(ZAR)—	South African Rand

BHFTI-47

Brighthouse Funds Trust I

AQR Global Risk Balanced Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	857,083,673		$	—	$	857,083,673
Total Foreign Government*		—			680,586,285			—		680,586,285
Short-Term Investments
Mutual Funds		1,487,035,891			—			—		1,487,035,891
U.S. Treasury		—			629,581,693			—		629,581,693
Total Short-Term Investments		1,487,035,891			629,581,693			—		2,116,617,584
Total Investments	$	1,487,035,891		$	2,167,251,651		$	—	$	3,654,287,542
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	202,949		$	—	$	202,949
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(6,315,713	)		—		(6,315,713	)
Total Forward Contracts	$	—		$	(6,112,764	)	$	—	$	(6,112,764	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	22,786,473		$	—		$	—	$	22,786,473
Futures Contracts (Unrealized Depreciation)		(27,648,967	)		—			—		(27,648,967	)
Total Futures Contracts	$	(4,862,494	)	$	—		$	—	$	(4,862,494	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	19,406,716		$	—	$	19,406,716
OTC Swap Contracts at Value (Liabilities)		—			(37,108,415	)		—		(37,108,415	)
Total OTC Swap Contracts	$	—		$	(17,701,699	)	$	—	$	(17,701,699	)

* See Consolidated Schedule of Investments for additional detailed categorizations.

BHFTI-48

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—54.3% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—54.3%
Consumer Discretionary Select Sector SPDR Fund (a)		1,722,245	$	151,471,448
Consumer Staples Select Sector SPDR Fund (a)		2,535,939		138,411,551
Energy Select Sector SPDR Fund (a)		1,385,355		96,836,314
Financial Select Sector SPDR Fund (a)		9,339,060		221,615,894
Health Care Select Sector SPDR Fund (a)		2,109,513		156,863,387
Industrial Select Sector SPDR Fund (a)		2,443,819		158,994,864
iShares 1-3 Year Credit Bond ETF (a) (b)		4,618,949		486,052,003
iShares Core U.S. Aggregate Bond ETF (a) (b)		3,049,604		330,851,538
iShares iBoxx $ Investment Grade Corporate Bond ETF (a) (b)		3,858,200		454,920,362
iShares Intermediate Credit Bond ETF (a) (b)		1,173,627		127,878,398
iShares MSCI EAFE Fund (a) (b)		5,598,492		348,730,067
iShares MSCI Japan Fund (a) (b)		744,558		38,344,737
iShares U.S. Real Estate ETF (a) (b)		1,833,604		143,919,578
Materials Select Sector SPDR Fund (a)		1,102,186		57,765,568
Powershares QQQ Trust - Series 1 (a)		2,330,863		308,559,644
Real Estate Select Sector SPDR Fund (a)		1,299,492		41,063,947
Technology Select Sector SPDR Fund (a)		3,193,938		170,268,835
Utilities Select Sector SPDR Fund (a)		1,071,224		54,964,503
Vanguard Short-Term Corporate Bond ETF (a)		1,458,405		116,293,215
Vanguard Total Bond Market ETF		4,769,518		386,712,519
Total Mutual Funds (Cost $3,660,462,413)				3,990,518,372
Short-Term Investments—42.4%
Mutual Fund—1.7%
SSGA USD Liquidity Fund, S2 Shares, 0.933%# (c)		121,753,925		121,753,925
Repurchase Agreement—40.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $2,992,648,894 on 04/03/17, collateralized by $3,031,540,000 U.S. Treasury Notes with rates ranging from 1.375% - 2.625%, maturity dates ranging from 07/31/20 - 11/15/26, with a value of $3,052,490,619.		2,992,626,449		2,992,626,449
Total Short-Term Investments (Cost $3,114,380,374)				3,114,380,374
Securities Lending Reinvestments (d)—16.1%
Security Description	Principal Amount*		Value
Certificates of Deposit—9.5%
Bank of Nova Scotia Houston 1.355%, 11/03/17 (e)		10,000,000	$	10,010,984
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (e)		40,000,000		40,019,320
Canadian Imperial Bank 1.423%, 05/23/17 (e)		10,005,021		10,004,042
Chiba Bank, Ltd., New York
1.100%, 04/07/17		3,250,000		3,250,036
1.240%, 05/09/17		11,000,000		11,005,082
Cooperative Rabobank UA New York 1.422%, 10/13/17 (e)		12,000,000		12,016,344
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (e)		30,000,000		30,003,390
Credit Suisse AG New York 1.581%, 04/11/17 (e)		17,000,000		17,001,394
Danske Bank A/S London Zero Coupon, 05/12/17		9,971,056		9,989,700
DNB NOR Bank ASA 1.279%, 07/28/17 (e)		17,000,000		17,007,514
HSBC Bank New York 1.144%, 08/01/17 (e)		31,000,000		31,017,391
ING Bank NV 1.461%, 04/18/17 (e)		32,700,000		32,713,935
KBC Bank NV
Zero Coupon, 04/28/17		24,930,713		24,984,750
1.150%, 04/18/17		20,000,000		20,001,800
1.170%, 04/06/17		15,550,000		15,550,156
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (e)		20,000,000		20,002,440
Mizuho Bank, Ltd., New York
1.543%, 05/17/17		16,200,000		16,204,811
1.582%, 04/26/17 (e)		9,550,000		9,551,585
1.591%, 04/11/17 (e)		25,000,000		25,001,900
1.643%, 04/18/17 (e)		18,100,000		18,102,624
National Australia Bank London 1.338%, 11/09/17 (e)		18,500,000		18,469,845
Natixis New York 1.444%, 04/07/17 (e)		15,000,000		15,000,825
Norinchukin Bank New York 1.346%, 08/21/17 (e)		55,000,000		55,017,215
Rabobank London 1.422%, 10/13/17 (e)		14,000,000		14,034,231
Royal Bank of Canada New York 1.422%, 10/13/17 (e)		25,000,000		25,044,725
Sumitomo Bank New York 1.390%, 06/05/17 (e)		16,400,000		16,407,757
Sumitomo Mitsui Banking Corp., New York
1.534%, 04/07/17 (e)		16,500,000		16,500,957
1.591%, 04/12/17 (e)		5,000,000		5,000,997
Sumitomo Mitsui Trust Bank, Ltd. 1.120%, 05/08/17		5,000,000		5,000,750
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (e)		20,000,000		20,013,594

BHFTI-49

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Sumitomo Mitsui Trust Bank, Ltd., New York
1.308%, 08/16/17 (e)		25,000,000	$	25,011,775
1.558%, 04/10/17 (e)		25,000,000		25,003,150
Svenska Handelsbanken New York 1.508%, 05/18/17 (e)		25,000,000		25,012,925
UBS, Stamford
1.301%, 05/12/17 (e)		19,600,000		19,604,822
1.589%, 07/31/17 (e)		4,309,320		4,311,844
Wells Fargo Bank San Francisco N.A.
1.412%, 10/26/17 (e)		18,700,000		18,730,574
1.452%, 04/26/17 (e)		17,000,000		17,004,522
				698,609,706
Commercial Paper—3.6%
Barton Capital S.A. 1.110%, 04/21/17		9,971,633		9,993,330
Den Norske ASA 1.432%, 04/27/17 (e)		16,900,000		16,903,650
Kells Funding LLC 1.010%, 05/25/17		64,823,110		64,880,205
LMA S.A. & LMA Americas 1.120%, 04/13/17		7,778,160		7,797,223
Macquarie Bank, Ltd.
1.120%, 04/20/17		10,969,200		10,992,861
1.120%, 04/24/17		24,930,000		24,981,125
Ridgefield Funding Co. LLC
1.080%, 05/08/17		7,978,640		7,990,672
1.300%, 06/12/17		24,874,514		24,940,975
1.366%, 08/21/17 (e)		23,000,000		23,005,244
Sheffield Receivables Co.
1.170%, 04/07/17		9,970,425		9,997,620
1.170%, 05/15/17		24,922,813		24,961,750
Versailles Commercial Paper LLC
0.850%, 04/03/17		11,986,683		11,999,340
1.120%, 04/24/17		5,783,760		5,796,445
1.120%, 04/25/17		21,439,800		21,486,262
				265,726,702
Repurchase Agreements—1.3%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $4,542,489 on 04/03/17, collateralized by $6,533,294 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $4,633,044.		4,542,197		4,542,197
Citigroup Global Markets, Ltd. Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $15,096,725 on 07/03/17, collateralized by various Common Stock with a value of $16,500,000.		15,000,000		15,000,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $4,604 on 04/03/17, collateralized by $4,658 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $4,696.		4,604		4,604
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $9,005,850 on 04/03/17, collateralized by $1,390,484 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $9,881,879.		9,000,000		9,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $45,259,200 on 06/02/17, collateralized by various Common Stock with a value of $49,500,001.		45,000,000		45,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $22,720,313 on 07/03/17, collateralized by various Common Stock with a value of $24,750,001.		22,500,000		22,500,000
				96,046,801
Time Deposits—1.7%
Nordea Bank New York
0.810%, 04/03/17		10,000,000		10,000,000
0.810%, 04/03/17		10,000,000		10,000,000
OP Corporate Bank plc 1.200%, 04/10/17		26,500,000		26,500,000
Shinkin Central Bank 1.440%, 04/26/17		21,000,000		21,000,000
Skandanaviska Enskilda Banken 0.810%, 04/03/17		35,000,000		35,000,000
Svenska
0.800%, 04/03/17		10,000,000		10,000,000
0.800%, 04/03/17		10,000,000		10,000,000
				122,500,000
Total Securities Lending Reinvestments (Cost $1,182,622,913)				1,182,883,209
Total Investments—112.8% (Cost $7,957,465,700) (f)				8,287,781,955
Other assets and liabilities (net)—(12.8)%				(942,634,538	)
Net Assets—100.0%			$	7,345,147,417

BHFTI-50

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

#	All or a portion represents positions held in the respective subsidiary.
*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $1,155,252,407 and the collateral received consisted of cash in the amount of $1,182,141,650. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Affiliated Issuer.
(c)	The rate shown represents the annualized seven-day yield as of March 31, 2017.
(d)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(e)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(f)	As of March 31, 2017, the aggregate cost of investments was $7,957,465,700. The aggregate unrealized appreciation and depreciation of investments were $351,948,147 and $(21,631,892), respectively, resulting in net unrealized appreciation of $330,316,255.
(ETF)—	Exchange-Traded Fund

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
SEK	362,000,000	HSBC Bank plc		04/05/17	$	39,905,556	$	495,102
SEK	362,000,000	HSBC Bank plc		06/21/17		40,679,594		(128,457	)
Contracts to Deliver
SEK	362,000,000	HSBC Bank plc		04/05/17		40,531,897		131,239
Net Unrealized Appreciation							$	497,884

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Amsterdam Index Futures		04/21/17		520			EUR	52,987,106		$	633,353
Australian Currency Futures		06/19/17		303			USD	22,946,296			190,784
British Pound Currency Futures		06/19/17		3,227			USD	246,697,817			6,541,008
CAC 40 Index Futures		04/21/17		3,904			EUR	194,277,586			5,794,360
DAX Index Futures		06/16/17		593			EUR	177,971,527			5,134,838
Euro Currency Futures		06/19/17		6,189			USD	820,492,595			8,988,130
Euro Stoxx 50 Index Futures		06/16/17		2,992			EUR	99,672,297			3,022,909
FTSE 100 Index Futures		06/16/17		2,794			GBP	203,266,394			13,877
FTSE MIB Index Futures		06/16/17		272			EUR	26,054,725			1,295,772
Hang Seng Index Futures		04/27/17		382			HKD	463,830,914			(376,866	)
IBEX 35 Index Futures		04/21/17		385			EUR	38,116,032			2,105,061
Japanese Yen Currency Futures		06/19/17		1,995			USD	218,633,626			6,090,655
MSCI Singapore Index Futures		04/27/17		909			SGD	31,279,162			340,818
Nikkei 225 Index Futures		06/08/17		1,846			JPY	35,493,312,657			(5,258,714	)
OMX Stockholm 30 Index Futures		04/21/17		2,876			SEK	447,517,823			841,153
Russell 2000 Index Mini Futures		06/16/17		4,084			USD	278,251,701			4,442,779
S&P 500 Index E-Mini Futures		06/16/17		475			USD	56,329,823			(298,823	)
SPI 200 Index Futures		06/15/17		1,046			AUD	150,155,580			2,115,989
Swiss Franc Currency Futures		06/19/17		902			USD	111,876,278			1,324,722
U.S. Treasury Long Bond Futures		06/21/17		1,278			USD	194,199,990			(1,421,678	)
U.S. Treasury Note 10 Year Futures		06/21/17		1,760			USD	219,975,188			(745,187	)
U.S. Treasury Note 5 Year Futures		06/30/17		1,745			USD	206,025,920			(593,068	)
U.S. Treasury Ultra Long Bond Futures		06/21/17		200			USD	32,423,277			(298,277	)
Futures Contracts—Short
U.S. Treasury Note 2 Year Futures		06/30/17		(226	)		USD	(48,950,101	)		31,695
Net Unrealized Appreciation										$	39,915,290

BHFTI-51

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Swap Agreements

OTC Total Return Swaps

Fixed Rate	Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
1.000%	07/19/17	UBS AG	MSCI Switzerland Net Return Index		CHF	128,924,682	$	7,368,098		$	—	$	7,368,098
0.100%	09/01/17	JPMorgan Chase Bank N.A.	S&P GSCI Commodity Index #		USD	291,663,300		(12,125,589	)		—		(12,125,589	)
Totals							$	(4,757,491	)	$	—	$	(4,757,491	)

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount			Unrealized Depreciation
Pay	3M LIBOR		2.130	%	11/16/26		USD	59,000,000	$	(1,370,811	)
Pay	3M LIBOR		2.170	%	12/01/26		USD	294,000,000		(5,851,682	)
Pay	3M LIBOR		2.230	%	12/02/26		USD	326,000,000		(4,776,125	)
Pay	3M LIBOR		2.240	%	12/09/26		USD	180,000,000		(2,506,815	)
Pay	3M LIBOR		2.265	%	12/06/26		USD	308,000,000		(3,598,561	)
Pay	3M LIBOR		2.280	%	12/08/26		USD	319,000,000		(3,312,442	)
Pay	3M LIBOR		2.280	%	12/12/26		USD	326,000,000		(3,416,750	)
Pay	3M LIBOR		2.330	%	12/13/26		USD	269,000,000		(1,770,387	)
Pay	3M LIBOR		2.382	%	12/14/26		USD	121,000,000		(177,523	)
Net Unrealized Depreciation									$	(26,781,096	)

#	All or a portion represents positions held in the respective subsidiary.
(AUD)—	Australian Dollar
(CHF)—	Swiss Franc
(EUR)—	Euro
(GBP)—	British Pound
(HKD)—	Hong Kong Dollar
(JPY)—	Japanese Yen
(SEK)—	Swedish Krona
(SGD)—	Singapore Dollar
(USD)—	United States Dollar
(LIBOR)—	London Interbank Offered Rate

BHFTI-52

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1			Level 2			Level 3		Total
Mutual Funds
Investment Company Securities	$	3,990,518,372		$	—		$	—	$	3,990,518,372
Short-Term Investments
Mutual Fund		121,753,925			—			—		121,753,925
Repurchase Agreement		—			2,992,626,449			—		2,992,626,449
Total Short-Term Investments		121,753,925			2,992,626,449			—		3,114,380,374
Total Securities Lending Reinvestments*		—			1,182,883,209			—		1,182,883,209
Total Investments	$	4,112,272,297		$	4,175,509,658		$	—	$	8,287,781,955
Collateral for Securities Loaned (Liability)	$	—		$	(1,182,141,650	)	$	—	$	(1,182,141,650	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	626,341		$	—	$	626,341
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(128,457	)		—		(128,457	)
Total Forward Contracts	$	—		$	497,884		$	—	$	497,884
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	48,907,903		$	—		$	—	$	48,907,903
Futures Contracts (Unrealized Depreciation)		(8,992,613	)		—			—		(8,992,613	)
Total Futures Contracts	$	39,915,290		$	—		$	—	$	39,915,290
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Depreciation)	$	—		$	(26,781,096	)	$	—	$	(26,781,096	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	7,368,098		$	—	$	7,368,098
OTC Swap Contracts at Value (Liabilities)		—			(12,125,589	)		—		(12,125,589	)
Total OTC Swap Contracts	$	—		$	(4,757,491	)	$	—	$	(4,757,491	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-53

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—85.2% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.4%
Acosta, Inc. 7.750%, 10/01/22 (144A) (a)		858,000	$	728,442
Clear Channel International B.V. 8.750%, 12/15/20 (144A)		1,119,000		1,188,937
MDC Partners, Inc. 6.500%, 05/01/24 (144A) (a)		888,000		846,930
				2,764,309
Aerospace/Defense—1.6%
Accudyne Industries Borrower / Accudyne Industries LLC 7.750%, 12/15/20 (144A)		1,620,000		1,360,800
Arconic, Inc.
5.125%, 10/01/24		2,072,000		2,140,376
5.900%, 02/01/27		313,000		335,082
5.950%, 02/01/37		130,000		129,675
6.750%, 01/15/28		128,000		140,400
KLX, Inc. 5.875%, 12/01/22 (144A)		1,335,000		1,376,719
Kratos Defense & Security Solutions, Inc. 7.000%, 05/15/19		142,000		142,000
National Air Cargo Group, Inc. 11.875%, 05/02/18 (b) (c)		275,092		263,813
11.875%, 05/08/18 (b) (c)		289,728		277,270
TransDigm, Inc. 6.000%, 07/15/22		1,873,000		1,897,536
6.375%, 06/15/26		125,000		125,074
6.500%, 07/15/24 (a)		2,440,000		2,473,550
6.500%, 05/15/25		505,000		509,419
6.500%, 05/15/25 (144A)		289,000		291,529
				11,463,243
Agriculture—0.0%
Tereos Finance Groupe I S.A. 4.125%, 06/16/23 (EUR)		200,000		217,147
Airlines—0.3%
Continental Airlines Pass-Through Trust 6.125%, 04/29/18		900,000		935,010
Norwegian Air Shuttle ASA Pass-Through Trust 7.500%, 11/10/23 (144A)		525,000		562,406
Virgin Australia Pass-Through Trust 7.125%, 10/23/18 (144A)		864,787		883,726
				2,381,142
Apparel—0.0%
BiSoho SAS 5.875%, 05/01/23 (EUR)		150,000		171,238
Levi Strauss & Co. 3.375%, 03/15/27 (EUR)		100,000		106,947
				278,185
Auto Manufacturers—0.1%
Aston Martin Capital Holdings, Ltd. 5.750%, 04/15/22 (GBP)		100,000		125,290
Fiat Chrysler Finance Europe 4.750%, 03/22/21 (EUR)		100,000		117,753
Navistar International Corp. 8.250%, 11/01/21		384,000		383,996
				627,039
Auto Parts & Equipment—0.3%
Adient Global Holdings, Ltd. 3.500%, 08/15/24 (EUR)		100,000		107,368
Allison Transmission, Inc. 5.000%, 10/01/24 (144A)		36,000		36,360
Faurecia 3.625%, 06/15/23 (EUR)		200,000		222,460
Federal-Mogul Holdings LLC 4.545%, 04/15/24 (EUR) (d)		132,000		140,128
FTE Verwaltungs GmbH 9.000%, 07/15/20 (EUR)		100,000		111,481
IHO Verwaltungs GmbH 2.750%, 09/15/21 (EUR) (e)		200,000		218,677
3.250%, 09/15/23 (EUR) (e)		200,000		218,470
3.750%, 09/15/26 (EUR) (e)		150,000		162,500
4.125%, 09/15/21 (144A) (a) (e)		455,000		457,275
4.500%, 09/15/23 (144A) (e)		200,000		197,750
LKQ Italia Bondco S.p.A. 3.875%, 04/01/24 (EUR)		200,000		224,864
Samvardhana Motherson Automotive Systems Group B.V. 4.125%, 07/15/21 (EUR)		131,000		142,895
				2,240,228
Banks—2.3%
Allied Irish Banks plc 4.125%, 11/26/25 (EUR) (d)		225,000		251,503
Banco BPM S.p.A. 2.750%, 07/27/20 (EUR)		400,000		434,721
4.250%, 01/30/19 (EUR)		100,000		111,508
Banco Espirito Santo S.A. 2.625%, 05/08/17 (EUR) (f)		400,000		123,749
4.750%, 01/15/18 (EUR) (f)		1,000,000		309,372
Bank of America Corp. 5.125%, 06/17/19 (a) (d)		690,000		692,587
6.100%, 03/17/25 (d)		304,000		322,088
6.250%, 09/05/24 (d)		1,160,000		1,220,900
6.500%, 10/23/24 (a) (d)		1,027,000		1,120,714
Bank of Ireland 4.250%, 06/11/24 (EUR) (d)		320,000		357,250
Bankia S.A. 3.375%, 03/15/27 (EUR) (d)		100,000		107,566
4.000%, 05/22/24 (EUR) (d)		600,000		661,146
CaixaBank S.A. 3.500%, 02/15/27 (EUR) (d)		100,000		109,648

BHFTI-54

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Citigroup, Inc. 5.950%, 08/15/20 (d)		425,000	$	443,063
6.125%, 11/15/20 (d)		375,000		395,625
Deutsche Pfandbriefbank AG 4.600%, 02/22/27 (EUR)		100,000		114,894
Intesa Sanpaolo S.p.A. 2.855%, 04/23/25 (EUR)		100,000		105,157
3.928%, 09/15/26 (EUR)		200,000		219,586
6.625%, 09/13/23 (EUR)		200,000		252,208
JPMorgan Chase & Co. 5.000%, 07/01/19 (d)		350,000		353,938
5.300%, 05/01/20 (d)		2,335,000		2,419,644
6.100%, 10/01/24 (d)		571,000		603,404
6.125%, 04/30/24 (a) (d)		243,000		257,580
Liberbank S.A. 6.875%, 03/14/27 (EUR) (d)		100,000		109,560
Morgan Stanley 5.550%, 07/15/20 (d)		345,000		354,936
Royal Bank of Scotland Group plc 8.625%, 08/15/21 (a) (d)		238,000		248,115
U.S. Bancorp 5.300%, 04/15/27 (d)		994,000		1,012,637
UniCredit S.p.A. 4.375%, 01/03/27 (EUR) (d)		100,000		109,987
5.750%, 10/28/25 (EUR) (d)		300,000		344,686
6.950%, 10/31/22 (EUR)		200,000		250,640
Unione di Banche Italiane S.p.A. 4.450%, 09/15/27 (EUR) (d)		100,000		106,971
Wells Fargo & Co. 5.875%, 06/15/25 (a) (d)		1,655,000		1,783,994
5.900%, 06/15/24 (d)		760,000		793,516
				16,102,893
Building Materials—0.8%
BMBG Bond Finance SCA 3.000%, 06/15/21 (EUR)		100,000		109,614
Cemex Finance LLC 4.625%, 06/15/24 (EUR)		200,000		225,624
CPG Merger Sub LLC 8.000%, 10/01/21 (144A) (a)		2,117,000		2,217,558
Kerneos Corporate SAS 5.750%, 03/01/21 (EUR)		131,000		144,188
Norbord, Inc. 6.250%, 04/15/23 (144A)		540,000		567,000
PCF GmbH 7.875%, 08/01/19 (EUR)		100,000		111,045
Ply Gem Industries, Inc. 6.500%, 02/01/22		1,420,000		1,486,456
Standard Industries, Inc. 5.125%, 02/15/21 (144A)		107,000		111,280
5.375%, 11/15/24 (144A)		112,000		113,469
Titan Global Finance plc 3.500%, 06/17/21 (EUR)		100,000		110,947
USG Corp. 5.500%, 03/01/25 (144A)		347,000		360,880
				5,558,061
Chemicals—2.4%
Alpha 3 B.V. / Alpha U.S. Bidco, Inc. 6.250%, 02/01/25 (144A) (a)		1,475,000		1,493,437
Axalta Coating Systems Dutch Holding B.V. 3.750%, 01/15/25 (EUR)		100,000		111,950
Axalta Coating Systems LLC 4.875%, 08/15/24 (144A) (a)		459,000		470,475
Blue Cube Spinco, Inc. 9.750%, 10/15/23 (a)		195,000		233,513
10.000%, 10/15/25		90,000		108,675
CF Industries, Inc. 4.950%, 06/01/43		480,000		406,800
5.150%, 03/15/34 (a)		225,000		210,375
7.125%, 05/01/20		300,000		326,607
Chemours Co. (The) 6.625%, 05/15/23		448,000		474,880
7.000%, 05/15/25		301,000		324,027
Hexion, Inc. 10.375%, 02/01/22 (144A) (a)		483,000		481,793
Huntsman International LLC 4.875%, 11/15/20		570,000		594,225
5.125%, 11/15/22		46,000		48,070
Ineos Finance plc 4.000%, 05/01/23 (EUR)		232,000		254,574
Inovyn Finance plc 6.250%, 05/15/21 (EUR)		150,000		168,659
LANXESS AG 4.500%, 12/06/76 (EUR) (d)		75,000		85,538
Momentive Performance Materials, Inc. 3.880%, 10/24/21 (a)		2,658,000		2,614,807
Monitchem HoldCo 3 S.A. 5.250%, 06/15/21 (EUR)		160,000		174,566
NOVA Chemicals Corp. 5.250%, 08/01/23 (144A) (a)		170,000		173,825
Platform Specialty Products Corp. 6.500%, 02/01/22 (144A)		4,101,000		4,254,787
10.375%, 05/01/21 (144A)		148,000		164,650
PQ Corp. 6.750%, 11/15/22 (144A) (a)		816,000		869,040
PSPC Escrow Corp. 6.000%, 02/01/23 (EUR)		138,000		151,295
Solvay Finance S.A. 5.118%, 06/02/21 (EUR) (d)		100,000		116,542
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 6.375%, 05/01/22 (EUR)		130,000		147,840
Tronox Finance LLC 6.375%, 08/15/20		507,000		508,901
7.500%, 03/15/22 (144A) (a)		156,000		161,460
Unifrax I LLC / Unifrax Holding Co. 7.500%, 02/15/19 (144A)		535,000		530,988
Versum Materials, Inc. 5.500%, 09/30/24 (144A)		295,000		304,956
WR Grace & Co. 5.125%, 10/01/21 (144A) (a)		742,000		778,172
				16,745,427

BHFTI-55

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Coal—1.1%
CONSOL Energy, Inc. 5.875%, 04/15/22 (a)		6,403,000	$	6,330,966
Peabody Securities Finance Corp. 6.000%, 03/31/22 (144A)		295,000		293,341
6.375%, 03/31/25 (144A)		310,000		308,450
SunCoke Energy Partners L.P. / SunCoke Energy Partners Finance Corp. 7.375%, 02/01/20		489,000		493,890
				7,426,647
Commercial Services—3.5%
ADT Corp. (The) 3.500%, 07/15/22 (a)		794,000		760,255
4.125%, 06/15/23 (a)		201,000		191,955
4.875%, 07/15/32 (144A) (a)		1,018,000		809,310
APX Group, Inc. 6.375%, 12/01/19 (a)		230,000		236,613
7.875%, 12/01/22 (a)		321,000		346,680
7.875%, 12/01/22 (144A)		475,000		513,000
8.750%, 12/01/20		867,000		897,345
Ashtead Capital, Inc. 5.625%, 10/01/24 (144A)		270,000		284,175
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.125%, 06/01/22 (144A) (a)		1,955,000		1,887,846
5.250%, 03/15/25 (144A) (a)		661,000		611,425
5.500%, 04/01/23		203,000		196,149
6.375%, 04/01/24 (144A)		232,000		232,290
Avis Budget Finance plc 4.125%, 11/15/24 (EUR)		150,000		155,699
4.500%, 05/15/25 (EUR)		100,000		103,896
Brand Energy & Infrastructure Services, Inc. 8.500%, 12/01/21 (144A)		1,146,000		1,206,165
Cardtronics, Inc. 5.500%, 05/01/25 (144A)		196,000		198,205
Ceridian HCM Holding, Inc. 11.000%, 03/15/21 (144A) (a)		710,000		748,127
Cognita Financing plc 7.750%, 08/15/21 (GBP)		125,000		165,242
Gartner, Inc. 5.125%, 04/01/25 (144A)		418,000		425,837
Herc Rentals, Inc. 7.500%, 06/01/22 (144A)		244,000		259,250
7.750%, 06/01/24 (144A)		462,000		493,185
Hertz Corp. (The) 5.500%, 10/15/24 (144A) (a)		556,000		483,025
5.875%, 10/15/20 (a)		291,000		280,088
6.250%, 10/15/22 (a)		125,000		118,750
7.375%, 01/15/21 (a)		99,000		98,381
Hertz Holdings Netherlands B.V. 4.125%, 10/15/21 (EUR)		100,000		106,413
Jaguar Holding Co. II / Pharmaceutical Product Development LLC 6.375%, 08/01/23 (144A)		1,873,000		1,952,602
Commercial Services—(Continued)
Loxam SAS 3.500%, 05/03/23 (EUR)		224,000		238,963
Nielsen Co. Luxembourg S.a.r.l. (The) 5.000%, 02/01/25 (144A) (a)		425,000		423,406
Prime Security Services Borrower LLC / Prime Finance, Inc. 9.250%, 05/15/23 (144A) (a)		4,313,000		4,728,126
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/25 (144A)		443,000		452,967
Service Corp. International 5.375%, 05/15/24		665,000		691,833
Sotheby’s 5.250%, 10/01/22 (144A)		115,000		116,438
Team Health Holdings, Inc. 6.375%, 02/01/25 (144A) (a)		1,746,000		1,711,080
United Rentals North America, Inc. 5.750%, 11/15/24 (a)		341,000		355,493
5.875%, 09/15/26		678,000		706,815
6.125%, 06/15/23		293,000		306,185
Verisure Holding AB 6.000%, 11/01/22 (EUR)		111,838		128,823
WEX, Inc. 4.750%, 02/01/23 (144A)		795,000		782,048
				24,404,085
Computers—0.9%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 4.420%, 06/15/21 (144A)		340,000		355,553
6.020%, 06/15/26 (144A)		1,105,000		1,204,650
7.125%, 06/15/24 (144A) (a)		1,583,000		1,749,973
8.350%, 07/15/46 (144A)		355,000		458,481
Riverbed Technology, Inc. 8.875%, 03/01/23 (144A) (a)		1,025,000		1,048,063
Western Digital Corp. 7.375%, 04/01/23 (144A)		499,000		547,029
10.500%, 04/01/24		648,000		763,830
				6,127,579
Cosmetics/Personal Care—0.0%
Avon International Operations, Inc. 7.875%, 08/15/22 (144A)		273,000		288,015
Distribution/Wholesale—0.6%
American Tire Distributors, Inc. 10.250%, 03/01/22 (144A)		834,000		848,595
Beacon Roofing Supply, Inc. 6.375%, 10/01/23		223,000		237,495
HD Supply, Inc. 5.250%, 12/15/21 (144A)		916,000		962,945
5.750%, 04/15/24 (144A)		1,664,000		1,750,195
Rexel S.A. 2.625%, 06/15/24 (EUR)		125,000		131,341
3.500%, 06/15/23 (EUR)		306,000		338,683
				4,269,254

BHFTI-56

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—3.9%
Aircastle, Ltd. 5.500%, 02/15/22 (a)		529,000	$	567,352
7.625%, 04/15/20		48,000		53,820
Alliance Data Systems Corp. 4.500%, 03/15/22 (EUR)		117,000		127,925
5.375%, 08/01/22 (144A)		1,060,000		1,067,950
5.875%, 11/01/21 (144A)		1,383,000		1,431,405
Ally Financial, Inc. 8.000%, 11/01/31 (a)		5,327,000		6,325,812
Amigo Luxembourg S.A. 7.625%, 01/15/24 (GBP)		100,000		128,514
Arrow Global Finance plc 2.875%, 04/01/25 (EUR) (d)		100,000		106,280
Blackstone CQP Holdco L.P. 6.500%, 03/20/21 (144A)		3,286,000		3,297,830
CIT Group, Inc. 5.000%, 08/01/23		550,000		573,375
6.000%, 04/01/36		1,550,000		1,472,500
DFC Finance Corp. 12.000%, 06/16/20 (144A) (a) (e)		1,015,135		680,140
FBM Finance, Inc. 8.250%, 08/15/21 (144A)		300,000		318,000
Garfunkelux Holdco 3 S.A. 8.500%, 11/01/22 (GBP)		150,000		199,286
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. 6.000%, 08/01/20		339,000		350,865
6.250%, 02/01/22 (144A) (a)		289,000		293,335
6.750%, 02/01/24 (144A) (a)		1,162,000		1,198,312
Infinity Acquisition LLC / Infinity Acquisition Finance Corp. 7.250%, 08/01/22 (144A)		117,000		107,055
Jefferies Finance LLC / JFIN Co-Issuer Corp. 6.875%, 04/15/22 (144A)		1,447,000		1,381,885
7.375%, 04/01/20 (144A)		305,000		308,050
Jerrold Finco plc 6.125%, 01/15/24 (GBP)		100,000		124,456
6.250%, 09/15/21 (GBP)		100,000		129,901
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.250%, 03/15/22 (144A)		1,064,000		1,071,980
Lehman Brothers Holdings, Inc. Zero Coupon, 02/05/14 (EUR) (f) (g)		4,500,000		393,649
4.750%, 01/16/14 (EUR) (f) (g)		2,140,000		185,490
5.375%, 10/17/12 (EUR) (f) (g)		350,000		30,337
Lincoln Finance, Ltd. 6.875%, 04/15/21 (EUR)		100,000		113,988
LPL Holdings, Inc. 5.750%, 09/15/25 (144A) (a)		135,000		136,350
Mercury Bondco plc 7.125%, 05/30/21 (EUR) (e)		350,000		374,780
8.250%, 05/30/21 (EUR) (e)		199,000		218,450
Navient Corp. 5.500%, 01/25/23 (a)		343,000		327,565
5.625%, 08/01/33		500,000		388,750
5.875%, 10/25/24		323,000		301,298
Diversified Financial Services—(Continued)
Navient Corp. 6.125%, 03/25/24		297,000		282,893
6.500%, 06/15/22 (a)		174,000		175,523
6.625%, 07/26/21 (a)		706,000		730,710
7.250%, 09/25/23		436,000		438,180
OneMain Financial Holdings LLC 6.750%, 12/15/19 (144A) (a)		544,000		568,480
7.250%, 12/15/21 (144A)		132,000		138,270
Pershing Square Holdings, Ltd. 5.500%, 07/15/22 (144A) (k)		1,000,000		1,021,150
				27,141,891
Electric—1.1%
AES Corp. 4.875%, 05/15/23		483,000		480,585
Calpine Corp. 5.375%, 01/15/23 (a)		209,000		210,839
5.875%, 01/15/24 (144A) (a)		450,000		474,188
6.000%, 01/15/22 (144A) (a)		85,000		88,613
ContourGlobal Power Holdings S.A. 5.125%, 06/15/21 (EUR)		200,000		224,188
Dynegy, Inc. 6.750%, 11/01/19 (a)		1,460,000		1,500,150
7.375%, 11/01/22 (a)		669,000		662,310
7.625%, 11/01/24		290,000		276,950
8.000%, 01/15/25 (144A) (a)		62,000		59,365
Enel S.p.A. 5.000%, 01/15/75 (EUR) (d)		250,000		285,022
7.750%, 09/10/75 (GBP) (d)		100,000		139,072
FPL Energy National Wind Portfolio LLC 6.125%, 03/25/19 (144A)		2,520		2,520
NRG Energy, Inc. 6.250%, 05/01/24		85,000		84,734
6.625%, 03/15/23		100,000		102,313
6.625%, 01/15/27 (144A) (a)		1,443,000		1,439,392
7.250%, 05/15/26 (a)		267,000		275,010
7.875%, 05/15/21 (a)		428,000		439,770
NRG Yield Operating LLC 5.375%, 08/15/24 (a)		305,000		309,575
Origin Energy Finance, Ltd. 4.000%, 09/16/74 (EUR) (d)		100,000		108,280
Viridian Group FundCo II, Ltd. 7.500%, 03/01/20 (EUR)		280,000		313,836
				7,476,712
Electrical Components & Equipment—0.1%
Belden, Inc. 5.500%, 04/15/23 (EUR)		231,000		258,634
Senvion Holding GmbH 6.625%, 11/15/20 (EUR)		100,000		109,727
				368,361
Electronics—0.1%
Allegion U.S. Holding Co., Inc. 5.750%, 10/01/21		257,000		268,244

BHFTI-57

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electronics—(Continued)
Trionista Holdco GmbH 5.000%, 04/30/20 (EUR)		416,000	$	451,040
Trionista TopCo GmbH 6.875%, 04/30/21 (EUR)		211,000		233,862
				953,146
Energy-Alternate Sources—0.1%
Pattern Energy Group, Inc. 5.875%, 02/01/24 (144A) (a)		333,000		337,163
TerraForm Power Operating LLC 6.375%, 02/01/23 (144A) (a)		458,000		475,747
				812,910
Engineering & Construction—0.2%
Engility Corp. 8.875%, 09/01/24 (144A)		502,000		531,492
New Enterprise Stone & Lime Co., Inc. 10.125%, 04/01/22 (144A)		384,000		406,080
SPIE S.A. 3.125%, 03/22/24 (EUR)		100,000		107,848
Swissport Investments S.A. 6.750%, 12/15/21 (EUR)		100,000		115,428
Weekley Homes LLC / Weekley Finance Corp. 6.000%, 02/01/23		505,000		489,850
WFS Global Holding SAS 9.500%, 07/15/22 (EUR)		100,000		111,243
				1,761,941
Entertainment—1.1%
AMC Entertainment Holdings, Inc. 6.375%, 11/15/24 (GBP)		164,000		217,804
Codere Finance 2 Luxembourg S.A. 6.750%, 11/01/21 (EUR)		100,000		107,100
Eagle II Acquisition Co. LLC 6.000%, 04/01/25 (144A)		206,000		212,180
Gateway Casinos & Entertainment, Ltd. 8.250%, 03/01/24 (144A)		173,000		175,163
International Game Technology plc 4.750%, 02/15/23 (EUR)		150,000		172,622
6.250%, 02/15/22 (144A)		200,000		213,500
Jacobs Entertainment, Inc. 7.875%, 02/01/24 (144A)		206,000		211,923
Lions Gate Entertainment Corp. 5.875%, 11/01/24 (144A) (a)		212,000		219,950
National CineMedia LLC 5.750%, 08/15/26		222,000		224,663
PortAventura Entertainment Barcelona B.V. 7.250%, 12/01/20 (EUR)		100,000		110,622
Regal Entertainment Group 5.750%, 02/01/25 (a)		271,000		279,807
Scientific Games International, Inc. 7.000%, 01/01/22 (144A)		2,000,000		2,135,000
10.000%, 12/01/22		2,103,000		2,242,324
Entertainment—(Continued)
Six Flags Entertainment Corp. 4.875%, 07/31/24 (144A)		530,000		524,700
5.500%, 04/15/27 (144A)		351,000		350,122
Vue International Bidco plc 7.875%, 07/15/20 (GBP)		182,000		236,070
Waterford Gaming LLC / Waterford Gaming Financial Corp. 8.625%, 09/15/49 (144A) (b)		294,455		0
WMG Acquisition Corp. 4.125%, 11/01/24 (EUR)		100,000		110,616
				7,744,166
Environmental Control—0.4%
Advanced Disposal Services, Inc. 5.625%, 11/15/24 (144A)		549,000		554,490
Befesa Zinc SAU Via Zinc Capital S.A. 8.875%, 05/15/18 (EUR)		189,000		203,601
Bilbao Luxembourg S.A. 10.500%, 12/01/18 (EUR) (e)		273,132		299,303
Covanta Holding Corp. 5.875%, 07/01/25 (a)		511,000		511,958
Paprec Holding S.A. 5.250%, 04/01/22 (EUR)		109,000		121,078
Tervita Escrow Corp. 7.625%, 12/01/21 (144A) (a)		968,000		999,460
				2,689,890
Food—0.9%
Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s, Inc. / Albertson’s LLC 5.750%, 03/15/25 (144A)		673,000		652,810
6.625%, 06/15/24 (144A) (a)		396,000		404,910
B&G Foods, Inc. 5.250%, 04/01/25		344,000		347,010
Casino Guichard Perrachon S.A. 4.498%, 03/07/24 (EUR)		300,000		346,810
4.561%, 01/25/23 (EUR)		400,000		471,788
5.976%, 05/26/21 (EUR)		200,000		249,064
Chobani LLC / Chobani Finance Corp., Inc. 7.500%, 04/15/25 (144A)		757,000		774,979
FAGE International S.A. / FAGE USA Dairy Industry, Inc. 5.625%, 08/15/26 (144A)		218,000		218,545
JBS USA LUX S.A. / JBS USA Finance, Inc. 5.750%, 06/15/25 (144A)		1,055,000		1,065,550
5.875%, 07/15/24 (144A) (a)		348,000		358,440
7.250%, 06/01/21 (144A) (a)		100,000		102,750
Post Holdings, Inc. 5.000%, 08/15/26 (144A)		321,000		307,357
5.500%, 03/01/25 (144A)		51,000		51,255
7.750%, 03/15/24 (144A)		204,000		224,953
8.000%, 07/15/25 (144A)		7,000		7,857
WhiteWave Foods Co. (The) 5.375%, 10/01/22		465,000		505,106
				6,089,184

BHFTI-58

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Food Service—0.0%
Aramark Services, Inc. 5.125%, 01/15/24		66,000	$	69,218
Forest Products & Paper—0.1%
Mercer International, Inc. 6.500%, 02/01/24 (144A)		272,000		272,680
Norske Skog A/S 11.750%, 12/15/19 (EUR)		100,000		102,733
Sappi Papier Holding GmbH 4.000%, 04/01/23 (EUR)		100,000		111,512
				486,925
Gas—0.2%
NGL Energy Partners L.P. / NGL Energy Finance Corp. 5.125%, 07/15/19		225,000		225,563
6.875%, 10/15/21		506,000		514,855
7.500%, 11/01/23 (144A)		535,000		552,387
				1,292,805
Healthcare-Products—0.9%
Alere, Inc. 6.375%, 07/01/23 (144A)		281,000		285,566
6.500%, 06/15/20		269,000		271,017
DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp. 8.125%, 06/15/21 (144A)		2,084,000		1,818,290
Mallinckrodt International Finance S.A. / Mallinckrodt CB LLC 4.875%, 04/15/20 (144A)		155,000		155,194
5.500%, 04/15/25 (144A) (a)		1,270,000		1,168,400
5.625%, 10/15/23 (144A) (a)		248,000		236,220
Marcolin S.p.A. 4.125%, 02/15/23 (EUR) (d)		100,000		108,238
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics S.A. 6.625%, 05/15/22 (144A) (a)		2,161,000		2,009,730
Sterigenics-Nordion Holdings LLC 6.500%, 05/15/23 (144A) (a)		241,000		246,423
				6,299,078
Healthcare-Services—5.0%
Acadia Healthcare Co., Inc. 5.125%, 07/01/22		191,000		192,910
5.625%, 02/15/23		691,000		715,613
6.500%, 03/01/24		159,000		167,348
Air Medical Group Holdings, Inc. 6.375%, 05/15/23 (144A) (a)		517,000		500,197
Centene Corp. 4.750%, 05/15/22		816,000		838,440
4.750%, 01/15/25		955,000		960,377
5.625%, 02/15/21		923,000		966,012
6.125%, 02/15/24		90,000		96,638
CHS/Community Health Systems, Inc. 5.125%, 08/01/21		334,000		330,243
6.250%, 03/31/23		1,271,000		1,293,242
Healthcare-Services—(Continued)
CHS/Community Health Systems, Inc. 6.875%, 02/01/22 (a)		510,000		438,600
8.000%, 11/15/19		380,000		372,875
DaVita, Inc. 5.000%, 05/01/25		403,000		404,007
5.125%, 07/15/24 (a)		658,000		664,580
Envision Healthcare Corp. 5.125%, 07/01/22 (144A) (a)		365,000		371,501
5.625%, 07/15/22 (a)		1,239,000		1,269,975
6.250%, 12/01/24 (144A)		274,000		287,700
HCA, Inc. 4.500%, 02/15/27		2,196,000		2,196,000
4.750%, 05/01/23		73,000		76,103
5.000%, 03/15/24		2,670,000		2,800,162
5.250%, 04/15/25		805,000		855,312
5.250%, 06/15/26		1,080,000		1,136,700
5.375%, 02/01/25		1,980,000		2,064,150
5.875%, 03/15/22		1,130,000		1,243,000
5.875%, 05/01/23		642,000		693,360
5.875%, 02/15/26		613,000		646,715
6.500%, 02/15/20		580,000		634,740
7.500%, 02/15/22		1,024,000		1,171,200
HealthSouth Corp. 5.750%, 11/01/24		321,000		323,408
5.750%, 09/15/25		50,000		49,938
IASIS Healthcare LLC / IASIS Capital Corp. 8.375%, 05/15/19		578,000		553,435
MEDNAX, Inc. 5.250%, 12/01/23 (144A)		529,000		539,580
MPH Acquisition Holdings LLC 7.125%, 06/01/24 (144A)		1,851,000		1,990,056
RegionalCare Hospital Partners Holdings, Inc. 8.250%, 05/01/23 (144A)		812,000		866,404
Surgery Center Holdings, Inc. 8.875%, 04/15/21 (144A)		187,000		197,753
Synlab Bondco plc 6.250%, 07/01/22 (EUR)		155,000		178,078
Synlab Unsecured Bondco plc 8.250%, 07/01/23 (EUR)		100,000		117,348
Tenet Healthcare Corp. 4.375%, 10/01/21		135,000		135,000
4.500%, 04/01/21 (a)		260,000		260,000
4.750%, 06/01/20 (a)		435,000		444,439
6.000%, 10/01/20 (a)		1,546,000		1,634,895
6.750%, 06/15/23 (a)		3,112,000		3,057,540
7.500%, 01/01/22 (144A) (a)		346,000		373,680
8.125%, 04/01/22 (a)		1,046,000		1,091,762
WellCare Health Plans, Inc. 5.250%, 04/01/25		204,000		208,753
				35,409,769
Holding Companies-Diversified—0.0%
ProGroup AG 5.125%, 05/01/22 (EUR)		131,000		147,311

BHFTI-59

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Home Builders—0.8%
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. 6.125%, 07/01/22 (144A)		793,000	$	816,790
CalAtlantic Group, Inc. 5.250%, 06/01/26		99,000		98,629
5.875%, 11/15/24		77,000		80,850
6.625%, 05/01/20 (a)		110,000		120,175
Lennar Corp. 4.125%, 01/15/22		286,000		288,056
4.750%, 04/01/21		42,000		43,785
4.750%, 11/15/22 (a)		351,000		361,530
4.875%, 12/15/23		344,000		351,740
Mattamy Group Corp. 6.875%, 12/15/23 (144A)		249,000		258,338
PulteGroup, Inc. 5.500%, 03/01/26		164,000		169,740
6.000%, 02/15/35		583,000		571,340
6.375%, 05/15/33 (a)		548,000		561,700
TRI Pointe Group, Inc. 4.875%, 07/01/21		490,000		504,700
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. 4.375%, 06/15/19		355,000		362,987
5.875%, 06/15/24		95,000		97,850
William Lyon Homes, Inc. 5.875%, 01/31/25 (144A)		288,000		290,160
Woodside Homes Co. LLC / Woodside Homes Finance, Inc. 6.750%, 12/15/21 (144A)		540,000		564,300
				5,542,670
Home Furnishings—0.2%
Tempur Sealy International, Inc. 5.500%, 06/15/26		1,187,000		1,170,382
Household Products/Wares—0.2%
ACCO Brands Corp. 5.250%, 12/15/24 (144A)		81,000		81,405
Prestige Brands, Inc. 6.375%, 03/01/24 (144A) (a)		395,000		414,750
Spectrum Brands, Inc. 5.750%, 07/15/25 (a)		699,000		739,193
				1,235,348
Insurance—0.8%
Alliant Holdings Intermediate LLC 8.250%, 08/01/23 (144A)		1,430,000		1,500,599
Assicurazioni Generali S.p.A. 5.500%, 10/27/47 (EUR) (d)		100,000		113,203
6.416%, 02/08/22 (GBP) (d)		100,000		129,688
BNP Paribas Cardif S.A. 4.032%, 11/25/25 (EUR) (d)		100,000		106,753
Credit Agricole Assurances S.A. 4.500%, 10/14/25 (EUR) (d)		100,000		108,338
Ethias S.A. 5.000%, 01/14/26 (EUR)		100,000		107,069
Insurance—(Continued)
Groupama S.A. 6.000%, 01/23/27 (EUR)		100,000		112,547
HUB International, Ltd. 7.875%, 10/01/21 (144A)		2,003,000		2,088,128
9.250%, 02/15/21 (144A)		468,000		482,882
MGIC Investment Corp. 5.750%, 08/15/23		211,000		222,605
Old Mutual plc 8.000%, 06/03/21 (GBP)		100,000		145,620
Radian Group, Inc. 5.250%, 06/15/20 (a)		409,000		429,961
7.000%, 03/15/21		78,000		86,288
				5,633,681
Internet—1.3%
Netflix, Inc. 4.375%, 11/15/26 (144A) (a)		1,256,000		1,234,020
5.375%, 02/01/21		430,000		459,562
5.500%, 02/15/22		4,000		4,250
Symantec Corp. 5.000%, 04/15/25 (144A)		383,000		392,739
TIBCO Software, Inc. 11.375%, 12/01/21 (144A)		2,035,000		2,253,762
United Group B.V. 7.875%, 11/15/20 (EUR)		125,000		138,751
Zayo Group LLC / Zayo Capital, Inc. 5.750%, 01/15/27 (144A)		595,000		627,606
6.000%, 04/01/23 (a)		2,059,000		2,174,819
6.375%, 05/15/25 (a)		1,694,000		1,828,453
				9,113,962
Iron/Steel—0.9%
ArcelorMittal 7.500%, 03/01/41		804,000		899,837
7.750%, 10/15/39		158,000		179,330
Cliffs Natural Resources, Inc. 8.250%, 03/31/20 (144A)		465,000		501,619
Signode Industrial Group Lux S.A. / Signode Industrial Group U.S., Inc. 6.375%, 05/01/22 (144A) (a)		1,035,000		1,061,517
Steel Dynamics, Inc. 5.000%, 12/15/26 (144A)		120,000		121,500
5.125%, 10/01/21 (a)		1,155,000		1,191,094
5.250%, 04/15/23 (a)		619,000		642,212
5.500%, 10/01/24		140,000		146,300
6.375%, 08/15/22 (a)		260,000		270,725
thyssenkrupp AG 1.375%, 03/03/22 (EUR)		125,000		131,160
United States Steel Corp. 8.375%, 07/01/21 (144A) (a)		824,000		914,640
				6,059,934
Leisure Time—0.2%
Carlson Travel, Inc. 6.750%, 12/15/23 (144A) (a)		200,000		208,000

BHFTI-60

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Leisure Time—(Continued)
Cirsa Funding Luxembourg S.A. 5.875%, 05/15/23 (EUR)		100,000	$	112,014
Sabre GLBL, Inc. 5.250%, 11/15/23 (144A)		375,000		383,437
5.375%, 04/15/23 (144A)		536,000		548,060
Silversea Cruise Finance, Ltd. 7.250%, 02/01/25 (144A)		229,000		240,450
Thomas Cook Group plc 6.250%, 06/15/22 (EUR)		175,000		200,240
				1,692,201
Lodging—1.3%
Caesars Entertainment Resort Properties LLC 8.000%, 10/01/20		2,016,000		2,101,680
Hilton Domestic Operating Co., Inc. 4.250%, 09/01/24 (144A)		176,000		173,800
MGM Resorts International 5.250%, 03/31/20 (a)		627,000		659,918
6.625%, 12/15/21		2,166,000		2,396,137
6.750%, 10/01/20 (a)		752,000		827,200
7.750%, 03/15/22		140,000		161,525
NH Hotel Group S.A. 3.750%, 10/01/23 (EUR)		100,000		110,947
Station Casinos LLC 7.500%, 03/01/21		2,528,000		2,629,120
				9,060,327
Machinery-Construction & Mining—0.7%
BlueLine Rental Finance Corp. / BlueLine Rental LLC 9.250%, 03/15/24 (144A)		2,512,000		2,571,660
NEW Areva Holding S.A. 4.875%, 09/23/24 (EUR)		200,000		217,094
Terex Corp. 5.625%, 02/01/25 (144A)		959,000		973,385
Vertiv Group Corp. 9.250%, 10/15/24 (144A)		932,000		997,240
				4,759,379
Machinery-Diversified—0.1%
Gardner Denver, Inc. 6.875%, 08/15/21 (144A)		350,000		361,375
SPX FLOW, Inc. 5.625%, 08/15/24 (144A)		225,000		226,969
5.875%, 08/15/26 (144A)		365,000		368,194
				956,538
Media—10.5%
Altice Financing S.A. 5.250%, 02/15/23 (EUR)		226,000		256,816
7.500%, 05/15/26 (144A) (a)		2,472,000		2,626,500
Altice Luxembourg S.A. 6.250%, 02/15/25 (EUR)		210,000		238,590
7.250%, 05/15/22 (EUR)		339,000		382,649
7.625%, 02/15/25 (144A)		363,000		383,646
Media—(Continued)
Altice Financing S.A. 7.750%, 05/15/22 (144A) (a)		1,405,000		1,491,056
Altice U.S. Finance I Corp. 5.375%, 07/15/23 (144A)		1,946,000		2,006,812
5.500%, 05/15/26 (144A)		692,000		711,030
AMC Networks, Inc. 5.000%, 04/01/24		911,000		911,000
Cablevision Systems Corp. 7.750%, 04/15/18		505,000		526,463
8.000%, 04/15/20 (a)		1,109,000		1,228,217
CBS Radio, Inc. 7.250%, 11/01/24 (144A) (a)		547,000		574,350
CCO Holdings LLC / CCO Holdings Capital Corp. 5.125%, 05/01/27 (144A)		4,867,000		4,891,335
5.250%, 09/30/22		365,000		378,688
5.500%, 05/01/26 (144A)		1,074,000		1,111,590
5.750%, 02/15/26 (144A)		447,000		469,350
5.875%, 05/01/27 (144A)		1,190,000		1,249,500
Cequel Communications Holdings I LLC / Cequel Capital Corp. 5.125%, 12/15/21 (144A) (a)		2,672,000		2,709,710
6.375%, 09/15/20 (144A)		256,000		263,680
7.750%, 07/15/25 (144A)		2,190,000		2,421,319
Clear Channel Worldwide Holdings, Inc. 6.500%, 11/15/22 (a)		4,414,000		4,568,810
7.625%, 03/15/20		4,111,000		4,141,832
CSC Holdings LLC 5.250%, 06/01/24		1,275,000		1,270,219
6.625%, 10/15/25 (144A) (a)		467,000		507,863
10.125%, 01/15/23 (144A)		1,581,000		1,833,960
10.875%, 10/15/25 (144A)		3,708,000		4,458,870
DISH DBS Corp. 5.000%, 03/15/23		1,465,000		1,472,325
5.875%, 07/15/22		90,000		94,556
5.875%, 11/15/24 (a)		259,000		272,015
6.750%, 06/01/21		185,000		199,684
7.750%, 07/01/26		2,196,000		2,552,850
iHeartCommunications, Inc. 9.000%, 12/15/19		614,000		525,277
9.000%, 03/01/21		127,000		96,520
9.000%, 09/15/22		1,445,000		1,085,556
10.625%, 03/15/23		1,200,000		930,000
LGE HoldCo VI B.V. 7.125%, 05/15/24 (EUR)		150,000		179,822
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance 7.875%, 05/15/24 (144A) (a)		233,000		225,428
Midcontinent Communications / Midcontinent Finance Corp. 6.250%, 08/01/21 (144A)		605,000		629,200
6.875%, 08/15/23 (144A)		283,000		301,041
NBCUniversal Enterprise, Inc. 5.250%, 03/19/21 (144A)		255,000		267,750
Nexstar Broadcasting, Inc. 5.625%, 08/01/24 (144A) (a)		602,000		611,030

BHFTI-61

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Radio One, Inc. 7.375%, 04/15/22 (144A)		220,000	$	229,900
SFR Group S.A. 5.375%, 05/15/22 (EUR)		245,000		272,495
6.000%, 05/15/22 (144A) (a)		2,018,000		2,091,152
7.375%, 05/01/26 (144A)		4,246,000		4,373,380
Sirius XM Radio, Inc. 4.625%, 05/15/23 (144A) (a)		145,000		148,263
Sterling Entertainment Enterprises LLC 9.750%, 12/15/19 (b) (c)		2,750,000		2,722,500
Townsquare Media, Inc. 6.500%, 04/01/23 (144A) (a)		525,000		524,344
Tribune Media Co. 5.875%, 07/15/22 (a)		1,064,000		1,109,220
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 3.500%, 01/15/27 (EUR)		100,000		108,093
4.000%, 01/15/25 (EUR)		284,000		314,711
5.000%, 01/15/25 (144A) (a)		445,000		455,013
5.625%, 04/15/23 (EUR)		83,200		94,083
Univision Communications, Inc. 5.125%, 05/15/23 (144A) (a)		1,320,000		1,303,500
5.125%, 02/15/25 (144A)		1,843,000		1,813,051
Videotron, Ltd. 5.125%, 04/15/27 (144A)		576,000		576,000
Virgin Media Finance plc 5.750%, 01/15/25 (144A)		1,435,000		1,438,587
Virgin Media Receivables Financing Notes I DAC 5.500%, 09/15/24 (GBP)		100,000		130,083
Virgin Media Secured Finance plc 4.875%, 01/15/27 (GBP)		100,000		125,917
5.250%, 01/15/26 (144A) (a)		650,000		653,250
5.500%, 01/15/25 (GBP)		450,000		590,586
5.500%, 08/15/26 (144A) (a)		418,000		424,270
WaveDivision Escrow LLC / WaveDivision Escrow Corp. 8.125%, 09/01/20 (144A) (a)		2,413,000		2,485,390
Ziggo Bond Finance B.V. 5.875%, 01/15/25 (144A)		1,005,000		1,012,538
				74,053,235
Metal Fabricate/Hardware—0.8%
Grinding Media, Inc. / MC Grinding Media Canada, Inc. 7.375%, 12/15/23 (144A)		435,000		456,750
Novelis Corp.
5.875%, 09/30/26 (144A)		2,636,000		2,692,015
6.250%, 08/15/24 (144A)		2,716,000		2,831,430
				5,980,195
Mining—4.5%
Alcoa Nederland Holding B.V. 7.000%, 09/30/26 (144A) (a)		247,000		269,230
Anglo American Capital plc
2.875%, 11/20/20 (EUR)		100,000		112,870
Mining—(Continued)
Alcoa Nederland Holding B.V. 3.250%, 04/03/23 (EUR)		100,000		113,727
3.500%, 03/28/22 (EUR)		100,000		114,825
3.625%, 05/14/20 (144A)		421,000		424,158
4.450%, 09/27/20 (144A)		127,000		132,080
4.875%, 05/14/25 (144A)		1,066,000		1,087,533
Constellium NV
6.625%, 03/01/25 (144A) (a)		1,698,000		1,633,264
8.000%, 01/15/23 (144A) (a)		2,075,000		2,126,875
First Quantum Minerals, Ltd.
7.000%, 02/15/21 (144A)		924,000		951,720
7.250%, 05/15/22 (144A) (a)		431,000		444,469
7.250%, 04/01/23 (144A) (a)		909,000		919,226
7.500%, 04/01/25 (144A) (a)		1,283,000		1,292,623
Freeport-McMoRan, Inc.
2.375%, 03/15/18		4,885,000		4,848,362
3.100%, 03/15/20		1,770,000		1,738,848
3.550%, 03/01/22 (a)		1,647,000		1,527,592
3.875%, 03/15/23 (a)		3,321,000		3,054,058
4.000%, 11/14/21		591,000		570,315
5.400%, 11/14/34 (a)		344,000		299,280
5.450%, 03/15/43		3,013,000		2,549,751
Joseph T Ryerson & Son, Inc. 11.000%, 05/15/22 (144A) (a)		440,000		495,000
Kaiser Aluminum Corp. 5.875%, 05/15/24 (a)		286,000		298,066
Kinross Gold Corp.
5.950%, 03/15/24 (a)		100,000		105,750
6.875%, 09/01/41		160,000		162,000
Nyrstar Netherlands Holdings B.V. 6.875%, 03/15/24 (EUR)		100,000		106,680
Teck Resources, Ltd.
3.750%, 02/01/23		1,146,000		1,113,053
4.500%, 01/15/21		167,000		172,010
5.200%, 03/01/42		1,022,000		960,680
5.400%, 02/01/43 (a)		886,000		843,915
6.000%, 08/15/40		1,653,000		1,665,397
6.125%, 10/01/35 (a)		236,000		244,850
6.250%, 07/15/41		147,000		152,513
8.500%, 06/01/24 (144A)		1,015,000		1,171,056
				31,701,776
Miscellaneous Manufacturing—1.1%
Bombardier, Inc.
6.000%, 10/15/22 (144A) (a)		878,000		865,489
6.125%, 01/15/23 (144A)		203,000		198,940
7.500%, 03/15/25 (144A) (a)		1,443,000		1,479,075
8.750%, 12/01/21 (144A)		1,984,000		2,172,480
EnPro Industries, Inc. 5.875%, 09/15/22 (144A)		266,000		275,310
Gates Global LLC / Gates Global Co.
5.750%, 07/15/22 (EUR)		100,000		108,547
6.000%, 07/15/22 (144A) (a)		1,919,000		1,952,582
Koppers, Inc. 6.000%, 02/15/25 (144A) (a)		548,000		565,810
				7,618,233

BHFTI-62

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Office/Business Equipment—0.2%
CDW LLC / CDW Finance Corp.
5.000%, 09/01/25		257,000	$	262,140
5.500%, 12/01/24		1,004,000		1,051,690
6.000%, 08/15/22		290,000		307,928
				1,621,758
Oil & Gas—8.0%
Alta Mesa Holdings L.P. / Alta Mesa Finance Services Corp. 7.875%, 12/15/24 (144A)		281,000		292,943
Antero Resources Corp.
5.125%, 12/01/22		234,000		237,071
5.625%, 06/01/23 (a)		120,000		122,700
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 10.000%, 04/01/22 (144A)		696,000		720,360
California Resources Corp. 8.000%, 12/15/22 (144A)		1,106,000		898,625
Callon Petroleum Co. 6.125%, 10/01/24 (144A) (a)		537,000		558,480
Carrizo Oil & Gas, Inc. 6.250%, 04/15/23 (a)		339,000		339,847
Chesapeake Energy Corp.
6.875%, 11/15/20		532,000		530,670
8.000%, 12/15/22 (144A) (a)		299,000		313,203
8.000%, 01/15/25 (144A) (a)		888,000		888,000
Continental Resources, Inc.
3.800%, 06/01/24 (a)		527,000		490,110
4.500%, 04/15/23		393,000		382,436
4.900%, 06/01/44 (a)		750,000		645,000
CrownRock L.P. / CrownRock Finance, Inc.
7.125%, 04/15/21 (144A)		556,000		574,070
7.750%, 02/15/23 (144A)		516,000		546,960
Denbury Resources, Inc.
4.625%, 07/15/23		96,000		70,080
5.500%, 05/01/22		410,000		319,800
9.000%, 05/15/21 (144A)		1,283,000		1,353,565
Diamondback Energy, Inc. 5.375%, 05/31/25 (144A)		498,000		510,450
Eclipse Resources Corp. 8.875%, 07/15/23		165,000		168,300
Ensco plc
4.500%, 10/01/24 (a)		379,000		319,307
5.200%, 03/15/25		95,000		82,413
8.000%, 01/31/24		213,000		215,663
EP Energy LLC / Everest Acquisition Finance, Inc.
8.000%, 11/29/24 (144A) (a)		1,093,000		1,147,650
9.375%, 05/01/20 (a)		902,000		850,315
Extraction Oil & Gas Holdings LLC / Extraction Finance Corp. 7.875%, 07/15/21 (144A)		801,000		845,055
Great Western Petroleum LLC / Great Western Finance Corp. 9.000%, 09/30/21 (144A)		904,000		937,900
Oil & Gas—(Continued)
Gulfport Energy Corp. 6.375%, 05/15/25 (144A) (a)		142,000		139,515
6.625%, 05/01/23		272,000		275,060
Halcon Resources Corp. 6.750%, 02/15/25 (144A) (a)		2,220,000		2,180,040
Hilcorp Energy I L.P. / Hilcorp Finance Co. 5.000%, 12/01/24 (144A)		88,000		82,500
Matador Resources Co. 6.875%, 04/15/23		1,020,000		1,065,900
6.875%, 04/15/23 (144A)		593,000		619,685
MEG Energy Corp. 6.375%, 01/30/23 (144A)		853,000		762,369
6.500%, 01/15/25 (144A) (a)		1,792,000		1,792,000
7.000%, 03/31/24 (144A) (a)		1,287,000		1,151,865
Murphy Oil Corp. 4.700%, 12/01/22 (a)		657,000		638,932
6.125%, 12/01/42		163,000		153,628
Newfield Exploration Co. 5.625%, 07/01/24		270,000		284,513
Noble Holding International, Ltd. 4.625%, 03/01/21		30,000		27,600
7.750%, 01/15/24 (a)		1,197,000		1,149,120
Noble Holding U.S. LLC / Noble Drilling Services 6 LLC / Noble Drilling Holding LLC 7.500%, 03/15/19		325,000		337,187
Oasis Petroleum, Inc. 6.500%, 11/01/21		1,056,000		1,058,640
Parker Drilling Co. 6.750%, 07/15/22		393,000		348,787
7.500%, 08/01/20		363,000		339,405
Parsley Energy LLC / Parsley Finance Corp. 5.250%, 08/15/25 (144A) (a)		186,000		187,860
5.375%, 01/15/25 (144A) (a)		487,000		493,087
6.250%, 06/01/24 (144A)		460,000		487,600
Petroleos Mexicanos 5.375%, 03/13/22 (144A) (a)		94,000		98,465
Precision Drilling Corp. 5.250%, 11/15/24		108,000		102,330
6.500%, 12/15/21		135,000		134,692
6.625%, 11/15/20 (a)		89,686		90,135
7.750%, 12/15/23 (144A)		205,000		215,763
QEP Resources, Inc. 5.375%, 10/01/22 (a)		517,000		509,245
Range Resources Corp. 5.000%, 08/15/22 (144A) (a)		217,000		214,830
5.000%, 03/15/23 (144A) (a)		429,000		422,565
5.875%, 07/01/22 (144A)		1,063,000		1,094,890
Repsol International Finance B.V. 3.875%, 03/25/21 (EUR) (d)		100,000		110,547
4.500%, 03/25/75 (EUR) (d)		100,000		107,992
Resolute Energy Corp. 8.500%, 05/01/20		610,000		616,100
Rowan Cos., Inc. 4.750%, 01/15/24		125,000		112,188
4.875%, 06/01/22		170,000		162,350
7.375%, 06/15/25 (a)		1,012,000		1,017,060

BHFTI-63

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
RSP Permian, Inc. 5.250%, 01/15/25 (144A) (a)		367,000	$	369,752
6.625%, 10/01/22		764,000		804,110
Sanchez Energy Corp. 6.125%, 01/15/23 (a)		2,502,000		2,320,605
7.750%, 06/15/21		512,000		505,600
Seven Generations Energy, Ltd. 6.875%, 06/30/23 (144A) (a)		1,259,000		1,315,655
SM Energy Co. 5.000%, 01/15/24 (a)		150,000		141,750
5.625%, 06/01/25 (a)		1,407,000		1,346,499
6.125%, 11/15/22		57,000		57,428
6.500%, 11/15/21 (a)		355,000		363,875
6.500%, 01/01/23 (a)		90,000		91,350
6.750%, 09/15/26 (a)		271,000		273,202
Southwestern Energy Co. 5.800%, 01/23/20 (a)		2,204,000		2,224,662
Tesoro Corp. 4.750%, 12/15/23 (144A)		1,082,000		1,116,721
5.125%, 12/15/26 (144A) (a)		1,559,000		1,635,391
TOTAL S.A. 3.875%, 05/18/22 (EUR) (d)		250,000		283,067
Transocean, Inc. 4.250%, 10/15/17		506,000		508,530
5.550%, 10/15/22 (a)		589,000		554,028
6.000%, 03/15/18 (a)		1,656,000		1,689,120
6.800%, 03/15/38		255,000		209,738
7.375%, 04/15/18		85,000		87,763
9.000%, 07/15/23 (144A) (a)		2,729,000		2,913,207
Tullow Oil plc 6.000%, 11/01/20 (144A)		200,000		193,500
6.000%, 11/01/20		200,000		193,500
6.250%, 04/15/22 (144A)		200,000		187,000
Whiting Petroleum Corp. 5.000%, 03/15/19 (a)		1,957,000		1,952,107
5.750%, 03/15/21		4,000		3,960
6.250%, 04/01/23 (a)		145,000		144,275
WildHorse Resource Development Corp. 6.875%, 02/01/25 (144A) (a)		576,000		550,080
WPX Energy, Inc. 5.250%, 09/15/24 (a)		275,000		266,063
6.000%, 01/15/22		396,000		402,930
7.500%, 08/01/20		180,000		190,800
8.250%, 08/01/23		220,000		244,750
				56,086,436
Oil & Gas Services—0.8%
Pioneer Energy Services Corp. 6.125%, 03/15/22		670,000		609,700
Saipem Finance International B.V. 2.750%, 04/05/22 (EUR)		100,000		106,733
SESI LLC 6.375%, 05/01/19 (a)		220,000		219,450
7.125%, 12/15/21 (a)		205,000		207,563
Trinidad Drilling, Ltd. 6.625%, 02/15/25 (144A)		935,000		933,831
Oil & Gas Services—(Continued)
Weatherford International LLC 6.800%, 06/15/37		232,000		223,300
Weatherford International, Ltd. 4.500%, 04/15/22 (a)		391,000		374,383
5.950%, 04/15/42		201,000		174,870
6.500%, 08/01/36 (a)		625,000		590,625
7.000%, 03/15/38		527,000		508,555
7.750%, 06/15/21		646,000		696,065
8.250%, 06/15/23		290,000		315,375
9.875%, 02/15/24 (144A)		393,000		454,897
				5,415,347
Packaging & Containers—2.3%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. 2.750%, 03/15/24 (EUR)		325,000		341,523
4.125%, 05/15/23 (EUR)		125,000		140,698
4.250%, 01/15/22 (EUR)		175,235		192,317
4.250%, 09/15/22 (144A)		376,000		379,760
4.625%, 05/15/23 (144A) (a)		255,000		256,913
6.000%, 06/30/21 (144A) (a)		3,104,000		3,197,120
6.000%, 02/15/25 (144A)		2,285,000		2,310,706
6.750%, 05/15/24 (EUR)		250,000		291,370
7.250%, 05/15/24 (144A)		2,222,000		2,377,540
Ball Corp. 4.375%, 12/15/23 (EUR)		109,000		128,659
Crown European Holdings S.A. 3.375%, 05/15/25 (EUR)		128,000		138,340
4.000%, 07/15/22 (EUR)		180,000		212,060
Flex Acquisition Co., Inc. 6.875%, 01/15/25 (144A)		68,000		69,469
Horizon Holdings I SAS 7.250%, 08/01/23 (EUR)		100,000		112,947
Horizon Parent Holdings S.a.r.l. 8.250%, 02/15/22 (EUR) (e)		150,000		166,021
JH-Holding Finance S.A. 8.250%, 12/01/22 (EUR) (e)		125,000		143,921
OI European Group B.V. 3.125%, 11/15/24 (EUR)		100,000		106,280
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 4.523%, 07/15/21 (144A) (d)		423,000		432,784
5.125%, 07/15/23 (144A)		799,000		820,973
5.750%, 10/15/20		1,369,000		1,408,372
6.875%, 02/15/21 (a)		93,980		96,564
7.000%, 07/15/24 (144A) (a)		2,143,000		2,294,349
Sealed Air Corp. 4.500%, 09/15/23 (EUR)		203,000		239,862
Verallia Packaging SASU 5.125%, 08/01/22 (EUR)		275,000		311,471
				16,170,019
Pharmaceuticals—2.0%
Endo Finance LLC / Endo Finco, Inc. 7.250%, 01/15/22 (144A) (a)		255,000		240,975

BHFTI-64

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—(Continued)
Endo, Ltd. / Endo Finance LLC / Endo Finco, Inc. 6.000%, 07/15/23 (144A)		640,000	$	560,000
6.000%, 02/01/25 (144A)		1,106,000		942,865
Grifols Worldwide Operations, Ltd. 5.250%, 04/01/22		629,000		652,902
inVentiv Group Holdings, Inc. / inVentiv Health, Inc. / inVentiv Health Clinical, Inc. 7.500%, 10/01/24 (144A) (a)		878,000		903,242
Nature’s Bounty Co. (The) 7.625%, 05/15/21 (144A)		1,604,000		1,688,210
Valeant Pharmaceuticals International, Inc. 4.500%, 05/15/23 (EUR)		175,000		137,217
5.500%, 03/01/23 (144A)		27,000		20,790
5.625%, 12/01/21 (144A)		875,000		704,375
5.875%, 05/15/23 (144A)		1,061,000		823,601
6.125%, 04/15/25 (144A)		840,000		646,800
6.375%, 10/15/20 (144A)		2,053,000		1,857,965
6.500%, 03/15/22 (144A)		728,000		748,930
6.750%, 08/15/18 (144A)		2,000		2,003
6.750%, 08/15/21 (144A)		1,032,000		890,100
7.000%, 10/01/20 (144A)		1,320,000		1,201,200
7.000%, 03/15/24 (144A)		1,144,000		1,174,030
7.250%, 07/15/22 (144A)		330,000		281,325
7.500%, 07/15/21 (144A)		868,000		760,585
				14,237,115
Pipelines—3.0%
Antero Midstream Partners L.P. / Antero Midstream Finance Corp. 5.375%, 09/15/24 (144A) (a)		140,000		142,100
Cheniere Corpus Christi Holdings LLC 5.875%, 03/31/25 (144A)		1,054,000		1,098,795
7.000%, 06/30/24 (144A)		1,470,000		1,618,837
Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp. 6.250%, 04/01/23 (a)		85,000		88,188
DCP Midstream Operating L.P. 5.850%, 05/21/43 (144A) (d)		105,000		95,813
6.450%, 11/03/36 (144A) (a)		557,000		590,420
6.750%, 09/15/37 (144A) (a)		581,000		624,575
Energy Transfer Equity L.P. 5.500%, 06/01/27 (a)		970,000		1,013,650
5.875%, 01/15/24		1,279,000		1,358,937
7.500%, 10/15/20		897,000		1,000,155
Genesis Energy L.P. / Genesis Energy Finance Corp. 5.750%, 02/15/21		241,000		244,013
6.750%, 08/01/22		647,000		667,057
Kinder Morgan, Inc. 6.700%, 02/15/27		62,930		60,409
NGPL PipeCo LLC 7.119%, 12/15/17 (144A)		2,114,000		2,172,135
7.768%, 12/15/37 (144A)		1,234,000		1,382,080
ONEOK, Inc. 6.000%, 06/15/35		90,000		93,150
7.500%, 09/01/23 (a)		545,000		636,375
Pipelines—(Continued)
Rockies Express Pipeline LLC 5.625%, 04/15/20 (144A) (a)		365,000		384,162
6.000%, 01/15/19 (144A)		298,000		310,665
6.850%, 07/15/18 (144A)		92,000		96,140
6.875%, 04/15/40 (144A)		1,285,000		1,346,037
SemGroup Corp. 6.375%, 03/15/25 (144A)		313,000		307,522
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 5.750%, 04/15/25		104,000		103,480
Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp. 5.500%, 09/15/24 (144A) (a)		489,000		491,445
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 5.125%, 02/01/25 (144A)		322,000		331,660
5.250%, 05/01/23		38,000		38,855
5.375%, 02/01/27 (144A) (a)		193,000		199,755
6.375%, 08/01/22 (a)		640,000		660,000
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp. 6.125%, 10/15/21		103,000		107,764
6.250%, 10/15/22		1,224,000		1,292,850
Williams Cos., Inc. (The) 4.550%, 06/24/24 (a)		156,000		157,170
5.750%, 06/24/44 (a)		2,136,000		2,146,680
				20,860,874
Real Estate—0.4%
Annington Finance No. 5 plc 13.000%, 01/15/23 (GBP) (e)		407,543		589,756
Howard Hughes Corp. (The) 5.375%, 03/15/25 (144A)		360,000		356,400
Realogy Group LLC / Realogy Co-Issuer Corp. 4.500%, 04/15/19 (144A)		174,000		178,785
4.875%, 06/01/23 (144A) (a)		1,463,000		1,430,082
5.250%, 12/01/21 (144A) (a)		587,000		610,480
Tropicana Entertainment LLC / Tropicana Finance Corp. 9.625%, 12/15/14 (b) (f) (g)		70,000		0
				3,165,503
Real Estate Investment Trusts—1.8%
CyrusOne L.P. / CyrusOne Finance Corp. 5.000%, 03/15/24 (144A)		760,000		780,900
5.375%, 03/15/27 (144A)		50,000		50,500
Equinix, Inc. 5.375%, 04/01/23		320,000		333,200
5.875%, 01/15/26		525,000		558,469
ESH Hospitality, Inc. 5.250%, 05/01/25 (144A)		130,000		131,056
GEO Group, Inc. (The) 5.125%, 04/01/23 (a)		751,000		745,367
5.875%, 10/15/24		590,000		603,275
6.000%, 04/15/26		176,000		178,239

BHFTI-65

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
iStar, Inc. 6.000%, 04/01/22 (a)		220,000	$	223,300
MGM Growth Properties Operating Partnership L.P. / MGP Finance Co-Issuer, Inc. 4.500%, 09/01/26		1,328,000		1,288,160
5.625%, 05/01/24		2,477,000		2,613,235
MPT Operating Partnership L.P. / MPT Finance Corp. 3.325%, 03/24/25 (EUR)		100,000		106,673
SBA Communications Corp. 4.875%, 09/01/24 (144A)		363,000		358,390
Starwood Property Trust, Inc. 5.000%, 12/15/21 (144A) (a)		611,000		633,912
Uniti Group, Inc. / CSL Capital LLC 6.000%, 04/15/23 (144A)		230,000		238,625
7.125%, 12/15/24 (144A) (a)		1,758,000		1,784,370
8.250%, 10/15/23		1,610,000		1,698,550
				12,326,221
Retail—1.5%
Asbury Automotive Group, Inc. 6.000%, 12/15/24		816,000		842,520
B&M European Value Retail S.A. 4.125%, 02/01/22 (GBP)		100,000		130,082
Dollar Tree, Inc. 5.750%, 03/01/23 (a)		1,535,000		1,634,775
J.C. Penney Corp., Inc. 6.375%, 10/15/36		215,000		163,937
7.400%, 04/01/37		555,000		441,225
JC Penney Corp., Inc. 8.125%, 10/01/19		300,000		324,000
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC 5.000%, 06/01/24 (144A)		98,000		100,083
L Brands, Inc. 6.875%, 11/01/35		829,000		799,985
Neiman Marcus Group, Ltd. LLC 8.000%, 10/15/21 (144A)		520,000		313,102
Penske Automotive Group, Inc. 5.500%, 05/15/26		460,000		450,800
5.750%, 10/01/22		881,000		911,835
Punch Taverns Finance B, Ltd. 5.943%, 09/30/22 (GBP)		160,001		209,463
Punch Taverns Finance plc 5.857%, 10/15/27 (GBP) (d)		259,000		324,501
Rite Aid Corp. 6.125%, 04/01/23 (144A) (a)		37,000		36,676
6.750%, 06/15/21 (a)		886,000		889,876
7.700%, 02/15/27		918,000		1,028,160
9.250%, 03/15/20 (a)		750,000		771,094
Sonic Automotive, Inc. 5.000%, 05/15/23 (a)		227,000		220,617
6.125%, 03/15/27 (144A)		128,000		128,160
Stonegate Pub Co. Financing plc 4.875%, 03/15/22 (GBP)		175,000		220,354
Retail—(Continued)
Unique Pub Finance Co. plc (The) 5.659%, 06/30/27 (GBP)		210,795		292,302
6.464%, 03/30/32 (GBP)		300,000		364,552
6.542%, 03/30/21 (GBP)		59,240		80,696
Yum! Brands, Inc. 3.875%, 11/01/23 (a)		111,000		108,502
				10,787,297
Semiconductors—0.9%
Advanced Micro Devices, Inc. 7.000%, 07/01/24 (a)		149,000		158,685
7.500%, 08/15/22		187,000		207,102
Micron Technology, Inc. 5.250%, 08/01/23 (144A) (a)		773,000		792,325
5.500%, 02/01/25		80,000		83,000
5.625%, 01/15/26 (144A) (a)		187,000		196,818
Microsemi Corp. 9.125%, 04/15/23 (144A)		94,000		107,983
NXP B.V. / NXP Funding LLC 3.875%, 09/01/22 (144A)		378,000		386,505
4.125%, 06/15/20 (144A)		867,000		900,596
4.125%, 06/01/21 (144A)		1,149,000		1,192,087
4.625%, 06/15/22 (144A)		220,000		232,650
4.625%, 06/01/23 (144A)		727,000		769,711
Sensata Technologies B.V. 5.000%, 10/01/25 (144A)		696,000		701,220
Sensata Technologies UK Financing Co. plc 6.250%, 02/15/26 (144A)		425,000		450,500
				6,179,182
Software—3.7%
BMC Software Finance, Inc. 8.125%, 07/15/21 (144A) (a)		3,258,000		3,282,435
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc. 5.750%, 03/01/25 (144A)		578,000		592,450
First Data Corp. 5.750%, 01/15/24 (144A) (a)		4,680,000		4,827,420
7.000%, 12/01/23 (144A)		2,877,000		3,085,582
Genesys Telecommunications Laboratories, Inc. / Greeneden Lux 3 S.a.r.l. / Greeneden U.S. Holdings II LLC 10.000%, 11/30/24 (144A)		425,000		462,188
Infor Software Parent LLC / Infor Software Parent, Inc. 7.125%, 05/01/21 (144A) (e)		752,000		768,920
Infor U.S., Inc. 6.500%, 05/15/22		3,491,000		3,587,352
Informatica LLC 7.125%, 07/15/23 (144A) (a)		537,000		522,233
Nuance Communications, Inc. 5.375%, 08/15/20 (144A)		169,000		171,856
5.625%, 12/15/26 (144A)		248,000		253,580
6.000%, 07/01/24 (144A) (a)		495,000		512,325

BHFTI-66

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
PTC, Inc. 6.000%, 05/15/24 (a)		272,000	$	289,680
Quintiles IMS, Inc. 3.250%, 03/15/25 (144A) (EUR)		150,000		158,879
Rackspace Hosting, Inc. 8.625%, 11/15/24 (144A) (a)		1,250,000		1,317,125
RP Crown Parent LLC 7.375%, 10/15/24 (144A)		656,000		683,880
Solera LLC / Solera Finance, Inc. 10.500%, 03/01/24 (144A) (a)		1,925,000		2,199,312
Sophia L.P. / Sophia Finance, Inc. 9.000%, 09/30/23 (144A)		664,000		697,200
SS&C Technologies Holdings, Inc. 5.875%, 07/15/23		1,248,000		1,320,534
Veritas U.S., Inc. / Veritas Bermuda, Ltd. 7.500%, 02/01/23 (EUR)		100,000		112,014
7.500%, 02/01/23 (144A) (a)		300,000		316,500
10.500%, 02/01/24 (144A) (a)		717,000		758,227
				25,919,692
Storage/Warehousing—0.2%
Mobile Mini, Inc. 5.875%, 07/01/24		1,525,000		1,574,562
Telecommunications—8.0%
Anixter, Inc. 5.625%, 05/01/19 (a)		135,000		141,581
CenturyLink, Inc. 6.450%, 06/15/21 (a)		1,441,000		1,530,904
7.650%, 03/15/42 (a)		419,000		368,196
Cincinnati Bell, Inc. 7.000%, 07/15/24 (144A)		1,548,000		1,623,465
Columbus Cable Barbados, Ltd. 7.375%, 03/30/21 (144A)		1,042,000		1,112,335
CommScope Technologies LLC 5.000%, 03/15/27 (144A) (a)		546,000		545,154
6.000%, 06/15/25 (144A)		2,000		2,095
CommScope, Inc. 5.500%, 06/15/24 (144A)		852,000		881,028
Consolidated Communications, Inc. 6.500%, 10/01/22		540,000		518,400
Digicel Group, Ltd. 7.125%, 04/01/22 (144A) (a)		770,000		598,675
Digicel, Ltd. 6.000%, 04/15/21 (144A)		1,887,000		1,714,811
eircom Finance DAC 4.500%, 05/31/22 (EUR)		100,000		110,579
Frontier Communications Corp. 6.250%, 09/15/21		690,000		641,700
6.875%, 01/15/25 (a)		2,840,000		2,350,100
7.125%, 03/15/19		694,000		730,435
7.125%, 01/15/23		655,000		574,559
7.625%, 04/15/24		687,000		590,477
8.125%, 10/01/18		322,000		341,320
8.500%, 04/15/20 (a)		750,000		791,250
Telecommunications—(Continued)
Frontier Communications Corp. 8.875%, 09/15/20		119,000		125,545
11.000%, 09/15/25		265,000		257,713
GTT Escrow Corp. 7.875%, 12/31/24 (144A)		178,000		184,675
Hughes Satellite Systems Corp. 5.250%, 08/01/26 (144A)		1,197,000		1,194,007
6.625%, 08/01/26 (144A)		96,000		98,160
7.625%, 06/15/21		231,000		254,678
Intelsat Jackson Holdings S.A. 5.500%, 08/01/23		2,285,000		1,885,125
7.250%, 04/01/19 (a)		1,256,000		1,197,910
7.250%, 10/15/20 (a)		921,000		839,261
Level 3 Financing, Inc. 5.125%, 05/01/23 (a)		636,000		650,310
5.250%, 03/15/26		1,708,000		1,716,540
5.375%, 01/15/24		456,000		466,830
5.375%, 05/01/25		202,000		205,535
5.625%, 02/01/23 (a)		338,000		349,830
Matterhorn Telecom Holding S.A. 4.875%, 05/01/23 (EUR)		100,000		106,280
Matterhorn Telecom S.A. 3.875%, 05/01/22 (EUR)		175,000		189,030
Nokia Oyj 6.625%, 05/15/39 (a)		1,078,000		1,144,027
OTE plc 3.500%, 07/09/20 (EUR)		100,000		107,489
Play Topco S.A. 5.375%, 09/15/22 (EUR) (e)		234,000		248,997
Radiate Holdco LLC / Radiate Finance, Inc. 6.625%, 02/15/25 (144A) (a)		652,000		643,442
SoftBank Group Corp. 4.750%, 07/30/25 (EUR)		232,000		273,646
Sprint Capital Corp. 6.875%, 11/15/28 (a)		4,072,000		4,301,050
6.900%, 05/01/19		580,000		619,150
8.750%, 03/15/32		294,000		353,535
Sprint Communications, Inc. 7.000%, 03/01/20 (144A)		294,000		320,460
7.000%, 08/15/20		261,000		280,249
9.000%, 11/15/18 (144A)		5,200,000		5,661,500
Sprint Corp. 7.125%, 06/15/24 (a)		2,894,000		3,089,345
7.250%, 09/15/21 (a)		666,000		718,947
7.875%, 09/15/23 (a)		3,022,000		3,346,865
T-Mobile USA, Inc. 4.000%, 04/15/22 (a)		472,000		479,670
5.125%, 04/15/25		481,000		497,835
5.375%, 04/15/27		288,000		297,360
6.000%, 03/01/23 (a)		731,000		780,562
6.375%, 03/01/25		146,000		157,315
6.500%, 01/15/24 (a)		620,000		669,600
6.633%, 04/28/21		256,000		264,576
6.731%, 04/28/22		614,000		635,244
6.836%, 04/28/23 (a)		155,000		165,850

BHFTI-67

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Telecom Italia Capital S.A. 6.000%, 09/30/34 (a)		1,817,000	$	1,794,287
6.375%, 11/15/33		358,000		361,802
Telecom Italia Finance S.A. 7.750%, 01/24/33 (EUR)		90,000		126,530
Telecom Italia S.p.A. 5.303%, 05/30/24 (144A) (a)		200,000		202,250
Telefonica Europe B.V. 3.750%, 03/15/22 (EUR) (d)		100,000		106,947
4.200%, 12/04/19 (EUR) (d)		300,000		334,522
5.000%, 03/31/20 (EUR) (d)		400,000		450,979
Telesat Canada / Telesat LLC 8.875%, 11/15/24 (144A)		412,000		451,140
Wind Acquisition Finance S.A. 4.000%, 07/15/20 (EUR)		407,000		441,243
4.750%, 07/15/20 (144A)		200,000		203,250
6.500%, 04/30/20 (144A) (a)		200,000		206,750
7.375%, 04/23/21 (144A) (a)		1,675,000		1,742,000
Windstream Services LLC 7.750%, 10/01/21		64,000		63,040
				56,429,947
Textiles—0.0%
Springs Industries, Inc. 6.250%, 06/01/21		133,000		136,658
Transportation—0.5%
CMA CGM S.A. 7.750%, 01/15/21 (EUR)		100,000		107,455
Florida East Coast Holdings Corp. 6.750%, 05/01/19 (144A)		1,014,000		1,044,420
Silk Bidco A/S 7.500%, 02/01/22 (EUR)		145,000		166,224
Watco Cos. LLC / Watco Finance Corp. 6.375%, 04/01/23 (144A)		617,000		626,255
XPO Logistics, Inc. 5.750%, 06/15/21 (EUR)		100,000		111,522
6.125%, 09/01/23 (144A)		703,000		731,120
6.500%, 06/15/22 (144A)		785,000		824,250
				3,611,246
Trucking & Leasing—0.1%
Park Aerospace Holdings, Ltd. 5.250%, 08/15/22 (144A)		582,000		605,280
Total Corporate Bonds & Notes (Cost $586,665,936)				599,341,559
Floating Rate Loans (h)—7.4%
Advertising—0.0%
inVentiv Health, Inc. Term Loan B, 4.804%, 11/09/23		298,905		300,373
Aerospace/Defense—0.2%
Silver II U.S. Holdings LLC Term Loan, 4.147%, 12/13/19		1,332,688		1,260,056
Air Freight & Logistics—0.1%
Ceva Logistics Canada ULC Term Loan, 6.539%, 03/19/21		53,195		47,061
Ceva Logistics U.S. Holdings, Inc. Term Loan, 6.539%, 03/19/21		509,731		450,953
				498,014
Airlines—0.1%
Northwest Airlines, Inc. Term Loan, 2.651%, 09/10/18 (g)		409,250		398,391
Chemicals—0.5%
Alpha 3 B.V. Term Loan B1, 4.147%, 01/31/24		290,000		291,813
Ascend Performance Materials Operations LLC Term Loan B, 6.647%, 08/12/22		2,893,028		2,918,342
Chemours Co. (The) Term Loan B, 6.000%, 05/12/22		58,184		58,311
				3,268,466
Computers—0.1%
Optiv Security, Inc. 1st Lien Term Loan, 4.250%, 02/01/24		497,000		500,313
Electrical Components & Equipment—0.2%
Cortes NP Acquisition Corp. Term Loan B, 5.030%, 11/30/23		1,559,686		1,575,283
Entertainment—0.1%
Amaya Holdings B.V. 2nd Lien Term Loan, 8.147%, 08/01/22		93,087		93,770
Term Loan B, 4.647%, 08/01/21		266,712		267,665
				361,435
Food—0.0%
Chobani LLC 1st Lien Term Loan, 10/07/23 (i)		144,000		145,680
Healthcare-Products—0.3%
DJO Finance LLC Term Loan, 4.250%, 06/08/20		772,686		750,632
Immucor, Inc. Term Loan B2, 5.000%, 08/17/18		1,045,807		1,035,610
				1,786,242
Healthcare-Services—0.1%
Ortho-Clinical Diagnostics, Inc. Term Loan B, 06/30/21 (f)		85,937		85,422
Team Health Holdings, Inc. 1st Lien Term Loan, 3.750%, 02/06/24		616,000		614,383
				699,805

BHFTI-68

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (h)—(Continued)

Security Description	Principal Amount*		Value
Insurance—0.0%
Alliant Holdings I, Inc. Term Loan B, 4.387%, 08/12/22		310,855	$	313,413
Investment Company Security—0.1%
TKC Holdings, Inc. Term Loan, 4.750%, 02/01/23		387,000		390,930
IT Services—0.1%
NeuStar, Inc. Term Loan B1, 08/28/19 (i)		111,073		112,583
Term Loan B2, 02/28/24 (i)		302,927		307,282
				419,865
Lodging—1.0%
Caesars Entertainment Operating Co. Term Loan B7, 03/01/22 (f)		1,223,170		1,492,267
Caesars Entertainment Resort Properties LLC Term Loan B, 7.000%, 10/11/20		5,666,763		5,719,300
				7,211,567
Machinery—0.1%
Gates Global LLC Term Loan B, 4.397%, 07/06/21		848,164		850,814
Media—1.2%
Altice U.S. Finance I Corp. Term Loan B, 01/25/25 (i)		293,000		293,183
iHeartCommunications, Inc. Term Loan D, 7.732%, 01/30/19		2,362,158		2,039,329
Information Resources, Inc. 1st Lien Term Loan, 5.250%, 01/18/24		176,000		178,448
Ligado Networks LLC 2nd Lien Term Loan, 12/07/20 (f)		1,186,353		944,634
Term Loan, 12/07/20 (f)		4,879,274		4,783,723
Ziggo Secured Finance Partnership Term Loan E, 3.412%, 04/15/25		536,000		536,574
				8,775,891
Office/Business Equipment—0.1%
Brand Energy & Infrastructure Services, Inc. Term Loan B, 4.772%, 11/26/20		457,901		459,274
Oil & Gas—1.3%
California Resources Corp. Term Loan, 11.375%, 12/31/21		1,424,866		1,581,601
Term Loan A, 3.982%, 10/01/19		1,222,843		1,183,101
Chesapeake Energy Corp. Term Loan, 8.553%, 08/23/21		4,679,846		4,994,276
CITGO Holding, Inc. Term Loan B, 9.647%, 05/12/18		915,841		929,769
Linn Energy LLC Term Loan, 8.330%, 02/27/21		258,500		261,085
				8,949,832
Oil & Gas Services—0.1%
Weatherford International, Ltd. Term Loan, 3.290%, 07/13/20		676,896		644,743
Pharmaceuticals—0.1%
Change Healthcare Holdings, Inc. Term Loan B, 03/01/24 (f)		235,000		235,686
Vizient, Inc. Term Loan B, 5.000%, 02/13/23		258,303		261,101
				496,787
Pipelines—0.1%
Energy Transfer Equity L.P. Term Loan B, 3.539%, 02/02/24		623,233		622,565
Real Estate Investment Trusts—0.0%
Geo Group, Inc. (The) Term Loan B, 03/17/24 (f)		219,595		220,556
Retail—0.1%
BJ’s Wholesale Club, Inc. 1st Lien Term Loan, 4.750%, 02/03/24		471,000		461,580
Neiman Marcus Group, Ltd. LLC Term Loan, 4.250%, 10/25/20		682,033		550,529
				1,012,109
Semiconductors—0.0%
CEVA Intercompany B.V. Term Loan, 6.539%, 03/19/21		358,250		316,940
Software—0.9%
BMC Software Finance, Inc. Term Loan, 5.000%, 09/10/20		1,487,476		1,490,929
CCC Information Services, Inc. 1st Lien Term Loan, 03/29/24 (i)		459,000		461,295
2nd Lien Term Loan, 03/29/25 (i)		81,000		81,607
Kronos, Inc. 2nd Lien Term Loan, 9.284%, 11/01/24		1,310,000		1,354,417
Veritas U.S., Inc. Term Loan B1, 6.772%, 01/27/23		3,147,142		3,133,045
				6,521,293
Telecommunications—0.5%
CSC Holdings LLC 1st Lien Term Loan, 07/09/25 (i)		138,299		138,262
Hawaiian Telcom Communications, Inc. Term Loan B, 5.289%, 06/06/19		256,419		257,354
Intelsat Jackson Holdings S.A. Term Loan B2, 3.887%, 06/30/19		3,443,680		3,396,329
				3,791,945
Transportation—0.0%
CEVA Group PLC Term Loan, 6.500%, 03/19/21		348,940		308,703
Total Floating Rate Loans (Cost $51,317,421)				52,101,285

BHFTI-69

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—2.5%

Security Description	Principal Amount*		Value
Asset-Backed - Other—2.5%
ALM XIV, Ltd. 4.489%, 07/28/26 (144A) (d)		250,000	$	250,004
AMMC CLO, Ltd. 6.052%, 05/26/28 (144A) (d)		500,000		507,852
Anchorage Capital CLO, Ltd. 5.239%, 07/28/28 (144A) (d)		1,000,000		1,008,071
Apidos CLO 4.691%, 07/22/26 (144A) (d)		550,000		549,999
Ares CLO, Ltd. 7.823%, 10/15/26 (144A) (d)		500,000		500,632
8.274%, 07/18/28 (144A) (d)		1,000,000		1,002,757
Ballyrock CLO, Ltd. 3.516%, 10/15/28 (144A) (d)		1,000,000		1,003,160
Carlyle Global Market Strategies CLO, Ltd. 3.673%, 07/15/25 (144A) (d)		500,000		500,492
7.788%, 10/20/29 (144A) (d)		750,000		758,539
Cedar Funding CLO, Ltd. 4.602%, 05/20/26 (144A) (d)		270,000		265,400
CIFC Funding, Ltd. 3.843%, 07/22/26 (144A) (d)		1,000,000		1,000,138
HPS Loan Management, Ltd. 7.475%, 07/19/27 (144A) (d)		800,000		801,442
LCM L.P. 4.152%, 08/25/24 (144A) (d)		500,000		500,446
Madison Park Funding, Ltd. 4.630%, 07/20/26 (144A) (d)		250,000		250,006
Neuberger Berman CLO, Ltd. 3.891%, 01/23/24 (144A) (d)		1,000,000		1,000,180
7.472%, 01/15/28 (144A) (d)		500,000		500,744
OCP CLO, Ltd. 2.630%, 10/20/26 (144A) (d)		500,000		500,035
Octagon Investment Partners 26, Ltd. 5.973%, 04/15/27 (144A) (d)		500,000		506,872
Octagon Investment Partners 27, Ltd. 8.123%, 07/15/27 (144A) (d)		1,000,000		1,001,780
Octagon Investment Partners, Ltd. 2.718%, 10/25/25 (144A) (d)		1,500,000		1,501,260
5.779%, 05/05/23 (144A) (d)		400,000		400,000
OneMain Financial Issuance Trust 4.320%, 07/18/25 (144A)		200,000		199,664
Race Point CLO, Ltd. 2.533%, 04/15/27 (144A) (d)		500,000		503,097
Sound Point CLO, Ltd. 5.280%, 10/20/28 (144A) (d)		500,000		504,941
Symphony CLO, Ltd. 5.823%, 04/15/28 (144A) (d)		250,000		253,568
Venture CLO, Ltd. 3.123%, 07/15/26 (144A) (d)		500,000		502,192
Westcott Park Clo, Ltd. 5.380%, 07/20/28 (144A) (d)		500,000		509,407
8.230%, 07/20/28 (144A) (d)		500,000		508,040
Total Asset-Backed Securities (Cost $16,750,333)				17,290,718
Common Stocks—1.1%
Security Description	Shares		Value
Banks—0.3%
Bank of America Corp.		17,076		402,823
Citigroup, Inc.		8,876		530,962
JPMorgan Chase & Co.		5,904		518,608
Wells Fargo & Co.		9,199		512,016
				1,964,409
Capital Markets—0.2%
Goldman Sachs Group, Inc. (The)		2,142		492,060
Morgan Stanley		11,551		494,845
Uranium Participation Corp. (j)		28,400		86,705
				1,073,610
Chemicals—0.0%
Advanced Emissions Solutions, Inc. (a) (j)		11,202		106,867
Containers & Packaging—0.0%
Ardagh Group S.A. (j)		2,439		53,560
Diversified Telecommunication Services—0.0%
Broadview Networks Holdings, Inc. (j)		52,942		66,178
Metals & Mining—0.1%
Teck Resources, Ltd. - Class B		16,590		363,321
Oil & Gas—0.1%
Halcon Resources Corp. (g)		13		934,273
Oil, Gas & Consumable Fuels—0.2%
Gener8 Maritime, Inc. (j)		266,132		1,508,968
Wireless Telecommunication Services—0.2%
T-Mobile U.S., Inc. (j)		22,900		1,479,111
Total Common Stocks (Cost $10,125,983)				7,550,297
Convertible Preferred Stock—0.9%
Hotels, Restaurants & Leisure—0.9%
Amaya, Inc. Zero Coupon, 12/31/49 (CAD) (Cost $6,415,077)		6,961,000		6,648,767
Preferred Stocks—0.7%
Banks—0.7%
GMAC Capital Trust, 6.824% (d)		143,228		3,642,288
Morgan Stanley, 5.850% (d)		60,125		1,554,232
				5,196,520
Diversified Financial Services—0.0%
Marsico Parent Superholdco LLC (144A) (b) (j)		25		0
Total Preferred Stocks (Cost $5,308,233)				5,196,520

BHFTI-70

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Convertible Bonds—0.3%

Security Description	Shares/ Principal/ Notional Amount*		Value
Media—0.1%
DISH Network Corp. 3.375%, 08/15/26 (144A)		696,000	$	840,855
Real Estate—0.1%
Aroundtown Property Holdings plc 1.500%, 01/18/21 (EUR)		100,000		110,280
3.000%, 05/05/20 (EUR)		100,000		141,618
				251,898
Semiconductors—0.1%
Micron Technology, Inc. 3.000%, 11/15/43		625,000		700,391
Total Convertible Bonds (Cost $1,568,280)				1,793,144
Mutual Fund—0.2%
Investment Company Security—0.2%
SPDR S&P Oil & Gas Exploration & Production ETF (Cost $1,241,683)		28,774		1,077,299
Escrow Shares—0.0%
Auto Parts & Equipment—0.0%
Lear Corp. (b) (g)		1,395,000		0
Lear Corp. (b) (g)		1,530,000		0
				0
Chemicals—0.0%
Momentive Performance Materials, Inc. (b)		1,398,000		0
				0
Diversified Financial Services—0.0%
Lehman Brothers Holdings, Inc. (g)		489,000		31,785
Lehman Brothers Holdings, Inc. (g)		1,740,000		113,100
				144,885
Total Escrow Shares (Cost $0)				144,885
Purchased Options—0.0%
Interest Rate Swaptions—0.0%
Put - OTC - 10 Year Interest Rate Swap, Exercise Rate 2.60%, Expires 04/26/17 (Counterparty - Citibank N.A.)		6,330,000		6,836
Put - OTC - 10 Year Interest Rate Swap, Exercise Rate 2.75%, Expires 06/26/17 (Counterparty - Citibank N.A.)		6,330,000		19,271
				26,107
Options on Exchange-Traded Securities—0.0%
Put - SPDR S&P 500 ETF Trust, Exercise Price $230.00, Expires 04/21/17		435		24,795
Total Purchased Options (Cost $293,630)				50,902
Warrant—0.0%
Media—0.0%
HMH Publishing Co., Ltd., Expires 06/22/19 (c) (j) (Cost $16)		1,601		208
Short-Term Investment—1.6%
Repurchase Agreement—1.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $11,008,268 on 04/03/17, collateralized by $11,215,000 U.S. Treasury Note at 1.675%, due 07/31/20 with a value of $11,232,765.		11,008,185		11,008,185
Total Short-Term Investments (Cost $11,008,185)				11,008,185
Securities Lending Reinvestments (l)—18.1%
Certificates of Deposit—11.1%
ABN AMRO Bank NV Zero Coupon, 05/05/17		1,395,961		1,398,852
Bank of America N.A. 1.271%, 07/11/17 (d)		5,000,000		5,005,291
Canadian Imperial Bank 1.392%, 10/27/17 (d)		1,000,000		1,001,203
1.454%, 05/24/17 (d)		500,293		500,175
Chiba Bank, Ltd., New York 1.240%, 05/11/17		1,000,000		1,000,266
Cooperative Rabobank UA New York 1.422%, 10/13/17 (d)		1,500,000		1,502,043
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (d)		4,000,000		4,000,452
Credit Industriel et Commercial 1.440%, 04/05/17 (d)		1,100,000		1,100,047
Credit Suisse AG New York 1.511%, 04/03/17 (d)		1,100,000		1,100,018
1.581%, 04/11/17 (d)		3,000,000		3,000,246
Danske Bank A/S London Zero Coupon, 05/12/17		2,991,317		2,996,910
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		1,700,000		1,700,751
ING Bank NV 1.461%, 04/18/17 (d)		3,500,000		3,501,491

BHFTI-71

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (l)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
KBC Bank NV 1.120%, 05/08/17		1,500,000	$	1,500,225
1.150%, 04/18/17		1,000,000		1,000,090
1.150%, 04/27/17		2,000,000		1,998,820
1.170%, 04/06/17		1,000,000		1,000,010
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (d)		4,000,000		4,000,488
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (d)		1,000,000		1,000,576
1.591%, 04/11/17 (d)		2,000,000		2,000,152
1.643%, 04/18/17 (d)		3,000,000		3,000,435
National Australia Bank London 1.199%, 05/02/17 (d)		3,000,000		3,001,051
Natixis New York 1.241%, 08/03/17 (d)		3,300,000		3,302,125
1.444%, 04/07/17 (d)		1,000,000		1,000,055
Norinchukin Bank New York 1.451%, 07/12/17 (d)		1,000,000		1,000,885
Rabobank London 1.422%, 10/13/17 (d)		1,500,000		1,503,668
Royal Bank of Canada New York 1.340%, 04/04/17 (d)		1,000,000		999,975
1.422%, 10/13/17 (d)		3,000,000		3,005,367
Sumitomo Bank New York 1.410%, 05/05/17 (d)		1,500,000		1,500,292
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (d)		1,300,000		1,300,696
1.534%, 04/07/17 (d)		1,000,000		1,000,058
1.591%, 04/12/17 (d)		2,000,000		2,000,399
Sumitomo Mitsui Trust Bank, Ltd., New York 1.558%, 04/10/17 (d)		2,500,000		2,500,315
1.572%, 04/26/17 (d)		2,000,000		2,000,662
Svenska Handelsbanken New York 1.508%, 05/18/17 (d)		4,000,000		4,002,068
Toronto Dominion Bank New York 1.330%, 01/10/18 (d)		1,000,000		1,000,196
UBS, Stamford 1.301%, 05/12/17 (d)		1,300,000		1,300,320
1.589%, 07/31/17 (d)		1,202,601		1,203,305
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		1,700,000		1,702,780
1.452%, 04/26/17 (d)		1,800,000		1,800,479
				78,433,237
Commercial Paper—3.4%
Barton Capital S.A. 1.110%, 04/21/17		997,163		999,333
1.160%, 04/07/17		2,791,519		2,799,616
Commonwealth Bank Australia 1.389%, 10/23/17 (d)		2,500,000		2,503,055
Den Norske ASA 1.432%, 04/27/17 (d)		1,700,000		1,700,367
HSBC plc 1.442%, 04/25/17 (d)		4,100,000		4,100,738
Kells Funding LLC 1.100%, 06/05/17		1,793,070		1,796,124
Commercial Paper—(Continued)
LMA S.A. & LMA Americas 1.090%, 05/10/17		997,033		998,781
Macquarie Bank, Ltd. 1.120%, 04/20/17		1,994,400		1,998,702
Sheffield Receivables Co. 1.170%, 04/04/17		1,994,215		1,999,854
Versailles Commercial Paper LLC 1.120%, 04/24/17		2,493,000		2,498,468
Westpac Banking Corp. 1.380%, 10/20/17 (d)		2,700,000		2,704,893
				24,099,931
Repurchase Agreements—2.7%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $4,135,936 on 04/03/17, collateralized by $5,948,564 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $4,218,386.		4,135,670		4,135,670
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $900,066 on 04/03/17, collateralized by $921,138 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $918,000.		900,000		900,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $53,935 on 04/03/17, collateralized by $54,566 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $55,010.		53,931		53,931
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $4,002,600 on 04/03/17, collateralized by $617,993 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $4,391,946.		4,000,000		4,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $3,017,280 on 06/02/17, collateralized by various Common Stock with a value of $3,300,000.		3,000,000		3,000,000

BHFTI-72

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (l)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,000,068 on 04/03/17, collateralized by $993,744 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,020,616.		1,000,000	$	1,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $2,827,417 on 07/03/17, collateralized by various Common Stock with a value of $3,080,000.		2,800,000		2,800,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $1,000,082 on 04/03/17, collateralized by $1,170,651 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $1,020,083.		1,000,000		1,000,000
				18,889,601
Time Deposits—0.9%
OP Corporate Bank plc 1.200%, 04/10/17		1,500,000		1,500,000
Shinkin Central Bank 1.440%, 04/25/17		4,000,000		4,000,000
1.440%, 04/26/17		300,000		300,000
1.440%, 04/27/17		500,000		500,000
				6,300,000
Total Securities Lending Reinvestments (Cost $127,678,110)				127,722,769
Total Investments—118.0% (Cost $818,372,887) (m)				829,926,538
Other assets and liabilities (net)—(18.0)%				(126,501,205	)
Net Assets—100.0%			$	703,425,333

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $123,054,304 and the collateral received consisted of cash in the amount of $127,640,173. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent 0.5% of net assets.
(c)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $3,263,791, which is 0.5% of net assets. See details shown in the Restricted Securities table that follows.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(f)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(g)	Illiquid security. As of March 31, 2017, these securities represent 0.3% of net assets.
(h)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(i)	This loan will settle after March 31, 2017, at which time the interest rate will be determined.
(j)	Non-income producing security.
(k)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of March 31, 2017, the value of securities pledged amounted to $1,021,150.
(l)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(m)	As of March 31, 2017, the aggregate cost of investments was $818,372,887. The aggregate unrealized appreciation and depreciation of investments were $25,423,632 and $(13,869,981), respectively, resulting in net unrealized appreciation of $11,553,651.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $318,758,149, which is 45.3% of net assets.
(CAD)—	Canadian Dollar
(CLO)—	Collateralized Loan Obligation
(ETF)—	Exchange-Traded Fund
(EUR)—	Euro
(GBP)—	British Pound

BHFTI-73

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Restricted Securities	Acquisition Date		Shares/ Principal Amount		Cost		Value
HMH Publishing Co., Ltd. 06/22/19		06/22/14		1,601	$	16	$	208
National Air Cargo Group, Inc., 11.875%, 05/08/18		08/11/15		289,728		289,760		277,270
National Air Cargo Group, Inc., 11.875%, 05/02/18		08/11/15		275,092		275,122		263,813
Sterling Entertainment Enterprises LLC, 9.750%, 12/15/19		12/28/12		2,750,000		2,750,000		2,722,500
							$	3,263,791

Reverse Repurchase Agreement

Counterparty

Interest Rate

Settlement Date

Maturity Date(a)

Principal Amount

Net Closing Amount

Credit Suisse Securities (USA) LLC

0.990

%

12/21/16

OPEN

USD

930,000

$

930,000

(a) Certain agreements have no stated maturity and can be terminated by either party at any time.

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments.

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
CAD	7,810,000	HSBC Bank plc		04/05/17	$	5,898,355	$	25,335
CAD	7,188,000	Westpac Banking Corp.		05/04/17		5,392,065		(15,518	)
EUR	100,000	BNP Paribas S.A.		04/05/17		105,811		(874	)
EUR	91,000	BNP Paribas S.A.		04/05/17		96,155		(928	)
EUR	24,677,000	HSBC Bank plc		04/05/17		26,205,903		(120,644	)
EUR	74,000	Northern Trust Co.		04/05/17		78,290		(656	)
EUR	171,000	Standard Chartered Bank		04/05/17		181,187		(1,244	)
EUR	125,000	Standard Chartered Bank		04/05/17		132,120		(1,236	)
EUR	123,000	Standard Chartered Bank		04/05/17		130,200		(1,022	)
EUR	117,000	Standard Chartered Bank		04/05/17		123,917		(904	)
EUR	101,000	Standard Chartered Bank		04/05/17		107,190		(561	)
EUR	93,000	Standard Chartered Bank		04/05/17		98,404		(812	)
EUR	4,000	Standard Chartered Bank		04/05/17		4,229		(38	)
EUR	23,948,000	Barclays Bank plc		05/04/17		25,631,496		49,290
GBP	4,518,000	Barclays Bank plc		04/05/17		5,617,934		(42,799	)
GBP	3,453,000	Royal Bank of Scotland plc		05/04/17		4,309,341		(19,963	)
Net Unrealized Depreciation							$	(132,574	)

Futures Contracts

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Euro-Bobl Futures		06/08/17		(3	)		EUR	(397,977	)	$	2,749
Euro-Bund Futures		06/08/17		(5	)		EUR	(813,696	)		7,037
Euro-OAT Futures		06/08/17		(1	)		EUR	(147,269	)		245
Russell 2000 Index Mini Futures		06/16/17		(29	)		USD	(1,982,102	)		(25,278	)
S&P 500 Index E-Mini Futures		06/16/17		(89	)		USD	(10,521,171	)		22,731
United Kingdom Long Gilt Bond Futures		06/28/17		(1	)		GBP	(126,629	)		(1,191	)
Net Unrealized Appreciation										$	6,293

BHFTI-74

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Written Options

Options on Exchange-Traded Securities	Strike Price		Expiration Date		Number of Contracts			Premiums Received			Market Value			Unrealized Appreciation
Put - SPDR S&P 500 ETF Trust	$	220.000		04/21/17		(435	)	$	(47,743	)	$	(7,395	)	$	40,348

Swap Agreements

Centrally Cleared Credit Default Swaps on Credit Indices—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Implied Credit Spread at March 31, 2017(b)		Notional Amount(c)			Unrealized Depreciation
ITRAXX.XO.27.V1		(5.000%)		06/20/22		2.897%		EUR	300,000	$	(1,025)

Centrally Cleared Credit Default Swaps on Corporate Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at March 31, 2017(b)		Notional Amount(c)			Unrealized Appreciation
Chesapeake Energy Corp. 6.625%, due 08/15/20		5.000%		12/20/21		5.568%		USD	280,000	$	5,282

OTC Credit Default Swaps on Corporate Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at March 31, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CCO Holdings LLC / CCO Holdings Capital Corp. 7.250%, due 10/30/17		8.000%		09/20/17	Deutsche Bank AG		0.137%		USD	1,500,000	$	56,372	$	—	$	56,372
OTE plc, 7.875%, due 02/07/18		5.000%		12/20/21	Barclays Bank plc		3.181%		EUR	60,000		5,050		3,903		1,147
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.250%, due 03/15/25		5.000%		06/20/22	Barclays Bank plc		4.242%		USD	84,000		2,872		1,934		938
Garfunkelux Holdco 2 S.A. 11.000%, due 11/01/23		5.000%		06/20/22	Credit Suisse International		6.591%		EUR	22,857		(1,642)		(1,524)		(118)
Totals											$	62,652	$	4,313	$	58,339

(a)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)	The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(CAD)—	Canadian Dollar
(EUR)—	Euro
(GBP)—	British Pound
(USD)—	United States Dollar
(CDS)—	Credit Default Swap
(ITRAXX.XO)—	Markit iTraxx Crossover Index

BHFTI-75

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Advertising	$	—	$	2,764,309	$	—	$	2,764,309
Aerospace/Defense		—		10,922,160		541,083		11,463,243
Agriculture		—		217,147		—		217,147
Airlines		—		2,381,142		—		2,381,142
Apparel		—		278,185		—		278,185
Auto Manufacturers		—		627,039		—		627,039
Auto Parts & Equipment		—		2,240,228		—		2,240,228
Banks		—		16,102,893		—		16,102,893
Building Materials		—		5,558,061		—		5,558,061
Chemicals		—		16,745,427		—		16,745,427
Coal		—		7,426,647		—		7,426,647
Commercial Services		—		24,404,085		—		24,404,085
Computers		—		6,127,579		—		6,127,579
Cosmetics/Personal Care		—		288,015		—		288,015
Distribution/Wholesale		—		4,269,254		—		4,269,254
Diversified Financial Services		—		27,141,891		—		27,141,891
Electric		—		7,476,712		—		7,476,712
Electrical Components & Equipment		—		368,361		—		368,361
Electronics		—		953,146		—		953,146
Energy-Alternate Sources		—		812,910		—		812,910
Engineering & Construction		—		1,761,941		—		1,761,941
Entertainment		—		7,744,166		0		7,744,166
Environmental Control		—		2,689,890		—		2,689,890
Food		—		6,089,184		—		6,089,184
Food Service		—		69,218		—		69,218
Forest Products & Paper		—		486,925		—		486,925
Gas		—		1,292,805		—		1,292,805
Healthcare-Products		—		6,299,078		—		6,299,078
Healthcare-Services		—		35,409,769		—		35,409,769
Holding Companies-Diversified		—		147,311		—		147,311
Home Builders		—		5,542,670		—		5,542,670
Home Furnishings		—		1,170,382		—		1,170,382
Household Products/Wares		—		1,235,348		—		1,235,348
Insurance		—		5,633,681		—		5,633,681
Internet		—		9,113,962		—		9,113,962
Iron/Steel		—		6,059,934		—		6,059,934

BHFTI-76

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Leisure Time	$	—	$	1,692,201	$	—	$	1,692,201
Lodging		—		9,060,327		—		9,060,327
Machinery-Construction & Mining		—		4,759,379		—		4,759,379
Machinery-Diversified		—		956,538		—		956,538
Media		—		71,330,735		2,722,500		74,053,235
Metal Fabricate/Hardware		—		5,980,195		—		5,980,195
Mining		—		31,701,776		—		31,701,776
Miscellaneous Manufacturing		—		7,618,233		—		7,618,233
Office/Business Equipment		—		1,621,758		—		1,621,758
Oil & Gas		—		56,086,436		—		56,086,436
Oil & Gas Services		—		5,415,347		—		5,415,347
Packaging & Containers		—		16,170,019		—		16,170,019
Pharmaceuticals		—		14,237,115		—		14,237,115
Pipelines		—		20,860,874		—		20,860,874
Real Estate		—		3,165,503		0		3,165,503
Real Estate Investment Trusts		—		12,326,221		—		12,326,221
Retail		—		10,787,297		—		10,787,297
Semiconductors		—		6,179,182		—		6,179,182
Software		—		25,919,692		—		25,919,692
Storage/Warehousing		—		1,574,562		—		1,574,562
Telecommunications		—		56,429,947		—		56,429,947
Textiles		—		136,658		—		136,658
Transportation		—		3,611,246		—		3,611,246
Trucking & Leasing		—		605,280		—		605,280
Total Corporate Bonds & Notes		—		596,077,976		3,263,583		599,341,559
Total Floating Rate Loans*		—		52,101,285		—		52,101,285
Total Asset-Backed Securities*		—		17,290,718		—		17,290,718
Common Stocks
Banks		1,964,409		—		—		1,964,409
Capital Markets		1,073,610		—		—		1,073,610
Chemicals		106,867		—		—		106,867
Containers & Packaging		53,560		—		—		53,560
Diversified Telecommunication Services		66,178		—		—		66,178
Metals & Mining		363,321		—		—		363,321
Oil & Gas		—		934,273		—		934,273
Oil, Gas & Consumable Fuels		1,508,968		—		—		1,508,968
Wireless Telecommunication Services		1,479,111		—		—		1,479,111
Total Common Stocks		6,616,024		934,273		—		7,550,297
Total Convertible Preferred Stock*		—		6,648,767		—		6,648,767
Preferred Stocks
Banks		5,196,520		—		—		5,196,520
Diversified Financial Services		—		—		0		0
Total Preferred Stocks		5,196,520		—		0		5,196,520
Total Convertible Bonds*		—		1,793,144		—		1,793,144
Total Mutual Fund*		1,077,299		—		—		1,077,299
Escrow Shares
Auto Parts & Equipment		—		—		0		0
Chemicals		—		—		0		0
Diversified Financial Services		—		144,885		—		144,885
Total Escrow Shares		—		144,885		0		144,885
Purchased Options
Interest Rate Swaptions		—		26,107		—		26,107
Options on Exchange-Traded Securities		24,795		—		—		24,795
Total Purchased Options		24,795		26,107		—		50,902

BHFTI-77

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Total Warrant*	$	—		$	208		$	—	$	208
Total Short-Term Investment*		—			11,008,185			—		11,008,185
Total Securities Lending Reinvestments*		—			127,722,769			—		127,722,769
Total Investments	$	12,914,638		$	813,748,317		$	3,263,583	$	829,926,538
Collateral for Securities Loaned (Liability)	$	—		$	(127,640,173	)	$	—	$	(127,640,173	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	74,625		$	—	$	74,625
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(207,199	)		—		(207,199	)
Total Forward Contracts	$	—		$	(132,574	)	$	—	$	(132,574	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	32,762		$	—		$	—	$	32,762
Futures Contracts (Unrealized Depreciation)		(26,469	)		—			—		(26,469	)
Total Futures Contracts	$	6,293		$	—		$	—	$	6,293
Written Options at Value	$	(7,395	)	$	—		$	—	$	(7,395	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	5,282		$	—	$	5,282
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(1,025	)		—		(1,025	)
Total Centrally Cleared Swap Contracts	$	—		$	4,257		$	—	$	4,257
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	64,294		$	—	$	64,294
OTC Swap Contracts at Value (Liabilities)		—			(1,642	)		—		(1,642	)
Total OTC Swap Contracts	$	—		$	62,652		$	—	$	62,652
Total Reverse Repurchase Agreements (Liability)	$	—		$	(930,000	)	$	—	$	(930,000	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

BHFTI-78

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio (formerly, Met/Aberdeen Emerging Markets Equity Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—93.2% of Net Assets

Security Description	Shares		Value
Australia—0.8%
BHP Billiton plc		761,000	$	11,706,827
Brazil—12.2%
Ambev S.A.		3,061,400		17,836,816
Banco Bradesco S.A. (ADR)		3,824,397		39,161,825
BRF S.A.		1,240,468		15,298,815
Lojas Renner S.A.		2,854,000		25,343,768
Multiplan Empreendimentos Imobiliarios S.A.		858,537		18,182,139
Ultrapar Participacoes S.A.		1,487,000		34,018,699
Vale S.A. (ADR) (a)		2,765,077		26,268,231
				176,110,293
Chile—2.2%
Banco Santander Chile (ADR)		705,000		17,681,400
SACI Falabella		1,652,595		13,794,269
				31,475,669
China—4.0%
China Mobile, Ltd.		3,889,000		42,777,967
PetroChina Co., Ltd. - Class H		21,600,000		15,857,185
				58,635,152
Hong Kong—8.1%
AIA Group, Ltd.		7,440,000		46,895,696
Hang Lung Group, Ltd.		5,521,000		23,555,998
Hang Lung Properties, Ltd.		3,338,000		8,693,497
Hong Kong Exchanges and Clearing, Ltd.		593,517		14,935,324
Swire Pacific, Ltd. - Class B		13,029,000		22,600,692
				116,681,207
Hungary—1.2%
Richter Gedeon Nyrt		764,000		17,343,425
India—17.5%
Hero MotoCorp, Ltd.		448,000		22,224,195
Hindustan Unilever, Ltd.		1,686,000		23,673,630
Housing Development Finance Corp., Ltd.		2,589,000		59,899,486
ICICI Bank, Ltd.		4,049,000		17,264,692
Infosys, Ltd.		918,020		14,471,243
ITC, Ltd.		9,958,500		43,055,169
Kotak Mahindra Bank, Ltd.		513,368		6,902,718
Tata Consultancy Services, Ltd.		472,841		17,646,070
UltraTech Cement, Ltd.		775,063		47,364,980
				252,502,183
Indonesia—4.6%
Astra International Tbk PT		68,573,600		44,472,017
Bank Central Asia Tbk PT		4,030,600		5,011,410
Indocement Tunggal Prakarsa Tbk PT		13,685,100		17,048,050
				66,531,477
Luxembourg—1.5%
Tenaris S.A. (ADR)		629,000		21,474,060
Malaysia—1.3%
Public Bank Bhd		4,115,000		18,501,009
Mexico—7.0%
Fomento Economico Mexicano S.A.B. de C.V. (ADR)		438,877		38,849,392
Grupo Aeroportuario del Sureste S.A.B. de C.V. (ADR) (a)		118,000		20,442,320
Grupo Financiero Banorte S.A.B. de C.V. - Class O		7,226,208		41,584,299
				100,876,011
Philippines—3.7%
Ayala Corp.		138,120		2,325,535
Ayala Land, Inc.		43,257,000		28,490,130
Bank of the Philippine Islands		11,247,370		22,680,038
				53,495,703
Poland—1.2%
Bank Pekao S.A.		504,000		16,756,865
Portugal—1.1%
Jeronimo Martins SGPS S.A.		913,000		16,343,958
Russia—4.6%
Lukoil PJSC (ADR)		610,343		32,254,883
Lukoil PJSC (ADR)		50,000		2,653,000
Magnit PJSC		188,006		30,980,255
				65,888,138
South Africa—3.4%
Massmart Holdings, Ltd.		1,380,135		14,005,845
MTN Group, Ltd. (a)		1,459,000		13,248,624
Truworths International, Ltd.		3,303,299		21,317,178
				48,571,647
South Korea—2.7%
AmorePacific Group		69,166		7,389,365
NAVER Corp.		41,553		31,762,686
				39,152,051
Taiwan—5.0%
Taiwan Mobile Co., Ltd.		4,493,000		16,507,599
Taiwan Semiconductor Manufacturing Co., Ltd.		8,957,000		56,208,963
				72,716,562
Thailand—5.1%
Siam Cement PCL (The)		2,419,850		38,027,472
Siam Commercial Bank PCL (The)		7,702,000		36,534,769
				74,562,241
Turkey—3.8%
Akbank TAS		8,173,000		19,167,560
BIM Birlesik Magazalar A/S		1,175,000		18,061,354

BHFTI-79

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio (formerly, Met/Aberdeen Emerging Markets Equity Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Turkey—(Continued)
Turkiye Garanti Bankasi A/S		7,521,000	$	18,320,026
				55,548,940
United Kingdom—1.0%
Standard Chartered plc (b)		1,529,057		14,633,489
United States—1.2%
Yum China Holdings, Inc. (b)		633,400		17,228,480
Total Common Stocks (Cost $1,145,077,050)				1,346,735,387
Preferred Stocks—5.7%
South Korea—5.7%
AmorePacific Corp.		36,665		5,474,508
Samsung Electronics Co., Ltd.		54,173		77,693,430
Total Preferred Stocks (Cost $56,196,287)				83,167,938
Short-Term Investment—1.3%
Repurchase Agreement—1.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $18,611,117 on 04/03/17, collateralized by $18,710,000 U.S. Treasury Note at 2.000% due 07/31/20 with a value of $18,985,879.		18,610,977		18,610,977
Total Short-Term Investments (Cost $18,610,977)				18,610,977
Securities Lending Reinvestments (c)—1.2%
Repurchase Agreements—1.1%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $3,349,912 on 04/03/17, collateralized by $4,818,055 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $3,416,693.		3,349,697		3,349,697
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $1,700,125 on 04/03/17, collateralized by $1,739,928 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $1,734,000.		1,700,000		1,700,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $78,754 on 04/03/17, collateralized by $79,676 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $80,324.		78,748		78,748
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $1,000,650 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.		1,000,000		1,000,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $500,054 on 04/03/17, collateralized by $77,249 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $548,993.		500,000		500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,900,130 on 04/03/17, collateralized by $1,888,114 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,939,170.		1,900,000		1,900,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $3,600,294 on 04/03/17, collateralized by $4,214,345 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $3,672,300.		3,600,000		3,600,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $3,600,279 on 04/03/17, collateralized by $10,776,508 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $3,672,000.		3,600,000		3,600,000
				15,728,445
Time Deposits—0.1%
Credit Agricole S.A. London 0.830%, 04/03/17		500,000		500,000
Den Norske Bank Oslo 0.900%, 04/03/17		500,000		500,000

BHFTI-80

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio (formerly, Met/Aberdeen Emerging Markets Equity Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Nordea Bank New York 0.810%, 04/03/17		200,000	$	200,000
Skandanaviska Enskilda Banken 0.810%, 04/03/17		200,000		200,000
0.850%, 04/03/17		500,000		500,000
				1,900,000
Total Securities Lending Reinvestments (Cost $17,628,445)				17,628,445
Total Investments—101.4% (Cost $1,237,512,759) (d)				1,466,142,747
Other assets and liabilities (net)—(1.4)%				(20,522,660	)
Net Assets—100.0%			$	1,445,620,087

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $16,009,149 and the collateral received consisted of cash in the amount of $17,628,445. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	As of March 31, 2017, the aggregate cost of investments was $1,237,512,759. The aggregate unrealized appreciation and depreciation of investments were $270,662,095 and $(42,032,107), respectively, resulting in net unrealized appreciation of $228,629,988.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Ten Largest Industries as of March 31, 2017 (Unaudited)	% of Net Assets
Banks		19.0
Construction Materials		7.1
Real Estate Management & Development		7.0
Oil, Gas & Consumable Fuels		5.9
Food & Staples Retailing		5.5
Technology Hardware, Storage & Peripherals		5.4
Wireless Telecommunication Services		5.0
Automobiles		4.6
Thrifts & Mortgage Finance		4.1
Beverages		3.9

BHFTI-81

Brighthouse Funds Trust I

Brighthouse/Aberdeen Emerging Markets Equity Portfolio (formerly, Met/Aberdeen Emerging Markets Equity Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	11,706,827		$	—	$	11,706,827
Brazil		176,110,293		—			—		176,110,293
Chile		31,475,669		—			—		31,475,669
China		—		58,635,152			—		58,635,152
Hong Kong		—		116,681,207			—		116,681,207
Hungary		—		17,343,425			—		17,343,425
India		—		252,502,183			—		252,502,183
Indonesia		—		66,531,477			—		66,531,477
Luxembourg		21,474,060		—			—		21,474,060
Malaysia		—		18,501,009			—		18,501,009
Mexico		100,876,011		—			—		100,876,011
Philippines		—		53,495,703			—		53,495,703
Poland		—		16,756,865			—		16,756,865
Portugal		—		16,343,958			—		16,343,958
Russia		2,653,000		63,235,138			—		65,888,138
South Africa		—		48,571,647			—		48,571,647
South Korea		—		39,152,051			—		39,152,051
Taiwan		—		72,716,562			—		72,716,562
Thailand		74,562,241		—			—		74,562,241
Turkey		—		55,548,940			—		55,548,940
United Kingdom		—		14,633,489			—		14,633,489
United States		17,228,480		—			—		17,228,480
Total Common Stocks		424,379,754		922,355,633			—		1,346,735,387
Total Preferred Stocks*		—		83,167,938			—		83,167,938
Total Short-Term Investment*		—		18,610,977			—		18,610,977
Total Securities Lending Reinvestments*		—		17,628,445			—		17,628,445
Total Investments	$	424,379,754	$	1,041,762,993		$	—	$	1,466,142,747
Collateral for Securities Loaned (Liability)	$	—	$	(17,628,445	)	$	—	$	(17,628,445	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $99,817,504 were due to the discontinuation of a systematic fair valuation model factor.

BHFTI-82

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio (formerly, Met/Artisan International Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—91.8% of Net Assets

Security Description	Shares		Value
Australia—1.3%
Westpac Banking Corp.		511,806	$	13,657,026
Belgium—0.6%
Telenet Group Holding NV (a)		102,370		6,088,429
Brazil—0.2%
Ambev S.A. (ADR)		366,807		2,112,808
Canada—3.5%
Canadian Pacific Railway, Ltd.		237,918		34,954,913
Rogers Communications, Inc. - Class B		42,815		1,893,087
				36,848,000
China—3.7%
Alibaba Group Holding, Ltd. (ADR) (a)		312,042		33,647,489
China Mobile, Ltd.		539,500		5,934,357
				39,581,846
Denmark—0.4%
ISS A/S		122,148		4,611,602
France—4.9%
AXA S.A.		726,857		18,809,510
BNP Paribas S.A.		16,132		1,074,528
Schneider Electric SE		143,833		10,542,051
Vallourec S.A. (a) (b)		673,360		4,478,872
Zodiac Aerospace		702,984		17,595,647
				52,500,608
Germany—19.2%
Allianz SE		217,272		40,247,056
Beiersdorf AG		206,625		19,560,586
Deutsche Boerse AG (a)		490,329		44,938,455
Deutsche Post AG		426,438		14,599,346
Linde AG		254,878		42,425,295
SAP SE		50,199		4,925,739
Vonovia SE		398,920		14,058,415
Wirecard AG (b)		412,808		22,869,548
				203,624,440
Hong Kong—2.5%
AIA Group, Ltd.		4,238,372		26,715,243
Indonesia—0.4%
Bank Rakyat Indonesia Persero Tbk PT		3,933,500		3,830,068
Ireland—0.4%
Allegion plc		56,560		4,281,592
Italy—4.6%
Assicurazioni Generali S.p.A.		1,093,019		17,373,884
Atlantia S.p.A.		401,453		10,364,247
Intesa Sanpaolo S.p.A.		5,903,699		16,035,226
UniCredit S.p.A.		347,654		5,359,176
				49,132,533
Japan—11.6%
Bridgestone Corp.		222,900		9,036,993
Calbee, Inc.		265,800		9,081,226
Japan Tobacco, Inc.		1,039,292		33,831,631
KDDI Corp.		213,500		5,609,698
Nippon Telegraph & Telephone Corp.		382,700		16,347,254
Nomura Holdings, Inc.		2,566,500		16,011,855
NTT DoCoMo, Inc.		1,110,492		25,880,764
Sumitomo Mitsui Financial Group, Inc.		191,200		6,971,272
				122,770,693
Luxembourg—1.0%
RTL Group S.A.		46,726		3,763,470
Tenaris S.A. (ADR)		200,647		6,850,089
				10,613,559
Mexico—0.1%
Wal-Mart de Mexico S.A.B. de C.V.		336,200		775,753
Netherlands—6.4%
Akzo Nobel NV		129,210		10,708,686
ASML Holding NV		104,149		13,814,319
Heineken NV		44,010		3,745,261
ING Groep NV		2,299,560		34,742,578
Unilever NV		98,162		4,876,661
				67,887,505
Russia—0.6%
MMC Norilsk Nickel PJSC (ADR)		420,449		6,578,149
South Korea—1.5%
LG Household & Health Care, Ltd.		4,385		3,175,460
Orion Corp.		115		68,893
Samsung Electronics Co., Ltd.		7,187		13,236,592
				16,480,945
Spain—1.6%
Grifols S.A.		311,451		7,639,235
Grifols S.A. (ADR)		516,677		9,752,278
				17,391,513
Sweden—0.9%
Swedbank AB - A Shares (b)		395,219		9,156,694
Switzerland—5.9%
Actelion, Ltd. (a)		32,389		9,125,119
LafargeHolcim, Ltd. (a)		198,685		11,763,620
Nestle S.A.		488,914		37,506,084
Swatch Group AG (The) - Bearer Shares		12,198		4,359,863
				62,754,686
Taiwan—2.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		3,548,000		22,265,200

BHFTI-83

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio (formerly, Met/Artisan International Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Thailand—0.1%
Thai Beverage PCL		2,204,100	$	1,481,130
United Kingdom—12.8%
Aon plc		272,031		32,287,359
Coca-Cola European Partners plc		630,521		23,764,337
ConvaTec Group plc (a)		3,918,569		13,688,882
Imperial Brands plc		113,443		5,502,183
Liberty Global plc - Class A (a)		460,055		16,502,173
Liberty Global plc - Class C (a)		748,144		26,214,966
St. James’s Place plc		131,430		1,747,488
Wolseley plc		252,714		15,895,394
				135,602,782
United States—5.5%
Amazon.com, Inc. (a)		16,744		14,844,226
Medtronic plc		413,360		33,300,282
WABCO Holdings, Inc. (a)		86,437		10,149,432
				58,293,940
Total Common Stocks (Cost $924,078,325)				975,036,744
Equity Linked Security—2.3%
Ireland—2.3%
Ryanair Holdings plc (HSBC Bank plc), 10/29/18 (c) (Cost $20,210,974)		1,597,945		24,760,584
Preferred Stock—1.5%
Germany—1.5%
Henkel AG & Co. KGaA (Cost $14,079,894)		123,075		15,771,787
Short-Term Investment—4.0%
Repurchase Agreement—4.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $42,725,630 on 04/03/17, collateralized by $42,125,000 U.S. Treasury Note at 2.625% due 08/15/20 with a value of $43,584,421.		42,725,309		42,725,309
Total Short-Term Investments (Cost $42,725,309)				42,725,309
Securities Lending Reinvestments (d)—3.5%
Security Description	Principal Amount*		Value
Repurchase Agreements—3.2%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $2,297,335 on 04/03/17, collateralized by $3,304,172 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $2,343,132.		2,297,187		2,297,187
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $7,000,513 on 04/03/17, collateralized by $7,164,410 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $7,140,002.		7,000,000		7,000,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $100,008 on 04/03/17, collateralized by $101,178 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $102,001.		100,000		100,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.		1,000,000		1,000,000
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $2,001,300 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $7,000,478 on 04/03/17, collateralized by $6,956,209 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $7,144,312.		7,000,000		7,000,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $7,500,613 on 04/03/17, collateralized by $8,779,886 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $7,650,625.		7,500,000		7,500,000

BHFTI-84

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio (formerly, Met/Artisan International Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $7,500,581 on 04/03/17, collateralized by $22,451,058 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $7,650,000.		7,500,000	$	7,500,000
				34,397,187
Time Deposits—0.3%
Credit Agricole S.A. London 0.830%, 04/03/17		1,000,000		1,000,000
Den Norske Bank Oslo 0.900%, 04/03/17		1,000,000		1,000,000
Skandanaviska Enskilda Banken 0.850%, 04/03/17		1,000,000		1,000,000
				3,000,000
Total Securities Lending Reinvestments (Cost $37,397,187)				37,397,187
Total Investments—103.1% (Cost $1,038,491,689) (e)				1,095,691,611
Other assets and liabilities (net)—(3.1)%				(33,361,773	)
Net Assets—100.0%			$	1,062,329,838

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $34,980,745 and the collateral received consisted of cash in the amount of $37,397,187. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (HSBC Bank plc) in addition to the market risk of the underlying security.
(d)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(e)	As of March 31, 2017, the aggregate cost of investments was $1,038,491,689. The aggregate unrealized appreciation and depreciation of investments were $77,768,625 and $(20,568,703), respectively, resulting in net unrealized appreciation of $57,199,922.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Ten Largest Industries as of March 31, 2017 (Unaudited)	% of Net Assets
Insurance		12.9
Banks		10.9
Capital Markets		5.7
Chemicals		5.0
Media		5.0
Health Care Equipment & Supplies		4.4
Food Products		4.4
Tobacco		3.7
Wireless Telecommunication Services		3.7
Semiconductors & Semiconductor Equipment		3.4

BHFTI-85

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio (formerly, Met/Artisan International Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	13,657,026		$	—	$	13,657,026
Belgium		—		6,088,429			—		6,088,429
Brazil		2,112,808		—			—		2,112,808
Canada		36,848,000		—			—		36,848,000
China		33,647,489		5,934,357			—		39,581,846
Denmark		—		4,611,602			—		4,611,602
France		—		52,500,608			—		52,500,608
Germany		—		203,624,440			—		203,624,440
Hong Kong		—		26,715,243			—		26,715,243
Indonesia		—		3,830,068			—		3,830,068
Ireland		4,281,592		—			—		4,281,592
Italy		—		49,132,533			—		49,132,533
Japan		—		122,770,693			—		122,770,693
Luxembourg		6,850,089		3,763,470			—		10,613,559
Mexico		775,753		—			—		775,753
Netherlands		—		67,887,505			—		67,887,505
Russia		—		6,578,149			—		6,578,149
South Korea		—		16,480,945			—		16,480,945
Spain		9,752,278		7,639,235			—		17,391,513
Sweden		—		9,156,694			—		9,156,694
Switzerland		9,125,119		53,629,567			—		62,754,686
Taiwan		—		22,265,200			—		22,265,200
Thailand		—		1,481,130			—		1,481,130
United Kingdom		98,768,835		36,833,947			—		135,602,782
United States		58,293,940		—			—		58,293,940
Total Common Stocks		260,455,903		714,580,841			—		975,036,744
Total Equity Linked Security*		—		24,760,584			—		24,760,584
Total Preferred Stock*		—		15,771,787			—		15,771,787
Total Short-Term Investment*		—		42,725,309			—		42,725,309
Total Securities Lending Reinvestments*		—		37,397,187			—		37,397,187
Total Investments	$	260,455,903	$	835,235,708		$	—	$	1,095,691,611
Collateral for Securities Loaned (Liability)	$	—	$	(37,397,187	)	$	—	$	(37,397,187	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 1 to Level 2 in the amount of $8,839,686 were due to the application of a systematic fair valuation model factor.

BHFTI-86

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (a)—94.5% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.5%
inVentiv Health, Inc. Term Loan B, 4.804%, 11/09/23		2,244,375	$	2,255,397
J.D. Power & Associates 1st Lien Term Loan, 5.250%, 09/07/23		696,500		701,724
Vestcom Parent Holdings, Inc. 1st Lien Term Loan, 5.250%, 12/19/23		997,500		1,006,228
				3,963,349
Aerospace/Defense—2.4%
BE Aerospace, Inc. Term Loan B, 4.033%, 12/16/21		938,182		942,134
Flying Fortress, Inc. Term Loan, 3.397%, 04/30/20		2,729,167		2,754,469
Silver II U.S. Holdings LLC Term Loan, 4.147%, 12/13/19		5,335,643		5,044,851
TransDigm, Inc. Extended Term Loan F, 3.982%, 06/09/23		3,316,025		3,304,628
Term Loan C, 4.117%, 02/28/20		4,779,921		4,785,298
Term Loan D, 4.136%, 06/04/21		1,750,500		1,749,224
Wesco Aircraft Hardware Corp. Term Loan A, 3.990%, 10/04/21		1,511,250		1,504,952
				20,085,556
Auto Components—1.7%
American Axle & Manufacturing, Inc. Term Loan B, 03/08/24 (b)		2,975,000		2,983,678
CS Intermediate Holdco 2 LLC Term Loan B, 3.897%, 10/26/23		1,306,924		1,321,627
Dayco Products LLC Term Loan B, 5.304%, 12/12/19		974,874		984,623
Federal-Mogul Holdings Corp. Term Loan C, 4.750%, 04/15/21		4,192,500		4,184,639
MPG Holdco I, Inc. Term Loan B, 3.750%, 10/20/21		4,040,446		4,053,073
Visteon Corp. Delayed Draw Term Loan B, 3.350%, 04/09/21		685,417		689,272
				14,216,912
Auto Manufacturers—0.3%
FCA U.S. LLC Term Loan B, 3.390%, 12/31/18		2,460,873		2,471,440
Auto Parts & Equipment—0.7%
Goodyear Tire & Rubber Co. (The) 2nd Lien Term Loan, 2.860%, 04/30/19		2,433,333		2,456,450
Horizon Global Corp. Term Loan B, 7.000%, 06/30/21		386,326		391,638
TI Group Automotive Systems LLC Term Loan, 3.732%, 06/30/22		1,674,500		1,686,012
Tower Automotive Holdings USA LLC Term Loan B, 3.625%, 03/07/24		1,239,720		1,238,945
				5,773,045
Security Description	Principal Amount*		Value
Banks—0.1%
Freedom Mortgage Corp. 1st Lien Term Loan, 6.862%, 02/26/22		475,000	$	482,719
Beverages—0.2%
Flavors Holdings, Inc. 1st Lien Term Loan, 6.897%, 04/03/20		700,000		609,000
Oak Tea, Inc. Term Loan B1, 3.500%, 07/02/22		1,132,207		1,140,226
				1,749,226
Biotechnology—0.1%
AMAG Pharmaceuticals, Inc. 1st Lien Term Loan, 4.750%, 08/13/21		994,375		996,861
Building Materials—0.9%
CPG International, Inc. Term Loan, 4.897%, 09/30/20		1,945,966		1,960,560
GCP Applied Technologies, Inc. Term Loan B, 4.397%, 02/03/22		544,500		550,966
Henry Co. LLC Term Loan B, 5.500%, 10/05/23		299,250		303,552
Quikrete Holdings, Inc. 1st Lien Term Loan, 4.232%, 11/15/23		2,493,750		2,522,845
Summit Materials Cos. I LLC Term Loan B, 3.738%, 07/17/22		1,603,987		1,621,531
Tank Holding Corp. Term Loan, 5.250%, 03/16/22		679,438		680,004
				7,639,458
Capital Markets—1.5%
Armor Holding II LLC 1st Lien Term Loan, 5.750%, 06/26/20		2,104,576		2,110,715
Corporate Capital Trust, Inc. Term Loan B, 4.438%, 05/20/19		1,140,306		1,143,841
Donnelley Financial Solutions, Inc. Term Loan B, 5.000%, 09/30/23		450,000		454,590
Guggenheim Partners LLC Term Loan, 3.727%, 07/21/23		3,982,748		4,014,279
NXT Capital, Inc. Term Loan, 5.500%, 11/22/22		2,444,813		2,469,261
Salient Partners L.P. Term Loan, 9.522%, 05/19/21		729,000		699,840
Sheridan Investment Partners II L.P. Term Loan A, 4.560%, 12/16/20		98,878		82,440
Term Loan B, 4.560%, 12/16/20		710,808		592,636
Term Loan M, 4.560%, 12/16/20		36,876		30,745
Virtus Investment Partners, Inc. Term Loan, 02/28/24 (b)		475,000		482,125
				12,080,472
Chemicals—4.3%
Alpha 3 B.V. Term Loan B1, 4.147%, 01/31/24		525,000		528,281

BHFTI-87

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
Aruba Investments, Inc. Term Loan B, 4.647%, 02/02/22		296,216	$	297,387
Axalta Coating Systems U.S. Holdings, Inc. Term Loan B1, 3.647%, 02/01/23		3,367,050		3,400,458
Emerald Performance Materials LLC 1st Lien Term Loan, 4.500%, 08/01/21		480,602		486,009
Ferro Corp. Term Loan B, 3.536%, 02/14/24		400,000		403,250
Flint Group GmbH Term Loan C, 4.000%, 09/07/21		138,314		138,833
Flint Group U.S. LLC 1st Lien Term Loan B2, 4.000%, 09/07/21		836,686		839,824
Gemini HDPE LLC Term Loan B, 4.039%, 08/07/21		1,913,677		1,936,402
Huntsman International LLC Term Loan B1, 3.732%, 10/01/21		796,000		803,955
Term Loan B2, 3.982%, 04/01/23		1,791,000		1,811,149
Ineos U.S. Finance LLC Term Loan, 3.732%, 03/31/22		686,024		690,205
Term Loan, 3.732%, 04/01/24		623,438		626,944
Kraton Polymers LLC Term Loan B, 5.000%, 01/06/22		2,166,471		2,190,597
Kronos Worldwide, Inc. Term Loan, 4.150%, 02/18/20		315,250		315,907
MacDermid, Inc. Term Loan, 4.982%, 06/07/23		3,595,715		3,630,551
Term Loan B5, 4.500%, 06/07/20		304,927		308,167
Minerals Technologies, Inc. Term Loan B, 3.294%, 02/14/24		1,046,154		1,061,192
Orion Engineered Carbons GmbH Term Loan, 4.147%, 07/25/21		467,485		472,062
OXEA Finance LLC Term Loan B2, 4.250%, 01/15/20		1,112,005		1,087,911
PolyOne Corp. Term Loan B, 3.131%, 11/12/22		965,297		974,950
PQ Corp. Term Loan, 5.289%, 11/04/22		2,158,715		2,184,157
Sonneborn LLC Term Loan, 4.750%, 12/10/20		352,666		354,282
Sonneborn Refined Products B.V. Term Loan, 4.750%, 12/10/20		62,235		62,520
Tata Chemicals North America, Inc. Term Loan B, 3.938%, 08/07/20		916,755		917,306
Trinseo Materials Operating SCA Term Loan B, 4.250%, 11/05/21		1,301,813		1,316,865
Tronox Pigments (Netherlands) B.V. Term Loan, 4.647%, 03/19/20		4,400,928		4,433,512
Unifrax Corp. Term Loan, 4.250%, 11/28/18		213,840		213,773
Term Loan B, 03/29/24 (b)		525,000		529,594
Univar, Inc. Term Loan B, 3.732%, 07/01/22		3,225,977		3,234,042
Versum Materials, Inc. Term Loan, 3.647%, 09/29/23		597,000		604,836
				35,854,921
Coal—0.2%
Murray Energy Corp. Term Loan B2, 8.397%, 04/16/20		1,919,000		1,863,028
Commercial Services—5.3%
Acosta Holdco, Inc. Term Loan, 4.289%, 09/26/21		2,707,122		2,546,048
Albany Molecular Research, Inc. Term Loan B, 6.006%, 07/16/21		1,384,210		1,398,052
Brickman Group, Ltd. LLC 1st Lien Term Loan, 4.001%, 12/18/20		870,812		875,030
Bright Horizons Family Solutions, Inc. Term Loan B, 3.732%, 11/07/23		1,967,438		1,990,555
Cast & Crew Payroll LLC 1st Lien Term Loan, 4.650%, 08/12/22		374,063		376,400
Garda World Security Corp. Delayed Draw Term Loan, 4.000%, 11/06/20		712,471		715,677
Term Loan B, 4.000%, 11/06/20		3,349,899		3,364,973
Hertz Corp. (The) Term Loan B, 3.732%, 06/30/23		1,017,313		1,020,412
IAP Worldwide Services, Inc. 2nd Lien Term Loan, 8.000%, 07/18/19 (c) (d)		333,751		267,001
Revolver, 1.375%, 07/18/18 (c) (d) (e)		248,024		245,246
IPC Corp. Term Loan B, 5.500%, 08/06/21		1,666,000		1,557,710
Jaguar Holding Co. II Term Loan B, 4.328%, 08/18/22		6,681,422		6,711,489
KAR Auction Services, Inc. Term Loan B2, 4.188%, 03/11/21		4,530,330		4,565,250
Live Nation Entertainment, Inc. Term Loan B2, 3.500%, 10/31/23		2,628,702		2,651,278
LSC Communications, Inc. Term Loan B, 7.000%, 09/30/22		979,167		993,854
Merrill Communications LLC Term Loan, 6.289%, 06/01/22		615,169		616,707
Monitronics International, Inc. Term Loan B2, 6.500%, 09/30/22		3,101,357		3,141,094
Prime Security Services Borrower LLC 1st Lien Term Loan, 4.250%, 05/02/22		2,613,201		2,640,266
Rent-A-Center, Inc. Term Loan B, 3.790%, 03/19/21		122,833		120,914
ServiceMaster Co. Term Loan B, 3.482%, 11/08/23		2,867,813		2,888,412
SGS Cayman L.P. Term Loan B, 6.000%, 04/23/21		197,911		191,973
Weight Watchers International, Inc. Term Loan B2, 4.204%, 04/02/20		4,906,061		4,593,737
				43,472,078
Computers—0.9%
Avast Software B.V. Term Loan B, 4.250%, 09/30/23		1,925,625		1,943,283
MTS Systems Corp. Term Loan B, 5.080%, 07/05/23		1,293,500		1,307,211

BHFTI-88

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Computers—(Continued)
SkillSoft Corp. 1st Lien Term Loan, 5.750%, 04/28/21		3,934,821	$	3,627,413
TNS, Inc. 1st Lien Term Loan, 5.000%, 02/14/20		767,370		774,684
				7,652,591
Construction Materials—0.2%
Fairmount Santrol, Inc. Term Loan B2, 4.647%, 09/05/19		1,954,125		1,920,743
Cosmetics/Personal Care—0.3%
Coty, Inc. Term Loan B, 3.311%, 10/27/22		816,771		821,876
Galleria Co. Term Loan B, 3.813%, 09/29/23		1,675,000		1,688,609
				2,510,485
Distributors—0.3%
American Builders & Contractors Supply Co., Inc. Term Loan B, 3.732%, 10/31/23		2,500,000		2,514,063
PFS Holding Corp. 1st Lien Term Loan, 4.500%, 01/31/21		242,500		238,559
				2,752,622
Diversified Consumer Services—0.2%
Coinamatic Canada, Inc. 1st Lien Term Loan, 4.250%, 05/14/22		43,927		43,954
KUEHG Corp. 1st Lien Term Loan, 5.397%, 08/12/22		1,482,241		1,494,903
WASH Multifamily Laundry Systems LLC 1st Lien Term Loan, 4.250%, 05/14/22		250,823		250,979
				1,789,836
Diversified Financial Services—3.1%
AlixPartners LLP Term Loan B, 04/29/24 (b)		1,825,000		1,836,406
Term Loan B, 4.000%, 07/28/22		592,515		597,170
Altisource Solutions S.a.r.l. Term Loan B, 4.500%, 12/09/20		426,725		411,789
Aptean, Inc. 1st Lien Term Loan, 6.000%, 12/20/22		750,000		760,078
Aretec Group, Inc. 2nd Lien Term Loan, 2.000%, 05/23/21		3,012,431		2,869,341
Term Loan, 8.000%, 11/23/20		1,071,957		1,082,677
Citco Funding LLC Term Loan, 06/29/18 (b)		700,000		703,938
Term Loan, 3.982%, 06/29/18		2,371,205		2,380,097
Clipper Acquisitions Corp. Term Loan B, 3.314%, 02/06/20		1,463,084		1,469,485
Grosvenor Capital Management Holdings LLP Term Loan B, 3.750%, 01/04/21		2,765,028		2,771,941
Harbourvest Partners LLC Term Loan, 3.381%, 02/04/21		680,641		684,044
Diversified Financial Services—(Continued)
Lightstone Generation LLC Term Loan B, 5.539%, 01/30/24		1,433,003		1,444,108
Term Loan C, 5.539%, 01/30/24		88,406		89,091
LPL Holdings, Inc. Term Loan B, 03/10/24 (b)		1,325,000		1,333,006
MIP Delaware LLC Term Loan B1, 4.147%, 03/09/20		177,304		178,080
NFP Corp. Term Loan B, 4.647%, 01/08/24		399,000		403,539
Nord Anglia Education Finance LLC Term Loan, 4.554%, 03/31/21		2,149,550		2,173,062
PGX Holdings, Inc. 1st Lien Term Loan, 6.250%, 09/29/20		516,884		518,984
Walker & Dunlop, Inc. Term Loan B, 5.250%, 12/11/20		668,204		674,886
Walter Investment Management Corp. Term Loan, 4.750%, 12/18/20		3,988,048		3,448,947
				25,830,669
Electric—1.7%
Calpine Construction Finance Co. L.P. Term Loan B1, 3.232%, 05/03/20		986,563		990,571
Term Loan B2, 3.480%, 01/31/22		989,684		989,065
Calpine Corp. 1st Lien Term Loan, 2.740%, 11/30/17		600,000		601,313
Term Loan B5, 3.900%, 01/15/24		4,158,487		4,181,229
Term Loan B8, 2.600%, 12/26/19		450,000		450,804
Dayton Power & Light Co. (The) Term Loan B, 4.240%, 08/24/22		548,625		552,392
Energy Future Intermediate Holding Co. LLC Term Loan, 4.304%, 06/30/17		1,725,000		1,726,437
Granite Acquisition, Inc. Term Loan B, 5.147%, 12/19/21		2,434,387		2,459,746
Term Loan C, 5.147%, 12/19/21		109,579		110,720
Helix Gen Funding LLC Term Loan B, 02/23/24 (b)		900,000		913,782
Invenergy Thermal Operating I LLC Term Loan B, 6.647%, 10/19/22		410,900		398,573
Longview Power LLC Term Loan B, 7.000%, 04/13/21		1,252,688		1,058,521
				14,433,153
Electrical Components & Equipment—0.5%
Electrical Components International, Inc. Term Loan B, 5.897%, 05/28/21		1,302,149		1,312,729
Electro Rent Corp. 1st Lien Term Loan, 6.000%, 01/19/24		1,197,000		1,210,966
Pelican Products, Inc. Term Loan, 5.397%, 04/10/20		1,553,702		1,555,159
				4,078,854
Electronics—1.0%
EIG Investors Corp. Term Loan, 6.042%, 02/09/23		1,969,697		1,986,110
Term Loan, 6.532%, 11/09/19		4,632,286		4,669,344

BHFTI-89

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Electronics—(Continued)
Excelitas Technologies Corp. 1st Lien Term Loan, 6.150%, 10/31/20		1,790,185	$	1,790,745
				8,446,199
Energy Equipment & Services—0.5%
EnergySolutions LLC Term Loan, 6.750%, 05/29/20		1,675,750		1,698,792
Seadrill Partners Finco LLC Term Loan B, 4.147%, 02/21/21		3,154,499		2,152,945
				3,851,737
Entertainment—1.5%
Amaya Holdings B.V. Term Loan B, 4.647%, 08/01/21		4,796,395		4,813,523
CDS U.S. Intermediate Holdings, Inc. 1st Lien Term Loan, 5.147%, 07/08/22		1,911,068		1,929,223
Gateway Casinos & Entertainment, Ltd. Term Loan B1, 4.800%, 02/22/23		375,000		379,453
National CineMedia LLC Term Loan, 3.740%, 11/26/19		500,000		503,516
SeaWorld Parks & Entertainment, Inc. Term Loan B2, 3.248%, 05/14/20		2,376,610		2,366,027
Seminole Hard Rock Entertainment, Inc. Term Loan B, 3.897%, 05/14/20		264,688		266,618
Sesac Holdco II LLC 1st Lien Term Loan, 4.259%, 02/23/24		525,000		526,477
WMG Acquisition Corp. Term Loan C, 3.750%, 11/01/23		1,795,999		1,805,541
				12,590,378
Environmental Control—0.4%
Advanced Disposal Services, Inc. Term Loan B3, 3.698%, 11/10/23		1,992,938		2,009,877
Darling International, Inc. Term Loan B, 3.507%, 01/06/21		727,500		737,267
GFL Environmental, Inc. Term Loan B, 3.897%, 09/29/23		796,000		799,483
				3,546,627
Food—3.3%
AdvancePierre Foods, Inc. Term Loan, 4.000%, 06/02/23		1,484,820		1,503,535
Albertson’s LLC Term Loan B4, 3.982%, 08/22/21		1,603,974		1,613,665
Term Loan B5, 4.401%, 12/22/22		1,492,509		1,503,003
Term Loan B6, 4.302%, 06/22/23		4,056,357		4,085,514
Blue Buffalo Co., Ltd. Term Loan B3, 3.780%, 08/08/19		1,194,210		1,207,645
Centerplate, Inc. Term Loan A, 4.819%, 11/26/19		457,113		457,113
Clearwater Seafoods L.P. Term Loan B, 4.750%, 06/26/19		400,498		401,917
Del Monte Foods, Inc. 1st Lien Term Loan, 4.312%, 02/18/21		1,482,906		1,233,284
Food—(Continued)
Dole Food Co., Inc. New Term Loan B, 11/01/18 (b)		1,650,000		1,662,375
Term Loan B, 4.575%, 11/01/18		2,621,308		2,631,958
High Liner Foods, Inc. Term Loan B, 4.270%, 04/24/21		781,451		782,428
JBS USA LLC Term Loan B, 3.289%, 10/30/22		5,125,000		5,143,686
NPC International, Inc. Term Loan B, 4.750%, 12/28/18		2,051,371		2,068,038
Pinnacle Foods Finance LLC Term Loan B, 2.811%, 02/02/24		748,125		752,467
Supervalu, Inc. Term Loan B, 5.500%, 03/21/19		2,367,553		2,389,420
				27,436,048
Forest Products & Paper—0.1%
Expera Specialty Solutions LLC Term Loan B, 5.750%, 11/03/23		995,000		1,003,706
Hand/Machine Tools—0.6%
Apex Tool Group LLC Term Loan B, 4.500%, 01/31/20		1,829,924		1,818,487
Milacron LLC Amended Term Loan B, 3.982%, 09/28/23		2,668,313		2,684,990
				4,503,477
Health Care Technology—0.1%
Press Ganey Holdings, Inc. 1st Lien Term Loan, 4.250%, 10/21/23		723,188		726,126
Healthcare-Products—2.5%
Alere, Inc. Term Loan B, 4.250%, 06/18/22		1,602,329		1,605,844
BSN Medical, Inc. Term Loan B1B, 4.000%, 08/28/19		544,144		545,504
CeramTec Acquisition Corp. Term Loan B2, 4.304%, 08/30/20		30,564		30,764
CHG Healthcare Services, Inc. Term Loan B, 4.750%, 06/07/23		2,104,745		2,128,095
Convatec, Inc. Term Loan B, 3.482%, 10/31/23		575,000		580,750
DJO Finance LLC Term Loan, 4.250%, 06/08/20		3,406,501		3,309,273
Faenza Acquisition GmbH Term Loan B1, 4.304%, 08/30/20		261,928		263,647
Term Loan B3, 4.304%, 08/30/20		79,953		80,478
Greatbatch, Ltd. Term Loan B, 4.500%, 10/27/22		2,250,479		2,255,824
Kinetic Concepts, Inc. Term Loan B, 02/02/24 (b)		2,550,000		2,551,329
Mallinckrodt International Finance S.A. Term Loan B, 3.897%, 09/24/24		4,078,625		4,083,723
Medical Depot Holdings, Inc. 1st Lien Term Loan, 6.500%, 01/03/23		695,625		675,174

BHFTI-90

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Products—(Continued)
New Millennium HoldCo, Inc. Term Loan, 7.500%, 12/21/20		280,413	$	145,581
Sterigenics-Nordion Holdings LLC Term Loan B, 4.397%, 05/15/22		714,125		716,803
Tecomet, Inc. 1st Lien Term Loan, 5.750%, 12/05/21		2,052,750		2,052,750
				21,025,539
Healthcare-Services—5.5%
Acadia Healthcare Co., Inc. Term Loan B, 3.982%, 02/11/22		740,568		746,585
Term Loan B2, 02/16/23 (b)		1,500,000		1,513,938
ADMI Corp. Term Loan B, 4.802%, 04/30/22		962,836		974,871
Alliance Healthcare Services, Inc. Term Loan B, 4.305%, 06/03/19		1,141,862		1,139,007
Ardent Legacy Acquisitions, Inc. Term Loan B, 6.647%, 08/04/21		492,500		494,039
BioClinica, Inc. 1st Lien Term Loan, 5.250%, 10/20/23		648,375		655,669
CareCore National LLC Term Loan B, 5.500%, 03/05/21		3,056,851		3,072,135
Community Health Systems, Inc. Term Loan G, 3.798%, 12/31/19		2,196,666		2,186,827
Term Loan H, 4.048%, 01/27/21		2,527,810		2,494,896
Concentra, Inc. 1st Lien Term Loan, 4.061%, 06/01/22		476,731		480,009
CPI Holdco LLC 1st Lien Term Loan, 5.150%, 03/15/24		650,000		655,688
DaVita HealthCare Partners, Inc. Term Loan B, 3.732%, 06/24/21		3,112,000		3,152,279
Envision Healthcare Corp. Term Loan B, 4.150%, 12/01/23		5,810,438		5,875,805
Iasis Healthcare LLC Term Loan B2, 4.500%, 05/03/18		1,479,302		1,479,433
Kindred Healthcare, Inc. Term Loan, 4.563%, 04/09/21		3,068,856		3,072,692
MMM Holdings, Inc. Term Loan, 10.250%, 06/30/19		967,828		958,150
MPH Acquisition Holdings LLC Term Loan B, 4.897%, 06/07/23		2,189,049		2,219,376
MSO of Puerto Rico, Inc. Term Loan, 10.250%, 12/12/17		703,606		696,570
National Mentor Holdings, Inc. Term Loan B, 4.397%, 01/31/21		1,046,415		1,050,557
National Surgical Hospitals, Inc. Term Loan, 4.500%, 06/01/22		1,484,887		1,485,778
Onex Carestream Finance L.P. 1st Lien Term Loan, 5.147%, 06/07/19		1,745,396		1,688,671
Opal Acquisition, Inc. Term Loan B, 5.088%, 11/27/20		1,695,367		1,590,819
Ortho-Clinical Diagnostics, Inc. Term Loan B, 4.750%, 06/30/21		2,966,125		2,948,328
RadNet, Inc. Reprice Term Loan, 4.280%, 06/30/23		1,389,375		1,400,664
Healthcare-Services—(Continued)
Select Medical Corp. Term Loan B, 4.500%, 03/06/24		1,575,000		1,591,734
Team Health Holdings, Inc. 1st Lien Term Loan, 3.750%, 02/06/24		1,950,000		1,944,881
				45,569,401
Hotels, Restaurants & Leisure—1.1%
1011778 BC Unlimited Liability Co. Term Loan B3, 3.309%, 02/16/24		8,215,974		8,244,220
Eldorado Resorts LLC Term Loan B, 03/13/24 (b)		1,175,000		1,179,406
				9,423,626
Household Products/Wares—0.9%
KIK Custom Products, Inc. Term Loan B, 5.653%, 08/26/22		1,102,096		1,119,084
Libbey Glass, Inc. Term Loan B, 3.854%, 04/09/21		412,057		414,804
Prestige Brands, Inc. Term Loan B4, 3.732%, 01/26/24		702,137		709,305
Spectrum Brands, Inc. Term Loan, 3.399%, 06/23/22		1,535,139		1,548,093
Spin Holdco, Inc. Term Loan B, 4.285%, 11/14/19		3,066,358		3,071,469
Zep, Inc. Term Loan, 5.000%, 06/26/22		343,875		349,033
				7,211,788
Industrial Conglomerates—0.3%
IG Investment Holdings LLC Term Loan B, 6.147%, 10/29/21		2,206,051		2,227,192
Insurance—3.6%
Alliant Holdings I, Inc. Term Loan B, 4.387%, 08/12/22		2,362,998		2,382,443
AmWINS Group, Inc. Term Loan B, 4.323%, 01/25/24		2,069,813		2,077,789
AssuredPartners, Inc. Term Loan B, 5.250%, 10/21/22		1,238,603		1,250,022
Asurion LLC 2nd Lien Term Loan, 8.500%, 03/03/21		1,575,000		1,593,703
Term Loan B2, 4.232%, 07/08/20		1,324,442		1,335,618
Term Loan B4, 4.250%, 08/04/22		5,070,559		5,104,892
Term Loan B5, 4.750%, 11/03/23		1,715,065		1,732,216
Camelot UK Holdco, Ltd. Term Loan B, 4.750%, 10/03/23		1,119,375		1,124,412
Cunningham Lindsey U.S., Inc. 1st Lien Term Loan, 5.028%, 12/10/19		1,805,918		1,616,297
Hub International, Ltd. Term Loan B, 4.035%, 10/02/20		3,249,967		3,267,488
UFC Holdings LLC 1st Lien Term Loan, 4.250%, 08/18/23		1,990,000		2,004,037
USI, Inc. Term Loan B, 4.250%, 12/27/19		3,315,962		3,324,942

BHFTI-91

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
VF Holding Corp. Reprice Term Loan, 4.250%, 06/30/23		3,263,625	$	3,285,772
				30,099,631
Internet—2.3%
Ancestry.com Operations, Inc. 1st Lien Term Loan, 4.250%, 10/19/23		2,054,250		2,075,649
Ascend Learning LLC Term Loan B, 5.525%, 07/31/19		1,845,409		1,856,943
Getty Images, Inc. Term Loan B, 4.750%, 10/18/19		4,459,235		3,915,766
Go Daddy Operating Co. LLC Delayed Draw Term Loan, 0.000%, 02/15/24 (e)		2,924,174		2,930,753
Term Loan B, 3.412%, 02/15/24		2,200,826		2,205,778
Match Group, Inc. Term Loan B1, 4.097%, 11/16/22		481,250		496,891
SurveyMonkey, Inc. Term Loan B, 6.250%, 02/05/19		517,892		518,203
Uber Technologies Term Loan B, 5.000%, 07/13/23		3,706,375		3,708,691
Vivid Seats, Ltd. Term Loan B, 6.750%, 10/07/22		875,000		880,469
				18,589,143
Internet Software & Services—0.6%
Answers Corp. 1st Lien Term Loan, 0.000%, 10/03/21 (f)		1,108,125		526,359
Extreme Reach, Inc. 1st Lien Term Loan, 7.280%, 02/07/20		2,497,655		2,529,395
Sutherland Global Services, Inc. Term Loan B, 6.147%, 04/23/21		850,214		824,708
Travelport Finance (Luxembourg) S.a.r.l. Term Loan B, 4.289%, 09/02/21		1,147,690		1,157,733
				5,038,195
Investment Company Security—0.1%
TKC Holdings, Inc. Term Loan, 4.750%, 02/01/23		975,000		984,902
IT Services—0.0%
Global Payments, Inc. Reprice Term Loan B, 3.482%, 04/22/23		335,683		338,621
Leisure Products—0.8%
Bombardier Recreational Products, Inc. Term Loan B, 4.040%, 06/30/23		4,328,250		4,357,106
Sabre GLBL, Inc. Term Loan B, 3.732%, 02/22/24		938,242		946,099
Steinway Musical Instruments, Inc. 1st Lien Term Loan, 4.789%, 09/19/19		1,655,802		1,573,012
				6,876,217
Leisure Time—0.5%
ClubCorp Club Operations, Inc. Term Loan, 4.000%, 12/15/22		1,784,222		1,797,604
Delta 2 (LUX) S.a.r.l. Term Loan B3, 4.568%, 02/01/24		650,000		650,523
SRAM LLC Term Loan, 4.546%, 03/15/24		1,549,549		1,557,296
				4,005,423
Lodging—1.6%
Boyd Gaming Corp. Term Loan B2, 09/15/23 (b)		975,000		980,484
Caesars Entertainment Operating Co. Extended Term Loan B6, 0.000%, 03/01/22 (f)		1,282,347		1,490,729
CityCenter Holdings LLC Term Loan B, 3.732%, 10/16/20		657,397		665,779
Four Seasons Holdings, Inc. 1st Lien Term Loan, 4.147%, 11/30/23		897,750		909,052
Golden Nugget, Inc. Delayed Draw Term Loan, 4.500%, 11/21/19		131,625		133,682
Term Loan B, 4.540%, 11/21/19		307,125		311,924
Hilton Worldwide Finance LLC Term Loan B2, 2.982%, 10/25/23		4,341,789		4,382,945
MGM Growth Properties Operating Partnership L.P. Term Loan B, 3.482%, 04/25/23		1,881,000		1,893,226
Playa Resorts Holding B.V. Term Loan B, 4.040%, 08/09/19		2,432,800		2,441,923
Tropicana Entertainment, Inc. Term Loan, 4.000%, 11/27/20		386,000		389,377
				13,599,121
Machinery—1.5%
Allison Transmission, Inc. Term Loan B3, 2.990%, 09/23/22		1,019,801		1,030,141
CPM Holdings, Inc. Term Loan B, 5.250%, 04/11/22		766,994		779,218
Delachaux S.A. Term Loan B2, 4.647%, 10/28/21		417,088		415,524
Doosan Infracore International, Inc. Term Loan B, 4.500%, 05/28/21		798,981		808,968
Dynacast International LLC Term Loan B, 4.500%, 01/28/22		1,211,742		1,204,139
Gates Global LLC Term Loan B, 4.397%, 07/06/21		4,839,129		4,854,251
Global Brass & Copper, Inc. Term Loan B, 5.250%, 07/18/23		820,875		832,675
Paladin Brands Holding, Inc. Term Loan B, 7.250%, 08/16/19		1,196,667		1,142,817
Zebra Technologies Corp. Term Loan B, 3.600%, 10/27/21		1,519,375		1,534,095
				12,601,828

BHFTI-92

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Machinery-Diversified—1.1%
EWT Holdings III Corp. 1st Lien Term Loan, 4.897%, 01/15/21		3,210,047	$	3,234,122
1st Lien Term Loan, 5.647%, 01/15/21		569,250		574,231
Gardner Denver, Inc. Term Loan, 4.559%, 07/30/20		4,558,306		4,554,746
Manitowoc Foodservice, Inc. Term Loan B, 4.000%, 03/03/23		846,154		855,673
				9,218,772
Marine—0.2%
Stena International S.a.r.l. Term Loan B, 4.150%, 03/03/21		1,649,000		1,534,601
Media—5.3%
ALM Media Holdings, Inc. 1st Lien Term Loan, 5.647%, 07/31/20		398,438		378,516
Altice U.S. Finance I Corp. Term Loan B, 3.982%, 01/15/25		1,122,188		1,126,396
AMC Entertainment, Inc. Term Loan, 3.662%, 12/15/22		2,073,750		2,094,488
Term Loan B, 3.733%, 12/15/23		525,000		529,988
AP NMT Acquisition B.V. 1st Lien Term Loan, 6.750%, 08/13/21		1,149,177		1,036,558
Atlantic Broadband Finance LLC Term Loan B, 3.482%, 11/30/19		698,029		701,170
CBS Radio, Inc. Term Loan B, 03/02/24 (b)		450,000		453,469
Term Loan B, 4.500%, 10/17/23		1,151,529		1,163,908
Charter Communications Operating LLC Term Loan E, 2.990%, 07/01/20		1,275,313		1,280,184
Term Loan I Add, 3.232%, 01/15/24		2,054,250		2,066,947
Crossmark Holdings, Inc. 1st Lien Term Loan, 4.647%, 12/20/19		1,414,598		1,082,167
Cumulus Media Holdings, Inc. Term Loan, 4.250%, 12/23/20		4,395,366		3,297,623
Entercom Radio LLC Term Loan, 4.563%, 11/01/23		906,458		912,690
Entravision Communications Corp. Term Loan, 3.647%, 05/31/20		1,712,333		1,712,333
Global Eagle Entertainment, Inc. 1st Lien Term Loan, 7.322%, 01/06/23		1,125,000		1,061,719
Gray Television, Inc. Term Loan B, 3.334%, 02/07/24		224,438		226,401
Hubbard Radio LLC Term Loan B, 4.250%, 05/27/22		590,069		590,069
iHeartCommunications, Inc. Extended Term Loan E, 8.482%, 07/30/19		425,533		364,894
Term Loan D, 7.732%, 01/30/19		1,323,104		1,142,279
Information Resources, Inc. 1st Lien Term Loan, 5.250%, 01/18/24		1,800,000		1,825,031
Kasima LLC Term Loan B, 3.632%, 05/17/21		447,059		450,784
Mediacom Illinois LLC Term Loan K, 3.200%, 02/15/24		464,312		466,828
Media—(Continued)
MH Sub I LLC 1st Lien Term Loan, 4.750%, 07/08/21		780,941		788,751
Delayed Draw Term Loan, 0.000%, 07/08/21 (e)		211,765		213,585
Incremental 1st Lien Term Loan, 4.750%, 07/08/21		387,240		390,568
Mission Broadcasting, Inc. Term Loan B2, 3.943%, 01/17/24		293,164		295,118
Nexstar Broadcasting, Inc. Term Loan B, 3.943%, 01/17/24		3,023,882		3,044,042
Numericable U.S. LLC Term Loan B7, 5.289%, 01/15/24		818,813		824,032
ProQuest LLC Term Loan B, 5.250%, 10/24/21		1,649,571		1,666,840
Raycom TV Broadcasting LLC Term Loan B, 3.982%, 08/04/21		2,946,145		2,942,463
Sinclair Television Group, Inc. Term Loan B2, 3.240%, 01/03/24		1,777,762		1,786,466
Springer Science+Business Media Deutschland GmbH Term Loan B9, 4.500%, 08/14/20		947,171		949,342
Univision Communications, Inc. Term Loan C5, 3.750%, 03/15/24		7,420,725		7,377,826
				44,243,475
Metal Fabricate/Hardware—1.7%
Ameriforge Group, Inc. 1st Lien Term Loan, 5.000%, 12/19/19		3,094,452		2,324,707
Rexnord LLC Term Loan B, 3.837%, 08/21/23		5,866,362		5,895,289
WireCo WorldGroup, Inc. 1st Lien Term Loan, 6.500%, 09/30/23		572,125		578,323
Zekelman Industries, Inc. Term Loan B, 4.906%, 06/14/21		4,920,569		4,994,377
				13,792,696
Mining—0.4%
FMG Resources (August 2006) Pty, Ltd. Term Loan B, 3.750%, 06/30/19		1,479,946		1,489,751
Neenah Foundry Co. Term Loan, 7.750%, 04/26/19		1,477,866		1,470,476
New Day Aluminum LLC First Out Term Loan, 4.000%, 10/28/20 (c) (h)		28,129		0
Noranda Aluminum Acquisition Corp. Term Loan B, 0.000%, 02/28/19 (c) (d) (f)		483,902		79,070
				3,039,297
Miscellaneous Manufacturing—0.5%
Filtration Group Corp. 1st Lien Term Loan, 4.304%, 11/21/20		859,084		867,675
Husky Injection Molding Systems, Ltd. 1st Lien Term Loan, 4.250%, 06/30/21		3,055,532		3,076,350
				3,944,025

BHFTI-93

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Multi-Utilities—0.1%
Lonestar Generation LLC Term Loan B, 5.304%, 02/22/21		536,197	$	512,068
Office/Business Equipment—0.5%
CDW LLC Term Loan B, 3.000%, 08/17/23		4,186,063		4,212,226
Oil & Gas—2.3%
Bronco Midstream Funding LLC Term Loan B, 5.057%, 08/15/20		2,122,341		2,132,952
CITGO Holding, Inc. Term Loan B, 9.647%, 05/12/18		806,474		818,739
Citgo Petroleum Corp. Term Loan B, 4.647%, 07/29/21		2,416,790		2,437,937
Crestwood Holdings LLC Term Loan B1, 9.042%, 06/19/19		1,355,355		1,354,507
Emerald Expositions Holding, Inc. Term Loan B, 4.897%, 06/17/20		1,222,031		1,232,724
Fieldwood Energy LLC 1st Lien Last Out Term Loan, 8.375%, 09/30/20		297,370		258,712
1st Lien Term Loan, 3.875%, 10/01/18		1,051,437		1,015,951
1st Lien Term Loan, 8.000%, 08/31/20		225,000		212,812
2nd Lien Term Loan, 8.375%, 09/30/20		377,630		275,670
MEG Energy Corp. Term Loan B, 4.540%, 12/31/23		5,464,305		5,474,551
Oxbow Carbon LLC Term Loan B, 4.250%, 07/19/19		450,681		451,808
Paragon Offshore Finance Co. Term Loan B, 5.750%, 07/18/21		839,375		329,979
Sheridan Production Partners I LLC Term Loan B2, 4.600%, 10/01/19		1,057,579		921,416
Term Loan B2 I-A, 4.600%, 10/01/19		140,138		122,095
Term Loan B2 I-M, 4.600%, 10/01/19		85,597		74,576
Southcross Energy Partners L.P. 1st Lien Term Loan, 5.397%, 08/04/21		485,099		431,334
Southcross Holdings Borrower L.P. Term Loan B, 3.500%, 04/13/23		55,050		49,545
TPF II Power LLC Term Loan B, 5.000%, 10/02/23		1,258,540		1,269,422
				18,864,730
Packaging & Containers—2.1%
Berry Plastics Group, Inc. Term Loan I, 3.501%, 10/01/22		892,978		900,861
BWAY Holding Co. Term Loan B, 03/22/24 (b)		950,000		949,406
Flex Acquisition Co., Inc. 1st Lien Term Loan, 4.250%, 12/29/23		3,225,000		3,252,213
Reynolds Group Holdings, Inc. Term Loan, 3.982%, 02/05/23		8,592,992		8,638,647
SIG Combibloc U.S. Acquisition, Inc. Term Loan, 4.000%, 03/13/22		2,596,220		2,614,248
Signode Industrial Group U.S., Inc. Term Loan B, 4.064%, 05/01/21		1,082,813		1,091,610
				17,446,985
Pharmaceuticals—4.7%
Akorn, Inc. Term Loan B, 5.250%, 04/16/21		895,627		906,822
Alkermes, Inc. Term Loan B, 3.580%, 09/25/21		359,023		362,613
Amneal Pharmaceuticals LLC Term Loan, 4.653%, 11/01/19		4,432,644		4,446,496
Arbor Pharmaceuticals, Inc. Term Loan B, 6.147%, 07/05/23		2,573,711		2,621,968
Auris Luxembourg III S.a.r.l. Term Loan B7, 4.147%, 01/17/22		1,727,457		1,746,352
Change Healthcare Holdings, Inc. Term Loan B, 3.750%, 03/01/24		7,300,000		7,321,294
DPx Holdings B.V. Incremental Term Loan, 4.397%, 03/11/21		3,858,697		3,869,378
Endo Luxembourg Finance Co. I S.a.r.l. Term Loan B, 4.000%, 09/26/22		2,413,408		2,417,597
Genoa, a QoL Healthcare Co. LLC 1st Lien Term Loan, 4.897%, 10/28/23		572,125		575,844
Grifols Worldwide Operations USA, Inc. Term Loan, 3.194%, 01/31/25		3,250,000		3,261,905
HLF Financing S.a.r.l. Term Loan B, 6.482%, 02/13/23		1,450,000		1,447,886
Horizon Pharma, Inc. Term Loan B, 4.902%, 03/15/24		1,169,358		1,178,128
Indivior Finance S.a.r.l. Term Loan B, 7.040%, 12/19/19		896,875		903,601
Valeant Pharmaceuticals International, Inc. Term Loan B F1, 5.570%, 04/01/22		7,398,929		7,427,703
				38,487,587
Pipelines—0.3%
Energy Transfer Equity L.P. Term Loan B, 3.539%, 02/02/24		2,220,000		2,217,622
Professional Services—0.2%
Trans Union LLC Term Loan B2, 3.482%, 04/09/23		1,488,508		1,501,905
Real Estate—1.3%
Americold Realty Operating Partnership L.P. Term Loan B, 4.750%, 12/01/22		410,845		417,692
Auction.com LLC Term Loan B, 6.000%, 05/12/19		1,029,000		1,039,290
DTZ U.S. Borrower LLC 1st Lien Term Loan, 4.304%, 11/04/21		3,870,279		3,899,306
MCS AMS Sub-Holdings LLC Term Loan B, 7.500%, 10/15/19		465,000		452,212
RE/MAX International, Inc. Term Loan B, 3.897%, 12/15/23		1,914,929		1,923,307
Realogy Corp. Term Loan B, 3.232%, 07/20/22		2,580,371		2,602,304
RHP Hotel Properties L.P. Term Loan B, 3.740%, 01/15/21		656,438		663,276
				10,997,387

BHFTI-94

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—0.5%
ESH Hospitality, Inc. Term Loan B, 3.482%, 08/30/23		1,268,633	$	1,276,109
Quality Care Properties, Inc. 1st Lien Term Loan, 6.250%, 10/31/22		2,518,688		2,574,572
				3,850,681
Retail—5.4%
Ascena Retail Group, Inc. Term Loan B, 5.500%, 08/21/22		2,043,726		1,852,127
Bass Pro Group LLC Term Loan, 4.104%, 06/05/20		1,132,077		1,116,511
Term Loan B, 6.147%, 12/16/23		1,225,000		1,183,145
BJ’s Wholesale Club, Inc. 1st Lien Term Loan, 4.750%, 02/03/24		925,000		906,500
Coinstar LLC 1st Lien Term Loan, 5.250%, 09/27/23		447,750		452,577
David’s Bridal, Inc. Term Loan B, 5.250%, 10/11/19		1,612,459		1,322,217
Evergreen Acqco 1 L.P. Term Loan, 5.000%, 07/09/19		1,457,326		1,295,806
Focus Brands, Inc. 1st Lien Term Loan, 5.000%, 10/03/23		340,313		343,290
General Nutrition Centers, Inc. Term Loan, 3.490%, 03/04/19		2,913,866		2,487,713
Harbor Freight Tools USA, Inc. Term Loan B, 4.232%, 08/19/23		1,537,250		1,538,531
J. Crew Group, Inc. Term Loan B, 4.078%, 03/05/21		3,162,357		1,939,578
Landry’s, Inc. Term Loan B, 4.041%, 10/04/23		2,469,231		2,493,703
Men’s Wearhouse, Inc. (The) Term Loan B, 4.528%, 06/18/21		879,612		845,161
Michaels Stores, Inc. Term Loan B1, 3.750%, 01/30/23		2,704,604		2,698,971
Nature’s Bounty Co. (The) Term Loan B, 4.647%, 05/05/23		3,647,483		3,669,142
Neiman Marcus Group, Ltd. LLC Term Loan, 4.250%, 10/25/20		2,350,039		1,896,923
Party City Holdings, Inc. Term Loan, 3.872%, 08/19/22		2,459,013		2,456,598
PetSmart, Inc. Term Loan B2, 4.020%, 03/11/22		3,940,563		3,779,000
Pier 1 Imports (U.S.), Inc. Term Loan B, 4.500%, 04/30/21		1,492,886		1,448,099
Pilot Travel Centers LLC Term Loan B, 2.982%, 05/25/23		1,454,275		1,465,333
Rite Aid Corp. 2nd Lien Term Loan, 5.750%, 08/21/20		450,000		452,419
Sage Automotive Holdings, Inc. 1st Lien Term Loan, 6.000%, 10/27/22		698,250		701,741
Serta Simmons Bedding LLC 1st Lien Term Loan, 4.538%, 11/08/23		4,250,000		4,275,045
Toys “R” Us Property Co. I LLC Term Loan B, 6.000%, 08/21/19		3,110,586		3,001,716
Retail—(Continued)
Yum! Brands, Inc. 1st Lien Term Loan B, 2.976%, 06/16/23		970,125		976,067
				44,597,913
Semiconductors—0.7%
Cypress Semiconductor Corp. Term Loan B, 4.580%, 07/05/21		1,048,125		1,059,590
Entegris, Inc. Term Loan B, 3.232%, 04/30/21		238,361		240,348
Lattice Semiconductor Corp. Term Loan, 5.260%, 03/10/21		1,964,972		1,964,972
Lumileds Holding B.V. Term Loan B, 02/27/24 (b)		1,050,000		1,063,125
M/A-COM Technology Solutions Holdings, Inc. Term Loan, 3.858%, 05/07/21		783,954		797,183
Microsemi Corp. Term Loan B, 3.226%, 01/15/23		368,524		370,904
				5,496,122
Software—5.7%
Campaign Monitor Finance Pty, Ltd. 1st Lien Term Loan, 6.397%, 03/18/21		711,107		693,329
CCC Information Services, Inc. Term Loan, 4.000%, 12/20/19		2,303,373		2,309,131
Eze Castle Software, Inc. 1st Lien Term Loan, 4.147%, 04/06/20		2,578,789		2,588,460
First Data Corp. Term Loan, 3.984%, 07/10/22		2,449,003		2,471,622
Global Healthcare Exchange LLC Term Loan B, 5.250%, 08/15/22		1,058,949		1,074,833
Hyland Software, Inc. Term Loan, 4.232%, 07/01/22		2,690,901		2,718,483
Infoblox, Inc. Term Loan, 6.000%, 11/01/23		1,325,000		1,341,562
Infor (U.S.), Inc. Term Loan B6, 3.897%, 02/01/22		7,804,114		7,810,388
Informatica Corp. Term Loan, 4.647%, 08/05/22		2,735,819		2,726,049
ION Trading Finance, Ltd. Term Loan B1, 4.147%, 08/11/23		2,318,807		2,318,083
Kronos, Inc. 1st Lien Term Loan, 5.034%, 11/01/23		5,561,063		5,599,295
MA FinanceCo. LLC Term Loan B, 4.789%, 11/19/21		972,960		981,907
Term Loan C, 4.789%, 11/20/19		928,125		935,915
Magic Newco LLC 1st Lien Term Loan, 5.000%, 12/12/18		2,157,286		2,168,972
Quintiles IMS, Inc. Term Loan B, 2.913%, 03/01/24		2,242,304		2,259,962
Renaissance Learning, Inc. 1st Lien Term Loan, 4.897%, 04/09/21		1,731,548		1,738,853
Rocket Software, Inc. 1st Lien Term Loan, 5.397%, 10/14/23		1,119,375		1,132,668
SS&C Technologies, Inc. Term Loan B1, 3.232%, 07/08/22		1,704,350		1,716,676
Term Loan B2, 3.232%, 07/08/22		145,695		146,749

BHFTI-95

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
Synchronoss Technologies, Inc. Term Loan, 4.082%, 01/19/24		750,000	$	748,687
Syncsort, Inc. 1st Lien Term Loan, 6.397%, 12/09/22		698,250		700,214
Veritas U.S., Inc. Term Loan B1, 6.772%, 01/27/23		2,208,941		2,199,047
Wall Street Systems Delaware, Inc. Term Loan B, 4.500%, 08/26/23		723,188		726,578
				47,107,463
Technology Hardware, Storage & Peripherals—0.3%
Western Digital Corp. Term Loan B, 3.732%, 04/29/23		2,163,677		2,181,595
Telecommunications—5.4%
Colorado Buyer, Inc. Term Loan B, 03/28/24 (b)		775,000		781,002
CommScope, Inc. Term Loan B5, 3.482%, 12/29/22		833,150		839,392
Consolidated Communications, Inc. Delayed Draw Term Loan B2, 10/05/23 (b)		625,000		628,828
Term Loan B, 4.000%, 10/04/23		398,000		400,886
CSC Holdings LLC Term Loan, 3.943%, 10/11/24		2,460,938		2,459,911
Intelsat Jackson Holdings S.A. Term Loan B2, 3.887%, 06/30/19		7,125,000		7,027,031
Level 3 Financing, Inc. Term Loan B, 3.227%, 02/22/24		2,550,000		2,555,738
MCC Iowa LLC Term Loan H, 3.450%, 01/29/21		914,375		921,227
Term Loan J, 3.700%, 06/30/21		826,625		834,246
Onvoy LLC 1st Lien Term Loan B, 5.647%, 02/10/24		675,000		676,266
Radiate Holdco LLC 1st Lien Term Loan, 3.982%, 02/01/24		675,000		679,279
Sprint Communications, Inc. 1st Lien Term Loan B, 3.500%, 02/02/24		3,300,000		3,304,811
Syniverse Holdings, Inc. Term Loan, 4.039%, 04/23/19		1,709,691		1,581,464
Term Loan B, 4.000%, 04/23/19		1,847,521		1,708,957
Telenet International Finance S.a.r.l. Term Loan AF, 3.912%, 01/31/25		1,850,000		1,860,839
Telesat Canada Term Loan B4, 4.150%, 11/17/23		4,601,904		4,645,622
UPC Financing Partnership Term Loan AP, 3.662%, 04/15/25		2,500,000		2,510,938
Virgin Media Bristol LLC Term Loan I, 3.662%, 01/31/25		6,450,000		6,474,187
Ziggo Secured Finance Partnership Term Loan E, 3.412%, 04/15/25		5,125,000		5,130,489
				45,021,113
Security Description	Shares/ Principal Amount*		Value
Thrifts & Mortgage Finance—0.1%
Ocwen Financial Corp. Term Loan B, 6.000%, 12/05/20		370,313		375,018
Trading Companies & Distributors—0.4%
AerCap Holdings NV A Deferred Principal, 3.397%, 10/06/23		2,675,000		2,703,144
Solenis International L.P. 1st Lien Term Loan, 4.304%, 07/31/21		289,911		291,247
STS Operating, Inc. Term Loan, 4.772%, 02/12/21		309,771		306,479
				3,300,870
Transportation—0.1%
Kenan Advantage Group, Inc. Term Loan, 4.000%, 07/31/22		578,432		579,444
Term Loan B, 4.000%, 07/31/22		177,034		177,344
PODS LLC Term Loan B2, 4.250%, 02/02/22		324,171		326,467
				1,083,255
Trucking & Leasing—0.8%
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. Term Loan B1, 3.228%, 09/20/20		250,000		253,058
Term Loan B2, 3.728%, 03/20/22		5,925,000		6,014,699
				6,267,757
Wireless Telecommunication Services—0.2%
SBA Senior Finance II LLC Term Loan B1, 3.240%, 03/24/21		1,920,687		1,928,920
Total Floating Rate Loans (Cost $788,956,695)				782,537,026
Common Stocks—0.2%
Capital Markets—0.1%
RCS Capital Corp. (g) (h)		35,138		544,643
Commercial Services—0.1%
IAP Worldwide Services LLC (c) (d) (g) (h)		44		702,929
Gas Utilities—0.0%
Southcross Holding GP LLC (c) (d) (g) (h)		59		0
Southcross Holding L.P. - Class A (g) (h)		59		25,813
				25,813
Health Care Providers & Services—0.0%
Millennium Health LLC (g) (h)		31,600		39,500
Oil, Gas & Consumable Fuels—0.0%
Samson Resources II LLC - Class A (g) (h)		19,666		324,489
Total Common Stocks (Cost $766,956)				1,637,374

BHFTI-96

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—0.0%

Security Description	Principal Amount*		Value
Aerospace/Defense—0.0%
Erickson Air-Crane, Inc. 6.000%, 11/02/20 (c) (d) (f) (Cost $40,907)		47,232	$	0
Short-Term Investment—8.3%
Repurchase Agreement—8.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $69,042,402 on 04/03/17, collateralized by $70,890,000 U.S. Treasury Note at 1.375% due 10/31/20 with a value of $70,427,301.		69,041,884		69,041,884
Total Short-Term Investments (Cost $69,041,884)				69,041,884
Total Investments—103.0% (Cost $858,806,442)				853,216,284
Unfunded Loan Commitments—(0.4)% (Cost $(3,359,160))				(3,359,160	)
Net Investments—102.6% (Cost $855,447,282) (i)				849,857,124
Other assets and liabilities (net)—(2.6)%				(21,851,056	)
Net Assets—100.0%			$	828,006,068

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at
	their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	This loan will settle after March 31, 2017, at which time the interest rate will be determined.
(c)	Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent 0.2% of net assets.
(d)	Illiquid security. As of March 31, 2017, these securities represent 0.2% of net assets.
(e)	Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(f)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(g)	Non-income producing security.
(h)	Security was acquired in connection with a restructuring of a senior loan and may be subject to restrictions on resale.
(i)	As of March 31, 2017, the aggregate cost of investments was $855,447,282. The aggregate unrealized appreciation and depreciation of investments were $6,871,989 and $(12,462,147), respectively, resulting in net unrealized depreciation of $(5,590,158).

BHFTI-97

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Floating Rate Loans
Advertising	$	—	$	3,963,349	$	—	$	3,963,349
Aerospace/Defense		—		20,085,556		—		20,085,556
Auto Components		—		14,216,912		—		14,216,912
Auto Manufacturers		—		2,471,440		—		2,471,440
Auto Parts & Equipment		—		5,773,045		—		5,773,045
Banks		—		482,719		—		482,719
Beverages		—		1,749,226		—		1,749,226
Biotechnology		—		996,861		—		996,861
Building Materials		—		7,639,458		—		7,639,458
Capital Markets		—		12,080,472		—		12,080,472
Chemicals		—		35,854,921		—		35,854,921
Coal		—		1,863,028		—		1,863,028
Commercial Services (Less Unfunded Loan Commitments of $223,221)		—		42,959,831		289,026		43,248,857
Computers		—		7,652,591		—		7,652,591
Construction Materials		—		1,920,743		—		1,920,743
Cosmetics/Personal Care		—		2,510,485		—		2,510,485
Distributors		—		2,752,622		—		2,752,622
Diversified Consumer Services		—		1,789,836		—		1,789,836
Diversified Financial Services		—		25,830,669		—		25,830,669
Electric		—		14,433,153		—		14,433,153
Electrical Components & Equipment		—		4,078,854		—		4,078,854
Electronics		—		8,446,199		—		8,446,199
Energy Equipment & Services		—		3,851,737		—		3,851,737
Entertainment		—		12,590,378		—		12,590,378
Environmental Control		—		3,546,627		—		3,546,627
Food		—		27,436,048		—		27,436,048
Forest Products & Paper		—		1,003,706		—		1,003,706
Hand/Machine Tools		—		4,503,477		—		4,503,477
Health Care Technology		—		726,126		—		726,126
Healthcare-Products		—		21,025,539		—		21,025,539
Healthcare-Services		—		45,569,401		—		45,569,401
Hotels, Restaurants & Leisure		—		9,423,626		—		9,423,626
Household Products/Wares		—		7,211,788		—		7,211,788
Industrial Conglomerates		—		2,227,192		—		2,227,192
Insurance		—		30,099,631		—		30,099,631
Internet (Less Unfunded Loan Commitments of $2,924,174)		—		15,664,969		—		15,664,969

BHFTI-98

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Internet Software & Services	$	—	$	5,038,195	$	—	$	5,038,195
Investment Company Security		—		984,902		—		984,902
IT Services		—		338,621		—		338,621
Leisure Products		—		6,876,217		—		6,876,217
Leisure Time		—		4,005,423		—		4,005,423
Lodging		—		13,599,121		—		13,599,121
Machinery		—		12,601,828		—		12,601,828
Machinery-Diversified		—		9,218,772		—		9,218,772
Marine		—		1,534,601		—		1,534,601
Media (Less Unfunded Loan Commitments of $211,765)		—		44,031,710		—		44,031,710
Metal Fabricate/Hardware		—		13,792,696		—		13,792,696
Mining		—		2,960,227		79,070		3,039,297
Miscellaneous Manufacturing		—		3,944,025		—		3,944,025
Multi-Utilities		—		512,068		—		512,068
Office/Business Equipment		—		4,212,226		—		4,212,226
Oil & Gas		—		18,864,730		—		18,864,730
Packaging & Containers		—		17,446,985		—		17,446,985
Pharmaceuticals		—		38,487,587		—		38,487,587
Pipelines		—		2,217,622		—		2,217,622
Professional Services		—		1,501,905		—		1,501,905
Real Estate		—		10,997,387		—		10,997,387
Real Estate Investment Trusts		—		3,850,681		—		3,850,681
Retail		—		44,597,913		—		44,597,913
Semiconductors		—		5,496,122		—		5,496,122
Software		—		47,107,463		—		47,107,463
Technology Hardware, Storage & Peripherals		—		2,181,595		—		2,181,595
Telecommunications		—		45,021,113		—		45,021,113
Thrifts & Mortgage Finance		—		375,018		—		375,018
Trading Companies & Distributors		—		3,300,870		—		3,300,870
Transportation		—		1,083,255		—		1,083,255
Trucking & Leasing		—		6,267,757		—		6,267,757
Wireless Telecommunication Services		—		1,928,920		—		1,928,920
Total Floating Rate Loans (Less Unfunded Loan Commitments)		—		778,809,770		368,096		779,177,866
Common Stocks
Capital Markets		—		544,643		—		544,643
Commercial Services		—		—		702,929		702,929
Gas Utilities		—		25,813		0		25,813
Health Care Providers & Services		—		39,500		—		39,500
Oil, Gas & Consumable Fuels		—		324,489		—		324,489
Total Common Stocks		—		934,445		702,929		1,637,374
Total Corporate Bonds & Notes*		—		—		0		0
Total Short-Term Investment*		—		69,041,884		—		69,041,884
Total Net Investments	$	—	$	848,786,099	$	1,071,025	$	849,857,124

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

BHFTI-99

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—40.2% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—0.1%
Lockheed Martin Corp. 1.850%, 11/23/18		1,600,000	$	1,604,434
Agriculture—0.6%
Imperial Brands Finance plc 2.950%, 07/21/20 (144A)		3,100,000		3,139,516
Reynolds American, Inc. 2.300%, 06/12/18		3,200,000		3,219,222
				6,358,738
Auto Manufacturers—0.9%
Fiat Chrysler Automobiles NV 4.500%, 04/15/20 (a)		2,000,000		2,037,500
Ford Motor Credit Co. LLC 2.597%, 11/04/19		3,000,000		3,016,245
3.157%, 08/04/20		5,000,000		5,081,585
				10,135,330
Auto Parts & Equipment—0.4%
Delphi Automotive plc 3.150%, 11/19/20		4,500,000		4,590,810
Banks—13.3%
ANZ New Zealand International, Ltd. 2.850%, 08/06/20 (144A)		4,600,000		4,659,354
Banca Monte dei Paschi di Siena S.p.A. 2.875%, 04/16/21 (EUR)		4,100,000		4,672,488
Banco Comercial Portugues S.A. 4.750%, 06/22/17 (EUR)		1,800,000		1,939,142
Banco Popular Espanol S.A. 1.000%, 03/03/22 (EUR)		2,600,000		2,842,012
Bank of America Corp. 2.063%, 01/15/19 (b)		6,600,000		6,679,992
2.600%, 01/15/19		2,500,000		2,526,030
2.650%, 04/01/19 (a)		1,500,000		1,519,244
Bank of New York Mellon Corp. (The) 1.912%, 08/17/20 (b)		3,900,000		3,970,223
Bankinter S.A. 1.750%, 06/10/19 (EUR)		700,000		773,043
BB&T Corp. 2.050%, 06/19/18		1,000,000		1,004,628
Capital One Financial Corp. 3.050%, 03/09/22		2,700,000		2,698,377
Citigroup, Inc. 1.779%, 04/08/19 (b)		1,600,000		1,608,005
2.400%, 02/18/20		4,600,000		4,616,086
Credit Suisse AG 1.542%, 05/26/17 (b)		3,900,000		3,902,531
Depfa ACS Bank 2.125%, 10/13/17 (CHF)		2,750,000		2,775,670
Deutsche Bank AG 2.362%, 08/20/20 (b)		3,700,000		3,718,500
Goldman Sachs Group, Inc. (The) 2.331%, 09/15/20 (a) (b)		8,700,000		8,825,993
Banks—(Continued)
HSBC Holdings plc 3.400%, 03/08/21		1,500,000		1,534,083
HSBC USA, Inc. 2.000%, 08/07/18 (a)		4,600,000		4,607,199
Industrial & Commercial Bank of China, Ltd. 3.231%, 11/13/19		2,700,000		2,753,355
ING Bank NV 1.838%, 10/01/19 (144A) (b)		6,300,000		6,318,805
Intesa Sanpaolo S.p.A. Zero Coupon, 05/18/17 (EUR) (b)		1,100,000		1,173,527
3.875%, 01/16/18		3,900,000		3,952,607
3.875%, 01/15/19 (a)		6,100,000		6,244,692
JPMorgan Chase & Co. 1.850%, 03/22/19 (a)		6,500,000		6,501,755
2.200%, 10/22/19 (a)		4,000,000		4,019,404
2.400%, 06/07/21 (a)		1,100,000		1,094,331
Morgan Stanley 2.177%, 01/27/20 (a) (b)		7,900,000		8,036,449
National Australia Bank, Ltd. 1.875%, 07/23/18		3,800,000		3,813,745
Norddeutsche Landesbank Girozentrale 2.000%, 02/05/19 (144A)		4,000,000		4,008,664
Regions Financial Corp. 2.000%, 05/15/18		3,200,000		3,198,384
Royal Bank of Canada 2.100%, 10/14/20		3,700,000		3,685,163
Toronto-Dominion Bank (The) 2.250%, 03/15/21 (144A)		4,000,000		3,988,192
UniCredit S.p.A. 0.629%, 04/10/17 (EUR) (b)		2,300,000		2,453,909
Unione di Banche Italiane S.p.A. 2.875%, 02/18/19 (EUR)		3,600,000		4,030,491
Wells Fargo & Co. 1.921%, 07/22/20 (b)		7,800,000		7,868,913
2.500%, 03/04/21		1,100,000		1,096,851
Westpac Banking Corp. 2.250%, 11/09/20 (144A)		3,700,000		3,702,320
Woori Bank 4.750%, 04/30/24 (144A)		2,400,000		2,476,858
				145,291,015
Beverages—0.5%
Anheuser-Busch InBev Finance, Inc. 2.650%, 02/01/21		3,400,000		3,425,568
Coca-Cola Femsa S.A.B. de C.V. 2.375%, 11/26/18 (a)		2,400,000		2,413,838
				5,839,406
Biotechnology—1.2%
Amgen, Inc. 1.650%, 05/22/19 (a) (b)		4,500,000		4,535,757
Baxalta, Inc. 2.000%, 06/22/18		1,400,000		1,402,356
Biogen, Inc. 2.900%, 09/15/20		4,500,000		4,580,384

BHFTI-100

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—(Continued)
Celgene Corp. 2.300%, 08/15/18		3,000,000	$	3,022,185
				13,540,682
Computers—0.6%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 3.480%, 06/01/19 (144A)		2,800,000		2,869,194
Hewlett Packard Enterprise Co. 3.080%, 10/05/18 (b)		3,600,000		3,673,515
				6,542,709
Cosmetics/Personal Care—0.3%
Colgate-Palmolive Co. 0.900%, 05/01/18		2,000,000		1,991,900
Procter & Gamble Co. (The) 1.700%, 11/03/21 (a)		1,500,000		1,471,870
				3,463,770
Diversified Financial Services—1.1%
Capital One Bank USA N.A. 2.300%, 06/05/19		5,900,000		5,912,467
Navient Corp. 5.500%, 01/15/19		1,400,000		1,450,400
6.625%, 07/26/21 (a)		500,000		517,500
Protective Life Global Funding 1.722%, 04/15/19 (144A)		1,900,000		1,879,596
Seven & Seven, Ltd. 2.430%, 09/11/19 (144A) (b)		800,000		794,775
Springleaf Finance Corp. 6.000%, 06/01/20		1,000,000		1,015,000
				11,569,738
Electric—1.5%
Dominion Resources, Inc. 2.500%, 12/01/19		1,900,000		1,921,578
Engie S.A. 1.625%, 10/10/17 (144A)		1,000,000		999,753
Korea Western Power Co., Ltd. 3.125%, 05/10/17 (144A)		2,300,000		2,302,608
PSEG Power LLC 3.000%, 06/15/21 (a)		3,300,000		3,326,037
Southern Co. (The) 2.350%, 07/01/21		2,800,000		2,749,250
2.450%, 09/01/18		3,000,000		3,025,176
State Grid Overseas Investment, Ltd. 1.750%, 05/22/18 (144A)		1,100,000		1,096,054
2.750%, 05/07/19 (144A)		1,100,000		1,113,177
				16,533,633
Food—1.0%
JBS USA LUX S.A. / JBS USA Finance, Inc. 7.250%, 06/01/21 (144A)		1,900,000		1,952,250
Food—(Continued)
Kraft Heinz Foods Co. 2.000%, 07/02/18 (a)		2,400,000		2,405,962
2.250%, 06/05/17		3,000,000		3,004,992
Kroger Co. (The) 2.600%, 02/01/21		3,200,000		3,198,483
				10,561,687
Gas—0.5%
Sempra Energy 2.850%, 11/15/20 (a)		5,700,000		5,765,824
Healthcare-Products—1.0%
Becton Dickinson & Co. 2.675%, 12/15/19		3,485,000		3,534,637
Edwards Lifesciences Corp. 2.875%, 10/15/18		1,400,000		1,418,607
Stryker Corp. 2.000%, 03/08/19		4,400,000		4,411,735
Zimmer Biomet Holdings, Inc. 2.700%, 04/01/20		2,000,000		2,014,144
				11,379,123
Healthcare-Services—0.8%
HCA, Inc. 4.250%, 10/15/19 (a)		1,400,000		1,449,000
Tenet Healthcare Corp. 5.500%, 03/01/19 (a)		7,000,000		7,087,500
7.500%, 01/01/22 (144A) (a)		400,000		432,000
				8,968,500
Holding Companies-Diversified—0.3%
Hutchison Whampoa International, Ltd. 1.625%, 10/31/17 (144A)		3,200,000		3,197,043
Home Builders—2.2%
Beazer Homes USA, Inc. 5.750%, 06/15/19 (a)		16,000,000		16,740,000
KB Home 4.750%, 05/15/19 (a)		1,800,000		1,849,500
Lennar Corp. 6.950%, 06/01/18 (a)		5,500,000		5,761,250
				24,350,750
Insurance—2.4%
Jackson National Life Global Funding 2.250%, 04/29/21 (144A)		4,200,000		4,144,640
2.300%, 04/16/19 (144A) (a)		1,500,000		1,507,639
Metropolitan Life Global Funding I 3.875%, 04/11/22 (144A) (a)		1,200,000		1,267,413
New York Life Global Funding 2.100%, 01/02/19 (144A)		4,000,000		4,023,636
2.150%, 06/18/19 (144A)		5,000,000		5,024,525
Pricoa Global Funding I 2.550%, 11/24/20 (144A)		3,700,000		3,716,036

BHFTI-101

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Prudential Financial, Inc. 1.819%, 08/15/18 (b)		3,000,000	$	3,018,345
TIAA Asset Management Finance Co. LLC 2.950%, 11/01/19 (144A)		3,100,000		3,151,020
				25,853,254
Internet—0.4%
Alibaba Group Holding, Ltd. 2.500%, 11/28/19		4,000,000		4,018,920
Lodging—0.4%
Marriott International, Inc. 2.875%, 03/01/21		4,800,000		4,853,059
Machinery-Diversified—0.1%
CNH Industrial Capital LLC 3.875%, 10/15/21 (a)		1,200,000		1,200,612
Media—1.4%
CBS Corp. 2.300%, 08/15/19		6,000,000		6,023,148
CSC Holdings LLC 7.625%, 07/15/18 (a)		2,500,000		2,653,125
NBCUniversal Enterprise, Inc. 1.974%, 04/15/19 (144A)		3,000,000		3,006,783
Time Warner, Inc. 2.100%, 06/01/19		4,000,000		4,006,388
				15,689,444
Oil & Gas—1.5%
Anadarko Petroleum Corp. 4.850%, 03/15/21		2,300,000		2,460,432
California Resources Corp. 8.000%, 12/15/22 (144A)		1,016,000		825,500
CNOOC Nexen Finance ULC 1.625%, 04/30/17		3,200,000		3,199,648
Ensco plc 4.700%, 03/15/21 (a)		1,900,000		1,862,000
Sanchez Energy Corp. 7.750%, 06/15/21		1,200,000		1,185,000
Sinopec Group Overseas Development, Ltd. 2.500%, 04/28/20 (144A)		3,500,000		3,484,255
Statoil ASA 1.498%, 11/08/18 (a) (b)		3,100,000		3,117,214
				16,134,049
Oil & Gas Services—0.2%
Petrofac, Ltd. 3.400%, 10/10/18 (144A)		1,200,000		1,211,381
Weatherford International, Ltd. 7.750%, 06/15/21		700,000		754,250
				1,965,631
Pharmaceuticals—0.5%
Actavis Funding SCS 2.350%, 03/12/18		4,000,000		4,017,440
Valeant Pharmaceuticals International, Inc. 5.375%, 03/15/20 (144A)		1,700,000		1,521,500
				5,538,940
Pipelines—1.8%
Enable Midstream Partners L.P. 2.400%, 05/15/19 (a)		2,200,000		2,180,026
Energy Transfer Partners L.P. 4.150%, 10/01/20		1,600,000		1,661,448
EnLink Midstream Partners L.P. 2.700%, 04/01/19 (a)		500,000		501,149
Enterprise Products Operating LLC 2.550%, 10/15/19		1,600,000		1,613,505
Kinder Morgan Energy Partners L.P. 6.850%, 02/15/20		5,000,000		5,564,415
Kinder Morgan Finance Co. LLC 6.000%, 01/15/18 (144A)		2,000,000		2,062,480
Kinder Morgan, Inc. 3.050%, 12/01/19		2,600,000		2,643,779
Sabine Pass Liquefaction LLC 5.625%, 02/01/21		2,200,000		2,370,412
Williams Partners L.P. 4.125%, 11/15/20		600,000		627,433
				19,224,647
Real Estate—0.6%
Prologis L.P. 2.750%, 02/15/19		6,000,000		6,081,390
Real Estate Investment Trusts—0.5%
American Tower Corp. 3.300%, 02/15/21 (a)		2,700,000		2,737,900
3.400%, 02/15/19 (a)		2,200,000		2,249,179
				4,987,079
Retail—0.8%
Dollar General Corp. 1.875%, 04/15/18		2,900,000		2,902,712
KSouth Africa, Ltd. 3.000%, 12/31/22 (144A) (c)		606,141		62,129
25.000%, 12/31/22 (144A) (c)		87,550		119,177
Toys “R” Us, Inc. 7.375%, 10/15/18 (a)		1,615,000		1,522,138
Walgreens Boots Alliance, Inc. 1.750%, 11/17/17		4,000,000		4,003,608
				8,609,764
Semiconductors—0.4%
Maxim Integrated Products, Inc. 2.500%, 11/15/18		4,200,000		4,234,322

BHFTI-102

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—0.5%
Fiserv, Inc. 2.700%, 06/01/20		5,500,000	$	5,562,232
Telecommunications—2.2%
AT&T, Inc. 2.450%, 06/30/20		3,700,000		3,699,733
CenturyLink, Inc. 5.625%, 04/01/20 (a)		700,000		733,880
6.450%, 06/15/21 (a)		1,000,000		1,062,390
Cisco Systems, Inc. 2.450%, 06/15/20		3,800,000		3,855,693
Intelsat Jackson Holdings S.A. 7.250%, 10/15/20 (a)		500,000		455,625
Juniper Networks, Inc. 3.125%, 02/26/19		4,100,000		4,177,027
Sprint Communications, Inc. 9.000%, 11/15/18 (144A)		700,000		762,125
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		1,800,000		1,795,500
Telefonica Emisiones S.A.U. 3.192%, 04/27/18		1,800,000		1,823,393
Verizon Communications, Inc. 2.871%, 09/14/18 (b)		5,500,000		5,616,435
				23,981,801
Trucking & Leasing—0.1%
Park Aerospace Holdings, Ltd. 5.250%, 08/15/22 (144A)		1,300,000		1,352,000
Water—0.1%
Veolia Environnement S.A. 4.625%, 03/30/27 (EUR)		700,000		971,673
Total Corporate Bonds & Notes (Cost $439,728,623)				439,952,009
U.S. Treasury & Government Agencies—23.9%
Agency Sponsored Mortgage - Backed—4.0%
Fannie Mae 15 Yr. Pool 4.500%, 09/01/24		761,341		804,576
4.500%, 03/01/25		1,523,633		1,610,685
Fannie Mae ARM Pool 1.925%, 03/01/30 (b)		32,243		32,566
2.300%, 11/01/32 (b)		16,322		17,071
2.385%, 06/01/32 (b)		5,364		5,397
2.411%, 11/01/33 (b)		3,785		3,951
2.416%, 03/01/28 (b)		11,520		11,819
2.450%, 05/01/19 (b)		858		858
2.450%, 06/01/26 (b)		947		946
2.476%, 08/01/29 (b)		6,921		7,225
2.485%, 09/01/31 (b)		27,736		28,234
2.500%, 05/01/19 (b)		10,593		10,641
2.531%, 11/01/33 (b)		9,128		9,540
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae ARM Pool 2.534%, 10/01/35 (b)		28,588		28,791
2.543%, 06/01/25 (b)		86,473		88,342
2.548%, 02/01/25 (b)		88,412		91,724
2.555%, 01/01/20 (b)		39,030		39,503
2.561%, 03/01/33 (b)		12,297		12,755
2.566%, 10/01/32 (b)		28,235		29,731
2.591%, 07/01/35 (b)		48,619		50,854
2.648%, 11/01/34 (b)		11,300		11,736
2.665%, 06/01/32 (b)		10,163		10,195
2.678%, 12/01/32 (b)		333,098		352,040
2.681%, 08/01/33 (b)		118,291		123,789
2.683%, 07/01/33 (b)		53,326		55,289
2.689%, 02/01/36 (b)		78,019		81,140
2.690%, 12/01/25 (b)		11,513		11,591
2.700%, 07/01/33 (b)		29,264		30,250
2.703%, 09/01/33 (b)		4,519		4,811
2.718%, 03/01/35 (b)		40,095		41,438
2.723%, 07/01/35 (b)		43,265		45,931
2.726%, 09/01/35 (b)		22,481		23,659
2.735%, 04/01/27 (b)		6,902		7,183
2.741%, 09/01/37 (b)		58,038		61,677
2.777%, 12/01/33 (b)		81,349		86,505
2.780%, 03/01/30 (b)		1,260		1,323
2.780%, 07/01/32 (b)		3,229		3,253
2.783%, 11/01/35 (b)		3,481,427		3,668,570
2.790%, 09/01/32 (b)		14,724		15,089
2.790%, 03/01/33 (b)		51,896		54,595
2.797%, 12/01/34 (b)		46,275		48,568
2.798%, 08/01/30 (b)		24,753		25,472
2.800%, 06/01/30 (b)		9,460		9,671
2.807%, 07/01/33 (b)		68,875		73,452
2.823%, 06/01/33 (b)		24,913		25,500
2.833%, 11/01/32 (b)		84,872		89,217
2.842%, 01/01/32 (b)		9,011		9,562
2.843%, 11/01/35 (b)		153,605		160,186
2.854%, 05/01/33 (b)		17,797		18,786
2.854%, 03/01/36 (b)		239,278		250,937
2.855%, 07/01/25 (b)		2,358		2,447
2.858%, 03/01/38 (b)		27,434		28,931
2.859%, 04/01/36 (b)		68,100		71,118
2.862%, 08/01/37 (b)		29,741		31,501
2.865%, 01/01/33 (b)		167,207		171,543
2.875%, 04/01/34 (b)		146,676		154,391
2.880%, 01/01/29 (b)		12,869		13,081
2.890%, 08/01/32 (b)		51,177		53,452
2.895%, 09/01/30 (b)		63,856		66,536
2.895%, 01/01/32 (b)		12,125		12,262
2.895%, 03/01/37 (b)		19,759		20,566
2.895%, 09/01/39 (b)		14,342		14,977
2.900%, 04/01/34 (b)		18,836		19,254
2.903%, 09/01/36 (b)		1,551		1,634
2.925%, 09/01/32 (b)		4,994		5,037
2.927%, 07/01/33 (b)		40,686		42,589
2.934%, 01/01/36 (b)		83,421		88,514
2.935%, 04/01/40 (b)		7,479		7,907

BHFTI-103

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae ARM Pool 2.937%, 07/01/28 (b)		7,253	$	7,536
2.937%, 09/01/33 (b)		11,190		11,774
2.942%, 11/01/34 (b)		3,901,605		4,137,458
2.958%, 09/01/32 (b)		88,698		89,545
2.962%, 08/01/34 (b)		23,295		24,662
2.964%, 05/01/34 (b)		21,912		23,105
2.969%, 02/01/35 (b)		47,060		49,670
2.970%, 08/01/35 (b)		778,474		822,598
2.980%, 12/01/32 (b)		25,324		26,709
2.991%, 11/01/35 (b)		27,482		28,865
3.006%, 06/01/28 (b)		2,385		2,495
3.010%, 08/01/35 (b)		6,589		6,764
3.029%, 11/01/36 (b)		2,882,386		3,053,824
3.050%, 04/01/35 (b)		703,161		746,518
3.061%, 09/01/37 (b)		4,786		5,127
3.067%, 04/01/36 (b)		4,982		5,248
3.083%, 08/01/32 (b)		57,876		58,775
3.105%, 10/01/36 (b)		9,304		9,821
3.107%, 12/01/32 (b)		35,785		37,797
3.125%, 02/01/34 (b)		80,407		81,729
3.139%, 10/01/33 (b)		34,954		36,585
3.140%, 02/01/36 (b)		11,380		12,002
3.150%, 05/01/32 (b)		6,946		6,990
3.150%, 06/01/35 (b)		49,292		50,151
3.175%, 02/01/44 (b)		30,134		31,167
3.197%, 09/01/35 (a) (b)		4,733,394		5,020,527
3.208%, 11/01/35 (b)		1,491,161		1,584,636
3.210%, 02/01/36 (b)		37,960		40,125
3.213%, 11/01/36 (b)		4,318		4,548
3.280%, 02/01/33 (b)		37,834		38,300
3.315%, 06/01/34 (b)		65,276		64,962
3.331%, 02/01/33 (b)		134,151		137,022
3.338%, 02/01/32 (b)		77,332		77,807
3.360%, 03/01/36 (b)		13,774		14,634
3.403%, 12/01/35 (b)		135,941		140,185
3.418%, 09/01/33 (b)		98,612		104,486
3.453%, 03/01/36 (b)		34,350		35,871
3.498%, 08/01/33 (b)		65,271		69,942
3.500%, 10/01/33 (b)		53,994		55,204
3.500%, 05/01/34 (b)		88,579		93,106
3.505%, 03/01/36 (b)		50,249		52,642
3.525%, 08/01/32 (b)		29,004		29,626
3.602%, 03/01/37 (b)		14,075		14,880
3.700%, 02/01/25 (b)		9,032		9,099
4.504%, 05/01/34 (b)		118,824		121,642
Freddie Mac Structured Agency Credit Risk Debt Notes 3.582%, 12/25/27 (b)		5,188,147		5,314,160
3.632%, 03/25/28 (b)		6,445,174		6,604,284
3.832%, 04/25/28 (b)		4,925,990		5,110,485
3.882%, 07/25/28 (b)		390,000		406,339
				43,603,791
U.S. Treasury—19.9%
U.S. Treasury Inflation Indexed Notes 0.125%, 01/15/22 (d)		16,090,800		16,211,497
0.125%, 07/15/22 (d)		7,284,951		7,341,410
0.125%, 01/15/23 (d)		11,044,530		11,037,815
0.125%, 07/15/24 (d)		4,499,088		4,457,107
1.375%, 01/15/20 (d)		10,812,275		11,389,964
1.875%, 07/15/19 (d)		10,643,350		11,305,962
U.S. Treasury Notes 1.000%, 08/15/18		5,000,000		4,989,455
1.375%, 02/28/19		24,000,000		24,057,192
1.500%, 02/28/19 (a)		24,000,000		24,112,512
1.625%, 06/30/19		22,000,000		22,143,506
3.125%, 05/15/19		45,000,000		46,712,115
3.375%, 11/15/19		32,000,000		33,621,248
				217,379,783
Total U.S. Treasury & Government Agencies (Cost $262,429,827)				260,983,574
Asset-Backed Securities—13.1%
Asset-Backed - Credit Card—4.5%
American Express Credit Account Master Trust 1.182%, 01/15/20 (b)		8,760,000		8,763,875
2.172%, 09/15/20 (b)		1,825,000		1,843,806
BA Credit Card Trust 1.182%, 09/16/19 (b)		7,010,000		7,009,999
Capital One Multi-Asset Execution Trust 0.952%, 07/15/20 (b)		4,850,000		4,849,074
Chase Issuance Trust 1.192%, 04/15/20 (b)		4,580,000		4,588,188
1.282%, 04/15/21 (b)		5,340,000		5,363,470
1.590%, 02/18/20		1,000,000		1,001,340
Discover Card Execution Note Trust 1.342%, 07/15/21 (b)		5,610,000		5,639,843
1.362%, 04/15/21 (b)		4,020,000		4,039,853
Discover Card Master Trust 0.370%, 05/15/19 (b)		6,500,000		6,502,358
				49,601,806
Asset-Backed - Home Equity—0.4%
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 1.342%, 10/25/35 (b)		785,201		768,911
GSAA Home Equity Trust 1.927%, 02/25/35 (b)		2,450,504		2,367,270
Home Loan Trust 5.480%, 06/25/34		299,730		308,349
NovaStar Mortgage Funding Trust 2.632%, 03/25/35 (b)		321,472		319,881
RAAC Trust 1.682%, 03/25/34 (b)		379,305		359,328
				4,123,739

BHFTI-104

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Manufactured Housing—0.1%
Conseco Financial Corp. 7.640%, 03/15/28 (b)		677,148	$	694,993
Asset-Backed - Other—8.1%
American Homes 4 Rent 1.943%, 06/17/31 (144A) (b)		2,105,620		2,106,275
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates 1.807%, 06/25/34 (b)		1,133,123		1,110,967
Apidos CLO XIV 4.850%, 04/15/25 (144A)		1,710,000		1,715,450
Ares CLO, Ltd. 1.243%, 04/16/21 (144A) (b)		238,575		238,551
1.393%, 04/16/21 (144A) (b)		3,340,000		3,336,383
Atrium IX 2.354%, 02/28/24 (144A) (b)		870,000		870,606
Atrium X 2.143%, 07/16/25 (144A) (b)		850,000		850,587
Atrium XI Zero Coupon, 10/23/25 (144A) (b)		3,650,000		3,636,203
4.241%, 10/23/25 (144A) (b)		3,650,000		3,651,482
BlueMountain CLO, Ltd. 2.439%, 10/29/25 (144A) (b)		540,199		540,350
Carlyle Global Market Strategies CLO, Ltd. 2.480%, 01/20/29 (144A) (b)		1,710,000		1,717,582
Catamaran CLO, Ltd. 3.974%, 10/18/26 (144A) (b)		2,384,800		2,396,765
Cent CLO, Ltd. 2.339%, 01/30/25 (144A) (b)		4,357,000		4,359,544
2.444%, 11/07/26 (144A) (b)		1,710,000		1,710,585
3.984%, 11/07/26 (144A) (b)		2,650,000		2,651,132
Centerline REIT, Inc. 5.040%, 09/21/45 (144A)		1,780,000		1,650,950
5.544%, 09/21/45 (144A) (b)		1,245,099		1,249,917
CIFC Funding, Ltd. 1.432%, 07/26/21 (144A) (b)		120,141		120,141
Colony American Homes 2.093%, 05/17/31 (144A) (b)		3,356,741		3,359,505
2.793%, 05/17/31 (144A) (b)		460,000		459,999
Countrywide Asset-Backed Certificates 1.732%, 03/25/34 (b)		320,670		310,132
2.032%, 12/25/34 (b)		345,365		345,188
Dryden 34 Senior Loan Fund Zero Coupon, 10/15/26 (144A) (b)		900,000		903,260
Eaton Vance CLO, Ltd. 2.232%, 07/15/26 (144A) (b)		2,592,000		2,593,356
Emerson Park CLO, Ltd. 5.640%, 07/15/25 (144A)		570,000		572,992
Galaxy CLO, Ltd. 2.273%, 04/15/25 (144A) (b)		4,465,000		4,471,296
GSAMP Trust 1.987%, 06/25/35 (b)		600,076		592,339
Highbridge Loan Management, Ltd. 5.800%, 10/20/24 (144A)		510,000		510,448
Asset-Backed - Other—(Continued)
Invitation Homes Trust 2.013%, 09/17/31 (144A) (b)		2,774,503		2,777,112
2.243%, 08/17/32 (144A) (b)		2,696,959		2,715,425
2.293%, 06/17/32 (144A) (b)		4,539,639		4,550,921
2.393%, 03/17/32 (144A) (b)		1,514,237		1,522,734
2.443%, 06/17/31 (144A) (b)		312,269		312,353
2.543%, 09/17/31 (144A) (b)		2,950,000		2,952,934
Morgan Stanley ABS Capital I, Inc. Trust 1.717%, 01/25/35 (b)		368,204		362,658
NZCG Funding, Ltd. 2.587%, 04/27/27 (144A) (b)		4,969,875		4,970,352
Octagon Investment Partners, Ltd.
2.443%, 07/15/27 (144A) (b)		3,645,114		3,654,533
Silver Bay Realty Trust 1.913%, 09/17/31 (144A) (b)		864,873		865,415
2.393%, 09/17/31 (144A) (b)		420,000		416,979
Structured Asset Investment Loan Trust 2.022%, 12/25/34 (b)		666,212		664,549
SWAY Residential Trust 2.243%, 01/17/32 (144A) (b)		3,975,165		3,983,843
Tricon American Homes Trust 2.193%, 05/17/32 (144A) (b)		4,644,308		4,637,271
Voya CLO, Ltd. 2.504%, 04/18/27 (144A) (b)		1,190,000		1,197,342
2.523%, 10/14/26 (144A) (b)		1,070,000		1,073,568
West CLO, Ltd. 3.124%, 07/18/26 (144A) (b)		1,230,000		1,229,990
3.874%, 07/18/26 (144A) (b)		3,240,000		3,240,256
				89,160,220
Total Asset-Backed Securities (Cost $142,614,827)				143,580,758
Mortgage-Backed Securities—11.9%
Collateralized Mortgage Obligations—8.5%
Adjustable Rate Mortgage Trust 3.317%, 02/25/35 (b)		2,020,104		1,973,253
American Home Mortgage Investment Trust 2.857%, 10/25/34 (b)		1,274,163		1,242,005
CHL Mortgage Pass-Through Trust 2.658%, 07/25/34 (b)		732,624		731,554
3.051%, 05/25/34 (b)		1,401,026		1,390,760
Credit Suisse First Boston Mortgage Securities Corp. 5.000%, 09/25/19		223,546		228,672
Fannie Mae Connecticut Avenue Securities 1.932%, 05/25/24 (b)		197,078		197,256
3.882%, 07/25/24 (b)		1,470,000		1,511,709
3.982%, 07/25/24 (b)		5,625,000		5,802,049
4.532%, 07/25/29 (144A) (b)		2,980,000		3,016,048
4.982%, 05/25/25 (b)		3,555,612		3,739,493
5.282%, 02/25/25 (b)		3,081,613		3,270,679
5.532%, 02/25/25 (b)		4,459,561		4,744,501
5.882%, 11/25/24 (b)		333,000		373,597
5.982%, 11/25/24 (b)		2,017,206		2,228,645

BHFTI-105

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
First Horizon Alternative Mortgage Securities Trust 2.675%, 12/25/34 (b)		893,415	$	864,162
Freddie Mac Structured Agency Credit Risk Debt Notes 2.332%, 03/25/29 (b)		250,000		251,706
2.832%, 10/25/27 (b)		4,560,000		4,662,247
3.182%, 02/25/24 (b)		280,000		287,980
3.182%, 03/25/25 (b)		1,232,955		1,250,206
3.182%, 10/25/28 (b)		2,500,000		2,546,169
3.232%, 11/25/28 (b)		1,770,000		1,825,525
3.382%, 08/25/24 (b)		300,577		301,923
3.382%, 10/25/24 (b)		491,223		492,459
3.382%, 01/25/25 (b)		1,307,662		1,315,427
3.482%, 08/25/24 (b)		2,897,829		2,941,618
3.632%, 10/25/24 (b)		1,325,713		1,337,443
3.732%, 09/25/28 (b)		800,000		832,312
3.782%, 05/25/28 (b)		5,609,375		5,783,167
4.282%, 10/25/27 (b)		1,500,000		1,608,226
4.782%, 03/25/25 (b)		3,840,000		4,130,377
4.882%, 12/25/27 (b)		3,925,000		4,265,818
4.982%, 08/25/24 (b)		450,000		480,726
5.532%, 10/25/24 (b)		1,000,000		1,077,977
5.682%, 03/25/28 (b)		1,000,000		1,099,214
Impac Secured Assets CMN Owner Trust 1.747%, 02/25/35 (b)		1,120,000		1,100,271
MASTR Adjustable Rate Mortgages Trust 1.182%, 05/25/47 (b)		221,318		220,809
MASTR Alternative Loan Trust 5.000%, 02/25/18		107,922		108,999
5.000%, 08/25/18		188,770		190,133
5.500%, 12/25/18		135,028		135,828
5.500%, 04/25/19		253,121		256,558
5.546%, 11/25/19 (b)		312,336		317,476
Merrill Lynch Mortgage Investors Trust 1.722%, 03/25/28 (b)		613,174		580,842
1.960%, 01/25/29 (b)		749,390		705,312
3.005%, 04/25/35 (b)		398,569		385,785
3.085%, 10/25/36 (b)		1,234,109		1,207,772
New York Mortgage Trust 1.657%, 02/25/36 (b)		468,475		414,826
Sequoia Mortgage Trust 1.618%, 11/20/34 (b)		439,020		405,458
Structured Adjustable Rate Mortgage Loan Trust 1.422%, 08/25/35 (b)		1,034,005		969,745
3.321%, 09/25/34 (b)		2,339,110		2,322,113
Structured Asset Mortgage Investments Trust 1.678%, 02/19/35 (b)		839,163		779,445
1.718%, 12/19/33 (b)		327,887		314,655
Thornburg Mortgage Securities Trust 1.622%, 09/25/43 (b)		491,820		472,734
Towd Point Mortgage Trust 2.500%, 10/25/56 (144A) (b)		2,781,768		2,762,401
2.750%, 10/25/56 (144A) (b)		2,611,326		2,608,874
3.000%, 03/25/54 (144A) (b)		1,103,060		1,110,619
Collateralized Mortgage Obligations—(Continued)
WaMu Mortgage Pass-Through Certificates Trust 1.212%, 04/25/45 (b)		2,132,612		2,010,447
1.272%, 07/25/45 (b)		1,198,967		1,148,489
1.312%, 01/25/45 (b)		2,483,998		2,384,339
Wells Fargo Mortgage-Backed Securities Trust 3.074%, 06/25/35 (b)		779,434		776,928
3.116%, 02/25/35 (b)		1,167,618		1,185,927
				92,681,688
Commercial Mortgage-Backed Securities—3.4%
Banc of America Commercial Mortgage Trust 5.626%, 09/10/45 (b)		1,130,000		1,128,157
5.695%, 07/10/46 (b)		935,957		934,126
Bear Stearns Commercial Mortgage Securities Trust 5.118%, 10/12/42 (b)		800,000		784,863
5.611%, 09/11/41 (b)		194,786		194,608
5.768%, 06/11/40 (b)		2,421,784		2,426,891
CD Commercial Mortgage Trust 5.256%, 07/15/44 (b)		1,313,041		1,311,084
Citigroup Commercial Mortgage Trust 1.430%, 02/10/48 (b) (e)		3,830,081		319,566
5.482%, 10/15/49		1,078,920		1,019,579
5.779%, 12/10/49 (b)		2,200,000		2,226,531
COBALT CMBS Commercial Mortgage Trust 5.526%, 04/15/47 (b)		4,660,000		4,683,766
Colony Multifamily Mortgage Trust 2.543%, 04/20/50 (144A)		2,173,644		2,163,184
Core Industrial Trust 3.040%, 02/10/34 (144A)		2,110,000		2,154,419
CSAIL Commercial Mortgage Trust 0.875%, 06/15/57 (b) (e)		15,976,513		787,414
G-FORCE LLC 5.090%, 08/22/36 (144A)		77,519		77,312
GE Commercial Mortgage Corp. Trust 5.606%, 12/10/49 (b)		960,000		954,390
Greenwich Capital Commercial Mortgage Trust 5.728%, 07/10/38 (b)		2,200,178		1,896,414
GS Mortgage Securities Corp. II 0.898%, 05/10/50 (b) (e)		20,099,603		984,466
JPMorgan Chase Commercial Mortgage Securities Trust 5.115%, 07/15/41		22,227		22,187
5.464%, 12/12/43		295,581		295,412
5.699%, 12/15/44 (b)		3,148,134		3,140,138
LB-UBS Commercial Mortgage Trust 5.276%, 02/15/41 (b)		876,169		875,510
Merrill Lynch Mortgage Trust 5.331%, 11/12/37 (b)		875,635		874,595
Morgan Stanley Capital Trust 5.399%, 03/12/44 (b)		520,141		521,384
Morgan Stanley Capital, Inc. 5.306%, 05/24/43 (144A)		213,577		214,455
Multi Security Asset Trust L.P. 5.880%, 11/28/35 (144A) (b)		4,350,000		4,364,361

BHFTI-106

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Resource Capital Corp., Ltd. 1.993%, 04/15/32 (144A) (b)		533,244	$	533,066
2.343%, 08/15/32 (144A) (b)		546,401		544,161
Wachovia Bank Commercial Mortgage Trust 5.924%, 10/15/35 (144A) (b)		363,543		373,534
Wells Fargo Commercial Mortgage Trust 1.661%, 11/15/49 (b) (e)		14,407,921		1,530,271
				37,335,844
Total Mortgage-Backed Securities (Cost $130,346,199)				130,017,532
Floating Rate Loans (f)—4.9%
Aerospace/Defense—0.3%
FGI Operating Co. LLC Term Loan, 5.500%, 04/19/19		3,649,825		3,564,664
Airlines—0.0%
Air Canada Term Loan B, 3.755%, 10/06/23		33,034		33,430
United Airlines, Inc. Term Loan B, 03/21/24 (g)		148,874		149,571
				183,001
Auto Manufacturers—0.1%
Navistar International Corp. Term Loan B, 5.000%, 08/07/20		884,142		895,380
Auto Parts & Equipment—0.0%
Goodyear Tire & Rubber Co. (The) 2nd Lien Term Loan, 2.860%, 04/30/19		186,125		187,893
TI Group Automotive Systems LLC Term Loan, 3.732%, 06/30/22		96,325		96,987
				284,880
Chemicals—0.1%
Chemours Co. (The) Term Loan B, 6.000%, 05/12/22		563,981		565,215
OCI Beaumont LLC Term Loan B3, 8.025%, 08/20/19		584,435		599,046
				1,164,261
Coal—0.2%
Bowie Resource Holdings LLC 1st Lien Term Loan, 6.750%, 08/14/20		1,426,388		1,389,302
2nd Lien Delayed Draw Term Loan, 11.750%, 02/16/21		371,429		342,953
				1,732,255
Commercial Services—0.1%
Avis Budget Car Rental LLC Term Loan B, 3.150%, 03/15/22		194,947		195,580
Commercial Services—(Continued)
Live Nation Entertainment, Inc. Term Loan B2, 3.500%, 10/31/23		64,866		65,423
Prime Security Services Borrower LLC 1st Lien Term Loan, 4.250%, 05/02/22		669,199		676,130
				937,133
Computers—0.2%
Abacus Innovations Corp. Term Loan B, 3.250%, 08/16/23		189,097		191,319
Dell, Inc. Term Loan A3, 2.990%, 12/31/18		657,570		659,145
Sungard Availability Services Capital, Inc. Term Loan B, 6.000%, 03/31/19		1,943,869		1,884,095
				2,734,559
Electric—0.3%
Calpine Construction Finance Co. L.P. Term Loan B1, 05/03/20 (g)		1,994,819		2,002,924
EFS Cogen Holdings I LLC Term Loan B, 4.650%, 06/28/23		113,691		114,884
NRG Energy, Inc. Term Loan B, 3.232%, 06/30/23		803,925		808,146
				2,925,954
Entertainment—0.1%
Greektown Holdings LLC Term Loan B, 03/21/24 (g)		142,643		142,702
Lions Gate Entertainment Corp. Term Loan A, 3.482%, 12/08/21		445,538		448,044
				590,746
Food—0.1%
Aramark Services, Inc. Term Loan A, 03/09/22 (g)		314,215		315,787
JBS USA LLC Term Loan B, 3.289%, 10/30/22		140,579		141,092
Pinnacle Foods Finance LLC Term Loan B, 2.811%, 02/02/24		125,423		126,151
				583,030
Forest Products & Paper—0.2%
Appvion, Inc. Term Loan, 7.750%, 06/28/19		1,033,832		1,009,279
Caraustar Industries, Inc. Term Loan B, 6.647%, 03/14/22		1,189,955		1,201,855
				2,211,134
Healthcare-Services—0.2%
Cyanco Intermediate Corp. Term Loan B, 5.500%, 05/01/20		1,879,588		1,888,202
Onex Carestream Finance L.P. 1st Lien Term Loan, 5.147%, 06/07/19		449,265		434,664
				2,322,866

BHFTI-107

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (f)—(Continued)

Security Description	Principal Amount*		Value
Household Products/Wares—0.0%
Spectrum Brands, Inc. Term Loan, 3.399%, 06/23/22		24,569	$	24,776
Industrial Conglomerates—0.1%
OSG Bulk Ships, Inc. Term Loan, 5.290%, 08/05/19		764,336		756,056
Insurance—0.0%
RPI Finance Trust Term Loan A2, 3.397%, 10/14/20		246,704		247,320
Internet Software & Services—0.1%
Onsite U.S. Finco LLC Term Loan, 5.500%, 07/30/21		1,806,591		1,327,844
Rackspace Hosting, Inc. 1st Lien Term Loan, 4.535%, 11/03/23		325,144		328,022
				1,655,866
IT Services—0.1%
Global Payments, Inc. Term Loan A, 3.198%, 10/29/21		930,945		933,272
Leisure Time—0.0%
Aristocrat Technologies, Inc. Term Loan B, 0.000%, 10/20/21		117,350		118,202
Machinery—0.3%
Allison Transmission, Inc. Term Loan B3, 09/23/22 (g)		711,385		718,599
Harsco Corp. Term Loan B, 6.000%, 11/02/23		195,086		199,475
UTEX Industries, Inc. 1st Lien Term Loan, 5.000%, 05/22/21		2,633,764		2,463,394
Zebra Technologies Corp. Term Loan B, 3.600%, 10/27/21		369,936		373,520
				3,754,988
Media—0.4%
Altice U.S. Finance I Corp. Term Loan B, 3.982%, 01/15/25		167,203		167,830
AMC Entertainment, Inc. Term Loan, 3.662%, 12/15/22		101,730		102,747
Term Loan B, 3.733%, 12/15/23		65,192		65,811
Radio One, Inc. Term Loan, 5.490%, 04/02/18		3,926,862		3,968,585
				4,304,973
Mining—0.1%
FMG Resources (August 2006) Pty, Ltd. Term Loan B, 3.750%, 06/30/19		802,082		807,396
Oil & Gas—0.3%
Fieldwood Energy LLC 1st Lien Term Loan, 3.875%, 10/01/18		3,520,762		3,401,936
Oil & Gas—(Continued)
McDermott Finance LLC Term Loan B, 8.397%, 04/16/19		97,986		99,517
				3,501,453
Oil & Gas Services—0.1%
Navios Maritime Midstream Partners L.P. Term Loan B, 5.660%, 06/18/20		854,864		854,864
Pharmaceuticals—0.1%
Endo Luxembourg Finance Co. I S.a.r.l. Term Loan B, 4.000%, 09/26/22		470,238		471,054
Valeant Pharmaceuticals International, Inc. Term Loan B F1, 5.570%, 04/01/22		912,635		916,184
Tranche A, 10/20/18 (g)		19,746		19,762
				1,407,000
Retail—0.6%
Ascena Retail Group, Inc. Term Loan B, 5.500%, 08/21/22		2,294,304		2,079,212
Dollar Tree, Inc. Term Loan A, 2.750%, 07/06/20		362,524		363,204
Evergreen Acqco 1 L.P. Term Loan, 5.000%, 07/09/19		2,498,097		2,221,226
PetSmart, Inc. Term Loan B2, 4.020%, 03/11/22		1,995,535		1,913,718
				6,577,360
Semiconductors—0.2%
M/A-COM Technology Solutions Holdings, Inc. Term Loan, 3.858%, 05/07/21		554,423		563,778
MKS Instruments, Inc. Term Loan B2, 3.732%, 05/01/23		163,689		165,812
ON Semiconductor Corp. Incremental Term Loan, 4.232%, 03/31/23		1,775,103		1,786,831
				2,516,421
Software—0.3%
BMC Software Finance, Inc. Revolver Term Loan, 0.500%, 09/10/18 (h)		1,825,218		1,761,335
Term Loan, 5.000%, 09/10/20		1,745,639		1,749,691
				3,511,026
Technology Hardware, Storage & Peripherals—0.1%
Western Digital Corp. Term Loan B, 3.732%, 04/29/23		553,073		557,653
Telecommunications—0.1%
Consolidated Communications, Inc. Term Loan B, 4.000%, 10/04/23		162,068		163,243
CSC Holdings LLC Term Loan, 3.943%, 10/11/24		807,605		807,268

BHFTI-108

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (f)—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Global Tel*Link Corp. 1st Lien Term Loan, 5.000%, 05/23/20		187,167	$	186,963
UPC Financing Partnership Term Loan AP, 3.662%, 04/15/25		202,921		203,809
				1,361,283
Transportation—0.1%
XPO Logistics, Inc. Term Loan B2, 0.000%, 11/01/21		590,103		593,275
Total Floating Rate Loans (Cost $54,572,585)				53,613,047
Foreign Government—1.7%
Sovereign—1.7%
Brazil Notas do Tesouro Nacional 6.000%, 08/15/18 (BRL) (d)		600,000		576,652
10.000%, 01/01/21 (BRL)		5,500,000		1,762,580
Export-Import Bank of China (The) 2.500%, 07/31/19 (144A)		4,000,000		4,030,939
Export-Import Bank of Korea 2.250%, 01/21/20		5,000,000		4,989,130
Indonesia Treasury Bonds 8.250%, 07/15/21 (IDR)		16,800,000,000		1,323,778
Malaysia Government Bonds 4.012%, 09/15/17 (MYR)		7,530,000		1,707,553
Mexican Bonos 7.750%, 12/14/17 (MXN)		19,000,000		1,021,452
8.500%, 12/13/18 (MXN)		17,100,000		938,998
Philippine Government Bonds 2.875%, 05/22/17 (PHP)		57,000,000		1,136,751
Serbia International Bonds 5.250%, 11/21/17 (144A)		1,200,000		1,224,036
Total Foreign Government (Cost $18,601,133)				18,711,869
Municipals—0.8%
Industry Public Facilities Authority, Tax Allocation Revenue 3.389%, 01/01/20		3,525,000		3,631,772
State of Pennsylvania, General Obligation, Ltd. 5.000%, 01/15/20		2,800,000		3,067,988
State of Texas, General Obligation Unlimited 5.000%, 04/01/21		1,185,000		1,348,945
University of California, Revenue Bonds 1.284%, 07/01/41 (b)		260,000		259,753
Total Municipals (Cost $8,213,884)				8,308,458
Investment Company Security—0.3%
Security Description	Shares/ Principal Amount*		Value
PowerShares Senior Loan Portfolio (Cost $3,830,888)		165,000		3,837,900
Common Stocks—0.2%
Diversified Financial Services—0.0%
Edcon Holdings, Ltd. (i) (j)		8,217,950		6,125
Edcon Holdings, Ltd. (i) (j)		817,800		610
				6,735
Oil, Gas & Consumable Fuels—0.2%
Energy XXI Gulf Coast, Inc. (k)		38,479		1,153,216
Halcon Resources Corp. (a) (i) (j) (k)		65,445		494,525
Linn Energy, Inc. (k)		8,053		233,537
				1,881,278
Paper & Forest Products—0.0%
Verso Corp. - Class A (k)		1,665		9,990
Total Common Stocks (Cost $3,433,840)				1,898,003
Warrants—0.0%
Oil, Gas & Consumable Fuels—0.0%
Halcon Resources Corp., Expires 09/09/20 (k)		5,835		10,270
Paper & Forest Products—0.0%
Verso Corp., Expires 07/25/23 (k)		175		21
Total Warrants (Cost $0)				10,291
Short-Term Investments—3.2%
Discount Note—1.1%
Federal Home Loan Bank 0.304%, 04/03/17 (l)		12,060,000		12,059,698
Repurchase Agreement—2.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $23,121,268 on 04/03/17, collateralized by $23,740,000 U.S. Treasury Note at 1.375% due 10/31/20 with a value of $23,585,049.		23,121,095		23,121,095
Total Short-Term Investments (Cost $35,180,793)				35,180,793

BHFTI-109

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (m)—5.0%

Security Description	Principal Amount*		Value
Certificates of Deposit—2.7%
ABN AMRO Bank NV Zero Coupon, 05/05/17		398,846	$	399,672
Zero Coupon, 06/23/17		1,494,150		1,496,310
Banco Del Estado De Chile New York 1.426%, 06/21/17 (b)		1,000,000		1,000,542
Bank of Nova Scotia Houston 1.355%, 11/03/17 (b)		500,000		500,549
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (b)		2,000,000		2,000,966
BNP Paribas New York 1.384%, 08/04/17 (b)		500,000		500,381
Canadian Imperial Bank 1.392%, 10/27/17 (b)		250,000		250,301
Chiba Bank, Ltd., New York 1.100%, 04/07/17		1,000,000		1,000,011
1.240%, 05/11/17		500,000		500,133
Credit Suisse AG New York 1.581%, 05/12/17 (b)		500,000		500,152
1.676%, 04/24/17 (b)		1,000,000		1,000,236
Danske Bank A/S London Zero Coupon, 05/12/17		747,829		749,228
DNB NOR Bank ASA 1.279%, 07/28/17 (b)		400,000		400,177
KBC Bank NV 1.150%, 04/27/17		500,000		499,705
Mitsubishi UFJ Trust and Banking Corp. 1.134%, 09/01/17 (b)		1,000,000		999,941
Mizuho Bank, Ltd., New York 1.184%, 09/01/17 (b)		1,300,000		1,299,910
1.339%, 08/02/17 (b)		750,000		750,432
1.543%, 05/17/17		750,000		750,223
1.582%, 04/26/17 (b)		500,000		500,083
National Australia Bank London 1.199%, 05/02/17 (b)		750,000		750,263
Norinchukin Bank New York 1.451%, 07/12/17 (b)		1,500,000		1,501,327
Oversea-Chinese Banking Corp., Ltd. 1.000%, 06/01/17		3,000,000		2,999,901
Sumitomo Bank New York 1.410%, 05/05/17 (b)		250,000		250,049
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (b)		1,600,000		1,600,856
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (b)		1,000,000		1,000,680
Sumitomo Mitsui Trust Bank, Ltd., New York 1.308%, 08/16/17 (b)		1,000,000		1,000,471
1.572%, 04/26/17 (b)		500,000		500,165
Svenska Handelsbanken New York 1.508%, 05/18/17 (b)		250,000		250,129
Toronto Dominion Bank New York 1.221%, 03/13/18 (b)		600,000		599,789
1.330%, 01/10/18 (b)		1,500,000		1,500,294
UBS, Stamford 1.301%, 05/12/17 (b)		400,000		400,098
1.589%, 07/31/17 (b)		400,867		401,102
Certificates of Deposit—(Continued)
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (b)		750,000		751,226
1.452%, 04/26/17 (b)		400,000		400,106
				29,005,408
Commercial Paper—1.6%
Barton Capital S.A. 1.160%, 04/07/17		2,093,639		2,099,712
Commonwealth Bank Australia 1.174%, 03/01/18		1,500,000		1,500,612
DCAT LLC 1.200%, 04/11/17		399,573		399,890
Den Norske ASA 1.432%, 04/27/17 (b)		400,000		400,086
Erste Abwicklungsanstalt 1.098%, 07/18/17 (b)		2,400,000		2,399,789
HSBC plc 1.442%, 04/25/17 (b)		1,000,000		1,000,180
Kells Funding LLC 1.100%, 06/05/17		597,690		598,708
Manhattan Asset Funding Co. 1.184%, 09/07/17 (b)		1,200,000		1,200,098
National Australia Bank, Ltd. 1.440%, 12/06/17 (b)		1,000,000		1,001,494
Ridgefield Funding Co. LLC 1.184%, 09/07/17 (b)		1,000,000		999,882
Sheffield Receivables Co. 1.170%, 04/07/17		498,521		499,881
Starbird Funding Corp. 1.441%, 06/13/17 (b)		1,500,000		1,500,530
Versailles CDS LLC 1.050%, 06/05/17		2,991,513		2,993,595
Westpac Banking Corp. 1.380%, 10/20/17 (b)		1,000,000		1,001,812
				17,596,269
Repurchase Agreements—0.5%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $316,056 on 04/03/17, collateralized by $454,572 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $322,357.		316,036		316,036
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $35,700 on 04/03/17, collateralized by $36,118 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $36,411.		35,697		35,697

BHFTI-110

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (m)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $1,000,650 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.		1,000,000	$	1,000,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $1,508,640 on 06/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $100,007 on 04/03/17, collateralized by $99,374 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $102,062.		100,000		100,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $706,854 on 07/03/17, collateralized by various Common Stock with a value of $770,000.		700,000		700,000
				5,651,733
Time Deposits—0.2%
OP Corporate Bank plc 1.200%, 04/10/17		500,000		500,000
Shinkin Central Bank 1.350%, 04/21/17		650,000		650,000
1.440%, 04/26/17		600,000		600,000
1.440%, 04/27/17		100,000		100,000
				1,850,000
Total Securities Lending Reinvestments (Cost $54,089,768)				54,103,410
Total Investments—105.2% (Cost $1,153,042,367)				1,150,197,644
Unfunded Loan Commitments—(0.2)% (Cost $(1,825,218))				(1,825,218	)
Net Investments—105.0% (Cost $1,151,217,149) (n)				1,148,372,426
Other assets and liabilities (net)— (5.0)%				(54,543,357	)
Net Assets—100.0%			$	1,093,829,069

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $52,695,467 and the collateral received consisted of cash in the amount of $54,074,362. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(c)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(d)	Principal amount of security is adjusted for inflation.
(e)	Interest only security.
(f)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(g)	This loan will settle after March 31, 2017, at which time the interest rate will be determined.
(h)	Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(i)	Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent less than 0.05% of net assets.
(j)	Illiquid security. As of March 31, 2017, these securities represent 0.0% of net assets.
(k)	Non-income producing security.
(l)	The rate shown represents current yield to maturity.
(m)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(n)	As of March 31, 2017, the aggregate cost of investments was $1,151,217,149. The aggregate unrealized appreciation and depreciation of investments were $11,508,295 and $(14,353,018), respectively, resulting in net unrealized depreciation of $(2,844,723).
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $194,919,694, which is 17.8% of net assets.
(ARM)—	Adjustable-Rate Mortgage
(BRL)—	Brazilian Real
(CHF)—	Swiss Franc
(CLO)—	Collateralized Loan Obligation
(EUR)—	Euro
(IDR)—	Indonesian Rupiah
(MXN)—	Mexican Peso
(MYR)—	Malaysian Ringgit
(PHP)—	Philippine Peso

BHFTI-111

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	334,839	Deutsche Bank AG		05/18/17	$	368,055	$	(10,134	)
EUR	414,027	Deutsche Bank AG		05/18/17		442,761		(193	)
EUR	414,898	Deutsche Bank AG		05/18/17		440,788		2,711
EUR	726,764	Deutsche Bank AG		05/18/17		774,585		2,278
EUR	1,850,000	Deutsche Bank AG		05/18/17		1,982,090		(4,560	)
EUR	2,100,000	Deutsche Bank AG		05/18/17		2,259,285		(14,522	)
INR	51,540,000	Deutsche Bank AG		05/18/17		741,583		47,388
INR	45,300,000	JPMorgan Chase Bank N.A.		05/18/17		656,522		36,927
JPY	24,000,000	JPMorgan Chase Bank N.A.		05/18/17		226,922		(11,003	)
JPY	70,444,500	JPMorgan Chase Bank N.A.		05/18/17		627,199		6,562
JPY	273,000,000	Morgan Stanley & Co. LLC		05/18/17		2,387,511		68,561
JPY	274,555,500	Morgan Stanley & Co. LLC		05/18/17		2,444,165		25,902
MXN	5,200,000	JPMorgan Chase Bank N.A.		05/18/17		250,337		25,526
MXN	32,400,000	JPMorgan Chase Bank N.A.		05/18/17		1,563,707		155,130
MXN	37,400,000	JPMorgan Chase Bank N.A.		05/18/17		1,779,512		204,577
MXN	80,000,000	JPMorgan Chase Bank N.A.		05/18/17		3,851,338		392,703
Contracts to Deliver
AUD	2,230,000	Deutsche Bank AG		05/18/17		1,654,340		(48,036	)
AUD	1,700,000	Deutsche Bank AG		05/18/17		1,281,290		(16,485	)
AUD	401,148	Deutsche Bank AG		05/18/17		297,588		(8,647	)
AUD	4,000,000	JPMorgan Chase Bank N.A.		05/18/17		3,032,800		(20,789	)
CAD	800,000	JPMorgan Chase Bank N.A.		05/18/17		609,547		7,606
EUR	183,001	Barclays Bank plc		05/18/17		205,406		9,790
EUR	70,764	Barclays Bank plc		05/18/17		78,561		2,919
EUR	2,909,965	Citibank N.A.		05/18/17		3,269,782		159,219
EUR	52,102	Citibank N.A.		05/18/17		57,841		2,148
EUR	16,840,800	Deutsche Bank AG		05/18/17		18,903,461		901,743
EUR	3,500,000	Deutsche Bank AG		05/18/17		3,928,680		187,408
EUR	1,640,230	Deutsche Bank AG		05/18/17		1,774,401		21,102
EUR	1,025,144	Deutsche Bank AG		05/18/17		1,109,206		13,394
EUR	752,020	Deutsche Bank AG		05/18/17		802,781		(1,079	)
EUR	9,213,000	Goldman Sachs Bank USA		05/18/17		10,351,727		503,630
EUR	1,618,079	JPMorgan Chase Bank N.A.		05/18/17		1,797,281		67,660
EUR	1,035,310	JPMorgan Chase Bank N.A.		05/18/17		1,149,598		42,919
EUR	958,529	JPMorgan Chase Bank N.A.		05/18/17		1,076,792		52,187
GBP	1,310,000	Deutsche Bank AG		05/18/17		1,637,762		(5,206	)
JPY	99,997,600	Citibank N.A.		05/18/17		1,000,106		100,467
JPY	88,300,000	HSBC Bank plc		05/18/17		883,397		88,998
JPY	361,284,375	JPMorgan Chase Bank N.A.		05/18/17		3,654,542		404,210
JPY	167,815,750	JPMorgan Chase Bank N.A.		05/18/17		1,677,486		167,715
JPY	547,555,500	Morgan Stanley & Co. LLC		05/18/17		5,477,363		551,223
MXN	5,200,000	JPMorgan Chase Bank N.A.		05/18/17		269,242		(6,621	)
MYR	1,700,000	Deutsche Bank AG		05/18/17		418,637		35,146
Net Unrealized Appreciation							$	4,140,474

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Canada Government Bond 10 Year Futures		06/21/17		31		CAD	4,229,361	$	20,723
U.S. Treasury Note 2 Year Futures		06/30/17		1,111		USD	240,326,444		152,979

BHFTI-112

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 10 Year Futures		06/21/17		(150	)		USD	(18,466,031	)	$	(218,344	)
U.S. Treasury Note 5 Year Futures		06/30/17		(380	)		USD	(44,868,719	)		132,625
Net Unrealized Appreciation										$	87,983

Swap Agreements

OTC Cross-Currency Swaps

Receive	Pay	Maturity Date (a)	Counterparty	Notional Amount of Currency Received		Notional Amount of Currency Delivered		Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation
Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered	Fixed rate equal to 2.125% based on the notional amount of currency received	10/13/17	Citibank N.A.	$	2,241,399		CHF 2,000,000	$	238,941	$	—	$	238,941
Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered	Fixed rate equal to 2.125% based on the notional amount of currency received	10/13/17	JPMorgan Chase Bank N.A.		781,250		CHF    750,000		19,565		1,057		18,508
Totals								$	258,506	$	1,057	$	257,449

(a) At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.

OTC Credit Default Swaps on Corporate and Sovereign Issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at March 31, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
AES Corp. 1.000%, due 06/01/19		(5.000%)		06/20/21	JPMorgan Chase Bank N.A.		1.645%		USD	600,000	$	(80,019)	$	(63,915)	$	(16,104)
AES Corp. 1.000%, due 06/01/19		(5.000%)		06/21/21	JPMorgan Chase Bank N.A.		1.647%		USD	500,000		(66,683)		(56,973)		(9,710)
AES Corp. 1.000%, due 06/01/19		(5.000%)		06/21/21	JPMorgan Chase Bank N.A.		1.647%		USD	500,000		(66,683)		(51,976)		(14,707)
AES Corp. 1.000%, due 06/01/19		(5.000%)		06/21/21	JPMorgan Chase Bank N.A.		1.647%		USD	1,500,000		(200,050)		(170,919)		(29,131)
Beazer Homes USA, Inc. 9.125%, due 05/15/19		(5.000%)		06/20/19	Citibank N.A.		0.995%		USD	2,500,000		(218,319)		(129,684)		(88,635)
Beazer Homes USA, Inc. 9.125%, due 05/15/19		(5.000%)		06/20/19	Credit Suisse International		0.995%		USD	2,000,000		(174,655)		(86,028)		(88,627)
Beazer Homes USA, Inc. 9.125%, due 05/15/19		(5.000%)		06/20/19	Credit Suisse International		0.995%		USD	5,000,000		(436,638)		(249,868)		(186,770)
Beazer Homes USA, Inc. 9.125%, due 05/15/19		(5.000%)		06/20/19	Credit Suisse International		0.995%		USD	5,000,000		(436,638)		(228,025)		(208,613)
CSC Holdings LLC 5.000%, due 09/20/18		(5.000%)		09/20/18	Barclays Bank plc		0.490%		USD	2,500,000		(165,380)		(146,999)		(18,381)
Calpine Corp. 5.375%, due 01/15/23		(5.000%)		06/21/21	JPMorgan Chase Bank N.A.		2.167%		USD	1,500,000		167,614		96,400		71,214
Kinder Morgan Energy Partners L.P. 3.950%, due 09/01/22		(5.000%)		03/20/20	Citibank N.A.		0.437%		USD	5,000,000		(664,556)		(1,063,304)		398,748
Lennar Corp. 4.750%, due 12/15/17		(5.000%)		06/20/18	Citibank N.A.		0.231%		USD	5,500,000		(320,382)		(628,661)		308,279

BHFTI-113

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Swap Agreements—(Continued)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at March 31, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Lennar Corp. 4.750%, due 12/15/17		(5.000%)		09/20/19	Credit Suisse International		0.570%		USD	2,000,000	$	(215,649)	$	(285,162)	$	69,513
Olin Corp. 5.500%, due 08/15/22		(1.000%)		06/20/21	Citibank N.A.		1.175%		USD	2,200,000		15,437		168,529		(153,092)
Olin Corp. 1.000%, due 12/20/21		(1.000%)		12/20/21	JPMorgan Chase Bank N.A.		1.434%		USD	1,000,000		19,264		25,261		(5,997)
Rite Aid Corp. 5.000%, due 12/20/20		(5.000%)		12/20/20	JPMorgan Chase Bank N.A.		1.933%		USD	1,250,000		(135,504)		(231,418)		95,914
Springleaf Finance Corp. 5.000%, due 06/20/20		(5.000%)		06/20/20	Barclays Bank plc		2.634%		USD	1,000,000		(71,286)		(92,698)		21,412
Tenet Healthcare Corp. 6.875%, due 11/15/31		(5.000%)		03/20/19	Barclays Bank plc		2.126%		USD	4,500,000		(247,933)		(362,651)		114,718
Tenet Healthcare Corp. 6.875%, due 11/15/31		(5.000%)		03/20/19	Citibank N.A.		2.126%		USD	2,500,000		(137,741)		(220,999)		83,258
Toys “R” Us, Inc. 7.375%, due 10/15/18		(5.000%)		12/20/18	JPMorgan Chase Bank N.A.		12.696%		USD	1,615,000		188,954		403,750		(214,796)
Totals											$	(3,246,847)	$	(3,375,340)	$	128,493

OTC Credit Default Swaps on Corporate and Sovereign Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at March 31, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation
Calpine Corp. 5.375%, due 01/25/23		5.000%		06/20/21	JPMorgan Chase Bank N.A.		2.164%		USD	600,000	$	67,074	$	29,139	$	37,935
Calpine Corp. 5.375%, due 01/15/23		5.000%		06/21/21	JPMorgan Chase Bank N.A.		2.167%		USD	500,000		55,871		32,133		23,738
Calpine Corp. 5.375%, due 01/15/23		5.000%		06/21/21	JPMorgan Chase Bank N.A.		2.167%		USD	500,000		55,871		23,150		32,721
United Mexico States 5.950%, due 03/19/19		1.000%		06/20/20	Citibank N.A.		0.732%		USD	1,600,000		13,456		(20,033)		33,489
Totals											$	192,272	$	64,389	$	127,883

OTC Credit Default Swaps on Credit Indices—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at March 31, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation
Bespoke Hong Kong 3-5% CDX Tranche		1.000%		12/20/18	Citibank N.A.		2.239%		USD	3,000,000	$	(63,462)	$	(126,283)	$	62,821
Bespoke 58% HY/42% IG 0-3% CDX Tranche		1.000%		06/20/19	Citibank N.A.		11.359%		USD	570,000		(129,366)		(153,900)		24,534
Totals											$	(192,828)	$	(280,183)	$	87,355

Cash in the amount of $320,000 and securities in the amount of $1,516,980 have been received at the custodian bank as collateral for OTC swap contracts.

(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

BHFTI-114

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

(b)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)	The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(EUR)—	Euro
(GBP)—	British Pound
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(MYR)—	Malaysian Ringgit
(USD)—	United States Dollar

BHFTI-115

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1			Level 2			Level 3		Total
Total Corporate Bonds & Notes*	$	—		$	439,952,009		$	—	$	439,952,009
Total U.S. Treasury & Government Agencies*		—			260,983,574			—		260,983,574
Total Asset-Backed Securities*		—			143,580,758			—		143,580,758
Total Mortgage-Backed Securities*		—			130,017,532			—		130,017,532
Total Floating Rate Loans (Less Unfunded Loan Commitments)*		—			51,787,829			—		51,787,829
Total Foreign Government*		—			18,711,869			—		18,711,869
Total Municipals		—			8,308,458			—		8,308,458
Total Investment Company Security		3,837,900			—			—		3,837,900
Common Stocks
Diversified Financial Services		—			—			6,735		6,735
Oil, Gas & Consumable Fuels		1,386,753			494,525			—		1,881,278
Paper & Forest Products		9,990			—			—		9,990
Total Common Stocks		1,396,743			494,525			6,735		1,898,003
Total Warrants*		10,291			—			—		10,291
Total Short-Term Investments*		—			35,180,793			—		35,180,793
Total Securities Lending Reinvestments*		—			54,103,410			—		54,103,410
Total Net Investments	$	5,244,934		$	1,143,120,757		$	6,735	$	1,148,372,426
Collateral for Securities Loaned (Liability)	$	—		$	(54,074,362	)	$	—	$	(54,074,362	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	4,287,749		$	—	$	4,287,749
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(147,275	)		—		(147,275	)
Total Forward Contracts	$	—		$	4,140,474		$	—	$	4,140,474
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	306,327		$	—		$	—	$	306,327
Futures Contracts (Unrealized Depreciation)		(218,344	)		—			—		(218,344	)
Total Futures Contracts	$	87,983		$	—		$	—	$	87,983
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	842,047		$	—	$	842,047
OTC Swap Contracts at Value (Liabilities)		—			(3,830,944	)		—		(3,830,944	)
Total OTC Swap Contracts	$	—		$	(2,988,897	)	$	—	$	(2,988,897	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

BHFTI-116

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Foreign Government—63.8% of Net Assets

Security Description	Principal Amount*		Value
Argentina—4.6%
Argentine Bonos del Tesoro 15.500%, 10/17/26 (ARS)		428,165,000	$	31,303,696
16.000%, 10/17/23 (ARS)		93,900,000		6,894,329
18.200%, 10/03/21 (ARS)		295,040,000		20,444,717
21.063%, 04/03/22 (ARS) (a)		20,147,000		1,346,952
				59,989,694
Brazil—12.6%
Brazil Letras do Tesouro Nacional Zero Coupon, 07/01/20 (BRL)		56,161,000		13,250,810
Brazil Notas do Tesouro Nacional 6.000%, 05/15/19 (BRL) (b)		589,000		571,266
6.000%, 08/15/22 (BRL) (b)		6,646,000		6,532,326
6.000%, 05/15/23 (BRL) (b)		845,000		832,943
6.000%, 08/15/24 (BRL) (b)		1,140,000		1,132,822
6.000%, 05/15/45 (BRL) (b)		6,400,000		6,719,895
10.000%, 01/01/19 (BRL)		6,700,000		2,211,756
10.000%, 01/01/21 (BRL)		31,015,000		10,220,119
10.000%, 01/01/23 (BRL)		46,095,000		15,139,379
10.000%, 01/01/25 (BRL)		262,368,000		84,249,149
10.000%, 01/01/27 (BRL)		72,694,000		23,626,849
				164,487,314
Colombia—4.0%
Colombian TES 6.000%, 04/28/28 (COP)		5,915,600,000		1,935,125
7.000%, 06/30/32 (COP)		6,997,000,000		2,439,541
7.500%, 08/26/26 (COP)		9,345,300,000		3,429,814
7.750%, 09/18/30 (COP)		107,913,100,000		40,565,135
10.000%, 07/24/24 (COP)		10,002,000,000		4,172,707
				52,542,322
Indonesia—4.4%
Indonesia Treasury Bonds 5.625%, 05/15/23 (IDR)		96,951,000,000		6,807,444
7.000%, 05/15/22 (IDR)		81,607,000,000		6,160,868
8.375%, 03/15/24 (IDR)		81,624,000,000		6,516,897
8.375%, 09/15/26 (IDR)		45,918,000,000		3,738,774
8.375%, 03/15/34 (IDR)		49,720,000,000		3,943,870
8.750%, 05/15/31 (IDR)		22,479,000,000		1,872,477
9.000%, 03/15/29 (IDR)		11,396,000,000		947,302
10.000%, 09/15/24 (IDR)		186,070,000,000		16,303,016
10.000%, 02/15/28 (IDR)		34,960,000,000		3,118,700
10.500%, 08/15/30 (IDR)		2,470,000,000		231,429
11.500%, 09/15/19 (IDR)		7,238,000,000		600,630
12.800%, 06/15/21 (IDR)		78,179,000,000		7,110,502
12.900%, 06/15/22 (IDR)		1,823,000,000		171,479
				57,523,388
Mexico—20.0%
Mexican Bonos 4.750%, 06/14/18 (MXN)		441,200,000		23,072,081
5.000%, 06/15/17 (MXN)		457,300,000		24,365,641
5.000%, 12/11/19 (MXN)		753,040,000		38,521,492
Mexico—(Continued)
Mexican Bonos 7.750%, 12/14/17 (MXN)		950,800,000		51,115,609
8.500%, 12/13/18 (MXN)		114,740,000		6,300,626
Mexican Udibonos 2.500%, 12/10/20 (MXN) (b)		14,073,189		733,890
3.500%, 12/14/17 (MXN) (b)		25,994,479		1,389,080
4.000%, 06/13/19 (MXN) (b)		17,827,566		971,771
Mexico Cetes 4.606%, 05/25/17 (MXN) (c)		7,099,762,000		37,545,719
4.841%, 04/27/17 (MXN) (c)		261,510,000		1,390,110
4.861%, 04/12/17 (MXN) (c)		2,983,167,000		15,899,867
4.881%, 07/06/17 (MXN) (c)		1,593,422,000		8,360,630
4.920%, 05/11/17 (MXN) (c)		691,988,000		3,668,981
4.934%, 07/20/17 (MXN) (c)		3,170,404,000		16,591,142
5.645%, 11/09/17 (MXN) (c)		2,598,976,000		13,318,290
5.662%, 09/14/17 (MXN) (c)		1,131,119,000		5,856,583
6.449%, 06/01/17 (MXN) (c)		412,772,000		2,179,999
6.451%, 08/17/17 (MXN) (c)		700,128,000		3,646,099
6.466%, 08/31/17 (MXN) (c)		1,134,200,000		5,888,832
				260,816,442
Peru—0.1%
Peru Government Bond 7.840%, 08/12/20 (PEN)		5,663,000		1,910,663
South Africa—0.9%
Republic of South Africa Government Bonds 6.250%, 03/31/36 (ZAR)		12,760,000		675,992
7.000%, 02/28/31 (ZAR)		8,915,000		546,514
8.000%, 01/31/30 (ZAR)		28,269,000		1,911,769
8.250%, 03/31/32 (ZAR)		19,748,000		1,333,954
8.500%, 01/31/37 (ZAR)		11,821,000		789,195
8.875%, 02/28/35 (ZAR)		84,892,000		5,949,163
10.500%, 12/21/26 (ZAR)		10,950,000		902,444
				12,109,031
South Korea—14.7%
Korea Treasury Bonds 1.375%, 09/10/21 (KRW)		103,381,400,000		90,722,240
1.500%, 06/10/19 (KRW)		17,308,600,000		15,436,430
1.750%, 12/10/18 (KRW)		6,400,500,000		5,739,966
2.000%, 03/10/21 (KRW)		46,936,060,000		42,318,337
2.750%, 09/10/19 (KRW)		1,504,000,000		1,379,860
4.250%, 06/10/21 (KRW)		37,648,400,000		36,949,365
				192,546,198
Ukraine—2.5%
Ukraine Government International Bonds Zero Coupon, 05/31/40 (144A) (a)		12,785,000		4,724,057
7.750%, 09/01/22 (144A)		5,389,000		5,174,787
7.750%, 09/01/23 (144A)		3,939,000		3,722,355
7.750%, 09/01/24 (144A)		3,356,000		3,137,860
7.750%, 09/01/25 (144A)		5,586,000		5,166,961
7.750%, 09/01/26 (144A)		5,996,000		5,504,868

BHFTI-117

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Ukraine—(Continued)
Ukraine Government International Bonds
7.750%, 09/01/27 (144A)		5,595,000	$	5,133,412
				32,564,300
Total Foreign Government (Cost $818,283,271)				834,489,352
Short-Term Investments—27.4%
Discount Note—18.6%
Federal Home Loan Bank 0.240%, 04/03/17 (c)		242,595,000		242,595,000
Repurchase Agreement—8.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $115,091,640 on 04/03/17, collateralized by $116,650,000 U.S. Treasury Notes with rates ranging from 1.625% - 2.000%, due 07/31/20 with a value of $117,393,458.		115,090,777		115,090,777
Total Short-Term Investments (Cost $357,680,987)				357,685,777
Total Investments—91.2% (Cost $1,175,964,258) (d)				1,192,175,129
Other assets and liabilities (net)—8.8%				115,356,606
Net Assets—100.0%			$	1,307,531,735

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(b)	Principal amount of security is adjusted for inflation.
(c)	The rate shown represents current yield to maturity.
(d)	As of March 31, 2017, the aggregate cost of investments was $1,175,964,258. The aggregate unrealized appreciation and depreciation of investments were $37,175,198 and $(20,964,327), respectively, resulting in net unrealized appreciation of $16,210,871.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $32,564,300, which is 2.5% of net assets.
(ARS)—	Argentine Peso
(BRL)—	Brazilian Real
(COP)—	Colombian Peso
(IDR)—	Indonesian Rupiah
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(PEN)—	Peruvian Nuevo Sol
(ZAR)—	South African Rand

Top Industries as of March 31, 2017 (Unaudited)	% of Net Assets
Global Government Investment Grade		21.8%
Global Government High Yield		42.0%
		63.8%

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CLP	337,802,000	Deutsche Bank AG		04/03/17		USD	525,885	$	(13,966	)
CLP	46,326,000	JPMorgan Chase Bank N.A.		04/03/17		USD	71,265		(1,061	)
CLP	1,091,705,000	Morgan Stanley & Co.		04/03/17		USD	1,682,652		(28,241	)
CLP	740,841,250	Morgan Stanley & Co.		04/07/17		USD	1,152,576		(30,048	)
CLP	687,600,000	JPMorgan Chase Bank N.A.		04/10/17		USD	1,025,733		15,965
CLP	196,585,000	Deutsche Bank AG		04/17/17		USD	293,192		4,524
CLP	93,075,000	Deutsche Bank AG		04/18/17		USD	137,532		3,417
CLP	113,400,000	Goldman Sachs & Co.		04/18/17		USD	169,545		2,184
CLP	4,881,841,000	Deutsche Bank AG		04/20/17		USD	7,360,484		31,638
CLP	5,003,232,000	Deutsche Bank AG		04/24/17		USD	7,580,654		(6,257	)
CLP	740,841,250	Morgan Stanley & Co.		04/26/17		USD	1,125,471		(4,024	)
CLP	225,201,000	Deutsche Bank AG		04/28/17		USD	342,131		(1,268	)
CLP	282,698,500	Morgan Stanley & Co.		05/02/17		USD	434,988		(7,184	)
CLP	67,982,000	Deutsche Bank AG		05/08/17		USD	105,333		(2,485	)
CLP	101,783,000	Deutsche Bank AG		05/09/17		USD	158,073		(4,094	)
CLP	296,547,000	Deutsche Bank AG		05/15/17		USD	455,246		(6,739	)
CLP	986,595,000	Morgan Stanley & Co.		05/15/17		USD	1,523,934		(31,778	)
CLP	122,316,084	JPMorgan Chase Bank N.A.		05/17/17		USD	189,461		(4,482	)
CLP	196,584,000	Deutsche Bank AG		05/18/17		USD	304,357		(7,075	)

BHFTI-118

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CLP	123,783,916	JPMorgan Chase Bank N.A.		05/22/17		USD	192,480	$	(5,321	)
CLP	46,749,000	Citibank N.A.		05/24/17		USD	72,516		(1,838	)
CLP	91,925,000	Deutsche Bank AG		05/30/17		USD	141,980		(3,038	)
CLP	9,313,680,000	JPMorgan Chase Bank N.A.		05/30/17		USD	14,476,848		(399,492	)
CLP	210,294,000	Deutsche Bank AG		05/31/17		USD	325,608		(7,768	)
CLP	96,622,000	Deutsche Bank AG		06/13/17		USD	145,067		882
CLP	46,326,000	JPMorgan Chase Bank N.A.		06/30/17		USD	69,454		466
CLP	337,802,000	Deutsche Bank AG		07/03/17		USD	506,154		3,626
IDR	133,413,773,145	JPMorgan Chase Bank N.A.		09/18/17		USD	9,738,232		89,348
IDR	894,320,000,000	JPMorgan Chase Bank N.A.		09/18/17		USD	65,269,304		608,463
INR	180,421,484	Deutsche Bank AG		04/27/17		USD	2,619,474		150,156
INR	228,261,000	HSBC Bank plc		04/28/17		USD	3,312,485		191,027
INR	110,978,417	Deutsche Bank AG		05/08/17		USD	1,636,468		64,578
INR	69,899,500	HSBC Bank plc		05/08/17		USD	1,022,520		48,880
INR	4,128,565,000	HSBC Bank plc		05/16/17		USD	61,101,557		2,114,551
INR	14,658,000	JPMorgan Chase Bank N.A.		05/22/17		USD	217,027		7,241
MYR	21,469,000	HSBC Bank plc		04/04/17		USD	5,195,160		(343,957	)
Contracts to Deliver
AUD	40,188,000	JPMorgan Chase Bank N.A.		05/15/17		USD	30,747,236		66,173
AUD	5,331,000	Citibank N.A.		05/22/17		USD	4,078,855		9,478
AUD	13,314,000	Citibank N.A.		06/13/17		USD	10,097,471		(61,542	)
AUD	13,227,000	Citibank N.A.		06/13/17		USD	10,031,225		(61,404	)
AUD	20,044,000	JPMorgan Chase Bank N.A.		06/13/17		USD	15,061,062		(233,159	)
AUD	19,754,000	JPMorgan Chase Bank N.A.		06/13/17		USD	14,970,569		(102,372	)
AUD	190,000	Citibank N.A.		06/16/17		USD	143,057		(1,911	)
AUD	960,000	JPMorgan Chase Bank N.A.		06/16/17		USD	724,109		(8,360	)
AUD	383,100	Citibank N.A.		06/19/17		USD	289,018		(3,266	)
AUD	29,844,000	JPMorgan Chase Bank N.A.		06/20/17		USD	22,930,339		161,466
CLP	337,802,000	Deutsche Bank AG		04/03/17		USD	508,355		(3,563	)
CLP	46,326,000	JPMorgan Chase Bank N.A.		04/03/17		USD	69,747		(457	)
CLP	1,091,705,000	Morgan Stanley & Co.		04/03/17		USD	1,647,459		(6,953	)
EUR	3,488,374	Bank of America N.A.		04/10/17		USD	3,702,874		(19,479	)
EUR	5,009,000	HSBC Bank plc		04/10/17		USD	5,310,341		(34,633	)
EUR	714,000	HSBC Bank plc		04/10/17		USD	756,954		(4,937	)
EUR	3,672,600	JPMorgan Chase Bank N.A.		04/10/17		USD	3,891,322		(27,615	)
EUR	263,000	Standard Chartered Bank		04/11/17		USD	279,159		(1,494	)
EUR	1,079,000	JPMorgan Chase Bank N.A.		04/12/17		USD	1,147,096		(4,379	)
EUR	8,953,000	Standard Chartered Bank		04/12/17		USD	9,511,443		(42,916	)
EUR	16,311,000	JPMorgan Chase Bank N.A.		04/13/17		USD	17,222,801		(184,577	)
EUR	2,440,000	Goldman Sachs & Co.		04/18/17		USD	2,601,138		(3,466	)
EUR	826,000	JPMorgan Chase Bank N.A.		04/18/17		USD	879,905		(1,818	)
EUR	336,460	UBS AG, Stamford		04/18/17		USD	356,604		(2,554	)
EUR	12,208,000	JPMorgan Chase Bank N.A.		04/19/17		USD	13,125,187		93,036
EUR	2,341,000	Barclays Bank plc		04/21/17		USD	2,521,365		22,098
EUR	3,566,100	Deutsche Bank AG		04/24/17		USD	3,824,428		16,716
EUR	2,313,904	Barclays Bank plc		04/27/17		USD	2,492,368		21,353
EUR	868,325	Barclays Bank plc		04/27/17		USD	937,626		10,343
EUR	18,927,100	Bank of America N.A.		04/28/17		USD	20,355,528		142,381
EUR	4,190,725	Citibank N.A.		04/28/17		USD	4,514,584		39,110
EUR	97,042,524	Deutsche Bank AG		04/28/17		USD	104,314,406		678,094
EUR	5,318,000	Goldman Sachs & Co.		05/02/17		USD	5,687,707		7,327
EUR	1,620,000	HSBC Bank plc		05/02/17		USD	1,733,614		3,223
EUR	4,170,000	Bank of America N.A.		05/03/17		USD	4,499,096		44,740
EUR	3,073,000	Barclays Bank plc		05/08/17		USD	3,308,330		25,019
EUR	649,410	Citibank N.A.		05/08/17		USD	699,220		5,365

BHFTI-119

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	20,579,043	Deutsche Bank AG		05/08/17		USD	22,355,426	$	367,988
EUR	708,000	Deutsche Bank AG		05/09/17		USD	758,912		2,423
EUR	6,590,000	Goldman Sachs & Co.		05/09/17		USD	7,062,503		21,168
EUR	10,800,000	Goldman Sachs & Co.		05/10/17		USD	11,591,100		50,894
EUR	419,000	HSBC Bank plc		05/10/17		USD	449,714		1,997
EUR	16,125,000	Bank of America N.A.		05/15/17		USD	17,268,424		34,252
EUR	3,548,416	Bank of America N.A.		05/15/17		USD	3,789,034		(3,463	)
EUR	20,376,830	Citibank N.A.		05/15/17		USD	21,861,486		83,019
EUR	23,589,649	Deutsche Bank AG		05/15/17		USD	25,158,738		(53,545	)
EUR	900,000	Goldman Sachs & Co.		05/15/17		USD	965,880		3,973
EUR	3,821,000	HSBC Bank plc		05/15/17		USD	4,099,417		15,587
EUR	413,121	JPMorgan Chase Bank N.A.		05/15/17		USD	441,153		(385	)
EUR	19,463,000	Standard Chartered Bank		05/15/17		USD	20,776,850		(24,929	)
EUR	309,733	Deutsche Bank AG		05/16/17		USD	329,929		(1,125	)
EUR	1,631,000	Goldman Sachs & Co.		05/16/17		USD	1,738,173		(5,098	)
EUR	830,000	JPMorgan Chase Bank N.A.		05/16/17		USD	882,809		(4,325	)
EUR	446,000	Standard Chartered Bank		05/16/17		USD	475,086		(1,615	)
EUR	315,257	Bank of America N.A.		05/17/17		USD	334,844		(2,130	)
EUR	7,408,999	Goldman Sachs & Co.		05/17/17		USD	7,843,981		(75,388	)
EUR	1,313,000	Deutsche Bank AG		05/22/17		USD	1,401,431		(2,342	)
EUR	86,267	Deutsche Bank AG		05/22/17		USD	92,384		153
EUR	3,696,678	HSBC Bank plc		05/22/17		USD	3,961,194		8,951
EUR	274,083	JPMorgan Chase Bank N.A.		05/22/17		USD	293,098		66
EUR	989,372	Bank of America N.A.		05/23/17		USD	1,046,904		(10,916	)
EUR	1,287,000	Deutsche Bank AG		05/23/17		USD	1,361,389		(14,650	)
EUR	12,323,000	JPMorgan Chase Bank N.A.		05/23/17		USD	13,048,886		(126,659	)
EUR	281,896	UBS AG, Stamford		05/23/17		USD	298,270		(3,129	)
EUR	1,115,456	Bank of America N.A.		05/30/17		USD	1,184,358		(8,657	)
EUR	1,154,000	Goldman Sachs & Co.		05/30/17		USD	1,226,633		(7,606	)
EUR	1,120,359	Bank of America N.A.		05/31/17		USD	1,190,292		(8,023	)
EUR	1,673,320	Deutsche Bank AG		05/31/17		USD	1,779,810		(9,941	)
EUR	5,010,000	Standard Chartered Bank		05/31/17		USD	5,327,634		(30,967	)
EUR	9,359,372	UBS AG, Stamford		06/06/17		USD	9,883,637		(129,827	)
EUR	8,039,372	UBS AG, Stamford		06/07/17		USD	8,516,548		(85,121	)
EUR	3,488,374	Bank of America N.A.		06/08/17		USD	3,712,763		(19,795	)
EUR	2,021,800	Deutsche Bank AG		06/13/17		USD	2,142,091		(21,806	)
EUR	4,296,000	Morgan Stanley & Co.		06/14/17		USD	4,592,510		(5,667	)
EUR	1,529,000	Bank of America N.A.		06/15/17		USD	1,638,599		1,963
EUR	1,565,000	JPMorgan Chase Bank N.A.		06/15/17		USD	1,677,523		2,354
EUR	4,966,000	Morgan Stanley & Co.		06/16/17		USD	5,304,532		(11,335	)
EUR	4,520,000	UBS AG, Stamford		06/19/17		USD	4,823,631		(15,583	)
EUR	13,037,000	UBS AG, Stamford		06/20/17		USD	14,060,274		101,830
EUR	4,635,008	Barclays Bank plc		06/30/17		USD	4,991,635		26,401
JPY	133,330,000	Standard Chartered Bank		04/12/17		USD	1,157,087		(40,837	)
JPY	100,800,000	Citibank N.A.		04/13/17		USD	947,368		41,682
JPY	177,260,000	Bank of America N.A.		04/18/17		USD	1,648,266		55,295
JPY	104,580,000	JPMorgan Chase Bank N.A.		04/20/17		USD	976,776		36,885
JPY	55,370,000	JPMorgan Chase Bank N.A.		04/20/17		USD	535,579		37,952
JPY	733,680,000	JPMorgan Chase Bank N.A.		04/21/17		USD	6,803,318		209,276
JPY	698,590,000	Barclays Bank plc		04/24/17		USD	6,774,965		495,606
JPY	8,128,806,420	Goldman Sachs & Co.		05/15/17		USD	78,459,596		5,336,132
JPY	157,477,000	HSBC Bank plc		05/15/17		USD	1,520,195		103,595
JPY	791,049,590	Morgan Stanley & Co.		05/15/17		USD	7,395,648		279,685
JPY	796,134,720	Citibank N.A.		05/16/17		USD	7,414,181		252,207
JPY	119,300,000	Morgan Stanley & Co.		05/16/17		USD	1,109,644		36,429
JPY	93,849,000	Standard Chartered Bank		05/16/17		USD	874,152		29,893
JPY	8,630,050	Bank of America N.A.		05/18/17		USD	80,489		2,848

BHFTI-120

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	805,169,000	Citibank N.A.		05/18/17		USD	7,433,587	$	189,802
JPY	8,617,300	Citibank N.A.		05/18/17		USD	80,331		2,805
JPY	8,604,125	Bank of America N.A.		05/19/17		USD	79,927		2,516
JPY	8,634,400	HSBC Bank plc		05/19/17		USD	80,208		2,525
JPY	8,627,500	Bank of America N.A.		05/22/17		USD	79,843		2,214
JPY	275,190,000	JPMorgan Chase Bank N.A.		05/22/17		USD	2,554,892		78,748
JPY	427,709,000	Bank of America N.A.		05/25/17		USD	3,889,254		40,322
JPY	79,941,000	HSBC Bank plc		05/25/17		USD	729,322		9,937
JPY	462,800,000	Citibank N.A.		06/08/17		USD	4,384,070		217,049
JPY	693,100,000	HSBC Bank plc		06/09/17		USD	6,133,628		(107,298	)
JPY	635,480,000	HSBC Bank plc		06/13/17		USD	5,576,832		(146,359	)
JPY	119,465,000	Citibank N.A.		06/16/17		USD	1,145,848		69,781
JPY	930,530,000	HSBC Bank plc		06/16/17		USD	8,162,544		(219,099	)
JPY	248,300,000	JPMorgan Chase Bank N.A.		06/16/17		USD	2,380,553		144,019
JPY	929,100,000	Deutsche Bank AG		06/19/17		USD	8,896,272		526,307
JPY	599,020,000	Citibank N.A.		06/20/17		USD	5,836,268		439,630
JPY	930,710,000	Deutsche Bank AG		06/22/17		USD	9,043,043		657,368
JPY	811,652,000	Barclays Bank plc		06/30/17		USD	8,048,430		732,661
JPY	596,690,000	Barclays Bank plc		07/11/17		USD	5,174,368		(206,675	)
JPY	296,207,000	Deutsche Bank AG		07/11/17		USD	2,562,344		(108,897	)
JPY	174,225,000	Goldman Sachs & Co.		07/11/17		USD	1,509,003		(62,185	)
JPY	554,560,000	Barclays Bank plc		07/13/17		USD	4,831,230		(170,352	)
JPY	44,450,000	Citibank N.A.		07/13/17		USD	385,861		(15,034	)
JPY	183,890,000	HSBC Bank plc		07/13/17		USD	1,597,044		(61,462	)
JPY	360,500,000	JPMorgan Chase Bank N.A.		07/14/17		USD	3,523,260		271,753
JPY	248,150,000	Standard Chartered Bank		07/20/17		USD	2,205,582		(33,229	)
JPY	105,570,000	Deutsche Bank AG		07/24/17		USD	924,018		(28,615	)
JPY	353,334,000	Citibank N.A.		07/25/17		USD	3,384,101		195,564
JPY	544,000,000	JPMorgan Chase Bank N.A.		07/25/17		USD	4,841,602		(67,532	)
JPY	359,980,000	Goldman Sachs & Co.		07/27/17		USD	3,202,541		(46,279	)
JPY	189,600,000	JPMorgan Chase Bank N.A.		07/27/17		USD	1,687,959		(23,181	)
JPY	411,460,000	Barclays Bank plc		07/31/17		USD	3,961,508		247,377
JPY	342,205,982	Deutsche Bank AG		07/31/17		USD	3,296,338		207,343
JPY	443,025,359	HSBC Bank plc		07/31/17		USD	3,884,484		(114,579	)
JPY	108,840,000	Citibank N.A.		08/14/17		USD	967,166		(15,955	)
JPY	105,370,000	Barclays Bank plc		08/15/17		USD	1,059,373		107,551
JPY	290,134,020	Goldman Sachs & Co.		08/16/17		USD	2,580,368		(40,577	)
JPY	470,663,000	JPMorgan Chase Bank N.A.		08/16/17		USD	4,184,731		(67,035	)
JPY	338,124,000	Deutsche Bank AG		08/18/17		USD	3,423,694		368,937
JPY	639,006,000	HSBC Bank plc		08/22/17		USD	6,480,791		706,642
JPY	457,974,000	JPMorgan Chase Bank N.A.		08/22/17		USD	4,645,073		506,754
JPY	151,705,000	Barclays Bank plc		08/24/17		USD	1,535,919		164,960
JPY	149,920,000	Deutsche Bank AG		08/24/17		USD	1,520,055		165,228
JPY	54,700,000	Barclays Bank plc		08/28/17		USD	489,158		(5,260	)
JPY	446,759,000	JPMorgan Chase Bank N.A.		08/28/17		USD	4,522,196		484,067
JPY	256,658,000	Deutsche Bank AG		08/30/17		USD	2,604,568		284,488
JPY	244,017,000	JPMorgan Chase Bank N.A.		08/30/17		USD	2,471,308		265,498
JPY	468,190,000	Barclays Bank plc		08/31/17		USD	4,204,745		(27,695	)
JPY	36,614,000	Deutsche Bank AG		09/01/17		USD	329,292		(1,714	)
JPY	488,094,000	HSBC Bank plc		09/01/17		USD	4,847,011		434,428
JPY	578,374,700	Barclays Bank plc		09/11/17		USD	5,115,124		(116,121	)
JPY	210,400,000	Deutsche Bank AG		09/13/17		USD	1,850,253		(52,940	)
JPY	109,701,956	Citibank N.A.		09/19/17		USD	1,085,164		92,562
JPY	493,277,635	Barclays Bank plc		09/21/17		USD	4,408,851		(54,836	)
JPY	250,376,450	Barclays Bank plc		09/25/17		USD	2,271,782		5,685
JPY	200,950,000	Morgan Stanley & Co.		09/25/17		USD	1,801,337		(17,412	)
JPY	66,105,000	JPMorgan Chase Bank N.A.		09/29/17		USD	599,956		1,542

BHFTI-121

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	94,232,353	Citibank N.A.		11/09/17		USD	918,211	$	63,286
JPY	229,154,000	Citibank N.A.		11/14/17		USD	2,233,949		154,374
JPY	108,840,000	Citibank N.A.		11/14/17		USD	971,916		(15,808	)
JPY	92,567,000	JPMorgan Chase Bank N.A.		11/14/17		USD	903,961		63,915
JPY	655,568,000	JPMorgan Chase Bank N.A.		11/16/17		USD	5,854,279		(95,662	)
JPY	306,357,000	Deutsche Bank AG		11/21/17		USD	2,855,836		74,574
JPY	350,622,000	Standard Chartered Bank		11/27/17		USD	3,218,340		34,168
JPY	895,640,000	Citibank N.A.		12/12/17		USD	7,998,178		(142,277	)
JPY	588,770,000	JPMorgan Chase Bank N.A.		12/13/17		USD	5,218,621		(132,993	)
JPY	55,370,000	JPMorgan Chase Bank N.A.		01/22/18		USD	497,793		(6,625	)
JPY	2,961,408,150	Deutsche Bank AG		01/30/18		USD	26,410,489		(580,292	)
JPY	408,503,000	Citibank N.A.		02/13/18		USD	3,721,360		(4,823	)
JPY	109,790,000	Citibank N.A.		02/14/18		USD	985,835		(15,678	)
JPY	105,370,000	Deutsche Bank AG		02/16/18		USD	946,678		(14,627	)
JPY	164,870,000	HSBC Bank plc		02/16/18		USD	1,481,312		(22,820	)
JPY	653,133,000	JPMorgan Chase Bank N.A.		02/16/18		USD	5,854,282		(104,341	)
JPY	445,120,000	HSBC Bank plc		02/27/18		USD	4,026,413		(37,066	)
JPY	150,260,000	JPMorgan Chase Bank N.A.		02/28/18		USD	1,363,162		(8,634	)
JPY	338,400,000	JPMorgan Chase Bank N.A.		03/05/18		USD	3,033,658		(56,653	)
JPY	159,900,000	HSBC Bank plc		03/06/18		USD	1,424,753		(35,559	)
JPY	160,844,000	Deutsche Bank AG		03/22/18		USD	1,455,944		(14,351	)
JPY	465,903,000	Citibank N.A.		03/23/18		USD	4,214,505		(44,621	)
JPY	109,471,259	JPMorgan Chase Bank N.A.		03/26/18		USD	1,003,895		2,972
KRW	19,207,000,000	HSBC Bank plc		04/18/17		USD	16,900,132		(278,431	)
KRW	18,617,000,000	HSBC Bank plc		04/25/17		USD	16,332,851		(319,517	)
KRW	5,187,000,000	HSBC Bank plc		04/26/17		USD	4,526,376		(113,306	)
KRW	6,255,000,000	HSBC Bank plc		05/02/17		USD	5,462,167		(133,253	)
KRW	8,216,000,000	Citibank N.A.		05/15/17		USD	7,171,162		(179,453	)
KRW	5,503,000,000	Citibank N.A.		05/16/17		USD	4,786,050		(137,371	)
KRW	15,389,000,000	HSBC Bank plc		05/17/17		USD	13,158,052		(610,305	)
KRW	8,488,000,000	HSBC Bank plc		05/18/17		USD	7,252,841		(341,347	)
KRW	7,690,000,000	Deutsche Bank AG		05/22/17		USD	6,549,307		(331,182	)
KRW	14,004,000,000	HSBC Bank plc		05/25/17		USD	11,909,176		(621,019	)
KRW	16,897,000,000	HSBC Bank plc		06/02/17		USD	14,460,419		(659,495	)
KRW	6,146,000,000	Citibank N.A.		06/15/17		USD	5,304,678		(195,755	)
KRW	7,689,000,000	Deutsche Bank AG		06/20/17		USD	6,586,431		(295,337	)
KRW	72,000,000,000	Goldman Sachs & Co.		08/09/17		USD	63,191,153		(1,298,382	)
KRW	13,933,000,000	Citibank N.A.		08/21/17		USD	12,210,148		(271,925	)
KRW	17,622,000,000	Goldman Sachs & Co.		09/07/17		USD	15,566,450		(224,861	)
KRW	8,193,000,000	Citibank N.A.		09/20/17		USD	7,154,065		(189,357	)
KRW	11,175,000,000	HSBC Bank plc		09/20/17		USD	9,749,607		(266,594	)
KRW	14,010,000,000	HSBC Bank plc		09/27/17		USD	12,517,870		(40,794	)
KRW	13,944,000,000	HSBC Bank plc		09/27/17		USD	12,458,899		(40,602	)
MYR	21,469,000	HSBC Bank plc		04/04/17		USD	4,851,532		329
ZAR	68,491,975	HSBC Bank plc		09/15/17		USD	5,033,954		70,071
Cross Currency Contracts to Buy
IDR	58,860,000,000	JPMorgan Chase Bank N.A.		04/19/17		AUD	5,811,038		(28,325	)
MYR	93,336,950	JPMorgan Chase Bank N.A.		04/07/17		JPY	2,292,386,293		495,164
Net Unrealized Appreciation								$	8,742,691

BHFTI-122

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Receive	3M LIBOR		0.926	%	10/17/17		USD	74,980,000	$	133,105
Receive	3M LIBOR		1.817	%	02/03/25		USD	8,640,000		290,313
Receive	3M LIBOR		1.914	%	01/22/25		USD	35,110,000		920,514
Receive	3M LIBOR		1.937	%	01/29/25		USD	6,480,000		159,368
Receive	3M LIBOR		1.942	%	01/30/25		USD	5,480,000		133,206
Receive	3M LIBOR		1.970	%	01/23/25		USD	43,890,000		975,087
Receive	3M LIBOR		1.973	%	01/27/25		USD	25,900,000		570,611
Receive	3M LIBOR		2.378	%	11/18/46		USD	24,800,000		1,477,926
Receive	3M LIBOR		2.731	%	07/07/24		USD	14,050,000		(468,063	)
Receive	3M LIBOR		2.794	%	03/13/47		USD	24,900,000		(761,850	)
Receive	3M LIBOR		3.018	%	08/22/23		USD	26,870,000		(1,581,216	)
Receive	3M LIBOR		3.848	%	08/20/43		USD	15,360,000		(3,676,872	)
Net Unrealized Depreciation									$	(1,827,871	)

Cash in the amount of $4,880,000 and securities in the amount of $1,532,313 have been deposited in segregated accounts held by the counterparties as collateral for swap contracts.

(AUD)—	Australian Dollar
(CLP)—	Chilean Peso
(EUR)—	Euro
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MYR)—	Malaysian Ringgit
(USD)—	United States Dollar
(ZAR)—	South African Rand
(LIBOR)—	London Interbank Offered Rate

BHFTI-123

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Foreign Government*	$	—	$	834,489,352		$	—	$	834,489,352
Total Short-Term Investments*		—		357,685,777			—		357,685,777
Total Investments	$	—	$	1,192,175,129		$	—	$	1,192,175,129
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	20,908,287		$	—	$	20,908,287
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(12,165,596	)		—		(12,165,596	)
Total Forward Contracts	$	—	$	8,742,691		$	—	$	8,742,691
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	4,660,130		$	—	$	4,660,130
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—		(6,488,001	)		—		(6,488,001	)
Total Centrally Cleared Swap Contracts	$	—	$	(1,827,871	)	$	—	$	(1,827,871	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-124

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.1%
Boeing Co. (The)		79,775	$	14,109,007
General Dynamics Corp.		57,155		10,699,416
Lockheed Martin Corp.		88,932		23,798,203
United Technologies Corp.		237,753		26,678,264
				75,284,890
Air Freight & Logistics—0.5%
FedEx Corp.		46,673		9,108,236
XPO Logistics, Inc. (a) (b)		82,871		3,968,692
				13,076,928
Airlines—0.2%
American Airlines Group, Inc. (b)		103,969		4,397,889
United Continental Holdings, Inc. (a)		23,339		1,648,667
				6,046,556
Banks—4.2%
Bank of America Corp.		2,588,767		61,069,014
Huntington Bancshares, Inc.		901,865		12,075,972
PNC Financial Services Group, Inc. (The)		235,928		28,367,983
				101,512,969
Beverages—4.0%
Anheuser-Busch InBev S.A. (ADR) (b)		52,897		5,805,975
Constellation Brands, Inc. - Class A		92,791		15,038,637
Dr Pepper Snapple Group, Inc.		53,074		5,197,006
Molson Coors Brewing Co. - Class B		142,327		13,622,117
Monster Beverage Corp. (a) (b)		503,168		23,231,266
PepsiCo, Inc.		303,467		33,945,819
				96,840,820
Biotechnology—1.4%
Aduro Biotech, Inc. (a) (b)		118,269		1,271,392
Aimmune Therapeutics, Inc. (a) (b)		74,243		1,613,300
Alnylam Pharmaceuticals, Inc. (a) (b)		12,520		641,650
Biogen, Inc. (a)		2,873		785,536
Bluebird Bio, Inc. (a) (b)		14,131		1,284,508
Calithera Biosciences, Inc. (a) (b)		28,900		333,795
Celgene Corp. (a)		80,781		10,051,580
GlycoMimetics, Inc. (a) (b)		108,511		589,215
Incyte Corp. (a) (b)		26,640		3,560,969
Ironwood Pharmaceuticals, Inc. (a) (b)		147,969		2,524,351
Jounce Therapeutics, Inc. (a)		4,500		98,955
Karyopharm Therapeutics, Inc. (a) (b)		112,522		1,444,782
Loxo Oncology, Inc. (a)		33,200		1,397,056
Otonomy, Inc. (a)		102,536		1,256,066
Ra Pharmaceuticals, Inc. (a)		54,554		1,161,455
Regeneron Pharmaceuticals, Inc. (a) (b)		3,818		1,479,513
Syndax Pharmaceuticals, Inc. (a)		104,000		1,426,880
TESARO, Inc. (a) (b)		21,568		3,318,668
Trevena, Inc. (a)		188,677		692,444
				34,932,115
Capital Markets—1.5%
Evercore Partners, Inc. - Class A		36,507		2,843,895
Financial Engines, Inc. (b)		62,724		2,731,630
Intercontinental Exchange, Inc.		107,205		6,418,363
Investment Technology Group, Inc. (b)		70,827		1,434,247
Legg Mason, Inc. (b)		79,161		2,858,504
Morgan Stanley		157,158		6,732,649
Northern Trust Corp. (b)		90,908		7,870,815
TD Ameritrade Holding Corp. (b)		133,185		5,175,569
WisdomTree Investments, Inc. (b)		146,350		1,328,858
				37,394,530
Chemicals—2.1%
Cabot Corp.		57,457		3,442,249
Celanese Corp. - Series A		97,146		8,728,568
Dow Chemical Co. (The)		253,599		16,113,681
Monsanto Co.		47,180		5,340,776
PPG Industries, Inc.		129,766		13,635,811
Westlake Chemical Corp. (b)		41,520		2,742,396
				50,003,481
Commercial Services & Supplies—0.7%
Waste Management, Inc.		233,219		17,006,329
Communications Equipment—1.5%
Arista Networks, Inc. (a) (b)		168,825		22,330,483
Cisco Systems, Inc.		455,535		15,397,083
				37,727,566
Construction Materials—0.6%
CRH plc (ADR)		69,203		2,433,870
Martin Marietta Materials, Inc. (b)		27,246		5,946,439
Vulcan Materials Co.		47,956		5,777,739
				14,158,048
Consumer Finance—3.1%
American Express Co.		342,444		27,090,745
Capital One Financial Corp.		369,752		32,042,708
Santander Consumer USA Holdings, Inc. (a) (b)		1,149,052		15,305,373
				74,438,826
Containers & Packaging—1.1%
Ardagh Group S.A. (a)		103,100		2,264,076
Ball Corp.		157,003		11,659,042
International Paper Co.		178,069		9,042,344
Owens-Illinois, Inc. (a) (b)		135,060		2,752,523
				25,717,985
Electric Utilities—3.1%
Avangrid, Inc.		253,125		10,818,562
Edison International		110,167		8,770,395
Eversource Energy (b)		96,878		5,694,489
Exelon Corp.		224,840		8,089,743
NextEra Energy, Inc.		184,458		23,678,873
PG&E Corp.		196,755		13,056,662

BHFTI-125

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—(Continued)
Pinnacle West Capital Corp.		49,910	$	4,161,496
				74,270,220
Electrical Equipment—0.9%
AMETEK, Inc. (b)		201,735		10,909,829
Eaton Corp. plc		162,567		12,054,343
				22,964,172
Energy Equipment & Services—0.7%
Baker Hughes, Inc.		235,414		14,082,466
Helix Energy Solutions Group, Inc. (a)		190,442		1,479,734
Tesco Corp. (a)		220,920		1,778,406
				17,340,606
Equity Real Estate Investment Trusts—3.9%
Alexandria Real Estate Equities, Inc. (b)		92,501		10,223,211
American Tower Corp.		222,889		27,089,929
Apartment Investment & Management Co. - Class A		226,456		10,043,324
Crown Castle International Corp. (b)		133,155		12,576,490
Equinix, Inc.		22,008		8,811,343
Invitation Homes, Inc. (a)		299,100		6,529,353
Outfront Media, Inc.		172,210		4,572,175
Park Hotels & Resorts, Inc.		127,833		3,281,473
Prologis, Inc.		103,401		5,364,444
Simon Property Group, Inc.		40,338		6,939,346
				95,431,088
Food & Staples Retailing—1.4%
Costco Wholesale Corp.		134,878		22,617,692
Walgreens Boots Alliance, Inc.		133,889		11,119,481
				33,737,173
Food Products—1.1%
Hostess Brands, Inc. (a)		627,150		9,952,870
Post Holdings, Inc. (a) (b)		187,082		16,373,417
				26,326,287
Gas Utilities—0.2%
UGI Corp. (b)		120,540		5,954,676
Health Care Equipment & Supplies—5.5%
Abbott Laboratories		253,161		11,242,880
Baxter International, Inc.		207,057		10,737,976
Becton Dickinson & Co.		62,117		11,394,742
Boston Scientific Corp. (a)		718,877		17,878,471
ConforMIS, Inc. (a) (b)		140,400		732,888
Danaher Corp.		294,933		25,225,620
Medtronic plc		496,895		40,029,861
Stryker Corp.		118,583		15,611,452
				132,853,890
Health Care Providers & Services—3.6%
Cardinal Health, Inc.		82,830		6,754,787
Health Care Providers & Services—(Continued)
Cigna Corp.		85,242		12,487,101
HCA Holdings, Inc. (a)		159,201		14,167,297
McKesson Corp.		140,375		20,811,997
UnitedHealth Group, Inc.		205,009		33,623,526
				87,844,708
Hotels, Restaurants & Leisure—0.2%
Hilton Worldwide Holdings, Inc. (b)		84,932		4,965,125
Wingstop, Inc. (b)		5,500		155,540
				5,120,665
Household Durables—0.4%
Mohawk Industries, Inc. (a)		43,526		9,988,782
Industrial Conglomerates—0.3%
General Electric Co.		244,760		7,293,848
Insurance—5.6%
Allstate Corp. (The)		100,610		8,198,709
American International Group, Inc.		420,341		26,241,889
Assured Guaranty, Ltd.		404,685		15,017,860
Athene Holding, Ltd. - Class A (a)		155,400		7,768,446
Chubb, Ltd.		53,240		7,253,950
Hartford Financial Services Group, Inc. (The)		195,186		9,382,591
Manulife Financial Corp.		575,108		10,202,416
Marsh & McLennan Cos., Inc.		300,859		22,230,471
Prudential Financial, Inc.		142,662		15,219,182
XL Group, Ltd.		383,380		15,281,527
				136,797,041
Internet & Direct Marketing Retail—4.5%
Amazon.com, Inc. (a)		58,207		51,602,834
Expedia, Inc.		96,652		12,194,583
Netflix, Inc. (a)		110,279		16,300,339
Priceline Group, Inc. (The) (a)		11,509		20,485,674
Wayfair, Inc. - Class A (a) (b)		221,894		8,984,488
				109,567,918
Internet Software & Services—3.6%
Akamai Technologies, Inc. (a) (b)		36,497		2,178,871
Alphabet, Inc. - Class A (a)		39,632		33,600,010
Blucora, Inc. (a) (b)		174,206		3,013,764
eBay, Inc. (a)		357,356		11,996,441
Envestnet, Inc. (a) (b)		37,960		1,226,108
Facebook, Inc. - Class A (a)		254,969		36,218,346
				88,233,540
IT Services—3.9%
Accenture plc - Class A		47,821		5,732,781
Alliance Data Systems Corp. (b)		34,488		8,587,512
Automatic Data Processing, Inc.		49,927		5,112,026
Cognizant Technology Solutions Corp. - Class A (a)		41,604		2,476,270
FleetCor Technologies, Inc. (a)		33,542		5,079,265
Genpact, Ltd. (b)		230,462		5,706,239

BHFTI-126

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—(Continued)
Global Payments, Inc.		210,552	$	16,987,335
PayPal Holdings, Inc. (a)		241,261		10,379,048
Total System Services, Inc.		32,536		1,739,375
Visa, Inc. - Class A		340,764		30,283,697
WEX, Inc. (a)		38,109		3,944,282
				96,027,830
Life Sciences Tools & Services—0.4%
Thermo Fisher Scientific, Inc.		64,541		9,913,498
Machinery—1.8%
AGCO Corp. (b)		29,308		1,763,756
Fortive Corp.		172,581		10,392,828
Illinois Tool Works, Inc. (b)		156,654		20,751,955
Pentair plc		182,518		11,458,480
				44,367,019
Marine—0.0%
Kirby Corp. (a) (b)		7,900		557,345
Media—3.5%
Charter Communications, Inc. - Class A (a)		78,150		25,580,058
Comcast Corp. - Class A		804,065		30,224,803
Liberty Media Corp.-Liberty Formula One - Class C (a) (b)		156,332		5,338,738
Twenty-First Century Fox, Inc. - Class A		397,654		12,880,013
Viacom, Inc. - Class B		235,432		10,975,840
				84,999,452
Metals & Mining—0.3%
Freeport-McMoRan, Inc. (a)		127,835		1,707,876
Reliance Steel & Aluminum Co.		16,810		1,345,136
Steel Dynamics, Inc.		106,565		3,704,199
				6,757,211
Multi-Utilities—1.1%
Dominion Resources, Inc. (b)		163,872		12,711,551
Sempra Energy		116,574		12,881,427
				25,592,978
Oil, Gas & Consumable Fuels—5.0%
Antero Resources Corp. (a)		190,293		4,340,583
Callon Petroleum Co. (a)		124,705		1,641,118
Chevron Corp.		48,067		5,160,954
Cobalt International Energy, Inc. (a) (b)		1,970,981		1,051,321
Diamondback Energy, Inc. (a) (b)		64,880		6,729,029
Enbridge, Inc.		57,409		2,401,993
Extraction Oil & Gas, Inc. (a) (b)		489,832		9,086,384
Exxon Mobil Corp.		36,297		2,976,717
Kinder Morgan, Inc.		563,374		12,247,751
Newfield Exploration Co. (a)		702,471		25,928,205
ONEOK, Inc.		52,953		2,935,714
Parsley Energy, Inc. - Class A (a)		163,620		5,319,286
PDC Energy, Inc. (a) (b)		85,248		5,315,213
Pioneer Natural Resources Co.		101,563		18,914,077
Oil, Gas & Consumable Fuels—(Continued)
QEP Resources, Inc. (a)		627,113		7,970,606
Rice Energy, Inc. (a)		187,006		4,432,042
TransCanada Corp.		106,318		4,906,576
				121,357,569
Paper & Forest Products—0.1%
Boise Cascade Co. (a)		118,350		3,159,945
Personal Products—1.7%
Coty, Inc. - Class A (b)		993,187		18,006,480
Estee Lauder Cos., Inc. (The) - Class A		214,981		18,228,239
Herbalife, Ltd. (a) (b)		107,612		6,256,562
				42,491,281
Pharmaceuticals—4.3%
Aerie Pharmaceuticals, Inc. (a)		42,337		1,919,983
Allergan plc		83,893		20,043,716
AstraZeneca plc (ADR) (b)		299,296		9,320,077
Bristol-Myers Squibb Co.		407,115		22,138,914
Eli Lilly & Co.		228,895		19,252,358
Johnson & Johnson		154,709		19,269,006
Mylan NV (a)		234,148		9,129,430
MyoKardia, Inc. (a) (b)		93,120		1,224,528
Teva Pharmaceutical Industries, Ltd. (ADR)		72,077		2,312,951
				104,610,963
Professional Services—0.9%
Equifax, Inc.		55,845		7,636,245
IHS Markit, Ltd. (a) (b)		83,654		3,509,285
TransUnion (a) (b)		292,368		11,212,313
				22,357,843
Real Estate Management & Development—0.2%
Conyers Park Acquisition Corp. (a)		467,230		5,176,908
Road & Rail—0.6%
CSX Corp.		111,600		5,194,980
Genesee & Wyoming, Inc. - Class A (a) (b)		44,448		3,016,241
J.B. Hunt Transport Services, Inc.		22,362		2,051,490
Kansas City Southern		7,566		648,860
Knight Transportation, Inc. (b)		120,676		3,783,193
				14,694,764
Semiconductors & Semiconductor Equipment—2.8%
Analog Devices, Inc.		181,478		14,872,122
Broadcom, Ltd.		103,013		22,555,726
First Solar, Inc. (a) (b)		20,718		561,458
Microchip Technology, Inc. (b)		274,774		20,272,826
Micron Technology, Inc. (a)		321,326		9,286,321
SunPower Corp. (a) (b)		19,620		119,682
				67,668,135
Software—3.6%
Adobe Systems, Inc. (a)		52,190		6,791,485

BHFTI-127

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Software—(Continued)
Atlassian Corp. plc - Class A (a) (b)		115,131	$	3,448,174
Electronic Arts, Inc. (a) (b)		99,943		8,946,897
Guidewire Software, Inc. (a) (b)		27,842		1,568,340
HubSpot, Inc. (a)		50,538		3,060,076
Microsoft Corp.		566,729		37,324,772
Salesforce.com, Inc. (a)		111,646		9,209,679
ServiceNow, Inc. (a) (b)		54,024		4,725,479
Splunk, Inc. (a) (b)		38,891		2,422,520
SS&C Technologies Holdings, Inc.		75,930		2,687,922
Workday, Inc. - Class A (a) (b)		75,629		6,298,383
				86,483,727
Specialty Retail—1.7%
Advance Auto Parts, Inc. (b)		127,142		18,850,073
L Brands, Inc. (b)		33,004		1,554,488
O’Reilly Automotive, Inc. (a) (b)		40,249		10,860,790
TJX Cos., Inc. (The)		116,621		9,222,389
				40,487,740
Technology Hardware, Storage & Peripherals—4.2%
Apple, Inc.		672,762		96,648,989
Seagate Technology plc (b)		137,212		6,302,147
				102,951,136
Textiles, Apparel & Luxury Goods—1.9%
NIKE, Inc. - Class B		735,661		40,998,388
Under Armour, Inc. - Class C (a) (b)		51,988		951,380
VF Corp. (b)		66,059		3,631,263
				45,581,031
Tobacco—1.5%
Altria Group, Inc.		442,774		31,622,919
British American Tobacco plc (ADR) (b)		81,258		5,389,031
				37,011,950
Trading Companies & Distributors—0.1%
NOW, Inc. (a) (b)		110,750		1,878,320
Total Common Stocks (Cost $2,061,346,344)				2,401,992,302
Short-Term Investment—1.6%
Repurchase Agreement—1.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $39,990,012 on 04/03/17, collateralized by $38,785,000 U.S. Treasury Inflation Indexed Note at 0.125% due 04/15/20 with a value of $40,793,985.		39,989,712		39,989,712
Total Short-Term Investments (Cost $39,989,712)				39,989,712
Securities Lending Reinvestments (c)—8.6%
Security Description	Principal Amount*		Value
Certificates of Deposit—5.5%
ABN AMRO Bank NV Zero Coupon, 05/05/17		2,393,076		2,398,032
Zero Coupon, 06/23/17		3,984,401		3,990,160
Banco Del Estado De Chile New York 1.426%, 06/21/17 (d)		1,500,000		1,500,813
Bank of America N.A. 1.271%, 07/11/17 (d)		2,500,000		2,502,646
Bank of Montreal Chicago 1.081%, 09/06/17 (d)		1,500,000		1,501,531
Bank of Nova Scotia Houston 1.355%, 11/03/17 (d)		3,000,000		3,003,295
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (d)		2,000,000		2,000,966
1.510%, 08/18/17		2,119,438		2,101,321
Canadian Imperial Bank 1.392%, 10/27/17 (d)		2,000,000		2,002,406
1.454%, 05/24/17 (d)		500,293		500,175
Chiba Bank, Ltd., New York 1.100%, 04/07/17		1,000,000		1,000,011
Cooperative Rabobank UA New York 1.422%, 10/13/17 (d)		2,500,000		2,503,405
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (d)		5,000,000		5,000,565
Credit Industriel et Commercial 1.440%, 04/05/17 (d)		2,000,000		2,000,086
Credit Suisse AG New York 1.511%, 04/03/17 (d)		2,500,000		2,500,040
1.581%, 04/11/17 (d)		3,000,000		3,000,246
1.581%, 05/12/17 (d)		3,000,000		3,000,909
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		2,300,000		2,301,017
ING Bank NV 1.461%, 04/18/17 (d)		5,300,000		5,302,259
KBC Bank NV 1.120%, 05/08/17		750,000		750,112
1.150%, 04/18/17		2,000,000		2,000,180
1.150%, 04/27/17		4,000,000		3,997,640
1.170%, 04/06/17		1,000,000		1,000,010
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (d)		4,000,000		4,000,488
Mizuho Bank, Ltd., New York 1.543%, 05/17/17		4,000,000		4,001,188
1.591%, 04/11/17 (d)		3,500,000		3,500,266
1.643%, 04/18/17 (d)		2,300,000		2,300,333
National Australia Bank London 1.199%, 05/02/17 (d)		3,500,000		3,501,226
1.338%, 11/09/17 (d)		4,800,000		4,792,176
Natixis New York 1.241%, 08/03/17 (d)		2,900,000		2,901,868
1.444%, 04/07/17 (d)		1,500,000		1,500,082
Norinchukin Bank New York 1.346%, 08/21/17 (d)		6,000,000		6,001,878
1.451%, 07/12/17 (d)		2,000,000		2,001,770
Oversea-Chinese Banking Corp., Ltd. 1.000%, 06/01/17		4,000,000		3,999,868

BHFTI-128

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Rabobank London 1.422%, 10/13/17 (d)		2,500,000	$	2,506,113
Royal Bank of Canada New York 1.340%, 04/04/17 (d)		1,500,000		1,499,962
1.422%, 10/13/17 (d)		1,000,000		1,001,789
Sumitomo Bank New York 1.410%, 05/05/17 (d)		1,500,000		1,500,292
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		1,009,233		1,000,578
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (d)		4,300,000		4,302,300
1.534%, 04/07/17 (d)		1,500,000		1,500,087
1.591%, 04/12/17 (d)		2,000,000		2,000,399
Sumitomo Mitsui Trust Bank, Ltd., New York 1.558%, 04/10/17 (d)		3,000,000		3,000,378
1.572%, 04/26/17 (d)		3,000,000		3,000,993
Svenska Handelsbanken New York 1.508%, 05/18/17 (d)		5,000,000		5,002,585
Toronto Dominion Bank New York 1.221%, 03/13/18 (d)		6,000,000		5,997,886
UBS, Stamford 1.301%, 05/12/17 (d)		2,300,000		2,300,566
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		2,200,000		2,203,597
1.452%, 04/26/17 (d)		2,300,000		2,300,612
				133,477,105
Commercial Paper—1.5%
Barton Capital S.A. 1.110%, 04/21/17		3,490,072		3,497,665
Commonwealth Bank Australia 1.389%, 10/23/17 (d)		4,000,000		4,004,888
DCAT LLC 1.200%, 04/11/17		1,198,720		1,199,669
Den Norske ASA 1.432%, 04/27/17 (d)		2,300,000		2,300,497
Erste Abwicklungsanstalt 1.098%, 07/18/17 (d)		8,700,000		8,699,234
HSBC plc 1.442%, 04/25/17 (d)		5,600,000		5,601,008
Kells Funding LLC 1.100%, 06/05/17		2,789,220		2,793,971
LMA S.A. & LMA Americas 1.090%, 05/10/17		1,994,066		1,997,562
Macquarie Bank, Ltd. 1.120%, 04/20/17		1,994,400		1,998,702
Ridgefield Funding Co. LLC 1.184%, 09/07/17 (d)		2,000,000		1,999,764
Westpac Banking Corp. 1.380%, 10/20/17 (d)		3,700,000		3,706,706
				37,799,666
Repurchase Agreements—1.0%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $743,916 on 04/03/17, collateralized by $1,069,946 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $758,746.		743,868		743,868
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $73,063 on 04/03/17, collateralized by $73,918 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $74,519.		73,057		73,057
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $7,004,550 on 04/03/17, collateralized by $1,081,488 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $7,685,906.		7,000,000		7,000,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $5,000,542 on 04/03/17, collateralized by $772,491 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $5,489,933.		5,000,000		5,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $502,880 on 06/02/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,200,082 on 04/03/17, collateralized by $1,192,493 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,224,739.		1,200,000		1,200,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $3,736,229 on 07/03/17, collateralized by various Common Stock with a value of $4,070,000.		3,700,000		3,700,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $5,000,388 on 04/03/17, collateralized by $14,967,372 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $5,100,000.		5,000,000		5,000,000
				23,216,925

BHFTI-129

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—0.6%
OP Corporate Bank plc 1.180%, 04/24/17		5,000,000	$	5,000,000
1.200%, 04/10/17		1,000,000		1,000,000
Shinkin Central Bank 1.440%, 04/25/17		4,000,000		4,000,000
1.440%, 04/26/17		3,000,000		3,000,000
1.440%, 04/27/17		700,000		700,000
				13,700,000
Total Securities Lending Reinvestments (Cost $208,143,461)				208,193,696
Total Investments—108.8% (Cost $2,309,479,517) (e)				2,650,175,710
Other assets and liabilities (net)—(8.8)%				(215,385,922	)
Net Assets—100.0%			$	2,434,789,788

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $202,648,487 and the collateral received consisted of cash in the amount of $208,139,843. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $2,309,479,517. The aggregate unrealized appreciation and depreciation of investments were $400,325,648 and $(59,629,455), respectively, resulting in net unrealized appreciation of $340,696,193.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
S&P 500 Index E-Mini Futures		06/16/17		168		USD	19,622,207	$	195,073

(USD)— United States Dollar

BHFTI-130

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	2,401,992,302	$	—		$	—	$	2,401,992,302
Total Short-Term Investment*		—		39,989,712			—		39,989,712
Total Securities Lending Reinvestments*		—		208,193,696			—		208,193,696
Total Investments	$	2,401,992,302	$	248,183,408		$	—	$	2,650,175,710
Collateral for Securities Loaned (Liability)	$	—	$	(208,139,843	)	$	—	$	(208,139,843	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	195,073	$	—		$	—	$	195,073

* See Schedule of Investments for additional detailed categorizations.

BHFTI-131

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio (formerly, MetLife Asset Allocation 100 Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		5,377,265	$	59,472,549
BlackRock Capital Appreciation Portfolio (Class A) (a)		1,860,607		68,135,426
BlackRock Large Cap Value Portfolio (Class A) (a)		6,392,305		57,850,360
Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio) (Class A) (b)		1,866,271		30,177,597
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (formerly, Met/Aberdeen Emerging Markets Equity Portfolio) (Class A) (b)		5,907,446		59,133,535
Brighthouse/Artisan International Portfolio (formerly, Met/Artisan International Portfolio) (Class A) (b)		6,543,771		61,904,075
Brighthouse/Artisan Mid Cap Value Portfolio (formerly, Met/Artisan Mid Cap Value Portfolio) (Class A) (a)		105,448		25,088,134
Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio) (Class A) (a)		5,616,805		76,613,218
Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly, Met/Wellington Core Equity Opportunities Portfolio) (Class A) (a)		3,072,291		92,998,241
Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio) (Class A) (b)		4,340,757		64,590,470
Clarion Global Real Estate Portfolio (Class A) (b)		4,055,425		47,813,458
ClearBridge Aggressive Growth Portfolio (Class A) (b)		6,153,979		105,417,659
Frontier Mid Cap Growth Portfolio (Class A) (a)		749,720		25,572,949
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		1,401,296		16,801,534
Harris Oakmark International Portfolio (Class A) (b)		5,598,816		81,238,816
Invesco Comstock Portfolio (Class A) (b)		5,569,188		83,370,750
Invesco Mid Cap Value Portfolio (Class A) (b)		421,386		8,288,671
Invesco Small Cap Growth Portfolio (Class A) (b)		2,451,042		35,883,261
Affiliated Investment Companies—(Continued)
Jennison Growth Portfolio (Class A) (a)		6,944,870		102,506,286
JPMorgan Small Cap Value Portfolio (Class A) (b)		1,671,340		29,616,144
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		2,303,692		30,800,360
MFS Research International Portfolio (Class A) (b)		4,653,924		50,820,847
MFS Value Portfolio (Class A) (a)		5,506,464		88,433,815
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b) (c)		1,039,921		16,929,917
Neuberger Berman Genesis Portfolio (Class A) (a)		917,590		20,186,985
Oppenheimer Global Equity Portfolio (Class A) (b)		2,002,816		42,659,981
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		4,567,573		102,496,337
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		2,395,979		84,482,223
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		2,277,999		25,581,931
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		1,119,187		25,606,999
Van Eck Global Natural Resources Portfolio (Class A) (a)		5,869,615		61,630,955
Total Mutual Funds (Cost $1,547,741,237)				1,682,103,483
Total Investments—100.0% (Cost $1,547,741,237) (d)				1,682,103,483
Other assets and liabilities (net)—0.0%				(493,461	)
Net Assets—100.0%			$	1,681,610,022

(a)	A Portfolio of Brighthouse Funds Trust II.
(b)	A Portfolio of Brighthouse Funds Trust I.
(c)	Non-income producing security.
(d)	As of March 31, 2017, the aggregate cost of investments was $1,547,741,237. The aggregate unrealized appreciation and depreciation of investments were $158,149,027 and $(23,786,781), respectively, resulting in net unrealized appreciation of $134,362,246.

BHFTI-132

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio (formerly, MetLife Asset Allocation 100 Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	1,682,103,483	$	—	$	—	$	1,682,103,483
Total Investments	$	1,682,103,483	$	—	$	—	$	1,682,103,483

BHFTI-133

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio (formerly, MetLife Balanced Plus Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—69.3% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—69.3%
Baillie Gifford International Stock Portfolio (Class A) (a)		26,810,781	$	296,527,236
BlackRock Bond Income Portfolio (Class A) (a)		7,183,808		769,529,516
BlackRock Capital Appreciation Portfolio (Class A) (a)		1,623,554		59,454,552
BlackRock High Yield Portfolio (Class A) (b)		14,626,640		115,404,190
Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio) (Class A) (b)		7,289,973		117,878,862
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (formerly, Met/Aberdeen Emerging Markets Equity Portfolio) (Class A) (b)		16,600,107		166,167,068
Brighthouse/Artisan International Portfolio (formerly, Met/Artisan International Portfolio) (Class A) (b)		24,276,839		229,658,898
Brighthouse/Artisan Mid Cap Value Portfolio (formerly, Met/Artisan Mid Cap Value Portfolio) (Class A) (a)		740,129		176,091,525
Brighthouse/Dimensional International Small Company Portfolio (formerly, Met/Dimensional International Small Company Portfolio) (Class A) (a)		12,212,859		166,583,397
Brighthouse/Eaton Vance Floating Rate Portfolio (formerly, Met/Eaton Vance Floating Rate Portfolio) (Class A) (b)		16,161,056		169,044,650
Brighthouse/Franklin Low Duration Total Return Portfolio (formerly, Met/Franklin Low Duration Total Return Portfolio) (Class A) (b)		28,817,856		279,533,199
Brighthouse/Templeton International Bond Portfolio (formerly, Met/Templeton International Bond Portfolio) (Class A) (b)		27,633,621		286,007,976
Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly, Met/Wellington Core Equity Opportunities Portfolio) (Class A) (a)		1,939,962		58,722,642
Brighthouse/Wellington Large Cap Research Portfolio (formerly, Met/Wellington Large Cap Research Portfolio) (Class A) (b)		4,031,895		59,994,603
Clarion Global Real Estate Portfolio (Class A) (b)		8,465,127		99,803,850
ClearBridge Aggressive Growth Portfolio (Class A) (b)		3,478,518		59,587,009
Frontier Mid Cap Growth Portfolio (Class A) (a)		5,241,386		178,783,684
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		14,742,498		176,762,553
Harris Oakmark International Portfolio (Class A) (b)		29,382,446		426,339,286
Invesco Comstock Portfolio (Class A) (b)		3,924,655		58,752,085
Invesco Small Cap Growth Portfolio (Class A) (b)		6,145,255		89,966,540
Jennison Growth Portfolio (Class A) (a)		4,897,123		72,281,533
Security Description	Shares/ Principal Amount*		Value
Affiliated Investment Companies—(Continued)
JPMorgan Core Bond Portfolio (Class A) (b)		53,260,591		549,649,296
JPMorgan Small Cap Value Portfolio (Class A) (b)		4,895,761		86,752,879
MFS Research International Portfolio (Class A) (b)		26,560,951		290,045,585
MFS Value Portfolio (Class A) (a)		3,691,330		59,282,761
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b) (c)		3,609,618		58,764,574
Neuberger Berman Genesis Portfolio (Class A) (a)		3,783,733		83,242,131
Oppenheimer Global Equity Portfolio (Class A) (b)		5,672,206		120,817,984
PIMCO Inflation Protected Bond Portfolio (Class A) (b) (c)		22,370,074		222,582,241
PIMCO Total Return Portfolio (Class A) (b)		53,031,381		609,330,570
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		1,682,866		59,337,870
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		8,524,339		95,728,333
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		5,263,217		120,422,415
TCW Core Fixed Income Portfolio (Class A) (b)		59,260,254		602,676,780
Van Eck Global Natural Resources Portfolio (Class A) (a)		14,493,989		152,186,885
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		27,137,067		373,134,673
Western Asset Management U.S. Government Portfolio (Class A) (a)		32,471,160		383,809,116
Total Mutual Funds (Cost $7,899,186,101)				7,980,638,947
U.S. Treasury & Government Agencies—26.7%
Agency Sponsored Mortgage - Backed—2.0%
Fannie Mae 30 Yr. Pool 3.500%, TBA (d)		215,000,000		219,476,362
Fannie Mae Pool 2.920%, 03/01/35		2,950,000		2,721,782
3.180%, 07/01/35		2,864,971		2,827,304
				225,025,448
Federal Agencies—1.5%
Federal Home Loan Mortgage Corp. 2.375%, 01/13/22		10,500,000		10,689,840
6.250%, 07/15/32		30,000,000		41,779,800
Federal National Mortgage Association 2.625%, 09/06/24		36,000,000		36,549,936
6.625%, 11/15/30		19,200,000		27,079,046
Residual Funding Corp. Principal Strip Zero Coupon, 10/15/19		24,600,000		23,698,533
Zero Coupon, 07/15/20		18,900,000		17,797,280
Zero Coupon, 04/15/30		19,500,000		12,904,613

BHFTI-134

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio (formerly, MetLife Balanced Plus Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Tennessee Valley Authority 2.875%, 02/01/27		1,700,000	$	1,706,091
				172,205,139
U.S. Treasury—23.2%
U.S. Treasury Bonds 2.250%, 08/15/46		32,500,000		27,505,660
2.500%, 02/15/46		87,700,000		78,601,125
2.500%, 05/15/46		21,000,000		18,807,306
2.750%, 08/15/42		29,400,000		28,028,755
2.750%, 11/15/42		196,000,000		186,621,008
2.875%, 05/15/43		126,000,000		122,677,758
2.875%, 08/15/45		51,300,000		49,750,997
2.875%, 11/15/46 (e)		114,100,000		110,708,149
3.000%, 11/15/44		96,000,000		95,561,280
3.000%, 02/15/47		70,000,000		69,751,150
3.125%, 02/15/42		93,900,000		96,067,775
3.125%, 02/15/43		89,700,000		91,480,007
3.125%, 08/15/44		13,100,000		13,354,834
3.375%, 05/15/44		99,895,000		106,602,750
3.625%, 08/15/43		25,200,000		28,059,620
4.250%, 11/15/40		177,700,000		216,891,202
4.375%, 05/15/40		31,300,000		38,862,143
4.375%, 05/15/41		51,000,000		63,493,011
4.625%, 02/15/40		113,700,000		146,046,740
8.000%, 11/15/21 (f)		57,700,000		73,245,188
U.S. Treasury Inflation Indexed Bonds 0.750%, 02/15/45 (g)		3,711,780		3,533,347
2.000%, 01/15/26 (g)		4,648,464		5,273,850
3.625%, 04/15/28 (g)		6,004,560		7,981,345
U.S. Treasury Notes 1.125%, 02/28/21		125,000,000		121,953,125
1.250%, 03/31/21 (f)		116,600,000		114,195,125
1.500%, 03/31/23		85,000,000		82,068,180
1.625%, 10/31/23		100,000,000		96,640,600
1.625%, 05/15/26		150,000,000		140,701,200
2.000%, 05/31/21		137,500,000		138,541,975
2.000%, 11/15/26 (e)		93,500,000		90,322,496
2.125%, 12/31/21 (f)		111,000,000		112,049,283
2.125%, 11/30/23		100,000,000		99,656,200
				2,675,033,184
Total U.S. Treasury & Government Agencies (Cost $3,114,459,307)				3,072,263,771
Corporate Bonds & Notes—3.3%
Agriculture—0.1%
Philip Morris International, Inc. 6.375%, 05/16/38		5,000,000		6,351,925
Reynolds American, Inc. 2.300%, 06/12/18		1,200,000		1,207,208
				7,559,133
Auto Manufacturers—0.2%
BMW U.S. Capital LLC 1.404%, 06/02/17 (h)		9,000,000		9,001,044
Ford Motor Credit Co. LLC 2.031%, 06/15/18 (h)		10,000,000		10,051,360
				19,052,404
Banks—2.1%
Banco del Estado de Chile 2.000%, 11/09/17 (144A)		5,000,000		4,988,335
Bank of America Corp. 6.875%, 04/25/18		5,900,000		6,208,175
6.875%, 11/15/18		600,000		646,088
Bank of New York Mellon Corp. (The) 4.950%, 06/20/20 (h)		6,800,000		7,014,622
BNP Paribas S.A. 1.494%, 05/07/17 (h)		15,000,000		15,002,700
Cooperatieve Rabobank UA 3.375%, 05/21/25		5,000,000		5,052,125
Credit Agricole S.A. 1.644%, 06/02/17 (144A) (h)		10,000,000		10,005,700
Credit Suisse AG 1.375%, 05/26/17		10,000,000		10,001,570
2.300%, 05/28/19		10,700,000		10,740,553
Goldman Sachs Group, Inc. (The) 1.725%, 06/04/17 (h)		8,000,000		8,007,128
2.331%, 09/15/20 (h)		18,800,000		19,072,262
HSBC Holdings plc 5.250%, 03/14/44		3,000,000		3,242,721
HSBC USA, Inc. 1.644%, 11/13/19 (h)		20,000,000		20,073,200
JPMorgan Chase & Co. 1.588%, 04/25/18 (h)		20,000,000		20,082,660
1.996%, 01/23/20 (h)		20,000,000		20,303,340
6.125%, 04/30/24 (h)		3,000,000		3,180,000
Mizuho Financial Group, Inc. 2.632%, 04/12/21 (144A)		5,200,000		5,160,381
PNC Bank N.A. 1.475%, 06/01/18 (h)		15,000,000		15,045,690
2.250%, 07/02/19		8,000,000		8,058,568
Wells Fargo & Co. 5.900%, 06/15/24 (h)		8,600,000		8,979,260
Wells Fargo Bank N.A. 1.391%, 06/15/17 (h)		21,000,000		21,005,985
Westpac Banking Corp. 1.482%, 05/25/18 (h)		15,000,000		15,036,960
				236,908,023
Biotechnology—0.1%
Amgen, Inc. 2.700%, 05/01/22		3,300,000		3,305,016
Baxalta, Inc. 1.936%, 06/22/18 (h)		8,500,000		8,508,364
				11,813,380

BHFTI-135

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio (formerly, MetLife Balanced Plus Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—0.3%
American Express Credit Corp. 1.456%, 09/22/17 (h)		2,500,000	$	2,502,538
1.702%, 03/18/19 (h)		5,000,000		5,025,600
Charles Schwab Corp. (The) 1.500%, 03/10/18		10,000,000		9,998,010
LeasePlan Corp. NV 3.000%, 10/23/17 (144A)		5,100,000		5,128,988
Navient Corp. 4.625%, 09/25/17		1,400,000		1,410,500
8.450%, 06/15/18		5,840,000		6,219,600
				30,285,236
Electric—0.1%
Duke Energy Corp. 1.378%, 04/03/17 (h)		4,000,000		4,000,000
Electricite de France S.A. 2.150%, 01/22/19 (144A)		6,200,000		6,207,130
Ohio Power Co. 5.375%, 10/01/21		949,000		1,056,835
				11,263,965
Insurance—0.0%
MassMutual Global Funding 2.500%, 10/17/22 (144A)		4,000,000		3,924,564
Miscellaneous Manufacturing—0.1%
Siemens Financieringsmaatschappij NV 1.332%, 05/25/18 (144A) (h) (i)		15,000,000		15,038,670
Oil & Gas—0.1%
Gazprom OAO Via Gaz Capital S.A. 9.250%, 04/23/19 (144A)		4,200,000		4,711,560
Statoil ASA 2.450%, 01/17/23		5,400,000		5,309,707
				10,021,267
Pharmaceuticals—0.0%
Actavis Funding SCS 3.000%, 03/12/20		5,000,000		5,085,340
Semiconductors—0.1%
QUALCOMM, Inc. 1.322%, 05/18/18 (h)		10,000,000		9,998,190
Software—0.0%
Microsoft Corp. 3.500%, 11/15/42		4,500,000		4,089,119
Telecommunications—0.1%
AT&T, Inc. 4.800%, 06/15/44		3,000,000		2,812,233
Verizon Communications, Inc. 1.506%, 06/09/17 (h)		15,000,000		15,006,495
				17,818,728
Transportation—0.0%
Vessel Management Services, Inc. 3.432%, 08/15/36		3,179,000		3,117,006
Total Corporate Bonds & Notes (Cost $385,978,962)				385,975,025
Foreign Government—0.2%
Sovereign—0.2%
Export-Import Bank of Korea 1.750%, 02/27/18		6,700,000		6,698,446
Korea Housing Finance Corp. 2.000%, 10/11/21 (144A)		17,500,000		16,877,105
Total Foreign Government (Cost $24,151,437)				23,575,551
Mortgage-Backed Securities—0.2%
Commercial Mortgage-Backed Securities—0.2%
CSMC Trust 3.953%, 09/15/37 (144A)		20,000,000		20,489,422
JPMorgan Chase Commercial Mortgage Securities Trust 4.106%, 07/15/46 (144A)		94,155		96,279
Total Mortgage-Backed Securities (Cost $20,694,937)				20,585,701
Asset-Backed Security—0.1%
Asset-Backed - Credit Card—0.1%
Chase Issuance Trust 1.232%, 02/18/20 (h) (Cost $13,000,000)		13,000,000		13,030,168
Municipals—0.1%
Los Angeles Community College District, Build America Bonds 6.750%, 08/01/49		400,000		581,804
Port Authority of New York & New Jersey 4.458%, 10/01/62		1,845,000		1,944,242
University of California CA, Revenue 1.796%, 07/01/19		8,500,000		8,545,815
Total Municipals (Cost $11,012,922)				11,071,861
Short-Term Investments—2.8%
Discount Notes—0.4%
Federal Home Loan Bank 0.690%, 04/03/17 (j)		17,000,000		17,000,000
0.700%, 04/03/17 (j)		30,000,000		30,000,000
				47,000,000

BHFTI-136

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio (formerly, MetLife Balanced Plus Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—2.4%
Barclays Bank plc Repurchase Agreement dated 03/31/17 at 0.900% to be repurchased at $100,907,568 on 04/03/17, collateralized by $103,530,000 U.S.Treasury Obligations with rates ranging from 1.875% - 2.125%, maturity dates ranging from 03/31/22 - 03/31/24, with a value of $103,085,380.		100,900,000	$	100,900,000
Repurchase Agreement dated 03/31/17 at 0.920% to be repurchased at $100,007,667 on 04/03/17, collateralized by $103,197,000 U.S.Treasury Obligations with rates ranging from 1.375% - 1.875%, maturity dates ranging from 05/31/21 - 08/31/22 with a value of $101,866,456.		100,000,000		100,000,000
Deutsche Bank AG Repurchase Agreement dated 03/31/17 at 0.960% to be repurchased at $72,005,760 on 04/03/17, collateralized by $74,670,000 U.S. Treasury Note at 0.750% due 07/15/19 with a value of $73,862,070.		72,000,000		72,000,000
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $4,645,343 on 04/03/17, collateralized by $4,770,000 U.S. Treasury Note at 1.375% due 10/31/20 with a value of $4,738,866.		4,645,308		4,645,308
				277,545,308
U.S. Treasury—0.0%
U.S. Treasury Bills 0.573%, 04/27/17 (f) (j)		604,000		603,706
0.697%, 04/20/17 (j)		333,000		332,885
				936,591
Total Short-Term Investments (Cost $325,480,106)				325,481,899
Total Investments—102.7% (Cost $11,793,963,772) (k)				11,832,622,923
Other assets and liabilities (net)—(2.7)%				(309,395,918	)
Net Assets—100.0%			$	11,523,227,005

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	A Portfolio of Brighthouse Funds Trust II.
(b)	A Portfolio of Brighthouse Funds Trust I.
(c)	Non-income producing security.
(d)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(e)	All or a portion of this security has been transferred in a secured- borrowing transaction.
(f)	All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $207,983,959.
(g)	Principal amount of security is adjusted for inflation.
(h)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(i)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $15,038,670, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.
(j)	The rate shown represents current yield to maturity.
(k)	As of March 31, 2017, the aggregate cost of investments was $11,793,963,772. The aggregate unrealized appreciation and depreciation of investments were $323,703,537 and $(285,044,386), respectively, resulting in net unrealized appreciation of $38,659,151.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $92,628,134, which is 0.8% of net assets.

BHFTI-137

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio (formerly, MetLife Balanced Plus Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Siemens Financieringsmaatschappij NV, 1.332%, 05/25/18		05/18/15	$	15,000,000	$	15,000,000	$	15,038,670

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Depreciation
JPY	20,900,000	Goldman Sachs & Co.		04/04/17	$	183,945	$	(3,785	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini Futures		06/16/17		39,965		USD	4,732,953,599	$	(18,682,199	)
U.S. Treasury Note 5 Year Futures		06/30/17		1,465		USD	172,231,311		238,104
Net Unrealized Depreciation								$	(18,444,095	)

(JPY)—	Japanese Yen
(USD)—	United States Dollar

BHFTI-138

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio (formerly, MetLife Balanced Plus Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1			Level 2			Level 3		Total
Total Mutual Funds*	$	7,980,638,947		$	—		$	—	$	7,980,638,947
Total U.S. Treasury & Government Agencies*		—			3,072,263,771			—		3,072,263,771
Total Corporate Bonds & Notes*		—			385,975,025			—		385,975,025
Total Foreign Government*		—			23,575,551			—		23,575,551
Total Mortgage-Backed Securities*		—			20,585,701			—		20,585,701
Total Asset-Backed Security*		—			13,030,168			—		13,030,168
Total Municipals		—			11,071,861			—		11,071,861
Total Short-Term Investments*		—			325,481,899			—		325,481,899
Total Investments	$	7,980,638,947		$	3,851,983,976		$	—	$	11,832,622,923
Secured Borrowings (Liability)	$	—		$	(100,943,994	)	$	—	$	(100,943,994	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)	$	—		$	(3,785	)	$	—	$	(3,785	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	238,104		$	—		$	—	$	238,104
Futures Contracts (Unrealized Depreciation)		(18,682,199	)		—			—		(18,682,199	)
Total Futures Contracts	$	(18,444,095	)	$	—		$	—	$	(18,444,095	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-139

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—97.8% of Net Assets

Security Description	Shares		Value
Auto Components—0.6%
Standard Motor Products, Inc.		49,900	$	2,452,086
Tenneco, Inc.		56,500		3,526,730
				5,978,816
Banks—14.5%
Associated Banc-Corp. (a)		254,906		6,219,706
Bank of Hawaii Corp. (a)		85,400		7,033,544
Boston Private Financial Holdings, Inc.		260,300		4,268,920
Community Bank System, Inc. (a)		104,200		5,728,916
East West Bancorp, Inc.		309,600		15,978,456
First Citizens BancShares, Inc. - Class A		32,733		10,977,666
First Financial Bancorp		222,200		6,099,390
First Interstate BancSystem, Inc. - Class A (a)		85,400		3,386,110
First Midwest Bancorp, Inc.		206,900		4,899,392
Great Western Bancorp, Inc.		179,500		7,612,595
Hancock Holding Co.		334,602		15,241,121
Independent Bank Corp./Rockland Trust		34,500		2,242,500
NBT Bancorp, Inc.		145,000		5,375,150
Prosperity Bancshares, Inc.		74,400		5,186,424
Renasant Corp. (a)		100,524		3,989,798
S&T Bancorp, Inc.		93,600		3,238,560
TCF Financial Corp.		365,795		6,225,831
UMB Financial Corp. (a)		125,046		9,417,214
Umpqua Holdings Corp.		268,900		4,770,286
Valley National Bancorp		479,800		5,661,640
Webster Financial Corp.		200,900		10,053,036
WesBanco, Inc.		126,800		4,832,348
				148,438,603
Beverages—0.5%
Cott Corp.		384,948		4,757,957
Building Products—2.1%
CSW Industrials, Inc. (a) (b)		147,799		5,424,223
Simpson Manufacturing Co., Inc. (a)		247,824		10,678,736
USG Corp. (a) (b)		168,200		5,348,760
				21,451,719
Capital Markets—2.7%
Apollo Investment Corp.		418,926		2,748,155
Artisan Partners Asset Management, Inc. - Class A		186,309		5,142,128
Legg Mason, Inc.		84,500		3,051,295
Main Street Capital Corp. (a)		88,700		3,394,549
New Mountain Finance Corp. (a)		189,903		2,829,555
Stifel Financial Corp. (b)		107,300		5,385,387
Westwood Holdings Group, Inc.		104,298		5,570,556
				28,121,625
Chemicals—5.9%
A. Schulman, Inc.		100,775		3,169,374
Albemarle Corp.		39,300		4,151,652
HB Fuller Co.		134,900		6,955,444
Innospec, Inc.		137,537		8,905,521
Minerals Technologies, Inc.		31,089		2,381,417
Chemicals—(Continued)
Olin Corp.		267,500		8,792,725
PolyOne Corp.		97,706		3,330,798
Quaker Chemical Corp.		48,738		6,416,845
Scotts Miracle-Gro Co. (The)		34,500		3,221,955
Sensient Technologies Corp.		76,602		6,071,474
Trinseo S.A.		99,500		6,676,450
				60,073,655
Commercial Services & Supplies—3.9%
ACCO Brands Corp. (b)		302,580		3,978,927
Brady Corp. - Class A		76,903		2,972,301
Deluxe Corp. (a)		132,750		9,580,568
Ennis, Inc.		365,025		6,205,425
Knoll, Inc.		121,952		2,903,677
LSC Communications, Inc.		140,769		3,541,748
Tetra Tech, Inc.		37,100		1,515,535
UniFirst Corp.		25,100		3,550,395
Viad Corp. (a)		115,800		5,234,160
				39,482,736
Communications Equipment—1.6%
CommScope Holding Co., Inc. (b)		172,990		7,215,413
NETGEAR, Inc. (a) (b)		97,804		4,846,188
NetScout Systems, Inc. (b)		125,090		4,747,166
				16,808,767
Construction & Engineering—1.3%
MasTec, Inc. (b)		242,575		9,715,129
Primoris Services Corp.		166,200		3,859,164
				13,574,293
Construction Materials—0.8%
Eagle Materials, Inc.		86,432		8,396,004
Containers & Packaging—1.8%
Berry Plastics Group, Inc. (b)		209,603		10,180,418
Silgan Holdings, Inc. (a)		136,554		8,105,845
				18,286,263
Distributors—0.2%
Core-Mark Holding Co., Inc.		80,799		2,520,121
Diversified Consumer Services—0.4%
Liberty Tax, Inc.		97,403		1,387,993
Service Corp. International		90,500		2,794,640
				4,182,633
Diversified Telecommunication Services—0.2%
FairPoint Communications, Inc. (b)		116,270		1,930,082
Electric Utilities—1.1%
El Paso Electric Co.		87,060		4,396,530
Hawaiian Electric Industries, Inc. (a)		218,713		7,285,330
				11,681,860

BHFTI-140

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electrical Equipment—1.1%
Atkore International Group, Inc. (b)		101,910	$	2,678,195
EnerSys		49,383		3,898,294
Regal-Beloit Corp.		34,600		2,617,490
Thermon Group Holdings, Inc. (b)		109,300		2,277,812
				11,471,791
Electronic Equipment, Instruments & Components—4.3%
AVX Corp.		239,209		3,918,244
Badger Meter, Inc. (a)		102,299		3,759,488
Jabil Circuit, Inc.		62,146		1,797,262
Novanta, Inc. (b)		383,150		10,172,633
Orbotech, Ltd. (b)		123,951		3,997,420
Tech Data Corp. (b)		49,576		4,655,186
TTM Technologies, Inc. (a) (b)		176,400		2,845,332
Vishay Intertechnology, Inc. (a)		755,305		12,424,767
				43,570,332
Energy Equipment & Services—2.4%
Atwood Oceanics, Inc. (a) (b)		148,145		1,411,822
CARBO Ceramics, Inc. (a) (b)		147,205		1,919,553
Dril-Quip, Inc. (a) (b)		39,800		2,171,090
Helix Energy Solutions Group, Inc. (b)		295,300		2,294,481
Oil States International, Inc. (a) (b)		99,787		3,307,939
Patterson-UTI Energy, Inc. (a)		466,400		11,319,528
TETRA Technologies, Inc. (a) (b)		620,721		2,526,335
				24,950,748
Equity Real Estate Investment Trusts—4.7%
Brandywine Realty Trust		350,000		5,680,500
Education Realty Trust, Inc.		81,867		3,344,267
Gramercy Property Trust (a)		202,462		5,324,751
Healthcare Realty Trust, Inc.		137,200		4,459,000
Highwoods Properties, Inc.		112,200		5,512,386
LaSalle Hotel Properties (a)		218,060		6,312,837
Lexington Realty Trust		436,600		4,357,268
Ramco-Gershenson Properties Trust		202,100		2,833,442
Summit Hotel Properties, Inc.		233,600		3,732,928
Washington Real Estate Investment Trust		228,108		7,135,218
				48,692,597
Food & Staples Retailing—0.2%
SUPERVALU, Inc. (b)		614,182		2,370,742
Food Products—3.1%
J&J Snack Foods Corp.		33,000		4,473,480
Lamb Weston Holdings, Inc.		101,561		4,271,656
Nomad Foods, Ltd. (b)		465,539		5,330,421
Pinnacle Foods, Inc.		77,600		4,490,712
Snyder’s-Lance, Inc. (a)		56,674		2,284,529
TreeHouse Foods, Inc. (b)		123,886		10,488,189
				31,338,987
Gas Utilities—0.6%
Southwest Gas Holdings, Inc.		72,900		6,044,139
Health Care Equipment & Supplies—2.9%
Analogic Corp. (a)		117,794		8,940,565
Haemonetics Corp. (b)		183,993		7,464,596
Halyard Health, Inc. (a) (b)		24,167		920,521
STERIS plc		133,587		9,278,953
Teleflex, Inc.		17,700		3,429,021
				30,033,656
Health Care Providers & Services—1.2%
Owens & Minor, Inc. (a)		205,905		7,124,313
Patterson Cos., Inc. (a)		119,897		5,422,941
				12,547,254
Hotels, Restaurants & Leisure—3.6%
Cheesecake Factory, Inc. (The)		70,300		4,454,208
Choice Hotels International, Inc.		71,700		4,488,420
Denny’s Corp. (b)		527,406		6,524,012
DineEquity, Inc. (a)		126,612		6,890,225
International Speedway Corp. - Class A		91,200		3,369,840
Ruby Tuesday, Inc. (a) (b)		274,315		770,825
Sonic Corp.		102,700		2,604,472
Texas Roadhouse, Inc.		65,300		2,907,809
Wendy’s Co. (The) (a)		386,367		5,258,455
				37,268,266
Household Durables—1.4%
Dixie Group, Inc. (The) (b)		194,365		699,714
Helen of Troy, Ltd. (a) (b)		88,953		8,379,373
Meritage Homes Corp. (b)		138,900		5,111,520
				14,190,607
Household Products—1.2%
Central Garden and Pet Co. (a) (b)		136,848		5,072,955
Energizer Holdings, Inc. (a)		51,410		2,866,108
HRG Group, Inc. (b)		216,922		4,190,933
				12,129,996
Insurance—5.8%
Allied World Assurance Co. Holdings AG		87,026		4,621,081
American Equity Investment Life Holding Co.		219,400		5,184,422
Brown & Brown, Inc.		145,565		6,072,972
Hanover Insurance Group, Inc. (The)		31,000		2,791,860
Infinity Property & Casualty Corp.		40,100		3,829,550
ProAssurance Corp.		169,620		10,219,605
Selective Insurance Group, Inc.		203,400		9,590,310
Stewart Information Services Corp. (a)		101,747		4,495,182
Validus Holdings, Ltd.		227,487		12,827,992
				59,632,974
IT Services—1.8%
Conduent, Inc. (b)		258,519		4,337,949
DST Systems, Inc.		77,869		9,538,952
Sykes Enterprises, Inc. (b)		171,288		5,035,867
				18,912,768

BHFTI-141

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Leisure Products—0.1%
Vista Outdoor, Inc. (a) (b)		36,994	$	761,706
Life Sciences Tools & Services—0.7%
PAREXEL International Corp. (b)		39,958		2,521,749
VWR Corp. (b)		172,765		4,871,973
				7,393,722
Machinery—5.9%
Altra Industrial Motion Corp.		110,800		4,315,660
Barnes Group, Inc.		81,300		4,173,942
Douglas Dynamics, Inc. (a)		213,244		6,535,929
EnPro Industries, Inc.		37,600		2,675,616
ESCO Technologies, Inc. (a)		52,035		3,023,234
Franklin Electric Co., Inc. (a)		224,968		9,684,872
Hillenbrand, Inc.		149,879		5,373,162
ITT, Inc.		153,100		6,280,162
Kadant, Inc.		141,752		8,412,981
Mueller Industries, Inc.		281,852		9,647,794
				60,123,352
Marine—0.5%
Kirby Corp. (b)		39,700		2,800,835
Matson, Inc.		79,500		2,524,920
				5,325,755
Media—1.9%
AH Belo Corp. - Class A		433,328		2,664,967
Cable One, Inc.		5,400		3,372,138
Cinemark Holdings, Inc.		111,200		4,930,608
Gannett Co., Inc.		189,821		1,590,700
Meredith Corp. (a)		68,800		4,444,480
New Media Investment Group, Inc. (a)		203,960		2,898,272
				19,901,165
Metals & Mining—0.4%
Compass Minerals International, Inc. (a)		58,243		3,951,788
Mortgage Real Estate Investment Trusts—0.4%
Apollo Commercial Real Estate Finance, Inc. (a)		217,755		4,095,972
Multi-Utilities—0.9%
Black Hills Corp. (a)		71,800		4,772,546
NorthWestern Corp.		68,100		3,997,470
				8,770,016
Oil, Gas & Consumable Fuels—2.5%
Jones Energy, Inc. - Class A (a) (b)		71,443		182,181
Oasis Petroleum, Inc. (b)		298,800		4,260,888
QEP Resources, Inc. (b)		225,415		2,865,024
SM Energy Co.		165,800		3,982,516
Western Refining, Inc.		113,500		3,980,445
Whiting Petroleum Corp. (b)		504,435		4,771,955
WPX Energy, Inc. (b)		440,520		5,898,563
				25,941,572
Paper & Forest Products—2.2%
Clearwater Paper Corp. (b)		60,425		3,383,800
KapStone Paper and Packaging Corp.		148,200		3,423,420
Neenah Paper, Inc.		133,595		9,979,547
Schweitzer-Mauduit International, Inc. (a)		128,527		5,323,588
				22,110,355
Pharmaceuticals—0.4%
Innoviva, Inc. (a) (b)		301,310		4,167,117
Professional Services—0.9%
Korn/Ferry International (a)		304,430		9,586,501
Real Estate Management & Development—0.4%
Alexander & Baldwin, Inc.		81,300		3,619,476
Road & Rail—0.7%
Saia, Inc. (b)		55,900		2,476,370
Werner Enterprises, Inc.		171,500		4,493,300
				6,969,670
Semiconductors & Semiconductor Equipment—2.7%
Cirrus Logic, Inc. (b)		62,800		3,811,332
DSP Group, Inc. (b)		156,364		1,876,368
Exar Corp. (b)		210,179		2,734,429
MaxLinear, Inc. - Class A (b)		131,000		3,674,550
ON Semiconductor Corp. (b)		428,200		6,632,818
Teradyne, Inc.		191,800		5,964,980
Tower Semiconductor, Ltd. (U.S. Listed Shares) (a) (b)		140,300		3,233,915
				27,928,392
Software—1.9%
ACI Worldwide, Inc. (a) (b)		94,895		2,029,804
Progress Software Corp.		90,047		2,615,865
PTC, Inc. (b)		94,700		4,976,485
Synopsys, Inc. (b)		134,100		9,672,633
				19,294,787
Specialty Retail—0.8%
Asbury Automotive Group, Inc. (b)		33,700		2,025,370
Buckle, Inc. (The) (a)		158,856		2,954,721
Christopher & Banks Corp. (a) (b)		447,352		662,081
Guess?, Inc. (a)		257,285		2,868,728
				8,510,900
Technology Hardware, Storage & Peripherals—0.9%
Electronics For Imaging, Inc. (b)		110,700		5,405,481
GlassBridge Enterprises, Inc. (a) (b)		114,401		551,413
Super Micro Computer, Inc. (b)		117,500		2,978,625
				8,935,519
Textiles, Apparel & Luxury Goods—1.0%
Delta Apparel, Inc. (b)		132,371		2,333,701
Steven Madden, Ltd. (b)		96,200		3,708,510

BHFTI-142

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—(Continued)
Wolverine World Wide, Inc.		150,400	$	3,755,488
				9,797,699
Trading Companies & Distributors—0.7%
H&E Equipment Services, Inc.		185,600		4,550,912
WESCO International, Inc. (b)		31,600		2,197,780
				6,748,692
Total Common Stocks (Cost $855,418,906)				1,002,774,147
Preferred Stock—0.4%
Diversified Financial Services—0.4%
Steel Partners Holdings L.P., 6.000% (Cost $6,392,613)		199,847		4,446,596
Short-Term Investment—1.9%
Repurchase Agreement—1.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $19,067,078 on 04/03/17, collateralized by $18,395,000 U.S. Government Agency Obligations with rates ranging from 0.125% - 3.500%, maturity dates ranging from 04/15/20 - 05/15/20, with a value of $19,457,366.		19,066,935		19,066,935
Total Short-Term Investments (Cost $19,066,935)				19,066,935
Securities Lending Reinvestments (c)—10.0%
Certificates of Deposit—6.4%
ABN AMRO Bank NV Zero Coupon, 05/05/17		997,115		999,180
Zero Coupon, 06/23/17		2,490,251		2,493,850
Banco Del Estado De Chile New York 1.426%, 06/21/17 (d)		1,500,000		1,500,813
Bank of America N.A. 1.271%, 07/11/17 (d)		4,000,000		4,004,233
Bank of Montreal Chicago 1.081%, 09/06/17 (d)		2,000,000		2,002,041
Bank of Nova Scotia Houston 1.355%, 11/03/17 (d)		2,000,000		2,002,197
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (d)		1,250,000		1,250,604
Canadian Imperial Bank 1.392%, 10/27/17 (d)		1,000,000		1,001,203
1.454%, 05/24/17 (d)		500,293		500,175
Chiba Bank, Ltd., New York 1.100%, 04/07/17		500,000		500,005
Certificates of Deposit—(Continued)
Cooperative Rabobank UA New York 1.422%, 10/13/17 (d)		500,000		500,681
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (d)		1,250,000		1,250,141
Credit Industriel et Commercial 1.440%, 04/05/17 (d)		600,000		600,026
Credit Suisse AG New York 1.511%, 04/03/17 (d)		600,000		600,010
1.581%, 04/11/17 (d)		1,000,000		1,000,082
1.581%, 05/12/17 (d)		2,500,000		2,500,757
Danske Bank A/S London Zero Coupon, 05/12/17		2,093,922		2,097,837
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		1,300,000		1,300,575
ING Bank NV 1.461%, 04/18/17 (d)		1,500,000		1,500,639
KBC Bank NV 1.150%, 04/18/17		1,000,000		1,000,090
1.150%, 04/27/17		2,500,000		2,498,525
1.170%, 04/06/17		1,000,000		1,000,010
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (d)		1,000,000		1,000,122
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (d)		1,000,000		1,000,576
1.591%, 04/11/17 (d)		600,000		600,046
1.643%, 04/18/17 (d)		2,400,000		2,400,348
National Australia Bank London 1.199%, 05/02/17 (d)		2,000,000		2,000,701
1.338%, 11/09/17 (d)		2,000,000		1,996,740
Natixis New York 1.241%, 08/03/17 (d)		4,300,000		4,302,769
Norinchukin Bank New York 1.346%, 08/21/17 (d)		2,500,000		2,500,782
1.451%, 07/12/17 (d)		1,000,000		1,000,885
Oversea-Chinese Banking Corp., Ltd. 1.000%, 06/01/17		2,000,000		1,999,934
Rabobank London 1.422%, 10/13/17 (d)		500,000		501,223
Royal Bank of Canada New York 1.340%, 04/04/17 (d)		500,000		499,988
1.422%, 10/13/17 (d)		500,000		500,894
Sumitomo Bank New York 1.410%, 05/05/17 (d)		500,000		500,097
1.578%, 06/19/17 (d)		1,500,000		1,501,014
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (d)		1,000,000		1,000,535
1.534%, 04/07/17 (d)		500,000		500,029
1.591%, 04/12/17 (d)		1,000,000		1,000,199
Sumitomo Mitsui Trust Bank, Ltd. 1.120%, 05/08/17		400,000		400,060
Sumitomo Mitsui Trust Bank, Ltd., New York 1.558%, 04/10/17 (d)		1,000,000		1,000,126
1.572%, 04/26/17 (d)		2,000,000		2,000,662
Svenska Handelsbanken New York 1.508%, 05/18/17 (d)		2,000,000		2,001,034

BHFTI-143

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Toronto Dominion Bank New York 1.221%, 03/13/18 (d)		2,000,000	$	1,999,295
UBS, Stamford 1.301%, 05/12/17 (d)		1,000,000		1,000,246
1.589%, 07/31/17 (d)		801,734		802,204
				66,114,183
Commercial Paper—1.8%
Barton Capital S.A. 1.110%, 04/21/17		498,582		499,667
1.160%, 04/07/17		4,386,673		4,399,397
Commonwealth Bank Australia 1.389%, 10/23/17 (d)		2,000,000		2,002,444
DCAT LLC 1.200%, 04/11/17		599,360		599,834
Den Norske ASA 1.432%, 04/27/17 (d)		1,300,000		1,300,281
HSBC plc 1.442%, 04/25/17 (d)		3,000,000		3,000,540
Kells Funding LLC 1.100%, 06/05/17		1,294,995		1,297,201
LMA S.A. & LMA Americas 1.090%, 05/10/17		997,033		998,781
Ridgefield Funding Co. LLC 1.184%, 09/07/17 (d)		1,000,000		999,882
Sheffield Receivables Co. 1.170%, 04/04/17		1,495,661		1,499,890
Westpac Banking Corp. 1.380%, 10/20/17 (d)		2,000,000		2,003,625
				18,601,542
Repurchase Agreements—1.2%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $3,455,679 on 04/03/17, collateralized by $4,970,175 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $3,524,568.		3,455,457		3,455,457
Citigroup Global Markets, Ltd. Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $503,224 on 07/03/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $11,530 on 04/03/17, collateralized by $11,665 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $11,760.		11,529		11,529
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $2,001,300 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $2,011,520 on 06/02/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $2,019,583 on 07/03/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
				11,966,986
Time Deposits—0.6%
Nordea Bank New York 0.810%, 04/03/17		2,000,000		2,000,000
OP Corporate Bank plc 1.180%, 04/24/17		750,000		750,000
1.200%, 04/10/17		1,000,000		1,000,000
Shinkin Central Bank 1.350%, 04/21/17		500,000		500,000
1.440%, 04/26/17		1,800,000		1,800,000
1.440%, 04/27/17		400,000		400,000
				6,450,000
Total Securities Lending Reinvestments (Cost $103,103,218)				103,132,711
Total Investments—110.1% (Cost $983,981,672) (e)				1,129,420,389
Other assets and liabilities (net)—(10.1)%				(103,525,546	)
Net Assets—100.0%			$	1,025,894,843

BHFTI-144

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio (formerly, MetLife Small Cap Value Portfolio)

Schedule of Investments as of March 31, 2017 (Unaudited)

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $100,703,497 and the collateral received consisted of cash in the amount of $103,072,604. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $983,981,672. The aggregate unrealized appreciation and depreciation of investments were $194,730,389 and $(49,291,672), respectively, resulting in net unrealized appreciation of $145,438,717.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,002,774,147	$	—		$	—	$	1,002,774,147
Total Preferred Stock*		4,446,596		—			—		4,446,596
Total Short-Term Investment*		—		19,066,935			—		19,066,935
Total Securities Lending Reinvestments*		—		103,132,711			—		103,132,711
Total Investments	$	1,007,220,743	$	122,199,646		$	—	$	1,129,420,389
Collateral for Securities Loaned (Liability)	$	—	$	(103,072,604	)	$	—	$	(103,072,604	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-145

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.6% of Net Assets

Security Description	Shares		Value
Australia—6.0%
Dexus Property Group (REIT)		1,254,780	$	9,383,352
Goodman Group (REIT)		4,309,447		25,488,320
GPT Group (The) (REIT)		3,667,818		14,444,769
Mirvac Group (REIT)		3,380,477		5,655,323
Scentre Group (REIT)		9,337,051		30,595,108
				85,566,872
Austria—0.4%
BUWOG AG		216,070		5,451,510
France—3.6%
Gecina S.A. (REIT)		114,578		15,548,537
Klepierre (REIT)		626,267		24,363,584
Unibail-Rodamco SE (REIT)		50,248		11,725,215
				51,637,336
Germany—3.3%
Deutsche Wohnen AG		338,623		11,150,789
LEG Immobilien AG		301,115		24,684,404
Vonovia SE		329,313		11,605,382
				47,440,575
Hong Kong—10.1%
Cheung Kong Property Holdings, Ltd.		4,778,500		32,260,962
Hang Lung Properties, Ltd.		8,863,000		23,082,823
Hongkong Land Holdings, Ltd.		1,770,200		13,627,348
Link REIT (The) (REIT)		4,064,600		28,472,991
New World Development Co., Ltd.		2,786,000		3,435,017
Sun Hung Kai Properties, Ltd.		2,200,300		32,325,513
Swire Properties, Ltd.		3,371,000		10,799,319
				144,003,973
Japan—11.1%
Activia Properties, Inc. (REIT)		1,783		8,503,906
Daito Trust Construction Co., Ltd.		67,400		9,268,724
Hulic Co., Ltd.		1,137,200		10,717,750
Japan Retail Fund Investment Corp. (REIT)		8,773		17,219,581
Kenedix Office Investment Corp. (REIT)		2,393		14,100,734
Mitsubishi Estate Co., Ltd.		260,756		4,768,434
Mitsui Fudosan Co., Ltd.		1,711,574		36,616,024
Mori Hills REIT Investment Corp. (REIT)		7,826		10,490,598
Nippon Prologis REIT, Inc. (REIT)		11,022		23,888,364
Orix JREIT, Inc. (REIT)		9,969		15,797,594
Sumitomo Realty & Development Co., Ltd.		263,000		6,847,320
				158,219,029
Luxembourg—0.4%
ADO Properties S.A.		156,698		5,620,949
Netherlands—0.8%
Eurocommercial Properties NV (REIT)		196,474		7,038,175
NSI NV (REIT)		1,113,286		4,571,861
				11,610,036
Singapore—0.8%
Global Logistic Properties, Ltd.		3,945,400		7,847,292
Mapletree Commercial Trust (REIT)		3,321,942		3,633,347
				11,480,639
Spain—0.3%
Hispania Activos Inmobiliarios SOCIMI S.A. (REIT)		278,750		4,005,564
Sweden—0.8%
Fabege AB (a)		175,250		2,787,582
Hufvudstaden AB - A Shares		545,980		8,091,956
				10,879,538
Switzerland—0.5%
PSP Swiss Property AG		77,491		7,051,902
United Kingdom—4.7%
Great Portland Estates plc (REIT)		703,840		5,735,102
Hammerson plc (REIT)		1,628,178		11,650,799
Land Securities Group plc (REIT)		1,973,115		26,193,827
Safestore Holdings plc (REIT)		911,484		4,330,456
Segro plc (REIT)		1,792,957		10,248,787
Tritax Big Box REIT plc		1,615,715		2,927,224
Unite Group plc (The) (REIT)		754,299		6,021,674
				67,107,869
United States—55.8%
Alexandria Real Estate Equities, Inc. (REIT) (a)		156,500		17,296,380
American Campus Communities, Inc. (REIT)		290,600		13,829,654
American Homes 4 Rent Trust (REIT) - Class A (a)		425,572		9,771,133
AvalonBay Communities, Inc. (REIT)		178,180		32,713,848
Boston Properties, Inc. (REIT)		103,700		13,730,917
Colony Starwood Homes (REIT) (a)		219,900		7,465,605
Crown Castle International Corp. (REIT)		138,918		13,120,805
CubeSmart (REIT) (a)		325,160		8,441,154
DCT Industrial Trust, Inc. (REIT)		313,427		15,082,107
DDR Corp. (REIT)		1,306,833		16,374,617
DiamondRock Hospitality Co. (REIT) (a)		506,800		5,650,820
Digital Realty Trust, Inc. (REIT) (a)		270,239		28,750,727
Equinix, Inc. (REIT)		36,300		14,533,431
Equity Residential (REIT)		232,850		14,487,927
Forest City Realty Trust, Inc. (REIT) - Class A		251,000		5,466,780
Gaming and Leisure Properties, Inc. (REIT)		644,700		21,545,874
GGP, Inc. (REIT)		1,772,644		41,089,888
HCP, Inc. (REIT)		627,500		19,628,200
Healthcare Realty Trust, Inc. (REIT) (a)		410,575		13,343,688
Healthcare Trust of America, Inc. (REIT) - Class A		407,669		12,825,267
Host Hotels & Resorts, Inc. (REIT) (a)		1,325,277		24,729,669
Hudson Pacific Properties, Inc. (REIT)		319,736		11,075,655
Invitation Homes, Inc. (REIT) (b)		354,400		7,736,552
Kilroy Realty Corp. (REIT)		213,000		15,353,040
Kimco Realty Corp. (REIT) (a)		850,000		18,776,500
Mid-America Apartment Communities, Inc. (REIT)		188,300		19,157,642

BHFTI-146

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
United States—(Continued)
Paramount Group, Inc. (REIT) (a)		500,900	$	8,119,589
ProLogis, Inc. (REIT)		820,792		42,582,689
Public Storage (REIT)		157,760		34,535,242
Regency Centers Corp. (REIT)		368,800		24,484,632
Simon Property Group, Inc. (REIT)		375,079		64,524,840
SL Green Realty Corp. (REIT) (a)		258,760		27,588,991
Spirit Realty Capital, Inc. (REIT)		1,655,412		16,769,324
Sun Communities, Inc. (REIT)		322,000		25,866,260
Sunstone Hotel Investors, Inc. (REIT) (a)		744,007		11,405,627
UDR, Inc. (REIT) (a)		597,675		21,671,695
VEREIT, Inc. (REIT)		2,586,381		21,958,375
Vornado Realty Trust (REIT) (a)		355,952		35,705,545
Welltower, Inc. (REIT) (a)		536,557		37,998,967
				795,189,656
Total Common Stocks (Cost $1,365,477,305)				1,405,265,448
Short-Term Investment—0.9%
Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $12,396,875 on 04/03/17, collateralized by $12,225,000 U.S. Treasury Note at 2.625% due 08/15/20 with a value of $12,648,535.		12,396,782		12,396,782
Total Short-Term Investments (Cost $12,396,782)				12,396,782
Securities Lending Reinvestments (c)—7.2%
Certificates of Deposit—3.5%
ABN AMRO Bank NV Zero Coupon, 05/05/17		1,495,673		1,498,770
Zero Coupon, 06/23/17		1,494,150		1,496,310
Banco Del Estado De Chile New York 1.426%, 06/21/17 (d)		3,000,000		3,001,626
Bank of Nova Scotia Houston 1.355%, 11/03/17 (d)		2,000,000		2,002,197
Bank of Tokyo UFJ, Ltd., New York 1.300%, 04/21/17		4,009,058		4,000,676
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		605,554		600,377
BNP Paribas New York 1.384%, 08/04/17 (d)		1,000,000		1,000,762
Credit Suisse AG New York 1.676%, 04/24/17 (d)		2,100,000		2,100,496
Danske Bank A/S London
Zero Coupon, 05/12/17		1,744,935		1,748,198
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		1,000,000		1,000,442
Certificates of Deposit—(Continued)
KBC Bank NV 1.150%, 04/27/17		500,000		499,705
Mitsubishi UFJ Trust and Banking Corp. 1.134%, 09/01/17 (d)		500,000		499,970
Mizuho Bank Ltd. New York 1.582%, 04/26/17 (d)		2,000,000		2,000,332
National Australia Bank London 1.199%, 05/02/17 (d)		1,500,000		1,500,526
Natixis New York 1.241%, 08/03/17 (d)		2,000,000		2,001,288
Norinchukin Bank New York 1.451%, 07/12/17 (d)		2,000,000		2,001,770
Oversea-Chinese Banking Corp., Ltd. 1.000%, 06/01/17		3,000,000		2,999,901
Royal Bank of Canada New York 1.298%, 03/20/18 (d)		5,000,000		4,999,985
Sumitomo Bank New York 1.578%, 06/19/17 (d)		2,500,000		2,501,690
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (d)		2,000,000		2,001,359
Sumitomo Mitsui Trust Bank, Ltd., New York 1.572%, 04/26/17 (d)		2,000,000		2,000,662
Toronto Dominion Bank New York 1.221%, 03/13/18 (d)		3,500,000		3,498,767
UBS, Stamford 1.301%, 05/12/17 (d)		1,000,000		1,000,246
1.589%, 07/31/17 (d)		1,803,901		1,804,958
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		1,500,000		1,502,452
1.452%, 04/26/17 (d)		1,100,000		1,100,293
				50,363,758
Commercial Paper—2.0%
Barton Capital S.A. 1.110%, 04/21/17		1,994,327		1,998,666
Commonwealth Bank Australia 1.174%, 03/01/18		2,500,000		2,501,020
Den Norske ASA 1.432%, 04/27/17 (d)		1,000,000		1,000,216
Erste Abwicklungsanstalt 1.098%, 07/18/17 (d)		4,300,000		4,299,622
HSBC plc 1.442%, 04/25/17 (d)		2,500,000		2,500,450
Manhattan Asset Funding Co. 1.184%, 09/07/17 (d)		3,000,000		3,000,246
National Australia Bank, Ltd. 1.440%, 12/06/17 (d)		3,500,000		3,505,229
Starbird Funding Corp. 1.441%, 06/13/17 (d)		5,500,000		5,501,941
Versailles CDS LLC 1.050%, 06/05/17		2,492,927		2,494,663
Westpac Banking Corp. 1.380%, 10/20/17 (d)		1,500,000		1,502,718
				28,304,771

BHFTI-147

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—1.5%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $1,396,045 on 04/03/17, collateralized by $2,007,880 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,423,876.		1,395,956	$	1,395,956
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $1,600,117 on 04/03/17, collateralized by $1,637,580 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $1,632,000.		1,600,000		1,600,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $75,266 on 04/03/17, collateralized by $76,147 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $76,766.		75,260		75,260
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $2,001,300 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $500,054 on 04/03/17, collateralized by $77,249 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $548,993.		500,000		500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $6,034,560 on 06/02/17, collateralized by various Common Stock with a value of $6,600,000.		6,000,000		6,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $1,615,667 on 07/03/17, collateralized by various Common Stock with a value of $1,760,000.		1,600,000		1,600,000
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $8,000,653 on 04/03/17, collateralized by $9,365,211 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000%, maturity dates ranging from 06/30/18 - 01/16/58, with a value of $8,160,666.		8,000,000		8,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $1,000,078 on 04/03/17, collateralized by $2,993,474 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $1,020,000.		1,000,000		1,000,000
				22,171,216
Time Deposits—0.2%
Nordea Bank New York 0.810%, 04/03/17		2,000,000		2,000,000
OP Corporate Bank plc 1.200%, 04/10/17		1,000,000		1,000,000
Shinkin Central Bank 1.440%, 04/26/17		200,000		200,000
1.440%, 04/27/17		300,000		300,000
				3,500,000
Total Securities Lending Reinvestments (Cost $104,310,334)				104,339,745
Total Investments—106.7% (Cost $1,482,184,421) (e)				1,522,001,975
Other assets and liabilities (net)—(6.7)%				(96,155,188	)
Net Assets—100.0%			$	1,425,846,787

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $87,219,832 and the collateral received consisted of cash in the amount of $104,311,741. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $1,482,184,421. The aggregate unrealized appreciation and depreciation of investments were $102,967,616 and $(63,150,062), respectively, resulting in net unrealized appreciation of $39,817,554.
(REIT)—	A Real Estate Investment Trust is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interest.

BHFTI-148

Brighthouse Funds Trust I

Clarion Global Real Estate Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Ten Largest Industries as of March 31, 2017 (Unaudited)	% of Net Assets
Retail REIT’s		21.0
Office REIT’s		11.9
Residential REIT’s		11.1
Diversified REIT’s		9.6
Specialized REIT’s		8.8
Industrial REIT’s		8.4
Real Estate Operating Companies		8.4
Diversified Real Estate Activities		8.2
Health Care REITs		5.9
Hotel & Resort REITs		2.9

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	85,566,872		$	—	$	85,566,872
Austria		—		5,451,510			—		5,451,510
France		—		51,637,336			—		51,637,336
Germany		—		47,440,575			—		47,440,575
Hong Kong		—		144,003,973			—		144,003,973
Japan		—		158,219,029			—		158,219,029
Luxembourg		—		5,620,949			—		5,620,949
Netherlands		—		11,610,036			—		11,610,036
Singapore		—		11,480,639			—		11,480,639
Spain		—		4,005,564			—		4,005,564
Sweden		—		10,879,538			—		10,879,538
Switzerland		—		7,051,902			—		7,051,902
United Kingdom		—		67,107,869			—		67,107,869
United States		795,189,656		—			—		795,189,656
Total Common Stocks		795,189,656		610,075,792			—		1,405,265,448
Total Short-Term Investment*		—		12,396,782			—		12,396,782
Total Securities Lending Reinvestments*		—		104,339,745			—		104,339,745
Total Investments	$	795,189,656	$	726,812,319		$	—	$	1,522,001,975
Collateral for Securities Loaned (Liability)	$	—	$	(104,311,741	)	$	—	$	(104,311,741	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-149

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—99.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.0%
Engility Holdings, Inc. (a)		57,266	$	1,657,278
L3 Technologies, Inc.		582,900		96,347,541
				98,004,819
Auto Components—0.3%
Adient plc		140,683		10,223,434
Biotechnology—20.4%
Aduro Biotech, Inc. (a) (b)		31,570		339,377
Agios Pharmaceuticals, Inc. (a) (b)		170,800		9,974,720
Amgen, Inc.		1,610,100		264,169,107
Biogen, Inc. (a)		867,860		237,290,281
Bioverativ, Inc. (a) (b)		433,930		23,631,828
ImmunoGen, Inc. (a) (b)		499,700		1,933,839
Ionis Pharmaceuticals, Inc. (a) (b)		498,335		20,033,067
ProQR Therapeutics NV (a)		88,300		441,500
Spark Therapeutics, Inc. (a)		53,520		2,854,757
Vertex Pharmaceuticals, Inc. (a)		909,672		99,472,633
				660,141,109
Building Products—1.8%
Johnson Controls International plc		1,406,834		59,255,848
Communications Equipment—0.1%
ARRIS International plc (a)		122,915		3,251,102
Construction & Engineering—0.9%
Fluor Corp.		519,410		27,331,354
Diversified Telecommunication Services—0.2%
AT&T, Inc.		157,745		6,554,305
Electronic Equipment, Instruments & Components—3.4%
Dolby Laboratories, Inc. - Class A		295,300		15,476,673
Fitbit, Inc. - Class A (a) (b)		54,350		321,752
TE Connectivity, Ltd.		1,269,625		94,650,544
				110,448,969
Energy Equipment & Services—4.6%
Core Laboratories NV		514,070		59,385,366
Frank’s International NV (b)		30,500		322,385
National Oilwell Varco, Inc. (b)		916,878		36,757,639
Weatherford International plc (a) (b)		7,614,500		50,636,425
				147,101,815
Health Care Equipment & Supplies—2.2%
Medtronic plc		861,379		69,392,692
Wright Medical Group NV (a) (b)		58,679		1,826,091
				71,218,783
Health Care Providers & Services—9.4%
UnitedHealth Group, Inc.		1,850,450		303,492,305
Internet & Direct Marketing Retail—1.8%
Liberty Expedia Holdings, Inc. - Class A (a) (b)		167,951		7,638,411
Internet & Direct Marketing Retail—(Continued)
Liberty Interactive Corp. - Class A (a) (b)		1,867,200		37,381,344
Liberty TripAdvisor Holdings, Inc. - Class A (a)		154,420		2,177,322
Liberty Ventures - Series A (a)		251,927		11,205,713
				58,402,790
Internet Software & Services—2.3%
Facebook, Inc. - Class A (a)		335,500		47,657,775
LogMeIn, Inc.		105,873		10,322,618
Twitter, Inc. (a) (b)		1,100,000		16,445,000
				74,425,393
Machinery—0.7%
Pentair plc (b)		339,804		21,332,895
Media—18.3%
AMC Networks, Inc. - Class A (a) (b)		825,825		48,459,411
CBS Corp. - Class B		323,200		22,417,152
Comcast Corp. - Class A		7,739,200		290,916,528
Liberty Braves Group - Class A (a) (b)		47,058		1,126,569
Liberty Braves Group - Class C (a)		94,117		2,225,867
Liberty Broadband Corp. - Class A (a) (b)		117,647		10,010,583
Liberty Broadband Corp. - Class C (a) (b)		305,883		26,428,291
Liberty Global plc - Class A (a) (b)		299,400		10,739,478
Liberty Global plc - Class C (a) (b)		299,400		10,490,976
Liberty Global plc LiLAC - Class A (a) (b)		52,325		1,163,708
Liberty Global plc LiLAC - Class C (a)		52,325		1,205,568
Liberty Media Corp.-Liberty Formula One - Class A (a) (b)		117,647		3,847,057
Liberty Media Corp.-Liberty Formula One - Class C (a) (b)		235,294		8,035,290
Liberty SiriusXM Group - Class A (a) (b)		470,588		18,315,285
Liberty SiriusXM Group - Class C (a)		941,176		36,498,805
Lions Gate Entertainment Corp. - Class B (a) (b)		348,621		8,499,380
Madison Square Garden Co. (The) - Class A (a) (b)		286,049		57,126,846
MSG Networks, Inc. - Class A (a) (b)		858,150		20,037,803
Viacom, Inc. - Class B		344,700		16,069,914
				593,614,511
Metals & Mining—1.0%
Freeport-McMoRan, Inc. (a)		1,270,800		16,977,888
Nucor Corp.		274,700		16,405,084
				33,382,972
Oil, Gas & Consumable Fuels—5.8%
Anadarko Petroleum Corp.		2,869,860		177,931,320
Newfield Exploration Co. (a)		255,400		9,426,814
				187,358,134
Pharmaceuticals—6.5%
Allergan plc		786,777		187,976,761
Mallinckrodt plc (a)		143,915		6,414,291
Teva Pharmaceutical Industries, Ltd. (ADR)		298,100		9,566,029

BHFTI-150

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Pharmaceuticals—(Continued)
Valeant Pharmaceuticals International, Inc. (a) (b)		653,070	$	7,203,362
				211,160,443
Semiconductors & Semiconductor Equipment—8.2%
Broadcom, Ltd.		891,161		195,128,613
Cree, Inc. (a) (b)		887,200		23,714,856
Intel Corp.		1,288,348		46,470,712
				265,314,181
Software—4.3%
Autodesk, Inc. (a) (b)		944,300		81,653,621
Citrix Systems, Inc. (a)		616,100		51,376,579
Nuance Communications, Inc. (a) (b)		400,000		6,924,000
				139,954,200
Technology Hardware, Storage & Peripherals—4.6%
Seagate Technology plc (b)		2,448,500		112,459,605
Western Digital Corp. (b)		444,489		36,683,677
				149,143,282
Trading Companies & Distributors—0.1%
NOW, Inc. (a) (b)		229,219		3,887,554
Total Common Stocks (Cost $2,164,292,764)				3,235,000,198
Rights—0.0%
Health Care Equipment & Supplies—0.0%
Wright Medical Group NV, Expires 03/01/19 (a) (Cost $573,350)		229,340		348,597
Short-Term Investment—0.1%
Repurchase Agreement—0.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $2,625,755 on 04/03/17, collateralized by $2,675,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $2,679,237.		2,625,735		2,625,735
Total Short-Term Investments (Cost $2,625,735)				2,625,735
Securities Lending Reinvestments (c)—9.0%
Certificates of Deposit—5.1%
ABN AMRO Bank NV Zero Coupon, 06/23/17		4,980,501		4,987,700
Certificates of Deposit—(Continued)
Banco Del Estado De Chile New York 1.426%, 06/21/17 (d)		2,000,000		2,001,084
Bank of Nova Scotia Houston 1.355%, 11/03/17 (d)		8,000,000		8,008,787
Canadian Imperial Bank
1.392%, 10/27/17 (d)		2,750,000		2,753,308
1.454%, 05/24/17 (d)		1,000,585		1,000,350
Chiba Bank, Ltd., New York 1.240%, 05/11/17		2,000,000		2,000,532
Cooperative Rabobank UA New York 1.422%, 10/13/17 (d)		2,500,000		2,503,405
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (d)		7,500,000		7,500,847
Credit Industriel et Commercial 1.440%, 04/05/17 (d)		2,000,000		2,000,086
Credit Suisse AG New York
1.511%, 04/03/17 (d)		2,000,000		2,000,032
1.581%, 04/11/17 (d)		6,000,000		6,000,492
1.581%, 05/12/17 (d)		3,500,000		3,501,061
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		2,400,000		2,401,061
ING Bank NV 1.461%, 04/18/17 (d)		6,750,000		6,752,876
KBC Bank NV 1.150%, 04/18/17		7,000,000		7,000,630
1.150%, 04/27/17		3,000,000		2,998,230
1.170%, 04/06/17		1,000,000		1,000,010
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (d)		5,000,000		5,000,610
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (d)		2,000,000		2,001,152
1.591%, 04/11/17 (d)		4,000,000		4,000,304
1.643%, 04/18/17 (d)		3,500,000		3,500,508
National Australia Bank London 1.338%, 11/09/17 (d)		11,500,000		11,481,255
Natixis New York 1.241%, 08/03/17 (d)		5,000,000		5,003,220
Norinchukin Bank New York 1.346%, 08/21/17 (d)		6,000,000		6,001,878
1.451%, 07/12/17 (d)		4,000,000		4,003,540
Rabobank London 1.422%, 10/13/17 (d)		2,000,000		2,004,890
Royal Bank of Canada New York 1.340%, 04/04/17 (d)		2,500,000		2,499,938
1.422%, 10/13/17 (d)		5,000,000		5,008,945
Sumitomo Bank New York 1.410%, 05/05/17 (d)		4,000,000		4,000,780
1.578%, 06/19/17 (d)		2,500,000		2,501,690
Sumitomo Mitsui Banking Corp., New York 1.534%, 04/07/17 (d)		3,000,000		3,000,174
1.591%, 04/12/17 (d)		3,000,000		3,000,598
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (d)		5,000,000		5,003,398
Sumitomo Mitsui Trust Bank, Ltd., New York 1.558%, 04/10/17 (d)		3,300,000		3,300,416
1.572%, 04/26/17 (d)		4,000,000		4,001,324

BHFTI-151

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Svenska Handelsbanken New York 1.508%, 05/18/17 (d)		5,000,000	$	5,002,585
Toronto Dominion Bank New York 1.221%, 03/13/18 (d)		5,100,000		5,098,203
1.330%, 01/10/18 (d)		5,000,000		5,000,980
UBS, Stamford 1.301%, 05/12/17 (d)		4,000,000		4,000,984
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		2,300,000		2,303,761
1.452%, 04/26/17 (d)		2,400,000		2,400,638
				163,532,262
Commercial Paper—1.4%
Barton Capital S.A. 1.110%, 04/21/17		5,982,980		5,995,998
Commonwealth Bank Australia 1.389%, 10/23/17 (d)		4,000,000		4,004,888
DCAT LLC 1.200%, 04/11/17		1,698,187		1,699,531
Den Norske ASA 1.432%, 04/27/17 (d)		2,400,000		2,400,518
Erste Abwicklungsanstalt 1.098%, 07/18/17 (d)		10,000,000		9,999,120
HSBC plc 1.442%, 04/25/17 (d)		6,000,000		6,001,080
Kells Funding LLC 1.100%, 06/05/17		3,486,525		3,492,463
LMA S.A. & LMA Americas 1.090%, 05/10/17		997,033		998,781
1.120%, 04/13/17		1,495,800		1,499,466
Manhattan Asset Funding Co. 1.184%, 09/07/17 (d)		1,000,000		1,000,082
Ridgefield Funding Co. LLC 1.184%, 09/07/17 (d)		2,500,000		2,499,705
Versailles Commercial Paper LLC 1.120%, 04/25/17		2,493,000		2,498,403
Westpac Banking Corp. 1.380%, 10/20/17 (d)		3,900,000		3,907,068
				45,997,103
Repurchase Agreements—2.0%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $2,635,589 on 04/03/17, collateralized by $3,790,671 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $2,688,130.		2,635,420		2,635,420
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $3,700,271 on 04/03/17, collateralized by $3,786,903 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $3,774,001.		3,700,000		3,700,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $100,008 on 04/03/17, collateralized by $101,178 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $102,001.		100,000		100,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.		1,000,000		1,000,000
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $21,013,650 on 04/03/17, collateralized by $3,244,463 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $23,057,718.		21,000,000		21,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $2,514,400 on 06/02/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000		2,500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $3,736,229 on 07/03/17, collateralized by various Common Stock with a value of $4,070,000.		3,700,000		3,700,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $16,001,307 on 04/03/17, collateralized by $18,730,422 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $16,321,333.		16,000,000		16,000,000

BHFTI-152

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 03/30/17 at 0.980% to be repurchased at $5,000,953 on 04/06/17, collateralized by $10,891,657 U.S. Government Agency Obligations with rates ranging from 0.000% - 5.000%, maturity dates ranging from 10/09/19 - 08/16/58, with a value of $5,100,557.		5,000,000	$	5,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $8,500,659 on 04/03/17, collateralized by $25,444,533 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $8,670,000.		8,500,000		8,500,000
				64,135,420
Time Deposits—0.5%
OP Corporate Bank plc 1.180%, 04/24/17		9,500,000		9,500,000
1.200%, 04/10/17		3,000,000		3,000,000
Shinkin Central Bank 1.440%, 04/26/17		3,700,000		3,700,000
1.440%, 04/27/17		500,000		500,000
				16,700,000
Total Securities Lending Reinvestments (Cost $290,308,322)				290,364,785
Total Investments—109.0% (Cost $2,457,800,171) (e)				3,528,339,315
Other assets and liabilities (net)—(9.0)%				(291,665,073	)
Net Assets—100.0%			$	3,236,674,242

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $281,406,051 and the collateral received consisted of cash in the amount of $290,270,031. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $2,457,800,171. The aggregate unrealized appreciation and depreciation of investments were $1,300,247,087 and $(229,707,943), respectively, resulting in net unrealized appreciation of $1,070,539,144.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

BHFTI-153

Brighthouse Funds Trust I

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	3,235,000,198	$	—		$	—	$	3,235,000,198
Total Rights*		348,597		—			—		348,597
Total Short-Term Investment*		—		2,625,735			—		2,625,735
Total Securities Lending Reinvestments*		—		290,364,785			—		290,364,785
Total Investments	$	3,235,348,795	$	292,990,520		$	—	$	3,528,339,315
Collateral for Securities Loaned (Liability)	$	—	$	(290,270,031	)	$	—	$	(290,270,031	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-154

Brighthouse Funds Trust I

Goldman Sachs Mid Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—94.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.5%
L3 Technologies, Inc.		41,121	$	6,796,890
Textron, Inc.		137,954		6,565,231
				13,362,121
Airlines—1.6%
JetBlue Airways Corp. (a) (b)		429,301		8,847,894
Banks—7.2%
CIT Group, Inc.		191,091		8,203,537
Citizens Financial Group, Inc.		170,980		5,907,359
Huntington Bancshares, Inc.		683,548		9,152,708
Signature Bank (a)		34,819		5,166,791
SunTrust Banks, Inc.		187,028		10,342,648
				38,773,043
Beverages—1.5%
Molson Coors Brewing Co. - Class B		82,961		7,940,197
Biotechnology—1.5%
BioMarin Pharmaceutical, Inc. (a)		35,054		3,077,040
Vertex Pharmaceuticals, Inc. (a)		46,484		5,083,025
				8,160,065
Capital Markets—1.9%
Ameriprise Financial, Inc.		46,533		6,034,400
Raymond James Financial, Inc.		52,467		4,001,133
				10,035,533
Chemicals—1.1%
Celanese Corp. - Series A		67,270		6,044,209
Communications Equipment—1.8%
Juniper Networks, Inc. (b)		191,030		5,316,365
Viavi Solutions, Inc. (a)		391,071		4,192,281
				9,508,646
Construction & Engineering—1.2%
Jacobs Engineering Group, Inc.		119,771		6,620,941
Construction Materials—1.1%
Martin Marietta Materials, Inc.		25,940		5,661,405
Consumer Finance—3.0%
SLM Corp. (a)		436,485		5,281,469
Synchrony Financial		311,864		10,696,935
				15,978,404
Containers & Packaging—1.1%
Ball Corp.		81,415		6,045,878
Diversified Telecommunication Services—0.4%
Level 3 Communications, Inc. (a)		37,316		2,135,222
Electric Utilities—2.8%
FirstEnergy Corp.		143,894		4,578,707
PG&E Corp.		82,334		5,463,684
Pinnacle West Capital Corp.		62,515		5,212,501
				15,254,892
Electrical Equipment—1.6%
AMETEK, Inc. (b)		161,339		8,725,213
Electronic Equipment, Instruments & Components—1.2%
Corning, Inc.		104,709		2,827,143
VeriFone Systems, Inc. (a) (b)		187,844		3,518,318
				6,345,461
Energy Equipment & Services—1.9%
Patterson-UTI Energy, Inc.		144,221		3,500,244
TechnipFMC plc (a)		129,724		4,216,030
U.S. Silica Holdings, Inc.		51,497		2,471,341
				10,187,615
Equity Real Estate Investment Trusts—11.4%
Brixmor Property Group, Inc.		391,037		8,391,654
CyrusOne, Inc. (b)		87,639		4,510,779
DDR Corp.		453,464		5,681,904
Equity Residential		116,694		7,260,701
Federal Realty Investment Trust (b)		52,694		7,034,649
Mid-America Apartment Communities, Inc.		90,914		9,249,590
RLJ Lodging Trust (b)		287,582		6,761,053
Taubman Centers, Inc.		72,747		4,802,757
Vornado Realty Trust		74,347		7,457,748
				61,150,835
Food & Staples Retailing—1.2%
U.S. Foods Holding Corp. (a)		44,299		1,239,486
Whole Foods Market, Inc. (b)		174,465		5,185,100
				6,424,586
Food Products—1.4%
Conagra Brands, Inc.		115,791		4,671,009
Pinnacle Foods, Inc.		51,541		2,982,678
				7,653,687
Gas Utilities—1.0%
Atmos Energy Corp.		70,334		5,555,683
Health Care Equipment & Supplies—1.5%
Zimmer Biomet Holdings, Inc.		65,359		7,980,987
Health Care Providers & Services—1.8%
Acadia Healthcare Co., Inc. (a)		41,515		1,810,054
Centene Corp. (a)		32,984		2,350,440
Laboratory Corp. of America Holdings (a)		38,223		5,483,854
				9,644,348

BHFTI-155

Brighthouse Funds Trust I

Goldman Sachs Mid Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—1.2%
MGM Resorts International		241,328	$	6,612,387
Household Durables—0.7%
Toll Brothers, Inc. (a) (b)		104,839		3,785,736
Insurance—5.9%
Arch Capital Group, Ltd. (a)		56,944		5,396,583
Arthur J. Gallagher & Co.		54,277		3,068,822
Hartford Financial Services Group, Inc. (The)		159,664		7,675,048
Lincoln National Corp.		92,949		6,083,512
Progressive Corp. (The)		149,043		5,839,505
W.R. Berkley Corp. (b)		53,146		3,753,702
				31,817,172
Internet & Direct Marketing Retail—1.1%
Expedia, Inc.		47,677		6,015,407
Internet Software & Services—1.6%
GoDaddy, Inc. - Class A (a) (b)		72,247		2,738,161
IAC/InterActiveCorp (a)		76,568		5,644,593
				8,382,754
IT Services—1.7%
Computer Sciences Corp.		54,359		3,751,315
Fidelity National Information Services, Inc.		67,531		5,376,818
				9,128,133
Machinery—4.3%
Stanley Black & Decker, Inc.		68,834		9,145,974
Terex Corp.		79,539		2,497,525
Trinity Industries, Inc. (b)		157,139		4,172,040
Wabtec Corp. (b)		94,602		7,378,956
				23,194,495
Media—4.0%
Discovery Communications, Inc. - Class A (a) (b)		128,229		3,730,182
DISH Network Corp. - Class A (a)		119,280		7,573,087
Liberty Broadband Corp. - Class C (a)		18,766		1,621,382
Liberty Media Corp.-Liberty Formula One - Class C (a)		69,614		2,377,318
Viacom, Inc. - Class B		135,663		6,324,609
				21,626,578
Metals & Mining—2.4%
Alcoa Corp.		87,506		3,010,206
Freeport-McMoRan, Inc. (a)		322,720		4,311,539
Steel Dynamics, Inc.		160,876		5,592,050
				12,913,795
Mortgage Real Estate Investment Trusts—1.2%
Starwood Property Trust, Inc.		142,024		3,206,902
Two Harbors Investment Corp.		352,346		3,378,998
				6,585,900
Multi-Utilities—2.4%
Sempra Energy		88,538		9,783,449
Vectren Corp.		49,703		2,913,093
				12,696,542
Multiline Retail—0.5%
Dollar General Corp.		37,142		2,589,912
Oil, Gas & Consumable Fuels—7.2%
Anadarko Petroleum Corp.		55,636		3,449,432
Antero Resources Corp. (a)		139,777		3,188,313
Encana Corp.		297,956		3,489,065
Newfield Exploration Co. (a)		103,089		3,805,015
Parsley Energy, Inc. - Class A (a)		160,510		5,218,180
Pioneer Natural Resources Co.		14,350		2,672,401
RSP Permian, Inc. (a)		134,856		5,587,084
Williams Cos., Inc. (The)		205,347		6,076,218
WPX Energy, Inc. (a)		368,090		4,928,725
				38,414,433
Road & Rail—1.1%
Old Dominion Freight Line, Inc. (b)		68,543		5,865,224
Semiconductors & Semiconductor Equipment—1.6%
Marvell Technology Group, Ltd.		335,799		5,124,293
Qorvo, Inc. (a)		49,658		3,404,552
				8,528,845
Software—1.9%
Activision Blizzard, Inc.		62,625		3,122,482
Symantec Corp. (b)		149,853		4,597,490
Verint Systems, Inc. (a)		54,050		2,344,419
				10,064,391
Specialty Retail—0.4%
AutoZone, Inc. (a)		2,712		1,960,912
Textiles, Apparel & Luxury Goods—1.4%
Coach, Inc.		131,695		5,442,954
Kate Spade & Co. (a) (b)		79,100		1,837,493
				7,280,447
Trading Companies & Distributors—1.0%
MSC Industrial Direct Co., Inc. - Class A		54,734		5,624,466
Water Utilities—1.2%
American Water Works Co., Inc.		82,773		6,437,256
Total Common Stocks (Cost $461,959,704)				507,561,650

BHFTI-156

Brighthouse Funds Trust I

Goldman Sachs Mid Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investment—4.7%

Security Description	Principal Amount*		Value
Repurchase Agreement—4.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $25,162,566 on 04/03/17, collateralized by $24,810,000 U.S. Treasury Note at 2.625% due 08/15/20 with a value of $25,669,542.		25,162,378	$	25,162,378
Total Short-Term Investments (Cost $25,162,378)				25,162,378
Securities Lending Reinvestments (c)—11.1%
Certificates of Deposit—5.9%
ABN AMRO Bank NV Zero Coupon, 05/05/17		598,269		599,508
Zero Coupon, 06/23/17		996,100		997,540
Banco Del Estado De Chile New York 1.426%, 06/21/17 (d)		1,000,000		1,000,542
Bank of Montreal Chicago 1.081%, 09/06/17 (d)		2,000,000		2,002,041
Bank of Nova Scotia Houston 1.355%, 11/03/17 (d)		1,000,000		1,001,098
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (d)		1,000,000		1,000,483
BNP Paribas New York 1.384%, 08/04/17 (d)		500,000		500,381
Canadian Imperial Bank 1.392%, 10/27/17 (d)		1,000,000		1,001,203
Credit Suisse AG New York 1.581%, 05/12/17 (d)		1,500,000		1,500,454
1.676%, 04/24/17 (d)		1,250,000		1,250,295
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		600,000		600,265
KBC Bank NV 1.150%, 04/27/17		2,000,000		1,998,820
Mitsubishi UFJ Trust and Banking Corp. 1.134%, 09/01/17 (d)		1,000,000		999,941
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (d)		500,000		500,288
1.543%, 05/17/17		1,000,000		1,000,297
1.582%, 04/26/17 (d)		1,000,000		1,000,166
National Australia Bank London 1.199%, 05/02/17 (d)		1,000,000		1,000,350
1.338%, 11/09/17 (d)		1,700,000		1,697,229
Oversea-Chinese Banking Corp., Ltd. 1.000%, 06/01/17		2,000,000		1,999,934
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (d)		2,600,000		2,601,391
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (d)		1,250,000		1,250,850
Sumitomo Mitsui Trust Bank, Ltd., New York 1.308%, 08/16/17 (d)		500,000		500,236
1.572%, 04/26/17 (d)		1,000,000		1,000,331
Toronto Dominion Bank New York 1.221%, 03/13/18 (d)		2,300,000		2,299,190
Certificates of Deposit—(Continued)
UBS, Stamford 1.301%, 05/12/17 (d)		1,000,000		1,000,246
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		750,000		751,226
1.452%, 04/26/17 (d)		600,000		600,160
				31,654,465
Commercial Paper—3.1%
Barton Capital S.A. 1.110%, 04/21/17		997,163		999,333
1.160%, 04/07/17		1,196,365		1,199,836
Commonwealth Bank Australia 1.174%, 03/01/18		1,500,000		1,500,612
DCAT LLC 1.200%, 04/11/17		349,627		349,903
Den Norske ASA 1.432%, 04/27/17 (d)		600,000		600,130
Erste Abwicklungsanstalt 1.098%, 07/18/17 (d)		2,700,000		2,699,762
HSBC plc 1.442%, 04/25/17 (d)		1,500,000		1,500,270
Kells Funding LLC 1.100%, 06/05/17		796,920		798,277
LMA S.A. & LMA Americas 1.090%, 05/10/17		498,516		499,391
Macquarie Bank, Ltd. 1.120%, 04/20/17		498,600		499,675
Manhattan Asset Funding Co. 1.184%, 09/07/17 (d)		500,000		500,041
Ridgefield Funding Co. LLC 1.184%, 09/07/17 (d)		1,000,000		999,882
Sheffield Receivables Co. 1.170%, 04/07/17		498,521		499,881
Starbird Funding Corp. 1.441%, 06/13/17 (d)		1,000,000		1,000,353
Versailles CDS LLC 1.050%, 06/05/17		1,994,342		1,995,730
Westpac Banking Corp. 1.380%, 10/20/17 (d)		1,000,000		1,001,812
				16,644,888
Repurchase Agreements—1.6%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $3,697,020 on 04/03/17, collateralized by $5,317,288 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $3,770,721.		3,696,783		3,696,783

BHFTI-157

Brighthouse Funds Trust I

Goldman Sachs Mid Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $3,519 on 04/03/17, collateralized by $3,560 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $3,589.		3,519	$	3,519
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $2,001,300 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $804,608 on 06/02/17, collateralized by various Common Stock with a value of $880,000.		800,000		800,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $1,211,750 on 07/03/17, collateralized by various Common Stock with a value of $1,320,000.		1,200,000		1,200,000
				8,700,302
Time Deposits—0.5%
OP Corporate Bank plc 1.180%, 04/24/17		1,500,000		1,500,000
Shinkin Central Bank 1.440%, 04/26/17		1,400,000		1,400,000
1.440%, 04/27/17		100,000		100,000
				3,000,000
Total Securities Lending Reinvestments (Cost $59,990,076)				59,999,655
Total Investments—110.3% (Cost $547,112,158) (e)				592,723,683
Other assets and liabilities (net)—(10.3)%				(55,588,662	)
Net Assets—100.0%			$	537,135,021

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $58,699,606 and the collateral received consisted of cash in the amount of $59,974,726. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $547,112,158. The aggregate unrealized appreciation and depreciation of investments were $54,640,668 and $(9,029,143), respectively, resulting in net unrealized appreciation of $45,611,525.

BHFTI-158

Brighthouse Funds Trust I

Goldman Sachs Mid Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	507,561,650	$	—		$	—	$	507,561,650
Total Short-Term Investment*		—		25,162,378			—		25,162,378
Total Securities Lending Reinvestments*		—		59,999,655			—		59,999,655
Total Investments	$	507,561,650	$	85,162,033		$	—	$	592,723,683
Collateral for Securities Loaned (Liability)	$	—	$	(59,974,726	)	$	—	$	(59,974,726	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-159

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—97.2% of Net Assets

Security Description	Shares		Value
Australia—3.3%
AMP, Ltd.		15,995,682	$	63,144,119
Orica, Ltd.		3,406,045		45,770,174
				108,914,293
China—1.9%
Baidu, Inc. (ADR) (a)		353,450		60,977,194
France—16.0%
BNP Paribas S.A.		1,806,276		120,313,340
Bureau Veritas S.A.		2,721,000		57,403,099
Danone S.A.		952,512		64,818,605
Kering		139,500		36,114,798
LVMH Moet Hennessy Louis Vuitton SE		187,300		41,183,373
Pernod-Ricard S.A.		340,000		40,241,487
Publicis Groupe S.A.		608,300		42,511,474
Safran S.A.		802,700		59,970,742
Sanofi		98,700		8,930,033
Valeo S.A.		732,000		48,817,779
				520,304,730
Germany—10.8%
Allianz SE		655,400		121,405,061
Bayerische Motoren Werke AG		616,200		56,210,184
Continental AG		306,800		67,258,954
Daimler AG		1,434,600		105,947,975
				350,822,174
Hong Kong—1.0%
Melco Crown Entertainment, Ltd. (ADR)		1,804,056		33,447,198
India—1.1%
Infosys, Ltd. (ADR)		2,182,900		34,489,820
Indonesia—2.0%
Bank Mandiri Persero Tbk PT		72,761,800		63,886,524
Ireland—3.1%
Experian plc		1,706,400		34,832,161
Willis Towers Watson plc		493,974		64,656,257
				99,488,418
Israel—0.1%
Check Point Software Technologies, Ltd. (a)		27,300		2,802,618
Italy—4.5%
Intesa Sanpaolo S.p.A.		42,178,700		114,562,919
Prada S.p.A.		7,394,202		31,073,233
				145,636,152
Japan—7.7%
Daiwa Securities Group, Inc.		6,573,200		40,159,505
Honda Motor Co., Ltd.		2,535,900		76,625,235
Komatsu, Ltd.		543,500		14,218,226
Olympus Corp.		780,400		30,081,649
Omron Corp.		427,300		18,800,813
Japan—(Continued)
Toyota Motor Corp.		1,312,900		71,447,670
				251,333,098
Mexico—2.2%
Grupo Televisa S.A.B. (ADR)		2,789,708		72,365,026
Netherlands—7.7%
Akzo Nobel NV		198,961		16,489,520
ASML Holding NV		127,450		16,904,962
CNH Industrial NV		11,207,600		108,085,393
EXOR NV		1,173,005		60,666,915
Koninklijke Philips NV		1,469,872		47,248,646
				249,395,436
South Korea—0.8%
Samsung Electronics Co., Ltd.		14,530		26,760,496
Sweden—6.1%
Atlas Copco AB - B Shares		517,194		16,438,879
Hennes & Mauritz AB - B Shares		3,534,400		90,195,609
SKF AB - B Shares (b)		2,532,690		50,140,661
Volvo AB - B Shares (b)		2,929,991		43,137,800
				199,912,949
Switzerland—15.1%
Cie Financiere Richemont S.A.		759,947		59,984,763
Credit Suisse Group AG (a)		7,466,929		110,912,242
Glencore plc (a)		32,526,320		127,863,825
Kuehne & Nagel International AG		387,900		54,837,327
LafargeHolcim, Ltd. (a)		1,045,805		61,919,382
Nestle S.A.		355,100		27,240,803
Swatch Group AG (The) - Bearer Shares (b)		140,940		50,375,397
				493,133,739
Taiwan—0.2%
Taiwan Semiconductor Manufacturing Co., Ltd.		1,315,000		8,252,181
United Kingdom—13.6%
Ashtead Group plc		2,095,700		43,381,178
Diageo plc		2,225,400		63,746,646
G4S plc		10,484,900		39,976,187
Lloyds Banking Group plc		140,861,600		117,198,416
Meggitt plc		4,842,018		27,037,571
Royal Bank of Scotland Group plc (a)		16,707,701		50,685,533
Schroders plc		1,533,284		58,209,861
Schroders plc (non-voting shares)		10,427		287,810
Smiths Group plc		1,219,407		24,760,042
Wolseley plc		182,700		11,491,601
WPP plc		236,900		5,200,601
				441,975,446
Total Common Stocks (Cost $2,868,422,520)				3,163,897,492

BHFTI-160

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investment—0.8%

Security Description	Principal Amount*		Value
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $25,605,097 on 04/03/17, collateralized by $26,080,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $26,121,311.		25,604,904	$	25,604,904
Total Short-Term Investments (Cost $25,604,904)				25,604,904
Securities Lending Reinvestments (c)—2.0%
Certificate of Deposit—0.0%
UBS, Stamford 1.589%, 07/31/17 (d)		501,084		501,377
Repurchase Agreements—1.5%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $13,040,169 on 04/03/17, collateralized by $18,755,195 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $13,300,128.		13,039,333		13,039,333
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $14,001,027 on 04/03/17, collateralized by $14,328,821 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $14,280,003.		14,000,000		14,000,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $300,024 on 04/03/17, collateralized by $303,534 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $306,004.		300,000		300,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $400,043 on 04/03/17, collateralized by $61,799 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $439,195.		400,000		400,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $6,003,900 on 04/03/17, collateralized by $926,989 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $6,587,919.		6,000,000		6,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $14,001,085 on 04/03/17, collateralized by $41,908,642 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $14,280,000.		14,000,000		14,000,000
				47,739,333
Time Deposits—0.5%
Credit Agricole S.A. London 0.830%, 04/03/17		3,000,000		3,000,000
Den Norske Bank Oslo 0.900%, 04/03/17		3,000,000		3,000,000
Nordea Bank New York 0.810%, 04/03/17		3,000,000		3,000,000
Royal Bank of Canada 0.810%, 04/03/17		3,000,000		3,000,000
Skandanaviska Enskilda Banken 0.850%, 04/03/17		3,000,000		3,000,000
Svenska 0.800%, 04/03/17		3,000,000		3,000,000
				18,000,000
Total Securities Lending Reinvestments (Cost $66,239,980)				66,240,710
Total Investments—100.0% (Cost $2,960,267,404) (e)				3,255,743,106
Other assets and liabilities (net)—0.0%				(671,461	)
Net Assets—100.0%			$	3,255,071,645

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $61,273,647 and the collateral received consisted of cash in the amount of $66,240,416. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.

BHFTI-161

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

(e)	As of March 31, 2017, the aggregate cost of investments was $2,960,267,404. The aggregate unrealized appreciation and depreciation of investments were $392,215,531 and $(96,739,829), respectively, resulting in net unrealized appreciation of $295,475,702.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Ten Largest Industries as of March 31, 2017 (Unaudited)	% of Net Assets
Banks		14.4
Automobiles		9.5
Machinery		7.1
Textiles, Apparel & Luxury Goods		6.7
Capital Markets		6.5
Insurance		5.7
Metals & Mining		3.9
Diversified Financial Services		3.8
Media		3.7
Auto Components		3.6

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Depreciation
AUD	16,094,000	State Street Bank and Trust		06/21/17	$	11,766,050	$	(512,304	)
CHF	37,688,000	State Street Bank and Trust		09/20/17		37,737,436		(291,302	)
Net Unrealized Depreciation							$	(803,606	)

(AUD)—	Australian Dollar
(CHF)—	Swiss Franc

BHFTI-162

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	108,914,293		$	—	$	108,914,293
China		60,977,194		—			—		60,977,194
France		—		520,304,730			—		520,304,730
Germany		—		350,822,174			—		350,822,174
Hong Kong		33,447,198		—			—		33,447,198
India		34,489,820		—			—		34,489,820
Indonesia		—		63,886,524			—		63,886,524
Ireland		64,656,257		34,832,161			—		99,488,418
Israel		2,802,618		—			—		2,802,618
Italy		—		145,636,152			—		145,636,152
Japan		—		251,333,098			—		251,333,098
Mexico		72,365,026		—			—		72,365,026
Netherlands		—		249,395,436			—		249,395,436
South Korea		—		26,760,496			—		26,760,496
Sweden		—		199,912,949			—		199,912,949
Switzerland		—		493,133,739			—		493,133,739
Taiwan		—		8,252,181			—		8,252,181
United Kingdom		—		441,975,446			—		441,975,446
Total Common Stocks		268,738,113		2,895,159,379			—		3,163,897,492
Total Short-Term Investment*		—		25,604,904			—		25,604,904
Total Securities Lending Reinvestments*		—		66,240,710			—		66,240,710
Total Investments	$	268,738,113	$	2,987,004,993		$	—	$	3,255,743,106
Collateral for Securities Loaned (Liability)	$	—	$	(66,240,416	)	$	—	$	(66,240,416	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)	$	—	$	(803,606	)	$	—	$	(803,606	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-163

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—2.5% of Net Assets

Security Description	Principal Amount*		Value
U.S. Treasury—2.5%
U.S. Treasury Floating Rate Notes 0.956%, 07/31/18# (a)		8,310,000	$	8,324,011
0.972%, 04/30/18# (a)		22,092,000		22,128,717
1.054%, 01/31/18# (a)		11,050,000		11,074,862
Total U.S. Treasury & Government Agencies (Cost $41,452,000)				41,527,590
Commodity-Linked Securities—2.0%
Canadian Imperial Bank of Commerce Commodity Linked EMTN, U.S. Federal Funds (Effective) Rate minus 0.020% (linked to Canadian Imperial Bank of Commerce Custom 5 Agriculture Commodity Index, multiplied by 2), 08/22/17 (144A)# (a)		9,270,000		7,559,746
Cargill, Inc. Commodity Linked Note, one month LIBOR Rate minus 0.010% (linked to Monthly Rebalance Commodity Excess Return Index, multiplied by 2), 08/14/17 (144A)# (a)		17,930,000		15,401,240
Royal Bank of Canada Commodity Linked Note, U.S. Federal Funds (Effective) Rate minus 0.040% (linked to Royal Bank of Canada Enhanced Agriculture Basket 04 Excess Return Index, multiplied by 2), 08/15/17 (144A)# (a)		12,150,000		10,581,384
Total Commodity-Linked Securities (Cost $39,350,000)				33,542,370
Short-Term Investments—93.9%
Certificate of Deposit—7.3%
Bank of Nova Scotia 1.341%, 07/14/17 (b)		32,000,000		32,026,144
Norinchukin Bank (NY) 1.030%, 05/16/17 (b)		20,000,000		20,001,188
Sumitomo Mitsui Trust Bank, Ltd. (NY) 0.950%, 04/06/17 (b)		50,000,000		50,000,699
Toronto-Dominion Bank 1.030%, 04/12/17 (b)		20,000,000		20,001,301
				122,029,332
Commercial Paper—53.8%
American Honda Finance Corp. 0.681%, 04/05/17 (b)		24,000,000		23,997,343
Apple, Inc. 0.739%, 04/10/17 (b)		20,000,000		19,996,167
0.940%, 07/05/17 (b)		25,000,000		24,945,733
ASB Finance, Ltd. 0.994%, 06/01/17 (b)		20,000,000		19,968,483
Barton Capital Corp. 1.020%, 05/11/17 (b)		25,000,000		24,968,453
BMW U.S. Capital LLC 0.554%, 04/03/17 (b)		18,500,000		18,498,719
Commercial Paper—(Continued)
CDP Financial, Inc. 0.985%, 05/19/17 (b)		15,825,000		15,805,787
Coca-Cola, Inc. (The) 0.785%, 05/18/17 (b)		20,000,000		19,977,600
0.841%, 05/09/17 (b)		25,000,000		24,977,656
0.902%, 06/13/17 (b)		5,000,000		4,990,822
Collateralized Commercial Paper Co. LLC 1.034%, 05/19/17 (b)		20,000,000		19,972,751
DNB Bank ASA 0.615%, 04/03/17 (b)		20,000,000		19,998,528
DZ Bank AG 1.136%, 06/08/17 (b)		25,000,000		25,013,875
Exxon Mobil Corp. 0.705%, 05/15/17 (b)		16,000,000		15,982,880
0.900%, 06/06/17 (b)		22,000,000		21,964,133
Fairway Finance Co. LLC 1.118%, 04/14/17 (b)		30,000,000		30,004,350
Kells Funding LLC 1.104%, 06/21/17 (b)		30,000,000		29,926,132
Manhattan Asset Funding Co. LLC 0.809%, 04/12/17 (b)		30,000,000		29,991,410
Microsoft Corp. 0.870%, 06/06/17 (b)		20,000,000		19,966,277
Mitsubishi UFJ Financial Group, Inc. Barclays Bank plc 0.878%, 04/26/17 (b)		12,000,000		11,991,273
Nederlandse Waterschapsbank NV 0.765%, 04/07/17 (b)		30,000,000		29,995,275
Nestle Capital Corp. 0.922%, 06/15/17 (b)		40,000,000		39,923,747
Nieuw Amsterdam Receivables Corp. 1.009%, 05/09/17 (b)		20,000,000		19,978,463
NRW Bank 0.811%, 04/05/17 (b)		20,000,000		19,997,653
1.006%, 04/18/17 (b)		22,000,000		21,990,375
Old Line Funding LLC 1.172%, 06/20/17 (b)		25,000,000		25,011,150
PACCAR Financial Corp. 0.811%, 04/17/17 (b)		20,500,000		20,491,665
PepsiCo, Inc. 0.636%, 04/20/17 (b)		20,000,000		19,990,911
0.826%, 05/02/17 (b)		32,000,000		31,976,021
Regency Market No. 1 LLC 0.803%, 04/06/17 (b)		30,000,000		29,995,820
Ridgefield Funding Co. LLC 1.162%, 06/09/17 (b)		35,034,000		34,961,314
Societe Generale 0.974%, 05/03/17 (b)		25,000,000		24,978,733
Sumitomo Mitsui Banking Corp. 1.070%, 04/24/17 (b)		15,000,000		14,990,860
Total Capital Canada, Ltd. 0.849%, 04/10/17 (b)		25,000,000		24,994,069
0.894%, 04/19/17 (b)		20,500,000		20,490,620
Unilever Capital Corp. 0.701%, 04/11/17 (b)		24,500,000		24,493,974
0.767%, 05/02/17 (b)		15,000,000		14,988,760

BHFTI-164

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Shares/ Principal Amount*		Value
Commercial Paper—(Continued)
Victory Receivables Corp. 0.995%, 05/19/17 (b)		25,000,000	$	24,959,133
Wal-Mart Stores, Inc. 0.786%, 04/18/17 (b)		25,000,000		24,990,187
				892,137,102
Municipals—4.6%
Columbus Regional Airport Authority, Revenue Bonds 0.930%, 04/01/35 (a)		21,000,000		21,000,000
County of Emery, Utah, Revenue Bonds 0.850%, 11/01/24 (a)		13,300,000		13,300,000
Gainesville & Hall County, GA, Development Authority, Revenue Bonds VRDN 0.960%, 03/01/21 (a)		1,700,000		1,700,000
Illinois Finance Authority, Revenue Bonds VRDN 0.920%, 10/01/29 (a)		10,000,000		10,000,000
New York State Dormitory Authority, Revenue Bonds Series C, VRDN 0.880%, 07/01/31 (a)		29,720,000		29,720,000
				75,720,000
Mutual Funds—21.6%
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class 1.000%# (c) (d)		228,277,745		228,277,745
STIT-Government & Agency Portfolio, Institutional Class 0.030% (c) (d)		78,078,699		78,078,699
STIT-Treasury Portfolio Institutional Class 0.604% (c) (d)		52,052,467		52,052,467
				358,408,911
U.S. Treasury—6.6%
U.S. Treasury Bills 0.389%, 04/06/17# (b) (e)		24,600,000		24,598,745
0.566%, 06/15/17# (b)		10,730,000		10,714,324
0.571%, 08/17/17# (b) (e)		5,370,000		5,354,003
U.S. Treasury—(Continued)
U.S. Treasury Bills
0.587%, 06/08/17# (b) (e)		26,780,000		26,745,132
0.602%, 07/27/17# (b) (e)		20,740,000		20,688,399
0.618%, 07/06/17# (b) (e)		21,130,000		21,087,867
				109,188,470
Total Short-Term Investments (Cost $1,557,461,614)				1,557,483,815
Total Investments—98.4% (Cost $1,638,263,614) (f)				1,632,553,775
Other assets and liabilities (net)—1.6%				26,281,864
Net Assets—100.0%			$	1,658,835,639

#	All or a portion represents positions held in the respective subsidiary.
*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(b)	The rate shown represents current yield to maturity.
(c)	The rate shown represents the annualized seven-day yield as of March 31, 2017.
(d)	Affiliated Issuer.
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $61,775,307.
(f)	As of March 31, 2017, the aggregate cost of investments was $1,638,263,613. The aggregate unrealized appreciation and depreciation of investments were $156,172 and $(5,866,010), respectively, resulting in net unrealized depreciation of $(5,709,838).
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $33,542,370, which is 2.0% of net assets.
(EMTN)—	Euro Medium-Term Note
(LIBOR)—	London InterBank Offered Rate

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		06/15/17		3,053		AUD	384,837,956	$	5,587,452
Brent Crude Oil Futures#		08/31/17		577		USD	32,862,159		(1,611,839	)
Canada Government Bond 10 Year Futures		06/21/17		2,555		CAD	348,542,506		1,737,109
Euro Stoxx 50 Index Futures		06/16/17		3,425		EUR	114,271,081		3,274,456
Euro-Bund Futures		06/08/17		452		EUR	72,953,723		8,659
FTSE 100 Index Futures		06/16/17		1,292		GBP	94,070,804		(89,387	)
Gasoline RBOB Futures#		04/28/17		564		USD	37,981,168		2,359,496
Hang Seng Index Futures		04/27/17		648		HKD	789,335,320		(963,896	)
New York Harbor ULSD Futures#		05/31/17		235		USD	16,269,793		(666,310	)

BHFTI-165

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Russell 2000 Index Mini Futures		06/16/17		1,225		USD	83,499,112	$	1,295,388
S&P 500 Index E-Mini Futures		06/16/17		840		USD	99,251,305		(164,905	)
Silver Futures#		05/26/17		537		USD	48,421,739		595,621
TOPIX Index Futures		06/08/17		920		JPY	14,196,069,228		(2,524,649	)
U.S. Treasury Long Bond Futures		06/21/17		838		USD	125,737,274		669,789
United Kingdom Long Gilt Bond Futures		06/28/17		1,878		GBP	235,832,311		4,714,576
WTI Light Sweet Crude Oil Futures#		08/21/17		490		USD	27,040,214		(1,638,614	)
Net Unrealized Appreciation								$	12,582,946

Swap Agreements

OTC Total Return Swaps

Fixed Rate	Maturity Date		Counterparty	Underlying Reference Instrument	Notional Amount		Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
0.330%		10/23/17	Barclays Bank plc	Barclays Commodity Strategy 1452 Excess Return Index#	USD	27,437,205	$	(119,819	)	$	—	$	(119,819	)
0.450%		07/07/17	Barclays Bank plc	Barclays Commodity Strategy 1719 Excess Return Index#	USD	38,164,856		(1,427,280	)		—		(1,427,280	)
0.550%		07/07/17	Canadian Imperial Bank of Commerce	CIBC Custom 5 Agriculture Commodity Index#	USD	18,891,740		(697,581	)		—		(697,581	)
0.300%		04/10/17	Canadian Imperial Bank of Commerce	CIBC Dynamic Roll LME Copper I Index#	USD	32,282,140		242,968			—		242,968
0.120%		01/12/18	Cargill, Inc.	Cargill Gold Index 1#	USD	20,622,585		—			—		—
0.400%		10/07/17	Goldman Sachs International	Goldman Sachs Alpha Basket B823 Excess Return Strategy#	USD	38,833,556		(2,005,095	)		—		(2,005,095	)
0.000%		04/30/17	Goldman Sachs International	Hang Seng Index	HKD	227,784,352		(277,875	)		—		(277,875	)
0.250%		04/25/17	JPMorgan Chase Bank N.A.	JPMorgan Contag Gas Oil Class#	USD	17,441,287		696,144			—		696,144
0.250%		08/17/17	Bank of America N.A.	MLCX Natural Gas Annual Excess Return Index#	USD	18,973,775		—			—		—
0.300%		12/21/17	Macquarie Bank, Ltd.	Aluminum Dynamic Excess Return	USD	15,692,130		256,530			—		256,530
0.280%		09/18/17	Barclays Bank plc	Merrill Lynch Aluminum Excess Return	USD	6,044,484		—			—		—
0.140%		06/27/17	Bank of America N.A.	Merrill Lynch Gold Excess Return Index#	USD	29,153,706		—			—		—
0.470%		10/07/17	Cargill, Inc.	Monthly Rebalance Commodity Excess Return Index#	USD	40,567,773		—			—		—
0.380%		10/16/17	Morgan Stanley Capital Services, LLC	S&P GSCI Aluminum Dynamic Roll Index#	USD	23,106,825		746,332			—		746,332
0.090%		10/16/17	JPMorgan Chase Bank N.A.	S&P GSCI Gold Official Close Index#	USD	23,359,798		(29,828	)		—		(29,828	)
Totals							$	(2,615,504	)	$	—	$	(2,615,504	)

# All or a portion represents positions held in the respective subsidiary.

Index Information:

Barclays Commodity Strategy 1452 Excess Return Index—a commodity index that provide exposure to future contracts on Copper.

Barclays Commodity Strategy 1719 Excess Return Index—a commodity index that provides exposure to Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Soybeans, Soybean Meal, Soybean Oil, Sugar and Wheat.

CIBC Custom 5 Agriculture Index—a basket of indices that provide exposure to various components of the agriculture markets. The underlying commodities comprising the indices are: Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Soybeans, Soybean Meal, Soybean Oil, Sugar and Wheat.

BHFTI-166

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Goldman Sachs Alpha Basket B823 Excess Return Strategy—a commodity index that provides exposure to Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Soybeans, Soybean Meal, Soybean Oil, Sugar and Wheat.

Monthly Rebalance Commodity Excess Return Index—a commodity index composed of futures contracts on Coffee ‘C’, Corn, Cotton No.2, Soybean Meal, Soybeal Oil, Soybeans, Sugar No.11 and Wheat.

RBC Enhanced Agricultural Basket 04 Excess Return Index—a commodity index composed of futures contracts on Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Soybeans, Soybean Meal, Soybean Oil, Sugar and Wheat

(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(EUR)—	Euro
(GBP)—	British Pound
(HKD)—	Hong Kong Dollar
(JPY)—	Japanese Yen
(USD)—	United States Dollar

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	41,527,590		$	—	$	41,527,590
Total Commodity-Linked Securities		—			33,542,370			—		33,542,370
Short-Term Investments
Certificate of Deposit		—			122,029,332			—		122,029,332
Commercial Paper		—			892,137,102			—		892,137,102
Municipals		—			75,720,000			—		75,720,000
Mutual Funds		358,408,911			—			—		358,408,911
U.S. Treasury		—			109,188,470			—		109,188,470
Total Short-Term Investments		358,408,911			1,199,074,904			—		1,557,483,815
Total Investments	$	358,408,911		$	1,274,144,864		$	—	$	1,632,553,775
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	20,242,546		$	—		$	—	$	20,242,546
Futures Contracts (Unrealized Depreciation)		(7,659,600	)		—			—		(7,659,600	)
Total Futures Contracts	$	12,582,946		$	—		$	—	$	12,582,946
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	1,941,974		$	—	$	1,941,974
OTC Swap Contracts at Value (Liabilities)		—			(4,557,478	)		—		(4,557,478	)
Total OTC Swap Contracts	$	—		$	(2,615,504	)	$	—	$	(2,615,504	)

* See Consolidated Schedule of Investments for additional detailed categorizations.

BHFTI-167

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—95.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.1%
Arconic, Inc. (a)		670,651	$	17,664,947
Textron, Inc. (a)		687,823		32,733,497
				50,398,444
Automobiles—2.0%
General Motors Co.		1,379,228		48,769,502
Banks—22.1%
Bank of America Corp.		4,710,743		111,126,427
Citigroup, Inc.		2,349,186		140,528,307
Citizens Financial Group, Inc.		812,484		28,071,322
Fifth Third Bancorp (a)		1,700,754		43,199,152
JPMorgan Chase & Co.		1,077,404		94,639,167
KeyCorp (a)		566,097		10,065,205
PNC Financial Services Group, Inc. (The)		417,064		50,147,775
U.S. Bancorp		189,602		9,764,503
Wells Fargo & Co.		902,016		50,206,211
				537,748,069
Biotechnology—2.4%
AbbVie, Inc. (a)		262,580		17,109,713
Biogen, Inc. (b)		83,547		22,843,421
Gilead Sciences, Inc.		261,324		17,749,126
				57,702,260
Building Products—1.4%
Johnson Controls International plc		817,029		34,413,261
Capital Markets—6.2%
Bank of New York Mellon Corp. (The)		815,678		38,524,472
Goldman Sachs Group, Inc. (The)		120,509		27,683,327
Morgan Stanley		1,133,677		48,566,723
State Street Corp.		451,265		35,925,207
				150,699,729
Chemicals—0.6%
CF Industries Holdings, Inc. (a)		535,876		15,727,961
Communications Equipment—2.6%
Cisco Systems, Inc.		1,905,124		64,393,191
Consumer Finance—1.4%
Ally Financial, Inc. (a)		1,671,298		33,977,488
Containers & Packaging—0.8%
International Paper Co. (a)		406,741		20,654,308
Electric Utilities—0.7%
FirstEnergy Corp. (a)		500,312		15,919,928
Electrical Equipment—2.3%
Eaton Corp. plc (a)		527,994		39,150,755
Emerson Electric Co.		286,366		17,141,869
				56,292,624
Energy Equipment & Services—1.2%
Halliburton Co. (a)		519,664	$	25,572,666
Weatherford International plc (a) (b)		713,511		4,744,848
				30,317,514
Food & Staples Retailing—1.9%
CVS Health Corp.		264,545		20,766,783
Wal-Mart Stores, Inc. (a)		348,326		25,107,338
				45,874,121
Food Products—0.3%
Mondelez International, Inc. - Class A (a)		156,396		6,737,540
Health Care Equipment & Supplies—0.8%
Medtronic plc		237,895		19,164,821
Health Care Providers & Services—2.3%
Anthem, Inc. (a)		181,858		30,075,676
Cardinal Health, Inc.		136,381		11,121,871
McKesson Corp.		99,247		14,714,360
				55,911,907
Hotels, Restaurants & Leisure—3.1%
Carnival Corp.		1,267,401		74,662,593
Industrial Conglomerates—1.2%
General Electric Co. (a)		981,534		29,249,713
Insurance—3.4%
Aflac, Inc. (a)		171,095		12,390,700
Allstate Corp. (The) (a)		398,270		32,455,022
American International Group, Inc. (a)		589,344		36,792,746
				81,638,468
Internet Software & Services—1.9%
eBay, Inc. (b)		1,122,934		37,696,894
Yahoo!, Inc. (a) (b)		185,285		8,599,077
				46,295,971
IT Services—1.0%
Cognizant Technology Solutions Corp. - Class A (b)		20,587		1,225,338
PayPal Holdings, Inc. (b)		524,084		22,546,094
				23,771,432
Machinery—2.4%
Caterpillar, Inc. (a)		481,454		44,659,673
Ingersoll-Rand plc		178,364		14,504,560
				59,164,233
Media—3.3%
CBS Corp. - Class B		233,742		16,212,345
Charter Communications, Inc. - Class A (b)		37,964		12,426,377
Comcast Corp. - Class A		517,776		19,463,200
Twenty-First Century Fox, Inc. - Class B (a)		986,104		31,338,385
				79,440,307

BHFTI-168

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—0.4%
Alcoa Corp.		250,621	$	8,621,362
Oil, Gas & Consumable Fuels—14.2%
BP plc (ADR)		1,202,486		41,509,817
Canadian Natural Resources, Ltd.		654,633		21,433,034
Chevron Corp.		395,289		42,442,180
Devon Energy Corp.		927,374		38,690,043
Hess Corp. (a)		600,147		28,933,087
Marathon Oil Corp. (a)		1,828,250		28,886,350
Occidental Petroleum Corp.		324,611		20,567,353
QEP Resources, Inc. (a) (b)		1,220,243		15,509,288
Royal Dutch Shell plc - Class A (ADR)		915,096		48,253,012
Suncor Energy, Inc.		1,884,533		57,949,390
				344,173,554
Personal Products—0.6%
Unilever NV		301,920		14,999,386
Pharmaceuticals—6.7%
Merck & Co., Inc.		473,656		30,096,102
Mylan NV (b)		576,560		22,480,075
Novartis AG		281,903		20,929,042
Pfizer, Inc.		1,424,963		48,747,984
Sanofi (ADR) (a)		871,364		39,429,221
				161,682,424
Semiconductors & Semiconductor Equipment—1.2%
Intel Corp. (a)		816,648		29,456,493
Software—1.8%
Microsoft Corp.		565,060		37,214,852
Symantec Corp. (a)		196,664		6,033,651
				43,248,503
Specialty Retail—1.1%
Advance Auto Parts, Inc. (a)		176,398		26,152,767
Technology Hardware, Storage & Peripherals—1.6%
HP, Inc. (a)		344,088		6,152,293
NetApp, Inc. (a)		791,717		33,133,357
				39,285,650
Wireless Telecommunication Services—0.6%
Vodafone Group plc		5,905,918		15,360,117
Total Common Stocks (Cost $1,844,029,798)				2,321,905,641
Short-Term Investment—4.2%
Security Description	Principal Amount*		Value
Repurchase Agreement—4.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $102,449,430 on 04/03/17, collateralized by $102,710,000 U.S. Treasury Notes with rates ranging from 2.000% - 2.625%, maturity dates ranging from 07/31/20 - 08/15/20, with a value of $104,500,472.		102,448,662	$	102,448,662
Total Short-Term Investments (Cost $102,448,662)				102,448,662
Securities Lending Reinvestments (c)—7.3%
Certificates of Deposit—3.9%
ABN AMRO Bank NV Zero Coupon, 05/05/17		2,791,922		2,797,704
Zero Coupon, 06/23/17		3,984,401		3,990,160
Banco Del Estado De Chile New York 1.426%, 06/21/17 (d)		3,000,000		3,001,626
Bank of Nova Scotia Houston 1.355%, 11/03/17 (d)		2,000,000		2,002,197
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (d)		6,000,000		6,002,898
BNP Paribas New York 1.384%, 08/04/17 (d)		1,000,000		1,000,762
Canadian Imperial Bank 1.392%, 10/27/17 (d)		1,000,000		1,001,203
Chiba Bank, Ltd., New York 1.100%, 04/07/17		8,000,000		8,000,088
Credit Suisse AG New York 1.581%, 05/12/17 (d)		2,000,000		2,000,606
1.676%, 04/24/17 (d)		3,000,000		3,000,708
Danske Bank A/S London Zero Coupon, 05/12/17		2,991,317		2,996,910
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		1,300,000		1,300,575
KBC Bank NV 1.150%, 04/27/17		6,500,000		6,496,165
Mitsubishi UFJ Trust and Banking Corp. 1.134%, 09/01/17 (d)		3,000,000		2,999,823
Mizuho Bank, Ltd., New York 1.184%, 09/01/17 (d)		2,000,000		1,999,862
1.339%, 08/02/17 (d)		500,000		500,288
1.543%, 05/17/17		4,000,000		4,001,188
1.582%, 04/26/17 (d)		3,000,000		3,000,498
National Australia Bank London 1.199%, 05/02/17 (d)		2,500,000		2,500,876
1.338%, 11/09/17 (d)		2,000,000		1,996,740
Norinchukin Bank New York 1.451%, 07/12/17 (d)		4,000,000		4,003,540
Oversea-Chinese Banking Corp., Ltd. 1.000%, 06/01/17		6,000,000		5,999,802
Sumitomo Bank New York 1.410%, 05/05/17 (d)		1,000,000		1,000,195

BHFTI-169

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (d)		8,000,000	$	8,004,280
Sumitomo Mitsui Trust Bank, Ltd., New York 1.308%, 08/16/17 (d)		3,000,000		3,001,413
1.572%, 04/26/17 (d)		5,000,000		5,001,655
Svenska Handelsbanken New York 1.508%, 05/18/17 (d)		1,000,000		1,000,517
UBS, Stamford 1.301%, 05/12/17 (d)		2,400,000		2,400,590
1.589%, 07/31/17 (d)		1,002,167		1,002,754
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		2,000,000		2,003,270
1.452%, 04/26/17 (d)		1,400,000		1,400,372
				95,409,265
Commercial Paper—2.1%
Barton Capital S.A. 1.110%, 04/21/17		1,994,327		1,998,666
Commonwealth Bank Australia 1.174%, 03/01/18		5,000,000		5,002,040
DCAT LLC 1.200%, 04/11/17		899,040		899,752
Den Norske ASA 1.432%, 04/27/17 (d)		1,300,000		1,300,281
Erste Abwicklungsanstalt 1.098%, 07/18/17 (d)		6,200,000		6,199,454
HSBC plc 1.442%, 04/25/17 (d)		3,000,000		3,000,540
Kells Funding LLC 1.100%, 06/05/17		2,191,530		2,195,263
LMA S.A. & LMA Americas 1.090%, 05/10/17		1,994,066		1,997,562
Macquarie Bank, Ltd. 1.120%, 04/20/17		997,200		999,351
National Australia Bank, Ltd. 1.440%, 12/06/17 (d)		6,500,000		6,509,711
Ridgefield Funding Co. LLC 1.184%, 09/07/17 (d)		2,500,000		2,499,705
Sheffield Receivables Co. 1.170%, 04/07/17		2,991,128		2,999,286
Starbird Funding Corp. 1.441%, 06/13/17 (d)		3,500,000		3,501,235
Versailles CDS LLC 1.050%, 06/05/17		8,475,952		8,481,852
Westpac Banking Corp. 1.380%, 10/20/17 (d)		2,000,000		2,003,625
				49,588,323
Repurchase Agreements—0.7%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $2,817,434 on 04/03/17, collateralized by $4,052,211 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $2,873,600.		2,817,253		2,817,253
Citigroup Global Markets, Ltd. Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $2,214,186 on 07/03/17, collateralized by various Common Stock with a value of $2,420,000.		2,200,000		2,200,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $301,728 on 06/02/17, collateralized by various Common Stock with a value of $330,000.		300,000		300,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $2,524,479 on 07/03/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000		2,500,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $7,000,572 on 04/03/17, collateralized by $8,194,560 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $7,140,583.		7,000,000		7,000,000
				16,817,253
Time Deposits—0.6%
Nordea Bank New York 0.810%, 04/03/17		2,000,000		2,000,000
OP Corporate Bank plc 1.180%, 04/24/17		3,500,000		3,500,000
1.200%, 04/10/17		1,000,000		1,000,000
Shinkin Central Bank 1.350%, 04/21/17		1,900,000		1,900,000
1.440%, 04/25/17		750,000		750,000

BHFTI-170

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Shinkin Central Bank
1.440%, 04/26/17		3,300,000	$	3,300,000
1.440%, 04/27/17		400,000		400,000
Svenska 0.800%, 04/03/17		2,000,000		2,000,000
				14,850,000
Total Securities Lending Reinvestments (Cost $176,626,946)				176,664,841
Total Investments—107.1% (Cost $2,123,105,406) (e)				2,601,019,144
Other assets and liabilities (net)—(7.1)%				(171,797,122	)
Net Assets—100.0%			$	2,429,222,022

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $167,980,869 and the collateral received consisted of cash in the amount of $176,546,552. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $2,123,105,406. The aggregate unrealized appreciation and depreciation of investments were $551,998,073 and $(74,084,335), respectively, resulting in net unrealized appreciation of $477,913,738.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Depreciation
CAD	22,158,838	Barclays Bank plc		04/21/17	$	16,436,320	$	(230,792	)
CAD	22,158,838	Canadian Imperial Bank of Commerce		04/21/17		16,440,747		(226,365	)
CAD	22,158,724	Goldman Sachs & Co.		04/21/17		16,440,052		(226,974	)
CAD	22,158,838	Royal Bank of Canada		04/21/17		16,436,600		(230,512	)
CHF	4,537,742	Barclays Bank plc		04/21/17		4,510,306		(24,364	)
CHF	4,537,742	Canadian Imperial Bank of Commerce		04/21/17		4,508,437		(26,233	)
CHF	4,537,804	Goldman Sachs & Co.		04/21/17		4,509,171		(25,561	)
CHF	4,537,742	Royal Bank of Canada		04/21/17		4,511,530		(23,140	)
EUR	20,053,509	Barclays Bank plc		04/21/17		21,362,903		(46,353	)
EUR	20,053,509	Canadian Imperial Bank of Commerce		04/21/17		21,346,960		(62,296	)
EUR	20,053,721	Goldman Sachs & Co.		04/21/17		21,355,107		(54,375	)
EUR	20,053,509	Royal Bank of Canada		04/21/17		21,364,207		(45,050	)
GBP	9,725,569	Barclays Bank plc		04/21/17		11,821,964		(368,026	)
GBP	9,725,569	Canadian Imperial Bank of Commerce		04/21/17		11,825,416		(364,573	)
GBP	9,725,820	Goldman Sachs & Co.		04/21/17		11,823,972		(366,333	)
GBP	9,725,569	Royal Bank of Canada		04/21/17		11,825,854		(364,135	)
Net Unrealized Depreciation							$	(2,685,082	)

(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(EUR)—	Euro
(GBP)—	British Pound

BHFTI-171

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	50,398,444	$	—	$	—	$	50,398,444
Automobiles		48,769,502		—		—		48,769,502
Banks		537,748,069		—		—		537,748,069
Biotechnology		57,702,260		—		—		57,702,260
Building Products		34,413,261		—		—		34,413,261
Capital Markets		150,699,729		—		—		150,699,729
Chemicals		15,727,961		—		—		15,727,961
Communications Equipment		64,393,191		—		—		64,393,191
Consumer Finance		33,977,488		—		—		33,977,488
Containers & Packaging		20,654,308		—		—		20,654,308
Electric Utilities		15,919,928		—		—		15,919,928
Electrical Equipment		56,292,624		—		—		56,292,624
Energy Equipment & Services		30,317,514		—		—		30,317,514
Food & Staples Retailing		45,874,121		—		—		45,874,121
Food Products		6,737,540		—		—		6,737,540
Health Care Equipment & Supplies		19,164,821		—		—		19,164,821
Health Care Providers & Services		55,911,907		—		—		55,911,907
Hotels, Restaurants & Leisure		74,662,593		—		—		74,662,593
Industrial Conglomerates		29,249,713		—		—		29,249,713
Insurance		81,638,468		—		—		81,638,468
Internet Software & Services		46,295,971		—		—		46,295,971
IT Services		23,771,432		—		—		23,771,432
Machinery		59,164,233		—		—		59,164,233
Media		79,440,307		—		—		79,440,307
Metals & Mining		8,621,362		—		—		8,621,362
Oil, Gas & Consumable Fuels		344,173,554		—		—		344,173,554
Personal Products		14,999,386		—		—		14,999,386
Pharmaceuticals		140,753,382		20,929,042		—		161,682,424
Semiconductors & Semiconductor Equipment		29,456,493		—		—		29,456,493
Software		43,248,503		—		—		43,248,503
Specialty Retail		26,152,767		—		—		26,152,767
Technology Hardware, Storage & Peripherals		39,285,650		—		—		39,285,650
Wireless Telecommunication Services		—		15,360,117		—		15,360,117
Total Common Stocks		2,285,616,482		36,289,159		—		2,321,905,641
Total Short-Term Investment*		—		102,448,662		—		102,448,662
Total Securities Lending Reinvestments*		—		176,664,841		—		176,664,841
Total Investments	$	2,285,616,482	$	315,402,662	$	—	$	2,601,019,144

BHFTI-172

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Collateral for Securities Loaned (Liability)	$	—	$	(176,546,552	)	$	—	$	(176,546,552	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)	$	—	$	(2,685,082	)	$	—	$	(2,685,082	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-173

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—96.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.6%
Textron, Inc.		851,864	$	40,540,208
Banks—12.7%
Comerica, Inc.		572,827		39,284,475
KeyCorp		2,194,054		39,010,280
Wintrust Financial Corp. (a)		436,139		30,145,928
Zions Bancorp (a)		803,319		33,739,398
				142,180,081
Building Products—2.2%
Johnson Controls International plc		588,106		24,771,025
Capital Markets—2.7%
Stifel Financial Corp. (a) (b)		602,133		30,221,055
Chemicals—5.0%
Eastman Chemical Co.		439,354		35,499,803
WR Grace & Co. (a)		290,415		20,244,830
				55,744,633
Commercial Services & Supplies—1.8%
Clean Harbors, Inc. (a) (b)		359,697		20,006,347
Communications Equipment—3.3%
Ciena Corp. (a) (b)		1,552,165		36,646,616
Construction & Engineering—2.5%
Fluor Corp.		528,255		27,796,778
Construction Materials—1.1%
Eagle Materials, Inc.		129,295		12,559,716
Diversified Financial Services—2.6%
Voya Financial, Inc.		761,984		28,924,913
Diversified Telecommunication Services—1.0%
Level 3 Communications, Inc. (b)		200,869		11,493,724
Electric Utilities—4.4%
Edison International		356,166		28,354,375
FirstEnergy Corp.		653,911		20,807,448
				49,161,823
Electrical Equipment—0.4%
Babcock & Wilcox Enterprises, Inc. (b)		432,151		4,036,290
Electronic Equipment, Instruments & Components—5.0%
Keysight Technologies, Inc. (b)		876,030		31,659,724
Zebra Technologies Corp. - Class A (a) (b)		272,267		24,844,364
				56,504,088
Energy Equipment & Services—4.3%
Amec Foster Wheeler plc		1,270,099		8,475,331
Baker Hughes, Inc.		387,883		23,203,161
TechnipFMC plc (b)		522,297		16,974,653
				48,653,145
Equity Real Estate Investment Trusts—5.7%
Forest City Realty Trust, Inc. - Class A (a)		1,192,987		25,983,257
Kimco Realty Corp.		726,848		16,056,072
Life Storage, Inc. (a)		267,765		21,988,862
				64,028,191
Food Products—2.5%
Conagra Brands, Inc.		690,008		27,834,923
Health Care Providers & Services—5.2%
AmerisourceBergen Corp. (a)		332,292		29,407,842
HealthSouth Corp. (a)		689,204		29,504,823
				58,912,665
Hotels, Restaurants & Leisure—4.0%
Royal Caribbean Cruises, Ltd.		459,696		45,100,775
Insurance—5.8%
Arthur J. Gallagher & Co. (a)		514,447		29,086,834
Willis Towers Watson plc		274,288		35,901,556
				64,988,390
IT Services—2.2%
Teradata Corp. (a) (b)		783,669		24,387,779
Machinery—2.4%
Ingersoll-Rand plc		327,672		26,646,287
Marine—1.1%
Kirby Corp. (a) (b)		176,410		12,445,726
Media—2.4%
Scripps Networks Interactive, Inc. - Class A (a)		350,234		27,447,839
Oil, Gas & Consumable Fuels—5.5%
Devon Energy Corp.		909,494		37,944,090
Marathon Oil Corp. (a)		1,484,288		23,451,750
				61,395,840
Pharmaceuticals—2.4%
Mylan NV (b)		705,209		27,496,099
Software—1.0%
Citrix Systems, Inc. (b)		129,026		10,759,478
Specialty Retail—1.9%
Advance Auto Parts, Inc. (a)		147,344		21,845,221
Technology Hardware, Storage & Peripherals—2.2%
Diebold Nixdorf, Inc. (a)		798,630		24,517,941
Total Common Stocks (Cost $946,609,657)				1,087,047,596

BHFTI-174

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investment—3.3%

Security Description	Principal Amount*		Value
Repurchase Agreement—3.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $36,793,079 on 04/03/17, collateralized by $37,470,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $37,529,352.		36,792,803	$	36,792,803
Total Short-Term Investments (Cost $36,792,803)				36,792,803
Securities Lending Reinvestments (c)—17.9%
Certificates of Deposit—9.4%
ABN AMRO Bank NV Zero Coupon, 05/05/17		1,794,807		1,798,524
Zero Coupon, 06/23/17		2,988,301		2,992,620
Banco Del Estado De Chile New York 1.426%, 06/21/17 (d)		3,000,000		3,001,626
Bank of Montreal Chicago 1.081%, 09/06/17 (d)		4,000,000		4,004,083
Bank of Nova Scotia Houston 1.355%, 11/03/17 (d)		2,000,000		2,002,197
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (d)		5,000,000		5,002,415
BNP Paribas New York 1.384%, 08/04/17 (d)		1,250,000		1,250,952
Canadian Imperial Bank 1.392%, 10/27/17 (d)		1,000,000		1,001,203
Chiba Bank, Ltd., New York 1.100%, 04/07/17		5,000,000		5,000,055
Credit Suisse AG New York 1.581%, 05/12/17 (d)		3,000,000		3,000,909
1.676%, 04/24/17 (d)		2,000,000		2,000,472
Danske Bank A/S London Zero Coupon, 05/12/17		2,492,764		2,497,425
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		1,300,000		1,300,575
KBC Bank NV 1.150%, 04/26/17		2,000,000		2,000,280
1.150%, 04/27/17		6,000,000		5,996,460
Mitsubishi UFJ Trust and Banking Corp. 1.134%, 09/01/17 (d)		3,000,000		2,999,823
Mizuho Bank, Ltd., New York 1.184%, 09/01/17 (d)		800,000		799,945
1.339%, 08/02/17 (d)		250,000		250,144
1.543%, 05/17/17		5,000,000		5,001,485
1.582%, 04/26/17 (d)		2,000,000		2,000,332
National Australia Bank London 1.199%, 05/02/17 (d)		2,000,000		2,000,701
1.338%, 11/09/17 (d)		6,000,000		5,990,220
Norinchukin Bank New York 1.451%, 07/12/17 (d)		5,000,000		5,004,425
Oversea-Chinese Banking Corp., Ltd. 1.000%, 06/01/17		6,000,000		5,999,802
Certificates of Deposit—(Continued)
Royal Bank of Canada New York 1.298%, 03/20/18 (d)		6,400,000		6,399,981
Sumitomo Bank New York 1.390%, 06/05/17 (d)		1,000,000		1,000,473
1.410%, 05/05/17 (d)		750,000		750,146
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		908,310		900,520
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (d)		5,000,000		5,002,675
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (d)		1,250,000		1,250,850
Sumitomo Mitsui Trust Bank, Ltd., New York 1.308%, 08/16/17 (d)		2,500,000		2,501,177
1.572%, 04/26/17 (d)		3,000,000		3,000,993
Toronto Dominion Bank New York 1.221%, 03/13/18 (d)		1,800,000		1,799,366
1.330%, 01/10/18 (d)		3,000,000		3,000,588
UBS, Stamford 1.301%, 05/12/17 (d)		2,200,000		2,200,541
1.589%, 07/31/17 (d)		801,734		802,203
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		2,000,000		2,003,270
1.452%, 04/26/17 (d)		1,300,000		1,300,346
				104,809,802
Commercial Paper—3.7%
Barton Capital S.A. 1.110%, 04/21/17		2,492,908		2,498,332
Commonwealth Bank Australia 1.174%, 03/01/18		4,250,000		4,251,734
DCAT LLC 1.200%, 04/11/17		899,040		899,752
Den Norske ASA 1.432%, 04/27/17 (d)		1,300,000		1,300,281
Erste Abwicklungsanstalt 1.098%, 07/18/17 (d)		6,500,000		6,499,428
HSBC plc 1.442%, 04/25/17 (d)		2,750,000		2,750,495
Kells Funding LLC 1.100%, 06/05/17		2,091,915		2,095,478
LMA S.A. & LMA Americas 1.090%, 05/10/17		1,495,549		1,498,172
Macquarie Bank, Ltd. 1.120%, 04/20/17		997,200		999,351
Manhattan Asset Funding Co. 1.184%, 09/07/17 (d)		500,000		500,041
Ridgefield Funding Co. LLC 1.184%, 09/07/17 (d)		2,000,000		1,999,764
Sheffield Receivables Co. 1.170%, 04/07/17		3,489,649		3,499,167
Starbird Funding Corp. 1.441%, 06/13/17 (d)		3,500,000		3,501,235
Versailles CDS LLC 1.050%, 06/05/17		7,478,781		7,483,987
Westpac Banking Corp. 1.380%, 10/20/17 (d)		2,000,000		2,003,625
				41,780,842

BHFTI-175

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—4.0%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $4,495,532 on 04/03/17, collateralized by $6,465,758 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $4,585,151.		4,495,243	$	4,495,243
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $2,000,147 on 04/03/17, collateralized by $2,046,974 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $2,040,000.		2,000,000		2,000,000
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $1,207,738 on 07/03/17, collateralized by various Common Stock with a value of $1,320,000.		1,200,000		1,200,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $97,322 on 04/03/17, collateralized by $98,460 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $99,262.		97,314		97,314
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $12,508,125 on 04/03/17, collateralized by $1,931,228 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $13,724,832.		12,500,000		12,500,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $1,005,760 on 06/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Macquarie Bank, Ltd. London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $2,200,150 on 04/03/17, collateralized by $2,186,237 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $2,245,355.		2,200,000		2,200,000
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $2,524,479 on 07/03/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000		2,500,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $10,000,817 on 04/03/17, collateralized by $11,706,514 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $10,200,833.		10,000,000		10,000,000
Repurchase Agreement dated 03/30/17 at 0.980% to be repurchased at $5,000,953 on 04/06/17, collateralized by $10,891,657 U.S. Government Agency Obligations with rates ranging from 0.000% - 5.000%, maturity dates ranging from 10/09/19 - 08/16/58, with a value of $5,100,557.		5,000,000		5,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $2,000,155 on 04/03/17, collateralized by $5,986,949 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $2,040,000.		2,000,000		2,000,000
				44,992,557
Time Deposits—0.8%
OP Corporate Bank plc 1.180%, 04/24/17		5,000,000		5,000,000
1.200%, 04/10/17		1,000,000		1,000,000
Shinkin Central Bank 1.440%, 04/25/17		750,000		750,000
1.440%, 04/26/17		2,000,000		2,000,000
1.440%, 04/27/17		300,000		300,000
				9,050,000
Total Securities Lending Reinvestments (Cost $200,608,603)				200,633,201
Total Investments—118.1% (Cost $1,184,011,063) (e)				1,324,473,600
Other assets and liabilities (net)—(18.1)%				(203,124,937	)
Net Assets—100.0%			$	1,121,348,663

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $196,525,727 and the collateral received consisted of cash in the amount of $200,573,516. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

BHFTI-176

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $1,184,011,063. The aggregate unrealized appreciation and depreciation of investments were $170,785,235 and $(30,322,698), respectively, resulting in net unrealized appreciation of $140,462,537.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	40,540,208	$	—	$	—	$	40,540,208
Banks		142,180,081		—		—		142,180,081
Building Products		24,771,025		—		—		24,771,025
Capital Markets		30,221,055		—		—		30,221,055
Chemicals		55,744,633		—		—		55,744,633
Commercial Services & Supplies		20,006,347		—		—		20,006,347
Communications Equipment		36,646,616		—		—		36,646,616
Construction & Engineering		27,796,778		—		—		27,796,778
Construction Materials		12,559,716		—		—		12,559,716
Diversified Financial Services		28,924,913		—		—		28,924,913
Diversified Telecommunication Services		11,493,724		—		—		11,493,724
Electric Utilities		49,161,823		—		—		49,161,823
Electrical Equipment		4,036,290		—		—		4,036,290
Electronic Equipment, Instruments & Components		56,504,088		—		—		56,504,088
Energy Equipment & Services		40,177,814		8,475,331		—		48,653,145
Equity Real Estate Investment Trusts		64,028,191		—		—		64,028,191
Food Products		27,834,923		—		—		27,834,923
Health Care Providers & Services		58,912,665		—		—		58,912,665
Hotels, Restaurants & Leisure		45,100,775		—		—		45,100,775
Insurance		64,988,390		—		—		64,988,390
IT Services		24,387,779		—		—		24,387,779
Machinery		26,646,287		—		—		26,646,287
Marine		12,445,726		—		—		12,445,726

BHFTI-177

Brighthouse Funds Trust I

Invesco Mid Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Media	$	27,447,839	$	—		$	—	$	27,447,839
Oil, Gas & Consumable Fuels		61,395,840		—			—		61,395,840
Pharmaceuticals		27,496,099		—			—		27,496,099
Software		10,759,478		—			—		10,759,478
Specialty Retail		21,845,221		—			—		21,845,221
Technology Hardware, Storage & Peripherals		24,517,941		—			—		24,517,941
Total Common Stocks		1,078,572,265		8,475,331			—		1,087,047,596
Total Short-Term Investment*		—		36,792,803			—		36,792,803
Total Securities Lending Reinvestments*		—		200,633,201			—		200,633,201
Total Investments	$	1,078,572,265	$	245,901,335		$	—	$	1,324,473,600
Collateral for Securities Loaned (Liability)	$	—	$	(200,573,516	)	$	—	$	(200,573,516	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-178

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.4%
BWX Technologies, Inc.		218,372	$	10,394,507
Orbital ATK, Inc.		102,674		10,062,052
TransDigm Group, Inc.		38,482		8,472,197
				28,928,756
Air Freight & Logistics—0.7%
Forward Air Corp.		189,961		9,036,445
Auto Components—0.7%
Visteon Corp. (a) (b)		86,881		8,509,994
Banks—3.4%
BankUnited, Inc.		230,722		8,608,238
Cathay General Bancorp (b)		296,104		11,157,199
Cullen/Frost Bankers, Inc. (b)		122,844		10,929,430
MB Financial, Inc. (b)		240,996		10,319,449
				41,014,316
Beverages—0.5%
Boston Beer Co., Inc. (The) - Class A (a) (b)		38,167		5,520,857
Biotechnology—4.8%
ACADIA Pharmaceuticals, Inc. (a)		257,165		8,841,333
Agios Pharmaceuticals, Inc. (a) (b)		57,334		3,348,306
Exelixis, Inc. (a)		574,684		12,453,402
Halozyme Therapeutics, Inc. (a) (b)		822,514		10,659,781
Momenta Pharmaceuticals, Inc. (a) (b)		546,050		7,289,768
Neurocrine Biosciences, Inc. (a) (b)		166,498		7,209,363
Repligen Corp. (a)		229,562		8,080,582
				57,882,535
Building Products—1.8%
A.O. Smith Corp. (b)		216,861		11,094,609
Masonite International Corp. (a)		143,698		11,388,066
				22,482,675
Capital Markets—2.4%
Evercore Partners, Inc. - Class A		116,149		9,048,007
Financial Engines, Inc.		85,846		3,738,594
MarketAxess Holdings, Inc. (b)		59,696		11,192,403
WisdomTree Investments, Inc. (b)		503,265		4,569,646
				28,548,650
Chemicals—1.6%
Ingevity Corp. (a)		164,916		10,035,139
PolyOne Corp. (b)		270,824		9,232,390
				19,267,529
Commercial Services & Supplies—1.2%
Brink’s Co. (The)		9,871		527,605
Pitney Bowes, Inc. (b)		427,107		5,599,373
Steelcase, Inc. - Class A		518,545		8,685,629
				14,812,607
Construction Materials—1.2%
Martin Marietta Materials, Inc.		65,962		14,396,207
Containers & Packaging—1.0%
Berry Plastics Group, Inc. (a)		245,723		11,934,766
Distributors—1.1%
Pool Corp.		114,907		13,711,852
Electrical Equipment—1.0%
Acuity Brands, Inc. (b)		57,185		11,665,740
Electronic Equipment, Instruments & Components—4.7%
Cognex Corp.		205,424		17,245,345
Littelfuse, Inc. (b)		67,741		10,832,463
SYNNEX Corp.		68,565		7,675,166
Trimble, Inc. (a) (b)		296,469		9,489,973
Zebra Technologies Corp. - Class A (a)		126,458		11,539,292
				56,782,239
Energy Equipment & Services—0.9%
Patterson-UTI Energy, Inc. (b)		437,337		10,614,169
Equity Real Estate Investment Trusts—3.3%
CubeSmart		279,219		7,248,525
Highwoods Properties, Inc.		146,758		7,210,221
Physicians Realty Trust (b)		404,028		8,028,036
SBA Communications Corp. (a)		143,540		17,277,910
				39,764,692
Food Products—1.8%
B&G Foods, Inc. (b)		218,178		8,781,665
Lancaster Colony Corp.		99,085		12,766,111
				21,547,776
Health Care Equipment & Supplies—8.2%
Align Technology, Inc. (a)		109,584		12,570,381
Cantel Medical Corp. (b)		119,743		9,591,414
DexCom, Inc. (a) (b)		123,474		10,461,952
Halyard Health, Inc. (a) (b)		251,182		9,567,522
Hill-Rom Holdings, Inc.		132,111		9,327,037
ICU Medical, Inc. (a) (b)		52,145		7,962,541
Integra LifeSciences Holdings Corp. (a)		202,481		8,530,525
Nevro Corp. (a)		103,456		9,693,827
NuVasive, Inc. (a) (b)		131,871		9,848,126
NxStage Medical, Inc. (a)		453,414		12,165,098
				99,718,423
Health Care Providers & Services—3.2%
Chemed Corp. (b)		48,911		8,935,551
HealthEquity, Inc. (a) (b)		319,932		13,581,113
HealthSouth Corp. (b)		205,386		8,792,575
Select Medical Holdings Corp. (a) (b)		574,543		7,670,149
				38,979,388

BHFTI-179

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Technology—0.7%
Evolent Health, Inc. - Class A (a)		357,949	$	7,982,263
Hotels, Restaurants & Leisure—4.0%
Dunkin’ Brands Group, Inc.		180,441		9,866,514
Jack in the Box, Inc.		87,663		8,917,080
Panera Bread Co. - Class A (a) (b)		37,411		9,796,819
Penn National Gaming, Inc. (a)		535,989		9,878,277
Texas Roadhouse, Inc.		219,129		9,757,814
				48,216,504
Household Durables—0.6%
CalAtlantic Group, Inc. (b)		196,685		7,365,853
Insurance—2.1%
American Equity Investment Life Holding Co.		352,916		8,339,405
American Financial Group, Inc.		108,309		10,334,845
RLI Corp. (b)		119,687		7,183,614
				25,857,864
Internet Software & Services—2.2%
CoStar Group, Inc. (a) (b)		55,196		11,437,715
Pandora Media, Inc. (a) (b)		409,120		4,831,707
Q2 Holdings, Inc. (a) (b)		295,516		10,298,733
				26,568,155
IT Services—3.5%
Booz Allen Hamilton Holding Corp.		363,977		12,881,146
EPAM Systems, Inc. (a)		120,633		9,110,204
Euronet Worldwide, Inc. (a)		142,949		12,224,999
ExlService Holdings, Inc. (a) (b)		168,751		7,992,047
				42,208,396
Leisure Products—0.9%
Brunswick Corp.		172,916		10,582,459
Life Sciences Tools & Services—2.9%
Bio-Techne Corp. (b)		91,042		9,254,419
Pacific Biosciences of California, Inc. (a) (b)		969,748		5,013,597
PerkinElmer, Inc.		177,427		10,301,412
VWR Corp. (a)		390,523		11,012,749
				35,582,177
Machinery—4.0%
ITT, Inc.		236,364		9,695,651
John Bean Technologies Corp. (b)		121,743		10,707,297
Lincoln Electric Holdings, Inc. (b)		109,797		9,536,967
WABCO Holdings, Inc. (a)		74,475		8,744,855
Wabtec Corp. (b)		119,562		9,325,836
				48,010,606
Media—0.7%
IMAX Corp. (a) (b)		248,921		8,463,314
Oil, Gas & Consumable Fuels—3.5%
Centennial Resource Development, Inc. - Class A (a) (b)		586,122		10,685,004
Energen Corp. (a)		199,955		10,885,550
Laredo Petroleum, Inc. (a)		603,304		8,808,238
Parsley Energy, Inc. - Class A (a)		356,201		11,580,095
				41,958,887
Pharmaceuticals—2.7%
Catalent, Inc. (a)		312,208		8,841,731
Nektar Therapeutics (a)		646,206		15,166,455
Prestige Brands Holdings, Inc. (a) (b)		159,015		8,834,873
				32,843,059
Professional Services—0.8%
CEB, Inc.		127,050		9,986,130
Road & Rail—2.6%
Knight Transportation, Inc. (b)		374,364		11,736,312
Old Dominion Freight Line, Inc.		137,441		11,760,826
Swift Transportation Co. (a) (b)		402,963		8,276,860
				31,773,998
Semiconductors & Semiconductor Equipment—6.2%
Cavium, Inc. (a)		146,575		10,503,565
Cirrus Logic, Inc. (a)		119,167		7,232,245
Integrated Device Technology, Inc. (a)		363,526		8,604,660
MKS Instruments, Inc.		132,783		9,128,831
Monolithic Power Systems, Inc.		179,341		16,517,306
Power Integrations, Inc. (b)		169,289		11,130,752
Silicon Laboratories, Inc. (a) (b)		168,854		12,419,212
				75,536,571
Software—10.8%
Aspen Technology, Inc. (a)		229,934		13,547,711
CommVault Systems, Inc. (a)		210,431		10,689,895
Fair Isaac Corp.		106,863		13,779,984
Guidewire Software, Inc. (a)		184,783		10,408,826
Manhattan Associates, Inc. (a) (b)		193,930		10,094,056
MicroStrategy, Inc. - Class A (a) (b)		59,352		11,146,306
Proofpoint, Inc. (a) (b)		113,347		8,428,483
Qualys, Inc. (a) (b)		249,227		9,445,703
RealPage, Inc. (a) (b)		289,670		10,109,483
Take-Two Interactive Software, Inc. (a)		252,763		14,981,263
Ultimate Software Group, Inc. (The) (a) (b)		61,560		12,017,128
Verint Systems, Inc. (a)		145,704		6,319,911
				130,968,749
Specialty Retail—1.1%
Five Below, Inc. (a) (b)		185,160		8,019,280
Urban Outfitters, Inc. (a) (b)		237,007		5,631,286
				13,650,566
Technology Hardware, Storage & Peripherals—0.3%
Cray, Inc. (a) (b)		193,336		4,234,058

BHFTI-180

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—1.9%
Carter’s, Inc.		92,627	$	8,317,905
G-III Apparel Group, Ltd. (a)		230,224		5,039,603
Steven Madden, Ltd. (a)		253,337		9,766,141
				23,123,649
Trading Companies & Distributors—0.7%
Watsco, Inc.		57,791		8,274,515
Total Common Stocks (Cost $872,478,256)				1,188,307,389
Short-Term Investment—1.6%
Repurchase Agreement—1.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $19,620,061 on 04/03/17, collateralized by $20,145,000 U.S. Treasury Note at 1.375% due 10/31/20 with a value of $20,013,514.		19,619,914		19,619,914
Total Short-Term Investments (Cost $19,619,914)				19,619,914
Securities Lending Reinvestments (c)—18.1%
Certificates of Deposit—10.6%
ABN AMRO Bank NV
Zero Coupon, 05/05/17		2,393,076		2,398,032
Bank of America N.A. 1.271%, 07/11/17 (d)		8,000,000		8,008,466
Bank of Nova Scotia Houston 1.355%, 11/03/17 (d)		3,000,000		3,003,295
Canadian Imperial Bank
1.392%, 10/27/17 (d)		2,000,000		2,002,406
1.454%, 05/24/17 (d)		1,000,585		1,000,350
Cooperative Rabobank UA New York 1.422%, 10/13/17 (d)		1,500,000		1,502,043
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (d)		3,500,000		3,500,395
Credit Industriel et Commercial 1.440%, 04/05/17 (d)		1,400,000		1,400,060
Credit Suisse AG New York 1.511%, 04/03/17 (d)		1,600,000		1,600,026
1.581%, 04/11/17 (d)		3,000,000		3,000,246
1.581%, 05/12/17 (d)		4,500,000		4,501,363
Danske Bank A/S London
Zero Coupon, 05/12/17		4,985,528		4,994,850
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		2,700,000		2,701,193
ING Bank NV 1.461%, 04/18/17 (d)		4,500,000		4,501,918
Certificates of Deposit—(Continued)
KBC Bank NV 1.120%, 05/08/17		750,000		750,113
1.150%, 04/18/17		3,000,000		3,000,270
1.150%, 04/27/17		5,000,000		4,997,050
1.170%, 04/06/17		1,000,000		1,000,010
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (d)		4,000,000		4,000,488
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (d)		1,000,000		1,000,576
1.591%, 04/11/17 (d)		2,000,000		2,000,152
1.643%, 04/18/17 (d)		6,100,000		6,100,884
National Australia Bank London 1.199%, 05/02/17 (d)		4,500,000		4,501,577
1.338%, 11/09/17 (d)		4,500,000		4,492,665
Natixis New York 1.241%, 08/03/17 (d)		5,800,000		5,803,735
1.444%, 04/07/17 (d)		2,000,000		2,000,110
Norinchukin Bank New York 1.451%, 07/12/17 (d)		6,000,000		6,005,310
Rabobank London 1.422%, 10/13/17 (d)		2,000,000		2,004,890
Royal Bank of Canada New York 1.340%, 04/04/17 (d)		1,000,000		999,975
1.422%, 10/13/17 (d)		1,500,000		1,502,684
Sumitomo Bank New York 1.390%, 06/05/17 (d)		3,000,000		3,001,419
1.410%, 05/05/17 (d)		3,000,000		3,000,585
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (d)		200,000		200,107
1.534%, 04/07/17 (d)		1,500,000		1,500,087
1.591%, 04/12/17 (d)		2,000,000		2,000,399
Sumitomo Mitsui Trust Bank, Ltd., New York 1.558%, 04/10/17 (d)		3,000,000		3,000,378
1.572%, 04/26/17 (d)		2,000,000		2,000,662
Svenska Handelsbanken New York 1.508%, 05/18/17 (d)		5,000,000		5,002,585
Toronto Dominion Bank New York 1.330%, 01/10/18 (d)		4,500,000		4,500,882
UBS, Stamford 1.301%, 05/12/17 (d)		2,400,000		2,400,590
1.589%, 07/31/17 (d)		1,904,118		1,905,234
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		2,600,000		2,604,251
1.452%, 04/26/17 (d)		2,700,000		2,700,718
				128,093,029
Commercial Paper—3.1%
Barton Capital S.A. 1.110%, 04/21/17		4,487,235		4,496,998
Commonwealth Bank Australia 1.389%, 10/23/17 (d)		3,500,000		3,504,277
Den Norske ASA 1.432%, 04/27/17 (d)		2,700,000		2,700,583
HSBC plc 1.442%, 04/25/17 (d)		7,000,000		7,001,260

BHFTI-181

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Kells Funding LLC 1.100%, 06/05/17		2,988,450	$	2,993,540
LMA S.A. & LMA Americas 1.090%, 05/10/17		1,495,549		1,498,172
1.120%, 04/13/17		2,991,600		2,998,932
Macquarie Bank, Ltd. 1.120%, 04/20/17		1,994,400		1,998,702
Sheffield Receivables Co. 1.170%, 04/04/17		4,985,538		4,999,635
Versailles Commercial Paper LLC 1.120%, 04/24/17		1,994,400		1,998,774
Westpac Banking Corp. 1.380%, 10/20/17 (d)		4,000,000		4,007,249
				38,198,122
Repurchase Agreements—3.2%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $2,682,557 on 04/03/17, collateralized by $3,858,223 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $2,736,035.		2,682,385		2,682,385
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $1,300,095 on 04/03/17, collateralized by $1,330,533 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $1,326,000.		1,300,000		1,300,000
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $201,290 on 07/03/17, collateralized by various Common Stock with a value of $220,000.		200,000		200,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $63,831 on 04/03/17, collateralized by $64,578 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $65,103		63,826		63,826
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $13,008,450 on 04/03/17, collateralized by $2,008,477 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various common stock with a value of $14,273,825.		13,000,000		13,000,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various common stock with a value of $1,097,987.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $3,017,280 on 06/02/17, collateralized by various Common Stock with a value of $3,300,000.		3,000,000		3,000,000
Macquarie Bank, Ltd. London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,500,103 on 04/03/17, collateralized by $1,490,616 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,530,924.		1,500,000		1,500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $4,342,104 on 07/03/17, collateralized by various Common Stock with a value of $4,730,000.		4,300,000		4,300,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $7,000,572 on 04/03/17, collateralized by $8,194,560 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $7,140,583.		7,000,000		7,000,000
Repurchase Agreement dated 03/30/17 at 0.980% to be repurchased at $5,000,953 on 04/06/17, collateralized by $10,891,657 U.S. Government Agency Obligations with rates ranging from 0.000% - 5.000%, maturity dates ranging from 10/09/19 - 08/16/58, with a value of $5,100,557.		5,000,000		5,000,000
				39,046,211
Time Deposits—1.2%
OP Corporate Bank plc
1.180%, 04/24/17		3,650,000		3,650,000
1.200%, 04/10/17		3,500,000		3,500,000
Royal Bank of Canada 0.810%, 04/03/17		2,000,000		2,000,000

BHFTI-182

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Shinkin Central Bank
1.350%, 04/21/17		900,000	$	900,000
1.440%, 04/26/17		3,400,000		3,400,000
1.440%, 04/27/17		800,000		800,000
				14,250,000
Total Securities Lending Reinvestments (Cost $219,527,269)				219,587,362
Total Investments—117.8% (Cost $1,111,625,439) (e)				1,427,514,665
Other assets and liabilities (net)—(17.8)%				(215,715,675	)
Net Assets—100.0%			$	1,211,798,990

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $214,517,996 and the collateral received consisted of cash in the amount of $219,466,691. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $1,111,625,439. The aggregate unrealized appreciation and depreciation of investments were $348,803,633 and $(32,914,407), respectively, resulting in net unrealized appreciation of $315,889,226.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,188,307,389	$	—		$	—	$	1,188,307,389
Total Short-Term Investment*		—		19,619,914			—		19,619,914
Total Securities Lending Reinvestments*		—		219,587,362			—		219,587,362
Total Investments	$	1,188,307,389	$	239,207,276		$	—	$	1,427,514,665
Collateral for Securities Loaned (Liability)	$	—	$	(219,466,691	)	$	—	$	(219,466,691	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-183

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—59.3% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—32.2%
Fannie Mae 10 Yr. Pool 4.500%, 07/01/21		565,786	$	582,250
Fannie Mae 20 Yr. Pool 4.000%, 02/01/31		1,780,825		1,884,362
6.000%, 07/01/28		382,048		431,354
Fannie Mae 30 Yr. Pool 3.500%, 07/01/42		1,863,685		1,915,489
3.500%, 08/01/42		773,192		791,355
4.500%, 02/01/40		592,119		640,716
5.000%, 09/01/35		1,310,414		1,433,621
6.000%, 12/01/39		468,077		528,781
Fannie Mae ARM Pool 1.209%, 07/01/24 (a)		5,000,000		4,986,967
1.219%, 09/01/24 (a)		3,000,000		2,990,956
1.239%, 11/01/23 (a)		4,692,625		4,710,546
1.259%, 09/01/24 (a)		3,802,916		3,808,425
1.479%, 01/01/21 (a)		925,358		927,590
Fannie Mae Benchmark REMIC (CMO) 5.500%, 06/25/37		1,265,101		1,409,528
Fannie Mae Interest Strip (CMO) 4.500%, 11/25/20 (b)		267,386		10,344
Fannie Mae Pool 2.330%, 11/01/22		17,810,000		17,678,258
2.360%, 05/01/23		9,028,835		8,967,113
2.420%, 05/01/23		5,623,532		5,635,728
2.450%, 11/01/22		3,000,000		3,013,593
2.450%, 09/01/28		5,173,351		4,929,771
2.480%, 10/01/28		9,036,855		8,521,919
2.520%, 05/01/23		25,000,000		25,084,147
2.530%, 05/01/23		4,075,131		4,108,019
2.540%, 05/01/23		5,000,000		5,026,450
2.600%, 09/01/28		1,010,000		966,427
2.640%, 04/01/23		1,883,046		1,909,551
2.640%, 05/01/23		2,254,250		2,279,630
2.690%, 10/01/23		2,000,000		2,018,285
2.700%, 05/01/23		5,000,000		5,068,278
2.720%, 03/01/23		3,083,924		3,140,749
2.730%, 07/01/28		3,000,000		2,887,450
2.740%, 06/01/23		2,865,270		2,912,532
2.810%, 09/01/31		1,586,753		1,522,999
2.890%, 05/01/27		1,973,329		1,930,036
2.920%, 12/01/24		1,000,000		1,011,119
2.970%, 06/01/30		2,750,000		2,671,050
2.980%, 09/01/36		1,623,092		1,583,851
2.990%, 01/01/25		1,246,278		1,269,933
3.000%, 01/01/43		4,861,064		4,832,440
3.050%, 04/01/22		3,315,537		3,417,371
3.110%, 12/01/24		1,500,000		1,536,049
3.200%, 11/01/20		10,219,628		10,567,930
3.235%, 10/01/26		1,439,483		1,469,042
3.240%, 12/01/26		1,500,000		1,528,156
3.260%, 12/01/26		995,861		1,017,778
3.290%, 08/01/26		2,000,000		2,048,162
3.340%, 02/01/27		1,500,000		1,563,351
3.380%, 12/01/23		2,000,000		2,090,137
3.430%, 10/01/23		11,715,634		12,276,024
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Pool
3.440%, 11/01/21		3,891,634		4,069,091
3.450%, 01/01/24		997,348		1,045,824
3.490%, 09/01/23		3,915,881		4,116,008
3.500%, 08/01/26		437,865		448,089
3.500%, 02/01/33		5,236,145		5,427,090
3.500%, 05/01/33		5,377,510		5,573,636
3.500%, 12/01/42		6,314,162		6,472,185
3.500%, 03/01/43		7,637,849		7,838,384
3.500%, 05/01/43		25,326,136		25,991,111
3.500%, 06/01/43		6,205,812		6,368,565
3.500%, 07/01/43		3,641,235		3,736,626
3.500%, 08/01/43		8,375,134		8,595,152
3.550%, 02/01/30		1,500,000		1,550,453
3.560%, 03/01/24		7,189,993		7,588,510
3.563%, 01/01/21		11,715,320		12,243,945
3.630%, 10/01/29		1,452,782		1,511,820
3.670%, 07/01/23		2,500,000		2,661,896
3.730%, 07/01/22		5,699,314		6,016,349
3.735%, 06/01/18		1,637,358		1,657,781
3.760%, 10/01/23		1,451,634		1,541,750
3.760%, 11/01/23		1,100,000		1,169,432
3.770%, 12/01/20		2,246,334		2,360,452
3.817%, 05/01/22		7,839,000		8,251,421
3.970%, 07/01/21		4,611,811		4,902,729
4.000%, 10/01/32		1,680,516		1,780,238
4.000%, 12/01/40		532,252		563,436
4.000%, 07/01/42		3,149,277		3,330,894
4.260%, 12/01/19		2,668,665		2,809,783
4.330%, 04/01/20		3,752,425		3,975,752
4.770%, 06/01/19		3,334,841		3,522,484
5.855%, 10/01/17		877,685		892,045
Fannie Mae REMICS (CMO) Zero Coupon, 09/25/43 (c)		2,299,582		1,797,713
Zero Coupon, 10/25/43 (c)		1,144,807		885,160
Zero Coupon, 12/25/43 (c)		2,567,673		1,994,121
1.125%, 03/25/27 (a)		364,868		365,307
1.482%, 05/25/35 (a)		2,459,815		2,459,359
1.482%, 10/25/42 (a)		1,206,458		1,205,675
1.582%, 10/25/43 (a)		2,648,476		2,671,352
1.582%, 12/25/43 (a)		3,062,557		3,052,515
1.882%, 03/25/38 (a)		407,685		414,654
1.982%, 08/25/32 (a)		934,858		964,115
3.500%, 02/25/43		6,665,264		6,901,780
5.000%, 03/25/40		8,208,814		8,951,800
5.500%, 12/25/35		1,371,393		1,393,804
5.548%, 01/25/41 (a) (b)		5,729,684		1,194,958
6.000%, 01/25/36		1,024,810		1,019,009
6.500%, 07/18/28		206,824		233,126
Fannie Mae-ACES (CMO) 2.207%, 01/25/22		10,000,000		9,916,975
2.280%, 12/27/22		9,391,000		9,287,878
2.488%, 05/25/26		1,600,000		1,539,594
2.569%, 12/25/26 (a)		4,800,000		4,595,021
2.614%, 10/25/21 (a)		2,000,000		2,033,393
2.723%, 10/25/24		2,000,000		1,998,838

BHFTI-184

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae-ACES (CMO)
3.103%, 07/25/24 (a)		1,394,000	$	1,432,154
3.346%, 03/25/24 (a)		2,500,000		2,592,354
3.472%, 01/25/24 (a)		2,500,000		2,627,222
Freddie Mac 20 Yr. Gold Pool 3.500%, 03/01/32		1,504,342		1,569,895
Freddie Mac 30 Yr. Gold Pool 4.000%, 08/01/42		4,798,082		5,038,193
4.000%, 05/01/43		851,871		902,053
4.000%, 06/01/43		586,408		619,153
4.000%, 08/01/43		7,244,702		7,667,620
5.000%, 08/01/39		1,126,638		1,248,711
Freddie Mac ARM Non-Gold Pool 3.513%, 07/01/40 (a)		2,259,786		2,348,823
Freddie Mac Gold Pool 3.500%, 12/01/32		5,009,355		5,192,886
3.500%, 01/01/33		7,456,348		7,738,126
3.500%, 02/01/33		10,616,629		11,017,942
3.500%, 03/01/33		6,815,074		7,064,543
3.500%, 04/01/33		9,625,076		9,980,668
3.500%, 05/01/33		4,316,035		4,479,224
3.500%, 06/01/43		3,815,587		3,912,903
4.000%, 09/01/32		1,754,145		1,879,240
4.000%, 11/01/32		3,900,408		4,190,439
4.000%, 12/01/32		1,847,137		1,986,526
4.000%, 01/01/33		917,452		986,688
4.000%, 02/01/33		901,676		969,713
4.000%, 01/01/46		3,190,321		3,382,622
5.000%, 02/01/34		457,158		489,648
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 2.522%, 01/25/23		2,085,000		2,102,293
2.615%, 01/25/23		7,275,000		7,319,214
2.838%, 09/25/22		1,849,000		1,885,203
3.389%, 03/25/24		5,714,000		6,023,806
3.490%, 01/25/24		4,000,000		4,238,772
Freddie Mac REMICS (CMO) 1.362%, 08/15/42 (a)		5,906,775		5,984,080
1.592%, 11/15/37 (a)		1,141,711		1,154,352
1.612%, 03/15/24 (a)		624,649		627,853
2.262%, 03/15/38 (a)		600,000		645,604
3.000%, 02/15/26		1,915,000		1,975,317
3.500%, 08/15/39		3,238,959		3,368,194
3.500%, 06/15/48		6,758,689		7,006,056
5.000%, 08/15/35		1,650,000		1,809,798
5.458%, 10/15/37 (a) (b)		4,777,841		845,420
5.488%, 11/15/36 (a) (b)		2,903,448		306,187
5.750%, 06/15/35		7,426,402		8,393,177
6.000%, 07/15/35		6,167,431		6,771,064
6.000%, 03/15/36		2,897,420		3,334,612
6.500%, 05/15/28		466,912		522,414
6.500%, 03/15/37		949,482		1,076,837
Freddie Mac Strips (CMO) Zero Coupon, 09/15/43 (c)		1,203,258		951,014
3.000%, 01/15/43		6,557,254		6,543,899
3.000%, 01/15/44		8,885,842		8,872,119
Agency Sponsored Mortgage - Backed—(Continued)
FREMF Mortgage Trust (CMO) 3.575%, 11/25/49 (144A) (a)		1,700,000		1,577,941
3.685%, 01/25/48 (144A) (a)		2,430,000		2,397,717
3.835%, 07/25/49 (144A) (a)		1,635,000		1,651,131
4.072%, 11/25/47 (144A) (a)		2,060,000		1,959,173
Ginnie Mae II ARM Pool 2.500%, 04/20/41 (a)		635,445		658,245
Ginnie Mae II Pool 4.381%, 06/20/63 (a)		8,919,912		9,410,211
4.457%, 05/20/63 (a)		14,281,458		15,040,544
4.464%, 05/20/63 (a)		10,220,088		10,759,390
4.490%, 04/20/63 (a)		4,931,978		5,201,880
Government National Mortgage Association (CMO) 1.080%, 08/20/60 (a)		182,057		181,975
1.080%, 11/20/62 (a)		178,894		178,763
1.120%, 12/20/62 (a)		2,311,999		2,290,882
1.180%, 02/20/62 (a)		5,760,024		5,761,873
1.190%, 03/20/63 (a)		759,149		753,650
1.200%, 02/20/63 (a)		1,698,239		1,683,871
1.230%, 02/20/63 (a)		7,208,882		7,168,049
1.250%, 03/20/63 (a)		3,702,145		3,684,153
1.250%, 07/20/64 (a)		4,130,001		4,108,652
1.250%, 09/20/64 (a)		1,694,131		1,683,475
1.260%, 04/20/63 (a)		8,468,257		8,428,484
1.280%, 01/20/63 (a)		2,672,680		2,677,129
1.280%, 04/20/63 (a)		6,593,152		6,561,958
1.280%, 06/20/64 (a)		5,431,490		5,403,253
1.280%, 07/20/64 (a)		2,490,063		2,477,263
1.330%, 04/20/62 (a)		686,737		688,263
1.380%, 04/20/64 (a)		13,542,912		13,537,127
1.380%, 05/20/64 (a)		9,555,056		9,551,523
1.430%, 07/20/63 (a)		6,103,788		6,109,607
1.430%, 01/20/64 (a)		1,444,826		1,446,707
1.430%, 02/20/64 (a)		4,906,145		4,912,482
1.430%, 03/20/64 (a)		1,764,323		1,766,248
1.470%, 02/20/64 (a)		2,064,322		2,071,965
1.478%, 09/20/37 (a)		312,378		313,753
1.480%, 09/20/63 (a)		4,088,734		4,100,407
1.530%, 09/20/63 (a)		4,095,269		4,113,988
1.650%, 02/20/63		15,083,946		14,921,113
1.650%, 04/20/63		9,019,921		8,896,279
1.750%, 03/20/63		—		0
1.780%, 12/20/66 (a)		1,658,236		1,679,422
4.489%, 04/20/43 (a)		2,209,107		2,331,406
4.500%, 01/16/25		1,068,733		1,177,959
4.726%, 11/20/42 (a)		8,899,618		9,619,132
5.000%, 12/20/33		1,782,055		1,966,659
5.000%, 09/20/38		4,589,412		4,750,142
5.000%, 06/16/39		689,512		735,679
5.000%, 07/20/39		3,561,488		3,930,959
5.000%, 10/20/39		3,860,701		4,336,876
5.213%, 06/20/40 (a)		4,194,148		4,597,133
5.500%, 02/20/33		105,626		109,137
5.500%, 07/16/33 (b)		1,205,765		245,790
				777,108,739

BHFTI-185

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies—2.1%
Residual Funding Corp. Principal Strip Zero Coupon, 07/15/20 (d)		43,119,000	$	40,603,222
Tennessee Valley Authority 1.750%, 10/15/18 (d)		850,000		856,567
5.250%, 09/15/39		600,000		757,121
5.880%, 04/01/36		1,000,000		1,333,527
6.235%, 07/15/45		4,250,000		4,779,592
Tennessee Valley Authority Generic Strip Zero Coupon, 03/15/32		1,000,000		584,435
Tennessee Valley Authority Principal Strip Zero Coupon, 11/01/25		1,000,000		769,635
Zero Coupon, 06/15/35		750,000		374,110
				50,058,209
U.S. Treasury—25.0%
U.S. Treasury Bonds 2.750%, 08/15/42		3,300,000		3,146,085
2.875%, 05/15/43		4,000,000		3,894,532
3.125%, 11/15/41		3,480,000		3,561,154
3.500%, 02/15/39		1,450,000		1,595,850
3.875%, 08/15/40		4,230,000		4,890,278
4.250%, 05/15/39		200,000		244,242
4.250%, 11/15/40		2,000,000		2,441,094
4.375%, 02/15/38 (d)		18,100,000		22,588,945
4.375%, 11/15/39		25,650,000		31,836,062
4.375%, 05/15/40		4,200,000		5,214,728
4.375%, 05/15/41		1,200,000		1,493,953
4.500%, 05/15/38		1,000,000		1,268,359
4.500%, 08/15/39 (d)		4,500,000		5,683,536
5.250%, 11/15/28		7,000,000		8,944,964
5.250%, 02/15/29 (d)		500,000		641,035
5.500%, 08/15/28		15,000,000		19,476,570
6.000%, 02/15/26		12,525,000		16,190,028
6.125%, 08/15/29		5,000,000		6,925,000
U.S. Treasury Coupon Strips Zero Coupon, 08/15/19 (d)		11,280,000		10,902,707
Zero Coupon, 11/15/19 (d)		1,500,000		1,443,765
Zero Coupon, 02/15/20		5,175,000		4,954,002
Zero Coupon, 05/15/20 (d)		2,475,000		2,353,755
Zero Coupon, 08/15/20		2,360,000		2,229,534
Zero Coupon, 02/15/21 (d)		25,050,000		23,341,590
Zero Coupon, 05/15/21		16,285,000		15,073,233
Zero Coupon, 08/15/21 (d)		3,095,000		2,843,745
Zero Coupon, 11/15/21 (d)		14,940,000		13,634,916
Zero Coupon, 02/15/22		3,975,000		3,598,909
Zero Coupon, 05/15/22 (d)		14,560,000		13,087,096
Zero Coupon, 08/15/22		6,000,000		5,351,556
Zero Coupon, 11/15/22		6,250,000		5,533,625
Zero Coupon, 02/15/23 (d)		18,035,000		15,843,441
Zero Coupon, 05/15/23 (d)		57,400,000		50,074,325
Zero Coupon, 08/15/23 (d)		2,765,000		2,395,212
Zero Coupon, 11/15/23 (d)		2,300,000		1,977,809
Zero Coupon, 02/15/24		4,900,000		4,182,748
Zero Coupon, 08/15/24		2,500,000		2,099,855
Zero Coupon, 11/15/24		1,500,000		1,250,519
U.S. Treasury—(Continued)
U.S. Treasury Coupon Strips
Zero Coupon, 02/15/25		2,000,000		1,653,278
Zero Coupon, 05/15/25 (d)		5,500,000		4,511,287
Zero Coupon, 08/15/25		648,000		527,638
Zero Coupon, 11/15/26		366,129		285,936
Zero Coupon, 08/15/27		400,000		305,459
Zero Coupon, 11/15/27		570,000		432,148
Zero Coupon, 05/15/28 (d)		3,030,000		2,258,710
Zero Coupon, 08/15/28		1,750,000		1,294,583
Zero Coupon, 05/15/29		1,000,000		720,735
Zero Coupon, 08/15/29		800,000		572,765
Zero Coupon, 11/15/29		1,000,000		710,272
Zero Coupon, 02/15/30		8,300,000		5,853,666
Zero Coupon, 05/15/30		700,000		489,799
Zero Coupon, 08/15/30		3,925,000		2,719,362
Zero Coupon, 11/15/30		4,400,000		3,023,152
Zero Coupon, 02/15/31 (d)		2,800,000		1,909,452
Zero Coupon, 05/15/31		10,500,000		7,086,030
Zero Coupon, 08/15/31		2,800,000		1,872,354
Zero Coupon, 11/15/31		3,000,000		1,987,788
Zero Coupon, 02/15/32		9,900,000		6,502,488
Zero Coupon, 05/15/32		12,800,000		8,340,160
Zero Coupon, 08/15/32		6,900,000		4,460,277
Zero Coupon, 08/15/33		400,000		249,304
Zero Coupon, 11/15/33		13,000,000		8,025,992
Zero Coupon, 02/15/34		3,000,000		1,836,882
Zero Coupon, 05/15/34		11,000,000		6,668,860
Zero Coupon, 08/15/34		5,000,000		3,006,555
Zero Coupon, 05/15/35 (d)		4,000,000		2,341,592
U.S. Treasury Inflation Indexed Bonds 2.375%, 01/15/25 (e)		644,025		742,787
U.S. Treasury Inflation Indexed Notes 0.125%, 01/15/22 (e)		1,609,080		1,621,150
U.S. Treasury Notes 0.875%, 07/31/19		340,000		336,401
1.000%, 08/31/19		12,000,000		11,894,064
1.250%, 02/29/20		11,000,000		10,921,372
1.375%, 01/31/20		3,000,000		2,992,032
1.750%, 01/31/23		7,100,000		6,968,259
1.750%, 05/15/23		2,500,000		2,445,800
2.000%, 11/30/20		7,000,000		7,071,638
2.000%, 10/31/21		3,000,000		3,013,710
2.000%, 08/15/25		4,000,000		3,895,000
2.125%, 08/31/20		10,000,000		10,157,420
2.125%, 01/31/21		2,000,000		2,027,344
2.125%, 08/15/21		21,000,000		21,247,737
2.125%, 05/15/25		12,000,000		11,819,064
2.500%, 08/15/23		2,300,000		2,346,538
2.625%, 08/15/20		13,000,000		13,417,924
2.625%, 11/15/20		22,500,000		23,233,882
2.750%, 02/15/24		2,300,000		2,379,962
3.125%, 05/15/21		27,000,000		28,404,837
3.625%, 02/15/21		32,000,000		34,260,000
				603,052,202
Total U.S. Treasury & Government Agencies (Cost $1,430,419,739)				1,430,219,150

BHFTI-186

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—26.7%

Security Description	Principal Amount*		Value
Aerospace/Defense—0.3%
Airbus Group Finance B.V. 2.700%, 04/17/23 (144A)		249,000	$	248,043
BAE Systems Holdings, Inc. 4.750%, 10/07/44 (144A)		338,000		352,598
BAE Systems plc 4.750%, 10/11/21 (144A)		1,000,000		1,079,001
Harris Corp. 3.832%, 04/27/25		600,000		610,797
4.854%, 04/27/35		500,000		534,120
L3 Technologies, Inc. 3.850%, 12/15/26 (d)		187,000		189,601
Lockheed Martin Corp. 3.100%, 01/15/23 (d)		193,000		195,640
4.500%, 05/15/36		450,000		477,914
6.150%, 09/01/36		236,000		297,607
Northrop Grumman Corp. 1.750%, 06/01/18 (d)		418,000		418,692
3.200%, 02/01/27 (d)		179,000		177,309
3.850%, 04/15/45		182,000		171,334
Northrop Grumman Systems Corp. 7.750%, 02/15/31		350,000		494,066
Rockwell Collins, Inc. 3.200%, 03/15/24		251,000		250,713
4.350%, 04/15/47		133,000		132,823
United Technologies Corp. 7.500%, 09/15/29		1,568,000		2,189,867
				7,820,125
Agriculture—0.1%
Bunge N.A. Finance L.P. 5.900%, 04/01/17		247,000		247,000
Bunge, Ltd. Finance Corp. 8.500%, 06/15/19		1,084,000		1,228,993
Cargill, Inc. 7.350%, 03/06/19 (144A)		1,055,000		1,163,458
				2,639,451
Airlines—0.2%
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		332,484		343,270
American Airlines Pass-Through Trust 3.000%, 10/15/28		1,403,000		1,343,372
3.650%, 06/15/28		157,000		155,921
3.650%, 02/15/29		444,000		445,798
4.950%, 01/15/23		982,679		1,045,207
United Airlines Pass-Through Trust 3.450%, 07/07/28 (d)		464,000		454,720
4.300%, 08/15/25		468,446		487,769
				4,276,057
Auto Manufacturers—0.9%
American Honda Finance Corp. 1.600%, 02/16/18 (144A)		700,000		701,227
2.300%, 09/09/26		236,000		219,421
2.900%, 02/16/24		450,000		449,179
Auto Manufacturers—(Continued)
BMW U.S. Capital LLC 2.250%, 09/15/23 (144A)		540,000		518,797
Daimler Finance North America LLC 1.875%, 01/11/18 (144A)		328,000		328,302
2.000%, 08/03/18 (144A)		300,000		300,709
2.250%, 07/31/19 (144A)		1,600,000		1,607,605
2.375%, 08/01/18 (144A)		378,000		380,722
2.875%, 03/10/21 (144A)		500,000		504,554
Ford Motor Co. 7.450%, 07/16/31		300,000		378,395
Ford Motor Credit Co. LLC 1.684%, 09/08/17		630,000		629,841
1.724%, 12/06/17		678,000		677,991
2.145%, 01/09/18		309,000		309,785
2.375%, 03/12/19		969,000		972,385
2.459%, 03/27/20 (d)		950,000		947,429
3.000%, 06/12/17		400,000		401,132
3.339%, 03/28/22		784,000		786,746
3.810%, 01/09/24		655,000		657,089
4.134%, 08/04/25		200,000		200,975
4.375%, 08/06/23 (d)		900,000		939,467
General Motors Co. 4.875%, 10/02/23		200,000		213,383
6.600%, 04/01/36		1,104,000		1,269,289
General Motors Financial Co., Inc. 3.200%, 07/13/20		682,000		693,744
3.200%, 07/06/21		300,000		301,138
3.450%, 01/14/22		400,000		403,311
3.700%, 05/09/23		683,000		685,575
4.000%, 01/15/25 (d)		200,000		201,003
4.000%, 10/06/26		910,000		896,826
4.300%, 07/13/25 (d)		1,360,000		1,381,167
4.350%, 01/17/27		437,000		440,803
Hyundai Capital America 2.400%, 10/30/18 (144A)		239,000		239,752
Nissan Motor Acceptance Corp. 1.800%, 03/15/18 (144A)		789,000		788,350
1.900%, 09/14/21 (144A)		98,000		94,798
2.650%, 09/26/18 (144A)		300,000		303,018
Toyota Motor Credit Corp. 1.375%, 01/10/18		700,000		699,875
1.450%, 01/12/18		206,000		205,967
				20,729,750
Banks—6.7%
ABN AMRO Bank NV 2.500%, 10/30/18 (144A)		1,160,000		1,168,767
4.750%, 07/28/25 (144A) (d)		500,000		514,052
American Express Bank FSB 6.000%, 09/13/17		1,800,000		1,835,750
American Express Centurion Bank 5.950%, 06/12/17		250,000		252,102
ANZ New Zealand International, Ltd. 2.600%, 09/23/19 (144A)		1,300,000		1,310,274
2.850%, 08/06/20 (144A)		250,000		253,226

BHFTI-187

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Australia & New Zealand Banking Group, Ltd. 4.400%, 05/19/26 (144A)		200,000	$	205,187
Bank of America Corp. 2.000%, 01/11/18		2,740,000		2,747,003
2.250%, 04/21/20		312,000		311,173
2.600%, 01/15/19		1,225,000		1,237,755
2.625%, 10/19/20		485,000		487,599
2.650%, 04/01/19		660,000		668,467
3.300%, 01/11/23		2,621,000		2,637,266
4.000%, 01/22/25		1,071,000		1,069,872
4.125%, 01/22/24		1,780,000		1,859,276
4.250%, 10/22/26		520,000		528,019
5.000%, 05/13/21		330,000		358,305
5.625%, 07/01/20		1,000,000		1,096,742
5.700%, 01/24/22		2,497,000		2,803,322
6.000%, 09/01/17		360,000		366,466
6.400%, 08/28/17		1,276,000		1,300,777
6.500%, 07/15/18		997,000		1,053,054
Bank of Montreal 2.375%, 01/25/19		575,000		580,008
2.550%, 11/06/22		500,000		496,246
Bank of New York Mellon Corp. (The) 2.200%, 05/15/19		354,000		356,679
3.250%, 09/11/24		1,200,000		1,211,887
4.150%, 02/01/21		670,000		711,834
5.450%, 05/15/19		278,000		298,349
Bank of Nova Scotia (The) 1.450%, 04/25/18		300,000		299,502
1.850%, 04/14/20		700,000		693,112
1.875%, 09/20/21 (144A) (d)		300,000		294,159
2.800%, 07/21/21		500,000		506,041
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) 2.700%, 09/09/18 (144A)		1,000,000		1,010,143
4.100%, 09/09/23 (144A)		1,114,000		1,180,586
Barclays plc 3.650%, 03/16/25		254,000		247,292
3.684%, 01/10/23		386,000		387,829
4.375%, 01/12/26		599,000		606,998
BB&T Corp. 2.450%, 01/15/20		833,000		841,503
2.625%, 06/29/20		400,000		404,080
6.850%, 04/30/19		525,000		575,360
BNZ International Funding, Ltd. 2.350%, 03/04/19 (144A)		842,000		845,617
2.900%, 02/21/22 (144A) (d)		300,000		300,253
BPCE S.A. 1.625%, 01/26/18		1,200,000		1,198,657
3.375%, 12/02/26		700,000		689,219
5.700%, 10/22/23 (144A)		400,000		424,216
Canadian Imperial Bank of Commerce 1.600%, 09/06/19		850,000		842,443
Capital One Financial Corp. 2.450%, 04/24/19		176,000		177,013
3.200%, 02/05/25 (d)		236,000		228,517
3.750%, 04/24/24		671,000		682,404
3.750%, 07/28/26		860,000		832,805
4.200%, 10/29/25		650,000		652,592
Banks—(Continued)
Capital One N.A. 1.500%, 03/22/18		500,000		498,805
2.400%, 09/05/19		300,000		300,943
Citigroup, Inc. 1.750%, 05/01/18		776,000		775,780
2.350%, 08/02/21 (d)		192,000		189,022
2.400%, 02/18/20		450,000		451,574
2.500%, 09/26/18		441,000		444,942
2.900%, 12/08/21		600,000		602,288
3.200%, 10/21/26		485,000		463,933
3.400%, 05/01/26		825,000		803,846
3.700%, 01/12/26		250,000		250,232
3.875%, 03/26/25		1,300,000		1,291,499
4.125%, 07/25/28		117,000		115,052
4.300%, 11/20/26		1,500,000		1,514,379
4.400%, 06/10/25		566,000		576,707
4.750%, 05/18/46		800,000		790,302
5.500%, 09/13/25		692,000		756,537
Citizens Financial Group, Inc. 2.375%, 07/28/21 (d)		110,000		108,470
4.300%, 12/03/25 (d)		193,000		198,920
Comerica, Inc. 3.800%, 07/22/26		1,116,000		1,117,644
Commonwealth Bank of Australia 2.000%, 09/06/21 (144A)		500,000		487,193
4.500%, 12/09/25 (144A) (d)		352,000		367,417
Cooperatieve Rabobank UA 3.875%, 02/08/22		700,000		736,877
4.375%, 08/04/25		250,000		256,426
4.625%, 12/01/23		872,000		919,233
Credit Agricole S.A. 4.125%, 01/10/27 (144A)		677,000		671,609
4.375%, 03/17/25 (144A)		295,000		292,856
Credit Suisse AG 1.700%, 04/27/18		279,000		278,631
2.300%, 05/28/19		250,000		250,948
3.000%, 10/29/21		1,379,000		1,391,576
3.625%, 09/09/24		250,000		253,778
5.300%, 08/13/19		300,000		321,689
Credit Suisse Group AG 3.574%, 01/09/23 (144A) (d)		250,000		249,605
Credit Suisse Group Funding Guernsey, Ltd. 3.750%, 03/26/25		250,000		245,946
4.550%, 04/17/26		433,000		447,529
Danske Bank A/S 2.000%, 09/08/21 (144A)		366,000		355,455
2.700%, 03/02/22 (144A) (d)		372,000		370,573
Deutsche Bank AG 2.950%, 08/20/20 (d)		77,000		77,190
3.375%, 05/12/21		123,000		123,746
3.700%, 05/30/24		667,000		655,613
4.250%, 10/14/21 (144A) (d)		500,000		512,437
4.296%, 05/24/28 (a)		400,000		380,084
6.000%, 09/01/17		200,000		203,306
Discover Bank 3.200%, 08/09/21		1,650,000		1,670,952
4.200%, 08/08/23		493,000		513,416

BHFTI-188

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Fifth Third Bancorp 8.250%, 03/01/38		500,000	$	712,270
Fifth Third Bank 2.375%, 04/25/19		650,000		654,750
Goldman Sachs Group, Inc. (The) 2.600%, 04/23/20		714,000		718,022
3.500%, 01/23/25		392,000		390,491
3.500%, 11/16/26		600,000		586,570
3.625%, 01/22/23		1,300,000		1,332,678
3.850%, 07/08/24		1,447,000		1,482,207
3.850%, 01/26/27		1,480,000		1,487,218
4.000%, 03/03/24		412,000		427,156
5.375%, 03/15/20		3,126,000		3,388,825
5.750%, 01/24/22		1,000,000		1,124,880
5.950%, 01/18/18		1,600,000		1,652,275
5.950%, 01/15/27		1,000,000		1,141,149
7.500%, 02/15/19		3,000,000		3,292,380
HSBC Bank plc 1.500%, 05/15/18 (144A)		821,000		818,545
4.750%, 01/19/21 (144A)		1,600,000		1,718,002
HSBC Holdings plc 2.650%, 01/05/22 (d)		2,402,000		2,371,408
3.600%, 05/25/23		550,000		558,879
3.900%, 05/25/26 (d)		200,000		202,669
4.041%, 03/13/28 (a) (d)		240,000		242,597
4.250%, 08/18/25		300,000		302,081
4.375%, 11/23/26		1,006,000		1,013,810
HSBC USA, Inc. 1.625%, 01/16/18		500,000		499,686
2.350%, 03/05/20 (d)		538,000		539,389
Huntington Bancshares, Inc. 2.300%, 01/14/22		813,000		792,336
Industrial & Commercial Bank of China, Ltd. 2.351%, 11/13/17		626,000		628,035
2.452%, 10/20/21		750,000		735,053
ING Bank NV 1.650%, 08/15/19 (144A)		300,000		296,268
2.000%, 11/26/18 (144A)		1,000,000		999,315
ING Groep NV 3.950%, 03/29/27		217,000		217,513
KeyCorp 5.100%, 03/24/21 (d)		896,000		977,797
Lloyds Banking Group plc 3.000%, 01/11/22		300,000		298,286
3.750%, 01/11/27		973,000		956,528
4.582%, 12/10/25		400,000		406,269
Macquarie Bank, Ltd. 1.600%, 10/27/17 (144A)		1,220,000		1,220,017
2.600%, 06/24/19 (144A)		979,000		988,694
2.850%, 07/29/20 (144A)		250,000		253,104
4.000%, 07/29/25 (144A)		250,000		259,242
Macquarie Group, Ltd. 6.000%, 01/14/20 (144A) (d)		1,572,000		1,710,322
Manufacturers & Traders Trust Co. 6.625%, 12/04/17		970,000		1,002,448
Banks—(Continued)
Mitsubishi UFJ Financial Group, Inc. 2.527%, 09/13/23		250,000		241,501
Mizuho Bank, Ltd. 1.800%, 03/26/18 (144A)		484,000		484,025
3.600%, 09/25/24 (144A)		950,000		972,152
Morgan Stanley 1.875%, 01/05/18		517,000		517,909
3.625%, 01/20/27		700,000		694,887
3.700%, 10/23/24		500,000		507,186
3.875%, 04/29/24		700,000		720,395
5.000%, 11/24/25		1,269,000		1,362,629
5.500%, 01/26/20		1,430,000		1,551,496
5.500%, 07/28/21		807,000		894,924
5.625%, 09/23/19		3,030,000		3,271,770
5.750%, 01/25/21		2,500,000		2,775,140
5.950%, 12/28/17		1,757,000		1,811,739
National Australia Bank, Ltd. 2.400%, 12/09/19 (144A)		400,000		402,319
Nordea Bank AB 1.625%, 05/15/18 (144A)		1,400,000		1,399,497
4.875%, 01/27/20 (144A)		500,000		534,729
Northern Trust Corp. 3.375%, 08/23/21		300,000		312,074
PNC Financial Services Group, Inc. (The) 4.375%, 08/11/20		650,000		692,635
5.125%, 02/08/20		800,000		864,518
6.700%, 06/10/19		650,000		715,120
Regions Financial Corp. 3.200%, 02/08/21 (d)		268,000		272,536
Royal Bank of Canada 1.200%, 09/19/17		1,000,000		999,810
1.875%, 02/05/20		2,000,000		1,990,138
2.000%, 10/01/18		2,092,000		2,102,232
2.000%, 12/10/18		140,000		140,486
2.200%, 07/27/18		305,000		307,124
Santander Issuances S.A.U. 5.179%, 11/19/25		1,200,000		1,245,080
Skandinaviska Enskilda Banken AB 1.750%, 03/19/18 (144A)		402,000		402,005
Societe Generale S.A. 4.000%, 01/12/27 (144A) (d)		500,000		488,720
Stadshypotek AB 1.875%, 10/02/19 (144A)		1,500,000		1,495,395
Standard Chartered plc 5.200%, 01/26/24 (144A)		1,000,000		1,063,119
State Street Corp. 3.100%, 05/15/23		407,000		409,950
3.700%, 11/20/23		1,608,000		1,683,653
Sumitomo Mitsui Financial Group, Inc. 2.442%, 10/19/21 (d)		318,000		314,257
2.846%, 01/11/22 (d)		900,000		901,503
3.010%, 10/19/26		212,000		202,871
Sumitomo Mitsui Trust Bank, Ltd. 2.050%, 10/18/19 (144A)		1,000,000		992,213
SunTrust Banks, Inc. 2.750%, 05/01/23 (d)		2,000,000		1,975,590

BHFTI-189

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Toronto-Dominion Bank (The) 1.750%, 07/23/18		300,000	$	300,677
2.250%, 11/05/19		255,000		256,696
2.500%, 12/14/20		500,000		504,554
3.625%, 09/15/31 (a)		433,000		424,015
U.S. Bancorp 2.375%, 07/22/26 (d)		1,570,000		1,466,961
U.S. Bank N.A. 2.125%, 10/28/19		350,000		351,653
UBS Group Funding Jersey, Ltd. 2.650%, 02/01/22 (144A)		762,000		747,041
4.125%, 09/24/25 (144A)		300,000		305,076
Wachovia Corp. 5.750%, 02/01/18		500,000		515,712
Wells Fargo & Co. 2.550%, 12/07/20		179,000		179,908
3.300%, 09/09/24		770,000		771,182
3.500%, 03/08/22 (d)		1,900,000		1,968,181
4.100%, 06/03/26		1,291,000		1,318,097
4.600%, 04/01/21		3,470,000		3,730,496
4.650%, 11/04/44		595,000		597,175
4.750%, 12/07/46		383,000		391,280
5.375%, 11/02/43		1,005,000		1,119,180
Wells Fargo Bank N.A. 6.000%, 11/15/17		2,491,000		2,558,307
Westpac Banking Corp. 1.375%, 05/30/18 (144A)		2,000,000		1,994,794
3.350%, 03/08/27		600,000		596,798
4.322%, 11/23/31 (a)		450,000		454,729
				161,589,761
Beverages—0.4%
Anheuser-Busch InBev Finance, Inc. 1.900%, 02/01/19 (d)		310,000		310,449
3.300%, 02/01/23		3,722,000		3,788,293
3.700%, 02/01/24 (d)		1,000,000		1,032,927
Beam Suntory, Inc. 3.250%, 05/15/22		760,000		762,691
Coca-Cola Femsa S.A.B. de C.V. 3.875%, 11/26/23		350,000		359,988
Constellation Brands, Inc. 4.250%, 05/01/23		100,000		105,458
Heineken NV 3.400%, 04/01/22 (144A)		1,339,000		1,381,029
Molson Coors Brewing Co. 3.000%, 07/15/26		375,000		356,600
PepsiCo, Inc. 3.450%, 10/06/46		800,000		723,818
				8,821,253
Biotechnology—0.3%
Amgen, Inc. 3.625%, 05/15/22 (d)		100,000		103,939
3.625%, 05/22/24		873,000		894,666
4.563%, 06/15/48		2,696,000		2,677,524
5.700%, 02/01/19		100,000		106,957
Biotechnology—(Continued)
Baxalta, Inc. 5.250%, 06/23/45		89,000		97,204
Biogen, Inc. 5.200%, 09/15/45		133,000		143,787
Celgene Corp. 3.250%, 08/15/22 (d)		490,000		498,174
3.625%, 05/15/24 (d)		591,000		598,221
3.950%, 10/15/20		500,000		523,473
5.700%, 10/15/40		165,000		182,769
Gilead Sciences, Inc. 2.500%, 09/01/23		79,000		76,433
3.250%, 09/01/22		630,000		643,553
3.500%, 02/01/25		115,000		115,810
3.650%, 03/01/26		115,000		116,044
3.700%, 04/01/24		704,000		723,164
4.000%, 09/01/36		201,000		191,035
				7,692,753
Building Materials—0.1%
Johnson Controls International plc 3.625%, 07/02/24		277,000		282,822
4.950%, 07/02/64		737,000		751,145
5.000%, 03/30/20		635,000		681,733
				1,715,700
Chemicals—0.5%
Agrium, Inc. 3.375%, 03/15/25		87,000		85,861
4.125%, 03/15/35		620,000		594,092
5.250%, 01/15/45		712,000		772,411
Air Liquide Finance S.A. 2.250%, 09/27/23 (144A) (d)		350,000		333,975
CF Industries, Inc. 4.500%, 12/01/26 (144A)		617,000		626,687
7.125%, 05/01/20		1,000,000		1,088,690
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P. 3.400%, 12/01/26 (144A)		339,000		339,340
Dow Chemical Co. (The) 3.000%, 11/15/22		106,000		107,088
4.125%, 11/15/21		106,000		112,469
7.375%, 11/01/29		1,000,000		1,355,183
8.850%, 09/15/21		640,000		784,451
E.I. du Pont de Nemours & Co. 4.150%, 02/15/43		107,000		104,380
Monsanto Co. 4.700%, 07/15/64		100,000		93,556
Mosaic Co. (The) 4.250%, 11/15/23 (d)		1,980,000		2,051,506
5.450%, 11/15/33 (d)		1,163,000		1,219,996
Potash Corp. of Saskatchewan, Inc. 3.000%, 04/01/25 (d)		440,000		418,751
3.250%, 12/01/17		100,000		100,926
Praxair, Inc. 1.250%, 11/07/18 (d)		900,000		896,399
2.650%, 02/05/25		261,000		256,719

BHFTI-190

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
Rohm & Haas Co. 6.000%, 09/15/17		68,000	$	69,339
7.850%, 07/15/29		418,000		581,360
				11,993,179
Commercial Services—0.3%
Ecolab, Inc. 2.250%, 01/12/20		297,000		298,460
3.250%, 01/14/23		700,000		711,831
Equifax, Inc. 2.300%, 06/01/21		211,000		207,768
ERAC USA Finance LLC 3.850%, 11/15/24 (144A)		925,000		942,915
4.500%, 08/16/21 (144A)		1,740,000		1,853,140
7.000%, 10/15/37 (144A)		500,000		631,946
President & Fellows of Harvard College 3.300%, 07/15/56		714,000		659,918
Western Union Co. (The) 3.600%, 03/15/22		995,000		1,002,095
6.200%, 06/21/40		200,000		203,705
				6,511,778
Computers—0.3%
Apple, Inc. 2.150%, 02/09/22 (d)		540,000		534,510
2.400%, 05/03/23		1,679,000		1,650,929
2.450%, 08/04/26 (d)		519,000		490,946
3.000%, 02/09/24		1,347,000		1,358,571
3.350%, 02/09/27		363,000		367,342
3.450%, 02/09/45		625,000		557,089
3.850%, 08/04/46		362,000		345,325
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 4.420%, 06/15/21 (144A)		459,000		479,997
5.450%, 06/15/23 (144A)		542,000		584,825
6.020%, 06/15/26 (144A)		476,000		518,926
Everett Spinco, Inc. 4.250%, 04/15/24 (144A)		310,000		315,216
HP Enterprise Services LLC 7.450%, 10/15/29		700,000		842,409
International Business Machines Corp. 6.500%, 01/15/28 (d)		300,000		380,332
				8,426,417
Distribution/Wholesale—0.0%
WW Grainger, Inc. 4.600%, 06/15/45		190,000		205,046
Diversified Financial Services—1.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.500%, 05/26/22 (d)		468,000		471,568
AIG Global Funding 1.650%, 12/15/17 (144A)		314,000		314,207
Diversified Financial Services—(Continued)
Air Lease Corp. 2.125%, 01/15/20		798,000		791,971
3.000%, 09/15/23		484,000		472,970
3.625%, 04/01/27		100,000		97,195
3.875%, 04/01/21 (d)		300,000		310,995
American Express Credit Corp. 2.125%, 03/18/19 (d)		116,000		116,569
2.250%, 08/15/19		500,000		503,942
2.375%, 05/26/20		500,000		502,672
2.600%, 09/14/20		115,000		116,218
Ameriprise Financial, Inc. 2.875%, 09/15/26 (d)		635,000		610,096
4.000%, 10/15/23		1,380,000		1,463,731
Blackstone Holdings Finance Co. LLC 6.625%, 08/15/19 (144A)		1,200,000		1,321,615
Capital One Bank USA N.A. 3.375%, 02/15/23		600,000		598,784
8.800%, 07/15/19		300,000		342,544
CDP Financial, Inc. 4.400%, 11/25/19 (144A)		600,000		636,994
CME Group, Inc. 3.000%, 03/15/25 (d)		440,000		440,171
GE Capital International Funding Co. 2.342%, 11/15/20		6,696,000		6,724,967
3.373%, 11/15/25 (d)		174,000		178,569
4.418%, 11/15/35		2,521,000		2,662,060
International Lease Finance Corp. 5.875%, 08/15/22		298,000		331,936
8.625%, 01/15/22		850,000		1,040,072
Invesco Finance plc 4.000%, 01/30/24		500,000		524,450
Jefferies Group LLC 4.850%, 01/15/27 (d)		130,000		132,702
5.125%, 01/20/23		300,000		322,380
6.875%, 04/15/21		475,000		542,257
Legg Mason, Inc. 3.950%, 07/15/24 (d)		700,000		705,882
National Rural Utilities Cooperative Finance Corp. 2.950%, 02/07/24 (d)		210,000		210,435
Private Export Funding Corp. 2.800%, 05/15/22		1,000,000		1,030,860
3.550%, 01/15/24		7,383,000		7,863,759
Protective Life Global Funding 1.999%, 09/14/21 (144A)		750,000		723,651
Synchrony Financial 3.700%, 08/04/26		981,000		951,088
TD Ameritrade Holding Corp. 2.950%, 04/01/22		295,000		298,641
				33,355,951
Electric—1.8%
Alabama Power Co. 3.550%, 12/01/23		461,000		482,680
4.150%, 08/15/44		218,000		217,929

BHFTI-191

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Arizona Public Service Co. 2.200%, 01/15/20		142,000	$	142,271
3.350%, 06/15/24		696,000		707,594
4.500%, 04/01/42		200,000		211,823
Baltimore Gas & Electric Co. 5.200%, 06/15/33		1,510,000		1,647,854
Berkshire Hathaway Energy Co. 1.100%, 05/15/17		460,000		459,990
2.400%, 02/01/20 (d)		364,000		366,722
3.750%, 11/15/23		1,736,000		1,814,302
6.125%, 04/01/36		333,000		415,727
CenterPoint Energy Houston Electric LLC 2.250%, 08/01/22		950,000		933,049
Cleveland Electric Illuminating Co. (The) 7.880%, 11/01/17		1,118,000		1,156,952
CMS Energy Corp. 3.875%, 03/01/24		170,000		175,430
8.750%, 06/15/19		885,000		1,010,534
Commonwealth Edison Co. 3.650%, 06/15/46		162,000		151,726
Consumers Energy Co. 4.350%, 08/31/64		191,000		189,667
5.650%, 04/15/20		200,000		221,423
Delmarva Power & Light Co. 4.150%, 05/15/45		500,000		513,113
Dominion Resources, Inc. 2.750%, 01/15/22 (d)		232,000		230,800
2.850%, 08/15/26		183,000		170,879
DTE Electric Co. 3.900%, 06/01/21		1,000,000		1,053,145
5.700%, 10/01/37		300,000		364,825
DTE Energy Co. 3.500%, 06/01/24		449,000		449,954
3.850%, 12/01/23		225,000		232,643
Duke Energy Carolinas LLC 4.300%, 06/15/20		619,000		661,226
6.000%, 01/15/38		600,000		755,640
Duke Energy Indiana LLC 3.750%, 05/15/46		350,000		330,809
Duke Energy Ohio, Inc. 3.800%, 09/01/23 (d)		815,000		858,923
Duke Energy Progress LLC 3.700%, 10/15/46		377,000		360,363
4.100%, 03/15/43		200,000		200,385
4.375%, 03/30/44		247,000		259,000
5.300%, 01/15/19		200,000		212,563
5.700%, 04/01/35		360,000		433,742
Entergy Arkansas, Inc. 3.050%, 06/01/23		765,000		767,596
Entergy Corp. 2.950%, 09/01/26		194,000		183,930
Entergy Louisiana LLC 2.400%, 10/01/26 (d)		414,000		388,143
3.050%, 06/01/31		195,000		184,768
Entergy Mississippi, Inc. 2.850%, 06/01/28		170,000		161,697
Electric—(Continued)
Exelon Corp. 3.497%, 06/01/22		600,000		605,539
Exelon Generation Co. LLC 2.950%, 01/15/20		300,000		304,123
3.400%, 03/15/22 (d)		243,000		244,980
4.000%, 10/01/20		100,000		103,913
6.250%, 10/01/39		160,000		165,919
Florida Power & Light Co. 5.625%, 04/01/34		1,250,000		1,511,118
Fortis, Inc. 3.055%, 10/04/26 (144A)		1,500,000		1,403,154
Indiana Michigan Power Co. 3.200%, 03/15/23		330,000		333,393
Jersey Central Power & Light Co. 6.150%, 06/01/37		200,000		231,890
Kansas City Power & Light Co. 3.150%, 03/15/23		604,000		607,772
5.300%, 10/01/41		315,000		334,720
Massachusetts Electric Co. 4.004%, 08/15/46 (144A)		402,000		391,232
MidAmerican Energy Co. 3.700%, 09/15/23		1,100,000		1,149,524
3.950%, 08/01/47		244,000		243,681
Nevada Power Co. 6.650%, 04/01/36		360,000		475,015
7.125%, 03/15/19 (d)		200,000		220,470
New York State Electric & Gas Corp. 3.250%, 12/01/26 (144A)		284,000		282,518
NextEra Energy Capital Holdings, Inc. 3.625%, 06/15/23		410,000		416,230
Niagara Mohawk Power Corp. 3.508%, 10/01/24 (144A)		305,000		312,165
Northern States Power Co. 6.250%, 06/01/36		200,000		257,895
6.500%, 03/01/28		628,000		780,939
Ohio Power Co. 5.375%, 10/01/21		305,000		339,657
6.600%, 02/15/33		258,000		319,688
Pacific Gas & Electric Co. 4.000%, 12/01/46		204,000		200,377
4.250%, 05/15/21		782,000		832,470
6.050%, 03/01/34		1,200,000		1,502,298
PacifiCorp 3.600%, 04/01/24		315,000		326,962
5.500%, 01/15/19		500,000		532,463
PPL Electric Utilities Corp. 2.500%, 09/01/22		300,000		295,837
4.125%, 06/15/44		208,000		210,541
Progress Energy, Inc. 7.000%, 10/30/31		200,000		263,397
PSEG Power LLC 2.450%, 11/15/18		568,000		571,506
4.300%, 11/15/23 (d)		201,000		210,025
Public Service Co. of Colorado 2.500%, 03/15/23		400,000		391,572

BHFTI-192

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Public Service Co. of New Hampshire 3.500%, 11/01/23		272,000	$	280,088
Public Service Co. of Oklahoma 5.150%, 12/01/19		1,010,000		1,082,288
6.625%, 11/15/37		600,000		769,343
Public Service Electric & Gas Co. 3.800%, 01/01/43		700,000		685,308
Sierra Pacific Power Co. 3.375%, 08/15/23		556,000		569,000
Southern Co. (The) 2.150%, 09/01/19		855,000		854,859
Southern Power Co. 4.950%, 12/15/46 (d)		468,000		462,751
5.150%, 09/15/41		400,000		403,692
Southwestern Public Service Co. 4.500%, 08/15/41		250,000		265,866
State Grid Overseas Investment, Ltd. 1.750%, 05/22/18 (144A)		499,000		497,210
Toledo Edison Co. (The) 6.150%, 05/15/37		400,000		482,080
Tri-State Generation & Transmission Association, Inc. 4.250%, 06/01/46		206,000		196,740
Virginia Electric & Power Co. 2.750%, 03/15/23		400,000		397,440
2.950%, 01/15/22		489,000		498,188
3.450%, 02/15/24		102,000		104,731
4.450%, 02/15/44		126,000		132,936
6.000%, 05/15/37		685,000		850,436
				43,985,756
Electronics—0.2%
Arrow Electronics, Inc. 3.000%, 03/01/18		49,000		49,488
6.000%, 04/01/20		536,000		583,244
6.875%, 06/01/18		300,000		316,051
7.500%, 01/15/27		1,100,000		1,339,511
Koninklijke Philips NV 3.750%, 03/15/22		1,680,000		1,746,451
				4,034,745
Engineering & Construction—0.0%
Fluor Corp. 3.375%, 09/15/21 (d)		550,000		567,408
Environmental Control—0.1%
Republic Services, Inc. 5.500%, 09/15/19		650,000		703,266
Waste Management, Inc. 2.400%, 05/15/23		238,000		233,730
3.125%, 03/01/25		257,000		258,309
3.900%, 03/01/35		88,000		87,397
				1,282,702
Food—0.3%
Danone S.A. 2.589%, 11/02/23 (144A)		1,000,000		967,676
Kraft Heinz Foods Co. 3.950%, 07/15/25		260,000		263,948
6.125%, 08/23/18		700,000		740,170
6.500%, 02/09/40		400,000		480,388
6.875%, 01/26/39		731,000		911,920
Kroger Co. (The) 4.000%, 02/01/24		229,000		237,791
7.500%, 04/01/31		1,140,000		1,523,929
8.000%, 09/15/29		610,000		823,166
Smithfield Foods, Inc. 4.250%, 02/01/27 (144A)		169,000		170,987
Tyson Foods, Inc. 3.950%, 08/15/24 (d)		1,456,000		1,484,782
				7,604,757
Forest Products & Paper—0.1%
International Paper Co. 3.000%, 02/15/27 (d)		429,000		401,071
7.300%, 11/15/39 (d)		350,000		451,813
8.700%, 06/15/38		250,000		358,109
				1,210,993
Gas—0.5%
Atmos Energy Corp. 4.125%, 10/15/44		450,000		451,413
4.150%, 01/15/43		460,000		467,644
8.500%, 03/15/19		200,000		224,662
CenterPoint Energy Resources Corp. 4.500%, 01/15/21 (d)		429,000		451,502
KeySpan Gas East Corp. 2.742%, 08/15/26 (144A)		345,000		329,775
Korea Gas Corp. 1.875%, 07/18/21 (144A)		400,000		386,215
Nisource Finance Corp. 4.800%, 02/15/44		162,000		170,292
6.125%, 03/01/22		1,875,000		2,147,655
6.250%, 12/15/40		200,000		243,101
Sempra Energy 2.875%, 10/01/22 (d)		1,625,000		1,618,672
3.550%, 06/15/24		709,000		718,000
4.050%, 12/01/23		1,054,000		1,098,415
Southern Co. Gas Capital Corp. 2.450%, 10/01/23		172,000		164,974
3.500%, 09/15/21		1,000,000		1,031,013
3.950%, 10/01/46		212,000		192,373
4.400%, 06/01/43		375,000		368,817
6.000%, 10/01/34		1,000,000		1,148,965
Southwest Gas Corp. 3.800%, 09/29/46		332,000		306,004
				11,519,492

BHFTI-193

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Products—0.2%
Abbott Laboratories 3.400%, 11/30/23		464,000	$	468,795
Becton Dickinson & Co. 2.675%, 12/15/19		127,000		128,809
3.734%, 12/15/24		85,000		87,497
Medtronic, Inc. 3.125%, 03/15/22		398,000		407,113
3.150%, 03/15/22		377,000		388,007
4.375%, 03/15/35		895,000		938,242
Stryker Corp. 4.100%, 04/01/43		600,000		570,526
Thermo Fisher Scientific, Inc. 2.950%, 09/19/26 (d)		286,000		272,306
3.150%, 01/15/23		1,066,000		1,068,076
4.150%, 02/01/24		515,000		540,473
				4,869,844
Healthcare-Services—0.3%
Aetna, Inc. 2.800%, 06/15/23		269,000		266,802
6.625%, 06/15/36		297,000		385,433
Anthem, Inc. 2.300%, 07/15/18		751,000		754,341
3.500%, 08/15/24		1,035,000		1,041,481
4.650%, 08/15/44		324,000		328,887
5.950%, 12/15/34		272,000		315,472
Laboratory Corp. of America Holdings 3.200%, 02/01/22		682,000		685,090
Providence St. Joseph Health Obligated Group 2.746%, 10/01/26		210,000		200,086
Quest Diagnostics, Inc. 3.450%, 06/01/26		140,000		137,895
4.750%, 01/30/20		400,000		427,781
Roche Holdings, Inc. 3.350%, 09/30/24 (144A)		660,000		678,221
Texas Health Resources 4.330%, 11/15/55		250,000		253,905
UnitedHealth Group, Inc. 2.875%, 03/15/23		250,000		250,736
4.625%, 07/15/35		320,000		348,874
5.800%, 03/15/36		675,000		832,569
				6,907,573
Holding Companies-Diversified—0.0%
Hutchison Whampoa International 11, Ltd. 4.625%, 01/13/22 (144A)		1,100,000		1,186,967
Household Products/Wares—0.0%
Kimberly-Clark Corp. 2.400%, 06/01/23		600,000		592,136
Insurance—1.2%
AIG SunAmerica Global Financing X 6.900%, 03/15/32 (144A)		1,000,000		1,292,880
Insurance—(Continued)
Allstate Corp. (The) 3.150%, 06/15/23 (d)		407,000		413,542
American International Group, Inc. 3.875%, 01/15/35		259,000		236,663
4.125%, 02/15/24		868,000		890,367
Aon plc 3.500%, 06/14/24		935,000		933,524
Arch Capital Finance LLC 5.031%, 12/15/46		306,000		327,287
Berkshire Hathaway Finance Corp. 4.300%, 05/15/43		831,000		853,251
Berkshire Hathaway, Inc. 2.750%, 03/15/23		627,000		627,156
3.000%, 02/11/23		1,000,000		1,018,151
Chubb INA Holdings, Inc. 2.700%, 03/13/23		400,000		396,934
2.875%, 11/03/22		260,000		262,024
3.150%, 03/15/25		131,000		131,237
3.350%, 05/15/24		435,000		444,160
CNA Financial Corp. 6.950%, 01/15/18		550,000		571,460
7.350%, 11/15/19		500,000		563,952
Dai-ichi Life Insurance Co., Ltd. (The) 4.000%, 07/24/26 (144A) (a)		759,000		739,076
Guardian Life Insurance Co. of America (The) 4.850%, 01/24/77 (144A)		156,000		152,173
Jackson National Life Global Funding 3.050%, 04/29/26 (144A)		300,000		290,122
3.250%, 01/30/24 (144A)		460,000		462,531
Liberty Mutual Group, Inc. 4.950%, 05/01/22 (144A)		700,000		760,546
Liberty Mutual Insurance Co. 7.875%, 10/15/26 (144A)		500,000		632,236
8.500%, 05/15/25 (144A)		300,000		382,660
Lincoln National Corp. 4.200%, 03/15/22		350,000		369,405
6.250%, 02/15/20		800,000		881,750
Manulife Financial Corp. 4.061%, 02/24/32 (a) (d)		950,000		951,763
Marsh & McLennan Cos., Inc. 2.350%, 03/06/20		453,000		454,966
2.750%, 01/30/22 (d)		58,000		58,327
3.500%, 03/10/25		621,000		629,544
Massachusetts Mutual Life Insurance Co. 5.625%, 05/15/33 (144A)		720,000		841,506
7.625%, 11/15/23 (144A)		550,000		657,097
MassMutual Global Funding II 5.250%, 07/31/18 (144A)		880,000		919,735
Nationwide Mutual Insurance Co. 8.250%, 12/01/31 (144A)		1,000,000		1,406,362
9.375%, 08/15/39 (144A)		200,000		320,498
New York Life Global Funding 1.550%, 11/02/18 (144A) (d)		317,000		316,464
Pacific Life Insurance Co. 9.250%, 06/15/39 (144A)		850,000		1,321,255

BHFTI-194

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Pricoa Global Funding I 1.600%, 05/29/18 (144A)		1,678,000	$	1,677,154
Principal Financial Group, Inc. 3.125%, 05/15/23		250,000		250,382
Progressive Corp. (The) 2.450%, 01/15/27		600,000		562,372
Prudential Insurance Co. of America (The) 8.300%, 07/01/25 (144A)		2,150,000		2,804,191
Reliance Standard Life Global Funding II 2.500%, 01/15/20 (144A)		240,000		239,868
3.050%, 01/20/21 (144A)		149,000		150,239
Voya Financial, Inc. 3.650%, 06/15/26 (d)		150,000		147,776
XLIT, Ltd. 6.375%, 11/15/24		921,000		1,074,709
				28,417,295
Internet—0.2%
Amazon.com, Inc. 3.800%, 12/05/24 (d)		1,020,000		1,080,014
4.800%, 12/05/34		815,000		902,460
eBay, Inc. 2.600%, 07/15/22		1,990,000		1,962,176
4.000%, 07/15/42		700,000		595,131
				4,539,781
Iron/Steel—0.1%
Nucor Corp. 4.000%, 08/01/23		1,049,000		1,108,926
6.400%, 12/01/37		250,000		317,847
Vale Overseas, Ltd. 6.250%, 08/10/26		382,000		414,948
6.875%, 11/21/36 (d)		750,000		806,325
				2,648,046
Machinery-Construction & Mining—0.1%
Caterpillar Financial Services Corp. 2.750%, 08/20/21		360,000		362,355
3.250%, 12/01/24 (d)		393,000		399,172
3.750%, 11/24/23		769,000		809,525
7.150%, 02/15/19		1,000,000		1,094,942
				2,665,994
Machinery-Diversified—0.1%
Deere & Co. 8.100%, 05/15/30		600,000		867,070
Roper Technologies, Inc. 3.000%, 12/15/20		125,000		127,349
3.800%, 12/15/26 (d)		188,000		188,825
Xylem, Inc. 3.250%, 11/01/26		118,000		116,521
4.375%, 11/01/46		160,000		158,472
				1,458,237
Media—1.0%
21st Century Fox America, Inc. 3.700%, 10/15/25 (d)		700,000		709,682
6.150%, 02/15/41		500,000		597,042
6.550%, 03/15/33		370,000		450,172
6.900%, 03/01/19		900,000		979,256
CBS Corp. 3.700%, 08/15/24		874,000		885,143
4.850%, 07/01/42		255,000		256,507
4.900%, 08/15/44		135,000		136,884
5.900%, 10/15/40		125,000		143,138
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.464%, 07/23/22		337,000		355,377
4.908%, 07/23/25		337,000		356,097
6.384%, 10/23/35		275,000		312,607
6.834%, 10/23/55		400,000		464,762
Comcast Corp. 4.200%, 08/15/34		556,000		566,926
4.250%, 01/15/33		1,880,000		1,935,599
6.500%, 11/15/35		308,000		392,900
COX Communications, Inc. 3.250%, 12/15/22 (144A)		1,010,000		991,983
4.800%, 02/01/35 (144A) (d)		1,100,000		1,035,729
Discovery Communications LLC 3.300%, 05/15/22		625,000		622,519
4.375%, 06/15/21		1,240,000		1,306,466
Grupo Televisa S.A.B. 6.125%, 01/31/46		200,000		210,473
Historic TW, Inc. 6.625%, 05/15/29		113,000		137,843
9.150%, 02/01/23		450,000		577,336
NBCUniversal Enterprise, Inc. 1.974%, 04/15/19 (144A)		1,000,000		1,002,261
NBCUniversal Media LLC 2.875%, 01/15/23 (d)		1,000,000		1,002,762
Sky plc 3.750%, 09/16/24 (144A)		431,000		435,340
TCI Communications, Inc. 7.125%, 02/15/28		801,000		1,046,494
Thomson Reuters Corp. 3.950%, 09/30/21		2,252,000		2,349,487
5.850%, 04/15/40		100,000		111,589
Time Warner Cable LLC 4.125%, 02/15/21		1,300,000		1,352,432
Time Warner, Inc. 3.550%, 06/01/24		2,970,000		2,974,770
Viacom, Inc. 3.250%, 03/15/23 (d)		222,000		216,493
3.875%, 04/01/24 (d)		380,000		380,864
4.850%, 12/15/34		420,000		406,334
6.875%, 04/30/36		348,000		399,197
Walt Disney Co. (The) 1.850%, 07/30/26 (d)		156,000		141,386
3.000%, 07/30/46		60,000		50,531
				25,294,381

BHFTI-195

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Mining—0.2%
BHP Billiton Finance USA, Ltd. 2.875%, 02/24/22		157,000	$	159,423
3.850%, 09/30/23		1,000,000		1,061,939
5.000%, 09/30/43		414,000		463,616
Freeport-McMoRan, Inc. 3.550%, 03/01/22 (d)		650,000		602,875
Placer Dome, Inc. 6.450%, 10/15/35		700,000		811,466
Rio Tinto Finance USA plc 3.500%, 03/22/22		222,000		231,187
Vale Canada, Ltd. 7.200%, 09/15/32		500,000		516,250
				3,846,756
Miscellaneous Manufacturing—0.3%
Eaton Corp. 6.950%, 03/20/19		282,000		308,414
General Electric Co. 3.100%, 01/09/23		287,000		294,988
3.375%, 03/11/24 (d)		393,000		407,037
4.375%, 09/16/20		1,060,000		1,139,305
5.500%, 01/08/20		616,000		675,128
6.000%, 08/07/19		673,000		739,245
6.750%, 03/15/32		516,000		695,763
Illinois Tool Works, Inc. 1.950%, 03/01/19		252,000		253,767
Ingersoll-Rand Global Holding Co., Ltd. 2.875%, 01/15/19		400,000		406,570
Ingersoll-Rand Luxembourg Finance S.A. 2.625%, 05/01/20		320,000		322,989
Parker-Hannifin Corp. 3.300%, 11/21/24		143,000		145,408
4.100%, 03/01/47 (144A) (d)		250,000		251,501
4.450%, 11/21/44		333,000		351,530
Siemens Financieringsmaatschappij NV 3.125%, 03/16/24 (144A)		500,000		503,576
3.300%, 09/15/46 (144A) (d)		350,000		304,539
6.125%, 08/17/26 (144A)		800,000		975,153
Textron, Inc. 3.650%, 03/15/27		342,000		339,641
				8,114,554
Multi-National—0.1%
African Development Bank 8.800%, 09/01/19		1,275,000		1,477,549
Oil & Gas—2.1%
Alberta Energy Co., Ltd. 8.125%, 09/15/30		200,000		254,366
Anadarko Finance Co. 7.500%, 05/01/31		805,000		1,022,344
Anadarko Holding Co. 7.150%, 05/15/28		949,000		1,140,537
Anadarko Petroleum Corp. 8.700%, 03/15/19 (d)		1,600,000		1,794,792
Oil & Gas—(Continued)
Apache Corp. 3.250%, 04/15/22		870,000		874,464
5.100%, 09/01/40		650,000		668,812
BP Capital Markets plc 1.375%, 11/06/17		500,000		499,539
1.375%, 05/10/18		518,000		516,580
3.017%, 01/16/27 (d)		105,000		100,781
3.224%, 04/14/24		1,000,000		1,000,984
3.245%, 05/06/22		1,475,000		1,506,690
3.535%, 11/04/24 (d)		300,000		303,589
3.588%, 04/14/27		550,000		553,704
3.814%, 02/10/24 (d)		650,000		673,848
Canadian Natural Resources, Ltd. 1.750%, 01/15/18		500,000		499,896
3.900%, 02/01/25 (d)		512,000		516,161
5.850%, 02/01/35		150,000		161,634
6.450%, 06/30/33		200,000		226,561
Cenovus Energy, Inc. 3.000%, 08/15/22		660,000		650,743
6.750%, 11/15/39		600,000		684,291
Chevron Corp. 2.355%, 12/05/22		690,000		682,380
2.411%, 03/03/22		500,000		499,108
2.895%, 03/03/24		537,000		538,315
3.191%, 06/24/23 (d)		425,000		435,182
CNOOC Finance 2013, Ltd. 3.000%, 05/09/23		848,000		827,461
CNOOC Finance 2015 Australia Pty, Ltd. 2.625%, 05/05/20		393,000		391,414
ConocoPhillips Holding Co. 6.950%, 04/15/29		700,000		904,500
Devon Energy Corp. 4.000%, 07/15/21 (d)		300,000		309,591
Ecopetrol S.A. 4.125%, 01/16/25 (d)		433,000		419,361
5.875%, 09/18/23		282,000		305,618
Encana Corp. 6.500%, 08/15/34		150,000		168,785
7.200%, 11/01/31		400,000		476,647
Eni USA, Inc. 7.300%, 11/15/27		480,000		596,644
EOG Resources, Inc. 4.100%, 02/01/21		880,000		928,772
5.100%, 01/15/36		314,000		338,196
Exxon Mobil Corp. 2.397%, 03/06/22		523,000		523,095
2.726%, 03/01/23 (d)		422,000		423,318
4.114%, 03/01/46		440,000		452,338
Hess Corp. 6.000%, 01/15/40		600,000		616,720
7.125%, 03/15/33		400,000		458,818
Korea National Oil Corp. 3.125%, 04/03/17 (144A)		426,000		426,000
Marathon Oil Corp. 2.800%, 11/01/22 (d)		900,000		864,735
6.600%, 10/01/37 (d)		200,000		226,940

BHFTI-196

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Marathon Petroleum Corp. 3.625%, 09/15/24		371,000	$	365,259
Nabors Industries, Inc. 4.625%, 09/15/21		1,975,000		1,992,281
5.000%, 09/15/20 (d)		300,000		310,313
Noble Energy, Inc. 4.150%, 12/15/21 (d)		500,000		524,627
5.050%, 11/15/44		360,000		368,130
5.625%, 05/01/21		218,000		224,596
Noble Holding International, Ltd. 5.750%, 03/16/18 (d)		48,000		48,720
Occidental Petroleum Corp. 3.000%, 02/15/27		350,000		336,705
Petro-Canada 5.950%, 05/15/35		210,000		246,065
9.250%, 10/15/21		243,000		306,133
Petroleos Mexicanos 4.250%, 01/15/25		326,000		313,938
4.500%, 01/23/26 (d)		1,169,000		1,120,486
4.625%, 09/21/23 (d)		800,000		804,600
4.875%, 01/18/24 (d)		317,000		319,853
5.625%, 01/23/46		738,000		659,846
6.375%, 01/23/45		918,000		895,252
6.500%, 03/13/27 (144A)		742,000		798,206
6.750%, 09/21/47 (d)		716,000		726,310
Shell International Finance B.V. 2.875%, 05/10/26 (d)		1,509,000		1,467,321
3.400%, 08/12/23		420,000		432,022
3.750%, 09/12/46		806,000		741,202
4.000%, 05/10/46		1,585,000		1,517,191
4.300%, 09/22/19		800,000		845,869
6.375%, 12/15/38		600,000		773,128
Sinopec Group Overseas Development 2013, Ltd. 4.375%, 10/17/23 (144A)		1,246,000		1,317,990
Statoil ASA 1.150%, 05/15/18		389,000		387,179
2.650%, 01/15/24 (d)		393,000		385,932
3.250%, 11/10/24		399,000		402,586
6.700%, 01/15/18		180,000		187,098
7.250%, 09/23/27		1,040,000		1,381,906
Suncor Energy, Inc. 3.600%, 12/01/24		678,000		687,434
5.950%, 12/01/34		668,000		788,104
6.100%, 06/01/18		1,070,000		1,126,226
Tosco Corp. 7.800%, 01/01/27		900,000		1,180,466
Total Capital International S.A. 2.700%, 01/25/23		815,000		808,195
3.700%, 01/15/24		654,000		679,669
Transocean, Inc. 4.250%, 10/15/17		700,000		703,500
Valero Energy Corp. 7.500%, 04/15/32		180,000		228,785
				51,867,377
Oil & Gas Services—0.1%
Halliburton Co. 4.850%, 11/15/35		270,000		285,088
6.750%, 02/01/27		650,000		763,664
7.450%, 09/15/39		200,000		268,909
8.750%, 02/15/21		350,000		424,021
Schlumberger Investment S.A. 2.400%, 08/01/22 (144A)		600,000		587,588
3.300%, 09/14/21 (144A)		650,000		669,753
3.650%, 12/01/23		614,000		640,440
				3,639,463
Pharmaceuticals—0.7%
AbbVie, Inc. 2.850%, 05/14/23		200,000		196,220
3.200%, 11/06/22 (d)		556,000		562,256
3.600%, 05/14/25		1,787,000		1,787,338
4.300%, 05/14/36		27,000		26,167
4.500%, 05/14/35		2,340,000		2,323,868
Actavis Funding SCS 3.850%, 06/15/24		1,038,000		1,058,603
4.550%, 03/15/35		652,000		653,772
Allergan, Inc. 2.800%, 03/15/23		172,000		166,134
3.375%, 09/15/20		474,000		486,536
Bayer U.S. Finance LLC 2.375%, 10/08/19 (144A)		423,000		425,903
3.375%, 10/08/24 (144A)		472,000		474,460
Cardinal Health, Inc. 3.750%, 09/15/25 (d)		150,000		154,574
Express Scripts Holding Co. 3.000%, 07/15/23		900,000		869,944
3.500%, 06/15/24		300,000		295,479
4.800%, 07/15/46		156,000		149,462
Forest Laboratories LLC 5.000%, 12/15/21 (144A)		1,504,000		1,629,781
Mead Johnson Nutrition Co. 4.125%, 11/15/25		89,000		93,248
Medco Health Solutions, Inc. 4.125%, 09/15/20		800,000		837,887
Merck & Co., Inc. 2.350%, 02/10/22		343,000		342,895
2.800%, 05/18/23		625,000		627,553
3.700%, 02/10/45		60,000		57,008
Mylan NV 5.250%, 06/15/46 (d)		223,000		228,362
Mylan, Inc. 3.125%, 01/15/23 (144A)		300,000		291,031
Novartis Capital Corp. 3.400%, 05/06/24		863,000		890,682
Pfizer, Inc. 3.000%, 12/15/26 (d)		450,000		445,564
Sanofi 1.250%, 04/10/18		157,000		156,804
Shire Acquisitions Investments Ireland DAC 2.875%, 09/23/23 (d)		445,000		431,794

BHFTI-197

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—(Continued)
Teva Pharmaceutical Finance Netherlands B.V. 2.800%, 07/21/23		1,137,000	$	1,079,933
4.100%, 10/01/46 (d)		60,000		51,684
Zoetis, Inc. 1.875%, 02/01/18		93,000		93,053
4.700%, 02/01/43		26,000		26,493
				16,914,488
Pipelines—1.2%
ANR Pipeline Co. 7.375%, 02/15/24		226,000		272,015
APT Pipelines, Ltd. 4.250%, 07/15/27 (144A)		687,000		696,166
Boardwalk Pipelines L.P. 4.450%, 07/15/27		132,000		133,362
4.950%, 12/15/24 (d)		833,000		877,237
5.950%, 06/01/26		191,000		211,508
Buckeye Partners L.P. 2.650%, 11/15/18		400,000		401,915
3.950%, 12/01/26 (d)		111,000		108,712
4.875%, 02/01/21		600,000		636,506
5.850%, 11/15/43		575,000		596,634
Enbridge, Inc. 5.500%, 12/01/46		350,000		372,118
Energy Transfer Partners L.P. 3.600%, 02/01/23		114,000		113,311
4.050%, 03/15/25		273,000		269,937
4.200%, 04/15/27		308,000		304,300
4.900%, 02/01/24		244,000		253,522
6.050%, 06/01/41		1,167,000		1,208,011
6.500%, 02/01/42		134,000		144,659
EnLink Midstream Partners L.P. 4.150%, 06/01/25		261,000		257,860
Enterprise Products Operating LLC 3.350%, 03/15/23		417,000		420,492
3.750%, 02/15/25		515,000		517,938
3.900%, 02/15/24		662,000		677,544
4.950%, 10/15/54		179,000		178,463
5.100%, 02/15/45		379,000		395,853
6.875%, 03/01/33		150,000		184,386
Gulf South Pipeline Co. L.P. 4.000%, 06/15/22		900,000		917,292
Magellan Midstream Partners L.P. 4.200%, 12/01/42		269,000		244,981
4.250%, 02/01/21		659,000		695,324
5.150%, 10/15/43		401,000		420,646
6.400%, 07/15/18		1,420,000		1,497,812
MPLX L.P. 4.875%, 12/01/24		529,000		556,475
5.200%, 03/01/47		215,000		216,347
ONEOK Partners L.P. 3.200%, 09/15/18		145,000		147,023
3.375%, 10/01/22		44,000		44,041
4.900%, 03/15/25 (d)		1,000,000		1,058,550
5.000%, 09/15/23		96,000		102,913
6.650%, 10/01/36		950,000		1,105,714
Pipelines—(Continued)
Phillips 66 Partners L.P. 3.550%, 10/01/26		117,000		111,753
4.900%, 10/01/46		255,000		242,788
Plains All American Pipeline L.P. / PAA Finance Corp. 2.850%, 01/31/23		975,000		934,631
3.600%, 11/01/24		900,000		871,171
3.650%, 06/01/22		176,000		178,451
4.900%, 02/15/45		814,000		762,590
Southern Natural Gas Co. LLC 4.800%, 03/15/47 (144A)		244,000		246,609
8.000%, 03/01/32		210,000		280,091
Spectra Energy Capital LLC 3.300%, 03/15/23		308,000		304,374
5.650%, 03/01/20		2,200,000		2,354,671
6.750%, 07/15/18 (d)		218,000		230,235
8.000%, 10/01/19		1,000,000		1,129,498
Sunoco Logistics Partners Operations L.P. 3.900%, 07/15/26		117,000		113,045
4.250%, 04/01/24		233,000		237,193
4.400%, 04/01/21 (d)		270,000		284,134
4.950%, 01/15/43		394,000		360,369
5.300%, 04/01/44		200,000		194,139
5.350%, 05/15/45		633,000		617,522
6.100%, 02/15/42		500,000		519,736
TransCanada PipeLines, Ltd. 2.500%, 08/01/22		350,000		344,672
3.750%, 10/16/23		910,000		945,525
7.125%, 01/15/19		490,000		533,048
7.250%, 08/15/38		200,000		270,666
Western Gas Partners L.P. 4.650%, 07/01/26		280,000		288,376
5.450%, 04/01/44		178,000		182,852
Williams Partners L.P. / ACMP Finance Corp. 4.875%, 05/15/23		700,000		722,750
				29,500,456
Real Estate—0.1%
Goodman Australia Industrial Fund Bond Issuer Pty, Ltd. 3.400%, 09/30/26 (144A)		632,000		612,703
Ontario Teachers’ Cadillac Fairview Properties Trust 3.125%, 03/20/22 (144A)		579,000		585,102
3.875%, 03/20/27 (144A) (d)		603,000		611,760
ProLogis L.P. 3.750%, 11/01/25		89,000		90,950
4.250%, 08/15/23		114,000		121,165
				2,021,680
Real Estate Investment Trusts—0.8%
American Tower Corp. 2.250%, 01/15/22		500,000		482,520
3.375%, 10/15/26 (d)		287,000		273,637
3.500%, 01/31/23		790,000		794,671

BHFTI-198

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
AvalonBay Communities, Inc. 2.850%, 03/15/23 (d)		400,000	$	394,948
2.900%, 10/15/26 (d)		165,000		156,997
3.900%, 10/15/46 (d)		150,000		140,113
Boston Properties L.P. 2.750%, 10/01/26		300,000		276,129
3.800%, 02/01/24		500,000		512,117
3.850%, 02/01/23		800,000		829,134
Brixmor Operating Partnership L.P. 3.850%, 02/01/25		500,000		493,459
Crown Castle International Corp. 4.000%, 03/01/27 (d)		166,000		167,040
4.875%, 04/15/22		835,000		898,205
Duke Realty L.P. 4.375%, 06/15/22		1,128,000		1,199,008
Equity Commonwealth 5.875%, 09/15/20		800,000		858,752
ERP Operating L.P. 2.375%, 07/01/19 (d)		538,000		541,490
2.850%, 11/01/26 (d)		230,000		216,856
4.625%, 12/15/21		150,000		161,705
4.750%, 07/15/20		578,000		618,369
HCP, Inc. 3.400%, 02/01/25		303,000		293,715
3.875%, 08/15/24		1,986,000		1,997,084
Hospitality Properties Trust 4.500%, 06/15/23		225,000		232,715
4.950%, 02/15/27 (d)		353,000		362,465
Kimco Realty Corp. 3.800%, 04/01/27		600,000		597,404
Liberty Property L.P. 3.250%, 10/01/26		199,000		190,752
National Retail Properties, Inc. 3.600%, 12/15/26		453,000		446,933
Realty Income Corp. 3.000%, 01/15/27 (d)		410,000		384,565
4.650%, 03/15/47		225,000		230,181
Scentre Group Trust 1 / Scentre Group Trust 2 3.500%, 02/12/25 (144A) (d)		720,000		719,608
Simon Property Group L.P. 2.750%, 02/01/23 (d)		200,000		197,453
4.375%, 03/01/21		1,185,000		1,261,706
UDR, Inc. 2.950%, 09/01/26		233,000		217,543
Ventas Realty L.P. 3.500%, 02/01/25		197,000		192,824
3.750%, 05/01/24		147,000		147,653
3.850%, 04/01/27		369,000		366,111
Ventas Realty L.P. / Ventas Capital Corp. 4.250%, 03/01/22		500,000		526,553
VEREIT Operating Partnership L.P. 4.600%, 02/06/24		960,000		988,800
Welltower, Inc. 4.000%, 06/01/25		300,000		304,078
4.500%, 01/15/24		1,024,000		1,077,427
5.250%, 01/15/22		600,000		657,746
				20,408,466
Retail—0.5%
Advance Auto Parts, Inc. 4.500%, 01/15/22		1,001,000		1,051,520
CVS Health Corp. 2.125%, 06/01/21		509,000		499,268
5.300%, 12/05/43		303,000		338,723
CVS Pass-Through Trust 5.773%, 01/10/33 (144A)		819,040		918,530
6.204%, 10/10/25 (144A)		693,283		774,811
8.353%, 07/10/31 (144A)		164,332		211,505
Home Depot, Inc. (The) 2.125%, 09/15/26 (d)		193,000		179,090
2.625%, 06/01/22		700,000		705,712
3.500%, 09/15/56		134,000		116,982
3.750%, 02/15/24		586,000		620,864
4.200%, 04/01/43		207,000		213,296
4.400%, 03/15/45		143,000		151,636
Lowe’s Cos., Inc. 3.120%, 04/15/22		900,000		928,657
3.125%, 09/15/24		276,000		281,065
Macy’s Retail Holdings, Inc. 2.875%, 02/15/23 (d)		450,000		419,800
3.625%, 06/01/24 (d)		559,000		533,661
4.375%, 09/01/23 (d)		154,000		152,909
4.500%, 12/15/34		272,000		236,451
6.375%, 03/15/37 (d)		357,000		363,094
6.700%, 07/15/34		148,000		152,933
McDonald’s Corp. 4.700%, 12/09/35		84,000		88,020
6.300%, 10/15/37		152,000		189,186
Target Corp. 3.500%, 07/01/24 (d)		484,000		495,653
Wal-Mart Stores, Inc. 3.300%, 04/22/24		575,000		597,083
Walgreen Co. 4.400%, 09/15/42		200,000		192,647
Walgreens Boots Alliance, Inc. 3.100%, 06/01/23		897,000		895,760
4.500%, 11/18/34		349,000		348,480
				11,657,336
Savings & Loans—0.0%
Nationwide Building Society 2.450%, 07/27/21 (144A)		200,000		197,646
4.000%, 09/14/26 (144A)		449,000		434,686
				632,332
Semiconductors—0.2%
Analog Devices, Inc. 3.125%, 12/05/23		293,000		291,584
4.500%, 12/05/36		136,000		135,365
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.625%, 01/15/24 (144A)		1,205,000		1,213,881
3.875%, 01/15/27 (144A)		1,121,000		1,126,910

BHFTI-199

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Semiconductors—(Continued)
Intel Corp. 3.700%, 07/29/25		260,000	$	271,825
4.000%, 12/15/32 (d)		1,000,000		1,048,831
				4,088,396
Software—0.4%
Microsoft Corp. 2.400%, 08/08/26		400,000		378,468
2.875%, 02/06/24		1,252,000		1,260,044
3.300%, 02/06/27		502,000		509,704
3.500%, 02/12/35 (d)		296,000		284,795
3.625%, 12/15/23		—		0
3.950%, 08/08/56		180,000		168,222
4.000%, 02/12/55		310,000		292,722
4.100%, 02/06/37		924,000		953,615
4.500%, 02/06/57		810,000		833,883
Oracle Corp. 2.500%, 10/15/22		3,410,000		3,392,773
3.850%, 07/15/36		800,000		781,663
3.900%, 05/15/35		230,000		227,127
4.300%, 07/08/34		1,676,000		1,739,636
				10,822,652
Telecommunications—1.7%
America Movil S.A.B. de C.V. 3.125%, 07/16/22 (d)		1,600,000		1,612,075
AT&T, Inc. 3.000%, 06/30/22		841,000		836,623
3.600%, 02/17/23		6,922,000		7,010,609
3.950%, 01/15/25		213,000		214,797
4.450%, 04/01/24		227,000		237,899
4.500%, 05/15/35		1,000,000		944,027
4.550%, 03/09/49		149,000		132,833
4.750%, 05/15/46		296,000		276,194
5.350%, 09/01/40		726,000		745,953
6.150%, 09/15/34 (d)		415,000		459,958
6.300%, 01/15/38		200,000		229,816
6.350%, 03/15/40 (d)		530,000		602,011
6.375%, 03/01/41		300,000		342,740
6.500%, 09/01/37		650,000		763,176
Cisco Systems, Inc. 3.000%, 06/15/22		278,000		284,258
3.625%, 03/04/24		700,000		736,072
5.900%, 02/15/39		900,000		1,149,548
Crown Castle Towers LLC 6.113%, 01/15/20 (144A)		1,000,000		1,082,763
Deutsche Telekom International Finance B.V. 3.600%, 01/19/27 (144A)		480,000		477,901
8.750%, 06/15/30		500,000		728,825
Orange S.A. 9.000%, 03/01/31		400,000		588,942
Qwest Corp. 6.875%, 09/15/33 (d)		587,000		584,511
Rogers Communications, Inc. 4.100%, 10/01/23 (d)		736,000		774,530
8.750%, 05/01/32		940,000		1,291,915
Telecommunications—(Continued)
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		1,869,000		1,864,327
Telefonica Emisiones S.A.U. 3.192%, 04/27/18		210,000		212,729
4.103%, 03/08/27		588,000		592,150
5.134%, 04/27/20		551,000		593,504
5.213%, 03/08/47		547,000		553,708
Verizon Communications, Inc. 2.946%, 03/15/22 (144A)		1,712,000		1,705,185
3.000%, 11/01/21		1,500,000		1,506,057
3.450%, 03/15/21		534,000		548,479
4.125%, 03/16/27		400,000		406,776
4.400%, 11/01/34		1,263,000		1,195,167
4.522%, 09/15/48		369,000		334,303
4.672%, 03/15/55		339,000		302,727
4.812%, 03/15/39 (144A)		4,185,000		4,076,098
4.862%, 08/21/46		1,516,000		1,457,481
5.012%, 08/21/54		204,000		193,530
5.050%, 03/15/34		1,124,000		1,142,985
5.250%, 03/16/37		548,000		566,561
Vodafone Group plc 1.500%, 02/19/18		300,000		299,496
6.150%, 02/27/37		500,000		574,794
				40,234,033
Transportation—0.4%
Burlington Northern Santa Fe LLC 3.050%, 09/01/22		300,000		306,768
7.950%, 08/15/30		1,185,000		1,682,026
Burlington Northern, Inc. 8.750%, 02/25/22		812,000		1,029,771
Canadian Pacific Railway Co. 4.500%, 01/15/22		300,000		321,787
6.125%, 09/15/15		100,000		120,700
6.500%, 05/15/18		680,000		714,264
7.125%, 10/15/31		872,000		1,177,068
CSX Corp. 6.000%, 10/01/36		300,000		364,302
7.900%, 05/01/17		1,000,000		1,004,494
FedEx Corp. 3.900%, 02/01/35		382,000		367,160
4.100%, 04/15/43		100,000		92,518
Norfolk Southern Corp. 3.850%, 01/15/24		679,000		710,929
7.050%, 05/01/37		150,000		200,270
Ryder System, Inc. 2.450%, 09/03/19		555,000		557,908
3.500%, 06/01/17		485,000		486,429
Union Pacific Corp. 3.750%, 03/15/24		650,000		683,577
				9,819,971

BHFTI-200

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Trucking & Leasing—0.1%
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.500%, 06/15/19 (144A)		175,000	$	175,992
2.875%, 07/17/18 (144A)		80,000		81,016
3.375%, 02/01/22 (144A)		848,000		860,459
4.250%, 01/17/23 (144A) (d)		948,000		987,640
				2,105,107
Water—0.1%
American Water Capital Corp. 3.400%, 03/01/25		319,000		327,263
3.850%, 03/01/24		1,130,000		1,186,827
				1,514,090
Total Corporate Bonds & Notes (Cost $652,474,126)				643,228,034
Asset-Backed Securities—8.7%
Asset-Backed - Automobile—2.3%
Ally Auto Receivables Trust 1.240%, 11/15/18		213,213		213,190
American Credit Acceptance Receivables Trust 1.500%, 06/12/20 (144A)		1,913,300		1,910,358
1.700%, 11/12/20 (144A)		576,642		575,885
1.720%, 06/15/20 (144A)		1,176,000		1,176,441
2.910%, 02/13/23 (144A)		977,000		979,332
4.260%, 08/12/22 (144A)		867,000		880,573
AmeriCredit Automobile Receivables Trust 1.420%, 10/08/19		1,453,021		1,452,996
1.600%, 11/09/20		274,000		273,718
1.830%, 12/08/21		750,000		742,327
2.300%, 02/18/22		785,000		784,412
2.710%, 08/18/22		421,000		422,653
3.130%, 01/18/23		945,000		944,667
Carfinance Capital Auto Trust 1.440%, 11/16/20 (144A)		679,210		678,667
1.750%, 06/15/21 (144A)		362,087		362,209
2.720%, 04/15/20 (144A)		262,178		263,419
2.750%, 11/15/18 (144A)		41,807		41,869
CarMax Auto Owner Trust 0.980%, 01/15/19		1,433,087		1,432,079
1.280%, 05/15/19		257,693		257,610
Carnow Auto Receivables Trust 2.260%, 05/15/19 (144A)		2,233,080		2,234,719
3.490%, 02/15/21 (144A)		1,550,000		1,555,557
CPS Auto Receivables Trust 1.110%, 11/15/18 (144A)		204,988		204,922
1.310%, 02/15/19 (144A)		365,521		365,333
1.310%, 06/15/20 (144A)		230,023		229,507
1.490%, 04/15/19 (144A)		226,930		226,878
1.530%, 07/15/19 (144A)		265,797		265,738
1.820%, 09/15/20 (144A)		375,389		375,379
3.270%, 06/15/22 (144A)		1,050,000		1,049,837
3.770%, 08/17/20 (144A)		558,000		559,477
Asset-Backed - Automobile—(Continued)
CPS Auto Receivables Trust
4.000%, 02/16/21 (144A)		223,000		223,980
4.350%, 11/16/20 (144A)		450,000		459,191
Credit Acceptance Auto Loan Trust 2.560%, 10/15/25 (144A)		1,197,000		1,196,382
3.040%, 12/15/25 (144A)		524,000		523,747
3.480%, 02/17/26 (144A)		440,000		442,089
Drive Auto Receivables Trust 2.510%, 01/15/21 (144A)		563,000		565,217
2.560%, 06/15/20 (144A)		795,000		799,411
2.980%, 01/18/22 (144A)		898,000		903,999
4.120%, 07/15/22 (144A)		1,177,000		1,196,702
4.160%, 05/15/24 (144A)		1,195,000		1,213,198
4.180%, 03/15/24 (144A)		2,076,000		2,117,525
DT Auto Owner Trust 1.560%, 06/15/20 (144A)		411,456		411,122
2.020%, 08/17/20 (144A)		618,000		616,122
3.550%, 11/15/22 (144A)		1,089,000		1,092,054
3.770%, 10/17/22 (144A)		1,068,400		1,074,252
Exeter Automobile Receivables Trust 2.210%, 07/15/20 (144A)		1,010,299		1,011,950
2.770%, 11/15/19 (144A)		441,461		443,127
2.840%, 08/16/21 (144A)		785,000		784,206
3.260%, 12/16/19 (144A)		335,000		337,887
3.950%, 12/15/22 (144A)		580,000		584,452
First Investors Auto Owner Trust 1.530%, 11/16/20 (144A)		1,011,791		1,010,372
1.670%, 11/16/20 (144A)		172,405		172,498
Flagship Credit Auto Trust 1.430%, 12/16/19 (144A)		269,703		269,765
1.630%, 06/15/20 (144A)		366,651		366,478
2.550%, 02/18/20 (144A)		240,858		240,983
2.710%, 11/15/22 (144A)		1,195,000		1,181,956
2.840%, 11/16/20 (144A)		892,000		898,387
3.950%, 12/15/20 (144A)		440,000		443,781
Ford Credit Auto Owner Trust 0.900%, 10/15/18		159,845		159,751
GLS Auto Receivables Trust 2.730%, 10/15/20 (144A)		1,151,003		1,152,346
4.390%, 01/15/21 (144A)		540,000		541,288
GM Financial Automobile Leasing Trust 1.530%, 09/20/18		513,705		514,100
1.730%, 06/20/19		503,000		504,064
Honda Auto Receivables Owner Trust 0.770%, 03/19/18		298,372		298,160
Hyundai Auto Receivables Trust 0.900%, 12/17/18		1,197,989		1,197,171
Nissan Auto Receivables Owner Trust 1.110%, 05/15/19		202,946		202,725
OneMain Direct Auto Receivables Trust 2.040%, 01/15/21 (144A)		480,293		481,162
4.580%, 09/15/21 (144A)		533,000		542,973
Prestige Auto Receivables Trust 3.910%, 11/15/22 (144A)		1,979,000		1,969,435
Sierra Auto Receivables Securitization Trust 2.850%, 01/18/22 (144A)		437,762		438,233

BHFTI-201

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Automobile—(Continued)
Skopos Auto Receivables Trust 3.550%, 02/15/20 (144A)		133,306	$	133,479
Tricolor Auto Securitization Trust 5.090%, 05/15/20 (144A) (f)		2,523,621		2,523,204
Westlake Automobile Receivables Trust 1.570%, 06/17/19 (144A)		1,256,622		1,256,963
2.460%, 01/18/22 (144A)		1,036,000		1,031,999
2.700%, 10/17/22 (144A)		720,000		721,645
4.100%, 06/15/21 (144A)		500,000		509,305
World Omni Auto Receivables Trust 1.320%, 01/15/20		455,352		455,286
				55,673,874
Asset-Backed - Credit Card—0.1%
Continental Credit Card 4.560%, 01/15/23 (144A)		2,347,047		2,347,102
Asset-Backed - Home Equity—0.0%
Asset-Backed Securities Corp. Home Equity Loan Trust 1.732%, 02/25/35 (a)		328,072		323,093
Asset-Backed - Other—6.2%
AJAX Mortgage Loan Trust 4.125%, 10/25/56 (144A)		1,653,176		1,653,176
American Homes 4 Rent Trust 3.467%, 04/17/52 (144A)		1,206,531		1,223,348
3.678%, 12/17/36 (144A)		96,074		98,873
4.201%, 12/17/36 (144A)		400,000		410,228
4.290%, 10/17/36 (144A)		300,000		309,459
4.596%, 12/17/36 (144A)		250,000		259,083
5.036%, 10/17/45 (144A)		1,900,000		1,998,426
5.639%, 04/17/52 (144A)		500,000		525,256
6.231%, 10/17/36 (144A)		650,000		706,462
6.418%, 12/17/36 (144A)		300,000		329,926
American Tower Trust I 1.551%, 03/15/43 (144A)		1,145,000		1,142,234
3.070%, 03/15/48 (144A)		1,920,000		1,913,191
AXIS Equipment Finance Receivables LLC 2.210%, 11/20/21 (144A)		1,918,171		1,907,405
B2R Mortgage Trust 2.524%, 05/15/48 (144A)		928,546		916,839
BCC Funding XIII LLC 2.200%, 12/20/21 (144A)		1,701,000		1,691,039
CAM Mortgage Trust 3.220%, 08/01/57 (144A)		1,443,000		1,443,000
Camillo 5.000%, 12/05/23 (144A) (f)		3,588,470		3,588,470
Carlyle Global Market Strategies Commodities Funding, Ltd. 2.922%, 10/15/21 (144A) (a) (f) (g)		1,082,457		519,580
Colony American Finance, Ltd. 2.554%, 11/15/48 (144A)		1,023,581		996,942
Conix Mortgage Asset Trust 4.704%, 12/25/47 (144A) (a) (f) (g)		1,078,519		115,725
Asset-Backed - Other—(Continued)
Consumer Credit Origination Loan Trust 2.820%, 03/15/21 (144A)		9,295		9,295
COOF Securitization Trust, Ltd. 3.185%, 06/25/40 (144A) (a) (b)		2,194,760		247,957
Engs Commercial Finance Trust 2.630%, 02/22/22 (144A)		888,000		886,148
FirstKey Lending Trust 2.553%, 03/09/47 (144A)		2,013,348		1,998,428
3.417%, 03/09/47 (144A)		1,442,000		1,430,819
GLC Trust 3.000%, 07/15/21 (144A)		335,930		331,563
GMAT Trust 6.967%, 11/25/43 (144A)		494,753		495,474
Gold Key Resorts LLC 3.220%, 03/17/31 (144A)		718,536		720,497
Green Tree Agency Advance Funding Trust I 2.380%, 10/15/48 (144A)		733,000		727,202
3.122%, 10/15/48 (144A)		1,067,000		1,058,645
HERO Funding Trust 3.080%, 09/20/42 (144A)		1,136,343		1,122,139
Hilton Grand Vacations Trust 2.660%, 12/26/28 (144A)		1,430,000		1,428,975
Kabbage Asset Securitization LLC 4.571%, 03/15/22 (144A)		6,515,000		6,623,836
KGS-Alpha SBA COOF Trust 0.690%, 05/25/39 (144A) (a) (b)		6,949,509		111,825
0.927%, 08/25/38 (144A) (a) (b)		7,132,040		147,120
1.820%, 03/25/39 (144A) (a) (b)		6,220,044		257,050
3.390%, 04/25/40 (144A) (a) (b)		1,870,433		199,164
LendingClub Issuance Trust 3.000%, 01/17/23 (144A)		783,629		785,522
3.750%, 06/15/22 (144A)		649,128		653,528
LV Tower 52 Issuer LLC 5.750%, 02/15/23 (144A) (f)		2,765,351		2,724,977
7.750%, 02/15/23 (144A) (f)		1,404,380		1,368,849
Mariner Finance Issuance Trust 3.620%, 02/20/29 (144A)		1,631,000		1,639,513
Marlette Funding Trust 2.827%, 03/15/24 (144A)		3,600,000		3,605,387
3.060%, 01/17/23 (144A)		1,479,805		1,484,560
Murray Hill Marketplace Trust 4.190%, 11/25/22 (144A)		2,212,944		2,230,264
Nationstar HECM Loan Trust 2.013%, 08/25/26 (144A)		866,149		871,460
2.239%, 06/25/26 (144A)		495,768		499,134
2.883%, 11/25/25 (144A)		300,469		300,566
4.115%, 11/25/25 (144A)		786,000		786,000
New Residential Advance Receivables Trust 2.575%, 10/15/49 (144A)		1,720,000		1,701,725
New Residential Advance Receivables Trust Advance Receivables Backed Notes 3.020%, 10/15/49 (144A)		268,000		265,163
3.513%, 10/15/49 (144A)		625,000		618,438
NRPL Trust 3.875%, 11/01/54 (144A)		991,914		985,547

BHFTI-202

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
NRZ Advance Receivables Trust Advance Receivables Backed 2.751%, 06/15/49 (144A)		1,764,000	$	1,747,320
Ocwen Master Advance Receivables Trust 2.521%, 08/17/48 (144A)		3,612,000		3,595,090
3.064%, 08/17/48 (144A)		1,374,073		1,362,672
3.211%, 11/15/47 (144A)		2,934,000		2,932,265
3.607%, 08/17/48 (144A)		980,777		980,777
4.196%, 11/15/47 (144A)		487,000		487,633
4.246%, 08/17/48 (144A)		1,776,686		1,757,368
4.687%, 11/15/47 (144A)		1,000,000		1,003,103
OnDeck Asset Securitization Trust II LLC 4.210%, 05/17/20 (144A)		632,000		631,046
7.630%, 05/17/20 (144A)		285,000		287,014
OneMain Financial Issuance Trust 2.430%, 06/18/24 (144A)		675,975		676,106
2.470%, 09/18/24 (144A)		2,148,774		2,152,239
3.020%, 09/18/24 (144A)		1,864,000		1,860,688
3.190%, 03/18/26 (144A)		2,877,000		2,907,426
3.240%, 06/18/24 (144A)		321,000		321,585
3.660%, 02/20/29 (144A)		1,785,000		1,816,938
3.850%, 03/18/26 (144A)		450,000		451,800
5.670%, 03/20/28 (144A)		2,505,000		2,522,535
6.000%, 02/20/29 (144A)		1,000,000		1,021,677
Oportun Funding II LLC 3.690%, 07/08/21 (144A)		3,332,000		3,339,222
Oportun Funding IV LLC 4.850%, 11/08/21 (144A)		1,085,492		1,075,662
Oportun Funding LLC 3.280%, 11/08/21 (144A)		2,250,000		2,229,440
PFS Tax Lien Trust 1.440%, 05/15/29 (144A)		226,568		225,115
Purchasing Power Funding LLC 1.000%, 02/27/19 (144A) (f)		2,152,247		2,152,247
4.750%, 12/15/19 (144A)		2,000,000		2,020,000
RBSHD Trust 7.685%, 10/25/47 (144A) (f)		837,585		837,490
Rice Park Financing Trust 4.625%, 10/31/41 (144A) (f)		5,044,128		5,044,128
SoFi Consumer Loan Program LLC 3.090%, 10/27/25 (144A)		1,194,228		1,195,141
SpringCastle America Funding LLC 3.050%, 04/25/29 (144A)		3,338,438		3,358,912
Springleaf Funding Trust 3.160%, 11/15/24 (144A)		2,305,000		2,326,848
3.620%, 11/15/24 (144A)		725,000		724,156
SPS Servicer Advance Receivables Trust 2.530%, 11/16/48 (144A)		2,525,000		2,516,744
Sunset Mortgage Loan Co. LLC 3.721%, 11/16/44 (144A)		709,557		709,465
Trafigura Securitisation Finance plc 1.862%, 10/15/18 (144A) (a) (f)		3,188,000		3,183,052
Tricon American Homes Trust 2.589%, 11/17/33 (144A)		1,221,000		1,190,126
U.S. Residential Opportunity Fund Trust 3.475%, 07/27/36 (144A)		1,254,544		1,248,145
Asset-Backed - Other—(Continued)
Vericrest Opportunity Loan Trust LLC 3.375%, 10/26/54 (144A)		281,235		281,943
3.375%, 02/25/55 (144A)		906,112		903,247
3.375%, 08/27/57 (144A)		2,238,223		2,235,671
3.375%, 10/25/58 (144A)		1,098,163		1,093,857
3.500%, 09/25/46 (144A)		6,768,103		6,794,519
3.500%, 10/25/46 (144A)		2,188,316		2,204,379
3.500%, 03/25/47 (144A)		1,213,000		1,213,653
3.500%, 02/25/55 (144A)		1,677,801		1,682,231
3.500%, 03/25/55 (144A)		1,345,745		1,350,757
3.625%, 02/25/47 (144A)		1,560,113		1,554,639
3.750%, 06/25/46 (144A)		1,183,486		1,182,086
3.844%, 06/25/46 (144A)		1,249,092		1,251,444
3.875%, 12/26/46 (144A)		2,344,441		2,338,542
3.875%, 04/25/55 (144A)		335,996		336,536
4.000%, 05/25/46 (144A)		456,515		460,094
4.250%, 02/25/55 (144A)		498,459		488,300
Verizon Owner Trust 1.420%, 01/20/21 (144A)		250,000		248,467
VM DEBT LLC 6.500%, 10/02/24 (144A) (f)		2,795,000		2,788,012
VML LLC 3.875%, 04/27/54 (144A) (a)		398,938		396,804
				150,761,788
Asset-Backed - Student Loan—0.1%
Academic Loan Funding Trust 1.782%, 12/27/22 (144A) (a)		330,293		330,980
1.782%, 12/26/44 (144A) (a)		1,138,341		1,130,337
				1,461,317
Total Asset-Backed Securities (Cost $212,462,241)				210,567,174
Mortgage-Backed Securities—3.8%
Collateralized Mortgage Obligations—1.8%
Banc of America Funding Trust 2.940%, 05/20/34 (a)		1,186,853		1,197,458
Bear Stearns ALT-A Trust 1.622%, 07/25/34 (a)		2,003,652		1,968,737
Countrywide Alternative Loan Trust 1.662%, 08/25/34 (a)		305,849		304,968
Global Mortgage Securitization, Ltd. 1.302%, 11/25/32 (144A) (a)		647,779		599,636
HarborView Mortgage Loan Trust 3.076%, 05/19/34 (a)		1,393,067		1,399,821
Homeowner Assistance Program Reverse Mortgage Loan Trust 4.000%, 05/26/53 (144A) (f)		1,626,203		1,616,039
Impac CMB Trust 1.722%, 11/25/34 (a)		3,384,259		3,260,792
JPMorgan Mortgage Trust 3.178%, 08/25/34 (a)		249,626		250,342

BHFTI-203

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
MASTR Asset Securitization Trust 5.500%, 12/25/33		687,227	$	697,410
Merrill Lynch Mortgage Investors Trust 1.442%, 04/25/29 (a)		677,165		649,100
1.482%, 05/25/29 (a)		1,508,511		1,469,585
1.602%, 10/25/28 (a)		728,726		699,006
1.622%, 10/25/28 (a)		1,383,568		1,352,617
1.960%, 01/25/29 (a)		864,681		813,821
Sequoia Mortgage Trust 1.578%, 12/20/34 (a)		1,745,872		1,710,812
1.618%, 01/20/34 (a)		938,318		893,305
1.638%, 07/20/33 (a)		1,142,218		1,062,949
1.658%, 10/20/34 (a)		1,772,075		1,678,678
1.738%, 04/20/33 (a)		952,285		897,962
Springleaf Mortgage Loan Trust 1.780%, 12/25/65 (144A) (a)		1,661,184		1,662,584
1.870%, 09/25/57 (144A) (a)		720,162		719,502
3.520%, 12/25/65 (144A) (a)		2,177,000		2,175,345
3.790%, 09/25/57 (144A) (a)		1,274,000		1,271,611
4.480%, 12/25/65 (144A) (a)		3,000,000		2,996,056
Structured Adjustable Rate Mortgage Loan Trust 3.237%, 06/25/34 (a)		684,464		679,969
Structured Asset Mortgage Investments Trust 1.878%, 05/19/33 (a)		1,615,693		1,584,688
Structured Asset Mortgage Investments Trust II 1.678%, 01/19/34 (a)		1,559,189		1,503,292
1.678%, 03/19/34 (a)		1,752,660		1,692,135
Structured Asset Securities Corp. Mortgage Loan Trust 1.582%, 10/25/27 (a)		358,354		350,243
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 3.279%, 11/25/33 (a)		986,475		968,497
Thornburg Mortgage Securities Trust 1.622%, 09/25/43 (a)		862,843		829,358
2.723%, 12/25/44 (a)		1,174,665		1,163,738
3.092%, 04/25/45 (a)		2,725,311		2,723,643
Wells Fargo Mortgage-Backed Securities Trust 3.094%, 03/25/35 (a)		1,701,558		1,735,357
				44,579,056
Commercial Mortgage-Backed Securities—2.0%
A10 Term Asset Financing LLC 2.620%, 11/15/27 (144A)		334,418		333,641
3.020%, 04/15/33 (144A)		1,027,519		1,024,208
4.380%, 11/15/27 (144A)		425,000		422,737
BAMLL Commercial Mortgage Securities Trust 4.214%, 08/15/46 (144A) (a)		1,200,000		1,118,734
BAMLL Re-REMIC Trust 1.855%, 09/27/44 (144A) (a)		2,704,000		2,615,820
Banc of America Commercial Mortgage Trust 5.492%, 02/10/51		1,614,398		1,623,663
5.708%, 04/10/49 (a)		162,834		162,649
BB-UBS Trust 2.892%, 06/05/30 (144A)		240,000		238,216
3.430%, 11/05/36 (144A)		2,950,000		3,016,219
Commercial Mortgage-Backed Securities—(Continued)
Bear Stearns Commercial Mortgage Securities Trust 1.571%, 06/11/50 (144A) (a)		1,500,000		1,500,058
Citigroup Commercial Mortgage Trust 2.110%, 01/12/30 (144A)		516,898		518,115
Commercial Mortgage Pass-Through Certificates Mortgage Trust 0.219%, 07/10/45 (144A) (a) (b)		120,000,000		1,565,844
1.681%, 08/13/27 (144A) (a)		990,000		989,690
1.732%, 02/13/32 (144A) (a)		2,605,000		2,611,534
2.482%, 02/13/32 (144A) (a)		1,000,000		1,005,013
Commercial Mortgage Trust 2.987%, 04/12/35 (144A) (a)		1,871,000		1,887,371
4.353%, 08/10/30 (144A)		3,000,000		3,249,686
Credit Suisse Mortgage Capital Certificates 4.373%, 09/15/37 (144A)		1,000,000		936,877
DBRR Trust 1.636%, 12/18/49 (144A) (a)		101,970		101,887
GS Mortgage Securities Corp. II 2.706%, 12/10/27 (144A)		261,951		264,934
GS Mortgage Securities Corp. Trust 2.318%, 01/10/30 (144A)		733,000		734,717
3.551%, 04/10/34 (144A)		3,500,000		3,661,992
GS Mortgage Securities Trust 5.400%, 08/10/44 (144A) (a)		500,000		497,925
Hilton USA Trust 1.812%, 07/15/29 (144A) (a)		570,000		568,480
JPMorgan Chase Commercial Mortgage Securities Trust 5.716%, 02/15/51		2,146,722		2,176,362
Ladder Capital Commercial Mortgage Trust 3.985%, 02/15/36 (144A)		768,000		791,850
Morgan Stanley Bank of America Merrill Lynch Trust 3.669%, 02/15/47		3,000,000		3,122,381
Morgan Stanley Re-REMIC Trust 0.250%, 07/27/49 (144A)		1,500,000		1,402,485
2.000%, 07/27/49 (144A)		166,772		166,807
RAIT Trust 2.712%, 12/15/31 (144A) (a)		982,099		979,655
RBS Commercial Funding, Inc. Trust 3.260%, 03/11/31 (144A)		531,000		525,646
UBS-Barclays Commercial Mortgage Trust 3.244%, 04/10/46		2,228,000		2,279,381
VNDO Mortgage Trust 2.996%, 11/15/30 (144A)		1,400,000		1,416,228
3.808%, 12/13/29 (144A)		2,500,000		2,620,612
Wells Fargo Commercial Mortgage Trust 2.710%, 03/18/28 (144A) (a)		1,000,000		1,011,397
2.819%, 08/15/50		1,200,000		1,219,066
WF-RBS Commercial Mortgage Trust 4.207%, 03/15/45 (144A) (a)		300,000		273,362
				48,635,242
Total Mortgage-Backed Securities (Cost $92,649,934)				93,214,298

BHFTI-204

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Foreign Government—1.0%

Security Description	Principal Amount*		Value
Electric—0.1%
Hydro-Quebec 8.050%, 07/07/24		1,100,000	$	1,439,985
9.400%, 02/01/21		845,000		1,044,435
				2,484,420
Provincial—0.0%
Province of Quebec Canada 7.125%, 02/09/24		200,000		249,410
Sovereign—0.9%
Colombia Government International Bonds 4.000%, 02/26/24 (d)		923,000		949,767
5.000%, 06/15/45		749,000		751,247
5.625%, 02/26/44		200,000		217,500
7.375%, 09/18/37		200,000		255,200
Israel Government AID Bonds Zero Coupon, 11/01/24		6,960,000		5,660,505
Zero Coupon, 02/15/25		2,000,000		1,583,564
Zero Coupon, 08/15/25		2,500,000		1,949,842
Mexico Government International Bonds 3.500%, 01/21/21 (d)		2,948,000		3,057,076
3.600%, 01/30/25		537,000		535,658
4.000%, 10/02/23 (d)		1,374,000		1,415,220
4.125%, 01/21/26 (d)		389,000		399,892
4.350%, 01/15/47		228,000		209,760
4.600%, 01/23/46		222,000		212,565
5.550%, 01/21/45		737,000		795,960
5.750%, 10/12/10		500,000		497,500
Panama Government International Bonds 4.000%, 09/22/24		323,000		337,131
Peruvian Government International Bonds 5.625%, 11/18/50 (d)		73,000		86,961
Poland Government International Bonds 4.000%, 01/22/24 (d)		930,000		976,161
South Africa Government International Bonds 5.375%, 07/24/44		1,077,000		1,056,279
5.875%, 09/16/25 (d)		384,000		413,192
Turkey Government International Bonds 5.750%, 03/22/24		500,000		518,730
				21,879,710
Total Foreign Government (Cost $24,895,345)				24,613,540
Securities Lending Reinvestments (h)—6.3%
Certificates of Deposit—3.6%
ABN AMRO Bank NV Zero Coupon, 05/05/17		1,994,230		1,998,360
Banco Del Estado De Chile New York 1.426%, 06/21/17 (a)		2,000,000		2,001,084
Bank of America N.A. 1.271%, 07/11/17 (a)		8,000,000		8,008,466
Bank of Nova Scotia Houston 1.355%, 11/03/17 (a)		4,000,000		4,004,394
Certificates of Deposit—(Continued)
Canadian Imperial Bank 1.392%, 10/27/17 (a)		1,500,000		1,501,804
Chiba Bank, Ltd., New York 1.100%, 04/07/17		2,000,000		2,000,022
Cooperative Rabobank UA New York 1.422%, 10/13/17 (a)		500,000		500,681
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (a)		1,250,000		1,250,141
Credit Industriel et Commercial 1.440%, 04/05/17 (a)		500,000		500,022
Credit Suisse AG New York 1.511%, 04/03/17 (a)		500,000		500,008
1.581%, 04/11/17 (a)		1,100,000		1,100,090
1.581%, 05/12/17 (a)		4,000,000		4,001,212
Danske Bank A/S London
Zero Coupon, 05/12/17		3,988,422		3,995,880
DNB NOR Bank ASA 1.279%, 07/28/17 (a)		1,800,000		1,800,796
ING Bank NV 1.461%, 04/18/17 (a)		1,500,000		1,500,639
KBC Bank NV 1.120%, 05/08/17		4,500,000		4,500,675
1.150%, 04/18/17		1,000,000		1,000,090
1.150%, 04/27/17		2,000,000		1,998,820
1.170%, 04/06/17		1,000,000		1,000,010
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (a)		800,000		800,098
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (a)		1,000,000		1,000,576
1.543%, 05/17/17		2,000,000		2,000,594
1.591%, 04/11/17 (a)		500,000		500,038
1.643%, 04/18/17 (a)		3,500,000		3,500,507
National Australia Bank London 1.199%, 05/02/17 (a)		3,000,000		3,001,051
1.338%, 11/09/17 (a)		1,500,000		1,497,555
Natixis New York 1.241%, 08/03/17 (a)		5,100,000		5,103,284
Rabobank London 1.422%, 10/13/17 (a)		500,000		501,223
Royal Bank of Canada New York 1.340%, 04/04/17 (a)		500,000		499,988
1.422%, 10/13/17 (a)		1,000,000		1,001,789
Sumitomo Bank New York 1.390%, 06/05/17 (a)		2,000,000		2,000,946
1.410%, 05/05/17 (a)		1,000,000		1,000,195
1.578%, 06/19/17 (a)		1,500,000		1,501,014
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (a)		2,600,000		2,601,391
1.534%, 04/07/17 (a)		500,000		500,029
1.591%, 04/12/17 (a)		500,000		500,100
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (a)		2,000,000		2,001,359
Sumitomo Mitsui Trust Bank, Ltd., New York 1.359%, 06/02/17 (a)		2,500,000		2,501,620
1.558%, 04/10/17 (a)		1,000,000		1,000,126
1.572%, 04/26/17 (a)		2,000,000		2,000,662

BHFTI-205

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Svenska Handelsbanken New York 1.508%, 05/18/17 (a)		2,500,000	$	2,501,292
UBS, Stamford 1.301%, 05/12/17 (a)		1,300,000		1,300,320
1.589%, 07/31/17 (a)		2,405,202		2,406,611
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (a)		1,700,000		1,702,779
1.452%, 04/26/17 (a)		1,700,000		1,700,452
				87,788,793
Commercial Paper—1.5%
Barton Capital S.A. 1.160%, 04/07/17		5,383,644		5,399,260
Commonwealth Bank Australia 1.389%, 10/23/17 (a)		2,000,000		2,002,444
Den Norske ASA 1.432%, 04/27/17 (a)		2,400,000		2,400,518
HSBC plc 1.442%, 04/25/17 (a)		3,800,000		3,800,684
Kells Funding LLC 1.100%, 06/05/17		2,490,375		2,494,617
LMA S.A. & LMA Americas 1.090%, 05/10/17		1,495,549		1,498,172
Macquarie Bank, Ltd. 1.120%, 04/20/17		1,994,400		1,998,702
National Australia Bank, Ltd. 1.440%, 12/06/17 (a)		1,500,000		1,502,241
Sheffield Receivables Co. 1.170%, 04/04/17		4,486,984		4,499,672
Starbird Funding Corp. 1.441%, 06/13/17 (a)		6,500,000		6,502,294
Versailles Commercial Paper LLC 1.120%, 04/24/17		997,200		999,387
Westpac Banking Corp. 1.380%, 10/20/17 (a)		2,500,000		2,504,531
				35,602,522
Repurchase Agreements—0.9%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $2,062,036 on 04/03/17, collateralized by $2,965,750 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $2,103,143.		2,061,904		2,061,904
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $600,044 on 04/03/17, collateralized by $614,092 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $612,000.		600,000		600,000
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $1,509,673 on 07/03/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $34,659 on 04/03/17, collateralized by $35,064 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $35,350.		34,656		34,656
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $3,001,950 on 04/03/17, collateralized by $463,495 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $3,293,960.		3,000,000		3,000,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $6,537,440 on 06/02/17, collateralized by various Common Stock with a value of $7,150,000.		6,500,000		6,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $700,048 on 04/03/17, collateralized by $695,621 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $714,431.		700,000		700,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $2,524,479 on 07/03/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000		2,500,000

BHFTI-206

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $1,000,082 on 04/03/17, collateralized by $1,170,651 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $1,020,083.		1,000,000	$	1,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $2,000,155 on 04/03/17, collateralized by $5,986,949 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $2,040,000.		2,000,000		2,000,000
				20,896,560
Time Deposits—0.3%
OP Corporate Bank plc 1.180%, 04/24/17		1,500,000		1,500,000
Shinkin Central Bank 1.350%, 04/21/17		1,800,000		1,800,000
1.440%, 04/25/17		1,000,000		1,000,000
1.440%, 04/26/17		2,200,000		2,200,000
1.440%, 04/27/17		500,000		500,000
				7,000,000
Total Securities Lending Reinvestments (Cost $151,233,882)				151,287,875
Total Investments—105.8% (Cost $2,564,135,267) (i)				2,553,130,071
Other assets and liabilities (net)—(5.8)%				(140,876,116	)
Net Assets—100.0%			$	2,412,253,955

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(b)	Interest only security.
(c)	Principal only security.
(d)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $147,820,462 and the collateral received consisted of cash in the amount of $151,182,566. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(e)	Principal amount of security is adjusted for inflation.
(f)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $26,461,773, which is 1.1% of net assets. See details shown in the Restricted Securities table that follows.
(g)	Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent less than 0.05% of net assets.
(h)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(i)	As of March 31, 2017, the aggregate cost of investments was $2,564,135,267. The aggregate unrealized appreciation and depreciation of investments were $42,088,243 and $(53,093,439), respectively, resulting in net unrealized depreciation of $(11,005,196).
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $361,139,338, which is 15.0% of net assets.
(ACES)—	Alternative Credit Enhancement Securities
(ARM)—	Adjustable-Rate Mortgage
(CMO)—	Collateralized Mortgage Obligation
(REMIC)—	Real Estate Mortgage Investment Conduit

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Camillo, 5.000%, 12/05/23		11/17/16	$	3,588,470	$	3,588,470	$	3,588,470
Carlyle Global Market Strategies Commodities Funding, Ltd., 2.922%, 10/15/21		05/22/14		1,082,457		1,082,457		519,580
Conix Mortgage Asset Trust, 4.704%, 12/25/47		05/16/13		1,078,519		1,078,519		115,725
Homeowner Assistance Program Reverse Mortgage Loan Trust, 4.000%, 05/26/53		05/03/13		1,626,203		1,603,101		1,616,039
LV Tower 52 Issuer LLC, 5.750%, 02/15/23		08/04/15		2,765,351		2,762,243		2,724,977
LV Tower 52 Issuer LLC, 7.750%, 02/15/23		08/04/15		1,404,380		1,403,442		1,368,849
Purchasing Power Funding LLC, 1.000%, 02/27/19		11/04/16		2,152,247		2,141,486		2,152,247
RBSHD Trust, 7.685%, 10/25/47		09/27/13		837,585		837,585		837,490
Rice Park Financing Trust, 4.625%, 10/31/41		11/30/16		5,044,128		5,028,277		5,044,128
Trafigura Securitisation Finance plc, 1.862%, 10/15/18		01/30/14		3,188,000		3,188,000		3,183,052
Tricolor Auto Securitization Trust, 5.090%, 05/15/20		02/21/17		2,523,621		2,523,621		2,523,204
VM DEBT LLC, 6.500%, 10/02/24		03/23/17		2,795,000		2,788,012		2,788,012
							$	26,461,773

BHFTI-207

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,430,219,150		$	—	$	1,430,219,150
Total Corporate Bonds & Notes*		—		643,228,034			—		643,228,034
Asset-Backed Securities
Asset-Backed - Automobile		—		55,673,874			—		55,673,874
Asset-Backed - Credit Card		—		2,347,102			—		2,347,102
Asset-Backed - Home Equity		—		323,093			—		323,093
Asset-Backed - Other		—		150,126,483			635,305		150,761,788
Asset-Backed - Student Loan		—		1,461,317			—		1,461,317
Total Asset-Backed Securities		—		209,931,869			635,305		210,567,174
Total Mortgage-Backed Securities*		—		93,214,298			—		93,214,298
Total Foreign Government*		—		24,613,540			—		24,613,540
Total Securities Lending Reinvestments*		—		151,287,875			—		151,287,875
Total Investments	$	—	$	2,552,494,766		$	635,305	$	2,553,130,071
Collateral for Securities Loaned (Liability)	$	—	$	(151,182,566	)	$	—	$	(151,182,566	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

BHFTI-208

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—35.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.6%
Airbus SE		40,828	$	3,106,986
BAE Systems plc		113,061		911,211
General Dynamics Corp.		6,683		1,251,058
L3 Technologies, Inc.		2,535		419,010
Northrop Grumman Corp.		2,778		660,719
Safran S.A.		23,427		1,750,261
Textron, Inc.		2,640		125,638
Thales S.A.		35,671		3,450,073
United Technologies Corp.		8,359		937,963
				12,612,919
Air Freight & Logistics—0.1%
FedEx Corp.		1,120		218,568
United Parcel Service, Inc. - Class B		1,835		196,895
Yamato Holdings Co., Ltd.		95,800		2,011,086
				2,426,549
Airlines—0.2%
Delta Air Lines, Inc.		15,840		728,006
Japan Airlines Co., Ltd.		78,400		2,489,321
United Continental Holdings, Inc. (a)		14,220		1,004,501
				4,221,828
Auto Components—0.3%
Bridgestone Corp.		68,200		2,765,020
Continental AG		11,433		2,506,427
Delphi Automotive plc		8,680		698,653
Lear Corp.		1,611		228,085
				6,198,185
Automobiles—1.5%
Astra International Tbk PT		2,015,500		1,307,112
Daimler AG		40,639		3,001,268
Ford Motor Co.		9,712		113,048
Fuji Heavy Industries, Ltd.		10,800		397,659
Geely Automobile Holdings, Ltd.		770,000		1,181,670
General Motors Co.		26,927		952,139
Honda Motor Co., Ltd.		206,800		6,248,708
Hyundai Motor Co.		13,860		1,951,488
Mahindra & Mahindra, Ltd. (GDR)		97,070		1,931,693
Renault S.A.		20,791		1,806,297
Suzuki Motor Corp.		161,000		6,703,354
Toyota Motor Corp.		54,500		2,965,875
				28,560,311
Banks—4.3%
Australia & New Zealand Banking Group, Ltd.		150,525		3,656,000
Banco Santander Chile (ADR)		32,060		804,065
Banco Santander S.A.		598,890		3,670,390
Bank Central Asia Tbk PT		653,000		811,902
Bank of America Corp.		161,698		3,814,456
Bank Rakyat Indonesia Persero Tbk PT		1,227,600		1,195,320
BB&T Corp.		9,656		431,623
BNP Paribas S.A.		107,466		7,158,149
Banks—(Continued)
Capitec Bank Holdings, Ltd.		10,650		604,315
Citigroup, Inc.		59,440		3,555,701
Credicorp, Ltd.		6,700		1,094,110
Credit Agricole S.A.		243,183		3,300,782
Grupo Financiero Banorte S.A.B. de C.V. - Class O		117,300		675,020
HDFC Bank, Ltd. (ADR)		94,280		7,091,742
HSBC Holdings plc		141,239		1,154,018
ING Groep NV		492,253		7,437,135
Itau Unibanco Holding S.A. (ADR) (b)		161,000		1,943,270
KeyCorp		46,783		831,802
Mitsubishi UFJ Financial Group, Inc.		1,429,000		9,020,450
Mizuho Financial Group, Inc.		1,548,100		2,844,782
Nordea Bank AB		83,112		949,610
PNC Financial Services Group, Inc. (The)		2,249		270,420
Public Bank Bhd		107,000		481,071
Regions Financial Corp.		19,794		287,607
Sberbank of Russia PJSC (ADR)		155,990		1,798,565
Siam Commercial Bank PCL (The)		275,600		1,307,320
Societe Generale S.A.		53,174		2,704,238
Standard Chartered plc (a)		236,694		2,265,225
Sumitomo Mitsui Financial Group, Inc.		172,200		6,278,520
Sumitomo Mitsui Trust Holdings, Inc.		42,000		1,462,268
SVB Financial Group (a) (b)		1,127		209,723
Svenska Handelsbanken AB - A Shares (b)		140,926		1,932,945
Wells Fargo & Co.		68,039		3,787,051
Zions Bancorp (b)		3,953		166,026
				84,995,621
Beverages—0.9%
Ambev S.A. (ADR)		252,650		1,455,264
Anheuser-Busch InBev S.A.		29,286		3,217,350
Britvic plc		84,638		687,086
Coca-Cola Co. (The)		27,622		1,172,278
Constellation Brands, Inc. - Class A		7,561		1,225,411
Dr Pepper Snapple Group, Inc.		1,964		192,315
Molson Coors Brewing Co. - Class B		13,286		1,271,603
PepsiCo, Inc.		29,329		3,280,742
Pernod-Ricard S.A.		17,079		2,021,424
Suntory Beverage & Food, Ltd.		34,200		1,442,560
Tsingtao Brewery Co., Ltd. - Class H		166,000		764,230
				16,730,263
Biotechnology—0.6%
Alexion Pharmaceuticals, Inc. (a)		4,859		589,105
Biogen, Inc. (a)		5,746		1,571,071
BioMarin Pharmaceutical, Inc. (a) (b)		1,057		92,784
Celgene Corp. (a)		14,315		1,781,215
Genmab A/S (a)		14,685		2,830,481
Gilead Sciences, Inc.		20,391		1,384,957
Shire plc		49,984		2,908,255
Vertex Pharmaceuticals, Inc. (a)		5,791		633,246
				11,791,114
Building Products—0.2%
Allegion plc (b)		7,327		554,654

BHFTI-209

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Building Products—(Continued)
Daikin Industries, Ltd.		29,100	$	2,933,029
Johnson Controls International plc		4,697		197,838
Lennox International, Inc. (b)		690		115,437
Masco Corp.		17,555		596,694
				4,397,652
Capital Markets—0.8%
3i Group plc		167,386		1,571,899
Ameriprise Financial, Inc.		1,747		226,551
Bank of New York Mellon Corp. (The)		27,606		1,303,831
BlackRock, Inc.		747		286,482
Charles Schwab Corp. (The)		35,511		1,449,204
Deutsche Boerse AG (a)		20,055		1,838,033
Goldman Sachs Group, Inc. (The)		982		225,585
Henderson Group plc (b)		243,308		709,491
Intercontinental Exchange, Inc.		15,160		907,629
Morgan Stanley		44,253		1,895,799
Schroders plc		27,652		1,049,785
State Street Corp.		7,658		609,653
TD Ameritrade Holding Corp. (b)		7,599		295,297
UBS Group AG		193,084		3,090,328
				15,459,567
Chemicals—0.7%
Asahi Kasei Corp.		244,000		2,371,798
Chr Hansen Holding A/S		35,819		2,297,578
Dow Chemical Co. (The)		12,176		773,663
E.I. du Pont de Nemours & Co.		23,275		1,869,681
Eastman Chemical Co.		14,951		1,208,041
Mosaic Co. (The)		22,451		655,120
Sumitomo Chemical Co., Ltd.		712,000		3,993,843
				13,169,724
Commercial Services & Supplies—0.0%
Rentokil Initial plc		285,809		884,493
Communications Equipment—0.0%
Cisco Systems, Inc.		25,458		860,480
Construction & Engineering—0.1%
Fluor Corp. (b)		4,376		230,265
Kajima Corp.		160,000		1,046,070
				1,276,335
Construction Materials—0.1%
Martin Marietta Materials, Inc. (b)		680		148,410
Siam Cement PCL (The)		61,300		963,318
				1,111,728
Consumer Finance—0.1%
American Express Co.		6,388		505,355
Capital One Financial Corp.		10,834		938,874
Discover Financial Services		11,885		812,815
				2,257,044
Containers & Packaging—0.1%
Crown Holdings, Inc. (a)		7,900		418,305
Sealed Air Corp.		4,136		180,247
WestRock Co.		10,272		534,452
				1,133,004
Diversified Financial Services—0.4%
Berkshire Hathaway, Inc. - Class B (a)		18,842		3,140,585
FirstRand, Ltd.		401,560		1,386,961
ORIX Corp.		181,700		2,697,308
Remgro, Ltd.		74,063		1,138,003
Voya Financial, Inc.		3,453		131,076
				8,493,933
Diversified Telecommunication Services—0.8%
AT&T, Inc. (b)		55,220		2,294,391
CenturyLink, Inc. (b)		5,623		132,534
Deutsche Telekom AG		69,251		1,213,429
Nippon Telegraph & Telephone Corp.		184,000		7,859,667
Orange S.A.		84,583		1,316,219
Telecom Italia S.p.A. (a)		2,458,239		2,210,756
Verizon Communications, Inc.		20,814		1,014,683
				16,041,679
Electric Utilities—0.9%
Edison International (b)		14,663		1,167,322
Endesa S.A.		41,441		973,926
Enel S.p.A.		1,905,374		8,972,218
Iberdrola S.A.		396,538		2,836,379
NextEra Energy, Inc.		13,333		1,711,557
PG&E Corp.		16,328		1,083,526
Pinnacle West Capital Corp.		5,349		446,000
Xcel Energy, Inc.		20,018		889,800
				18,080,728
Electrical Equipment—0.2%
Eaton Corp. plc		14,369		1,065,461
Mitsubishi Electric Corp.		236,000		3,394,936
				4,460,397
Electronic Equipment, Instruments & Components—0.3%
Delta Electronics, Inc.		237,867		1,276,144
Keyence Corp.		9,800		3,930,928
TE Connectivity, Ltd.		18,583		1,385,363
				6,592,435
Energy Equipment & Services—0.2%
Halliburton Co.		9,617		473,253
Schlumberger, Ltd.		12,214		953,913
TechnipFMC plc (a)		66,195		2,154,079
				3,581,245
Equity Real Estate Investment Trusts—0.7%
AvalonBay Communities, Inc. (b)		4,911		901,660
Brixmor Property Group, Inc.		4,822		103,480

BHFTI-210

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
Camden Property Trust (b)		770	$	61,954
Equinix, Inc.		1,425		570,527
Essex Property Trust, Inc.		862		199,579
First Real Estate Investment Trust		890,000		834,053
Goodman Group		524,894		3,104,497
HCP, Inc.		10,765		336,729
Kimco Realty Corp. (b)		16,314		360,376
Klepierre		70,910		2,758,603
Liberty Property Trust		4,322		166,613
Lippo Malls Indonesia Retail Trust		3,206,600		905,456
Macerich Co. (The) (b)		608		39,155
Mapletree Logistics Trust		1,338,800		1,047,996
Prologis, Inc.		10,688		554,494
Public Storage		1,722		376,963
Regency Centers Corp.		2,343		155,552
Simon Property Group, Inc.		3,740		643,392
SL Green Realty Corp. (b)		2,767		295,018
Spirit Realty Capital, Inc.		8,549		86,601
STORE Capital Corp.		8,855		211,457
				13,714,155
Food & Staples Retailing—0.8%
Bid Corp., Ltd.		75,189		1,453,652
Costco Wholesale Corp.		7,888		1,322,739
CVS Health Corp.		3,000		235,500
Distribuidora Internacional de Alimentacion S.A.		320,920		1,855,906
Koninklijke Ahold Delhaize NV		212,858		4,555,604
Kroger Co. (The) (b)		9,799		288,972
Magnit PJSC (GDR)		31,180		1,191,076
President Chain Store Corp.		154,000		1,270,421
Shoprite Holdings, Ltd.		62,850		906,234
Sun Art Retail Group, Ltd.		807,000		756,222
Wal-Mart de Mexico S.A.B. de C.V.		319,340		736,850
Wal-Mart Stores, Inc.		2,685		193,535
Walgreens Boots Alliance, Inc.		20,743		1,722,706
				16,489,417
Food Products—0.5%
Archer-Daniels-Midland Co.		8,257		380,152
Associated British Foods plc		53,509		1,748,367
J.M. Smucker Co. (The)		639		83,760
Kraft Heinz Co. (The)		8,852		803,850
Marine Harvest ASA (a)		299,406		4,561,276
Mondelez International, Inc. - Class A		38,060		1,639,625
Tiger Brands, Ltd.		20,350		606,604
				9,823,634
Health Care Equipment & Supplies—0.4%
Abbott Laboratories		27,334		1,213,903
Becton Dickinson & Co.		2,406		441,357
Boston Scientific Corp. (a)		57,908		1,440,172
Cooper Cos., Inc. (The) (b)		559		111,739
Danaher Corp.		6,630		567,064
Hoya Corp.		57,600		2,778,667
Health Care Equipment & Supplies—(Continued)
Zimmer Biomet Holdings, Inc.		2,686		327,987
				6,880,889
Health Care Providers & Services—0.5%
Aetna, Inc. (b)		9,611		1,225,883
Cigna Corp.		2,736		400,797
Fresenius SE & Co. KGaA		27,780		2,231,281
HCA Holdings, Inc. (a) (b)		1,397		124,319
Humana, Inc.		4,088		842,700
Spire Healthcare Group plc (144A)		248,514		1,006,796
UnitedHealth Group, Inc.		18,388		3,015,816
				8,847,592
Hotels, Restaurants & Leisure—0.3%
Oriental Land Co., Ltd.		30,300		1,739,383
Royal Caribbean Cruises, Ltd.		6,382		626,138
Sands China, Ltd.		259,600		1,201,534
Starbucks Corp.		24,856		1,451,342
Yum! Brands, Inc.		358		22,876
				5,041,273
Household Durables—0.2%
D.R. Horton, Inc.		10,794		359,548
Haseko Corp.		174,900		1,899,654
Newell Brands, Inc. (b)		2,405		113,444
PulteGroup, Inc.		16,124		379,720
Taylor Wimpey plc		583,091		1,411,984
Toll Brothers, Inc. (a) (b)		3,446		124,435
				4,288,785
Household Products—0.2%
Kimberly-Clark Corp.		10,591		1,394,093
Procter & Gamble Co. (The)		24,542		2,205,099
Unilever Indonesia Tbk PT		152,200		494,863
				4,094,055
Industrial Conglomerates—1.0%
Bidvest Group, Ltd. (The)		70,469		807,753
General Electric Co.		111,966		3,336,587
Honeywell International, Inc.		21,698		2,709,429
Jardine Matheson Holdings, Ltd.		28,300		1,818,337
KOC Holding A/S		106,110		447,990
Siemens AG		74,112		10,152,245
				19,272,341
Insurance—2.1%
AIA Group, Ltd.		1,355,200		8,542,076
Allianz SE		5,870		1,087,348
American International Group, Inc.		19,894		1,241,983
Arthur J. Gallagher & Co.		13,680		773,467
AXA S.A.		242,266		6,269,328
Chubb, Ltd.		11,873		1,617,696
Everest Re Group, Ltd.		1,406		328,737
Hartford Financial Services Group, Inc. (The)		4,274		205,451

BHFTI-211

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
Legal & General Group plc		226,717	$	702,509
Muenchener Rueckversicherungs-Gesellschaft AG		2,585		505,840
Ping An Insurance Group Co. of China, Ltd. - Class H		312,500		1,748,522
Prudential Financial, Inc.		11,464		1,222,980
Prudential plc		462,826		9,790,378
Sanlam, Ltd.		131,470		659,941
Sompo Holdings, Inc.		35,300		1,298,001
Swiss Re AG		13,248		1,189,761
Tokio Marine Holdings, Inc.		69,300		2,934,087
XL Group, Ltd.		9,795		390,429
				40,508,534
Internet & Direct Marketing Retail—0.2%
Amazon.com, Inc. (a)		4,648		4,120,638
TripAdvisor, Inc. (a) (b)		2,504		108,073
				4,228,711
Internet Software & Services—1.0%
Alibaba Group Holding, Ltd. (ADR) (a)		24,774		2,671,381
Alphabet, Inc. - Class A (a)		4,010		3,399,678
Alphabet, Inc. - Class C (a)		4,222		3,502,402
Baidu, Inc. (ADR) (a)		9,260		1,597,535
Facebook, Inc. - Class A (a)		31,746		4,509,519
Tencent Holdings, Ltd.		165,700		4,756,405
				20,436,920
IT Services—1.1%
Accenture plc - Class A		23,762		2,848,589
Atos SE		16,596		2,051,842
Automatic Data Processing, Inc.		2,133		218,398
Cap Gemini S.A.		73,131		6,758,493
Cielo S.A.		110,256		997,044
Cognizant Technology Solutions Corp. - Class A (a)		5,138		305,814
Fidelity National Information Services, Inc.		13,225		1,052,974
Infosys, Ltd. (ADR) (b)		163,680		2,586,144
International Business Machines Corp.		2,014		350,718
MasterCard, Inc. - Class A		1,385		155,771
Tata Consultancy Services, Ltd.		38,000		1,418,131
Vantiv, Inc. - Class A (a)		3,464		222,112
Visa, Inc. - Class A		32,005		2,844,284
WEX, Inc. (a) (b)		3,798		393,093
				22,203,407
Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.		7,902		417,779
Illumina, Inc. (a) (b)		3,308		564,477
Thermo Fisher Scientific, Inc.		4,103		630,221
				1,612,477
Machinery—0.4%
Cummins, Inc.		3,399		513,929
Deere & Co.		1,873		203,895
Machinery—(Continued)
DMG Mori Co., Ltd.		119,100		1,866,449
Fortive Corp.		1,621		97,617
Ingersoll-Rand plc		7,115		578,592
PACCAR, Inc. (b)		7,131		479,203
Parker-Hannifin Corp.		1,491		239,037
Pentair plc		1,371		86,071
Snap-on, Inc. (b)		3,876		653,765
Stanley Black & Decker, Inc.		10,127		1,345,575
Wartsila Oyj Abp		32,980		1,763,786
WEG S.A.		133,692		743,065
				8,570,984
Media—0.7%
Charter Communications, Inc. - Class A (a)		6,010		1,967,193
Comcast Corp. - Class A		69,642		2,617,843
Dentsu, Inc.		21,900		1,191,114
DISH Network Corp. - Class A (a) (b)		11,692		742,325
Informa plc		176,531		1,443,755
Sirius XM Holdings, Inc. (b)		48,441		249,471
Time Warner, Inc.		8,236		804,740
Twenty-First Century Fox, Inc. - Class A		76,475		2,477,025
Walt Disney Co. (The)		13,388		1,518,065
WPP plc		37,201		816,663
				13,828,194
Metals & Mining—1.0%
Alcoa Corp.		4,653		160,063
Antofagasta plc		190,798		1,988,408
BHP Billiton plc		159,014		2,466,273
Newmont Mining Corp.		5,276		173,897
Nippon Steel & Sumitomo Metal Corp.		94,900		2,195,863
Norsk Hydro ASA		555,193		3,226,932
Rio Tinto plc		196,031		7,890,690
Vale S.A. (ADR) (b)		96,410		865,762
				18,967,888
Multi-Utilities—0.3%
Ameren Corp. (b)		15,767		860,721
CMS Energy Corp.		13,456		602,021
NiSource, Inc.		10,133		241,064
RWE AG (a)		211,554		3,506,323
				5,210,129
Multiline Retail—0.2%
Dollar General Corp.		8,679		605,187
Izumi Co., Ltd.		32,400		1,456,480
Lojas Renner S.A.		117,700		1,045,186
Macy’s, Inc. (b)		3,530		104,629
Marui Group Co., Ltd.		104,800		1,427,506
				4,638,988
Oil, Gas & Consumable Fuels—1.5%
Anadarko Petroleum Corp.		13,506		837,372
Apache Corp. (b)		4,264		219,127
Cabot Oil & Gas Corp. (b)		19,869		475,068

BHFTI-212

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
Chevron Corp.		16,024	$	1,720,497
CNOOC, Ltd.		702,000		840,175
Concho Resources, Inc. (a) (b)		3,139		402,859
Diamondback Energy, Inc. (a) (b)		8,683		900,557
Enagas S.A.		37,562		974,757
EOG Resources, Inc.		14,176		1,382,869
EQT Corp. (b)		10,382		634,340
Exxon Mobil Corp.		39,468		3,236,771
Kinder Morgan, Inc. (b)		16,393		356,384
Lukoil PJSC (ADR)		30,110		1,597,637
Marathon Petroleum Corp.		3,653		184,623
Occidental Petroleum Corp.		14,947		947,042
Oil Search, Ltd.		322,183		1,769,523
Pioneer Natural Resources Co.		8,147		1,517,216
Royal Dutch Shell plc - A Shares		214,226		5,642,797
Total S.A.		64,599		3,263,472
Ultrapar Participacoes S.A.		62,950		1,440,132
Valero Energy Corp. (b)		4,908		325,351
				28,668,569
Paper & Forest Products—0.1%
UPM-Kymmene Oyj		95,084		2,237,576
Personal Products—0.2%
Unilever NV		62,170		3,088,588
Pharmaceuticals—2.2%
Allergan plc (b)		8,339		1,992,354
Aspen Pharmacare Holdings, Ltd.		36,000		737,259
Astellas Pharma, Inc.		51,900		684,871
AstraZeneca plc		64,569		3,968,338
Bayer AG		5,733		660,840
Bristol-Myers Squibb Co.		38,102		2,071,987
Eli Lilly & Co.		21,776		1,831,579
GlaxoSmithKline plc		233,719		4,861,776
Johnson & Johnson		17,773		2,213,627
Merck & Co., Inc.		20,494		1,302,189
Merck KGaA		25,780		2,936,152
Novartis AG		34,307		2,547,020
Novo Nordisk A/S - Class B		32,340		1,111,829
Pfizer, Inc.		105,772		3,618,460
Roche Holding AG		31,918		8,142,453
Sanofi		41,299		3,736,590
				42,417,324
Professional Services—0.0%
Wolters Kluwer NV		18,141		753,872
Real Estate Management & Development—0.5%
Deutsche Wohnen AG		75,324		2,480,405
Mitsui Fudosan Co., Ltd.		112,000		2,396,037
Savills plc		18,083		208,661
TAG Immobilien AG		144,233		1,941,028
Vonovia SE		52,745		1,858,796
				8,884,927
Road & Rail—0.3%
Canadian Pacific Railway, Ltd.		4,053		595,467
Central Japan Railway Co.		3,800		621,124
East Japan Railway Co.		5,700		497,276
Norfolk Southern Corp.		3,448		386,072
Union Pacific Corp.		22,711		2,405,549
West Japan Railway Co.		10,600		690,425
				5,195,913
Semiconductors & Semiconductor Equipment—1.6%
Analog Devices, Inc.		21,739		1,781,511
ASML Holding NV		37,758		5,008,219
Broadcom, Ltd.		12,337		2,701,310
Infineon Technologies AG		216,272		4,416,036
Lam Research Corp.		1,948		250,045
Microchip Technology, Inc. (b)		5,075		374,434
NVIDIA Corp.		3,099		337,574
QUALCOMM, Inc.		1,975		113,247
Sumco Corp.		128,700		2,154,882
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		162,360		5,331,902
Texas Instruments, Inc.		29,798		2,400,527
Tokyo Electron, Ltd.		61,800		6,766,738
				31,636,425
Software—0.6%
Adobe Systems, Inc. (a)		19,828		2,580,217
Microsoft Corp.		109,823		7,232,943
Oracle Corp.		5,793		258,426
SAP SE		10,071		988,209
Snap, Inc. - Class A (a)		5,500		123,915
Workday, Inc. - Class A (a) (b)		2,588		215,529
				11,399,239
Specialty Retail—0.7%
AutoZone, Inc. (a)		81		58,567
Best Buy Co., Inc. (b)		8,441		414,875
Dixons Carphone plc		492,914		1,961,450
Home Depot, Inc. (The)		19,004		2,790,357
Industria de Diseno Textil S.A.		46,512		1,639,403
Kingfisher plc		362,242		1,480,761
Lowe’s Cos., Inc.		24,338		2,000,827
Mr. Price Group, Ltd.		26,480		315,265
O’Reilly Automotive, Inc. (a) (b)		3,394		915,837
Ross Stores, Inc.		7,889		519,649
TJX Cos., Inc. (The)		25,315		2,001,910
				14,098,901
Technology Hardware, Storage & Peripherals—0.7%
Apple, Inc.		61,197		8,791,561
Hewlett Packard Enterprise Co.		9,731		230,625
HP, Inc.		55,685		995,648
Samsung Electronics Co., Ltd. (GDR) (a)		4,610		4,229,675
				14,247,509

BHFTI-213

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—0.3%
adidas AG		13,676	$	2,600,792
Kering		6,956		1,800,821
NIKE, Inc. - Class B		9,325		519,682
PVH Corp. (b)		837		86,605
				5,007,900
Thrifts & Mortgage Finance—0.1%
Housing Development Finance Corp., Ltd.		103,380		2,391,815
Tobacco—0.8%
Altria Group, Inc.		9,406		671,777
British American Tobacco plc		111,964		7,422,083
Imperial Brands plc		79,455		3,853,706
Japan Tobacco, Inc.		17,600		572,925
Philip Morris International, Inc.		16,045		1,811,481
Reynolds American, Inc.		8,791		554,009
				14,885,981
Trading Companies & Distributors—0.7%
Mitsubishi Corp.		298,100		6,455,996
Mitsui & Co., Ltd.		231,400		3,360,662
Sumitomo Corp.		46,300		623,894
Wolseley plc		47,476		2,986,181
				13,426,733
Transportation Infrastructure—0.0%
CCR S.A.		140,060		807,539
Wireless Telecommunication Services—0.4%
KDDI Corp.		49,000		1,287,472
Mobile TeleSystems PJSC (a)		42,700		207,781
Mobile TeleSystems PJSC (ADR)		29,850		329,246
MTN Group, Ltd.		104,690		950,650
NTT DoCoMo, Inc.		54,500		1,270,159
T-Mobile U.S., Inc. (a)		2,177		140,612
Vodafone Group plc		1,262,197		3,282,723
				7,468,643
Total Common Stocks (Cost $630,252,061)				700,613,061
Corporate Bonds & Notes—26.0%
Aerospace/Defense—0.5%
Airbus Group Finance B.V. 2.700%, 04/17/23 (144A)		279,000		277,928
Arconic, Inc. 5.900%, 02/01/27 (b)		435,000		465,689
BAE Systems Finance, Inc. 7.500%, 07/01/27 (144A)		300,000		389,152
Boeing Co. (The) 7.250%, 06/15/25		11,000		14,204
8.625%, 11/15/31		200,000		302,944
Aerospace/Defense—(Continued)
General Dynamics Corp. 1.875%, 08/15/23		195,000		185,570
Harris Corp. 2.700%, 04/27/20		70,000		70,644
3.832%, 04/27/25		690,000		702,417
4.854%, 04/27/35		100,000		106,824
5.054%, 04/27/45		170,000		186,004
L3 Technologies, Inc. 3.850%, 12/15/26		136,000		137,892
Lockheed Martin Corp. 2.500%, 11/23/20		215,000		216,485
3.100%, 01/15/23		96,000		97,313
3.550%, 01/15/26 (b)		965,000		980,772
3.800%, 03/01/45		240,000		225,388
4.070%, 12/15/42		267,000		262,104
4.850%, 09/15/41		283,000		307,561
6.150%, 09/01/36		154,000		194,201
Northrop Grumman Corp. 3.250%, 08/01/23		400,000		409,040
Northrop Grumman Systems Corp. 7.750%, 02/15/31		200,000		282,323
Raytheon Co. 3.150%, 12/15/24		91,000		92,840
Rockwell Collins, Inc. 2.800%, 03/15/22		495,000		495,673
3.200%, 03/15/24		445,000		444,492
3.500%, 03/15/27		200,000		200,058
4.350%, 04/15/47		165,000		164,780
United Technologies Corp. 3.750%, 11/01/46		280,000		262,883
4.150%, 05/15/45		260,000		260,594
5.400%, 05/01/35		525,000		613,151
5.700%, 04/15/40		250,000		304,560
6.700%, 08/01/28		233,000		302,137
8.875%, 11/15/19		41,000		47,900
				9,003,523
Agriculture—0.5%
Altria Group, Inc. 2.850%, 08/09/22		2,087,000		2,091,239
4.000%, 01/31/24		360,000		378,565
Archer-Daniels-Midland Co. 2.500%, 08/11/26 (b)		350,000		332,430
4.016%, 04/16/43		150,000		148,540
BAT International Finance plc 2.750%, 06/15/20 (144A) (b)		255,000		257,196
Bunge N.A. Finance L.P. 5.900%, 04/01/17		90,000		90,000
Bunge, Ltd. Finance Corp. 3.200%, 06/15/17 (b)		131,000		131,440
3.250%, 08/15/26		185,000		178,803
3.500%, 11/24/20 (b)		26,000		26,678
8.500%, 06/15/19		250,000		283,439

BHFTI-214

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Agriculture—(Continued)
Cargill, Inc. 4.760%, 11/23/45 (144A)		399,000	$	433,975
7.350%, 03/06/19 (144A)		260,000		286,729
Imperial Brands Finance plc 3.750%, 07/21/22 (144A)		375,000		385,143
Philip Morris International, Inc. 2.000%, 02/21/20 (b)		1,715,000		1,710,721
2.125%, 05/10/23		190,000		181,196
3.250%, 11/10/24		695,000		698,616
Reynolds American, Inc. 4.450%, 06/12/25		1,537,000		1,617,859
				9,232,569
Airlines—0.1%
Air Canada Pass-Through Trust 3.600%, 03/15/27 (144A)		566,352		569,184
American Airlines Pass-Through Trust 3.200%, 06/15/28		500,000		489,090
3.650%, 06/15/28		22,000		21,849
3.650%, 02/15/29		202,000		202,818
4.950%, 01/15/23		436,915		464,716
Continental Airlines Pass-Through Trust 4.000%, 10/29/24		35,582		36,961
Delta Air Lines Pass-Through Trust 4.750%, 05/07/20		48,518		51,247
6.821%, 08/10/22		165,928		191,646
U.S. Airways Pass-Through Trust 3.950%, 11/15/25		209,767		214,630
United Airlines Pass-Through Trust 3.100%, 07/07/28		232,000		228,230
3.450%, 07/07/28 (b)		490,000		480,200
				2,950,571
Auto Manufacturers—0.7%
American Honda Finance Corp. 2.125%, 10/10/18		425,000		428,256
2.300%, 09/09/26		110,000		102,272
2.900%, 02/16/24		100,000		99,817
BMW U.S. Capital LLC 1.850%, 09/15/21 (144A)		600,000		580,955
Daimler Finance North America LLC 1.875%, 01/11/18 (144A)		205,000		205,189
2.250%, 09/03/19 (144A)		160,000		160,535
2.250%, 03/02/20 (144A)		430,000		429,737
2.375%, 08/01/18 (144A)		665,000		669,788
2.450%, 05/18/20 (144A)		630,000		630,794
3.300%, 05/19/25 (144A)		290,000		289,669
8.500%, 01/18/31		115,000		173,635
Ford Motor Co. 5.291%, 12/08/46 (b)		390,000		389,103
6.375%, 02/01/29		500,000		572,324
6.625%, 02/15/28		250,000		294,382
9.980%, 02/15/47		400,000		611,011
Ford Motor Credit Co. LLC
1.684%, 09/08/17		217,000		216,945
3.339%, 03/28/22		580,000		582,032
Auto Manufacturers—(Continued)
Ford Motor Credit Co. LLC 3.664%, 09/08/24 (b)		785,000		772,017
4.134%, 08/04/25		440,000		442,146
4.375%, 08/06/23 (b)		415,000		433,199
4.389%, 01/08/26 (b)		200,000		204,272
5.750%, 02/01/21		300,000		330,442
General Motors Co. 5.000%, 04/01/35		425,000		420,532
5.200%, 04/01/45		280,000		274,460
6.600%, 04/01/36		842,000		968,063
General Motors Financial Co., Inc. 3.100%, 01/15/19		304,000		308,904
3.450%, 01/14/22		400,000		403,311
3.700%, 05/09/23		847,000		850,193
4.000%, 01/15/25 (b)		55,000		55,276
4.000%, 10/06/26		287,000		282,845
4.300%, 07/13/25 (b)		530,000		538,249
4.350%, 01/17/27		487,000		491,238
Nissan Motor Acceptance Corp. 1.800%, 03/15/18 (144A)		146,000		145,880
1.950%, 09/12/17 (144A)		200,000		200,193
Toyota Motor Credit Corp. 2.625%, 01/10/23 (b)		400,000		399,614
4.250%, 01/11/21		150,000		160,533
				14,117,811
Banks—6.0%
ABN AMRO Bank NV 2.450%, 06/04/20 (144A)		280,000		280,015
2.500%, 10/30/18 (144A)		350,000		352,645
4.750%, 07/28/25 (144A)		400,000		411,242
American Express Centurion Bank 6.000%, 09/13/17		250,000		254,965
ANZ New Zealand International, Ltd. 2.875%, 01/25/22 (144A) (b)		500,000		500,897
Australia & New Zealand Banking Group, Ltd. 4.400%, 05/19/26 (144A)		635,000		651,467
6.750%, 06/15/26 (144A) (c)		315,000		346,268
Bank of America Corp. 2.503%, 10/21/22		1,300,000		1,267,233
2.625%, 10/19/20		1,775,000		1,784,510
3.300%, 01/11/23		205,000		206,272
3.824%, 01/20/28 (c)		610,000		611,023
3.875%, 08/01/25		330,000		335,850
3.950%, 04/21/25		1,610,000		1,603,024
4.000%, 04/01/24 (b)		486,000		503,884
4.125%, 01/22/24		826,000		862,788
4.250%, 10/22/26		142,000		144,190
4.443%, 01/20/48 (c)		420,000		422,715
4.450%, 03/03/26		647,000		663,528
5.000%, 01/21/44		550,000		599,392
6.400%, 08/28/17		275,000		280,340
6.875%, 04/25/18		800,000		841,786
7.625%, 06/01/19		250,000		278,698

BHFTI-215

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Bank of Montreal 1.400%, 09/11/17		94,000	$	93,986
1.900%, 08/27/21		495,000		482,161
2.375%, 01/25/19		100,000		100,871
2.550%, 11/06/22		213,000		211,401
Bank of New York Mellon Corp. (The) 2.050%, 05/03/21		375,000		370,055
2.200%, 08/16/23		225,000		216,013
2.500%, 04/15/21		596,000		597,562
2.600%, 08/17/20		570,000		576,420
3.550%, 09/23/21		352,000		366,651
4.500%, 06/20/23 (b) (c)		335,000		316,994
4.600%, 01/15/20		200,000		213,474
4.625%, 09/20/26 (c)		841,000		807,360
4.950%, 06/20/20 (b) (c)		300,000		309,469
Bank of Nova Scotia (The) 1.875%, 09/20/21 (144A) (b)		750,000		735,398
2.450%, 03/22/21		355,000		354,887
Barclays plc 3.684%, 01/10/23		500,000		502,369
4.337%, 01/10/28		224,000		223,558
4.375%, 01/12/26		200,000		202,670
5.250%, 08/17/45		326,000		341,315
BB&T Corp. 2.450%, 01/15/20		139,000		140,419
3.950%, 03/22/22		175,000		183,794
BNP Paribas S.A. 2.700%, 08/20/18		262,000		264,741
BPCE S.A. 2.650%, 02/03/21		250,000		248,946
3.375%, 12/02/26		250,000		246,150
4.000%, 04/15/24		500,000		518,632
Branch Banking & Trust Co. 2.850%, 04/01/21		610,000		619,364
Canadian Imperial Bank of Commerce 1.550%, 01/23/18		400,000		399,897
Capital One Financial Corp. 3.050%, 03/09/22		545,000		544,672
3.750%, 07/28/26		315,000		305,039
4.200%, 10/29/25		100,000		100,399
Capital One N.A. 1.500%, 03/22/18		500,000		498,805
Citigroup, Inc. 2.150%, 07/30/18 (b)		181,000		181,622
2.500%, 07/29/19 (b)		215,000		216,940
3.200%, 10/21/26		181,000		173,138
3.400%, 05/01/26		285,000		277,692
3.887%, 01/10/28 (c)		2,315,000		2,325,318
4.125%, 07/25/28		74,000		72,768
4.300%, 11/20/26		165,000		166,582
4.400%, 06/10/25		925,000		942,498
4.450%, 09/29/27		1,100,000		1,113,247
4.600%, 03/09/26		205,000		210,519
4.750%, 05/18/46		145,000		143,242
5.500%, 09/13/25		101,000		110,419
6.625%, 01/15/28		2,400,000		2,889,655
Banks—(Continued)
Comerica Bank 5.200%, 08/22/17		250,000		253,415
Comerica, Inc. 3.800%, 07/22/26		172,000		172,253
Commonwealth Bank of Australia 1.750%, 11/07/19 (144A) (b)		1,040,000		1,030,150
Cooperatieve Rabobank UA 2.250%, 01/14/20		465,000		466,553
3.750%, 07/21/26 (b)		340,000		331,599
3.875%, 02/08/22		350,000		368,438
4.375%, 08/04/25		477,000		489,260
4.625%, 12/01/23		500,000		527,083
Credit Agricole S.A. 2.375%, 07/01/21 (144A)		295,000		289,055
2.750%, 06/10/20 (144A)		330,000		331,070
4.125%, 01/10/27 (144A)		326,000		323,404
Credit Suisse AG 1.750%, 01/29/18		975,000		975,727
3.625%, 09/09/24		1,000,000		1,015,113
Credit Suisse Group AG 3.574%, 01/09/23 (144A) (b)		2,709,000		2,704,717
4.282%, 01/09/28 (144A)		250,000		248,913
Credit Suisse Group Funding Guernsey, Ltd. 4.875%, 05/15/45		250,000		254,384
Danske Bank A/S 2.200%, 03/02/20 (144A) (b)		610,000		609,181
2.700%, 03/02/22 (144A) (b)		200,000		199,233
Deutsche Bank AG 2.950%, 08/20/20 (b)		235,000		235,580
3.375%, 05/12/21		925,000		930,613
4.250%, 10/14/21 (144A) (b)		980,000		1,004,376
Discover Bank 3.100%, 06/04/20		895,000		913,004
3.200%, 08/09/21		295,000		298,746
4.250%, 03/13/26		250,000		256,851
Fifth Third Bancorp 8.250%, 03/01/38		50,000		71,227
Fifth Third Bank 3.850%, 03/15/26		590,000		594,712
Goldman Sachs Group, Inc. (The) 2.350%, 11/15/21		1,415,000		1,385,827
2.375%, 01/22/18		1,230,000		1,236,743
2.600%, 04/23/20		631,000		634,554
2.625%, 01/31/19		604,000		610,811
2.750%, 09/15/20		625,000		630,177
3.000%, 04/26/22		710,000		711,739
3.500%, 01/23/25		656,000		653,474
3.625%, 01/22/23		630,000		645,836
3.850%, 07/08/24		362,000		370,808
3.850%, 01/26/27		1,875,000		1,884,144
4.250%, 10/21/25 (b)		27,000		27,521
4.750%, 10/21/45		190,000		200,174
5.150%, 05/22/45		865,000		908,886
5.250%, 07/27/21		800,000		877,533
5.375%, 03/15/20		510,000		552,879
5.950%, 01/18/18		490,000		506,009

BHFTI-216

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Goldman Sachs Group, Inc. (The) 6.125%, 02/15/33		1,000,000	$	1,207,301
HSBC Bank plc 1.500%, 05/15/18 (144A)		564,000		562,314
4.125%, 08/12/20 (144A)		2,525,000		2,666,842
4.750%, 01/19/21 (144A)		450,000		483,188
HSBC Bank USA N.A. 4.875%, 08/24/20		500,000		535,514
5.875%, 11/01/34		1,500,000		1,791,223
HSBC Holdings plc 3.262%, 03/13/23 (c)		810,000		814,510
3.900%, 05/25/26 (b)		206,000		208,749
4.041%, 03/13/28 (b) (c)		810,000		818,766
4.300%, 03/08/26 (b)		200,000		208,477
6.875%, 06/01/21 (b) (c)		642,000		683,730
HSBC USA, Inc. 1.625%, 01/16/18		300,000		299,812
2.750%, 08/07/20		610,000		616,872
Huntington Bancshares, Inc. 2.300%, 01/14/22		373,000		363,519
3.150%, 03/14/21		132,000		134,283
Huntington National Bank (The) 2.200%, 11/06/18		520,000		522,205
KeyBank N.A. 2.350%, 03/08/19		500,000		503,925
3.400%, 05/20/26 (b)		455,000		442,482
KeyCorp 5.100%, 03/24/21		200,000		218,258
Lloyds Bank plc 2.050%, 01/22/19		720,000		720,863
Lloyds Banking Group plc 3.750%, 01/11/27		1,349,000		1,326,163
4.582%, 12/10/25		200,000		203,135
Macquarie Bank, Ltd. 1.600%, 10/27/17 (144A)		507,000		507,007
2.600%, 06/24/19 (144A)		115,000		116,139
4.000%, 07/29/25 (144A)		400,000		414,787
Mitsubishi UFJ Financial Group, Inc. 2.998%, 02/22/22		192,000		193,254
Mizuho Bank, Ltd. 2.450%, 04/16/19 (144A)		200,000		201,013
2.700%, 10/20/20 (144A)		580,000		581,559
Morgan Stanley 1.875%, 01/05/18		650,000		651,143
2.210%, 01/20/22 (c)		1,015,000		1,024,954
2.375%, 07/23/19		375,000		377,314
2.625%, 11/17/21		870,000		864,267
2.650%, 01/27/20		15,000		15,143
2.800%, 06/16/20		715,000		723,673
3.625%, 01/20/27		1,240,000		1,230,943
3.700%, 10/23/24		315,000		319,527
3.750%, 02/25/23		333,000		343,890
3.875%, 04/29/24		795,000		818,163
3.950%, 04/23/27		530,000		524,906
4.300%, 01/27/45		160,000		158,259
4.350%, 09/08/26		1,235,000		1,264,980
Banks—(Continued)
Morgan Stanley 4.375%, 01/22/47		405,000		405,293
5.500%, 01/26/20		100,000		108,496
5.625%, 09/23/19		1,100,000		1,187,771
6.250%, 08/09/26		875,000		1,041,032
MUFG Americas Holdings Corp. 3.000%, 02/10/25		145,000		140,264
MUFG Union Bank N.A. 2.250%, 05/06/19 (b)		415,000		416,695
2.625%, 09/26/18		400,000		404,169
National Australia Bank, Ltd. 2.800%, 01/10/22 (b)		350,000		352,182
National City Bank 5.800%, 06/07/17		500,000		503,792
National City Bank of Indiana 4.250%, 07/01/18		250,000		257,176
Northern Trust Corp. 3.375%, 08/23/21		500,000		520,123
PNC Bank N.A. 2.150%, 04/29/21		710,000		703,025
4.200%, 11/01/25		250,000		266,951
6.875%, 04/01/18		350,000		366,922
Royal Bank of Canada 2.200%, 07/27/18		750,000		755,222
Santander Issuances S.A.U. 5.179%, 11/19/25 (b)		400,000		415,027
Santander UK plc 2.500%, 03/14/19		1,123,000		1,132,206
Skandinaviska Enskilda Banken AB 1.750%, 03/19/18 (144A)		445,000		445,005
2.375%, 11/20/18 (144A)		400,000		402,917
2.450%, 05/27/20 (144A)		535,000		536,846
Societe Generale S.A. 4.000%, 01/12/27 (144A) (b)		350,000		342,104
Standard Chartered plc 5.200%, 01/26/24 (144A)		350,000		372,092
State Street Bank and Trust Co. 5.250%, 10/15/18		215,000		225,749
State Street Corp. 3.100%, 05/15/23		90,000		90,652
3.300%, 12/16/24		136,000		137,993
3.700%, 11/20/23		369,000		386,361
Sumitomo Mitsui Financial Group, Inc. 2.846%, 01/11/22		400,000		400,668
SunTrust Banks, Inc. 2.500%, 05/01/19		113,000		114,175
2.750%, 05/01/23		300,000		296,339
3.300%, 05/15/26		380,000		368,969
6.000%, 09/11/17		150,000		152,964
Swedbank AB 2.800%, 03/14/22 (144A)		500,000		500,847
Toronto-Dominion Bank (The) 1.950%, 01/22/19 (b)		348,000		349,581
2.125%, 04/07/21		485,000		480,703
2.500%, 12/14/20		870,000		877,924
3.625%, 09/15/31 (c)		100,000		97,925

BHFTI-217

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
U.S. Bancorp 5.300%, 04/15/27 (c)		430,000	$	438,062
U.S. Bank N.A. 1.450%, 01/29/18		750,000		749,798
UBS AG 1.800%, 03/26/18		940,000		940,667
2.375%, 08/14/19		1,150,000		1,157,719
UBS Group Funding Jersey, Ltd. 2.650%, 02/01/22 (144A)		595,000		583,320
Wachovia Corp. 6.605%, 10/01/25		222,000		263,882
Wells Fargo & Co. 2.500%, 03/04/21		750,000		747,853
2.550%, 12/07/20		320,000		321,623
3.000%, 04/22/26		300,000		287,916
3.000%, 10/23/26		1,125,000		1,077,135
3.069%, 01/24/23 (b)		1,240,000		1,247,542
3.450%, 02/13/23		900,000		908,216
4.100%, 06/03/26		189,000		192,967
4.300%, 07/22/27		49,000		50,918
4.480%, 01/16/24		55,000		58,603
4.650%, 11/04/44		2,015,000		2,022,367
4.750%, 12/07/46		485,000		495,485
4.900%, 11/17/45		424,000		442,074
5.625%, 12/11/17		700,000		719,151
5.900%, 06/15/24 (c)		460,000		480,286
Westpac Banking Corp. 1.600%, 08/19/19		427,000		422,442
2.000%, 08/19/21		335,000		327,052
2.600%, 11/23/20		815,000		821,086
3.350%, 03/08/27		200,000		198,933
4.322%, 11/23/31 (c)		490,000		495,149
4.875%, 11/19/19		400,000		427,552
				116,948,626
Beverages—0.7%
Anheuser-Busch Cos. LLC 5.750%, 04/01/36		60,000		72,435
5.950%, 01/15/33		100,000		122,188
6.750%, 12/15/27		65,000		79,696
6.800%, 08/20/32		420,000		569,553
Anheuser-Busch InBev Finance, Inc. 3.300%, 02/01/23		373,000		379,643
3.650%, 02/01/26		3,555,000		3,594,816
4.700%, 02/01/36		2,950,000		3,120,979
4.900%, 02/01/46		552,000		596,560
Anheuser-Busch InBev Worldwide, Inc. 5.375%, 01/15/20		200,000		217,623
6.375%, 01/15/40		300,000		394,139
6.500%, 07/15/18		250,000		265,046
6.625%, 08/15/33		150,000		189,083
8.000%, 11/15/39		50,000		74,970
Brown-Forman Corp. 4.500%, 07/15/45		113,000		119,489
Beverages—(Continued)
Coca-Cola Co. (The) 2.250%, 09/01/26 (b)		345,000		323,658
7.375%, 07/29/93		100,000		144,503
Coca-Cola Femsa S.A.B. de C.V. 3.875%, 11/26/23		200,000		205,708
Coca-Cola Refreshments USA, Inc. 7.000%, 05/15/98		100,000		133,612
8.000%, 09/15/22		324,000		409,143
Constellation Brands, Inc. 4.250%, 05/01/23		80,000		84,366
Diageo Capital plc 4.828%, 07/15/20		250,000		270,660
4.850%, 05/15/18		46,000		47,577
Diageo Investment Corp. 2.875%, 05/11/22		200,000		203,620
7.450%, 04/15/35 (b)		70,000		98,353
Dr Pepper Snapple Group, Inc. 2.000%, 01/15/20		92,000		91,616
2.550%, 09/15/26		163,000		151,959
Heineken NV 4.000%, 10/01/42 (144A)		575,000		550,397
PepsiCo, Inc. 2.750%, 03/01/23		410,000		411,305
3.100%, 07/17/22		741,000		761,261
3.450%, 10/06/46		725,000		655,960
4.450%, 04/14/46		94,000		100,015
5.500%, 01/15/40		150,000		182,334
				14,622,267
Biotechnology—0.5%
Amgen, Inc. 2.600%, 08/19/26		225,000		208,566
3.125%, 05/01/25		210,000		206,470
3.625%, 05/15/22 (b)		985,000		1,023,799
4.400%, 05/01/45		515,000		499,880
4.563%, 06/15/48		901,000		894,825
4.663%, 06/15/51		265,000		265,165
Baxalta, Inc. 3.600%, 06/23/22		329,000		336,314
Biogen, Inc. 2.900%, 09/15/20		207,000		210,698
5.200%, 09/15/45		265,000		286,492
Celgene Corp. 2.300%, 08/15/18		315,000		317,329
3.250%, 08/15/22		174,000		176,903
3.625%, 05/15/24 (b)		800,000		809,774
5.000%, 08/15/45		245,000		256,445
5.700%, 10/15/40		206,000		228,185
Gilead Sciences, Inc. 2.500%, 09/01/23		59,000		57,083
2.950%, 03/01/27 (b)		660,000		625,949
3.250%, 09/01/22		125,000		127,689
3.500%, 02/01/25		95,000		95,669
3.650%, 03/01/26		230,000		232,087
3.700%, 04/01/24		583,000		598,870

BHFTI-218

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—(Continued)
Gilead Sciences, Inc. 4.000%, 09/01/36		190,000	$	180,580
4.500%, 04/01/21		100,000		107,445
4.600%, 09/01/35		1,080,000		1,112,638
				8,858,855
Building Materials—0.0%
CRH America, Inc. 3.875%, 05/18/25 (144A)		334,000		342,722
Johnson Controls International plc 3.625%, 07/02/24		98,000		100,060
3.900%, 02/14/26		128,000		132,879
4.500%, 02/15/47		135,000		137,020
4.950%, 07/02/64		50,000		50,959
Masco Corp. 3.500%, 04/01/21 (b)		170,000		172,994
				936,634
Chemicals—0.3%
Agrium, Inc. 3.375%, 03/15/25		390,000		384,893
Air Liquide Finance S.A. 1.750%, 09/27/21 (144A)		715,000		689,561
CF Industries, Inc. 3.400%, 12/01/21 (144A)		240,000		239,710
4.500%, 12/01/26 (144A)		660,000		670,362
5.375%, 03/15/44		225,000		196,312
Dow Chemical Co. (The) 3.000%, 11/15/22		82,000		82,842
4.125%, 11/15/21		27,000		28,648
8.550%, 05/15/19 (b)		45,000		51,012
E.I. du Pont de Nemours & Co. 6.500%, 01/15/28		40,000		49,612
LYB International Finance B.V. 4.875%, 03/15/44 (b)		350,000		362,563
Monsanto Co. 1.150%, 06/30/17		325,000		324,732
Mosaic Co. (The) 4.250%, 11/15/23 (b)		177,000		183,392
4.875%, 11/15/41		100,000		92,746
Mosaic Global Holdings, Inc. 7.300%, 01/15/28		23,000		27,586
7.375%, 08/01/18		800,000		844,786
Potash Corp. of Saskatchewan, Inc. 5.875%, 12/01/36		400,000		457,188
PPG Industries, Inc. 3.600%, 11/15/20		155,000		162,262
Praxair, Inc. 2.200%, 08/15/22		30,000		29,480
2.450%, 02/15/22		300,000		299,709
Union Carbide Corp. 7.500%, 06/01/25 (b)		701,000		857,138
7.750%, 10/01/96 (b)		100,000		126,640
7.875%, 04/01/23		30,000		36,736
				6,197,910
Commercial Services—0.1%
California Institute of Technology 4.700%, 11/01/2111		165,000		157,058
Ecolab, Inc. 1.450%, 12/08/17		70,000		69,923
3.250%, 01/14/23		290,000		294,902
ERAC USA Finance LLC 3.300%, 10/15/22 (144A)		100,000		100,649
4.200%, 11/01/46 (144A)		255,000		231,856
6.700%, 06/01/34 (144A)		500,000		606,849
President & Fellows of Harvard College 3.300%, 07/15/56		143,000		132,168
Total System Services, Inc. 3.750%, 06/01/23		45,000		45,161
University of Pennsylvania 4.674%, 09/01/2112		254,000		256,057
Western Union Co. (The) 3.600%, 03/15/22		300,000		302,139
				2,196,762
Computers—0.5%
Apple, Inc. 2.150%, 02/09/22 (b)		1,004,000		993,792
2.400%, 05/03/23		385,000		378,563
2.700%, 05/13/22 (b)		230,000		232,859
2.850%, 05/06/21		322,000		329,646
3.000%, 02/09/24		1,044,000		1,052,968
3.250%, 02/23/26 (b)		1,688,000		1,705,204
3.450%, 02/09/45		420,000		374,364
3.850%, 05/04/43		333,000		319,030
4.375%, 05/13/45		320,000		327,843
4.500%, 02/23/36		700,000		756,275
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 4.420%, 06/15/21 (144A)		540,000		564,702
5.450%, 06/15/23 (144A)		777,000		838,393
6.020%, 06/15/26 (144A)		725,000		790,381
Everett Spinco, Inc. 4.250%, 04/15/24 (144A)		129,000		131,171
HP Enterprise Services LLC 7.450%, 10/15/29		138,000		166,075
International Business Machines Corp. 7.625%, 10/15/18		300,000		326,914
				9,288,180
Distribution/Wholesale—0.0%
WW Grainger, Inc. 3.750%, 05/15/46		103,000		97,778
4.600%, 06/15/45		157,000		169,433
				267,211
Diversified Financial Services—0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.500%, 05/26/22 (b)		585,000		589,460

BHFTI-219

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.950%, 02/01/22		1,480,000	$	1,519,941
Air Lease Corp. 2.125%, 01/15/20		143,000		141,920
2.625%, 09/04/18		945,000		952,921
3.000%, 09/15/23		285,000		278,505
3.375%, 06/01/21 (b)		365,000		372,080
3.625%, 04/01/27		620,000		602,607
American Express Co. 1.550%, 05/22/18		158,000		157,795
7.000%, 03/19/18		250,000		262,520
BlackRock, Inc. 3.375%, 06/01/22		55,000		57,180
3.500%, 03/18/24		45,000		46,972
6.250%, 09/15/17		250,000		255,596
Blackstone Holdings Finance Co. LLC 4.450%, 07/15/45 (144A)		66,000		62,465
5.875%, 03/15/21 (144A)		250,000		279,298
Capital One Bank USA N.A. 2.250%, 02/13/19		435,000		435,660
3.375%, 02/15/23		1,735,000		1,731,485
Charles Schwab Corp. (The) 4.450%, 07/22/20		400,000		428,464
China Overseas Finance Investment Cayman V, Ltd. Zero Coupon, 01/05/23		1,800,000		1,833,300
CME Group, Inc. 3.000%, 09/15/22		300,000		306,252
GE Capital International Funding Co. 4.418%, 11/15/35		2,192,000		2,314,651
GTP Acquisition Partners LLC 3.482%, 06/16/25 (144A)		269,000		269,102
Intercontinental Exchange, Inc. 4.000%, 10/15/23		118,000		124,758
International Lease Finance Corp. 8.625%, 01/15/22		300,000		367,084
Invesco Finance plc 3.750%, 01/15/26		97,000		99,753
5.375%, 11/30/43		75,000		85,030
Jefferies Group LLC 5.125%, 04/13/18		75,000		77,349
6.875%, 04/15/21		375,000		428,097
Legg Mason, Inc. 5.625%, 01/15/44		80,000		81,639
National Rural Utilities Cooperative Finance Corp. 2.700%, 02/15/23		285,000		282,356
2.850%, 01/27/25		340,000		335,625
2.950%, 02/07/24		502,000		503,040
8.000%, 03/01/32		400,000		575,158
10.375%, 11/01/18		40,000		45,298
Synchrony Financial 4.250%, 08/15/24 (b)		155,000		158,759
UBS Group Funding Switzerland AG 4.253%, 03/23/28 (144A)		485,000		491,950
Diversified Financial Services—(Continued)
Visa, Inc. 2.800%, 12/14/22		265,000		267,304
3.150%, 12/14/25		625,000		627,161
4.150%, 12/14/35		300,000		313,851
				17,762,386
Electric—1.9%
AEP Transmission Co. LLC 3.100%, 12/01/26 (144A)		265,000		261,643
Alabama Power Co. 3.750%, 03/01/45		235,000		220,369
4.150%, 08/15/44		35,000		34,989
5.500%, 10/15/17		147,000		149,959
5.700%, 02/15/33		150,000		174,568
American Electric Power Co., Inc. 1.650%, 12/15/17		119,000		118,964
Appalachian Power Co. 5.800%, 10/01/35		150,000		174,763
Arizona Public Service Co. 8.750%, 03/01/19		165,000		185,921
Atlantic City Electric Co. 7.750%, 11/15/18		135,000		147,302
Baltimore Gas & Electric Co. 2.800%, 08/15/22		143,000		143,228
Berkshire Hathaway Energy Co. 3.500%, 02/01/25 (b)		1,200,000		1,230,532
4.500%, 02/01/45		195,000		202,830
CenterPoint Energy Houston Electric LLC 5.600%, 07/01/23		381,000		429,874
6.950%, 03/15/33		100,000		134,123
Cleveland Electric Illuminating Co. (The) 5.500%, 08/15/24		187,000		213,378
7.880%, 11/01/17		315,000		325,975
CMS Energy Corp. 2.950%, 02/15/27		115,000		109,015
3.450%, 08/15/27		320,000		318,445
3.875%, 03/01/24		138,000		142,408
Commonwealth Edison Co. 2.550%, 06/15/26 (b)		410,000		389,768
4.600%, 08/15/43		250,000		271,179
5.875%, 02/01/33		150,000		179,649
6.450%, 01/15/38		175,000		229,567
Consolidated Edison Co. of New York, Inc. 3.950%, 03/01/43		300,000		293,238
4.500%, 12/01/45		305,000		324,293
5.700%, 12/01/36		300,000		356,722
Consolidated Edison, Inc. 2.000%, 05/15/21		580,000		569,092
Consumers Energy Co. 3.125%, 08/31/24		300,000		300,719
3.950%, 05/15/43		200,000		200,976
Dominion Resources, Inc. 2.850%, 08/15/26		218,000		203,561
3.900%, 10/01/25		375,000		381,825
5.250%, 08/01/33		400,000		435,784

BHFTI-220

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
DTE Electric Co. 3.375%, 03/01/25		250,000	$	255,565
5.450%, 02/15/35		30,000		34,837
5.700%, 10/01/37		250,000		304,021
DTE Energy Co.
3.850%, 12/01/23		137,000		141,654
Duke Energy Carolinas LLC 3.875%, 03/15/46		90,000		87,997
4.300%, 06/15/20		408,000		435,833
6.000%, 12/01/28		200,000		247,703
6.000%, 01/15/38		60,000		75,564
Duke Energy Corp. 2.650%, 09/01/26		130,000		121,123
3.750%, 04/15/24		660,000		678,840
6.250%, 06/15/18		375,000		394,275
Duke Energy Indiana LLC 3.750%, 05/15/46		370,000		349,712
Duke Energy Ohio, Inc. 3.700%, 06/15/46		275,000		257,229
Duke Energy Progress LLC 4.150%, 12/01/44		305,000		309,719
6.125%, 09/15/33 (b)		500,000		624,135
Edison International 2.950%, 03/15/23		425,000		424,477
EDP Finance B.V. 5.250%, 01/14/21 (144A) (b)		425,000		453,449
Electricite de France S.A. 2.150%, 01/22/19 (144A)		240,000		240,276
4.875%, 01/22/44 (144A)		165,000		164,236
Emera U.S. Finance L.P. 3.550%, 06/15/26		290,000		285,078
4.750%, 06/15/46		255,000		257,310
Entergy Arkansas, Inc. 3.050%, 06/01/23		311,000		312,056
Entergy Corp. 2.950%, 09/01/26		580,000		549,895
4.000%, 07/15/22		270,000		282,813
Entergy Mississippi, Inc. 2.850%, 06/01/28		245,000		233,034
Exelon Corp. 2.450%, 04/15/21		60,000		59,282
3.497%, 06/01/22		530,000		534,893
4.450%, 04/15/46		115,000		113,938
Exelon Generation Co. LLC 2.950%, 01/15/20		500,000		506,872
3.400%, 03/15/22 (b)		195,000		196,588
Florida Power & Light Co. 4.950%, 06/01/35		300,000		341,965
5.625%, 04/01/34		110,000		132,978
Georgia Power Co. 5.400%, 06/01/40		120,000		133,778
Indiana Michigan Power Co. 3.200%, 03/15/23		250,000		252,571
ITC Holdings Corp. 3.250%, 06/30/26		190,000		184,574
3.650%, 06/15/24		285,000		287,152
Electric—(Continued)
Jersey Central Power & Light Co. 4.300%, 01/15/26 (144A)		505,000		525,361
6.150%, 06/01/37		100,000		115,945
Kansas City Power & Light Co. 3.150%, 03/15/23		100,000		100,624
6.375%, 03/01/18		150,000		156,054
7.150%, 04/01/19		250,000		275,035
Kentucky Utilities Co. 3.300%, 10/01/25		340,000		343,098
Louisville Gas & Electric Co. 5.125%, 11/15/40		125,000		142,630
Metropolitan Edison Co. 3.500%, 03/15/23 (144A)		220,000		223,210
4.000%, 04/15/25 (144A)		230,000		231,925
MidAmerican Energy Co. 3.700%, 09/15/23		300,000		313,507
3.950%, 08/01/47		105,000		104,863
Nevada Power Co. 6.500%, 08/01/18		425,000		451,839
6.650%, 04/01/36		150,000		197,923
New York State Electric & Gas Corp. 3.250%, 12/01/26 (144A)		430,000		427,756
NextEra Energy Capital Holdings, Inc. 2.400%, 09/15/19		159,000		160,258
Niagara Mohawk Power Corp. 4.278%, 10/01/34 (144A)		264,000		269,173
Northern States Power Co. 2.150%, 08/15/22		500,000		489,603
Oncor Electric Delivery Co. LLC 2.150%, 06/01/19 (b)		240,000		241,219
2.950%, 04/01/25		30,000		29,717
Pacific Gas & Electric Co. 2.450%, 08/15/22		91,000		89,607
2.950%, 03/01/26		105,000		102,376
3.250%, 06/15/23 (b)		300,000		305,425
3.400%, 08/15/24		595,000		605,805
3.500%, 06/15/25		305,000		311,729
4.250%, 03/15/46		205,000		209,843
4.300%, 03/15/45 (b)		90,000		92,660
5.800%, 03/01/37		255,000		314,852
6.050%, 03/01/34		250,000		312,979
PacifiCorp 2.950%, 06/01/23		350,000		351,767
5.500%, 01/15/19		65,000		69,220
5.900%, 08/15/34		15,000		17,957
6.100%, 08/01/36		116,000		147,692
6.250%, 10/15/37		260,000		336,677
7.700%, 11/15/31		40,000		57,947
Peco Energy Co. 2.375%, 09/15/22		250,000		246,487
5.350%, 03/01/18		530,000		548,045
PPL Capital Funding, Inc. 3.100%, 05/15/26		330,000		316,947
3.500%, 12/01/22		775,000		792,614
5.000%, 03/15/44		260,000		274,939

BHFTI-221

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
PPL Electric Utilities Corp. 2.500%, 09/01/22		86,000	$	84,807
4.750%, 07/15/43		42,000		46,708
Progress Energy, Inc. 7.000%, 10/30/31		325,000		428,021
PSEG Power LLC 2.450%, 11/15/18		45,000		45,278
4.150%, 09/15/21 (b)		110,000		115,396
4.300%, 11/15/23		74,000		77,323
Public Service Co. of Colorado 2.250%, 09/15/22		47,000		46,070
3.950%, 03/15/43		200,000		193,859
5.125%, 06/01/19		150,000		160,057
5.800%, 08/01/18		130,000		136,821
Public Service Co. of New Hampshire 3.500%, 11/01/23		55,000		56,635
6.000%, 05/01/18		410,000		428,087
Public Service Co. of Oklahoma 5.150%, 12/01/19		50,000		53,579
6.625%, 11/15/37		100,000		128,224
Public Service Electric & Gas Co. 2.250%, 09/15/26		203,000		189,056
3.650%, 09/01/42		56,000		53,344
Puget Sound Energy, Inc. 6.974%, 06/01/67 (c)		450,000		405,562
San Diego Gas & Electric Co. 5.350%, 05/15/35		100,000		116,476
6.000%, 06/01/26		100,000		120,985
Sierra Pacific Power Co. 2.600%, 05/01/26		370,000		354,584
6.750%, 07/01/37		150,000		195,944
Southern California Edison Co. 2.400%, 02/01/22		350,000		348,637
3.500%, 10/01/23		239,000		248,878
3.600%, 02/01/45		180,000		170,034
4.650%, 10/01/43		200,000		220,740
Southern Power Co. 1.850%, 12/01/17		173,000		173,170
4.950%, 12/15/46		335,000		331,243
5.150%, 09/15/41		200,000		201,846
5.250%, 07/15/43 (b)		95,000		97,606
Southwestern Electric Power Co. 3.900%, 04/01/45		340,000		320,992
TECO Finance, Inc. 6.572%, 11/01/17		150,000		154,051
Toledo Edison Co. (The) 6.150%, 05/15/37		250,000		301,300
7.250%, 05/01/20		15,000		16,346
Trans-Allegheny Interstate Line Co. 3.850%, 06/01/25 (144A)		300,000		307,291
Virginia Electric & Power Co. 1.200%, 01/15/18		33,000		32,888
3.450%, 02/15/24		122,000		125,267
Xcel Energy, Inc. 3.300%, 06/01/25		215,000		215,327
3.350%, 12/01/26		370,000		369,947
Electric—(Continued)
Xcel Energy, Inc. 4.700%, 05/15/20 (b)		245,000		260,263
				36,758,031
Electrical Components & Equipment—0.0%
Emerson Electric Co. 6.000%, 08/15/32		70,000		86,622
Electronics—0.1%
Arrow Electronics, Inc. 3.000%, 03/01/18		26,000		26,259
7.500%, 01/15/27		661,000		804,924
Koninklijke Philips NV 3.750%, 03/15/22		100,000		103,956
6.875%, 03/11/38		100,000		127,517
				1,062,656
Engineering & Construction—0.0%
ABB Finance USA, Inc. 2.875%, 05/08/22		100,000		101,132
Environmental Control—0.1%
Republic Services, Inc. 5.500%, 09/15/19		600,000		649,168
Waste Management, Inc. 2.400%, 05/15/23		64,000		62,852
2.900%, 09/15/22 (b)		354,000		360,100
3.900%, 03/01/35		42,000		41,712
				1,113,832
Food—0.5%
Conagra Brands, Inc. 3.250%, 09/15/22		200,000		201,541
6.625%, 08/15/39		70,000		77,481
7.125%, 10/01/26		19,000		23,259
General Mills, Inc. 3.150%, 12/15/21		244,000		249,787
5.650%, 02/15/19		500,000		534,374
Kellogg Co. 4.000%, 12/15/20		64,000		67,593
7.450%, 04/01/31		500,000		650,306
Kraft Heinz Foods Co. 3.950%, 07/15/25		808,000		820,269
4.375%, 06/01/46		785,000		736,646
5.000%, 06/04/42		105,000		106,891
5.200%, 07/15/45		339,000		353,832
6.125%, 08/23/18		590,000		623,858
6.875%, 01/26/39		300,000		374,249
Kroger Co. (The) 2.300%, 01/15/19		70,000		70,432
2.650%, 10/15/26		315,000		290,167
3.300%, 01/15/21		308,000		315,432
3.875%, 10/15/46 (b)		525,000		471,199
6.400%, 08/15/17		100,000		101,772
7.700%, 06/01/29		310,000		415,760

BHFTI-222

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Food—(Continued)
Kroger Co. (The) 8.000%, 09/15/29		400,000	$	539,781
Mondelez International Holdings Netherlands B.V. 2.000%, 10/28/21 (144A) (b)		475,000		457,046
Smithfield Foods, Inc. 4.250%, 02/01/27 (144A)		92,000		93,082
Sysco Corp. 2.500%, 07/15/21 (b)		555,000		553,149
3.750%, 10/01/25		83,000		84,702
4.850%, 10/01/45		73,000		77,175
5.375%, 09/21/35		100,000		112,108
Tyson Foods, Inc. 2.650%, 08/15/19		96,000		97,056
3.950%, 08/15/24		200,000		203,954
4.875%, 08/15/34		250,000		255,697
Unilever Capital Corp. 2.000%, 07/28/26		160,000		145,614
				9,104,212
Forest Products & Paper—0.0%
International Paper Co. 3.000%, 02/15/27 (b)		357,000		333,759
3.800%, 01/15/26 (b)		565,000		571,452
				905,211
Gas—0.3%
Atmos Energy Corp. 6.350%, 06/15/17		355,000		358,459
8.500%, 03/15/19		350,000		393,159
CenterPoint Energy Resources Corp. 5.850%, 01/15/41		246,000		290,914
Dominion Gas Holdings LLC 2.500%, 12/15/19		160,000		161,792
2.800%, 11/15/20		433,000		438,351
4.600%, 12/15/44		142,000		142,388
4.800%, 11/01/43		765,000		804,036
KeySpan Gas East Corp. 2.742%, 08/15/26 (144A)		690,000		659,549
Nisource Finance Corp. 4.800%, 02/15/44		455,000		478,290
5.450%, 09/15/20		1,075,000		1,177,166
6.250%, 12/15/40		75,000		91,163
6.800%, 01/15/19		227,000		245,573
Piedmont Natural Gas Co., Inc. 3.640%, 11/01/46		355,000		317,432
Sempra Energy 2.400%, 03/15/20		120,000		120,435
9.800%, 02/15/19 (b)		200,000		228,119
Southern Co. Gas Capital Corp. 3.250%, 06/15/26		425,000		413,561
5.875%, 03/15/41		147,000		172,061
6.000%, 10/01/34		250,000		287,241
				6,779,689
Healthcare-Products—0.4%
Abbott Laboratories 3.750%, 11/30/26		695,000		694,126
4.750%, 11/30/36		365,000		376,299
5.125%, 04/01/19		158,000		167,277
Becton Dickinson & Co. 2.675%, 12/15/19		511,000		518,278
4.685%, 12/15/44		300,000		313,156
C.R. Bard, Inc. 1.375%, 01/15/18		250,000		249,557
Covidien International Finance S.A. 6.000%, 10/15/17		200,000		204,842
Medtronic Global Holdings SCA 3.350%, 04/01/27		440,000		443,128
Medtronic, Inc. 3.125%, 03/15/22		385,000		393,815
3.150%, 03/15/22		1,340,000		1,379,123
3.500%, 03/15/25		335,000		342,787
4.375%, 03/15/35		864,000		905,744
4.625%, 03/15/45		492,000		528,265
Stryker Corp. 4.625%, 03/15/46		55,000		56,558
Thermo Fisher Scientific, Inc. 2.950%, 09/19/26		1,092,000		1,039,714
3.150%, 01/15/23		228,000		228,444
4.150%, 02/01/24		286,000		300,146
Zimmer Biomet Holdings, Inc. 2.000%, 04/01/18		525,000		525,856
				8,667,115
Healthcare-Services—0.5%
Aetna, Inc. 2.800%, 06/15/23		120,000		119,019
3.500%, 11/15/24		250,000		255,296
4.125%, 06/01/21		916,000		971,233
Anthem, Inc. 2.300%, 07/15/18		510,000		512,269
3.125%, 05/15/22		100,000		100,513
3.300%, 01/15/23		35,000		35,301
3.500%, 08/15/24		165,000		166,033
5.100%, 01/15/44		605,000		651,418
5.950%, 12/15/34		700,000		811,877
Ascension Health 3.945%, 11/15/46		196,000		190,844
Cigna Corp. 4.000%, 02/15/22		240,000		252,227
5.125%, 06/15/20		330,000		357,883
Howard Hughes Medical Institute 3.500%, 09/01/23		200,000		209,509
Laboratory Corp. of America Holdings 3.200%, 02/01/22		215,000		215,974
Mayo Clinic 4.128%, 11/15/52		78,000		77,241
Providence St. Joseph Health Obligated Group 2.746%, 10/01/26		120,000		114,335
Quest Diagnostics, Inc. 3.450%, 06/01/26		91,000		89,632

BHFTI-223

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Roche Holdings, Inc. 2.250%, 09/30/19 (144A)		300,000	$	302,535
UnitedHealth Group, Inc. 2.700%, 07/15/20		130,000		132,613
2.750%, 02/15/23		46,000		45,884
2.875%, 03/15/22		400,000		408,032
2.875%, 03/15/23		300,000		300,883
3.100%, 03/15/26		475,000		471,428
3.750%, 07/15/25		205,000		214,085
3.950%, 10/15/42		250,000		243,068
4.625%, 07/15/35		760,000		828,576
4.700%, 02/15/21		64,000		69,336
5.800%, 03/15/36		425,000		524,210
6.625%, 11/15/37		175,000		232,898
				8,904,152
Holding Companies-Diversified—0.0%
Hutchison Whampoa International, Ltd. 2.000%, 11/08/17 (144A)		200,000		200,158
Household Products/Wares—0.0%
Kimberly-Clark Corp. 5.300%, 03/01/41		225,000		269,740
6.125%, 08/01/17		98,000		99,462
				369,202
Housewares—0.0%
Newell Brands, Inc. 5.500%, 04/01/46		155,000		175,912
Insurance—0.9%
AIG SunAmerica Global Financing X 6.900%, 03/15/32 (144A)		785,000		1,014,911
Allstate Corp. (The) 3.150%, 06/15/23 (b)		173,000		175,781
American International Group, Inc. 3.875%, 01/15/35		670,000		612,218
4.500%, 07/16/44		191,000		182,267
4.700%, 07/10/35		150,000		151,807
4.800%, 07/10/45		540,000		538,611
Aon Corp. 5.000%, 09/30/20		200,000		216,302
Berkshire Hathaway Finance Corp. 3.000%, 05/15/22 (b)		400,000		410,261
Berkshire Hathaway, Inc. 3.125%, 03/15/26		120,000		119,885
Chubb INA Holdings, Inc. 2.300%, 11/03/20		60,000		60,215
2.700%, 03/13/23		200,000		198,467
5.800%, 03/15/18		401,000		417,096
CNA Financial Corp. 7.250%, 11/15/23		153,000		185,127
7.350%, 11/15/19		245,000		276,336
Guardian Life Global Funding 2.000%, 04/26/21 (144A)		165,000		161,208
Insurance—(Continued)
Guardian Life Insurance Co. of America (The) 4.850%, 01/24/77 (144A)		63,000		61,454
Jackson National Life Global Funding 2.250%, 04/29/21 (144A)		1,320,000		1,302,601
3.250%, 01/30/24 (144A)		173,000		173,952
Liberty Mutual Group, Inc. 4.950%, 05/01/22 (144A)		220,000		239,029
Liberty Mutual Insurance Co. 8.500%, 05/15/25 (144A)		500,000		637,767
Lincoln National Corp. 6.250%, 02/15/20		375,000		413,320
Manulife Financial Corp. 4.061%, 02/24/32 (c)		665,000		666,234
4.150%, 03/04/26		750,000		789,796
Marsh & McLennan Cos., Inc. 2.750%, 01/30/22 (b)		120,000		120,676
Massachusetts Mutual Life Insurance Co. 8.875%, 06/01/39 (144A)		121,000		196,466
MassMutual Global Funding II 2.000%, 04/15/21 (144A)		440,000		430,444
2.100%, 08/02/18 (144A) (b)		250,000		251,507
Nationwide Mutual Insurance Co. 7.875%, 04/01/33 (144A)		200,000		272,587
8.250%, 12/01/31 (144A)		135,000		189,859
9.375%, 08/15/39 (144A)		138,000		221,144
New York Life Global Funding 2.000%, 04/13/21 (144A) (b)		140,000		137,799
New York Life Insurance Co. 5.875%, 05/15/33 (144A)		400,000		487,412
Pacific Life Insurance Co. 9.250%, 06/15/39 (144A)		200,000		310,884
Pricoa Global Funding I 1.600%, 05/29/18 (144A)		617,000		616,689
2.200%, 05/16/19 (144A)		280,000		281,236
2.200%, 06/03/21 (144A)		423,000		416,987
2.550%, 11/24/20 (144A)		280,000		281,213
Principal Life Global Funding II 3.000%, 04/18/26 (144A)		234,000		227,832
Prudential Financial, Inc. 5.100%, 08/15/43		200,000		222,133
5.200%, 03/15/44 (c)		445,000		456,904
Prudential Insurance Co. of America (The) 8.300%, 07/01/25 (144A)		800,000		1,043,420
Reliance Standard Life Global Funding II 2.375%, 05/04/20 (144A)		475,000		471,296
Swiss Re Treasury U.S. Corp. 4.250%, 12/06/42 (144A)		120,000		118,500
Teachers Insurance & Annuity Association of America 4.900%, 09/15/44 (144A)		136,000		147,076
Travelers Cos., Inc. (The) 3.900%, 11/01/20		25,000		26,472
6.750%, 06/20/36		175,000		237,358
Travelers Property Casualty Corp. 6.375%, 03/15/33		100,000		128,104

BHFTI-224

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Voya Financial, Inc. 2.900%, 02/15/18		431,000	$	434,923
3.650%, 06/15/26		120,000		118,221
				16,851,787
Internet—0.0%
Amazon.com, Inc. 4.800%, 12/05/34		189,000		209,282
eBay, Inc. 2.600%, 07/15/22		645,000		635,982
				845,264
Iron/Steel—0.1%
Nucor Corp. 4.000%, 08/01/23		290,000		306,567
5.200%, 08/01/43		218,000		247,764
5.850%, 06/01/18		550,000		575,681
Vale Overseas, Ltd. 6.250%, 08/10/26		1,261,000		1,369,761
6.875%, 11/21/36 (b)		200,000		215,020
				2,714,793
Machinery-Construction & Mining—0.1%
Caterpillar Financial Services Corp. 1.931%, 10/01/21		147,000		143,037
Caterpillar, Inc. 5.300%, 09/15/35		400,000		457,455
7.300%, 05/01/31		584,000		751,201
				1,351,693
Machinery-Diversified—0.2%
Deere & Co. 5.375%, 10/16/29		1,175,000		1,408,042
8.100%, 05/15/30		61,000		88,152
John Deere Capital Corp. 1.700%, 01/15/20		43,000		42,691
2.450%, 09/11/20		205,000		206,701
2.650%, 01/06/22 (b)		920,000		923,324
2.800%, 03/04/21 (b)		210,000		214,330
2.800%, 01/27/23		122,000		121,731
Roper Technologies, Inc. 3.000%, 12/15/20		83,000		84,560
3.800%, 12/15/26 (b)		284,000		285,246
Xylem, Inc. 4.375%, 11/01/46		190,000		188,186
				3,562,963
Media—1.0%
21st Century Fox America, Inc. 4.750%, 09/15/44		265,000		267,639
4.950%, 10/15/45		100,000		103,501
5.400%, 10/01/43 (b)		340,000		371,066
7.125%, 04/08/28		220,000		277,003
7.250%, 05/18/18		265,000		280,733
Media—(Continued)
21st Century Fox America, Inc. 7.280%, 06/30/28		400,000		510,368
7.300%, 04/30/28		218,000		277,825
7.625%, 11/30/28		100,000		131,773
CBS Corp. 2.300%, 08/15/19		500,000		501,929
3.700%, 08/15/24		265,000		268,378
4.000%, 01/15/26		167,000		170,994
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.464%, 07/23/22		236,000		248,869
4.908%, 07/23/25		1,431,000		1,512,092
5.375%, 05/01/47 (144A)		485,000		487,213
6.384%, 10/23/35		754,000		857,111
Comcast Corp. 1.625%, 01/15/22		385,000		369,193
2.350%, 01/15/27		175,000		160,348
3.200%, 07/15/36		610,000		541,359
3.400%, 07/15/46		142,000		121,500
4.250%, 01/15/33		303,000		311,961
4.600%, 08/15/45		700,000		723,791
4.750%, 03/01/44		325,000		342,876
5.650%, 06/15/35		996,000		1,179,707
6.500%, 11/15/35		185,000		235,995
7.050%, 03/15/33		187,000		248,532
COX Communications, Inc. 6.450%, 12/01/36 (144A)		500,000		525,079
Discovery Communications LLC 3.800%, 03/13/24		710,000		703,961
Grupo Televisa S.A.B. 6.125%, 01/31/46		200,000		210,473
8.500%, 03/11/32 (b)		100,000		127,004
Historic TW, Inc. 6.875%, 06/15/18		100,000		106,075
9.150%, 02/01/23		286,000		366,929
NBCUniversal Media LLC 4.375%, 04/01/21		320,000		343,678
5.950%, 04/01/41		300,000		365,982
Sky plc 3.750%, 09/16/24 (144A)		200,000		202,014
Thomson Reuters Corp. 3.950%, 09/30/21		500,000		521,644
Time Warner Cable LLC 5.000%, 02/01/20		585,000		622,189
5.500%, 09/01/41		460,000		471,752
Time Warner Cos., Inc. 7.570%, 02/01/24		50,000		61,471
Time Warner Entertainment Co. L.P. 8.375%, 07/15/33		715,000		954,040
Time Warner, Inc. 3.800%, 02/15/27		930,000		919,858
4.750%, 03/29/21		500,000		536,741
Viacom, Inc. 3.250%, 03/15/23 (b)		44,000		42,908
4.375%, 03/15/43		389,000		337,174

BHFTI-225

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Viacom, Inc. 6.875%, 04/30/36		375,000	$	430,169
Walt Disney Co. (The) 1.850%, 07/30/26		136,000		123,260
3.000%, 02/13/26 (b)		300,000		300,082
3.700%, 12/01/42		265,000		254,042
7.000%, 03/01/32		55,000		76,810
				19,105,091
Metal Fabricate/Hardware—0.0%
Precision Castparts Corp. 2.500%, 01/15/23		300,000		296,051
4.200%, 06/15/35		60,000		61,446
				357,497
Mining—0.1%
BHP Billiton Finance USA, Ltd. 2.875%, 02/24/22		313,000		317,831
4.125%, 02/24/42		185,000		185,266
Freeport Minerals Corp. 9.500%, 06/01/31		500,000		583,125
Glencore Funding LLC 4.625%, 04/29/24 (144A)		200,000		207,708
Newcrest Finance Pty, Ltd. 5.750%, 11/15/41 (144A)		58,000		60,437
Rio Tinto Finance USA plc 2.875%, 08/21/22		25,000		25,182
Rio Tinto Finance USA, Ltd. 7.125%, 07/15/28		280,000		366,999
Teck Resources, Ltd. 3.750%, 02/01/23		128,000		124,320
Vale Canada, Ltd. 7.200%, 09/15/32		200,000		206,500
				2,077,368
Miscellaneous Manufacturing—0.3%
Eaton Corp. 5.800%, 03/15/37		375,000		431,843
7.650%, 11/15/29		100,000		135,916
General Electric Co. 2.700%, 10/09/22		73,000		73,547
3.375%, 03/11/24 (b)		293,000		303,465
4.500%, 03/11/44		270,000		290,466
5.000%, 01/21/21 (c)		460,000		485,300
6.750%, 03/15/32		287,000		386,984
Honeywell, Inc. 6.625%, 06/15/28		250,000		317,937
Illinois Tool Works, Inc. 4.875%, 09/15/41		200,000		225,801
Ingersoll-Rand Co. 6.443%, 11/15/27		300,000		356,375
Ingersoll-Rand Global Holding Co., Ltd. 4.250%, 06/15/23		135,000		143,775
6.875%, 08/15/18		272,000		290,523
Miscellaneous Manufacturing—(Continued)
Parker-Hannifin Corp. 3.250%, 03/01/27 (144A)		285,000		283,219
3.300%, 11/21/24		114,000		115,920
4.100%, 03/01/47 (144A) (b)		235,000		236,410
6.550%, 07/15/18		500,000		530,347
Pentair Finance S.A. 4.650%, 09/15/25		137,000		142,340
Siemens Financieringsmaatschappij NV 2.000%, 09/15/23 (144A)		390,000		370,227
2.350%, 10/15/26 (144A)		275,000		255,411
3.125%, 03/16/24 (144A)		500,000		503,576
3.400%, 03/16/27 (144A)		275,000		277,440
Textron, Inc. 3.650%, 03/15/27		171,000		169,821
3.875%, 03/01/25		105,000		106,794
				6,433,437
Oil & Gas—1.7%
Alberta Energy Co., Ltd. 7.375%, 11/01/31		500,000		602,778
Anadarko Petroleum Corp. 5.550%, 03/15/26		340,000		377,326
Apache Corp. 2.625%, 01/15/23		85,000		81,844
3.250%, 04/15/22		655,000		658,361
5.100%, 09/01/40		300,000		308,682
6.000%, 01/15/37		150,000		169,693
BP Capital Markets plc 1.375%, 11/06/17		40,000		39,963
2.241%, 09/26/18		650,000		654,579
3.017%, 01/16/27		200,000		191,964
3.062%, 03/17/22		285,000		288,929
3.119%, 05/04/26 (b)		225,000		220,186
3.216%, 11/28/23		855,000		859,382
3.224%, 04/14/24		1,095,000		1,096,078
3.245%, 05/06/22		600,000		612,891
3.535%, 11/04/24 (b)		375,000		379,487
3.588%, 04/14/27		715,000		719,816
3.814%, 02/10/24 (b)		500,000		518,345
Burlington Resources Finance Co. 7.400%, 12/01/31		300,000		404,777
Canadian Natural Resources, Ltd. 1.750%, 01/15/18		188,000		187,961
3.800%, 04/15/24 (b)		436,000		438,936
3.900%, 02/01/25 (b)		595,000		599,835
5.850%, 02/01/35		405,000		436,411
7.200%, 01/15/32		200,000		243,299
Cenovus Energy, Inc. 3.000%, 08/15/22		50,000		49,299
3.800%, 09/15/23		500,000		505,047
5.200%, 09/15/43		168,000		165,907
5.700%, 10/15/19		325,000		351,000
6.750%, 11/15/39		185,000		210,990

BHFTI-226

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Chevron Corp. 2.355%, 12/05/22		330,000	$	326,356
2.498%, 03/03/22 (b)		470,000		470,934
2.566%, 05/16/23 (b)		400,000		396,642
2.895%, 03/03/24		1,216,000		1,218,977
ConocoPhillips 5.900%, 10/15/32 (b)		250,000		299,109
6.000%, 01/15/20		325,000		358,888
ConocoPhillips Co. 4.150%, 11/15/34		300,000		299,875
ConocoPhillips Holding Co. 6.950%, 04/15/29		225,000		290,732
Devon Energy Corp. 5.000%, 06/15/45 (b)		210,000		210,700
Eni USA, Inc. 7.300%, 11/15/27		200,000		248,602
Ensco plc 4.700%, 03/15/21 (b)		438,000		429,240
5.200%, 03/15/25 (b)		105,000		91,088
EOG Resources, Inc. 2.625%, 03/15/23		73,000		71,249
5.100%, 01/15/36		431,000		464,211
5.875%, 09/15/17		50,000		50,929
6.875%, 10/01/18		120,000		128,633
Exxon Mobil Corp. 3.043%, 03/01/26		108,000		107,988
3.567%, 03/06/45		149,000		140,116
4.114%, 03/01/46 (b)		110,000		113,085
Hess Corp. 4.300%, 04/01/27 (b)		305,000		299,574
5.800%, 04/01/47 (b)		345,000		356,545
6.000%, 01/15/40		200,000		205,573
Kerr-McGee Corp. 7.875%, 09/15/31		1,000,000		1,281,664
Marathon Oil Corp. 6.800%, 03/15/32		727,000		830,772
Marathon Petroleum Corp. 4.750%, 09/15/44		180,000		162,790
Nabors Industries, Inc. 4.625%, 09/15/21 (b)		115,000		116,006
5.000%, 09/15/20 (b)		110,000		113,781
Noble Energy, Inc. 3.900%, 11/15/24		122,000		123,659
5.050%, 11/15/44		277,000		283,256
5.250%, 11/15/43		170,000		176,781
6.000%, 03/01/41		215,000		238,814
Noble Holding International, Ltd. 5.250%, 03/15/42		124,000		83,080
8.700%, 04/01/45 (b)		218,000		200,560
Occidental Petroleum Corp. 3.400%, 04/15/26		114,000		113,780
3.500%, 06/15/25 (b)		193,000		194,900
4.625%, 06/15/45		79,000		82,583
8.450%, 02/15/29		135,000		186,500
Petro-Canada 5.350%, 07/15/33		165,000		181,702
Oil & Gas—(Continued)
Petroleos Mexicanos 6.500%, 03/13/27 (144A)		1,360,000		1,463,020
Phillips 66 4.650%, 11/15/34		229,000		231,863
4.875%, 11/15/44		750,000		753,188
Shell International Finance B.V. 2.250%, 11/10/20 (b)		111,000		111,399
2.375%, 08/21/22 (b)		440,000		432,550
2.500%, 09/12/26 (b)		460,000		433,953
2.875%, 05/10/26 (b)		164,000		159,470
3.250%, 05/11/25		430,000		434,174
3.400%, 08/12/23		350,000		360,018
3.625%, 08/21/42		25,000		22,560
3.750%, 09/12/46		288,000		264,846
4.000%, 05/10/46		345,000		330,240
4.550%, 08/12/43		350,000		363,365
5.500%, 03/25/40		86,000		100,445
Sinopec Group Overseas Development 2013, Ltd. 4.375%, 10/17/23 (144A)		582,000		615,626
Statoil ASA 1.200%, 01/17/18		25,000		24,939
5.100%, 08/17/40		100,000		113,557
7.250%, 09/23/27		205,000		272,395
Suncor Energy, Inc. 5.950%, 12/01/34		100,000		117,980
6.100%, 06/01/18		805,000		847,301
7.150%, 02/01/32		100,000		129,224
Tosco Corp. 8.125%, 02/15/30		526,000		728,035
Total Capital Canada, Ltd. 2.750%, 07/15/23		1,229,000		1,215,837
Total Capital International S.A. 2.700%, 01/25/23		564,000		559,291
Valero Energy Corp. 7.500%, 04/15/32		25,000		31,776
				32,440,492
Oil & Gas Services—0.2%
Baker Hughes, Inc. 5.125%, 09/15/40		265,000		291,031
Halliburton Co. 3.500%, 08/01/23		214,000		217,861
3.800%, 11/15/25 (b)		620,000		627,808
4.850%, 11/15/35		85,000		89,750
5.000%, 11/15/45		116,000		122,217
6.700%, 09/15/38		350,000		437,316
National Oilwell Varco, Inc. 1.350%, 12/01/17		29,000		28,920
Schlumberger Holdings Corp. 2.350%, 12/21/18 (144A)		400,000		402,649
4.000%, 12/21/25 (144A)		635,000		661,782
Schlumberger Investment S.A. 3.650%, 12/01/23		358,000		373,416
				3,252,750

BHFTI-227

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—1.1%
AbbVie, Inc. 2.000%, 11/06/18 (b)		649,000	$	650,927
2.300%, 05/14/21		105,000		103,682
3.200%, 11/06/22		109,000		110,226
4.300%, 05/14/36		353,000		342,106
4.450%, 05/14/46		245,000		233,787
4.500%, 05/14/35		1,500,000		1,489,659
4.700%, 05/14/45		310,000		309,178
Actavis Funding SCS 3.800%, 03/15/25		148,000		149,350
3.850%, 06/15/24		750,000		764,887
4.550%, 03/15/35		1,590,000		1,594,322
Actavis, Inc. 1.875%, 10/01/17		300,000		300,282
AstraZeneca plc 3.375%, 11/16/25		167,000		168,143
5.900%, 09/15/17		200,000		203,893
6.450%, 09/15/37		360,000		470,050
Bayer U.S. Finance LLC 1.500%, 10/06/17 (144A)		285,000		284,764
Bristol-Myers Squibb Co. 3.250%, 02/27/27		750,000		748,019
6.875%, 08/01/97		100,000		132,859
Cardinal Health, Inc. 2.400%, 11/15/19		128,000		128,818
3.200%, 03/15/23		155,000		156,806
3.750%, 09/15/25 (b)		169,000		174,153
Express Scripts Holding Co. 3.400%, 03/01/27		560,000		527,397
3.500%, 06/15/24		249,000		245,248
6.125%, 11/15/41		61,000		69,458
Forest Laboratories LLC 5.000%, 12/15/21 (144A)		225,000		243,817
GlaxoSmithKline Capital plc 2.850%, 05/08/22		500,000		504,353
GlaxoSmithKline Capital, Inc. 2.800%, 03/18/23 (b)		143,000		143,147
5.375%, 04/15/34		300,000		349,808
Johnson & Johnson 4.375%, 12/05/33		46,000		50,702
6.950%, 09/01/29		700,000		945,057
McKesson Corp. 2.850%, 03/15/23		420,000		414,322
3.796%, 03/15/24 (b)		600,000		622,733
Mead Johnson Nutrition Co. 3.000%, 11/15/20		89,000		90,720
4.900%, 11/01/19		135,000		144,252
5.900%, 11/01/39		300,000		356,809
Medco Health Solutions, Inc. 4.125%, 09/15/20		450,000		471,311
Merck & Co., Inc. 2.400%, 09/15/22		35,000		34,753
2.750%, 02/10/25 (b)		409,000		403,760
2.800%, 05/18/23		27,000		27,110
6.550%, 09/15/37		150,000		201,049
Pharmaceuticals—(Continued)
Mylan NV 3.150%, 06/15/21 (b)		335,000		336,232
3.950%, 06/15/26 (b)		444,000		434,598
5.250%, 06/15/46 (b)		350,000		358,416
Mylan, Inc. 2.600%, 06/24/18		50,000		50,380
3.125%, 01/15/23 (144A)		325,000		315,283
Novartis Capital Corp. 2.400%, 09/21/22 (b)		300,000		298,407
3.400%, 05/06/24		527,000		543,904
Pfizer, Inc. 2.750%, 06/03/26 (b)		300,000		292,002
4.000%, 12/15/36 (b)		530,000		535,100
Shire Acquisitions Investments Ireland DAC 2.875%, 09/23/23 (b)		643,000		623,918
Teva Pharmaceutical Finance Co. B.V. 3.650%, 11/10/21		644,000		654,375
Teva Pharmaceutical Finance IV LLC 2.250%, 03/18/20		250,000		248,083
Teva Pharmaceutical Finance Netherlands B.V. 2.800%, 07/21/23		295,000		280,194
3.150%, 10/01/26 (b)		1,358,000		1,251,416
4.100%, 10/01/46 (b)		190,000		163,665
Wyeth LLC 6.500%, 02/01/34		806,000		1,039,052
Zoetis, Inc. 1.875%, 02/01/18		52,000		52,030
3.250%, 02/01/23		460,000		464,539
3.450%, 11/13/20		39,000		39,945
4.700%, 02/01/43		43,000		43,816
				22,387,072
Pipelines—1.1%
APT Pipelines, Ltd. 4.250%, 07/15/27 (144A)		142,000		143,895
Boardwalk Pipelines L.P. 4.450%, 07/15/27		75,000		75,774
5.750%, 09/15/19		290,000		311,246
5.950%, 06/01/26		567,000		627,879
Buckeye Partners L.P. 3.950%, 12/01/26 (b)		140,000		137,115
5.600%, 10/15/44		310,000		317,887
5.850%, 11/15/43		255,000		264,594
Columbia Pipeline Group, Inc. 4.500%, 06/01/25		635,000		665,284
Energy Transfer Partners L.P. 2.500%, 06/15/18 (b)		576,000		578,806
3.600%, 02/01/23		450,000		447,279
4.200%, 04/15/27		128,000		126,462
5.150%, 02/01/43		195,000		182,063
6.050%, 06/01/41		446,000		461,673
7.500%, 07/01/38		200,000		236,329
EnLink Midstream Partners L.P. 2.700%, 04/01/19		281,000		281,646

BHFTI-228

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Enterprise Products Operating LLC 3.350%, 03/15/23		500,000	$	504,187
3.700%, 02/15/26		53,000		53,014
3.750%, 02/15/25		567,000		570,234
3.900%, 02/15/24		82,000		83,925
4.900%, 05/15/46		845,000		864,917
4.950%, 10/15/54		33,000		32,901
6.125%, 10/15/39		400,000		464,736
6.875%, 03/01/33		162,000		199,136
Kinder Morgan Energy Partners L.P. 5.625%, 09/01/41		190,000		190,171
Kinder Morgan, Inc. 5.300%, 12/01/34		220,000		220,786
5.550%, 06/01/45		320,000		326,959
Magellan Midstream Partners L.P. 4.250%, 09/15/46 (b)		45,000		42,151
5.000%, 03/01/26		285,000		313,729
6.550%, 07/15/19		695,000		761,126
MPLX L.P. 4.000%, 02/15/25		95,000		94,145
4.125%, 03/01/27		315,000		313,634
4.875%, 12/01/24		460,000		483,891
5.200%, 03/01/47		141,000		141,884
ONEOK Partners L.P. 3.375%, 10/01/22		65,000		65,060
3.800%, 03/15/20		220,000		227,341
5.000%, 09/15/23		145,000		155,442
6.125%, 02/01/41		890,000		984,071
6.650%, 10/01/36		275,000		320,075
6.850%, 10/15/37		275,000		328,483
Phillips 66 Partners L.P. 4.900%, 10/01/46		308,000		293,250
Plains All American Pipeline L.P. / PAA Finance Corp. 3.850%, 10/15/23 (b)		350,000		350,960
4.650%, 10/15/25		400,000		412,039
4.700%, 06/15/44		250,000		226,251
5.750%, 01/15/20 (b)		610,000		659,488
6.650%, 01/15/37		425,000		476,400
Sabine Pass Liquefaction LLC 5.750%, 05/15/24		535,000		583,044
Southern Natural Gas Co. LLC 4.800%, 03/15/47 (144A)		102,000		103,091
8.000%, 03/01/32		70,000		93,364
Spectra Energy Capital LLC 3.300%, 03/15/23		237,000		234,210
6.750%, 07/15/18		185,000		195,383
6.750%, 02/15/32		705,000		815,820
7.500%, 09/15/38		85,000		101,673
Spectra Energy Partners L.P. 2.950%, 09/25/18		140,000		141,851
3.375%, 10/15/26 (b)		150,000		142,788
4.500%, 03/15/45		65,000		60,725
Sunoco Logistics Partners Operations L.P. 4.250%, 04/01/24		91,000		92,638
4.950%, 01/15/43		295,000		269,819
Pipelines—(Continued)
Sunoco Logistics Partners Operations L.P. 5.300%, 04/01/44		15,000		14,560
5.350%, 05/15/45		1,040,000		1,014,571
Texas Eastern Transmission L.P. 2.800%, 10/15/22 (144A)		46,000		44,532
6.000%, 09/15/17 (144A)		150,000		152,734
Texas Gas Transmission LLC 4.500%, 02/01/21 (144A)		210,000		219,117
TransCanada PipeLines, Ltd. 4.625%, 03/01/34		760,000		795,843
5.850%, 03/15/36		176,000		208,913
7.125%, 01/15/19		142,000		154,475
7.250%, 08/15/38		300,000		405,999
Transcanada Trust 5.300%, 03/15/77 (c)		305,000		301,378
5.625%, 05/20/75 (c)		55,000		56,650
Western Gas Partners L.P. 3.950%, 06/01/25		157,000		155,418
4.650%, 07/01/26		150,000		154,487
5.375%, 06/01/21 (b)		149,000		160,124
5.450%, 04/01/44		102,000		104,781
Williams Partners L.P. / ACMP Finance Corp. 4.875%, 05/15/23		300,000		309,750
				22,106,056
Real Estate—0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust 3.125%, 03/20/22 (144A)		580,000		586,113
3.875%, 03/20/27 (144A) (b)		473,000		479,871
ProLogis L.P. 3.750%, 11/01/25		38,000		38,832
4.250%, 08/15/23		438,000		465,528
				1,570,344
Real Estate Investment Trusts—0.7%
American Tower Corp. 3.375%, 10/15/26 (b)		635,000		605,434
3.450%, 09/15/21		330,000		335,952
4.000%, 06/01/25		70,000		70,825
4.400%, 02/15/26		195,000		201,723
4.500%, 01/15/18		220,000		224,694
5.000%, 02/15/24		474,000		511,891
AvalonBay Communities, Inc. 2.900%, 10/15/26 (b)		124,000		117,985
Boston Properties L.P. 3.650%, 02/01/26		225,000		224,121
3.800%, 02/01/24		527,000		539,771
3.850%, 02/01/23		510,000		528,573
Brixmor Operating Partnership L.P. 3.850%, 02/01/25		200,000		197,384
3.875%, 08/15/22		330,000		337,894
Crown Castle International Corp. 3.400%, 02/15/21		175,000		178,011
3.700%, 06/15/26		304,000		298,329

BHFTI-229

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
Crown Castle International Corp. 4.000%, 03/01/27		47,000	$	47,294
4.450%, 02/15/26		306,000		318,328
DDR Corp. 3.500%, 01/15/21		320,000		323,564
Duke Realty L.P. 3.250%, 06/30/26		60,000		58,162
3.875%, 02/15/21 (b)		55,000		57,097
3.875%, 10/15/22		265,000		275,384
4.375%, 06/15/22		210,000		223,220
ERP Operating L.P. 4.625%, 12/15/21		60,000		64,682
4.750%, 07/15/20		190,000		203,270
5.750%, 06/15/17		133,000		134,138
HCP, Inc. 3.875%, 08/15/24 (b)		357,000		358,992
4.000%, 06/01/25		472,000		473,401
4.200%, 03/01/24		125,000		128,001
5.625%, 05/01/17		345,000		346,024
Hospitality Properties Trust 4.950%, 02/15/27 (b)		177,000		181,746
Kimco Realty Corp. 3.125%, 06/01/23		175,000		172,238
3.200%, 05/01/21		310,000		313,476
3.400%, 11/01/22		55,000		55,511
3.800%, 04/01/27		625,000		622,296
Liberty Property L.P. 3.375%, 06/15/23		75,000		74,724
4.400%, 02/15/24		155,000		163,273
National Retail Properties, Inc. 3.600%, 12/15/26		329,000		324,593
4.000%, 11/15/25		193,000		196,816
Realty Income Corp. 3.875%, 07/15/24		200,000		205,455
Scentre Group Trust 1 / Scentre Group Trust 2 3.500%, 02/12/25 (144A)		300,000		299,837
Simon Property Group L.P. 3.250%, 11/30/26		122,000		119,629
3.500%, 09/01/25		275,000		277,630
4.375%, 03/01/21		420,000		447,187
UDR, Inc. 2.950%, 09/01/26		565,000		527,518
3.700%, 10/01/20		140,000		144,318
Ventas Realty L.P. 3.850%, 04/01/27		508,000		504,023
4.125%, 01/15/26		68,000		69,014
4.375%, 02/01/45		45,000		42,159
Ventas Realty L.P. / Ventas Capital Corp. 3.250%, 08/15/22		285,000		286,774
4.250%, 03/01/22		300,000		315,932
VEREIT Operating Partnership L.P. 4.600%, 02/06/24		621,000		639,630
Welltower, Inc. 4.000%, 06/01/25		410,000		415,574
				13,783,497
Retail—0.8%
CVS Health Corp. 2.125%, 06/01/21		715,000		701,329
2.250%, 12/05/18		500,000		503,251
2.800%, 07/20/20		850,000		864,244
2.875%, 06/01/26		225,000		214,578
3.875%, 07/20/25		660,000		680,029
CVS Pass-Through Trust 4.704%, 01/10/36 (144A)		86,583		89,977
5.880%, 01/10/28		457,678		513,186
Home Depot, Inc. (The) 2.125%, 09/15/26 (b)		77,000		71,450
3.500%, 09/15/56		550,000		480,151
4.875%, 02/15/44		250,000		283,211
5.400%, 09/15/40		200,000		240,182
5.875%, 12/16/36		100,000		126,513
Lowe’s Cos., Inc. 4.375%, 09/15/45		165,000		170,968
5.500%, 10/15/35		275,000		325,520
5.800%, 10/15/36		150,000		182,711
6.500%, 03/15/29		125,000		162,164
6.875%, 02/15/28		450,000		589,643
Macy’s Retail Holdings, Inc. 4.300%, 02/15/43		195,000		156,049
6.700%, 09/15/28		435,000		458,905
6.900%, 04/01/29		113,000		120,921
6.900%, 01/15/32		180,000		190,860
7.000%, 02/15/28 (b)		150,000		161,890
McDonald’s Corp. 1.875%, 05/29/19		360,000		361,271
3.700%, 02/15/42		375,000		337,042
4.875%, 07/15/40		340,000		360,022
6.300%, 10/15/37		325,000		404,510
Nordstrom, Inc. 6.950%, 03/15/28		170,000		206,650
Target Corp. 2.500%, 04/15/26 (b)		375,000		350,274
3.500%, 07/01/24		103,000		105,480
3.625%, 04/15/46 (b)		270,000		243,690
6.350%, 11/01/32		177,000		224,726
6.650%, 08/01/28		182,000		223,764
6.750%, 01/01/28		66,000		81,091
Wal-Mart Stores, Inc. 2.550%, 04/11/23		550,000		550,084
3.300%, 04/22/24		150,000		155,761
4.000%, 04/11/43		605,000		604,988
4.300%, 04/22/44 (b)		340,000		358,987
5.000%, 10/25/40		775,000		881,314
5.875%, 04/05/27		90,000		111,020
6.750%, 10/15/23		111,000		137,657
Walgreens Boots Alliance, Inc. 3.100%, 06/01/23		94,000		93,870
3.800%, 11/18/24		1,243,000		1,265,935
4.500%, 11/18/34		292,000		291,565
4.800%, 11/18/44		175,000		178,507
				14,815,940

BHFTI-230

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Savings & Loans—0.0%
Nationwide Building Society 4.000%, 09/14/26 (144A)		250,000	$	242,030
Semiconductors—0.3%
Analog Devices, Inc. 3.125%, 12/05/23		594,000		591,130
3.500%, 12/05/26 (b)		385,000		381,294
4.500%, 12/05/36		113,000		112,473
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.000%, 01/15/22 (144A)		450,000		449,427
3.625%, 01/15/24 (144A)		1,322,000		1,331,743
3.875%, 01/15/27 (144A)		449,000		451,367
Intel Corp. 2.600%, 05/19/26		1,485,000		1,424,528
3.100%, 07/29/22		230,000		236,388
4.100%, 05/19/46 (b)		210,000		209,422
4.800%, 10/01/41		182,000		201,590
				5,389,362
Software—0.5%
Microsoft Corp. 2.400%, 08/08/26		795,000		752,205
2.700%, 02/12/25 (b)		600,000		589,606
2.875%, 02/06/24 (b)		301,000		302,934
3.450%, 08/08/36		665,000		630,004
3.500%, 02/12/35		68,000		65,426
3.700%, 08/08/46		660,000		619,549
3.750%, 02/12/45		540,000		512,264
4.100%, 02/06/37		850,000		877,243
4.500%, 10/01/40		500,000		538,077
4.500%, 02/06/57		238,000		245,018
5.200%, 06/01/39		500,000		587,558
Oracle Corp. 2.400%, 09/15/23		1,413,000		1,375,427
2.500%, 05/15/22		531,000		529,529
2.500%, 10/15/22		379,000		377,085
2.650%, 07/15/26		540,000		514,192
2.950%, 05/15/25		735,000		725,494
3.850%, 07/15/36		470,000		459,227
4.000%, 07/15/46		160,000		152,643
4.125%, 05/15/45		370,000		359,627
6.125%, 07/08/39		70,000		88,611
				10,301,719
Telecommunications—1.5%
America Movil S.A.B. de C.V. 5.000%, 03/30/20		100,000		107,187
5.625%, 11/15/17 (b)		125,000		127,937
6.375%, 03/01/35 (b)		600,000		704,064
AT&T, Inc. 1.700%, 06/01/17		500,000		500,140
3.000%, 06/30/22		97,000		96,495
3.400%, 05/15/25		1,517,000		1,465,310
3.600%, 02/17/23		1,166,000		1,180,926
Telecommunications—(Continued)
AT&T, Inc. 3.950%, 01/15/25		51,000		51,430
4.125%, 02/17/26		525,000		532,402
4.300%, 12/15/42		227,000		201,831
4.350%, 06/15/45		345,000		303,662
4.500%, 05/15/35		185,000		174,645
4.500%, 03/09/48		985,000		875,901
4.600%, 02/15/21		100,000		106,386
4.800%, 06/15/44		450,000		421,835
5.150%, 03/15/42		255,000		253,000
5.250%, 03/01/37		1,040,000		1,060,232
5.350%, 09/01/40		90,000		92,474
5.500%, 02/01/18 (b)		149,000		153,630
5.800%, 02/15/19		151,000		161,244
6.350%, 03/15/40		225,000		255,571
BellSouth Capital Funding Corp. 7.875%, 02/15/30		550,000		683,717
BellSouth LLC 6.550%, 06/15/34		200,000		223,988
BellSouth Telecommunications LLC 6.375%, 06/01/28 (b)		350,000		391,893
British Telecommunications plc 2.350%, 02/14/19		285,000		286,571
5.950%, 01/15/18		100,000		103,288
9.125%, 12/15/30		75,000		112,193
Cisco Systems, Inc. 2.900%, 03/04/21		47,000		48,256
5.500%, 01/15/40		110,000		134,216
5.900%, 02/15/39		750,000		957,956
Crown Castle Towers LLC 3.663%, 05/15/25 (144A)		260,000		260,213
4.883%, 08/15/20 (144A)		500,000		532,188
Deutsche Telekom International Finance B.V. 2.485%, 09/19/23 (144A)		460,000		439,731
3.600%, 01/19/27 (144A)		975,000		970,736
8.750%, 06/15/30		100,000		145,765
Koninklijke KPN NV 8.375%, 10/01/30		250,000		335,079
Nippon Telegraph & Telephone Corp. 1.400%, 07/18/17		500,000		500,013
Orange S.A. 9.000%, 03/01/31		165,000		242,939
Qwest Corp. 6.750%, 12/01/21 (b)		350,000		383,687
6.875%, 09/15/33 (b)		85,000		84,640
7.250%, 09/15/25 (b)		133,000		145,371
Rogers Communications, Inc. 4.100%, 10/01/23		213,000		224,151
6.800%, 08/15/18		100,000		106,732
7.500%, 08/15/38		100,000		133,110
8.750%, 05/01/32		400,000		549,751
SES Global Americas Holdings GP 2.500%, 03/25/19 (144A)		70,000		69,637
Telefonica Emisiones S.A.U. 3.192%, 04/27/18		150,000		151,949
4.103%, 03/08/27		707,000		711,989

BHFTI-231

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Telefonica Emisiones S.A.U. 5.213%, 03/08/47		872,000	$	882,694
Verizon Communications, Inc. 2.625%, 08/15/26 (b)		240,000		219,154
2.946%, 03/15/22 (144A)		619,000		616,536
3.450%, 03/15/21		180,000		184,881
3.850%, 11/01/42		687,000		575,198
4.125%, 03/16/27		898,000		913,213
4.125%, 08/15/46		355,000		306,316
4.272%, 01/15/36		890,000		824,146
4.400%, 11/01/34		1,382,000		1,307,776
4.522%, 09/15/48		439,000		397,720
4.672%, 03/15/55		131,000		116,983
4.812%, 03/15/39 (144A)		1,428,000		1,390,841
4.862%, 08/21/46		493,000		473,970
5.012%, 04/15/49 (144A)		610,000		592,398
5.012%, 08/21/54		767,000		727,636
5.050%, 03/15/34		765,000		777,922
5.250%, 03/16/37		274,000		283,280
Vodafone Group plc 1.500%, 02/19/18		30,000		29,950
2.950%, 02/19/23		225,000		221,089
6.150%, 02/27/37		350,000		402,356
6.250%, 11/30/32		750,000		874,636
				29,874,756
Transportation—0.6%
Burlington Northern Santa Fe LLC 3.000%, 03/15/23 (b)		445,000		450,921
3.050%, 09/01/22 (b)		620,000		633,988
3.450%, 09/15/21		510,000		530,770
3.850%, 09/01/23		500,000		529,509
3.900%, 08/01/46		265,000		254,353
4.125%, 06/15/47		440,000		438,760
4.550%, 09/01/44		200,000		210,918
5.750%, 03/15/18		100,000		103,930
7.950%, 08/15/30		100,000		141,943
Canadian National Railway Co. 5.850%, 11/15/17		190,000		195,229
6.250%, 08/01/34		100,000		127,516
6.800%, 07/15/18 (b)		120,000		127,659
Canadian Pacific Railway Co. 2.900%, 02/01/25		260,000		254,943
5.750%, 03/15/33		120,000		138,783
6.125%, 09/15/15		102,000		123,114
7.250%, 05/15/19		290,000		320,602
CSX Corp. 2.600%, 11/01/26 (b)		1,140,000		1,067,984
3.400%, 08/01/24		300,000		304,310
4.750%, 05/30/42		41,000		42,932
7.900%, 05/01/17		62,000		62,279
FedEx Corp. 3.250%, 04/01/26 (b)		82,000		81,268
3.900%, 02/01/35		96,000		92,271
4.100%, 02/01/45		895,000		828,924
Transportation—(Continued)
JB Hunt Transport Services, Inc. 3.300%, 08/15/22		490,000		497,918
Norfolk Southern Corp. 5.590%, 05/17/25		100,000		113,626
Ryder System, Inc. 2.500%, 05/11/20		844,000		847,858
2.875%, 09/01/20 (b)		330,000		333,996
Union Pacific Corp. 3.000%, 04/15/27		1,015,000		1,003,647
3.799%, 10/01/51		378,000		352,728
4.000%, 04/15/47		355,000		350,328
United Parcel Service of America, Inc. 8.375%, 04/01/20		75,000		88,361
8.375%, 04/01/30 (d)		377,000		536,726
				11,188,094
Trucking & Leasing—0.1%
Aviation Capital Group Corp. 2.875%, 01/20/22 (144A)		860,000		854,055
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.875%, 07/17/18 (144A)		93,000		94,182
4.200%, 04/01/27 (144A)		510,000		519,267
				1,467,504
Water—0.0%
American Water Capital Corp. 3.850%, 03/01/24		100,000		105,029
6.593%, 10/15/37		100,000		135,252
				240,281
Total Corporate Bonds & Notes (Cost $506,572,024)				508,971,019
Convertible Bonds—20.4%
Aerospace/Defense—1.2%
Airbus SE Zero Coupon, 06/14/21 (EUR)		9,100,000		10,800,015
Zero Coupon, 07/01/22 (EUR)		5,100,000		5,686,598
MTU Aero Engines AG 0.125%, 05/17/23 (EUR)		2,200,000		2,728,340
Safran S.A. Zero Coupon, 12/31/20 (EUR)		3,559,000		3,537,043
				22,751,996
Apparel—0.3%
LVMH Moet Hennessy Louis Vuitton SE Zero Coupon, 02/16/21		2,432,900		6,556,666
Auto Manufacturers—0.1%
Suzuki Motor Corp. Zero Coupon, 03/31/21 (JPY)		190,000,000		2,132,017

BHFTI-232

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Convertible Bonds—(Continued)

Security Description	Principal Amount*		Value
Auto Parts & Equipment—0.4%
Cie Generale des Etablissements Michelin Zero Coupon, 01/10/22		4,400,000	$	4,339,500
Valeo S.A. Zero Coupon, 06/16/21		2,800,000		3,050,600
				7,390,100
Banks—0.6%
Credit Agricole S.A. Zero Coupon, 10/03/19 (EUR)		4,380,000		3,310,525
Gunma Bank, Ltd. (The) Zero Coupon, 10/11/19		2,100,000		2,110,500
Shizuoka Bank, Ltd. (The) Zero Coupon, 04/25/18		4,500,000		4,387,500
Yamaguchi Financial Group, Inc. 0.653%, 03/26/20 (c)		2,500,000		2,586,875
				12,395,400
Biotechnology—0.5%
Illumina, Inc. Zero Coupon, 06/15/19 (b)		8,878,000		8,933,487
0.500%, 06/15/21		784,000		811,930
				9,745,417
Building Materials—0.2%
LIXIL Group Corp. Zero Coupon, 03/04/20 (JPY)		360,000,000		3,321,746
Chemicals—0.4%
Brenntag Finance B.V. 1.875%, 12/02/22		4,000,000		4,060,000
Kansai Paint Co., Ltd. Zero Coupon, 06/17/19 (JPY)		230,000,000		2,226,040
Toray Industries, Inc. Zero Coupon, 08/30/19 (JPY)		100,000,000		1,058,789
				7,344,829
Coal—0.2%
RAG-Stiftung Zero Coupon, 12/31/18 (EUR)		2,300,000		2,537,800
Zero Coupon, 02/18/21 (EUR)		700,000		807,994
				3,345,794
Commercial Services—0.4%
Macquarie Infrastructure Corp. 2.000%, 10/01/23 (b)		3,525,000		3,454,500
2.875%, 07/15/19		2,682,000		2,998,811
Toppan Printing Co., Ltd. Zero Coupon, 12/19/19 (JPY)		200,000,000		2,012,037
				8,465,348
Diversified Financial Services—0.4%
Citigroup Global Markets Funding Luxembourg SCA 0.500%, 08/04/23 (EUR)		2,000,000		2,199,741
Diversified Financial Services—(Continued)
Criteria Caixa S.A.U. 1.000%, 11/25/17 (EUR)		3,000,000		3,266,328
Solidium Oy Zero Coupon, 09/04/18 (EUR)		1,800,000		2,011,451
				7,477,520
Electric—0.6%
Chugoku Electric Power Co., Inc. (The) Zero Coupon, 03/25/20 (JPY)		640,000,000		5,748,675
Iberdrola International B.V. Zero Coupon, 11/11/22 (EUR)		3,400,000		3,609,346
Tohoku Electric Power Co., Inc. Zero Coupon, 12/03/18 (JPY)		200,000,000		1,800,054
				11,158,075
Food—0.1%
J Sainsbury plc 1.250%, 11/21/19 (GBP)		1,200,000		1,567,378
Forest Products & Paper—0.1%
Daio Paper Corp. Zero Coupon, 09/17/20 (JPY)		190,000,000		1,834,636
Gas—0.2%
National Grid North America, Inc. 0.900%, 11/02/20 (GBP)		3,500,000		4,489,299
Healthcare-Products—0.2%
QIAGEN NV 0.375%, 03/19/19		2,200,000		2,492,820
Terumo Corp. Zero Coupon, 12/04/19 (JPY)		120,000,000		1,219,617
				3,712,437
Healthcare-Services—0.3%
Anthem, Inc. 2.750%, 10/15/42		2,956,000		6,748,918
Holding Companies-Diversified—0.5%
Industrivarden AB Zero Coupon, 05/15/19 (SEK)		42,000,000		5,132,440
Wendel S.A. Zero Coupon, 07/31/19 (EUR)		9,042,900		5,498,770
				10,631,210
Home Furnishings—1.2%
Sony Corp. Zero Coupon, 09/30/22 (JPY)		907,000,000		8,888,323
Steinhoff Finance Holdings GmbH 1.250%, 08/11/22 (EUR)		11,800,000		12,298,205
4.000%, 01/30/21 (EUR)		1,600,000		2,272,283
				23,458,811

BHFTI-233

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Convertible Bonds—(Continued)

Security Description	Principal Amount*		Value
Insurance—0.2%
Swiss Life Holding AG Zero Coupon, 12/02/20 (CHF)		3,240,000	$	4,416,932
Internet—0.9%
Priceline Group, Inc. (The) 0.350%, 06/15/20		6,479,000		9,224,476
1.000%, 03/15/18		4,714,000		8,874,105
				18,098,581
Investment Company Security—0.2%
Ares Capital Corp. 4.375%, 01/15/19 (b)		1,851,000		1,890,334
4.750%, 01/15/18 (b)		1,785,000		1,819,584
				3,709,918
Metal Fabricate/Hardware—0.2%
RTI International Metals, Inc. 1.625%, 10/15/19		2,899,000		3,366,464
Mining—0.2%
Newmont Mining Corp. 1.625%, 07/15/17		2,921,000		2,926,477
Royal Gold, Inc. 2.875%, 06/15/19 (b)		1,456,000		1,537,900
				4,464,377
Miscellaneous Manufacturing—1.0%
Siemens Financieringsmaatschappij NV 1.050%, 08/16/17		13,000,000		16,259,100
1.650%, 08/16/19		1,750,000		2,236,115
				18,495,215
Oil & Gas—1.0%
BP Capital Markets plc 1.000%, 04/28/23 (GBP)		3,600,000		5,177,987
Eni S.p.A. Zero Coupon, 04/13/22 (EUR)		3,800,000		4,327,473
TOTAL S.A. 0.500%, 12/02/22		10,400,000		10,448,880
				19,954,340
Oil & Gas Services—0.3%
TechnipFMC plc 0.875%, 01/25/21 (EUR)		3,600,000		4,968,620
Pharmaceuticals—0.4%
Bayer Capital Corp. B.V. 5.625%, 11/22/19 (144A) (EUR)		2,200,000		2,729,749
Teva Pharmaceutical Finance Co. LLC 0.250%, 02/01/26 (b)		4,383,000		4,706,246
				7,435,995
Real Estate—1.3%
CapitaLand, Ltd. 1.850%, 06/19/20 (SGD)		4,500,000		3,131,680
1.950%, 10/17/23 (SGD)		8,500,000		6,243,521
Deutsche Wohnen AG 0.875%, 09/08/21 (EUR)		2,500,000		4,153,852
Grand City Properties S.A. 0.250%, 03/02/22 (EUR)		6,100,000		6,439,150
LEG Immobilien AG 0.500%, 07/01/21 (EUR)		2,800,000		4,379,747
				24,347,950
Real Estate Investment Trusts—1.3%
British Land White 2015, Ltd. Zero Coupon, 06/09/20 (GBP)		3,500,000		4,141,776
Derwent London Capital No.2 Jersey, Ltd. 1.125%, 07/24/19 (GBP)		2,000,000		2,608,539
Extra Space Storage L.P. 3.125%, 10/01/35 (144A) (b)		1,415,000		1,464,525
Fonciere Des Regions 0.875%, 04/01/19 (EUR)		4,013,600		4,016,563
SL Green Operating Partnership L.P. 3.000%, 10/15/17 (144A)		1,000,000		1,375,000
Spirit Realty Capital, Inc. 2.875%, 05/15/19		3,376,000		3,420,310
Unibail-Rodamco SE Zero Coupon, 07/01/21 (EUR)		1,459,600		4,749,158
Zero Coupon, 01/01/22 (EUR)		1,121,300		4,014,605
				25,790,476
Semiconductors—2.6%
Intel Corp. 3.250%, 08/01/39		4,504,000		7,867,925
3.479%, 12/15/35		6,302,000		8,578,598
Lam Research Corp. 1.250%, 05/15/18		456,000		965,865
Novellus Systems, Inc. 2.625%, 05/15/41		4,901,000		18,587,042
STMicroelectronics NV Zero Coupon, 07/03/19		5,000,000		6,483,350
1.000%, 07/03/21		1,400,000		1,858,500
Teradyne, Inc. 1.250%, 12/15/23 (144A) (b)		765,000		890,747
Xilinx, Inc. 2.625%, 06/15/17		2,648,000		5,325,790
				50,557,817
Software—0.4%
Citrix Systems, Inc. 0.500%, 04/15/19 (b)		1,436,000		1,798,590
Red Hat, Inc. 0.250%, 10/01/19 (b)		5,293,000		6,867,667
				8,666,257

BHFTI-234

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Convertible Bonds—(Continued)

Security Description	Shares/ Principal Amount*		Value
Telecommunications—1.7%
America Movil S.A.B. de C.V. Zero Coupon, 05/28/20 (EUR)		13,800,000	$	14,324,348
Telefonica Participaciones S.A.U. Zero Coupon, 03/09/21 (EUR)		3,700,000		4,050,970
Telenor East Holding II A/S 0.250%, 09/20/19		7,600,000		8,458,800
Vodafone Group plc Zero Coupon, 11/26/20 (GBP)		5,500,000		6,701,451
				33,535,569
Transportation—0.3%
Deutsche Post AG 0.600%, 12/06/19 (EUR)		2,700,000		4,384,743
Nagoya Railroad Co., Ltd. Zero Coupon, 12/11/24 (JPY)		240,000,000		2,295,877
				6,680,620
Water—0.5%
Suez Zero Coupon, 02/27/20 (EUR)		19,262,700		3,867,406
Veolia Environnement S.A. Zero Coupon, 03/15/21 (EUR)		16,224,000		5,086,231
				8,953,637
Total Convertible Bonds (Cost $394,874,925)				397,970,365
Convertible Preferred Stock—0.7%
Banks—0.7%
Wells Fargo & Co., Series L 7.500%, 12/31/49 (Cost $13,924,321)		11,468		14,220,320
Preferred Stocks—0.2%
Household Products—0.2%
Henkel AG & Co. KGaA		25,143		3,222,019
Machinery—0.0%
Marcopolo S.A.		143,590		120,171
Total Preferred Stocks (Cost $3,250,550)				3,342,190
U.S. Treasury & Government Agencies—0.2%
Federal Agencies—0.1%
Federal Farm Credit Bank 5.250%, 12/28/27		585,000		711,407
Tennessee Valley Authority 5.375%, 04/01/56		350,000		446,453
				1,157,860
U.S. Treasury—0.1%
U.S. Treasury Notes 1.250%, 11/15/18		1,935,000		1,936,586
Total U.S. Treasury & Government Agencies (Cost $3,078,245)				3,094,446
Municipals—0.1%
American Municipal Power, Inc., Build America Bonds 5.939%, 02/15/47		75,000		89,224
7.499%, 02/15/50		350,000		477,067
Los Angeles, Department of Airports, Build America Bonds 6.582%, 05/15/39		65,000		83,042
Los Angeles, Unified School District, Build America Bonds 5.750%, 07/01/34		100,000		123,739
6.758%, 07/01/34		75,000		100,636
Ohio University, Revenue Bonds 5.590%, 12/01/2114		300,000		305,799
Port Authority of New York & New Jersey 4.458%, 10/01/62		130,000		136,993
5.647%, 11/01/40		30,000		37,137
State of California General Obligation Unlimited, Build America Bonds 7.300%, 10/01/39		260,000		367,395
State of Massachusetts, Build America Bonds 5.456%, 12/01/39		150,000		186,544
University of California, Build America Bonds 5.770%, 05/15/43		140,000		171,387
University of California, Revenue Bonds 1.284%, 07/01/41 (c)		130,000		129,870
Total Municipals (Cost $2,122,384)				2,208,833
Foreign Government—0.1%
Electric—0.0%
Hydro-Quebec 8.400%, 01/15/22		165,000		203,893
9.375%, 04/15/30		275,000		425,953
				629,846
Provincial—0.1%
Province of Quebec Canada 6.350%, 01/30/26		600,000		742,748
Sovereign—0.0%
Colombia Government International Bonds 4.000%, 02/26/24		300,000		308,700
7.375%, 09/18/37 (b)		150,000		191,400
				500,100
Total Foreign Government (Cost $1,983,386)				1,872,694

BHFTI-235

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investments—10.4%

Security Description	Principal Amount*		Value
Repurchase Agreement—8.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $157,111,185 on 04/03/17, collateralized by $160,365,000 U.S. Treasury Notes with rates ranging from 1.375% - 1.625%, maturity dates ranging from 05/31/20 - 07/31/20, with a value of $160,254,839.		157,110,007	$	157,110,007
U.S. Treasury—2.4%
U.S. Treasury Bills 0.541%, 05/25/17 (e) (f)		410,000		409,576
0.545%, 05/04/17 (b) (e) (f) (g)		40,000,000		39,976,240
0.620%, 06/22/17# (e) (f)		2,395,000		2,390,996
0.889%, 09/07/17# (e) (f)		4,130,000		4,114,768
0.962%, 03/01/18 (e) (f)		95,000		94,132
				46,985,712
Total Short-Term Investments (Cost $204,099,251)				204,095,719
Securities Lending Reinvestments (h)—5.0%
Certificates of Deposit—3.3%
ABN AMRO Bank NV Zero Coupon, 05/05/17		1,994,230		1,998,360
Banco Del Estado De Chile New York 1.426%, 06/21/17 (c)		1,500,000		1,500,813
Bank of America N.A. 1.271%, 07/11/17 (c)		1,500,000		1,501,587
Canadian Imperial Bank 1.392%, 10/27/17 (c)		1,000,000		1,001,203
1.454%, 05/24/17 (c)		500,293		500,175
Chiba Bank, Ltd., New York 1.240%, 05/11/17		2,000,000		2,000,532
Cooperative Rabobank UA New York 1.422%, 10/13/17 (c)		1,500,000		1,502,043
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (c)		2,500,000		2,500,282
Credit Industriel et Commercial 1.440%, 04/05/17 (c)		600,000		600,026
Credit Suisse AG New York 1.511%, 04/03/17 (c)		600,000		600,010
1.581%, 04/11/17 (c)		2,500,000		2,500,205
1.581%, 05/12/17 (c)		1,250,000		1,250,379
DNB NOR Bank ASA 1.279%, 07/28/17 (c)		1,200,000		1,200,530
ING Bank NV 1.461%, 04/18/17 (c)		2,500,000		2,501,065
KBC Bank NV 1.120%, 05/08/17		1,750,000		1,750,263
1.150%, 04/18/17		2,000,000		2,000,180
Certificates of Deposit—(Continued)
KBC Bank NV 1.170%, 04/06/17		1,000,000		1,000,010
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (c)		1,000,000		1,000,122
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (c)		500,000		500,288
1.591%, 04/11/17 (c)		1,000,000		1,000,076
1.643%, 04/18/17 (c)		2,700,000		2,700,391
National Australia Bank London 1.199%, 05/02/17 (c)		2,250,000		2,250,788
1.338%, 11/09/17 (c)		2,000,000		1,996,740
Natixis New York 1.241%, 08/03/17 (c)		3,900,000		3,902,512
1.444%, 04/07/17 (c)		1,000,000		1,000,055
Norinchukin Bank New York 1.451%, 07/12/17 (c)		3,000,000		3,002,655
Rabobank London 1.422%, 10/13/17 (c)		1,500,000		1,503,668
Royal Bank of Canada New York 1.340%, 04/04/17 (c)		500,000		499,988
Sumitomo Bank New York 1.410%, 05/05/17 (c)		250,000		250,049
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (c)		3,200,000		3,201,712
1.534%, 04/07/17 (c)		1,000,000		1,000,058
1.591%, 04/12/17 (c)		1,000,000		1,000,199
Sumitomo Mitsui Trust Bank, Ltd., New York 1.359%, 06/02/17 (c)		2,000,000		2,001,296
1.558%, 04/10/17 (c)		1,500,000		1,500,189
1.572%, 04/26/17 (c)		1,000,000		1,000,331
Svenska Handelsbanken New York 1.508%, 05/18/17 (c)		2,500,000		2,501,292
Toronto Dominion Bank New York 1.330%, 01/10/18 (c)		2,000,000		2,000,392
UBS, Stamford 1.301%, 05/12/17 (c)		1,200,000		1,200,295
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (c)		1,200,000		1,201,962
1.452%, 04/26/17 (c)		1,300,000		1,300,346
				63,423,067
Commercial Paper—0.7%
Barton Capital S.A. 1.110%, 04/21/17		997,163		999,333
Commonwealth Bank Australia 1.389%, 10/23/17 (c)		1,000,000		1,001,222
Den Norske ASA 1.432%, 04/27/17 (c)		1,200,000		1,200,259
HSBC plc 1.442%, 04/25/17 (c)		2,800,000		2,800,504
Kells Funding LLC 1.100%, 06/05/17		1,494,225		1,496,770
LMA S.A. & LMA Americas 1.090%, 05/10/17		997,033		998,781
1.120%, 04/13/17		498,600		499,822

BHFTI-236

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Macquarie Bank, Ltd. 1.120%, 04/20/17		997,200	$	999,351
Sheffield Receivables Co. 1.170%, 04/04/17		1,495,661		1,499,891
Westpac Banking Corp. 1.380%, 10/20/17 (c)		1,900,000		1,903,443
				13,399,376
Repurchase Agreements—0.7%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $1,814,169 on 04/03/17, collateralized by $2,609,253 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,850,335.		1,814,053		1,814,053
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $500,037 on 04/03/17, collateralized by $511,744 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $510,000.		500,000		500,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $51,354 on 04/03/17, collateralized by $51,955 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $52,378.		51,350		51,350
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $1,000,650 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.		1,000,000		1,000,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $5,000,542 on 04/03/17, collateralized by $772,491 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $5,489,933.		5,000,000		5,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $1,508,640 on 06/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $600,041 on 04/03/17, collateralized by $596,246 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $612,370.		600,000		600,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $1,918,604 on 07/03/17, collateralized by various Common Stock with a value of $2,090,000.		1,900,000		1,900,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $1,500,123 on 04/03/17, collateralized by $1,755,977 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $1,530,125.		1,500,000		1,500,000
				13,865,403
Time Deposits—0.3%
OP Corporate Bank plc 1.180%, 04/24/17		1,250,000		1,250,000
1.200%, 04/10/17		1,500,000		1,500,000
Shinkin Central Bank 1.350%, 04/21/17		800,000		800,000
1.440%, 04/26/17		2,400,000		2,400,000
1.440%, 04/27/17		300,000		300,000
				6,250,000
Total Securities Lending Reinvestments (Cost $96,908,290)				96,937,846
Total Investments—98.9% (Cost $1,857,065,437) (i)				1,933,326,493
Other assets and liabilities (net)—1.1%				22,201,203
Net Assets—100.0%			$	1,955,527,696

#	All or a portion represents positions held in the respective subsidiary.
*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $94,550,093 and the collateral received consisted of cash in the amount of $96,889,808. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.

BHFTI-237

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

(d)	Security is a “step-down” bond where the coupon decreases or steps down at a predetermined date. Rate shown is current coupon rate.
(e)	The rate shown represents current yield to maturity.
(f)	All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $6,515,978.
(g)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of March 31, 2017, the market value of securities pledged was $20,496,818.
(h)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(i)	As of March 31, 2017, the aggregate cost of investments was $1,857,065,437. The aggregate unrealized appreciation and depreciation of investments were $129,012,921 and $(52,751,865), respectively, resulting in net unrealized appreciation of $76,261,056.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $71,811,599, which is 3.7% of net assets.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.
(CHF)—	Swiss Franc
(EUR)—	Euro
(GBP)—	British Pound
(GDR)—	A Global Depositary Receipt is a negotiable certificate issued by one country’s bank against a certain number of shares of a company’s stock held in its custody but traded on the stock exchange of another country.
(JPY)—	Japanese Yen
(SEK)—	Swedish Krona
(SGD)—	Singapore Dollar

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	19,696,105	Royal Bank of Canada		04/27/17	$	15,206,792	$	(165,190	)
AUD	9,697,077	UBS AG		06/28/17		7,485,464		(88,415	)
CHF	1,396,881	Goldman Sachs & Co.		04/27/17		1,394,448		1,976
CHF	10,153,672	National Australia Bank Ltd.		04/27/17		10,192,700		(42,355	)
CHF	10,177,961	Morgan Stanley & Co. International		06/28/17		10,274,178		(61,145	)
DKK	12,182,876	National Australia Bank Ltd.		04/27/17		1,765,860		(16,934	)
DKK	2,774,358	Royal Bank of Canada		06/28/17		398,864		687
EUR	943,352	Australia & New Zealand Banking Corp.		04/27/17		1,004,989		2,416
EUR	1,982,385	Barclays Bank plc		04/27/17		2,140,006		(23,020	)
EUR	1,763,097	Deutsche Bank AG		04/27/17		1,874,450		8,358
EUR	3,870,175	Goldman Sachs & Co.		04/27/17		4,168,094		(35,139	)
EUR	5,800,099	HSBC Bank plc		04/27/17		6,229,063		(35,145	)
EUR	1,813,928	National Australia Bank Ltd.		04/27/17		1,959,591		(22,499	)
EUR	8,512,387	State Street Bank and Trust		04/27/17		9,026,400		63,967
EUR	1,412,370	Australia & New Zealand Banking Corp.		06/28/17		1,531,407		(18,572	)
GBP	1,269,698	Australia & New Zealand Banking Corp.		04/27/17		1,586,043		5,616
GBP	984,290	National Australia Bank Ltd.		04/27/17		1,240,258		(6,378	)
GBP	2,578,781	Standard Chartered Bank		04/27/17		3,205,113		27,578
GBP	437,125	Australia & New Zealand Banking Corp.		06/28/17		545,708		3,097
GBP	756,525	State Street Bank and Trust		06/28/17		925,911		23,895
GBP	949,543	State Street Bank and Trust		06/28/17		1,190,560		1,577
HKD	27,780,639	Toronto Dominion Bank		04/27/17		3,580,271		(3,576	)
HKD	48,933,968	Standard Chartered Bank		06/28/17		6,313,220		(5,588	)
ILS	4,725,919	BNP Paribas S.A.		04/27/17		1,306,761		(1,233	)
JPY	71,657,662	Australia & New Zealand Banking Corp.		04/27/17		649,811		(5,637	)
JPY	158,172,373	Australia & New Zealand Banking Corp.		04/27/17		1,426,930		(5,022	)
JPY	113,277,370	Barclays Bank plc		04/27/17		1,020,997		(2,678	)
JPY	132,880,641	Australia & New Zealand Banking Corp.		06/28/17		1,200,772		(3,176	)
JPY	67,280,777	State Street Bank and Trust		06/28/17		607,140		(767	)
SEK	47,276,259	National Australia Bank Ltd.		04/27/17		5,369,870		(88,244	)
SEK	23,310,047	Morgan Stanley & Co. International		06/28/17		2,665,789		(53,611	)
SGD	3,681,607	Toronto Dominion Bank		06/28/17		2,638,640		(5,060	)

BHFTI-238

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
CHF	3,675,730	Australia & New Zealand Banking Corp.		04/27/17	$	3,686,839	$	12,313
CHF	2,191,773	Australia & New Zealand Banking Corp.		04/27/17		2,175,271		(15,783	)
DKK	18,079,211	State Street Bank and Trust		06/28/17		2,639,743		36,056
EUR	5,645,992	Australia & New Zealand Banking Corp.		04/27/17		6,000,205		(29,143	)
EUR	1,010,947	Citibank N.A.		04/27/17		1,100,076		20,487
EUR	132,038,622	Morgan Stanley & Co. International		04/27/17		141,763,530		759,660
EUR	2,271,611	Morgan Stanley & Co. International		04/27/17		2,395,309		(30,541	)
EUR	11,488,159	Royal Bank of Canada		04/27/17		12,377,928		109,739
EUR	4,248,310	State Street Bank and Trust		04/27/17		4,492,175		(44,590	)
EUR	1,800,042	State Street Bank and Trust		04/27/17		1,910,083		(12,180	)
EUR	889,238	State Street Bank and Trust		04/27/17		962,842		13,226
EUR	812,949	State Street Bank and Trust		04/27/17		869,470		1,322
EUR	423,281	State Street Bank and Trust		04/27/17		457,417		5,396
EUR	325,062	Australia & New Zealand Banking Corp.		06/28/17		352,647		4,462
EUR	17,590,043	Royal Bank of Canada		06/28/17		19,089,805		248,536
EUR	908,466	State Street Bank and Trust		06/28/17		970,722		(2,366	)
EUR	506,227	State Street Bank and Trust		06/28/17		548,822		6,586
GBP	571,338	Australia & New Zealand Banking Corp.		04/27/17		713,595		(2,619	)
GBP	414,545	Australia & New Zealand Banking Corp.		04/27/17		515,125		(4,538	)
GBP	18,445,946	Morgan Stanley & Co. International		04/27/17		22,751,119		(372,229	)
GBP	332,874	Morgan Stanley & Co. International		04/27/17		414,008		(3,275	)
GBP	1,008,933	National Australia Bank Ltd.		04/27/17		1,257,596		(7,176	)
GBP	2,149,522	State Street Bank and Trust		04/27/17		2,620,721		(73,862	)
GBP	387,569	Australia & New Zealand Banking Corp.		06/28/17		485,175		(1,413	)
GBP	235,083	Australia & New Zealand Banking Corp.		06/28/17		291,281		(3,863	)
GBP	294,390	Royal Bank of Canada		06/28/17		367,632		(1,970	)
GBP	216,661	Royal Bank of Canada		06/28/17		266,196		(5,818	)
HKD	10,787,165	Australia & New Zealand Banking Corp.		04/27/17		1,389,857		1,033
HKD	7,567,812	Toronto Dominion Bank		04/27/17		974,911		573
JPY	2,245,382,068	Citibank N.A.		04/27/17		19,891,941		(293,170	)
JPY	114,872,200	Citibank N.A.		04/27/17		1,011,507		(21,149	)
JPY	174,113,200	HSBC Bank plc		04/27/17		1,537,289		(27,921	)
JPY	48,960,441	Merrill Lynch International		04/27/17		427,083		(13,052	)
JPY	2,582,800,973	State Street Bank and Trust		04/27/17		22,846,987		(371,389	)
JPY	571,781,000	State Street Bank and Trust		04/27/17		5,023,037		(117,051	)
JPY	532,305,486	State Street Bank and Trust		04/27/17		4,637,622		(147,597	)
JPY	118,042,570	State Street Bank and Trust		04/27/17		1,063,470		2,313
JPY	63,631,491	Australia & New Zealand Banking Corp.		06/28/17		579,734		6,251
JPY	607,362,615	State Street Bank and Trust		06/28/17		5,413,338		(60,558	)
NOK	30,918,931	Standard Chartered Bank		04/27/17		3,650,898		49,021
NOK	17,448,467	Goldman Sachs & Co.		06/28/17		2,070,316		36,377
SEK	38,232,800	Morgan Stanley & Co. International		04/27/17		4,309,374		38,069
SEK	2,976,523	Merrill Lynch International		06/28/17		339,236		5,680
SGD	1,536,107	HSBC Bank plc		04/27/17		1,081,964		(16,367	)
SGD	10,600,993	Morgan Stanley & Co. International		04/27/17		7,460,219		(119,596	)
Net Unrealized Depreciation							$	(992,333	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Aluminum Futures#		05/15/17		107		USD	4,579,729	$	661,264
Aluminum Futures#		07/17/17		97		USD	4,470,174		297,376

BHFTI-239

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		06/15/17		387			AUD	48,730,004		$	748,204
Brent Crude Oil Futures#		04/28/17		125			USD	6,489,966			201,284
Coffee “C” Futures#		09/19/17		39			USD	2,222,386			(116,386	)
Copper Futures#		07/27/17		103			USD	6,890,069			(19,969	)
Corn Futures#		05/12/17		373			USD	6,804,672			(11,410	)
Cotton No. 2 Futures#		07/07/17		35			USD	1,354,780			20,545
Crude Oil Financial Futures#		05/19/17		257			USD	13,998,401			(873,411	)
Gasoline RBOB Futures#		04/28/17		49			USD	3,750,115			(245,341	)
Gold 100 oz. Futures#		06/28/17		86			USD	10,360,375			399,945
KC Hard Red Winter Wheat Futures#		05/12/17		50			USD	1,167,648			(116,397	)
Lean Hogs Futures#		08/14/17		67			USD	2,065,528			(89,028	)
Live Cattle Futures#		04/28/17		77			USD	3,415,187			279,273
MSCI Emerging Markets Mini Index Futures		06/16/17		240			USD	11,266,697			270,103
Natural Gas Futures#		05/26/17		352			USD	10,328,946			1,125,134
Natural Gas Futures#		06/28/17		69			USD	2,289,850			(1,810	)
New York Harbor ULSD Futures#		04/28/17		48			USD	3,395,573			(221,180	)
Nickel Futures#		05/15/17		41			USD	2,548,765			(89,503	)
Russell 2000 Mini Index Futures		06/16/17		425			USD	29,046,034			372,466
S&P 500 E-Mini Index Futures		06/16/17		2,490			USD	294,884,785			(1,164,385	)
S&P TSX 60 Index Futures		06/15/17		142			CAD	25,903,422			164
Silver Futures#		07/27/17		45			USD	3,783,217			341,483
Soybean Futures#		05/12/17		106			USD	5,429,338			(415,538	)
Soybean Meal Futures#		05/12/17		85			USD	2,853,701			(232,301	)
Soybean Oil Futures#		07/14/17		120			USD	2,574,997			(265,957	)
Sugar No. 11 Futures#		04/28/17		133			USD	3,076,411			(579,841	)
TOPIX Index Futures		06/08/17		360			JPY	5,546,852,000			(914,866	)
U.S. Treasury Long Bond Futures		06/21/17		78			USD	11,708,737			57,075
U.S. Treasury Note 10 Year Futures		06/21/17		354			USD	43,968,418			126,707
U.S. Treasury Note 2 Year Futures		06/30/17		95			USD	20,546,126			16,921
U.S. Treasury Note 5 Year Futures		06/30/17		13			USD	1,530,574			(129	)
WTI Light Sweet Crude Oil Futures#		04/19/17		117			USD	6,297,905			(377,705	)
Wheat Futures#		05/12/17		143			USD	3,205,384			(155,909	)
Zinc Futures#		07/17/17		38			USD	2,661,302			(25,527	)
Futures Contracts—Short
Aluminum Futures#		05/15/17		(107	)		USD	(4,914,271	)		(326,723	)
Aluminum Futures#		07/17/17		(4	)		USD	(188,113	)		(8,487	)
Canada Government Bond 10 Year Futures		06/21/17		(192	)		CAD	(26,078,097	)		(216,072	)
Crude Oil Financial Futures#		08/21/17		(257	)		USD	(14,165,989	)		843,109
Euro-Bund Futures		06/08/17		(457	)		EUR	(73,573,946	)		(208,019	)
FTSE 100 Index Futures		06/16/17		(108	)		GBP	(7,776,587	)		(101,426	)
Natural Gas Futures#		04/26/17		(208	)		USD	(6,060,644	)		(574,556	)
Nickel Futures#		05/15/17		(4	)		USD	(233,172	)		(6,756	)
Nickel Futures#		07/17/17		(2	)		USD	(122,676	)		2,226
U.S. Treasury Note 10 Year Futures		06/21/17		(1,946	)		USD	(241,687,672	)		(710,952	)
U.S. Treasury Note Ultra 10 Year Futures		06/21/17		(197	)		USD	(26,198,252	)		(178,201	)
U.S. Treasury Ultra Long Bond Futures		06/21/17		(15	)		USD	(2,395,531	)		(13,844	)
Zinc Futures#		07/17/17		(3	)		USD	(208,003	)		(84	)
Net Unrealized Depreciation										$	(2,498,434	)

BHFTI-240

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Depreciation
Pay		3M LIBOR		2.330	%		12/15/26		USD	220,400,000	$	(1,368,992	)
Pay		3M LIBOR		2.350	%		02/06/27		USD	173,700,000		(900,745	)
Pay		3M LIBOR		2.360	%		02/27/27		USD	172,500,000		(377,169	)
Net Unrealized Depreciation											$	(2,646,906	)

#	All or a portion represents positions held in the respective subsidiary.
(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(DKK)—	Danish Krone
(EUR)—	Euro
(GBP)—	British Pound
(HKD)—	Hong Kong Dollar
(ILS)—	Israeli Shekel
(JPY)—	Japanese Yen
(NOK)—	Norwegian Krone
(SEK)—	Swedish Krona
(SGD)—	Singapore Dollar
(USD)—	United States Dollar
(LIBOR)—	London Interbank Offered Rate

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	3,394,388	$	9,218,531	$	—	$	12,612,919
Air Freight & Logistics		415,463		2,011,086		—		2,426,549
Airlines		1,732,507		2,489,321		—		4,221,828
Auto Components		926,738		5,271,447		—		6,198,185
Automobiles		2,996,880		25,563,431		—		28,560,311
Banks		28,068,501		56,927,120		—		84,995,621
Beverages		8,597,613		8,132,650		—		16,730,263
Biotechnology		6,052,378		5,738,736		—		11,791,114

BHFTI-241

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Building Products	$	1,464,623	$	2,933,029	$	—	$	4,397,652
Capital Markets		7,200,031		8,259,536		—		15,459,567
Chemicals		4,506,505		8,663,219		—		13,169,724
Commercial Services & Supplies		—		884,493		—		884,493
Communications Equipment		860,480		—		—		860,480
Construction & Engineering		230,265		1,046,070		—		1,276,335
Construction Materials		1,111,728		—		—		1,111,728
Consumer Finance		2,257,044		—		—		2,257,044
Containers & Packaging		1,133,004		—		—		1,133,004
Diversified Financial Services		3,271,661		5,222,272		—		8,493,933
Diversified Telecommunication Services		3,441,608		12,600,071		—		16,041,679
Electric Utilities		5,298,205		12,782,523		—		18,080,728
Electrical Equipment		1,065,461		3,394,936		—		4,460,397
Electronic Equipment, Instruments & Components		1,385,363		5,207,072		—		6,592,435
Energy Equipment & Services		1,427,166		2,154,079		—		3,581,245
Equity Real Estate Investment Trusts		5,063,550		8,650,605		—		13,714,155
Food & Staples Retailing		5,691,378		10,798,039		—		16,489,417
Food Products		2,907,387		6,916,247		—		9,823,634
Health Care Equipment & Supplies		4,102,222		2,778,667		—		6,880,889
Health Care Providers & Services		5,609,515		3,238,077		—		8,847,592
Hotels, Restaurants & Leisure		2,100,356		2,940,917		—		5,041,273
Household Durables		977,147		3,311,638		—		4,288,785
Household Products		3,599,192		494,863		—		4,094,055
Industrial Conglomerates		6,046,016		13,226,325		—		19,272,341
Insurance		5,780,743		34,727,791		—		40,508,534
Internet & Direct Marketing Retail		4,228,711		—		—		4,228,711
Internet Software & Services		15,680,515		4,756,405		—		20,436,920
IT Services		11,974,941		10,228,466		—		22,203,407
Life Sciences Tools & Services		1,612,477		—		—		1,612,477
Machinery		4,940,749		3,630,235		—		8,570,984
Media		10,376,662		3,451,532		—		13,828,194
Metals & Mining		1,199,722		17,768,166		—		18,967,888
Multi-Utilities		1,703,806		3,506,323		—		5,210,129
Multiline Retail		1,755,002		2,883,986		—		4,638,988
Oil, Gas & Consumable Fuels		16,177,845		12,490,724		—		28,668,569
Paper & Forest Products		—		2,237,576		—		2,237,576
Personal Products		—		3,088,588		—		3,088,588
Pharmaceuticals		13,030,196		29,387,128		—		42,417,324
Professional Services		—		753,872		—		753,872
Real Estate Management & Development		—		8,884,927		—		8,884,927
Road & Rail		3,387,088		1,808,825		—		5,195,913
Semiconductors & Semiconductor Equipment		13,290,550		18,345,875		—		31,636,425
Software		10,411,030		988,209		—		11,399,239
Specialty Retail		8,702,022		5,396,879		—		14,098,901
Technology Hardware, Storage & Peripherals		14,247,509		—		—		14,247,509
Textiles, Apparel & Luxury Goods		606,287		4,401,613		—		5,007,900
Thrifts & Mortgage Finance		—		2,391,815		—		2,391,815
Tobacco		3,037,267		11,848,714		—		14,885,981
Trading Companies & Distributors		—		13,426,733		—		13,426,733
Transportation Infrastructure		807,539		—		—		807,539
Wireless Telecommunication Services		677,639		6,791,004		—		7,468,643
Total Common Stocks		266,562,675		434,050,386		—		700,613,061
Total Corporate Bonds & Notes*		—		508,971,019		—		508,971,019
Total Convertible Bonds*		—		397,970,365		—		397,970,365
Total Convertible Preferred Stock*		14,220,320		—		—		14,220,320
Preferred Stocks
Household Products		—		3,222,019		—		3,222,019
Machinery		120,171		—		—		120,171
Total Preferred Stocks		120,171		3,222,019		—		3,342,190

BHFTI-242

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	3,094,446		$	—	$	3,094,446
Total Municipals		—			2,208,833			—		2,208,833
Total Foreign Government*		—			1,872,694			—		1,872,694
Total Short-Term Investments*		—			204,095,719			—		204,095,719
Total Securities Lending Reinvestments*		—			96,937,846			—		96,937,846
Total Investments	$	280,903,166		$	1,652,423,327		$	—	$	1,933,326,493
Collateral for Securities Loaned (Liability)	$	—		$	(96,889,808	)	$	—	$	(96,889,808	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	1,496,267		$	—	$	1,496,267
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(2,488,600	)		—		(2,488,600	)
Total Forward Contracts	$	—		$	(992,333	)	$	—	$	(992,333	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	5,763,279		$	—		$	—	$	5,763,279
Futures Contracts (Unrealized Depreciation)		(8,261,713	)		—			—		(8,261,713	)
Total Futures Contracts	$	(2,498,434	)	$	—		$	—	$	(2,498,434	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Depreciation)	$	—		$	(2,646,906	)	$	—	$	(2,646,906	)

* See Consolidated Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $4,519,339 were due to the discontinuation of a systematic fair valuation model factor.

BHFTI-243

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—95.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.2%
AAR Corp.		63,800	$	2,145,594
Curtiss-Wright Corp.		23,000		2,098,980
DigitalGlobe, Inc. (a)		172,300		5,642,825
Moog, Inc. - Class A (a)		24,500		1,650,075
				11,537,474
Air Freight & Logistics—0.2%
Atlas Air Worldwide Holdings, Inc. (a)		20,900		1,158,905
Auto Components—1.4%
Cooper Tire & Rubber Co. (b)		127,500		5,654,625
Dana, Inc.		47,100		909,501
Stoneridge, Inc. (a)		44,000		798,160
				7,362,286
Banks—19.3%
1st Source Corp.		30,791		1,445,637
American National Bankshares, Inc.		1,800		67,050
BancFirst Corp.		18,300		1,645,170
BancorpSouth, Inc. (b)		106,600		3,224,650
Bank of Hawaii Corp. (b)		46,600		3,837,976
Brookline Bancorp, Inc.		21,400		334,910
Bryn Mawr Bank Corp. (b)		8,800		347,600
Capital Bank Financial Corp. - Class A		52,100		2,261,140
Cascade Bancorp (a)		23,671		182,503
Cathay General Bancorp (b)		58,800		2,215,584
Central Pacific Financial Corp.		138,101		4,217,605
Central Valley Community Bancorp (b)		6,900		141,450
Century Bancorp, Inc. - Class A		2,300		139,898
Citizens & Northern Corp.		5,500		128,040
City Holding Co.		41,209		2,657,156
Columbia Banking System, Inc. (b)		15,500		604,345
Community Bank System, Inc. (b)		38,700		2,127,726
Community Trust Bancorp, Inc. (b)		34,916		1,597,407
Customers Bancorp, Inc. (a)		29,600		933,288
East West Bancorp, Inc.		3,528		182,080
FCB Financial Holdings, Inc. - Class A (a)		104,800		5,192,840
Financial Institutions, Inc.		19,799		652,377
First Bancorp (a)		345,400		1,951,510
First Bancorp (b)		8,600		251,894
First Busey Corp. (b)		21,566		634,040
First Citizens BancShares, Inc. - Class A		2,400		804,888
First Commonwealth Financial Corp. (b)		346,300		4,591,938
First Community Bancshares, Inc. (b)		17,200		429,484
First Financial Bancorp (b)		30,900		848,205
First Financial Bankshares, Inc. (b)		21,600		866,160
First Financial Corp.		5,900		280,250
First Hawaiian, Inc.		27,500		822,800
First Interstate BancSystem, Inc. - Class A (b)		25,200		999,180
Flushing Financial Corp.		41,700		1,120,479
Fulton Financial Corp. (b)		100,800		1,799,280
Glacier Bancorp, Inc. (b)		60,500		2,052,765
Great Southern Bancorp, Inc.		10,500		530,250
Great Western Bancorp, Inc. (b)		42,200		1,789,702
Hancock Holding Co.		94,900		4,322,695
Heritage Financial Corp.		6,934		171,617
Banks—(Continued)
Hope Bancorp, Inc.		225,129		4,315,723
Independent Bank Corp.		5,900		122,130
Investors Bancorp, Inc. (b)		277,500		3,990,450
Lakeland Financial Corp.		11,900		513,128
MainSource Financial Group, Inc.		47,704		1,570,893
Mercantile Bank Corp.		5,400		185,760
OFG Bancorp		160,545		1,894,431
Pacific Continental Corp.		22,285		545,983
PacWest Bancorp (b)		44,400		2,364,744
Park Sterling Corp. (b)		15,000		184,650
Preferred Bank (b)		5,000		268,300
Republic Bancorp, Inc. - Class A		5,600		192,584
S&T Bancorp, Inc. (b)		6,300		217,980
Sandy Spring Bancorp, Inc.		7,600		311,524
Southside Bancshares, Inc. (b)		21,556		723,635
Southwest Bancorp, Inc.		34,700		907,405
State Bank Financial Corp. (b)		16,400		428,368
Stock Yards Bancorp, Inc. (b)		5,400		219,510
Suffolk Bancorp		4,900		198,009
Tompkins Financial Corp. (b)		6,359		512,217
TriState Capital Holdings, Inc. (a)		7,300		170,455
Trustmark Corp. (b)		101,000		3,210,790
UMB Financial Corp.		63,500		4,782,185
Umpqua Holdings Corp.		168,261		2,984,950
Union Bankshares Corp.		111,474		3,921,655
Valley National Bancorp (b)		21,574		254,573
Washington Trust Bancorp, Inc.		10,900		537,370
Webster Financial Corp.		31,800		1,591,272
West Bancorp, Inc.		3,770		86,522
Westamerica Bancorp (b)		98,000		5,471,340
Western Alliance Bancorp (a)		4,464		219,138
				101,301,243
Biotechnology—1.9%
ACADIA Pharmaceuticals, Inc. (a)		7,800		268,164
Acorda Therapeutics, Inc. (a) (b)		13,400		281,400
Adverum Biotechnologies, Inc. (a) (b)		1,800		4,860
AMAG Pharmaceuticals, Inc. (a)		105,300		2,374,515
Ardelyx, Inc. (a)		48,200		609,730
Cara Therapeutics, Inc. (a) (b)		9,000		165,510
Chimerix, Inc. (a)		69,000		440,220
Enanta Pharmaceuticals, Inc. (a)		18,700		575,960
Epizyme, Inc. (a)		2,900		49,735
Five Prime Therapeutics, Inc. (a) (b)		10,300		372,345
Idera Pharmaceuticals, Inc. (a)		374,200		924,274
Immune Design Corp. (a)		3,100		21,080
Insmed, Inc. (a) (b)		9,700		169,847
Karyopharm Therapeutics, Inc. (a)		1,300		16,692
MacroGenics, Inc. (a)		3,300		61,380
NantKwest, Inc. (a) (b)		17,000		60,350
Radius Health, Inc. (a)		14,400		556,560
Rigel Pharmaceuticals, Inc. (a)		136,300		451,153
Sage Therapeutics, Inc. (a) (b)		1,200		85,284
Seres Therapeutics, Inc. (a) (b)		16,800		189,336
Ultragenyx Pharmaceutical, Inc. (a) (b)		2,700		183,006
Versartis, Inc. (a)		63,000		1,345,050

BHFTI-244

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Voyager Therapeutics, Inc. (a) (b)		14,000	$	185,360
Zafgen, Inc. (a)		79,400		370,004
				9,761,815
Building Products—0.2%
Gibraltar Industries, Inc. (a) (b)		6,800		280,160
JELD-WEN Holding, Inc. (a)		19,700		647,145
				927,305
Capital Markets—1.3%
Arlington Asset Investment Corp. - Class A (b)		12,400		175,212
Investment Technology Group, Inc. (b)		14,300		289,575
KCG Holdings, Inc. - Class A (a) (b)		165,100		2,943,733
Oppenheimer Holdings, Inc. - Class A		13,009		222,454
Stifel Financial Corp. (a)		39,300		1,972,467
Virtus Investment Partners, Inc.		7,800		826,020
Waddell & Reed Financial, Inc. - Class A (b)		12,900		219,300
				6,648,761
Chemicals—1.6%
American Vanguard Corp. (b)		60,900		1,010,940
Chemours Co. (The)		7,800		300,300
FutureFuel Corp.		1,000		14,180
Innophos Holdings, Inc.		5,800		313,026
Innospec, Inc.		12,800		828,800
Minerals Technologies, Inc.		29,800		2,282,680
Olin Corp.		10,800		354,996
Rayonier Advanced Materials, Inc. (b)		251,800		3,386,710
				8,491,632
Commercial Services & Supplies—2.7%
ACCO Brands Corp. (a)		414,100		5,445,415
ARC Document Solutions, Inc. (a)		237,590		819,685
Ceco Environmental Corp.		75,000		788,250
Ennis, Inc.		23,800		404,600
Essendant, Inc.		34,300		519,645
Quad/Graphics, Inc.		97,907		2,471,173
VSE Corp.		36,000		1,468,800
West Corp.		93,900		2,293,038
				14,210,606
Communications Equipment—1.3%
Bel Fuse, Inc. - Class B		61,000		1,558,550
Black Box Corp. (b)		105,092		940,574
Finisar Corp. (a)		55,400		1,514,636
InterDigital, Inc.		19,200		1,656,960
Sonus Networks, Inc. (a)		165,758		1,092,345
				6,763,065
Construction & Engineering—1.5%
Argan, Inc. (b)		10,210		675,392
EMCOR Group, Inc.		87,000		5,476,650
MYR Group, Inc. (a)		47,500		1,947,500
				8,099,542
Consumer Finance—0.4%
EZCORP, Inc. - Class A (a) (b)		96,200		784,030
Nelnet, Inc. - Class A		25,800		1,131,588
Regional Management Corp. (a) (b)		16,100		312,823
				2,228,441
Containers & Packaging—0.3%
Graphic Packaging Holding Co.		104,400		1,343,628
Myers Industries, Inc. (b)		15,600		247,260
				1,590,888
Diversified Consumer Services—1.1%
American Public Education, Inc. (a)		19,500		446,550
Ascent Capital Group, Inc. - Class A (a)		78,200		1,104,966
DeVry Education Group, Inc.		8,200		290,690
Houghton Mifflin Harcourt Co. (a) (b)		55,200		560,280
K12, Inc. (a) (b)		75,800		1,451,570
Regis Corp. (a)		153,200		1,795,504
				5,649,560
Diversified Financial Services—0.1%
FNFV Group (a) (b)		19,000		251,750
Marlin Business Services Corp. (b)		9,274		238,806
				490,556
Diversified Telecommunication Services—0.5%
IDT Corp. - Class B		5,400		68,688
Windstream Holdings, Inc. (b)		498,737		2,718,117
				2,786,805
Electric Utilities—1.6%
El Paso Electric Co.		84,605		4,272,552
Portland General Electric Co.		94,000		4,175,480
Spark Energy, Inc. - Class A (b)		6,000		191,700
				8,639,732
Electrical Equipment—0.3%
General Cable Corp. (b)		53,300		956,735
Powell Industries, Inc.		20,500		706,020
				1,662,755
Electronic Equipment, Instruments & Components—4.5%
Benchmark Electronics, Inc. (a)		186,400		5,927,520
ePlus, Inc. (a)		7,200		972,360
Insight Enterprises, Inc. (a)		25,800		1,060,122
InvenSense, Inc. (a)		44,700		564,561
Knowles Corp. (a) (b)		153,700		2,912,615
Sanmina Corp. (a)		17,300		702,380
SYNNEX Corp. (b)		9,100		1,018,654
Tech Data Corp. (a)		34,700		3,258,330
TTM Technologies, Inc. (a) (b)		245,200		3,955,076
Vishay Intertechnology, Inc. (b)		184,400		3,033,380
				23,404,998

BHFTI-245

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—0.9%
Archrock, Inc.		32,200	$	399,280
Geospace Technologies Corp. (a)		8,300		134,709
Parker Drilling Co. (a) (b)		88,000		154,000
Pioneer Energy Services Corp. (a) (b)		181,100		724,400
SEACOR Holdings, Inc. (a)		20,700		1,432,233
Unit Corp. (a)		75,700		1,828,912
				4,673,534
Equity Real Estate Investment Trusts—8.6%
American Assets Trust, Inc. (b)		6,600		276,144
Apartment Investment & Management Co. - Class A		56,000		2,483,600
Ashford Hospitality Prime, Inc.		44,113		468,039
Ashford Hospitality Trust, Inc.		254,295		1,619,859
CBL & Associates Properties, Inc. (b)		102,900		981,666
Cedar Realty Trust, Inc. (b)		78,100		392,062
CoreSite Realty Corp. (b)		23,600		2,125,180
DCT Industrial Trust, Inc.		79,075		3,805,089
DiamondRock Hospitality Co. (b)		90,600		1,010,190
DuPont Fabros Technology, Inc. (b)		19,700		976,923
EPR Properties (b)		18,700		1,376,881
FelCor Lodging Trust, Inc.		201,969		1,516,787
First Industrial Realty Trust, Inc.		35,800		953,354
First Potomac Realty Trust		138,800		1,426,864
Franklin Street Properties Corp. (b)		13,800		167,532
Getty Realty Corp. (b)		41,529		1,049,438
Gladstone Commercial Corp. (b)		20,800		429,936
Government Properties Income Trust (b)		129,600		2,712,528
Highwoods Properties, Inc.		8,400		412,692
Hospitality Properties Trust		45,200		1,425,156
InfraREIT, Inc.		60,400		1,087,200
Kite Realty Group Trust (b)		34,500		741,750
LaSalle Hotel Properties		22,500		651,375
LTC Properties, Inc. (b)		28,100		1,345,990
Mack-Cali Realty Corp.		36,200		975,228
Mid-America Apartment Communities, Inc.		4,132		420,390
Monogram Residential Trust, Inc.		66,300		661,011
Pebblebrook Hotel Trust (b)		36,500		1,066,165
Pennsylvania Real Estate Investment Trust		85,200		1,289,928
Potlatch Corp.		52,100		2,380,970
PS Business Parks, Inc.		23,900		2,742,764
RAIT Financial Trust (b)		131,000		419,200
RLJ Lodging Trust (b)		90,200		2,120,602
Saul Centers, Inc.		3,400		209,508
Silver Bay Realty Trust Corp.		18,400		395,048
Sunstone Hotel Investors, Inc. (b)		128,073		1,963,359
Taubman Centers, Inc.		3,900		257,478
Urstadt Biddle Properties, Inc. - Class A		22,100		454,376
Washington Prime Group, Inc.		1,747		15,181
Washington Real Estate Investment Trust		2,600		81,328
				44,888,771
Food & Staples Retailing—0.2%
SpartanNash Co.		26,100		913,239
Village Super Market, Inc. - Class A (b)		4,400		116,600
				1,029,839
Food Products—0.6%
Darling Ingredients, Inc. (a)		149,800		2,175,096
Dean Foods Co.		16,700		328,322
Fresh Del Monte Produce, Inc. (b)		12,200		722,606
				3,226,024
Gas Utilities—2.0%
Northwest Natural Gas Co. (b)		63,600		3,758,760
Southwest Gas Holdings, Inc.		42,800		3,548,548
Spire, Inc. (b)		50,639		3,418,132
				10,725,440
Health Care Equipment & Supplies—0.7%
Halyard Health, Inc. (a)		64,700		2,464,423
SurModics, Inc. (a)		8,215		197,571
Wright Medical Group NV (a) (b)		37,800		1,176,336
				3,838,330
Health Care Providers & Services—2.1%
Addus HomeCare Corp. (a)		5,700		182,400
Community Health Systems, Inc. (a)		53,200		471,884
Cross Country Healthcare, Inc. (a)		96,000		1,378,560
Genesis Healthcare, Inc. (a) (b)		56,522		149,218
Molina Healthcare, Inc. (a)		52,900		2,412,240
Owens & Minor, Inc. (b)		55,500		1,920,300
Tivity Health, Inc. (a) (b)		92,400		2,688,840
Triple-S Management Corp. - Class B (a)		67,400		1,184,218
WellCare Health Plans, Inc. (a)		4,400		616,924
				11,004,584
Hotels, Restaurants & Leisure—2.0%
Bob Evans Farms, Inc.		20,900		1,355,783
Intrawest Resorts Holdings, Inc. (a)		31,129		778,536
La Quinta Holdings, Inc. (a)		229,800		3,106,896
Penn National Gaming, Inc. (a)		161,400		2,974,602
Pinnacle Entertainment, Inc. (a) (b)		22,100		431,392
Ruth’s Hospitality Group, Inc.		77,700		1,557,885
Speedway Motorsports, Inc.		11,600		218,544
				10,423,638
Household Durables—0.3%
CSS Industries, Inc.		7,751		200,906
Hovnanian Enterprises, Inc. - Class A (a)		69,400		157,538
NACCO Industries, Inc. - Class A (b)		14,400		1,005,120
UCP, Inc. - Class A (a)		9,000		91,350
				1,454,914
Household Products—0.4%
Central Garden and Pet Co. - Class A (a)		61,800		2,145,696
Independent Power and Renewable Electricity Producers—0.8%
Atlantic Power Corp. (a)		690,200		1,829,030
Dynegy, Inc. (a) (b)		193,600		1,521,696
Ormat Technologies, Inc. (b)		12,700		724,916
				4,075,642

BHFTI-246

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—4.2%
Arch Capital Group, Ltd. (a)		9,656	$	915,099
Argo Group International Holdings, Ltd.		18,630		1,263,114
CNO Financial Group, Inc.		199,000		4,079,500
Global Indemnity, Ltd. (a)		3,300		127,017
Hallmark Financial Services, Inc. (a)		20,821		230,072
Horace Mann Educators Corp.		66,811		2,742,592
MBIA, Inc. (a) (b)		370,500		3,138,135
Navigators Group, Inc. (The)		16,600		901,380
Primerica, Inc. (b)		64,300		5,285,460
ProAssurance Corp.		50,000		3,012,500
Universal Insurance Holdings, Inc. (b)		4,200		102,900
				21,797,769
Internet & Direct Marketing Retail—0.2%
Liberty TripAdvisor Holdings, Inc. - Class A (a)		86,100		1,214,010
Internet Software & Services—0.3%
Liquidity Services, Inc. (a)		15,600		124,800
RetailMeNot, Inc. (a) (b)		183,900		1,489,590
				1,614,390
IT Services—0.8%
Convergys Corp.		5,400		114,210
EVERTEC, Inc.		9,800		155,820
Unisys Corp. (a) (b)		285,400		3,981,330
				4,251,360
Leisure Products—0.2%
Acushnet Holdings Corp. (a)		15,200		262,656
JAKKS Pacific, Inc. (a) (b)		98,800		543,400
				806,056
Machinery—2.7%
AGCO Corp.		27,100		1,630,878
Briggs & Stratton Corp. (b)		76,500		1,717,425
Douglas Dynamics, Inc. (b)		98,442		3,017,247
Graham Corp.		7,300		167,900
Greenbrier Cos., Inc. (The) (b)		21,000		905,100
Hurco Cos., Inc.		12,882		400,630
Kadant, Inc.		28,807		1,709,696
Kennametal, Inc.		5,500		215,765
Wabash National Corp. (b)		218,000		4,510,420
				14,275,061
Marine—0.2%
Matson, Inc.		37,300		1,184,648
Media—0.2%
Entercom Communications Corp. - Class A (b)		26,460		378,378
Eros International plc (a) (b)		55,100		567,530
Radio One, Inc. - Class D (a)		94,616		312,233
				1,258,141
Metals & Mining—1.8%
AK Steel Holding Corp. (a) (b)		202,500		1,455,975
Carpenter Technology Corp. (b)		70,900		2,644,570
Cliffs Natural Resources, Inc. (a) (b)		32,400		266,004
Olympic Steel, Inc.		15,800		293,248
Ryerson Holding Corp. (a)		6,200		78,120
Schnitzer Steel Industries, Inc. - Class A (b)		56,800		1,172,920
SunCoke Energy, Inc. (a) (b)		32,800		293,888
TimkenSteel Corp. (a) (b)		20,100		380,091
Worthington Industries, Inc.		66,500		2,998,485
				9,583,301
Mortgage Real Estate Investment Trusts—1.6%
AG Mortgage Investment Trust, Inc.		26,700		481,935
ARMOUR Residential REIT, Inc.		8,800		199,848
Capstead Mortgage Corp. (b)		291,258		3,069,859
CYS Investments, Inc.		571,600		4,544,220
				8,295,862
Multi-Utilities—1.1%
Avista Corp. (b)		70,600		2,756,930
NorthWestern Corp.		37,383		2,194,382
Unitil Corp.		14,700		661,941
				5,613,253
Multiline Retail—0.2%
Dillard’s, Inc. - Class A (b)		19,000		992,560
Oil, Gas & Consumable Fuels—2.8%
Alon USA Energy, Inc.		20,100		245,019
Bill Barrett Corp. (a)		454,700		2,068,885
Delek U.S. Holdings, Inc. (b)		96,200		2,334,774
Denbury Resources, Inc. (a) (b)		537,100		1,385,718
EP Energy Corp. - Class A (a) (b)		530,400		2,519,400
Jones Energy, Inc. - Class A (a) (b)		37,601		95,884
Northern Oil and Gas, Inc. (a)		2,300		5,980
REX American Resources Corp. (a)		52,500		4,750,725
Sanchez Energy Corp. (a) (b)		111,000		1,058,940
				14,465,325
Paper & Forest Products—0.5%
Domtar Corp. (b)		28,200		1,029,864
Schweitzer-Mauduit International, Inc.		37,500		1,553,250
				2,583,114
Pharmaceuticals—0.5%
Amphastar Pharmaceuticals, Inc. (a) (b)		18,500		268,250
Endocyte, Inc. (a) (b)		97,100		249,547
Medicines Co. (The) (a) (b)		32,700		1,599,030
MyoKardia, Inc. (a)		23,200		305,080
Revance Therapeutics, Inc. (a) (b)		5,600		116,480
				2,538,387
Professional Services—2.3%
Acacia Research Corp. (a)		195,900		1,126,425

BHFTI-247

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Professional Services—(Continued)
Barrett Business Services, Inc.		33,760	$	1,843,971
CRA International, Inc.		7,900		279,107
Franklin Covey Co. (a)		14,000		282,800
FTI Consulting, Inc. (a) (b)		111,900		4,606,923
Huron Consulting Group, Inc. (a)		84,500		3,557,450
RPX Corp. (a)		52,000		624,000
				12,320,676
Real Estate Management & Development—0.9%
Alexander & Baldwin, Inc. (b)		39,300		1,749,636
Forestar Group, Inc. (a)		129,000		1,760,850
St. Joe Co. (The) (a)		86,535		1,475,422
				4,985,908
Road & Rail—0.9%
AMERCO (b)		1,300		495,547
ArcBest Corp.		90,800		2,360,800
USA Truck, Inc. (a) (b)		87,000		639,450
YRC Worldwide, Inc. (a)		112,400		1,237,524
				4,733,321
Semiconductors & Semiconductor Equipment—2.1%
Advanced Energy Industries, Inc. (a)		12,900		884,424
Alpha & Omega Semiconductor, Ltd. (a)		28,476		489,502
Amkor Technology, Inc. (a)		212,900		2,467,511
Cypress Semiconductor Corp. (b)		237,402		3,266,652
IXYS Corp.		56,600		823,530
Xcerra Corp. (a)		169,610		1,507,833
Xperi Corp.		43,000		1,459,850
				10,899,302
Software—2.0%
Aspen Technology, Inc. (a)		1,200		70,704
Fair Isaac Corp.		18,200		2,346,890
Progress Software Corp.		88,900		2,582,545
QAD, Inc. - Class A		3,500		97,475
Rubicon Project, Inc. (The) (a)		77,100		454,119
Take-Two Interactive Software, Inc. (a)		76,100		4,510,447
TiVo Corp. (b)		27,200		510,000
				10,572,180
Specialty Retail—2.3%
Aaron’s, Inc. (b)		72,100		2,144,254
Abercrombie & Fitch Co. - Class A (b)		127,400		1,519,882
Children’s Place, Inc. (The) (b)		39,900		4,789,995
Office Depot, Inc. (b)		279,700		1,304,800
Pier 1 Imports, Inc.		302,200		2,163,752
				11,922,683
Textiles, Apparel & Luxury Goods—0.7%
Iconix Brand Group, Inc. (a)		139,300		1,047,536
Movado Group, Inc. (b)		88,600		2,210,570
Textiles, Apparel & Luxury Goods—(Continued)
Perry Ellis International, Inc. (a)		13,500		289,980
				3,548,086
Thrifts & Mortgage Finance—3.2%
BankFinancial Corp. (b)		6,885		99,970
Beneficial Bancorp, Inc.		302,855		4,845,680
Charter Financial Corp.		74,500		1,465,415
First Defiance Financial Corp.		9,800		485,198
Kearny Financial Corp. (b)		22,691		341,500
Meridian Bancorp, Inc.		93,600		1,712,880
Northfield Bancorp, Inc.		168,100		3,029,162
Oritani Financial Corp. (b)		7,900		134,300
Territorial Bancorp, Inc.		4,500		140,265
United Financial Bancorp, Inc. (b)		27,600		469,476
Walker & Dunlop, Inc. (a)		66,300		2,764,047
Waterstone Financial, Inc.		25,200		459,900
WSFS Financial Corp.		21,695		996,885
				16,944,678
Tobacco—1.0%
Alliance One International, Inc. (a)		12,900		165,765
Universal Corp.		69,967		4,950,165
				5,115,930
Trading Companies & Distributors—1.5%
DXP Enterprises, Inc. (a) (b)		38,800		1,469,356
MRC Global, Inc. (a) (b)		177,100		3,246,243
NOW, Inc. (a) (b)		75,700		1,283,872
Titan Machinery, Inc. (a)		110,700		1,698,138
				7,697,609
Water Utilities—0.6%
American States Water Co. (b)		40,400		1,789,720
California Water Service Group (b)		31,700		1,136,445
				2,926,165
Total Common Stocks (Cost $408,342,069)				502,342,556
Short-Term Investment—4.0%
Repurchase Agreement—4.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $20,905,838 on 04/03/17, collateralized by $21,295,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $21,328,731.		20,905,681		20,905,681
Total Short-Term Investments (Cost $20,905,681)				20,905,681

BHFTI-248

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—19.0%

Security Description	Principal Amount*		Value
Certificates of Deposit—11.6%
ABN AMRO Bank NV Zero Coupon, 05/05/17		997,115	$	999,180
Banco Del Estado De Chile New York 1.426%, 06/21/17 (d)		2,000,000		2,001,084
Bank of America N.A. 1.271%, 07/11/17 (d)		4,000,000		4,004,233
Bank of Nova Scotia Houston 1.355%, 11/03/17 (d)		2,000,000		2,002,197
Canadian Imperial Bank 1.392%, 10/27/17 (d)		1,000,000		1,001,203
1.454%, 05/24/17 (d)		500,293		500,175
Chiba Bank, Ltd., New York 1.100%, 04/07/17		500,000		500,006
1.240%, 05/11/17		1,000,000		1,000,266
Cooperative Rabobank UA New York 1.422%, 10/13/17 (d)		1,000,000		1,001,362
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (d)		1,500,000		1,500,169
Credit Industriel et Commercial 1.440%, 04/05/17 (d)		1,300,000		1,300,056
Credit Suisse AG New York 1.511%, 04/03/17 (d)		1,500,000		1,500,024
1.581%, 04/11/17 (d)		1,000,000		1,000,082
Danske Bank A/S London Zero Coupon, 05/12/17		498,553		499,485
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		1,300,000		1,300,575
ING Bank NV 1.461%, 04/18/17 (d)		2,000,000		2,000,852
KBC Bank NV 1.120%, 05/08/17		250,000		250,038
1.150%, 04/18/17		1,000,000		1,000,090
1.150%, 04/27/17		2,000,000		1,998,820
1.170%, 04/06/17		1,000,000		1,000,010
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (d)		1,000,000		1,000,122
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (d)		500,000		500,288
1.591%, 04/11/17 (d)		600,000		600,046
1.643%, 04/18/17 (d)		2,900,000		2,900,420
National Australia Bank London 1.199%, 05/02/17 (d)		2,250,000		2,250,788
Natixis New York 1.241%, 08/03/17 (d)		4,400,000		4,402,834
Norinchukin Bank New York 1.451%, 07/12/17 (d)		3,500,000		3,503,097
Rabobank London 1.422%, 10/13/17 (d)		1,000,000		1,002,445
Royal Bank of Canada New York 1.340%, 04/04/17 (d)		1,000,000		999,975
1.422%, 10/13/17 (d)		500,000		500,895
Sumitomo Bank New York 1.390%, 06/05/17 (d)		2,000,000		2,000,946
1.410%, 05/05/17 (d)		1,000,000		1,000,195
Sumitomo Mitsui Banking Corp., New York 1.534%, 04/07/17 (d)		1,000,000		1,000,058
1.591%, 04/12/17 (d)		1,000,000		1,000,199
Certificates of Deposit—(Continued)
Sumitomo Mitsui Trust Bank, Ltd., New York 1.359%, 06/02/17 (d)		1,000,000		1,000,648
1.558%, 04/10/17 (d)		1,500,000		1,500,189
1.572%, 04/26/17 (d)		1,500,000		1,500,496
Svenska Handelsbanken New York 1.508%, 05/18/17 (d)		2,500,000		2,501,292
Toronto Dominion Bank New York 1.330%, 01/10/18 (d)		1,000,000		1,000,196
UBS, Stamford 1.301%, 05/12/17 (d)		1,100,000		1,100,271
1.589%, 07/31/17 (d)		701,517		701,928
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		1,300,000		1,302,125
1.452%, 04/26/17 (d)		1,300,000		1,300,346
				60,929,706
Commercial Paper—3.3%
Barton Capital S.A. 1.110%, 04/21/17		997,163		999,333
Commonwealth Bank Australia 1.389%, 10/23/17 (d)		2,000,000		2,002,444
Den Norske ASA 1.432%, 04/27/17 (d)		1,300,000		1,300,281
HSBC plc 1.442%, 04/25/17 (d)		3,100,000		3,100,558
Kells Funding LLC 1.100%, 06/05/17		1,294,995		1,297,201
LMA S.A. & LMA Americas 1.090%, 05/10/17		498,516		499,390
1.120%, 04/13/17		1,994,400		1,999,288
Macquarie Bank, Ltd. 1.120%, 04/20/17		1,994,400		1,998,702
Sheffield Receivables Co. 1.170%, 04/04/17		1,994,215		1,999,854
Westpac Banking Corp. 1.380%, 10/20/17 (d)		2,100,000		2,103,806
				17,300,857
Repurchase Agreements—3.2%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $3,458,202 on 04/03/17, collateralized by $4,973,804 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $3,527,142.		3,457,980		3,457,980
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $500,037 on 04/03/17, collateralized by $511,744 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $510,000.		500,000		500,000

BHFTI-249

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $43,078 on 04/03/17, collateralized by $43,582 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $43,937.		43,075	$	43,075
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $2,001,300 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $3,000,325 on 04/03/17, collateralized by $463,495 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $3,293,960.		3,000,000		3,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $2,011,520 on 06/02/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Macquarie Bank, Ltd. London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $600,041 on 04/03/17, collateralized by $596,246 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $612,370.		600,000		600,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $2,120,563 on 07/03/17, collateralized by various Common Stock with a value of $2,310,000.		2,100,000		2,100,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $1,000,082 on 04/03/17, collateralized by $1,170,651 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $1,020,083.		1,000,000		1,000,000
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $2,000,155 on 04/03/17, collateralized by $5,986,949 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $2,040,000.		2,000,000		2,000,000
				16,701,055
Time Deposits—0.9%
OP Corporate Bank plc 1.180%, 04/24/17		750,000		750,000
1.200%, 04/10/17		1,500,000		1,500,000
Shinkin Central Bank 1.350%, 04/21/17		450,000		450,000
1.440%, 04/26/17		1,800,000		1,800,000
1.440%, 04/27/17		400,000		400,000
				4,900,000
Total Securities Lending Reinvestments (Cost $99,795,180)				99,831,618
Total Investments—118.8% (Cost $529,042,930) (e)				623,079,855
Other assets and liabilities (net)—(18.8)%				(98,498,450	)
Net Assets—100.0%			$	524,581,405

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $96,681,024 and the collateral received consisted of cash in the amount of $99,772,222. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $529,042,930. The aggregate unrealized appreciation and depreciation of investments were $119,117,964 and $(25,081,039), respectively, resulting in net unrealized appreciation of $94,036,925.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
Russell 2000 Index Mini Futures		06/16/17		265		USD	18,177,900	$	165,400

(USD)— United States Dollar

BHFTI-250

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	502,342,556	$	—		$	—	$	502,342,556
Total Short-Term Investment*		—		20,905,681			—		20,905,681
Total Securities Lending Reinvestments*		—		99,831,618			—		99,831,618
Total Investments	$	502,342,556	$	120,737,299		$	—	$	623,079,855
Collateral for Securities Loaned (Liability)	$	—	$	(99,772,222	)	$	—	$	(99,772,222	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	165,400	$	—		$	—	$	165,400

* See Schedule of Investments for additional detailed categorizations.

BHFTI-251

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—66.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.4%
Northrop Grumman Corp.		29,797	$	7,086,919
Thales S.A.		87,610		8,473,574
				15,560,493
Banks—3.5%
HDFC Bank, Ltd.		174,700		3,973,561
M&T Bank Corp.		35,578		5,504,984
Wells Fargo & Co.		123,390		6,867,887
				16,346,432
Beverages—1.6%
Anheuser-Busch InBev S.A.		67,875		7,456,724
Building Products—2.0%
Assa Abloy AB - Class B		290,215		5,955,674
Geberit AG		7,270		3,135,685
				9,091,359
Capital Markets—5.7%
FactSet Research Systems, Inc. (a)		35,227		5,809,285
Goldman Sachs Group, Inc. (The)		35,945		8,257,285
London Stock Exchange Group plc		134,977		5,362,919
S&P Global, Inc.		53,841		7,039,172
				26,468,661
Chemicals—3.9%
LyondellBasell Industries NV - Class A		64,409		5,873,457
Sherwin-Williams Co. (The)		39,787		12,341,529
				18,214,986
Energy Equipment & Services—0.8%
Schlumberger, Ltd.		44,815		3,500,052
Food & Staples Retailing—0.8%
CVS Health Corp.		49,090		3,853,565
Food Products—2.4%
Nestle S.A.		146,013		11,201,102
Health Care Providers & Services—1.9%
UnitedHealth Group, Inc.		54,734		8,976,923
Hotels, Restaurants & Leisure—2.6%
Marriott International, Inc. - Class A		128,322		12,085,366
Household Durables—2.1%
Newell Brands, Inc.		203,921		9,618,954
Household Products—1.2%
Colgate-Palmolive Co.		76,770		5,618,796
Industrial Conglomerates—2.3%
Roper Technologies, Inc.		52,077		10,753,380
Insurance—4.4%
AIA Group, Ltd.		1,596,600		10,063,665
Legal & General Group plc		2,445,537		7,577,783
Travelers Cos., Inc. (The)		24,151		2,911,161
				20,552,609
Internet & Direct Marketing Retail—3.1%
Amazon.com, Inc. (b)		7,158		6,345,853
Priceline Group, Inc. (The) (b)		4,536		8,073,944
				14,419,797
Internet Software & Services—9.6%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		135,541		14,615,386
Alphabet, Inc. - Class A (b)		11,893		10,082,885
Alphabet, Inc. - Class C (b)		6,992		5,800,284
Facebook, Inc. - Class A (b)		98,821		14,037,523
				44,536,078
IT Services—4.2%
Accenture plc - Class A		59,099		7,084,788
CGI Group, Inc. - Class A (b)		124,000		5,941,482
HCL Technologies, Ltd.		181,616		2,452,476
Nomura Research Institute, Ltd.		115,000		4,244,373
				19,723,119
Life Sciences Tools & Services—1.1%
Mettler-Toledo International, Inc. (b)		10,179		4,874,825
Machinery—1.1%
Atlas Copco AB - A Shares		143,206		5,055,164
Media—2.5%
Comcast Corp. - Class A		244,259		9,181,696
ITV plc		901,062		2,475,779
				11,657,475
Oil, Gas & Consumable Fuels—0.3%
EOG Resources, Inc.		15,303		1,492,808
Semiconductors & Semiconductor Equipment—1.5%
Texas Instruments, Inc.		87,229		7,027,168
Specialty Retail—4.1%
AutoZone, Inc. (a) (b)		16,743		12,106,026
Dufry AG (b)		45,299		6,906,437
				19,012,463
Total Common Stocks (Cost $241,990,702)				307,098,299

BHFTI-252

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—22.2%

Security Description	Principal Amount*		Value
Advertising—0.1%
Outfront Media Capital LLC / Outfront Media Capital Corp. 5.250%, 02/15/22		25,000	$	25,875
5.875%, 03/15/25		55,000		57,613
WPP plc 6.000%, 04/04/17 (GBP)		160,000		200,464
				283,952
Aerospace/Defense—0.1%
Embraer Netherlands Finance B.V. 5.050%, 06/15/25		395,000		406,060
5.400%, 02/01/27 (a)		90,000		92,833
TransDigm, Inc. 6.500%, 07/15/24		76,000		77,045
6.500%, 05/15/25		75,000		75,656
				651,594
Agriculture—0.0%
Kernel Holding S.A. 8.750%, 01/31/22 (144A)		200,000		207,088
Airlines—0.6%
Air Canada Pass-Through Trust 4.125%, 12/15/27 (144A)		170,780		174,196
American Airlines Pass-Through Trust 4.950%, 02/15/25		170,000		174,037
5.250%, 01/15/24		844,229		871,667
Delta Air Lines Pass-Through Trust 8.021%, 08/10/22		823,261		942,633
U.S. Airways Pass-Through Trust 5.900%, 10/01/24		61,903		68,962
8.000%, 10/01/19		30,211		32,628
United Continental Holdings, Inc. 6.375%, 06/01/18		305,000		318,725
				2,582,848
Auto Manufacturers—0.7%
Daimler Finance North America LLC 1.750%, 10/30/19 (144A)		210,000		207,777
Ford Motor Co. 6.625%, 10/01/28		1,675,000		1,974,353
General Motors Co. 5.200%, 04/01/45		100,000		98,021
General Motors Financial Co., Inc. 3.450%, 04/10/22		100,000		100,765
5.250%, 03/01/26		295,000		316,951
Hyundai Capital America 2.750%, 09/27/26 (144A)		500,000		460,624
				3,158,491
Auto Parts & Equipment—0.4%
Delphi Automotive plc 1.600%, 09/15/28 (EUR)		100,000		104,628
Auto Parts & Equipment—(Continued)
Goodyear Tire & Rubber Co. (The) 7.000%, 03/15/28		1,228,000		1,338,520
Tupy Overseas S.A. 6.625%, 07/17/24 (144A)		200,000		199,000
				1,642,148
Banks—1.8%
Banco Nacional de Comercio Exterior SNC 3.800%, 08/11/26 (144A) (c)		210,000		205,800
Banco Santander Mexico S.A. 4.125%, 11/09/22 (144A)		150,000		151,575
Bank of Montreal 1.750%, 06/15/21 (144A)		255,000		248,844
Barclays plc 3.650%, 03/16/25		225,000		219,057
BNP Paribas S.A. 3.800%, 01/10/24 (144A)		200,000		199,025
4.625%, 03/13/27 (144A)		355,000		354,908
Canadian Imperial Bank of Commerce 1.600%, 09/06/19		300,000		297,333
Commerzbank AG 4.000%, 03/23/26 (EUR)		150,000		169,186
Commonwealth Bank of Australia 1.375%, 09/06/18 (144A)		300,000		298,539
2.250%, 03/10/20 (144A) (a)		350,000		350,237
Cooperatieve Rabobank UA 4.375%, 08/04/25		350,000		358,996
Credit Agricole S.A. 4.375%, 03/17/25 (144A)		200,000		198,547
7.500%, 06/23/26 (GBP) (c)		160,000		203,896
Dexia Credit Local S.A. 2.250%, 02/18/20 (144A)		250,000		249,515
Goldman Sachs Group, Inc. (The) 3.375%, 02/01/18 (CAD)		300,000		229,465
HSBC Holdings plc 4.375%, 11/23/26		200,000		201,553
5.750%, 12/20/27 (GBP)		110,000		164,989
ICICI Bank, Ltd. 6.375%, 04/30/22 (144A) (c)		300,000		300,000
Industrial Bank of Korea 2.375%, 07/17/17 (144A)		300,000		300,603
ING Bank NV 1.650%, 08/15/19 (144A)		210,000		207,388
Intesa Sanpaolo S.p.A. 3.928%, 09/15/26 (EUR)		160,000		175,669
Lloyds Banking Group plc 4.500%, 11/04/24		200,000		205,240
Morgan Stanley 4.350%, 09/08/26		315,000		322,647
Royal Bank of Scotland Group plc 6.000%, 12/19/23		470,000		496,792
Santander UK Group Holdings plc 4.750%, 09/15/25 (144A) (a)		200,000		199,565
Siam Commercial Bank PCL 3.500%, 04/07/19 (144A)		420,000		428,538

BHFTI-253

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Societe Generale S.A. 4.000%, 01/12/27 (144A)		465,000	$	454,509
4.750%, 11/24/25 (144A)		260,000		261,587
6.750%, 04/07/21 (EUR) (c)		195,000		216,554
Standard Chartered plc 4.000%, 10/21/25 (EUR) (c)		250,000		282,853
State Bank of India 4.125%, 08/01/17 (144A)		300,000		302,020
Woori Bank 5.875%, 04/13/21 (144A)		200,000		219,950
				8,475,380
Beverages—0.1%
Anheuser-Busch InBev Finance, Inc. 3.300%, 02/01/23		345,000		351,145
Constellation Brands, Inc. 4.750%, 11/15/24		110,000		118,483
				469,628
Building Materials—0.5%
Atrium Windows & Doors, Inc. 7.750%, 05/01/19 (144A)		215,000		206,938
Cemex Finance LLC 6.000%, 04/01/24 (144A)		465,000		488,947
Cemex S.A.B. de C.V. 5.700%, 01/11/25 (144A) (a)		200,000		207,500
CIMPOR Financial Operations B.V. 5.750%, 07/17/24 (144A)		410,000		361,825
Holcim Finance Luxembourg S.A. 2.250%, 05/26/28 (EUR)		225,000		251,477
Masco Corp. 6.500%, 08/15/32		30,000		35,406
7.750%, 08/01/29		200,000		257,151
Union Andina de Cementos SAA 5.875%, 10/30/21 (144A)		450,000		468,000
				2,277,244
Chemicals—1.1%
Air Liquide Finance S.A. 1.375%, 09/27/19 (144A)		305,000		299,683
Braskem Finance, Ltd. 5.750%, 04/15/21 (144A)		200,000		211,260
Chemours Co. (The) 6.625%, 05/15/23		140,000		148,400
Hexion, Inc. 7.875%, 02/15/23 (d) (e)		899,000		458,490
9.200%, 03/15/21 (d) (e)		1,910,000		1,031,400
Incitec Pivot Finance LLC 6.000%, 12/10/19 (144A)		80,000		86,032
INVISTA Finance LLC 4.250%, 10/15/19 (144A)		305,000		313,388
Israel Chemicals, Ltd. 4.500%, 12/02/24 (144A)		380,000		379,050
Chemicals—(Continued)
Kraton Polymers LLC / Kraton Polymers Capital Corp. 10.500%, 04/15/23 (144A) (a)		880,000		1,009,800
Mexichem S.A.B. de C.V. 5.875%, 09/17/44 (144A) (a)		280,000		274,400
OCP S.A. 4.500%, 10/22/25 (144A)		405,000		399,026
6.875%, 04/25/44 (144A)		245,000		263,007
				4,873,936
Commercial Services—0.0%
RR Donnelley & Sons Co. 7.000%, 02/15/22		20,000		20,300
Computers—0.3%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 6.020%, 06/15/26 (144A)		165,000		179,880
8.100%, 07/15/36 (144A)		210,000		263,730
8.350%, 07/15/46 (144A)		150,000		193,724
Hewlett Packard Enterprise Co. 6.350%, 10/15/45		160,000		164,761
Western Digital Corp. 7.375%, 04/01/23 (144A)		435,000		476,869
				1,278,964
Cosmetics/Personal Care—0.0%
Avon Products, Inc. 8.950%, 03/15/43		40,000		35,320
Diversified Financial Services—1.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625%, 07/01/22		150,000		158,227
Ally Financial, Inc. 4.125%, 02/13/22		4,325,000		4,325,000
BOC Aviation Ltd. 3.000%, 03/30/20		200,000		200,798
International Lease Finance Corp. 5.875%, 08/15/22		150,000		167,082
Jefferies Group LLC 6.250%, 01/15/36		175,000		183,920
Navient Corp. 5.000%, 10/26/20		2,085,000		2,079,787
5.500%, 01/25/23		555,000		530,025
5.625%, 08/01/33 (e)		975,000		758,063
5.875%, 10/25/24		40,000		37,312
Quicken Loans, Inc. 5.750%, 05/01/25 (144A)		125,000		122,813
Springleaf Finance Corp. 7.750%, 10/01/21		165,000		175,725
8.250%, 10/01/23		65,000		68,494
				8,807,246

BHFTI-254

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—0.8%
AES Corp. 4.875%, 05/15/23		670,000	$	666,650
DPL, Inc. 6.750%, 10/01/19		79,000		82,950
EDP Finance B.V. 2.000%, 04/22/25 (EUR)		100,000		106,341
Electricite de France S.A. 4.125%, 01/22/22 (EUR) (c)		300,000		322,768
Emgesa S.A. E.S.P 8.750%, 01/25/21 (144A) (COP)		1,210,000,000		429,374
Empresas Publicas de Medellin E.S.P. 8.375%, 02/01/21 (144A) (COP)		1,610,000,000		565,604
Engie Energia Chile S.A. 5.625%, 01/15/21 (144A)		250,000		270,942
Gas Natural Fenosa Finance B.V. 3.375%, 04/24/24 (EUR) (c)		300,000		311,750
Greenko Investment Co. 4.875%, 08/16/23		200,000		195,755
Perusahaan Listrik Negara PT 5.250%, 10/24/42 (144A)		220,000		218,680
Transelec S.A. 4.250%, 01/14/25 (144A)		460,000		469,860
				3,640,674
Engineering & Construction—0.0%
Sydney Airport Finance Co. Pty, Ltd. 3.375%, 04/30/25 (144A)		40,000		39,202
Food—0.4%
BRF S.A. 7.750%, 05/22/18 (144A) (BRL)		480,000		146,042
Danone S.A. 1.691%, 10/30/19 (144A) (a)		225,000		222,000
SUPERVALU, Inc. 6.750%, 06/01/21 (a)		1,415,000		1,407,925
				1,775,967
Forest Products & Paper—0.1%
Inversiones CMPC S.A. 4.375%, 05/15/23 (144A)		400,000		409,498
Gas—0.1%
China Resources Gas Group, Ltd. 4.500%, 04/05/22 (144A)		200,000		210,386
Healthcare-Services—2.0%
HCA, Inc. 7.050%, 12/01/27		80,000		87,900
7.500%, 11/06/33		5,060,000		5,534,375
7.580%, 09/15/25		375,000		421,406
7.690%, 06/15/25		755,000		859,756
7.750%, 07/15/36		1,420,000		1,563,775
Tenet Healthcare Corp. 5.000%, 03/01/19		215,000		215,329
6.875%, 11/15/31		910,000		780,325
				9,462,866
Holding Companies-Diversified—0.0%
Alfa S.A.B. de CV 6.875%, 03/25/44		200,000		204,000
Home Builders—0.4%
K Hovnanian Enterprises, Inc. 5.000%, 11/01/21 (e)		700,000		528,500
7.000%, 01/15/19 (144A)		45,000		38,925
8.000%, 11/01/19 (144A)		65,000		53,300
TRI Pointe Group, Inc. 4.875%, 07/01/21		1,355,000		1,395,650
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. 4.375%, 06/15/19		30,000		30,675
				2,047,050
Home Furnishings—0.1%
Arcelik A/S 5.000%, 04/03/23 (144A)		300,000		295,621
Housewares—0.0%
Newell Brands, Inc. 4.000%, 12/01/24		150,000		154,917
Insurance—0.4%
AIA Group, Ltd. 3.200%, 03/11/25 (144A)		200,000		196,062
Forethought Financial Group, Inc. 8.625%, 04/15/21 (144A) (e)		820,000		931,911
Genworth Holdings, Inc. 4.800%, 02/15/24		75,000		61,687
4.900%, 08/15/23		55,000		45,788
Old Mutual plc 8.000%, 06/03/21 (GBP)		280,000		407,736
Old Republic International Corp. 4.875%, 10/01/24		175,000		185,934
				1,829,118
Internet—0.1%
Baidu, Inc. 3.250%, 08/06/18		600,000		608,776
Iron/Steel—0.3%
United States Steel Corp. 6.650%, 06/01/37		85,000		75,225
7.375%, 04/01/20		235,000		252,625
7.500%, 03/15/22 (a)		290,000		301,238
Vale S.A. 5.625%, 09/11/42		690,000		651,912
				1,281,000
Machinery-Diversified—0.0%
Cleaver-Brooks, Inc. 8.750%, 12/15/19 (144A)		65,000		66,950

BHFTI-255

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—0.5%
COX Communications, Inc. 4.800%, 02/01/35 (144A)		5,000	$	4,708
DISH DBS Corp. 5.000%, 03/15/23		160,000		160,800
5.875%, 11/15/24		570,000		598,642
Grupo Televisa S.A.B. 5.000%, 05/13/45		205,000		186,931
7.250%, 05/14/43 (MXN)		6,000,000		242,792
Myriad International Holdings B.V. 6.000%, 07/18/20 (144A)		200,000		215,290
Time Warner Cable LLC 4.500%, 09/15/42		45,000		40,783
5.250%, 07/15/42 (GBP)		115,000		170,000
5.500%, 09/01/41		30,000		30,766
Viacom, Inc. 4.375%, 03/15/43		10,000		8,668
5.250%, 04/01/44		135,000		132,403
5.850%, 09/01/43		50,000		52,661
Virgin Media Finance plc 4.500%, 01/15/25 (144A) (EUR)		160,000		176,022
Ziggo Bond Finance B.V. 6.000%, 01/15/27 (144A)		175,000		174,125
Ziggo Secured Finance B.V. 5.500%, 01/15/27 (144A)		150,000		149,985
				2,344,576
Mining—0.6%
Corp. Nacional del Cobre de Chile 4.500%, 09/16/25 (144A)		445,000		468,493
Freeport-McMoRan, Inc. 3.875%, 03/15/23		945,000		869,041
5.400%, 11/14/34		85,000		73,950
5.450%, 03/15/43		895,000		757,394
Glencore Finance Canada, Ltd. 5.550%, 10/25/42 (144A)		435,000		453,230
Hecla Mining Co. 6.875%, 05/01/21		320,000		327,200
				2,949,308
Multi-National—0.5%
Asian Development Bank 0.875%, 10/05/18		655,000		650,199
Banco Latinoamericano de Comercio Exterior S.A. 3.250%, 05/07/20 (144A)		280,000		282,380
3.750%, 04/04/17 (144A)		625,000		625,000
International Bank for Reconstruction & Development 2.500%, 03/12/20 (AUD)		500,000		384,150
International Finance Corp. 7.800%, 06/03/19 (INR)		29,000,000		462,465
				2,404,194
Oil & Gas—1.8%
Antero Resources Corp. 5.125%, 12/01/22		155,000		157,034
5.375%, 11/01/21		70,000		71,896
BP Capital Markets plc 3.216%, 11/28/23		175,000		175,897
California Resources Corp. 8.000%, 12/15/22 (144A)		310,000		251,875
Chesapeake Energy Corp. 4.875%, 04/15/22 (a)		2,145,000		1,930,500
5.750%, 03/15/23 (a)		130,000		118,300
6.125%, 02/15/21		200,000		194,000
6.625%, 08/15/20 (a)		75,000		74,906
Cimarex Energy Co. 4.375%, 06/01/24		675,000		701,174
Continental Resources, Inc. 3.800%, 06/01/24		115,000		106,950
4.500%, 04/15/23		20,000		19,462
Cosan Luxembourg S.A. 5.000%, 03/14/23 (144A)		200,000		199,000
Ecopetrol S.A. 5.875%, 05/28/45		205,000		186,550
Korea National Oil Corp. 3.125%, 04/03/17 (144A)		200,000		200,000
Noble Energy, Inc. 5.625%, 05/01/21		127,000		130,843
Oasis Petroleum, Inc. 6.875%, 01/15/23 (a)		45,000		45,788
Petrobras Global Finance B.V. 4.375%, 05/20/23		545,000		516,388
6.250%, 12/14/26 (GBP)		200,000		255,781
Petroleos Mexicanos 5.625%, 01/23/46		265,000		236,937
7.470%, 11/12/26 (MXN)		5,600,000		259,793
Raizen Fuels Finance S.A. 5.300%, 01/20/27 (144A)		200,000		202,500
Range Resources Corp. 4.875%, 05/15/25		130,000		124,475
5.000%, 08/15/22 (144A)		190,000		188,100
5.000%, 03/15/23 (144A)		115,000		113,275
Tengizchevroil Finance Co. International, Ltd. 4.000%, 08/15/26 (144A)		200,000		191,620
Thai Oil PCL 3.625%, 01/23/23 (144A)		350,000		356,486
Whiting Petroleum Corp. 5.000%, 03/15/19		370,000		369,075
5.750%, 03/15/21 (a)		160,000		158,400
YPF S.A. 8.500%, 03/23/21 (144A)		180,000		197,224
8.750%, 04/04/24 (144A) (a)		720,000		798,120
				8,532,349
Oil & Gas Services—0.1%
FTS International, Inc. 6.250%, 05/01/22		85,000		74,375

BHFTI-256

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas Services—(Continued)
Oceaneering International, Inc. 4.650%, 11/15/24		575,000	$	578,851
				653,226
Packaging & Containers—0.4%
Owens-Brockway Glass Container, Inc. 5.375%, 01/15/25 (144A)		1,230,000		1,248,450
Sealed Air Corp. 4.875%, 12/01/22 (144A)		10,000		10,419
5.500%, 09/15/25 (144A)		280,000		296,800
Silgan Holdings, Inc. 3.250%, 03/15/25 (144A) (EUR)		100,000		106,151
				1,661,820
Pharmaceuticals—1.0%
AbbVie, Inc. 2.500%, 05/14/20		4,330,000		4,359,522
Teva Pharmaceutical Finance Co. LLC 6.150%, 02/01/36		155,000		171,675
				4,531,197
Pipelines—0.6%
Enbridge Energy Partners L.P. 7.375%, 10/15/45		215,000		262,189
EnLink Midstream Partners L.P. 4.150%, 06/01/25		230,000		227,233
MPLX L.P. 4.500%, 07/15/23		10,000		10,400
4.875%, 06/01/25		40,000		41,899
ONEOK Partners L.P. 6.200%, 09/15/43		10,000		11,196
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.000%, 10/01/22		440,000		467,884
5.500%, 04/15/23		95,000		98,681
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 6.750%, 03/15/24		530,000		575,050
Transcontinental Gas Pipe Line Co. LLC 7.850%, 02/01/26		560,000		719,064
Transportadora de Gas del Sur S.A. 9.625%, 05/14/20 (144A)		263,674		283,647
				2,697,243
Real Estate—0.2%
Goodman Australia Industrial Fund Bond Issuer Pty, Ltd. 3.400%, 09/30/26 (144A)		215,000		208,436
Vonovia Finance B.V. 1.500%, 06/10/26 (EUR)		500,000		535,004
				743,440
Real Estate Investment Trusts—0.4%
iStar, Inc. 4.875%, 07/01/18		70,000		70,438
5.000%, 07/01/19		1,730,000		1,740,812
				1,811,250
Retail—1.3%
J.C. Penney Corp., Inc. 7.625%, 03/01/97 (a)		155,000		119,350
New Albertsons, Inc. 7.450%, 08/01/29		5,740,000		5,438,650
8.000%, 05/01/31 (a)		225,000		217,125
TRU Taj LLC / TRU Taj Finance, Inc. 12.000%, 08/15/21 (144A)		92,000		81,190
				5,856,315
Semiconductors—0.2%
Micron Technology, Inc. 5.250%, 08/01/23 (144A)		170,000		174,250
5.500%, 02/01/25		395,000		409,813
5.625%, 01/15/26 (144A)		505,000		531,512
				1,115,575
Shipbuilding—0.0%
Huntington Ingalls Industries, Inc. 5.000%, 11/15/25 (144A)		180,000		188,100
Software—0.1%
Nuance Communications, Inc. 1.000%, 12/15/35 (a)		595,000		566,366
Telecommunications—2.1%
Alcatel-Lucent USA, Inc. 6.450%, 03/15/29		55,000		60,500
America Movil S.A.B. de C.V. 2.125%, 03/10/28 (EUR)		235,000		250,647
CenturyLink, Inc. 6.875%, 01/15/28		45,000		43,650
7.600%, 09/15/39		475,000		419,928
7.650%, 03/15/42		185,000		162,569
Cincinnati Bell, Inc. 7.000%, 07/15/24 (144A)		170,000		178,288
Colombia Telecomunicaciones S.A. E.S.P. 5.375%, 09/27/22 (144A)		250,000		251,563
KT Corp. 2.500%, 07/18/26 (144A)		210,000		197,222
Level 3 Communications, Inc. 5.750%, 12/01/22		60,000		62,100
Level 3 Financing, Inc. 5.625%, 02/01/23		380,000		393,300
Millicom International Cellular S.A. 4.750%, 05/22/20 (144A)		225,000		229,358
MTN Mauritius Investments, Ltd. 4.755%, 11/11/24 (144A)		400,000		377,400
Qwest Capital Funding, Inc. 7.750%, 02/15/31		1,445,000		1,354,687

BHFTI-257

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Sprint Capital Corp. 6.875%, 11/15/28 (a)		1,250,000	$	1,320,312
8.750%, 03/15/32		350,000		420,875
Sprint Communications, Inc. 7.000%, 08/15/20		1,500,000		1,610,625
11.500%, 11/15/21		2,000,000		2,510,000
				9,843,024
Transportation—0.1%
FedEx Corp. 1.000%, 01/11/23 (EUR)		130,000		139,913
Rumo Luxembourg S.a.r.l. 7.375%, 02/09/24 (144A)		200,000		206,000
				345,913
Total Corporate Bonds & Notes (Cost $98,157,460)				103,034,060
Foreign Government—6.1%
Banks—0.0%
Korea Development Bank (The) 4.500%, 11/22/19 (AUD)		200,000		158,651
Provincial—0.6%
Province of Ontario Canada 1.875%, 05/21/20		3,000,000		2,990,736
Sovereign—5.5%
Argentine Republic Government International Bonds 6.875%, 04/22/21 (144A) (a)		150,000		161,100
7.625%, 04/22/46 (144A)		530,000		539,275
Brazil Notas do Tesouro Nacional 10.000%, 01/01/19 (BRL)		1,000,000		320,934
10.000%, 01/01/21 (BRL)		6,815,000		2,183,139
10.000%, 01/01/25 (BRL)		2,635,000		838,393
Brazilian Government International Bond 8.500%, 01/05/24 (BRL)		350,000		106,210
Canadian Government Bond 1.750%, 09/01/19 (CAD)		2,360,000		1,814,406
Chile Government International Bonds 3.125%, 01/21/26		200,000		203,100
5.500%, 08/05/20 (CLP)		130,000,000		207,567
Colombia Government International Bond 3.875%, 04/25/27		200,000		199,200
Colombian TES 7.500%, 08/26/26 (COP)		1,880,000,000		689,978
Dominican Republic International Bonds 5.500%, 01/27/25 (144A)		530,000		538,612
5.950%, 01/25/27 (144A)		185,000		188,931
8.625%, 04/20/27 (144A)		200,000		235,910
Export-Import Bank of Korea 3.000%, 05/22/18 (144A) (NOK)		1,700,000		201,072
Sovereign—(Continued)
France Government Bond OAT 4.250%, 10/25/23 (EUR)		1,115,000		1,487,996
Hungary Government Bond 1.750%, 10/26/22 (HUF)		210,000,000		708,572
Hungary Government International Bond 5.750%, 11/22/23		410,000		463,300
Iceland Government International Bond 5.875%, 05/11/22 (144A)		500,000		564,739
Indonesia Government International Bonds 2.875%, 07/08/21 (144A) (EUR)		220,000		250,626
4.125%, 01/15/25 (144A)		200,000		205,108
4.750%, 01/08/26 (144A)		200,000		212,969
Indonesia Treasury Bonds 7.000%, 05/15/22 (IDR)		9,800,000,000		739,845
8.250%, 07/15/21 (IDR)		14,200,000,000		1,118,907
8.375%, 03/15/24 (IDR)		5,900,000,000		471,059
11.500%, 09/15/19 (IDR)		2,901,000,000		240,733
Mexican Bonos 5.750%, 03/05/26 (MXN)		8,200,000		400,889
10.000%, 11/20/36 (MXN)		21,416,700		1,445,728
Mexican Udibonos 4.500%, 12/04/25 (MXN) (f)		24,777,155		1,440,899
Mexico Government International Bonds 4.000%, 03/15/15 (EUR)		100,000		92,678
4.125%, 01/21/26 (a)		335,000		344,380
New Zealand Government Bonds 3.000%, 09/20/30 (NZD) (f)		1,195,000		953,338
5.000%, 03/15/19 (NZD)		1,015,000		749,804
Norwegian Government Bonds 2.000%, 05/24/23 (144A) (NOK)		8,437,000		1,029,451
4.250%, 05/19/17 (144A) (NOK)		760,000		88,904
Romanian Government International Bond 2.875%, 05/26/28 (144A) (EUR)		125,000		136,796
Russian Federal Bonds - OFZ 7.500%, 02/27/19 (RUB)		20,000,000		351,462
8.150%, 02/03/27 (RUB)		22,000,000		400,892
South Africa Government Bond 7.000%, 02/28/31 (ZAR)		4,995,000		306,207
Spain Government Bonds 0.750%, 07/30/21 (EUR)		390,000		425,273
1.600%, 04/30/25 (144A) (EUR)		180,000		196,613
4.300%, 10/31/19 (144A) (EUR)		780,000		926,190
Sweden Government Bond 5.000%, 12/01/20 (SEK)		2,650,000		353,365
United Kingdom Gilt 2.000%, 09/07/25 (GBP)		685,000		933,320
				25,467,870
Total Foreign Government (Cost $29,733,507)				28,617,257

BHFTI-258

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Convertible Bonds—1.7%

Security Description	Principal Amount*		Value
Apparel—0.0%
Iconix Brand Group, Inc. 1.500%, 03/15/18		115,000	$	108,675
Chemicals—0.0%
RPM International, Inc. 2.250%, 12/15/20 (a)		20,000		24,062
Home Builders—0.1%
CalAtlantic Group, Inc. 0.250%, 06/01/19		70,000		65,713
KB Home 1.375%, 02/01/19 (a)		345,000		353,409
				419,122
Insurance—0.5%
Old Republic International Corp. 3.750%, 03/15/18 (a)		1,790,000		2,381,819
Internet—0.2%
Priceline Group, Inc. (The) 0.900%, 09/15/21 (a)		595,000		669,003
Media—0.2%
DISH Network Corp. 3.375%, 08/15/26 (144A)		735,000		887,972
Miscellaneous Manufacturing—0.0%
Trinity Industries, Inc. 3.875%, 06/01/36		45,000		54,647
Oil & Gas—0.0%
Chesapeake Energy Corp. 2.500%, 05/15/37		1,000		985
5.500%, 09/15/26 (144A)		15,000		15,534
				16,519
Semiconductors—0.7%
Intel Corp. 3.250%, 08/01/39		1,481,000		2,587,122
Rovi Corp. 0.500%, 03/01/20 (a)		485,000		476,816
				3,063,938
Telecommunications—0.0%
CalAmp Corp. 1.625%, 05/15/20		5,000		4,962
Ciena Corp. 3.750%, 10/15/18 (144A)		115,000		150,075
				155,037
Total Convertible Bonds (Cost $5,670,241)				7,780,794
U.S. Treasury & Government Agencies—0.9%
Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—0.9%
U.S. Treasury Inflation Indexed Notes 0.125%, 07/15/26 (f)		1,124,319		1,096,913
U.S. Treasury Notes 0.875%, 06/15/19		1,115,000		1,104,198
1.375%, 05/31/20		885,000		879,434
1.500%, 08/15/26		380,000		351,619
1.750%, 11/30/21		705,000		700,401
Total U.S. Treasury & Government Agencies (Cost $4,173,586)				4,132,565
Municipals—0.2%
Tobacco Settlement Financing Corp. 6.706%, 06/01/46 (Cost $984,746)		985,000		825,450
Mortgage-Backed Securities—0.1%
Commercial Mortgage-Backed Securities—0.1%
GS Mortgage Securities Trust 5.949%, 08/10/45 (c)		40,000		40,031
Institutional Mortgage Securities Canada, Inc. 2.616%, 07/12/47 (144A) (CAD)		555,000		423,721
Total Mortgage-Backed Securities (Cost $556,285)				463,752
Convertible Preferred Stocks—0.1%
Aerospace & Defense—0.0%
Arconic, Inc. 5.375%, 10/01/17		1,115		45,771
Oil, Gas & Consumable Fuels—0.1%
Chesapeake Energy Corp. 5.000%, 12/31/49		694		44,416
5.750%, 12/31/49 (144A)		430		295,162
				339,578
Total Convertible Preferred Stocks (Cost $302,565)				385,349
Floating Rate Loan (g)—0.0%
Multi-Utilities—0.0%
PowerTeam Services LLC 2nd Lien Term Loan, 8.397%, 11/06/20 (Cost $60,000)		60,000		60,000
Short-Term Investments—2.1%
Discount Notes—0.4%
Federal Home Loan Bank 0.418%, 04/04/17 (h)		1,195,000		1,194,977

BHFTI-259

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Discount Notes—(Continued)
Federal Home Loan Bank
0.511%, 04/10/17 (h)		805,000	$	804,893
				1,999,870
Repurchase Agreement—1.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $7,799,381 on 04/03/17, collateralized by $7,945,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $7,957,585.		7,799,322		7,799,322
Total Short-Term Investments (Cost $9,799,155)				9,799,192
Securities Lending Reinvestments (i)—8.1%
Certificates of Deposit—3.7%
ABN AMRO Bank NV Zero Coupon, 05/05/17		299,135		299,754
Zero Coupon, 06/23/17		996,100		997,540
Bank of Montreal Chicago 1.081%, 09/06/17 (c)		500,000		500,510
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (c)		1,000,000		1,000,483
1.510%, 08/18/17		201,851		200,126
BNP Paribas New York 1.384%, 08/04/17 (c)		1,000,000		1,000,762
Canadian Imperial Bank 1.392%, 10/27/17 (c)		300,000		300,361
Credit Suisse AG New York 1.581%, 05/12/17 (c)		1,250,000		1,250,379
Danske Bank A/S London Zero Coupon, 05/12/17		498,553		499,485
DNB NOR Bank ASA 1.279%, 07/28/17 (c)		100,000		100,044
KBC Bank NV 1.150%, 04/26/17		1,100,000		1,100,154
1.170%, 04/06/17		250,000		250,003
Mitsubishi UFJ Trust and Banking Corp. 1.134%, 09/01/17 (c)		300,000		299,982
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (c)		200,000		200,115
1.543%, 05/17/17		1,300,000		1,300,386
National Australia Bank London 1.338%, 11/09/17 (c)		1,100,000		1,098,207
Norinchukin Bank New York 1.346%, 08/21/17 (c)		1,500,000		1,500,469
Oversea-Chinese Banking Corp., Ltd. 1.000%, 06/01/17		1,000,000		999,967
Sumitomo Bank New York 1.390%, 06/05/17 (c)		100,000		100,047
1.410%, 05/05/17 (c)		900,000		900,175
Certificates of Deposit—(Continued)
Sumitomo Mitsui Trust Bank, Ltd. 1.120%, 05/08/17		300,000		300,045
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (c)		1,250,000		1,250,850
Sumitomo Mitsui Trust Bank, Ltd., New York 1.308%, 08/16/17 (c)		100,000		100,047
Toronto Dominion Bank New York 1.221%, 03/13/18 (c)		1,000,000		999,648
UBS, Stamford 1.301%, 05/12/17 (c)		500,000		500,123
1.589%, 07/31/17 (c)		100,217		100,275
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (c)		100,000		100,164
1.452%, 04/26/17 (c)		100,000		100,027
				17,350,128
Commercial Paper—0.9%
Commonwealth Bank Australia 1.174%, 03/01/18		1,000,000		1,000,408
Den Norske ASA 1.432%, 04/27/17 (c)		100,000		100,022
HSBC plc 1.442%, 04/25/17 (c)		300,000		300,054
Kells Funding LLC 1.010%, 05/25/17		997,279		998,157
1.100%, 06/05/17		398,460		399,139
LMA S.A. & LMA Americas 1.090%, 05/10/17		997,033		998,781
Ridgefield Funding Co. LLC 1.300%, 06/12/17		248,745		249,410
Westpac Banking Corp. 1.380%, 10/20/17 (c)		200,000		200,362
				4,246,333
Repurchase Agreements—3.1%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $1,852,680 on 04/03/17, collateralized by $2,664,641 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,889,613.		1,852,561		1,852,561
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $1,400,103 on 04/03/17, collateralized by $1,432,882 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $1,428,000.		1,400,000		1,400,000

BHFTI-260

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (i)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd.
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $1,006,448 on 07/03/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000	$	1,000,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $62,820 on 04/03/17, collateralized by $63,555 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $64,072.		62,815		62,815
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $500,054 on 04/03/17, collateralized by $77,249 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $548,993.		500,000		500,000
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $1,500,975 on 04/03/17, collateralized by $231,747 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,646,980.		1,500,000		1,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $502,880 on 06/02/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,500,103 on 04/03/17, collateralized by $1,490,616 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,530,924.		1,500,000		1,500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $100,979 on 07/03/17, collateralized by various Common Stock with a value of $110,000.		100,000		100,000
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $6,000,465 on 04/03/17, collateralized by $17,960,847 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $6,120,000.		6,000,000		6,000,000
				14,415,376
Time Deposits—0.4%
OP Corporate Bank plc 1.180%, 04/24/17		750,000		750,000
Shinkin Central Bank 1.350%, 04/21/17		200,000		200,000
1.440%, 04/26/17		100,000		100,000
1.440%, 04/27/17		100,000		100,000
Skandanaviska Enskilda Banken 0.850%, 04/03/17		1,000,000		1,000,000
				2,150,000
Total Securities Lending Reinvestments (Cost $38,157,960)				38,161,837
Total Investments—107.6% (Cost $429,586,207) (j)				500,358,555
Other assets and liabilities (net)—(7.6)%				(35,508,225	)
Net Assets—100.0%			$	464,850,330

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $37,099,055 and the collateral received consisted of cash in the amount of $38,147,498. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent 0.3% of net assets.
(e)	Illiquid security. As of March 31, 2017, these securities represent 0.8% of net assets.
(f)	Principal amount of security is adjusted for inflation.
(g)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if

BHFTI-261

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

	any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(h)	The rate shown represents current yield to maturity.
(i)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(j)	As of March 31, 2017, the aggregate cost of investments was $429,586,207. The aggregate unrealized appreciation and depreciation of investments were $77,490,695 and $(6,718,347), respectively, resulting in net unrealized appreciation of $70,772,348.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $34,015,043, which is 7.3% of net assets.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.
(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CLP)—	Chilean Peso
(COP)—	Colombian Peso
(EMTN)—	Euro Medium-Term Note
(EUR)—	Euro
(GBP)—	British Pound
(HUF)—	Hungarian Forint
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(RUB)—	Russian Ruble
(SEK)—	Swedish Krona
(ZAR)—	South African Rand

Country Diversification as of March 31, 2017 (Unaudited)	% of Net Assets
United States		59.4
Switzerland		4.6
United Kingdom		4.1
China		3.1
France		2.8
Canada		2.7
Sweden		2.4
Hong Kong		2.2
Netherlands		2.0
Belgium		1.7

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	985,000	Morgan Stanley & Co.		06/21/17		USD	1,069,273	$	(14,598	)
EUR	9,450,000	Morgan Stanley & Co.		06/21/17		USD	10,031,128		87,326
GBP	545,000	Credit Suisse International		06/21/17		USD	664,412		19,694
JPY	966,000,000	Credit Suisse International		06/21/17		USD	8,458,267		244,953
NZD	960,000	Credit Suisse International		06/21/17		USD	675,446		(3,815	)
PLN	7,175,000	Citibank N.A.		06/21/17		USD	1,815,841		(7,763	)
Contracts to Deliver
AUD	716,000	Credit Suisse International		06/21/17		USD	541,471		(4,776	)
BRL	5,750,000	Bank of America N.A.		06/21/17		USD	1,794,072		(10,386	)
CAD	1,930,000	UBS AG		06/21/17		USD	1,430,838		(22,006	)
HUF	119,700,000	HSBC Bank plc		06/21/17		USD	420,062		5,174
HUF	80,285,000	HSBC Bank plc		06/21/17		USD	282,326		4,054
IDR	18,200,000,000	Credit Suisse International		06/21/17		USD	1,348,948		(5,333	)
MXN	46,000,000	UBS AG		06/21/17		USD	2,291,213		(136,722	)
NOK	2,250,000	UBS AG		06/21/17		USD	266,828		4,570
NZD	3,390,000	Credit Suisse International		06/21/17		USD	2,365,057		(6,642	)
PLN	7,175,000	Citibank N.A.		06/21/17		USD	1,756,641		(51,436	)
SEK	3,275,000	UBS AG		06/21/17		USD	366,076		(789	)
ZAR	4,200,000	UBS AG		06/21/17		USD	315,401		6,522
Cross Currency Contracts to Buy
EUR	658,126	Credit Suisse International		06/21/17		NOK	5,900,000		16,981
Net Unrealized Appreciation								$	125,008

BHFTI-262

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(EUR)—	Euro
(GBP)—	British Pound
(HUF)—	Hungarian Forint
(IDR)—	Indonesian Rupiah
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(PLN)—	Polish Zloty
(SEK)—	Swedish Krona
(ZAR)—	South African Rand

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	7,086,919	$	8,473,574	$	—	$	15,560,493
Banks		16,346,432		—		—		16,346,432
Beverages		—		7,456,724		—		7,456,724
Building Products		—		9,091,359		—		9,091,359
Capital Markets		21,105,742		5,362,919		—		26,468,661
Chemicals		18,214,986		—		—		18,214,986
Energy Equipment & Services		3,500,052		—		—		3,500,052
Food & Staples Retailing		3,853,565		—		—		3,853,565
Food Products		—		11,201,102		—		11,201,102
Health Care Providers & Services		8,976,923		—		—		8,976,923
Hotels, Restaurants & Leisure		12,085,366		—		—		12,085,366
Household Durables		9,618,954		—		—		9,618,954
Household Products		5,618,796		—		—		5,618,796
Industrial Conglomerates		10,753,380		—		—		10,753,380
Insurance		2,911,161		17,641,448		—		20,552,609
Internet & Direct Marketing Retail		14,419,797		—		—		14,419,797
Internet Software & Services		44,536,078		—		—		44,536,078
IT Services		13,026,270		6,696,849		—		19,723,119
Life Sciences Tools & Services		4,874,825		—		—		4,874,825
Machinery		—		5,055,164		—		5,055,164
Media		9,181,696		2,475,779		—		11,657,475
Oil, Gas & Consumable Fuels		1,492,808		—		—		1,492,808
Semiconductors & Semiconductor Equipment		7,027,168		—		—		7,027,168
Specialty Retail		12,106,026		6,906,437		—		19,012,463
Total Common Stocks		226,736,944		80,361,355		—		307,098,299

BHFTI-263

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Advertising	$	—	$	283,952	$	—	$	283,952
Aerospace/Defense		—		651,594		—		651,594
Agriculture		—		207,088		—		207,088
Airlines		—		2,582,848		—		2,582,848
Auto Manufacturers		—		3,158,491		—		3,158,491
Auto Parts & Equipment		—		1,642,148		—		1,642,148
Banks		—		8,475,380		—		8,475,380
Beverages		—		469,628		—		469,628
Building Materials		—		2,277,244		—		2,277,244
Chemicals		—		3,384,046		1,489,890		4,873,936
Commercial Services		—		20,300		—		20,300
Computers		—		1,278,964		—		1,278,964
Cosmetics/Personal Care		—		35,320		—		35,320
Diversified Financial Services		—		8,807,246		—		8,807,246
Electric		—		3,640,674		—		3,640,674
Engineering & Construction		—		39,202		—		39,202
Food		—		1,775,967		—		1,775,967
Forest Products & Paper		—		409,498		—		409,498
Gas		—		210,386		—		210,386
Healthcare-Services		—		9,462,866		—		9,462,866
Holding Companies-Diversified		—		204,000		—		204,000
Home Builders		—		2,047,050		—		2,047,050
Home Furnishings		—		295,621		—		295,621
Housewares		—		154,917		—		154,917
Insurance		—		1,829,118		—		1,829,118
Internet		—		608,776		—		608,776
Iron/Steel		—		1,281,000		—		1,281,000
Machinery-Diversified		—		66,950		—		66,950
Media		—		2,344,576		—		2,344,576
Mining		—		2,949,308		—		2,949,308
Multi-National		—		2,404,194		—		2,404,194
Oil & Gas		—		8,532,349		—		8,532,349
Oil & Gas Services		—		653,226		—		653,226
Packaging & Containers		—		1,661,820		—		1,661,820
Pharmaceuticals		—		4,531,197		—		4,531,197
Pipelines		—		2,697,243		—		2,697,243
Real Estate		—		743,440		—		743,440
Real Estate Investment Trusts		—		1,811,250		—		1,811,250
Retail		—		5,856,315		—		5,856,315
Semiconductors		—		1,115,575		—		1,115,575
Shipbuilding		—		188,100		—		188,100
Software		—		566,366		—		566,366
Telecommunications		—		9,843,024		—		9,843,024
Transportation		—		345,913		—		345,913
Total Corporate Bonds & Notes		—		101,544,170		1,489,890		103,034,060
Total Foreign Government*		—		28,617,257		—		28,617,257
Total Convertible Bonds*		—		7,780,794		—		7,780,794
Total U.S. Treasury & Government Agencies*		—		4,132,565		—		4,132,565
Total Municipals		—		825,450		—		825,450
Total Mortgage-Backed Securities*		—		463,752		—		463,752
Convertible Preferred Stocks
Aerospace & Defense		45,771		—		—		45,771
Oil, Gas & Consumable Fuels		—		339,578		—		339,578
Total Convertible Preferred Stocks		45,771		339,578		—		385,349
Total Floating Rate Loan*		—		60,000		—		60,000

BHFTI-264

Brighthouse Funds Trust I

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Short-Term Investments
Discount Notes	$	—	$	1,999,870		$	—	$	1,999,870
Repurchase Agreement		—		7,799,322			—		7,799,322
Total Short-Term Investments		—		9,799,192			—		9,799,192
Total Securities Lending Reinvestments*		—		38,161,837			—		38,161,837
Total Investments	$	226,782,715	$	272,085,950		$	1,489,890	$	500,358,555
Collateral for Securities Loaned (Liability)	$	—	$	(38,147,498	)	$	—	$	(38,147,498	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	389,274		$	—	$	389,274
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(264,266	)		—		(264,266	)
Total Forward Contracts	$	—	$	125,008		$	—	$	125,008

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

BHFTI-265

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—74.4% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Affiliated Investment Companies—74.4%
MetLife Aggregate Bond Index Portfolio (Class A) (a)		65,692,853	$	719,336,741
MetLife Mid Cap Stock Index Portfolio (Class A) (a)		4,417,669		86,674,672
MetLife MSCI EAFE Index Portfolio (formerly, MSCI EAFE Index Portfolio) (Class A) (a)		15,392,261		198,098,403
MetLife Russell 2000 Index Portfolio (formerly, Russell 2000 Index Portfolio) (Class A) (a)		1,569,483		32,535,387
MetLife Stock Index Portfolio (Class A) (a)		6,942,597		338,729,331
Total Mutual Funds (Cost $1,325,470,700)				1,375,374,534
Short-Term Investments—25.6%
Discount Notes—13.0%
Fannie Mae 0.659%, 06/01/17 (b)		1,000,000		998,771
Federal Home Loan Bank 0.403%, 04/04/17 (b)		1,000,000		999,981
0.456%, 04/07/17 (b)		23,000,000		22,998,229
0.456%, 04/19/17 (b)		5,000,000		4,998,465
0.467%, 04/12/17 (b) (d)		15,000,000		14,997,405
0.489%, 04/11/17 (b)		2,000,000		1,999,694
0.531%, 05/03/17 (b)		7,000,000		6,995,744
0.544%, 05/10/17 (b)		8,000,000		7,994,000
0.545%, 05/12/17 (b) (d)		42,000,000		41,966,778
0.546%, 05/15/17 (b)		23,000,000		22,980,404
0.547%, 05/19/17 (b)		3,000,000		2,997,201
0.603%, 07/07/17 (b)		500,000		498,971
0.633%, 04/26/17 (b)		22,000,000		21,990,298
0.640%, 08/02/17 (b)		500,000		498,673
0.687%, 04/17/17 (b)		15,000,000		14,995,980
0.753%, 04/28/17 (b)		200,000		199,904
0.758%, 05/26/17 (b)		42,000,000		41,954,850
0.767%, 05/31/17 (b)		30,700,000		30,663,897
0.793%, 06/23/17 (b)		100,000		99,831
				240,829,076
U.S. Treasury—12.4%
U.S. Treasury Bills 0.380%, 04/06/17 (b)		17,000,000		16,999,133
0.470%, 04/13/17 (b)		21,000,000		20,995,779
0.559%, 05/04/17 (b)		11,500,000		11,493,169
0.576%, 07/20/17 (b)		38,000,000		37,911,954
0.616%, 04/20/17 (b)		94,000,000		93,967,664
0.630%, 08/03/17 (b) (c)		45,000,000		44,879,490
0.716%, 04/27/17 (b)		2,000,000		1,999,026
				228,246,215
Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $3,536,703 on 04/03/17, collateralized by $3,605,000 U.S. Treasury Note at 1.500% due 05/31/20 with a value of $3,610,209.		3,536,676		3,536,676
Total Short-Term Investments (Cost $472,666,044)				472,611,967
Total Investments—100.0% (Cost $1,798,136,744) (e)				1,847,986,501
Other assets and liabilities (net)—0.0%				(749,655	)
Net Assets—100.0%			$	1,847,236,846

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	A Portfolio of Brighthouse Funds Trust II.
(b)	The rate shown represents current yield to maturity.
(c)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of March 31, 2017, the market value of securities pledged was $28,124,480.
(d)	All or a portion of the security was pledged as collateral against open future contracts. As of March 31, 2017, the market value of securities pledged was $30,414,252.
(e)	As of March 31, 2017, the aggregate cost of investments was $1,798,136,744. The aggregate unrealized appreciation and depreciation of investments were $58,684,370 and $(8,834,613), respectively, resulting in net unrealized appreciation of $49,849,757.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index Mini Futures		06/16/17		2,106		USD	184,784,799	$	2,859,801
Russell 2000 Index Mini Futures		06/16/17		464		USD	31,684,825		433,255
S&P 500 Index E-Mini Futures		06/16/17		2,691		USD	318,705,888		(1,275,528	)
S&P Midcap 400 Index E-Mini Futures		06/16/17		491		USD	83,973,982		389,638
Net Unrealized Appreciation								$	2,407,166

BHFTI-266

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay		3M LIBOR		1.640	%		01/11/27		USD	81,000,000	$	(5,534,485	)
Pay		3M LIBOR		2.130	%		02/16/27		USD	81,000,000		(2,166,711	)
Pay		3M LIBOR		2.310	%		03/08/27		USD	81,000,000		(815,241	)
Pay		3M LIBOR		2.370	%		04/04/27		USD	82,000,000		(382,459	)
Pay		3M LIBOR		2.400	%		05/10/27		USD	80,000,000		(291,593	)
Pay		3M LIBOR		2.610	%		06/15/27		USD	81,000,000		1,425,605
Net Unrealized Depreciation											$	(7,764,884	)

(USD)—	United States Dollar
(LIBOR)—	London Interbank Offered Rate

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1			Level 2			Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	1,375,374,534		$	—		$	—	$	1,375,374,534
Short-Term Investments
Discount Notes		—			240,829,076			—		240,829,076
U.S. Treasury		—			228,246,215			—		228,246,215
Repurchase Agreement		—			3,536,676			—		3,536,676
Total Short-Term Investments		—			472,611,967			—		472,611,967
Total Investments	$	1,375,374,534		$	472,611,967		$	—	$	1,847,986,501
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	3,682,694		$	—		$	—	$	3,682,694
Futures Contracts (Unrealized Depreciation)		(1,275,528	)		—			—		(1,275,528	)
Total Futures Contracts	$	2,407,166		$	—		$	—	$	2,407,166
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	1,425,605		$	—	$	1,425,605
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(9,190,489	)		—		(9,190,489	)
Total Centrally Cleared Swap Contracts	$	—		$	(7,764,884	)	$	—	$	(7,764,884	)

BHFTI-267

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—98.3% of Net Assets

Security Description	Shares		Value
Australia—4.1%
AMP, Ltd.		3,778,868	$	14,917,357
APA Group		1,540,431		10,541,180
Brambles, Ltd.		3,232,562		23,054,366
Iluka Resources, Ltd. (a)		1,654,454		9,625,513
Oil Search, Ltd.		1,997,474		10,970,711
Orica, Ltd.		716,485		9,628,071
				78,737,198
Belgium—1.3%
KBC Groep NV		365,596		24,257,386
Brazil—0.5%
Ambev S.A. (ADR) (a)		1,682,096		9,688,873
Canada—1.2%
Element Fleet Management Corp.		925,360		8,565,764
Enbridge, Inc.		325,650		13,642,111
				22,207,875
China—1.6%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		159,861		17,237,812
China Resources Gas Group, Ltd.		3,848,424		13,612,213
				30,850,025
France—8.2%
BNP Paribas S.A.		404,733		26,958,659
Danone S.A.		452,325		30,780,794
L’Oreal S.A.		131,803		25,331,692
Legrand S.A.		149,344		9,010,979
LVMH Moet Hennessy Louis Vuitton SE		119,040		26,174,419
Schneider Electric SE		526,664		38,601,147
				156,857,690
Germany—7.1%
Bayer AG		384,930		44,370,712
GEA Group AG		454,910		19,316,152
Grand City Properties S.A.		56,926		1,046,658
LEG Immobilien AG (b)		306,272		25,107,158
Linde AG		176,267		29,340,232
Symrise AG		238,113		15,835,538
				135,016,450
Hong Kong—3.2%
AIA Group, Ltd.		5,195,628		32,749,004
CLP Holdings, Ltd.		922,000		9,645,297
Esprit Holdings, Ltd. (b)		4,453,397		3,731,373
Techtronic Industries Co., Ltd.		3,695,500		14,942,990
				61,068,664
India—0.8%
HDFC Bank, Ltd. (ADR) (a)		193,353		14,544,013
Ireland—0.5%
Paddy Power Betfair plc		92,964		10,025,614
Security Description	Shares		Value
Israel—1.4%
Check Point Software Technologies, Ltd. (b)		144,054	$	14,788,584
Mellanox Technologies, Ltd. (a) (b)		230,158		11,726,550
				26,515,134
Italy—4.0%
Cerved Information Solutions S.p.A.		525,202		5,078,987
Enel S.p.A.		4,029,600		18,974,988
Eni S.p.A.		1,457,493		23,887,904
Intesa Sanpaolo S.p.A.		10,589,469		28,762,396
				76,704,275
Japan—18.3%
AEON Financial Service Co., Ltd. (a)		1,168,399		22,093,031
Daikin Industries, Ltd.		258,900		26,094,890
Japan Tobacco, Inc.		629,731		20,499,366
KDDI Corp.		1,196,900		31,448,463
Koito Manufacturing Co., Ltd.		314,200		16,380,430
Kubota Corp.		1,652,600		24,875,031
Mitsui Fudosan Co., Ltd.		798,000		17,071,764
Nippon Paint Holdings Co., Ltd.		391,600		13,641,839
Nomura Research Institute, Ltd.		230,700		8,514,580
Ryohin Keikaku Co., Ltd.		39,400		8,640,684
Santen Pharmaceutical Co., Ltd.		1,751,800		25,409,991
Shionogi & Co., Ltd.		214,500		11,097,788
SoftBank Group Corp.		272,000		19,264,635
Sumitomo Mitsui Financial Group, Inc.		586,382		21,379,855
Sundrug Co., Ltd.		507,140		17,019,897
Terumo Corp.		151,300		5,263,638
TOTO, Ltd.		535,600		20,286,452
USS Co., Ltd.		1,325,100		22,130,074
Yamato Holdings Co., Ltd.		855,866		17,966,803
				349,079,211
Netherlands—3.9%
ABN AMRO Group NV		509,213		12,352,154
Akzo Nobel NV		392,151		32,500,750
RELX NV		1,593,173		29,599,206
				74,452,110
Norway—0.9%
DNB ASA		1,097,244		17,395,285
Portugal—0.8%
Galp Energia SGPS S.A.		957,453		14,542,687
Singapore—0.6%
Broadcom, Ltd.		51,269		11,225,860
South Africa—0.2%
Clicks Group, Ltd.		489,205		4,671,255
South Korea—1.5%
NAVER Corp.		16,263		12,431,270
Samsung Electronics Co., Ltd.		8,381		15,435,631
				27,866,901

BHFTI-268

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Spain—1.9%
Aena S.A.		51,616	$	8,166,423
Amadeus IT Group S.A.		319,312		16,189,559
Cellnex Telecom S.A.		755,741		12,443,097
				36,799,079
Sweden—0.6%
Com Hem Holding AB		566,559		6,495,640
Telefonaktiebolaget LM Ericsson - B Shares (a)		622,273		4,157,172
				10,652,812
Switzerland—16.1%
Julius Baer Group, Ltd. (b)		323,672		16,158,767
Nestle S.A.		856,417		65,698,359
Novartis AG		746,378		55,412,595
Roche Holding AG		233,897		59,668,381
Schindler Holding AG (Participation Certificate)		107,289		20,726,783
Sika AG		3,057		18,345,533
Swiss Re AG		167,160		15,012,114
UBS Group AG		2,105,849		33,704,319
Zurich Insurance Group AG		87,783		23,436,077
				308,162,928
Taiwan—1.0%
Taiwan Semiconductor Manufacturing Co., Ltd.		3,098,468		19,444,197
Thailand—0.6%
Advanced Info Service PCL		2,401,000		12,437,337
United Kingdom—13.4%
Aon plc (a)		175,307		20,807,188
Barclays plc		7,878,652		22,207,924
BP plc		4,763,516		27,354,653
BT Group plc		196,919		785,133
Cairn Energy plc (b)		2,796,046		7,163,644
Croda International plc		479,673		21,436,559
GKN plc		6,030,936		27,498,727
Hiscox, Ltd.		898,223		12,316,736
Just Eat plc (b)		1,209,513		8,567,039
Lloyds Banking Group plc		30,815,621		25,638,939
Reckitt Benckiser Group plc		351,550		32,040,041
Rio Tinto plc		572,796		23,056,329
Vodafone Group plc		2,447,895		6,366,487
WPP plc		920,523		20,207,989
				255,447,388
United States—4.6%
Cognizant Technology Solutions Corp. - Class A (b)		440,888		26,241,654
EPAM Systems, Inc. (a) (b)		154,213		11,646,166
MasterCard, Inc. - Class A		192,435		21,643,164
Pricesmart, Inc. (a)		93,886		8,656,289
United States—(Continued)
Schlumberger, Ltd.		116,018		9,061,006
Yum China Holdings, Inc. (b)		366,265		9,962,408
				87,210,687
Total Common Stocks (Cost $1,708,422,400)				1,875,860,934
Short-Term Investment—0.8%
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $15,256,462 on 04/03/17, collateralized by $15,540,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $15,564,615		15,256,348		15,256,348
Total Short-Term Investments (Cost $15,256,348)				15,256,348
Securities Lending Reinvestments (c)—2.9%
Certificates of Deposit—0.8%
ABN AMRO Bank NV Zero Coupon, 06/23/17		996,100		997,540
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (d)		2,000,000		2,000,966
Canadian Imperial Bank 1.392%, 10/27/17 (d)		250,000		250,301
Credit Suisse AG New York 1.581%, 05/12/17 (d)		500,000		500,151
1.676%, 04/24/17 (d)		1,100,000		1,100,260
Danske Bank A/S London Zero Coupon, 05/12/17		747,829		749,228
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		400,000		400,177
Mizuho Bank, Ltd., New York 1.543%, 05/17/17		1,500,000		1,500,445
1.582%, 04/26/17 (d)		1,000,000		1,000,166
National Australia Bank London 1.199%, 05/02/17 (d)		750,000		750,263
1.338%, 11/09/17 (d)		1,000,000		998,370
Norinchukin Bank New York 1.451%, 07/12/17 (d)		1,000,000		1,000,885
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (d)		1,000,000		1,000,680
Sumitomo Mitsui Trust Bank, Ltd., New York 1.308%, 08/16/17 (d)		1,000,000		1,000,471
UBS, Stamford 1.301%, 05/12/17 (d)		500,000		500,123
1.589%, 07/31/17 (d)		200,434		200,551
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		750,000		751,226
1.452%, 04/26/17 (d)		400,000		400,106
				15,101,909

BHFTI-269

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares		Value
Commercial Paper—0.4%
Den Norske ASA 1.432%, 04/27/17 (d)		400,000	$	400,086
Erste Abwicklungsanstalt 1.098%, 07/18/17 (d)		2,200,000		2,199,806
HSBC plc 1.442%, 04/25/17 (d)		2,100,000		2,100,378
Macquarie Bank, Ltd. 1.120%, 04/20/17		498,600		499,676
Westpac Banking Corp. 1.380%, 10/20/17 (d)		1,500,000		1,502,719
				6,702,665
Repurchase Agreements—1.1%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $3,153,108 on 04/03/17, collateralized by $4,534,998 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $3,215,965.		3,152,905		3,152,905
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $2,500,183 on 04/03/17, collateralized by $2,558,718 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $2,550,001.		2,500,000		2,500,000
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $503,224 on 07/03/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $100,008 on 04/03/17, collateralized by $101,178 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $102,001.		100,000		100,000
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $1,000,650 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.		1,000,000		1,000,000
Deutsche Bank AG, London
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.		1,000,000		1,000,000
Repurchase Agreements—(Continued)
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $2,011,520 on 06/02/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $706,854 on 07/03/17, collateralized with a value of $770,000.		700,000		700,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $7,000,572 on 04/03/17, collateralized by $8,194,560 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $7,140,583.		7,000,000		7,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $3,500,271 on 04/03/17, collateralized by $10,477,161 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $3,570,000.		3,500,000		3,500,000
				21,452,905
Time Deposits—0.6%
Credit Agricole S.A. London 0.830%, 04/03/17		2,000,000		2,000,000
Nordea Bank New York 0.810%, 04/03/17		2,000,000		2,000,000
OP Corporate Bank plc 1.200%, 04/10/17		500,000		500,000
Royal Bank of Canada 0.810%, 04/03/17		2,000,000		2,000,000
Shinkin Central Bank 1.440%, 04/26/17		700,000		700,000
Skandanaviska Enskilda Banken 0.850%, 04/03/17		2,000,000		2,000,000
Svenska 0.800%, 04/03/17		2,000,000		2,000,000
				11,200,000
Total Securities Lending Reinvestments (Cost $54,449,286)				54,457,479
Total Investments—102.0% (Cost $1,778,128,034) (e)				1,945,574,761
Other assets and liabilities (net)—(2.0)%				(37,483,480	)
Net Assets—100.0%			$	1,908,091,281

BHFTI-270

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $53,110,081 and the collateral received consisted of cash in the amount of $54,445,868. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $1,778,128,034. The aggregate unrealized appreciation and depreciation of investments were $234,826,667 and $(67,379,940), respectively, resulting in net unrealized appreciation of $167,446,727.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Ten Largest Industries as of March 31, 2017 (Unaudited)	% of Net Assets
Pharmaceuticals		10.3
Banks		10.1
Chemicals		7.4
Insurance		5.5
Oil, Gas & Consumable Fuels		5.1
Food Products		5.1
IT Services		4.4
Wireless Telecommunication Services		3.6
Machinery		3.4
Capital Markets		2.6

BHFTI-271

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	78,737,198		$	—	$	78,737,198
Belgium		—		24,257,386			—		24,257,386
Brazil		9,688,873		—			—		9,688,873
Canada		22,207,875		—			—		22,207,875
China		17,237,812		13,612,213			—		30,850,025
France		—		156,857,690			—		156,857,690
Germany		—		135,016,450			—		135,016,450
Hong Kong		—		61,068,664			—		61,068,664
India		14,544,013		—			—		14,544,013
Ireland		—		10,025,614			—		10,025,614
Israel		26,515,134		—			—		26,515,134
Italy		—		76,704,275			—		76,704,275
Japan		—		349,079,211			—		349,079,211
Netherlands		—		74,452,110			—		74,452,110
Norway		—		17,395,285			—		17,395,285
Portugal		—		14,542,687			—		14,542,687
Singapore		11,225,860		—			—		11,225,860
South Africa		—		4,671,255			—		4,671,255
South Korea		—		27,866,901			—		27,866,901
Spain		—		36,799,079			—		36,799,079
Sweden		—		10,652,812			—		10,652,812
Switzerland		—		308,162,928			—		308,162,928
Taiwan		—		19,444,197			—		19,444,197
Thailand		12,437,337		—			—		12,437,337
United Kingdom		20,807,188		234,640,200			—		255,447,388
United States		87,210,687		—			—		87,210,687
Total Common Stocks		221,874,779		1,653,986,155			—		1,875,860,934
Total Short-Term Investment*		—		15,256,348			—		15,256,348
Total Securities Lending Reinvestments*		—		54,457,479			—		54,457,479
Total Investments	$	221,874,779	$	1,723,699,982		$	—	$	1,945,574,761
Collateral for Securities Loaned (Liability)	$	—	$	(54,445,868	)	$	—	$	(54,445,868	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-272

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—94.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.1%
TransDigm Group, Inc.		137,210	$	30,208,154
Automobiles—6.5%
Tesla, Inc. (a) (b)		228,680		63,641,644
Biotechnology—1.3%
Alnylam Pharmaceuticals, Inc. (a) (b)		58,204		2,982,955
Bioverativ, Inc. (a)		98,291		5,352,928
Intrexon Corp. (a) (b)		131,879		2,613,842
Juno Therapeutics, Inc. (a) (b)		60,552		1,343,649
				12,293,374
Capital Markets—7.3%
MSCI, Inc.		388,221		37,731,199
S&P Global, Inc.		260,869		34,106,013
				71,837,212
Construction Materials—1.0%
Martin Marietta Materials, Inc.		42,873		9,357,032
Consumer Finance—0.9%
LendingClub Corp. (a)		1,670,256		9,169,706
Electronic Equipment, Instruments & Components—0.5%
Cognex Corp.		60,515		5,080,234
Health Care Equipment & Supplies—7.1%
DexCom, Inc. (a) (b)		184,928		15,668,949
Intuitive Surgical, Inc. (a)		69,610		53,353,977
				69,022,926
Health Care Technology—10.2%
athenahealth, Inc. (a) (b)		479,289		54,011,077
Veeva Systems, Inc. - Class A (a) (b)		900,249		46,164,769
				100,175,846
Hotels, Restaurants & Leisure—6.2%
Dunkin’ Brands Group, Inc.		437,050		23,897,894
Marriott International, Inc. - Class A		390,840		36,809,311
				60,707,205
Internet Software & Services—10.0%
Dropbox, Inc. (a) (c) (d)		460,161		3,750,312
MercadoLibre, Inc.		117,243		24,793,377
SurveyMonkey, Inc. (a) (c) (d)		303,799		1,947,352
Twitter, Inc. (a) (b)		2,291,530		34,258,374
Zillow Group, Inc. - Class C (a) (b)		966,299		32,535,287
				97,284,702
IT Services—3.7%
Gartner, Inc. (a)		338,357		36,539,173
Life Sciences Tools & Services—6.1%
Illumina, Inc. (a)		349,828		59,694,650
Multiline Retail—2.5%
Dollar Tree, Inc. (a)		306,644		24,059,288
Professional Services—7.2%
IHS Markit, Ltd. (a)		885,509		37,147,103
Verisk Analytics, Inc. (a)		411,625		33,399,252
				70,546,355
Semiconductors & Semiconductor Equipment—3.6%
NVIDIA Corp.		321,523		35,023,500
Software—16.8%
Atlassian Corp. plc - Class A (a)		348,832		10,447,518
Mobileye NV (a)		128,467		7,887,874
ServiceNow, Inc. (a)		402,261		35,185,770
Snap, Inc. - Class A (a)		200,121		4,508,726
Splunk, Inc. (a) (b)		554,531		34,541,736
Take-Two Interactive Software, Inc. (a)		169,356		10,037,730
Workday, Inc. - Class A (a) (b)		735,307		61,236,367
				163,845,721
Textiles, Apparel & Luxury Goods—0.9%
Under Armour, Inc. - Class C (a) (b)		496,058		9,077,861
Total Common Stocks (Cost $753,269,026)				927,564,583
Convertible Preferred Stock—2.0%
Internet Software & Services—2.0%
Airbnb, Inc. - Series D (a) (c) (d) (Cost $7,659,587)		188,136		19,771,212
Preferred Stocks—1.1%
Internet & Direct Marketing Retail—0.7%
Flipkart Online Pvt., Ltd. - Series D (a) (c) (d)		98,557		6,973,894
Internet Software & Services—0.0%
Dropbox, Inc. - Series A (a) (c) (d)		51,888		422,887
Software—0.4%
Palantir Technologies, Inc. - Series G (a) (c) (d)		541,563		2,193,331
Palantir Technologies, Inc. - Series H (a) (c) (d)		174,289		705,870
Palantir Technologies, Inc. - Series H-1 (a) (c) (d)		174,289		705,870
				3,605,071
Total Preferred Stocks (Cost $5,614,903)				11,001,852

BHFTI-273

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Purchased Option—0.0%

Security Description	Notional/ Principal Amount*		Value
Currency Option—0.0%
USD Call/CNY Put, Strike Price CNY 7.90 Expires 05/23/17 (Counterparty - Royal Bank of Scotland plc) (e) (Cost $469,705)		114,786,032	$	1,033
Short-Term Investment—2.3%
Repurchase Agreement—2.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $22,392,800 on 04/03/17, collateralized by $22,805,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $22,841,123.		22,392,632		22,392,632
Total Short-Term Investments (Cost $22,392,632)				22,392,632
Securities Lending Reinvestments (f)—26.3%
Certificates of Deposit—13.6%
ABN AMRO Bank NV Zero Coupon, 05/05/17		1,894,519		1,898,442
Bank of America N.A. 1.271%, 07/11/17 (g)		7,500,000		7,507,937
Bank of Montreal Chicago 1.081%, 09/06/17 (g)		5,500,000		5,505,614
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (g)		2,000,000		2,000,966
1.510%, 08/18/17		2,926,843		2,901,824
Canadian Imperial Bank 1.392%, 10/27/17 (g)		1,500,000		1,501,805
1.454%, 05/24/17 (g)		500,293		500,175
Chiba Bank, Ltd., New York 1.100%, 04/03/17		2,000,000		2,000,010
1.100%, 04/07/17		500,000		500,006
Cooperative Rabobank UA New York 1.422%, 10/13/17 (g)		2,500,000		2,503,405
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (g)		5,500,000		5,500,621
Credit Industriel et Commercial 1.440%, 04/05/17 (g)		3,900,000		3,900,168
Credit Suisse AG New York 1.511%, 04/03/17 (g)		4,500,000		4,500,072
1.581%, 04/11/17 (g)		1,500,000		1,500,123
DNB NOR Bank ASA 1.279%, 07/28/17 (g)		2,200,000		2,200,972
ING Bank NV 1.461%, 04/18/17 (g)		5,000,000		5,002,131
KBC Bank NV 1.150%, 04/18/17		5,000,000		5,000,450
1.150%, 04/27/17		1,500,000		1,499,115
1.170%, 04/06/17		2,000,000		2,000,020
Certificates of Deposit—(Continued)
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (g)		4,000,000		4,000,488
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (g)		1,000,000		1,000,576
1.591%, 04/11/17 (g)		3,500,000		3,500,266
1.643%, 04/18/17 (g)		2,900,000		2,900,420
National Australia Bank London 1.199%, 05/02/17 (g)		4,000,000		4,001,401
Natixis New York 1.241%, 08/03/17 (g)		3,900,000		3,902,512
1.444%, 04/07/17 (g)		4,000,000		4,000,220
Norinchukin Bank New York 1.346%, 08/21/17 (g)		2,500,000		2,500,783
1.451%, 07/12/17 (g)		5,000,000		5,004,425
Rabobank London 1.422%, 10/13/17 (g)		2,000,000		2,004,890
Royal Bank of Canada New York 1.340%, 04/04/17 (g)		3,750,000		3,749,906
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		3,532,317		3,502,023
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (g)		2,800,000		2,801,498
1.534%, 04/07/17 (g)		4,000,000		4,000,232
1.591%, 04/12/17 (g)		1,000,000		1,000,199
Sumitomo Mitsui Trust Bank, Ltd., New York 1.359%, 06/02/17 (g)		2,000,000		2,001,296
1.558%, 04/10/17 (g)		2,500,000		2,500,315
1.572%, 04/26/17 (g)		3,000,000		3,000,993
Svenska Handelsbanken New York 1.508%, 05/18/17 (g)		5,000,000		5,002,585
Toronto Dominion Bank New York 1.221%, 03/13/18 (g)		8,000,000		7,997,181
UBS, Stamford 1.301%, 05/12/17 (g)		1,900,000		1,900,467
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (g)		2,200,000		2,203,597
1.452%, 04/26/17 (g)		2,300,000		2,300,612
				132,700,741
Commercial Paper—5.4%
Barton Capital S.A. 1.110%, 04/21/17		3,988,653		3,997,332
Commonwealth Bank Australia 1.389%, 10/23/17 (g)		4,000,000		4,004,888
DCAT LLC 1.200%, 04/11/17		1,298,613		1,299,641
Den Norske ASA 1.432%, 04/27/17 (g)		2,200,000		2,200,475
Erste Abwicklungsanstalt 1.098%, 07/18/17 (g)		9,000,000		8,999,208
HSBC plc 1.442%, 04/25/17 (g)		5,800,000		5,801,044

BHFTI-274

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Kells Funding LLC 1.100%, 06/05/17		2,390,760	$	2,394,832
LMA S.A. & LMA Americas 1.090%, 05/10/17		498,516		499,391
1.120%, 04/13/17		1,495,800		1,499,466
Macquarie Bank, Ltd. 1.120%, 04/24/17		6,980,400		6,994,715
Ridgefield Funding Co. LLC 1.184%, 09/07/17 (g)		1,500,000		1,499,823
1.300%, 06/12/17		3,979,922		3,990,556
Sheffield Receivables Co. 1.170%, 04/04/17		5,484,091		5,499,598
Westpac Banking Corp. 1.380%, 10/20/17 (g)		3,800,000		3,806,887
				52,487,856
Repurchase Agreements—6.0%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $2,683,582 on 04/03/17, collateralized by $3,859,697 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $2,737,079.		2,683,410		2,683,410
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $1,000,073 on 04/03/17, collateralized by $1,023,487 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $1,020,000.		1,000,000		1,000,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $100,008 on 04/03/17, collateralized by $101,178 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $102,001.		100,000		100,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $1,000,108 on 04/03/17, collateralized by $154,498 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $1,097,987.		1,000,000		1,000,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $17,011,050 on 04/03/17, collateralized by $2,626,470 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $18,665,772.		17,000,000		17,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $5,028,800 on 06/02/17, collateralized by various Common Stock with a value of $5,500,000.		5,000,000		5,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $2,000,137 on 04/03/17, collateralized by $1,987,488 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $2,041,232.		2,000,000		2,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $2,524,479 on 07/03/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000		2,500,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $25,002,042 on 04/03/17, collateralized by $29,266,285 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $25,502,083.		25,000,000		25,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $3,000,233 on 04/03/17, collateralized by $8,980,423 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $3,060,000.		3,000,000		3,000,000
				59,283,410
Time Deposits—1.3%
Nordea Bank New York 0.810%, 04/03/17		2,000,000		2,000,000
OP Corporate Bank plc 1.180%, 04/24/17		1,000,000		1,000,000
1.200%, 04/10/17		3,000,000		3,000,000

BHFTI-275

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Shinkin Central Bank 1.350%, 04/21/17		800,000	$	800,000
1.440%, 04/25/17		2,500,000		2,500,000
1.440%, 04/26/17		800,000		800,000
1.440%, 04/27/17		700,000		700,000
Svenska 0.800%, 04/03/17		2,000,000		2,000,000
				12,800,000
Total Securities Lending Reinvestments (Cost $257,209,558)				257,272,007
Total Investments—126.6% (Cost $1,046,615,411) (h)				1,238,003,319
Other assets and liabilities (net)—(26.6)%				(260,420,864	)
Net Assets—100.0%			$	977,582,455

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $251,977,130 and the collateral received consisted of cash in the amount of $257,204,137. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent 3.7% of net assets.
(d)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $36,470,728, which is 3.7% of net assets. See details shown in the Restricted Securities table that follows.
(e)	Illiquid security. As of March 31, 2017, these securities represent 0.0% of net assets.
(f)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(g)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(h)	As of March 31, 2017, the aggregate cost of investments was $1,046,615,411. The aggregate unrealized appreciation and depreciation of investments were $254,272,886 and $(62,884,978), respectively, resulting in net unrealized appreciation of $191,387,908.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Airbnb, Inc. - Series D		04/16/14		188,136	$	7,659,587	$	19,771,212
Dropbox, Inc.		05/01/12		460,161		4,165,241		3,750,312
Dropbox, Inc. - Series A		05/25/12		51,888		470,125		422,887
Flipkart Online Pvt., Ltd. - Series D		10/04/13		98,557		2,264,087		6,973,894
Palantir Technologies, Inc. - Series G		07/19/12		541,563		1,657,183		2,193,331
Palantir Technologies, Inc. - Series H		10/25/13		174,289		611,754		705,870
Palantir Technologies, Inc. - Series H-1		10/25/13		174,289		611,754		705,870
SurveyMonkey, Inc.		11/25/14		303,799		4,997,494		1,947,352
							$	36,470,728

BHFTI-276

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	30,208,154	$	—		$	—	$	30,208,154
Automobiles		63,641,644		—			—		63,641,644
Biotechnology		12,293,374		—			—		12,293,374
Capital Markets		71,837,212		—			—		71,837,212
Construction Materials		9,357,032		—			—		9,357,032
Consumer Finance		9,169,706		—			—		9,169,706
Electronic Equipment, Instruments & Components		5,080,234		—			—		5,080,234
Health Care Equipment & Supplies		69,022,926		—			—		69,022,926
Health Care Technology		100,175,846		—			—		100,175,846
Hotels, Restaurants & Leisure		60,707,205		—			—		60,707,205
Internet Software & Services		91,587,038		—			5,697,664		97,284,702
IT Services		36,539,173		—			—		36,539,173
Life Sciences Tools & Services		59,694,650		—			—		59,694,650
Multiline Retail		24,059,288		—			—		24,059,288
Professional Services		70,546,355		—			—		70,546,355
Semiconductors & Semiconductor Equipment		35,023,500		—			—		35,023,500
Software		163,845,721		—			—		163,845,721
Textiles, Apparel & Luxury Goods		9,077,861		—			—		9,077,861
Total Common Stocks		921,866,919		—			5,697,664		927,564,583
Total Convertible Preferred Stock*		—		—			19,771,212		19,771,212
Total Preferred Stocks*		—		—			11,001,852		11,001,852
Total Purchased Option*		—		1,033			—		1,033
Total Short-Term Investment*		—		22,392,632			—		22,392,632
Total Securities Lending Reinvestments*		—		257,272,007			—		257,272,007
Total Investments	$	921,866,919	$	279,665,672		$	36,470,728	$	1,238,003,319
Collateral for Securities Loaned (Liability)	$	—	$	(257,204,137	)	$	—	$	(257,204,137	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-277

Brighthouse Funds Trust I

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2016		Change in Unrealized Appreciation/ (Depreciation)			Balance as of March 31, 2017		Change in Unrealized Appreciation/ (Depreciaton) from Investments Still Held at March 31, 2017
Common Stocks
Internet Software & Services	$	6,364,897	$	(667,233	)	$	5,697,664	$	(667,233	)
Convertible Preferred Stocks
Internet Software & Services		19,771,212		0			19,771,212		0
Preferred Stocks
Internet & Direct Marketing Retail		4,978,114		1,995,780			6,973,894		1,995,780
Internet Software & Services		498,125		(75,238	)		422,887		(75,238	)
Software		3,605,071		0			3,605,071		0
Total	$	35,217,419	$	1,253,309		$	36,470,728	$	1,253,309

	Fair Value at March 31, 2017		Valuation Technique(s)	Unobservable Input	Range					Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Common Stock
Internet Software & Services	$	3,750,312	Market Transaction Method	Precedent Transaction		$8.15		$8.15			$8.15			Increase
		1,947,352	Discounted Cash Flow	Weighted Average Cost of Capital		16.50%		18.50%			17.50%			Decrease
				Perpetual Growth Rate		3.00%		4.00%			3.50%			Increase
			Comparable Company Analysis	Enterprise Value/Revenue		4.9x		4.9x			4.9x			Increase
				Discount for Lack of Marketability		20.00%		20.00%			20.00%			Decrease
Preferred Stocks
Internet & Direct Marketing Retail		6,973,894	Market Transaction Method	Pending Transactions		$61.68		$88.11			$74.90			Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		17.50%		19.50%			18.50%			Decrease
				Perpetual Growth Rate		3.50%		4.50%			4.00%			Increase
			Comparable Company Analysis	Enterprise Value/Revenue		2.4x		2.4x			2.4x			Increase
				Discount for Lack of Marketability		20.00%		20.00%			20.00%			Decrease
Internet Software & Services		422,887	Market Transaction Method	Precedent Transaction		$8.15		$8.15			$8.15			Increase
Software		3,605,071	Discounted Cash Flow	Weighted Average Cost of Capital		15.50	%	17.50	%		16.50	%		Decrease
				Perpetual Growth Rate		2.50%		3.50%			3.00%			Increase
			Comparable Company Analysis	Enterprise Value/Revenue		8.3x		8.3x			8.3x			Increase
				Discount for Lack of Marketability		20.00%		20.00%			20.00%			Decrease
Convertible Preferred Stocks
Internet Software & Services		19,771,212	Market Transaction Method	Precedent Transaction		$105.00		$105.00			$105.00			Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		15.50%		17.50%			16.50%			Decrease
				Perpetual Growth Rate		3.00%		4.00%			3.50%			Increase
			Comparable Company Analysis	Enterprise Value/Revenue		12.8x		12.8x			12.8x			Increase
				Discount for Lack of Marketability		20.00%		20.00%			20.00%			Decrease

BHFTI-278

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—97.5% of Net Assets

Security Description	Shares		Value
China—1.5%
JD.com, Inc. (ADR) (a) (b)		646,809	$	20,122,228
Denmark—0.4%
FLSmidth & Co. A/S		105,709		5,651,214
France—5.9%
Kering		98,584		25,522,160
LVMH Moet Hennessy Louis Vuitton SE		164,157		36,094,708
Societe Generale S.A.		380,929		19,372,675
				80,989,543
Germany—7.4%
Allianz SE		137,103		25,396,701
Bayer AG		157,142		18,113,690
Linde AG		74,300		12,367,483
SAP SE		358,114		35,139,666
Siemens AG		74,770		10,242,382
				101,259,922
India—3.8%
DLF, Ltd.		10,029,757		22,981,389
ICICI Bank, Ltd. (ADR)		2,103,360		18,088,896
Zee Entertainment Enterprises, Ltd.		1,413,049		11,652,280
				52,722,565
Ireland—0.6%
Shire plc		138,456		8,055,885
Italy—1.1%
Brunello Cucinelli S.p.A.		201,897		4,802,938
Prysmian S.p.A.		212,201		5,609,597
Tod’s S.p.A. (a)		65,871		5,154,421
				15,566,956
Japan—14.3%
Dai-ichi Life Holdings, Inc.		1,084,600		19,552,957
FANUC Corp.		59,400		12,208,168
KDDI Corp.		750,100		19,708,825
Keyence Corp.		70,600		28,318,725
Kyocera Corp.		304,500		17,007,896
Murata Manufacturing Co., Ltd.		250,300		35,709,669
Nidec Corp.		297,900		28,401,378
Nintendo Co., Ltd.		37,000		8,605,700
Sumitomo Mitsui Financial Group, Inc.		172,800		6,300,396
Suzuki Motor Corp.		291,500		12,136,818
TDK Corp.		117,500		7,463,820
				195,414,352
Netherlands—2.9%
Airbus SE		527,792		40,164,652
Spain—3.3%
Banco Bilbao Vizcaya Argentaria S.A.		1,108,585		8,597,642
Industria de Diseno Textil S.A.		809,297		28,525,201
International Consolidated Airlines Group S.A.		1,211,660		8,040,794
				45,163,637
Sweden—1.4%
Assa Abloy AB - Class B		953,418		19,565,655
Switzerland—3.2%
Credit Suisse Group AG (b)		534,524		7,939,711
Roche Holding AG		48,487		12,369,294
UBS Group AG		1,462,637		23,409,648
				43,718,653
United Kingdom—5.8%
Circassia Pharmaceuticals plc (a) (b)		2,218,564		2,967,424
Earthport plc (b)		6,014,217		2,020,719
International Game Technology plc		422,201		10,006,164
Prudential plc		1,208,023		25,553,884
TechnipFMC plc (b)		359,304		11,692,259
Unilever plc		542,943		26,798,454
				79,038,904
United States—45.9%
3M Co.		110,030		21,052,040
ACADIA Pharmaceuticals, Inc. (a) (b)		340,290		11,699,170
Adobe Systems, Inc. (b)		214,630		27,929,802
Aetna, Inc.		245,770		31,347,963
Alphabet, Inc. - Class A (b)		43,080		36,523,224
Alphabet, Inc. - Class C (b)		44,698		37,079,673
Anthem, Inc.		159,760		26,421,109
Biogen, Inc. (b)		51,890		14,187,764
BioMarin Pharmaceutical, Inc. (b)		77,130		6,770,471
Bluebird Bio, Inc. (a) (b)		74,310		6,754,779
Blueprint Medicines Corp. (b)		49,200		1,967,508
Centene Corp. (b)		97,150		6,922,909
Citigroup, Inc.		652,910		39,057,076
Colgate-Palmolive Co.		474,500		34,728,655
Emerson Electric Co.		116,500		6,973,690
Facebook, Inc. - Class A (b)		230,280		32,711,274
FNF Group (a)		327,260		12,743,504
Gilead Sciences, Inc.		188,410		12,796,807
Goldman Sachs Group, Inc. (The)		104,600		24,028,712
Intuit, Inc.		257,850		29,908,022
Ionis Pharmaceuticals, Inc. (a) (b)		208,730		8,390,946
MacroGenics, Inc. (a) (b)		253,770		4,720,122
Maxim Integrated Products, Inc.		611,540		27,494,838
PayPal Holdings, Inc. (b)		289,090		12,436,652
S&P Global, Inc.		346,270		45,271,340
Sage Therapeutics, Inc. (b)		127,310		9,047,922
Tiffany & Co. (a)		214,490		20,440,897
Twitter, Inc. (a) (b)		542,260		8,106,787
United Parcel Service, Inc. - Class B		142,980		15,341,754
Vertex Pharmaceuticals, Inc. (a) (b)		26,390		2,885,747
Walt Disney Co. (The)		243,990		27,666,026
Whole Foods Market, Inc. (a)		219,730		6,530,376
Zimmer Biomet Holdings, Inc.		158,030		19,297,043
				629,234,602
Total Common Stocks (Cost $982,346,890)				1,336,668,768

BHFTI-279

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Preferred Stock—1.8%

Security Description	Shares/ Principal Amount*		Value
Germany—1.8%
Bayerische Motoren Werke (BMW) AG (Cost $20,781,881)		319,537	$	25,169,320
Short-Term Investment—0.4%
Repurchase Agreement—0.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $5,937,340 on 04/03/17, collateralized by $6,050,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $6,059,583.		5,937,296		5,937,296
Total Short-Term Investments (Cost $5,937,296)				5,937,296
Securities Lending Reinvestments (c)—6.2%
Certificates of Deposit—3.0%
ABN AMRO Bank NV Zero Coupon, 06/23/17		2,490,251		2,493,850
Banco Del Estado De Chile New York 1.426%, 06/21/17 (d)		1,500,000		1,500,813
Bank of America N.A. 1.271%, 07/11/17 (d)		1,000,000		1,001,058
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (d)		1,000,000		1,000,483
Canadian Imperial Bank 1.392%, 10/27/17 (d)		1,000,000		1,001,203
1.454%, 05/24/17 (d)		500,293		500,175
Chiba Bank, Ltd., New York 1.100%, 04/03/17		500,000		500,003
Cooperative Rabobank UA New York 1.422%, 10/13/17 (d)		500,000		500,681
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (d)		1,250,000		1,250,141
Credit Industriel et Commercial 1.440%, 04/05/17 (d)		1,000,000		1,000,043
Credit Suisse AG New York 1.511%, 04/03/17 (d)		1,000,000		1,000,016
1.581%, 04/11/17 (d)		500,000		500,041
1.581%, 05/12/17 (d)		1,000,000		1,000,303
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		600,000		600,265
ING Bank NV 1.461%, 04/18/17 (d)		1,400,000		1,400,597
KBC Bank NV 1.150%, 04/18/17		1,000,000		1,000,090
1.150%, 04/27/17		2,000,000		1,998,820
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (d)		1,000,000		1,000,122
Mizuho Bank, Ltd., New York 1.591%, 04/11/17 (d)		600,000		600,046
1.643%, 04/18/17 (d)		1,500,000		1,500,217
Certificates of Deposit—(Continued)
National Australia Bank London 1.199%, 05/02/17 (d)		1,500,000		1,500,526
1.338%, 11/09/17 (d)		1,000,000		998,370
Natixis New York 1.241%, 08/03/17 (d)		1,100,000		1,100,708
Norinchukin Bank New York 1.346%, 08/21/17 (d)		1,000,000		1,000,313
1.451%, 07/12/17 (d)		2,500,000		2,502,212
Rabobank London 1.422%, 10/13/17 (d)		500,000		501,223
Royal Bank of Canada New York 1.340%, 04/04/17 (d)		1,250,000		1,249,969
1.422%, 10/13/17 (d)		500,000		500,894
Sumitomo Bank New York 1.410%, 05/05/17 (d)		500,000		500,097
Sumitomo Mitsui Banking Corp., New York 1.534%, 04/07/17 (d)		1,000,000		1,000,058
1.591%, 04/12/17 (d)		500,000		500,100
Sumitomo Mitsui Trust Bank, Ltd., New York 1.359%, 06/02/17 (d)		3,700,000		3,702,398
1.558%, 04/10/17 (d)		1,000,000		1,000,126
Svenska Handelsbanken New York 1.508%, 05/18/17 (d)		1,250,000		1,250,646
UBS, Stamford 1.301%, 05/12/17 (d)		800,000		800,197
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		700,000		701,144
1.452%, 04/26/17 (d)		800,000		800,213
				40,958,161
Commercial Paper—1.2%
Barton Capital S.A. 1.110%, 04/21/17		1,495,745		1,498,999
Commonwealth Bank Australia 1.389%, 10/23/17 (d)		1,500,000		1,501,833
DCAT LLC 1.200%, 04/11/17		399,573		399,890
Den Norske ASA 1.432%, 04/27/17 (d)		600,000		600,130
HSBC plc 1.442%, 04/25/17 (d)		1,600,000		1,600,288
LMA S.A. & LMA Americas 1.120%, 04/13/17		1,495,800		1,499,466
Macquarie Bank, Ltd. 1.120%, 04/20/17		997,200		999,351
Ridgefield Funding Co. LLC 1.300%, 06/12/17		2,238,706		2,244,688
Sheffield Receivables Co. 1.170%, 04/04/17		997,108		999,927
Starbird Funding Corp. 1.441%, 06/13/17 (d)		1,500,000		1,500,529
Versailles Commercial Paper LLC 1.120%, 04/24/17		1,994,400		1,998,774

BHFTI-280

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Westpac Banking Corp. 1.380%, 10/20/17 (d)		1,000,000	$	1,001,812
				15,845,687
Repurchase Agreements—1.6%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $2,058,342 on 04/03/17, collateralized by $2,960,437 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $2,099,375.		2,058,210		2,058,210
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $1,900,139 on 04/03/17, collateralized by $1,944,626 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $1,938,000.		1,900,000		1,900,000
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $2,214,186 on 07/03/17, collateralized by various Common Stock with a value of $2,420,000.		2,200,000		2,200,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $94,172 on 04/03/17, collateralized by $95,274 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $96,050.		94,165		94,165
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $2,001,300 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $754,320 on 06/02/17, collateralized by various Common Stock with a value of $825,000.		750,000		750,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $1,211,750 on 07/03/17, collateralized by various Common Stock with a value of $1,320,000.		1,200,000		1,200,000
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $4,000,327 on 04/03/17, collateralized by $4,682,606 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000%, maturity dates ranging from 06/30/18 - 01/16/58, with a value of $4,080,333.		4,000,000		4,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $6,000,465 on 04/03/17, collateralized by $17,960,847 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $6,120,000.		6,000,000		6,000,000
				22,202,375
Time Deposits—0.4%
Nordea Bank New York 0.810%, 04/03/17		2,000,000		2,000,000
OP Corporate Bank plc 1.180%, 04/24/17		2,250,000		2,250,000
1.200%, 04/10/17		750,000		750,000
Shinkin Central Bank 1.440%, 04/26/17		900,000		900,000
1.440%, 04/27/17		200,000		200,000
				6,100,000
Total Securities Lending Reinvestments (Cost $85,086,773)				85,106,223
Total Investments—105.9% (Cost $1,094,152,840) (e)				1,452,881,607
Other assets and liabilities (net)—(5.9)%				(81,369,819	)
Net Assets—100.0%			$	1,371,511,788

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $82,352,691 and the collateral received consisted of cash in the amount of $85,061,450. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $1,094,152,840. The aggregate unrealized appreciation and depreciation of investments were $381,662,211 and $(22,933,444), respectively, resulting in net unrealized appreciation of $358,728,767.

BHFTI-281

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Ten Largest Industries as of March 31, 2017 (Unaudited)	% of Net Assets
Internet Software & Services		8.3
Software		7.4
Capital Markets		7.3
Banks		6.7
Biotechnology		6.6
Electronic Equipment, Instruments & Components		6.5
Insurance		6.1
Textiles, Apparel & Luxury Goods		5.2
Health Care Providers & Services		4.7
Specialty Retail		3.6

BHFTI-282

Brighthouse Funds Trust I

Oppenheimer Global Equity Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
China	$	20,122,228	$	—		$	—	$	20,122,228
Denmark		—		5,651,214			—		5,651,214
France		—		80,989,543			—		80,989,543
Germany		—		101,259,922			—		101,259,922
India		18,088,896		34,633,669			—		52,722,565
Ireland		—		8,055,885			—		8,055,885
Italy		—		15,566,956			—		15,566,956
Japan		—		195,414,352			—		195,414,352
Netherlands		—		40,164,652			—		40,164,652
Spain		—		45,163,637			—		45,163,637
Sweden		—		19,565,655			—		19,565,655
Switzerland		—		43,718,653			—		43,718,653
United Kingdom		10,006,164		69,032,740			—		79,038,904
United States		629,234,602		—			—		629,234,602
Total Common Stocks		677,451,890		659,216,878			—		1,336,668,768
Total Preferred Stock*		—		25,169,320			—		25,169,320
Total Short-Term Investment*		—		5,937,296			—		5,937,296
Total Securities Lending Reinvestments*		—		85,106,223			—		85,106,223
Total Investments	$	677,451,890	$	775,429,717		$	—	$	1,452,881,607
Collateral for Securities Loaned (Liability)	$	—	$	(85,061,450	)	$	—	$	(85,061,450	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-283

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Foreign Government—21.3% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Sovereign—21.3%
Deutsche Bundesrepublik Inflation Linked Bond 0.100%, 04/15/23 (EUR) (a)		8,789,827	$	10,191,677
France Government Bond OAT 0.250%, 07/25/24 (EUR) (a)		11,097,508		12,703,053
Italy Buoni Poliennali Del Tesoro 2.350%, 09/15/24 (144A) (EUR) (a)		6,415,928		7,581,692
United Kingdom Gilt Inflation Linked Bond 0.625%, 03/22/40 (GBP) (a)		11,405,892		23,869,477
Total Foreign Government (Cost $55,102,316)				54,345,899
Mutual Fund—14.0%
Investment Company Security—14.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF (Cost $36,024,645)		302,597		35,679,212
Common Stocks—12.0%
Aerospace & Defense—0.1%
Arconic, Inc.		932		24,549
Boeing Co. (The)		139		24,583
CAE, Inc.		2,768		42,295
Elbit Systems, Ltd.		530		60,608
General Dynamics Corp.		111		20,779
L3 Technologies, Inc.		128		21,157
Leonardo S.p.A. (b)		1,580		22,401
Lockheed Martin Corp.		59		15,788
Northrop Grumman Corp.		68		16,173
Raytheon Co.		120		18,300
Rockwell Collins, Inc.		187		18,169
Safran S.A.		295		22,040
Thales S.A.		229		22,149
TransDigm Group, Inc.		35		7,706
United Technologies Corp.		195		21,881
				358,578
Air Freight & Logistics—0.0%
C.H. Robinson Worldwide, Inc.		211		16,308
Deutsche Post AG		876		29,991
Expeditors International of Washington, Inc.		329		18,585
FedEx Corp.		118		23,028
Yamato Holdings Co., Ltd.		800		16,794
				104,706
Airlines—0.1%
Alaska Air Group, Inc.		237		21,856
American Airlines Group, Inc.		458		19,373
Cathay Pacific Airways, Ltd.		28,000		40,649
Delta Air Lines, Inc.		345		15,856
Airlines—(Continued)
International Consolidated Airlines Group S.A. - Class DI		2,843		18,806
Ryanair Holdings plc (ADR) (b)		645		53,522
Singapore Airlines, Ltd.		4,000		28,795
Southwest Airlines Co.		394		21,182
United Continental Holdings, Inc. (b)		325		22,958
				242,997
Auto Components—0.1%
Delphi Automotive plc		266		21,410
Linamar Corp.		505		22,971
Magna International, Inc.		703		30,338
Nokian Renkaat Oyj		1,177		49,146
				123,865
Automobiles—0.0%
Daimler AG		344		25,405
Ferrari NV		650		48,366
Fiat Chrysler Automobiles NV (b)		2,298		24,991
Ford Motor Co.		1,273		14,818
				113,580
Banks—0.3%
ABN AMRO Group NV		1,069		25,931
Banco Bilbao Vizcaya Argentaria S.A.		3,372		26,152
Bank Hapoalim B.M.		6,281		38,263
Bank Leumi Le-Israel B.M. (b)		8,506		37,549
Bank of Ireland (b)		120,655		30,231
Bank of Montreal		331		24,723
Bank of Nova Scotia (The)		409		23,928
Bankinter S.A.		3,025		25,402
Canadian Imperial Bank of Commerce		295		25,437
Citigroup, Inc.		272		16,271
Citizens Financial Group, Inc.		469		16,204
Comerica, Inc.		360		24,689
Danske Bank A/S		1,272		43,383
DNB ASA		2,129		33,752
Erste Group Bank AG		782		25,468
Fifth Third Bancorp		891		22,631
Fukuoka Financial Group, Inc.		5,000		21,713
ING Groep NV		1,800		27,195
Intesa Sanpaolo S.p.A. - Risparmio Shares		10,612		26,989
Japan Post Bank Co., Ltd.		1,800		22,375
KBC Groep NV		400		26,540
KeyCorp		1,314		23,363
Mizrahi Tefahot Bank, Ltd.		2,557		43,346
Mizuho Financial Group, Inc.		11,700		21,500
People’s United Financial, Inc.		1,168		21,258
Raiffeisen Bank International AG (b)		1,007		22,880
Royal Bank of Canada		347		25,282
Sumitomo Mitsui Financial Group, Inc.		500		18,230
SunTrust Banks, Inc.		327		18,083
Suruga Bank, Ltd.		900		19,001

BHFTI-284

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
Toronto-Dominion Bank (The)		500	$	25,044
U.S. Bancorp		414		21,321
Zions Bancorp		549		23,058
				847,192
Beverages—0.3%
Anheuser-Busch InBev S.A.		432		47,459
Asahi Group Holdings, Ltd.		900		34,065
Brown-Forman Corp. - Class B		614		28,355
Carlsberg A/S - Class B		610		56,285
Coca-Cola Amatil, Ltd.		5,567		45,996
Coca-Cola Co. (The)		653		27,713
Coca-Cola European Partners plc		856		32,010
Constellation Brands, Inc. - Class A		167		27,066
Diageo plc		882		25,265
Dr Pepper Snapple Group, Inc.		314		30,747
Heineken Holding NV		402		31,968
Heineken NV		359		30,551
Kirin Holdings Co., Ltd.		1,900		35,898
Molson Coors Brewing Co. - Class B		297		28,426
Monster Beverage Corp. (b)		561		25,901
PepsiCo, Inc.		327		36,578
Pernod-Ricard S.A.		257		30,418
Remy Cointreau S.A.		348		34,073
Suntory Beverage & Food, Ltd.		600		25,308
Treasury Wine Estates, Ltd.		3,976		37,086
				671,168
Biotechnology—0.1%
AbbVie, Inc.		342		22,285
Alexion Pharmaceuticals, Inc. (b)		119		14,427
Amgen, Inc.		125		20,509
Biogen, Inc. (b)		61		16,678
Celgene Corp. (b)		176		21,900
CSL, Ltd.		550		52,518
Genmab A/S (b)		177		34,116
Grifols S.A.		3,847		94,359
Regeneron Pharmaceuticals, Inc. (b)		41		15,888
Shire plc		597		34,736
				327,416
Building Products—0.0%
Allegion plc		226		17,108
Johnson Controls International plc		466		19,628
				36,736
Capital Markets—0.1%
Affiliated Managers Group, Inc.		99		16,230
Ameriprise Financial, Inc.		164		21,268
Bank of New York Mellon Corp. (The)		387		18,278
BlackRock, Inc.		37		14,190
Charles Schwab Corp. (The)		421		17,181
Daiwa Securities Group, Inc.		3,000		18,329
Deutsche Boerse AG (b)		304		27,861
Goldman Sachs Group, Inc. (The)		108		24,810
Capital Markets—(Continued)
Legg Mason, Inc.		439		15,852
Moody’s Corp.		137		15,349
Nasdaq, Inc.		203		14,098
S&P Global, Inc.		126		16,473
State Street Corp.		267		21,256
T. Rowe Price Group, Inc.		207		14,107
UBS Group AG		1,106		17,702
				272,984
Chemicals—0.6%
Agrium, Inc.		331		31,590
Air Liquide S.A.		438		50,047
Air Products & Chemicals, Inc.		227		30,711
Air Water, Inc.		1,400		25,910
Akzo Nobel NV		674		55,860
Albemarle Corp.		133		14,050
Arkema S.A.		326		32,196
CF Industries Holdings, Inc.		937		27,501
Chr Hansen Holding A/S		1,268		81,335
Croda International plc		618		27,618
Dow Chemical Co. (The)		482		30,626
E.I. du Pont de Nemours & Co.		363		29,160
Eastman Chemical Co.		300		24,240
Ecolab, Inc.		246		30,834
EMS-Chemie Holding AG		59		34,378
FMC Corp.		540		37,579
Frutarom Industries, Ltd.		1,021		56,973
Givaudan S.A.		20		36,023
International Flavors & Fragrances, Inc.		242		32,072
Israel Chemicals, Ltd.		10,392		44,149
Johnson Matthey plc		683		26,383
JSR Corp.		1,400		23,664
K&S AG		1,183		27,500
Kaneka Corp.		3,000		22,424
Koninklijke DSM NV		655		44,293
Kuraray Co., Ltd.		1,800		27,374
LyondellBasell Industries NV - Class A		338		30,822
Mitsubishi Gas Chemical Co., Inc.		1,200		24,982
Monsanto Co.		303		34,300
Mosaic Co. (The)		1,126		32,857
Novozymes A/S - B Shares		1,581		62,666
PPG Industries, Inc.		292		30,683
Praxair, Inc.		237		28,108
Sherwin-Williams Co. (The)		109		33,811
Shin-Etsu Chemical Co., Ltd.		300		26,090
Sika AG		6		36,007
Solvay S.A.		361		44,117
Sumitomo Chemical Co., Ltd.		4,000		22,437
Symrise AG		638		42,430
Syngenta AG		68		30,015
Teijin, Ltd.		1,000		18,902
Toray Industries, Inc.		3,000		26,648
Umicore S.A.		878		50,018
Yara International ASA		934		35,968
				1,515,351

BHFTI-285

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—0.1%
Brambles, Ltd.		3,912	$	27,900
Cintas Corp.		159		20,120
ISS A/S		666		25,144
Pitney Bowes, Inc.		910		11,930
Republic Services, Inc.		355		22,298
Stericycle, Inc. (b)		188		15,583
Waste Management, Inc.		259		18,886
				141,861
Communications Equipment—0.1%
Cisco Systems, Inc.		645		21,801
Harris Corp.		218		24,257
Juniper Networks, Inc.		644		17,922
Motorola Solutions, Inc.		248		21,383
Nokia Oyj		14,804		79,879
Telefonaktiebolaget LM Ericsson - B Shares		12,906		86,220
				251,462
Construction & Engineering—0.0%
Boskalis Westminster		622		21,450
Jacobs Engineering Group, Inc.		309		17,081
SNC-Lavalin Group, Inc.		718		28,173
				66,704
Construction Materials—0.1%
CRH plc		1,530		53,932
Fletcher Building, Ltd.		7,622		44,292
HeidelbergCement AG		313		29,304
Martin Marietta Materials, Inc.		154		33,610
Vulcan Materials Co.		252		30,361
				191,499
Consumer Finance—0.0%
Navient Corp.		1,182		17,447
Synchrony Financial		391		13,411
				30,858
Containers & Packaging—0.1%
Amcor, Ltd.		2,279		26,204
Avery Dennison Corp.		416		33,530
Ball Corp.		408		30,298
International Paper Co.		766		38,897
Owens-Illinois, Inc. (b)		1,526		31,100
Sealed Air Corp.		645		28,109
WestRock Co.		609		31,686
				219,824
Distributors—0.0%
Genuine Parts Co.		188		17,373
Jardine Cycle & Carriage, Ltd.		1,400		43,898
LKQ Corp. (b)		474		13,874
				75,145
Diversified Consumer Services—0.0%
Benesse Holdings, Inc.		800		25,089
H&R Block, Inc.		619		14,392
				39,481
Diversified Financial Services—0.1%
Berkshire Hathaway, Inc. - Class B (b)		118		19,668
Industrivarden AB - C Shares		1,594		34,556
Investor AB - B Shares		756		31,852
Leucadia National Corp.		963		25,038
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,100		20,501
Wendel S.A.		214		27,113
				158,728
Diversified Telecommunication Services—1.1%
AT&T, Inc.		6,239		259,230
BCE, Inc.		1,778		78,722
Bezeq The Israeli Telecommunication Corp., Ltd.		51,085		91,764
BT Group plc		15,520		61,880
CenturyLink, Inc.		8,385		197,634
Deutsche Telekom AG		3,693		64,709
Elisa Oyj		1,913		67,699
Frontier Communications Corp.		41,414		88,626
HKT Trust & HKT, Ltd.		75,000		97,089
Iliad S.A.		253		56,620
Inmarsat plc		7,728		82,411
Koninklijke KPN NV		25,129		75,658
Level 3 Communications, Inc. (b)		2,766		158,271
Nippon Telegraph & Telephone Corp.		1,800		76,888
Orange S.A.		3,560		55,398
PCCW, Ltd.		157,000		92,610
Proximus		3,105		97,435
SFR Group S.A. (b)		1,361		42,820
Singapore Telecommunications, Ltd.		23,200		65,044
Spark New Zealand, Ltd.		27,685		67,703
Swisscom AG		193		89,045
TDC A/S		12,434		64,052
Telecom Italia S.p.A. (b)		48,002		43,169
Telecom Italia S.p.A. - Risparmio Shares		59,282		43,309
Telefonica Deutschland Holding AG		14,420		71,556
Telefonica S.A.		5,840		65,520
Telenor ASA		4,069		67,735
Telia Co. AB		11,233		47,154
Telstra Corp., Ltd.		16,356		58,214
TELUS Corp.		1,830		59,406
TPG Telecom, Ltd.		8,682		46,193
Verizon Communications, Inc.		4,414		215,183
Vocus Group, Ltd.		13,003		42,859
				2,791,606
Electric Utilities—0.7%
Alliant Energy Corp.		1,160		45,948
American Electric Power Co., Inc.		626		42,023
AusNet Services		35,475		45,610
Cheung Kong Infrastructure Holdings, Ltd.		10,000		78,479
Chubu Electric Power Co., Inc.		2,300		30,907

BHFTI-286

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—(Continued)
Chugoku Electric Power Co., Inc. (The)		2,900	$	32,139
CLP Holdings, Ltd.		7,500		78,460
Contact Energy, Ltd.		13,987		49,560
DONG Energy A/S		2,128		82,004
Duke Energy Corp.		524		42,973
Edison International		566		45,059
EDP - Energias de Portugal S.A.		19,813		67,157
Electricite de France S.A.		3,815		32,008
Emera, Inc.		1,377		48,646
Endesa S.A.		1,873		44,018
Enel S.p.A.		11,684		55,019
Entergy Corp.		600		45,576
Eversource Energy		808		47,494
Exelon Corp.		1,327		47,746
FirstEnergy Corp.		1,409		44,834
Fortis, Inc.		1,364		45,202
Fortum Oyj		3,905		61,815
HK Electric Investments & HK Electric Investments, Ltd.		67,500		62,273
Hokuriku Electric Power Co.		3,200		31,170
Hydro One, Ltd. (144A)		2,467		44,986
Iberdrola S.A.		4,609		32,968
Kansai Electric Power Co., Inc. (The)		3,200		39,359
Kyushu Electric Power Co., Inc.		2,800		29,932
Mercury NZ, Ltd.		18,453		40,756
NextEra Energy, Inc.		341		43,774
PG&E Corp.		679		45,059
Pinnacle West Capital Corp.		554		46,193
Power Assets Holdings, Ltd.		7,500		64,691
PPL Corp.		1,139		42,587
Red Electrica Corp. S.A.		1,648		31,602
Southern Co. (The)		794		39,525
SSE plc		2,634		48,718
Terna Rete Elettrica Nazionale S.p.A.		11,385		56,477
Tohoku Electric Power Co., Inc.		2,300		31,202
Tokyo Electric Power Co. Holdings, Inc. (b)		5,800		22,759
Xcel Energy, Inc.		1,038		46,139
				1,912,847
Electrical Equipment—0.0%
ABB, Ltd.		1,108		25,914
Eaton Corp. plc		307		22,764
Emerson Electric Co.		400		23,944
Prysmian S.p.A.		1,058		27,968
Rockwell Automation, Inc.		138		21,488
				122,078
Electronic Equipment, Instruments & Components—0.1%
Corning, Inc.		849		22,923
FLIR Systems, Inc.		560		20,317
Hamamatsu Photonics KK		900		25,956
Hexagon AB - B Shares		1,675		67,295
Hirose Electric Co., Ltd.		200		27,742
Ingenico Group S.A.		566		53,360
Keyence Corp.		100		40,112
TE Connectivity, Ltd.		319		23,781
				281,486
Energy Equipment & Services—0.1%
Baker Hughes, Inc.		474		28,355
Diamond Offshore Drilling, Inc. (b)		769		12,850
Halliburton Co.		527		25,934
Helmerich & Payne, Inc.		362		24,098
National Oilwell Varco, Inc.		744		29,827
Petrofac, Ltd.		3,726		42,949
Saipem S.p.A. (b)		70,219		31,874
Schlumberger, Ltd.		309		24,133
TechnipFMC plc (b)		855		27,787
Tenaris S.A.		2,453		41,952
Transocean, Ltd. (b)		1,837		22,871
				312,630
Equity Real Estate Investment Trusts—0.2%
American Tower Corp.		120		14,585
Apartment Investment & Management Co. - Class A		320		14,192
AvalonBay Communities, Inc.		75		13,770
CapitaLand Mall Trust		16,900		23,814
Crown Castle International Corp.		132		12,467
Digital Realty Trust, Inc.		138		14,682
Equinix, Inc.		36		14,413
Essex Property Trust, Inc.		68		15,744
Extra Space Storage, Inc.		152		11,307
Federal Realty Investment Trust		66		8,811
Fonciere Des Regions		332		27,703
Gecina S.A.		213		28,905
GPT Group (The)		7,625		30,029
H&R Real Estate Investment Trust		1,522		26,403
HCP, Inc.		519		16,234
Host Hotels & Resorts, Inc.		908		16,943
Iron Mountain, Inc.		357		12,734
Kimco Realty Corp.		512		11,310
Macerich Co. (The)		190		12,236
Public Storage		65		14,229
Realty Income Corp.		243		14,466
Scentre Group		5,107		16,734
SL Green Realty Corp.		167		17,806
Suntec Real Estate Investment Trust		23,500		30,112
UDR, Inc.		471		17,079
Ventas, Inc.		235		15,285
Vicinity Centres		10,867		23,490
Vornado Realty Trust		75		7,523
Welltower, Inc.		226		16,005
				499,011
Food & Staples Retailing—0.4%
Aeon Co., Ltd.		1,800		26,313
Alimentation Couche Tard, Inc. - Class B		972		43,913
Carrefour S.A.		1,156		27,274
Colruyt S.A.		1,368		67,161
Costco Wholesale Corp.		213		35,718
CVS Health Corp.		310		24,335
Distribuidora Internacional de Alimentacion S.A.		10,019		57,941
Empire Co., Ltd.		3,656		55,863
FamilyMart UNY Holdings Co., Ltd.		400		23,852

BHFTI-287

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Food & Staples Retailing—(Continued)
George Weston, Ltd.		441	$	38,477
ICA Gruppen AB		1,306		44,588
J Sainsbury plc		7,199		23,840
Jean Coutu Group PJC, Inc. (The) - Class A		2,399		37,757
Jeronimo Martins SGPS S.A.		2,761		49,426
Koninklijke Ahold Delhaize NV		1,317		28,187
Kroger Co. (The)		859		25,332
Loblaw Cos., Ltd.		712		38,634
Metro AG		910		29,105
Metro, Inc.		1,203		36,953
Sysco Corp.		505		26,220
Tesco plc (b)		8,638		20,092
Wal-Mart Stores, Inc.		455		32,796
Walgreens Boots Alliance, Inc.		395		32,805
Wesfarmers, Ltd.		1,351		46,447
Whole Foods Market, Inc.		983		29,215
WM Morrison Supermarkets plc		7,958		23,930
Woolworths, Ltd.		2,362		47,772
				973,946
Food Products—0.5%
Ajinomoto Co., Inc.		1,300		25,689
Archer-Daniels-Midland Co.		776		35,727
Aryzta AG (b)		1,039		33,350
Associated British Foods plc		716		23,395
Barry Callebaut AG (b)		22		28,757
Campbell Soup Co.		465		26,617
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		9		51,037
Conagra Brands, Inc.		632		25,495
Danone S.A.		490		33,344
General Mills, Inc.		523		30,862
Golden Agri-Resources, Ltd.		224,600		61,762
Hershey Co. (The)		333		36,380
Hormel Foods Corp.		875		30,301
J.M. Smucker Co. (The)		241		31,590
Kellogg Co.		424		30,787
Kerry Group plc - Class A		1,071		84,318
Kraft Heinz Co. (The)		384		34,871
Lamb Weston Holdings, Inc.		210		8,833
Marine Harvest ASA (b)		2,581		39,320
McCormick & Co., Inc.		290		28,289
Mead Johnson Nutrition Co.		425		37,859
Mondelez International, Inc. - Class A		663		28,562
Nestle S.A.		374		28,691
NH Foods, Ltd.		1,000		26,860
Nisshin Seifun Group, Inc.		1,800		26,939
Nissin Foods Holdings Co., Ltd.		500		27,705
Orkla ASA		4,184		37,453
Saputo, Inc.		971		33,507
Tate & Lyle plc		3,028		29,005
Toyo Suisan Kaisha, Ltd.		900		33,570
Tyson Foods, Inc. - Class A		383		23,635
WH Group, Ltd.		94,500		81,450
Wilmar International, Ltd.		18,700		47,151
				1,163,111
Gas Utilities—0.1%
APA Group		6,216		42,536
Gas Natural SDG S.A.		1,368		29,933
Hong Kong & China Gas Co., Ltd.		33,000		65,981
Osaka Gas Co., Ltd.		13,000		49,468
Toho Gas Co., Ltd.		5,000		35,441
Tokyo Gas Co., Ltd.		11,000		50,132
				273,491
Health Care Equipment & Supplies—0.3%
Abbott Laboratories		609		27,046
Baxter International, Inc.		411		21,314
Becton Dickinson & Co.		87		15,959
Boston Scientific Corp. (b)		835		20,766
C.R. Bard, Inc.		79		19,635
Cochlear, Ltd.		450		46,468
Coloplast A/S - Class B		670		52,325
DENTSPLY SIRONA, Inc.		281		17,546
Edwards Lifesciences Corp. (b)		178		16,744
Essilor International S.A.		607		73,719
Getinge AB - B Shares		4,937		86,665
Hologic, Inc. (b)		552		23,488
Intuitive Surgical, Inc. (b)		28		21,461
Medtronic plc		241		19,415
Smith & Nephew plc		3,434		52,328
Sonova Holding AG		316		43,846
Stryker Corp.		152		20,011
Terumo Corp.		800		27,832
Varian Medical Systems, Inc. (b)		229		20,869
William Demant Holding A/S (b)		2,906		60,728
Zimmer Biomet Holdings, Inc.		155		18,927
				707,092
Health Care Providers & Services—0.3%
Aetna, Inc.		180		22,959
AmerisourceBergen Corp.		256		22,656
Anthem, Inc.		170		28,115
Cardinal Health, Inc.		190		15,494
Centene Corp. (b)		299		21,307
Cigna Corp.		138		20,216
DaVita, Inc. (b)		248		16,857
Express Scripts Holding Co. (b)		249		16,412
Fresenius Medical Care AG & Co. KGaA		733		61,814
Fresenius SE & Co. KGaA		626		50,280
HCA Holdings, Inc. (b)		219		19,489
Healthscope, Ltd.		23,317		40,405
Henry Schein, Inc. (b)		98		16,657
Humana, Inc.		101		20,820
Laboratory Corp. of America Holdings (b)		149		21,377
McKesson Corp.		99		14,678
Mediclinic International plc		3,624		32,308
Medipal Holdings Corp.		1,700		26,712
Miraca Holdings, Inc.		600		27,653
Patterson Cos., Inc.		400		18,092
Quest Diagnostics, Inc.		252		24,744
Ramsay Health Care, Ltd.		848		45,261
Ryman Healthcare, Ltd.		14,146		83,000

BHFTI-288

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
Sonic Healthcare, Ltd.		3,593	$	60,687
Suzuken Co., Ltd.		800		26,305
UnitedHealth Group, Inc.		129		21,157
Universal Health Services, Inc. - Class B		172		21,405
				796,860
Health Care Technology—0.0%
Cerner Corp. (b)		370		21,775
Hotels, Restaurants & Leisure—0.3%
Aristocrat Leisure, Ltd.		2,143		29,405
Carnival Corp.		371		21,856
Carnival plc		307		17,573
Chipotle Mexican Grill, Inc. (b)		43		19,157
Compass Group plc		1,409		26,548
Darden Restaurants, Inc.		235		19,662
Domino’s Pizza Enterprises, Ltd.		433		19,205
Flight Centre Travel Group, Ltd.		996		21,921
Genting Singapore plc		70,500		51,407
Marriott International, Inc. - Class A		182		17,141
McDonald’s Corp.		148		19,182
McDonald’s Holdings Co. Japan, Ltd.		1,000		29,216
Oriental Land Co., Ltd.		400		22,962
Paddy Power Betfair plc		729		78,278
Restaurant Brands International, Inc.		528		29,413
Shangri-La Asia, Ltd.		28,000		40,814
SJM Holdings, Ltd.		26,000		21,170
Sodexo S.A.		226		26,583
Starbucks Corp.		298		17,400
Tabcorp Holdings, Ltd.		8,012		29,040
Tatts Group, Ltd.		10,383		35,125
Wyndham Worldwide Corp.		256		21,578
Yum China Holdings, Inc. (b)		200		5,440
Yum! Brands, Inc.		245		15,655
				635,731
Household Durables—0.1%
D.R. Horton, Inc.		484		16,122
Electrolux AB - Series B		1,406		39,098
Husqvarna AB - B Shares		4,333		38,061
Leggett & Platt, Inc.		379		19,071
Lennar Corp. - Class A		371		18,992
Newell Brands, Inc.		372		17,547
Techtronic Industries Co., Ltd.		8,500		34,370
				183,261
Household Products—0.1%
Church & Dwight Co., Inc.		620		30,919
Clorox Co. (The)		240		32,359
Colgate-Palmolive Co.		527		38,571
Henkel AG & Co. KGaA		377		41,888
Kimberly-Clark Corp.		248		32,644
Procter & Gamble Co. (The)		419		37,647
Reckitt Benckiser Group plc		343		31,261
Household Products—(Continued)
Svenska Cellulosa AB SCA - Class B		1,332		42,993
				288,282
Independent Power and Renewable Electricity Producers—0.1%
AES Corp.		4,543		50,791
Electric Power Development Co., Ltd.		1,600		37,497
Meridian Energy, Ltd.		22,225		43,580
NRG Energy, Inc.		3,473		64,945
				196,813
Industrial Conglomerates—0.1%
3M Co.		128		24,490
CK Hutchison Holdings, Ltd.		3,500		43,051
General Electric Co.		709		21,128
Jardine Matheson Holdings, Ltd.		800		51,402
Keihan Holdings Co., Ltd.		4,000		24,511
Keppel Corp., Ltd.		7,100		35,262
NWS Holdings, Ltd.		16,000		29,188
Roper Technologies, Inc.		117		24,159
Smiths Group plc		1,278		25,950
				279,141
Insurance—0.3%
Admiral Group plc		962		23,974
Aflac, Inc.		234		16,946
Ageas		802		31,350
Allianz SE		173		32,046
American International Group, Inc.		208		12,986
Aon plc		133		15,786
Assurant, Inc.		141		13,490
Baloise Holding AG		217		29,875
Chubb, Ltd.		86		11,718
Cincinnati Financial Corp.		160		11,563
CNP Assurances		845		17,200
Dai-ichi Life Holdings, Inc.		1,200		21,633
Gjensidige Forsikring ASA		2,264		34,493
Hannover Rueck SE		244		28,137
Hartford Financial Services Group, Inc. (The)		261		12,546
Japan Post Holdings Co., Ltd.		1,800		22,630
Loews Corp.		371		17,352
Mapfre S.A.		7,302		25,046
Marsh & McLennan Cos., Inc.		219		16,182
MS&AD Insurance Group Holdings, Inc.		700		22,341
NN Group NV		888		28,882
Principal Financial Group, Inc.		360		22,720
Progressive Corp. (The)		330		12,929
Sampo Oyj - A Shares		1,108		52,609
SCOR SE		844		31,942
Sompo Holdings, Inc.		600		22,062
Sony Financial Holdings, Inc.		1,300		20,978
Swiss Life Holding AG (b)		71		22,911
Swiss Re AG		262		23,529
Tokio Marine Holdings, Inc.		500		21,170
Travelers Cos., Inc. (The)		158		19,045
Tryg A/S		2,429		44,069

BHFTI-289

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
Unum Group		429	$	20,116
XL Group, Ltd.		518		20,648
				780,904
Internet & Direct Marketing Retail—0.0%
Amazon.com, Inc. (b)		18		15,958
Priceline Group, Inc. (The) (b)		11		19,580
TripAdvisor, Inc. (b)		376		16,228
				51,766
Internet Software & Services—0.1%
Alphabet, Inc. - Class A (b)		24		20,347
Auto Trader Group plc		12,863		63,225
eBay, Inc. (b)		778		26,117
United Internet AG		1,470		65,039
VeriSign, Inc. (b)		187		16,290
				191,018
IT Services—0.3%
Accenture plc - Class A		159		19,061
Alliance Data Systems Corp.		85		21,165
Amadeus IT Group S.A.		2,182		110,630
Atos SE		489		60,457
Automatic Data Processing, Inc.		117		11,980
Cap Gemini S.A.		575		53,139
CGI Group, Inc. - Class A (b)		1,295		62,050
Cognizant Technology Solutions Corp. - Class A (b)		253		15,059
Computershare, Ltd.		10,380		111,072
CSRA, Inc.		583		17,076
Fidelity National Information Services, Inc.		255		20,303
Fiserv, Inc. (b)		202		23,293
Global Payments, Inc.		220		17,750
International Business Machines Corp.		136		23,683
MasterCard, Inc. - Class A		199		22,382
Nomura Research Institute, Ltd.		800		29,526
NTT Data Corp.		400		19,021
Otsuka Corp.		500		27,191
Paychex, Inc.		381		22,441
PayPal Holdings, Inc. (b)		441		18,972
Total System Services, Inc.		330		17,642
Visa, Inc. - Class A		273		24,261
Western Union Co. (The)		989		20,126
Worldpay Group plc		20,659		76,465
				844,745
Leisure Products—0.0%
Hasbro, Inc.		185		18,467
Sankyo Co., Ltd.		700		23,460
				41,927
Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.		458		24,215
Eurofins Scientific SE		138		60,058
Illumina, Inc. (b)		113		19,282
Life Sciences Tools & Services—(Continued)
Lonza Group AG (b)		193		36,444
PerkinElmer, Inc.		369		21,424
QIAGEN NV (b)		1,275		37,010
Thermo Fisher Scientific, Inc.		129		19,814
Waters Corp. (b)		131		20,477
				238,724
Machinery—0.2%
Alfa Laval AB		1,206		22,720
Andritz AG		697		34,929
Caterpillar, Inc.		282		26,158
CNH Industrial NV		2,701		26,048
Cummins, Inc.		173		26,158
Dover Corp.		308		24,748
IMI plc		1,666		24,884
Ingersoll-Rand plc		265		21,550
Kone Oyj - Class B		580		25,481
MAN SE		343		35,380
Metso Oyj		803		24,290
Parker-Hannifin Corp.		176		28,216
Pentair plc		316		19,838
Sandvik AB		1,688		25,178
Schindler Holding AG		145		27,495
Schindler Holding AG (Participation Certificate)		131		25,307
SKF AB - B Shares		1,179		23,341
Volvo AB - B Shares		1,913		28,165
Wartsila Oyj Abp		566		30,270
Yangzijiang Shipbuilding Holdings, Ltd.		41,200		33,283
Zardoya Otis S.A.		3,100		28,639
				562,078
Marine—0.0%
AP Moeller - Maersk A/S - Class A		15		24,206
AP Moeller - Maersk A/S - Class B		15		24,818
Kuehne & Nagel International AG		191		27,002
				76,026
Media—0.2%
Altice NV - Class A (b)		1,444		32,650
Altice NV - Class B (b)		1,478		33,412
Axel Springer SE		563		31,105
Comcast Corp. - Class A		620		23,306
Discovery Communications, Inc. - Class A (b)		599		17,425
Discovery Communications, Inc. - Class C (b)		568		16,080
Lagardere SCA		856		25,213
News Corp. - Class B		1,283		17,321
Pearson plc		2,410		20,557
Schibsted ASA - B Shares		1,563		35,771
Schibsted ASA - Class A		1,356		34,937
SES S.A.		1,335		31,076
Shaw Communications, Inc. - Class B		2,047		42,438
Singapore Press Holdings, Ltd.		27,900		70,805
Telenet Group Holding NV (b)		1,334		79,339
Time Warner, Inc.		241		23,548
Twenty-First Century Fox, Inc. - Class A		641		20,762

BHFTI-290

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—(Continued)
Twenty-First Century Fox, Inc. - Class B		605	$	19,227
Walt Disney Co. (The)		178		20,183
				595,155
Metals & Mining—0.2%
Agnico Eagle Mines, Ltd.		436		18,498
Alcoa Corp.		310		10,664
ArcelorMittal (b)		3,491		29,207
BHP Billiton, Ltd.		1,346		24,572
Boliden AB		1,530		45,642
Freeport-McMoRan, Inc. (b)		1,879		25,103
Fresnillo plc		1,051		20,391
Hitachi Metals, Ltd.		1,300		18,291
Maruichi Steel Tube, Ltd.		800		22,799
Newmont Mining Corp.		894		29,466
Norsk Hydro ASA		6,064		35,246
Nucor Corp.		593		35,414
Randgold Resources, Ltd.		277		24,185
Rio Tinto plc		660		26,567
Silver Wheaton Corp.		1,187		24,733
Voestalpine AG		975		38,372
				429,150
Multi-Utilities—0.4%
AGL Energy, Ltd.		3,473		69,968
Ameren Corp.		891		48,640
Atco, Ltd. - Class I		1,185		46,078
Canadian Utilities, Ltd. - Class A		1,529		44,794
CenterPoint Energy, Inc.		1,943		53,568
Centrica plc		15,926		43,302
CMS Energy Corp.		1,029		46,037
Consolidated Edison, Inc.		582		45,198
Dominion Resources, Inc.		546		42,353
DTE Energy Co.		443		45,235
DUET Group		20,923		44,589
E.ON SE		5,599		44,505
Engie S.A.		3,139		44,424
Innogy SE (b)		1,486		56,095
National Grid plc		4,070		51,621
NiSource, Inc.		2,009		47,794
Public Service Enterprise Group, Inc.		1,017		45,104
RWE AG (b)		2,545		42,181
SCANA Corp.		579		37,838
Sempra Energy		423		46,741
Suez		2,751		43,451
Veolia Environnement S.A.		2,395		44,867
WEC Energy Group, Inc.		727		44,078
				1,078,461
Multiline Retail—0.1%
Canadian Tire Corp., Ltd. - Class A		369		43,835
Dollar Tree, Inc. (b)		182		14,280
Dollarama, Inc.		462		38,288
Harvey Norman Holdings, Ltd.		6,955		23,964
Macy’s, Inc.		446		13,219
Multiline Retail—(Continued)
Marks & Spencer Group plc		4,126		17,397
Nordstrom, Inc.		496		23,099
Target Corp.		251		13,853
				187,935
Oil, Gas & Consumable Fuels—0.9%
Anadarko Petroleum Corp.		413		25,606
Apache Corp.		359		18,449
BP plc		8,452		48,536
Cabot Oil & Gas Corp.		763		18,243
Caltex Australia, Ltd.		2,624		59,027
Canadian Natural Resources, Ltd.		611		20,004
Chesapeake Energy Corp. (b)		3,166		18,806
Chevron Corp.		223		23,944
Cimarex Energy Co.		174		20,791
Concho Resources, Inc. (b)		195		25,026
ConocoPhillips		517		25,783
Devon Energy Corp.		320		13,350
Enagas S.A.		1,001		25,977
Enbridge, Inc.		766		32,049
Eni S.p.A.		2,945		48,268
EOG Resources, Inc.		272		26,534
EQT Corp.		318		19,430
Exxon Mobil Corp.		297		24,357
Galp Energia SGPS S.A.		4,644		70,537
Hess Corp.		375		18,079
Idemitsu Kosan Co., Ltd.		1,900		66,232
Imperial Oil, Ltd.		696		21,207
Inpex Corp.		5,400		53,272
Inter Pipeline, Ltd.		827		17,431
JX Holdings, Inc.		13,700		67,542
Kinder Morgan, Inc.		620		13,479
Koninklijke Vopak NV		2,588		112,963
Lundin Petroleum AB (b)		3,396		68,967
Marathon Oil Corp.		975		15,405
Marathon Petroleum Corp.		616		31,133
Murphy Oil Corp.		647		18,498
Neste Oyj		3,104		121,057
Newfield Exploration Co. (b)		486		17,938
Noble Energy, Inc.		589		20,226
Occidental Petroleum Corp.		335		21,226
Oil Search, Ltd.		7,489		41,132
OMV AG		2,031		79,921
ONEOK, Inc.		538		29,827
Origin Energy, Ltd.		7,013		37,653
Phillips 66		289		22,895
Pioneer Natural Resources Co.		134		24,955
Range Resources Corp.		412		11,989
Repsol S.A.		4,799		74,105
Royal Dutch Shell plc - A Shares		1,973		51,894
Royal Dutch Shell plc - B Shares		1,809		49,702
Santos, Ltd. (b)		9,160		26,456
Showa Shell Sekiyu KK		5,900		59,861
Snam S.p.A.		14,773		63,891
Southwestern Energy Co. (b)		725		5,923
Statoil ASA		3,480		59,814

BHFTI-291

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
Tesoro Corp.		271	$	21,967
TonenGeneral Sekiyu KK (b)		6,000		75,133
Total S.A.		1,994		100,735
TransCanada Corp.		425		19,613
Valero Energy Corp.		424		28,107
Williams Cos., Inc. (The)		575		17,014
Woodside Petroleum, Ltd.		1,956		47,799
				2,199,758
Paper & Forest Products—0.0%
Mondi plc		1,233		29,815
Stora Enso Oyj - R Shares		2,814		33,318
UPM-Kymmene Oyj		1,287		30,286
				93,419
Personal Products—0.1%
Beiersdorf AG		469		44,399
Coty, Inc. - Class A		890		16,136
Estee Lauder Cos., Inc. (The) - Class A		291		24,674
L’Oreal S.A.		187		35,940
Unilever NV		612		30,404
Unilever plc		621		30,651
				182,204
Pharmaceuticals—0.5%
Actelion, Ltd. (b)		149		41,979
AstraZeneca plc		812		49,905
Bayer AG		395		45,531
Bristol-Myers Squibb Co.		248		13,486
Daiichi Sankyo Co., Ltd.		1,400		31,584
Eli Lilly & Co.		277		23,298
Galenica AG		37		39,049
GlaxoSmithKline plc		2,714		56,456
Hikma Pharmaceuticals plc		1,485		36,829
Johnson & Johnson		156		19,430
Kyowa Hakko Kirin Co., Ltd.		1,600		25,390
Mallinckrodt plc (b)		257		11,455
Merck & Co., Inc.		389		24,717
Merck KGaA		416		47,379
Mitsubishi Tanabe Pharma Corp.		1,600		33,362
Novartis AG		575		42,689
Novo Nordisk A/S - Class B		1,150		39,536
Orion Oyj - Class B		2,128		110,945
Otsuka Holdings Co., Ltd.		600		27,119
Perrigo Co. plc		177		11,751
Pfizer, Inc.		626		21,415
Roche Holding AG		178		45,409
Sanofi		986		89,210
Takeda Pharmaceutical Co., Ltd.		800		37,639
Taro Pharmaceutical Industries, Ltd. (b)		793		92,480
Teva Pharmaceutical Industries, Ltd. (ADR)		2,013		64,597
UCB S.A.		1,456		112,943
Valeant Pharmaceuticals International, Inc. (b)		4,223		46,649
Zoetis, Inc.		438		23,376
				1,265,608
Professional Services—0.1%
Dun & Bradstreet Corp. (The)		157		16,947
Equifax, Inc.		133		18,187
Experian plc		1,195		24,393
RELX NV		1,863		34,612
Robert Half International, Inc.		434		21,192
Seek, Ltd.		2,171		26,402
SGS S.A.		12		25,621
Verisk Analytics, Inc. (b)		223		18,094
				185,448
Real Estate Management & Development—0.1%
Aeon Mall Co., Ltd.		1,600		25,241
Azrieli Group, Ltd.		912		48,561
CapitaLand, Ltd.		11,800		30,622
CBRE Group, Inc. - Class A (b)		424		14,751
City Developments, Ltd.		4,300		31,382
Deutsche Wohnen AG		855		28,155
First Capital Realty, Inc.		1,716		25,846
Mitsubishi Estate Co., Ltd.		1,000		18,287
Swire Pacific, Ltd. - Class A		2,500		25,022
Swiss Prime Site AG (b)		396		34,855
Vonovia SE		784		27,629
Wharf Holdings, Ltd. (The)		3,000		25,742
				336,093
Road & Rail—0.1%
Aurizon Holdings, Ltd.		8,386		33,617
Canadian National Railway Co.		536		39,564
Canadian Pacific Railway, Ltd.		194		28,498
ComfortDelGro Corp., Ltd.		14,400		26,354
CSX Corp.		821		38,217
DSV A/S		507		26,274
J.B. Hunt Transport Services, Inc.		208		19,082
MTR Corp., Ltd.		10,000		56,159
Odakyu Electric Railway Co., Ltd.		1,100		21,440
Ryder System, Inc.		271		20,444
Union Pacific Corp.		252		26,692
				336,341
Semiconductors & Semiconductor Equipment—0.2%
Analog Devices, Inc.		476		39,008
ASM Pacific Technology, Ltd.		9,500		129,199
ASML Holding NV		484		64,198
Broadcom, Ltd.		99		21,677
Infineon Technologies AG		2,905		59,317
Microchip Technology, Inc.		423		31,209
NVIDIA Corp.		348		37,908
NXP Semiconductors NV (b)		507		52,475
QUALCOMM, Inc.		319		18,291
Skyworks Solutions, Inc.		215		21,066
STMicroelectronics NV		3,046		46,619
Xilinx, Inc.		406		23,503
				544,470

BHFTI-292

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Software—0.3%
Activision Blizzard, Inc.		400	$	19,944
Adobe Systems, Inc. (b)		173		22,512
Autodesk, Inc. (b)		242		20,926
CA, Inc.		400		12,688
Check Point Software Technologies, Ltd. (b)		789		80,999
Constellation Software, Inc.		119		58,478
Dassault Systemes SE		722		62,533
Dell Technologies, Inc. Class V (b)		73		4,678
Gemalto NV		927		51,778
Intuit, Inc.		202		23,430
Microsoft Corp.		335		22,063
Mobileye NV (b)		1,181		72,513
Nice, Ltd.		938		63,646
Open Text Corp.		2,022		68,725
Oracle Corp.		529		23,599
Oracle Corp. Japan		500		28,613
Red Hat, Inc. (b)		197		17,041
Sage Group plc (The)		8,689		68,733
SAP SE		680		66,725
Symantec Corp.		1,161		35,619
				825,243
Specialty Retail—0.2%
ABC-Mart, Inc.		300		17,577
Advance Auto Parts, Inc.		94		13,936
AutoZone, Inc. (b)		26		18,799
Bed Bath & Beyond, Inc.		376		14,837
Dufry AG (b)		227		34,609
Foot Locker, Inc.		302		22,593
Hennes & Mauritz AB - B Shares		1,557		39,734
Home Depot, Inc. (The)		149		21,878
Industria de Diseno Textil S.A.		2,211		77,931
Kingfisher plc		5,580		22,810
L Brands, Inc.		347		16,344
Nitori Holdings Co., Ltd.		200		25,290
O’Reilly Automotive, Inc. (b)		69		18,619
Ross Stores, Inc.		291		19,168
Shimamura Co., Ltd.		100		13,226
Staples, Inc.		1,585		13,900
Tiffany & Co.		240		22,872
TJX Cos., Inc. (The)		203		16,053
Ulta Salon Cosmetics & Fragrance, Inc. (b)		62		17,684
Urban Outfitters, Inc. (b)		677		16,086
USS Co., Ltd.		1,200		20,041
				483,987
Technology Hardware, Storage & Peripherals—0.1%
Blackberry, Ltd. (b)		5,673		43,939
Canon, Inc.		1,100		34,463
FUJIFILM Holdings Corp.		700		27,410
HP, Inc.		1,077		19,257
NetApp, Inc.		693		29,002
Western Digital Corp.		314		25,914
				179,985
Textiles, Apparel & Luxury Goods—0.2%
adidas AG		182		34,611
Christian Dior SE		107		24,887
Cie Financiere Richemont S.A.		404		31,889
Coach, Inc.		498		20,582
Gildan Activewear, Inc.		1,420		38,366
Li & Fung, Ltd.		64,000		27,790
Luxottica Group S.p.A.		868		47,916
Michael Kors Holdings, Ltd. (b)		424		16,159
NIKE, Inc. - Class B		289		16,106
Pandora A/S		361		39,998
Ralph Lauren Corp.		213		17,385
Swatch Group AG (The)		461		32,063
Swatch Group AG (The) - Bearer Shares		89		31,811
Under Armour, Inc. - Class C (b)		825		15,097
VF Corp.		341		18,745
Yue Yuen Industrial Holdings, Ltd.		9,500		37,364
				450,769
Tobacco—0.1%
Altria Group, Inc.		392		27,997
Imperial Brands plc		527		25,560
Philip Morris International, Inc.		261		29,467
Reynolds American, Inc.		530		33,401
Swedish Match AB		1,193		38,776
				155,201
Trading Companies & Distributors—0.1%
AerCap Holdings NV (b)		452		20,778
Brenntag AG		505		28,324
Fastenal Co.		397		20,445
Finning International, Inc.		1,449		27,066
Wolseley plc		425		26,732
WW Grainger, Inc.		91		21,181
				144,526
Transportation Infrastructure—0.1%
Aena S.A.		150		23,732
Aeroports de Paris		236		29,162
Atlantia S.p.A.		1,323		34,156
Auckland International Airport, Ltd.		10,634		50,182
Fraport AG Frankfurt Airport Services Worldwide		533		37,724
Hutchison Port Holdings Trust - Class U		68,300		28,344
SATS, Ltd.		7,500		26,170
Sydney Airport		6,700		34,641
Transurban Group		4,862		43,329
				307,440
Water Utilities—0.1%
American Water Works Co., Inc.		643		50,006
Severn Trent plc		1,768		52,688
United Utilities Group plc		4,461		55,490
				158,184

BHFTI-293

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Wireless Telecommunication Services—0.2%
KDDI Corp.		2,200	$	57,805
Millicom International Cellular S.A.		880		49,076
NTT DoCoMo, Inc.		3,200		74,578
Rogers Communications, Inc. - Class B		1,209		53,457
SoftBank Group Corp.		600		42,496
StarHub, Ltd.		32,400		66,553
Tele2 AB - B Shares		5,534		52,872
Vodafone Group plc		24,408		63,480
				460,317
Total Common Stocks (Cost $29,169,895)				30,616,178
U.S. Treasury & Government Agencies—11.3%
U.S. Treasury—11.3%
U.S. Treasury Inflation Indexed Bonds 3.875%, 04/15/29 (a)		5,346,414		7,393,139
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/18 (a)		1,995,627		2,012,412
0.125%, 01/15/23 (a)		2,082,683		2,081,417
0.250%, 01/15/25 (a)		11,255,378		11,159,640
0.375%, 07/15/25 (a)		6,347,746		6,363,971
Total U.S. Treasury & Government Agencies (Cost $28,734,596)				29,010,579
Preferred Stocks—0.0%
Automobiles—0.0%
Bayerische Motoren Werke (BMW) AG		344		27,096
Household Products—0.0%
Henkel AG & Co. KGaA		304		38,957
Total Preferred Stocks (Cost $62,763)				66,053
Short-Term Investments—30.4%
Mutual Funds—8.0%
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.619% (c)		12,019,057		12,019,057
UBS Select Treasury Institutional Fund, Institutional Class, 0.620% (c)		8,517,050		8,517,050
				20,536,107
Security Description	Principal Amount*		Value
Repurchase Agreement—10.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $26,046,482 on 04/03/17, collateralized by $26,530,000 U.S. Treasury Note at 1.625% due 07/31/20 with a value of $26,572,024.		26,046,287		26,046,287
U.S. Treasury—12.2%
U.S. Treasury Bills 0.683%, 04/13/17# (d)		20,000,000		19,995,980
0.692%, 06/08/17# (d) (e)		11,300,000		11,285,287
				31,281,267
Total Short-Term Investments (Cost $77,863,080)				77,863,661
Total Investments—89.0% (Cost $226,957,295) (f)				227,581,582
Other assets and liabilities (net)—11.0%				28,074,539
Net Assets—100.0%			$	255,656,121

*	Principal amount stated in U.S. dollars unless otherwise noted.
#	All or a portion represents positions held in the respective subsidiary.
(a)	Principal amount of security is adjusted for inflation.
(b)	Non-income producing security.
(c)	The rate shown represents the annualized seven-day yield as of March 31, 2017.
(d)	The rate shown represents current yield to maturity.
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $10,286,589.
(f)	As of March 31, 2017, the aggregate cost of investments was $226,957,295. The aggregate unrealized appreciation and depreciation of investments were $2,855,815 and $(2,231,528), respectively, resulting in net unrealized appreciation of $624,287.
(EUR)—	Euro
(GBP)—	British Pound
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $7,626,678, which is 2.98% of net assets.

BHFTI-294

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	2,000,000	State Street Bank and Trust		04/27/17	$	1,521,922	$	(5,446	)
CAD	2,300,000	State Street Bank and Trust		04/27/17		1,718,098		(12,035	)
CHF	1,000,000	Brown Brothers Harriman & Co.		04/27/17		1,018,790		19,117
EUR	28,995,000	State Street Bank and Trust		04/24/17		31,152,895		193,410
EUR	6,400,000	State Street Bank and Trust		04/27/17		6,973,107		138,555
GBP	18,590,000	Brown Brothers Harriman & Co.		04/24/17		22,969,023		(333,258	)
GBP	1,400,000	Brown Brothers Harriman & Co.		04/27/17		1,761,889		6,886
HKD	8,800,000	Brown Brothers Harriman & Co.		04/27/17		1,133,711		731
JPY	292,900,000	State Street Bank and Trust		04/27/17		2,657,593		24,536
Net Unrealized Appreciation							$	32,496

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Aluminum Futures#		06/19/17		70		USD	3,327,905	$	109,533
Amsterdam Index Futures		04/21/17		13		EUR	1,325,272		15,200
Australian 10 Year Treasury Bond Futures		06/15/17		264		AUD	33,160,449		572,841
Bloomberg Commodity Index Futures#		06/21/17		677		USD	5,718,629		56,181
Brent Crude Oil Futures#		04/28/17		50		USD	2,631,635		44,865
Canada Government Bond 10 Year Futures		06/21/17		294		CAD	40,119,181		190,171
Cattle Feeder Futures#		08/31/17		63		USD	3,968,819		244,306
Cocoa Futures#		09/14/17		88		USD	1,862,871		(14,870	)
Coffee “C” Futures#		07/19/17		19		USD	1,023,219		(13,963	)
Copper Futures#		05/26/17		31		USD	2,040,637		15,051
Corn Futures#		07/14/17		74		USD	1,377,704		(2,229	)
Cotton No. 2 Futures#		07/07/17		4		USD	158,819		(1,639	)
Cotton No. 2 Futures#		12/06/17		63		USD	2,368,234		(34,399	)
DAX Index Futures		06/16/17		4		EUR	1,202,259		32,741
Euro-BTP Futures		06/08/17		202		EUR	26,333,053		70,757
Euro-Bobl Futures		06/08/17		74		EUR	9,751,827		1,464
Euro-Bund Futures		06/08/17		57		EUR	9,166,019		37,254
Euro-Buxl 30 Year Bond Futures		06/08/17		23		EUR	3,823,096		57,377
FTSE 100 Index Futures		06/16/17		21		GBP	1,530,000		(2,688	)
Gasoline RBOB Futures#		05/31/17		16		USD	1,092,669		47,446
Gold 100 oz. Futures#		06/28/17		49		USD	6,028,176		102,704
Goldman Sachs Commodity Index Futures#		04/18/17		46		USD	4,461,032		7,293
Hang Seng Index Futures		04/27/17		12		HKD	14,539,680		(7,859	)
IBEX 35 Index Futures		04/21/17		6		EUR	595,759		30,947
Interest Rate Swap 10 Year Futures		06/19/17		202		USD	18,303,001		151,593
Interest Rate Swap 5 Year Futures		06/19/17		519		USD	49,494,432		224,147
Japanese Government 10 Year Bond Futures		06/13/17		3		JPY	450,816,900		208
Japanese Government 10 Year Bond Mini Futures		06/12/17		377		JPY	5,664,217,650		(4,910	)
Lean Hogs Futures#		06/14/17		50		USD	1,482,609		(5,609	)
Lean Hogs Futures#		08/14/17		4		USD	123,414		(5,414	)
Live Cattle Futures#		06/30/17		82		USD	3,352,687		284,013
Live Cattle Futures#		08/31/17		32		USD	1,292,085		74,315
Low Sulphur Gas Oil Futures#		06/12/17		34		USD	1,728,142		(122,492	)
MSCI Emerging Markets Index Mini Futures		06/16/17		483		USD	22,440,492		777,319
Natural Gas Futures#		05/26/17		63		USD	2,030,742		19,278
Natural Gas Futures#		06/28/17		23		USD	707,618		55,062
New York Harbor ULSD Futures#		05/31/17		25		USD	1,591,165		68,780
Nickel Futures#		06/19/17		31		USD	2,039,631		(176,283	)
OMX Stockholm 30 Index Futures		04/21/17		51		SEK	7,922,025		16,455
Russell 2000 Index Mini Futures		06/16/17		393		USD	26,768,059		435,401

BHFTI-295

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini Futures		06/16/17		160			USD	18,904,800		$	(31,200	)
S&P TSX 60 Index Futures		06/15/17		11			CAD	2,011,694			(3,815	)
SPI 200 Index Futures		06/15/17		18			AUD	2,579,475			39,823
Silver Futures#		05/26/17		35			USD	3,142,965			51,835
Soybean Futures#		07/14/17		27			USD	1,448,159			(156,209	)
Soybean Meal Futures#		07/14/17		42			USD	1,382,770			(73,210	)
Soybean Oil Futures#		07/14/17		89			USD	1,899,306			(186,768	)
Sugar No. 11 Futures#		06/30/17		79			USD	1,607,457			(113,915	)
TOPIX Index Futures		06/08/17		7			JPY	107,849,175			(17,733	)
U.S. Treasury Long Bond Futures		06/21/17		84			USD	12,611,500			59,375
U.S. Treasury Note 2 Year Futures		06/30/17		296			USD	64,024,637			45,488
United Kingdom Long Gilt Bond Futures		06/28/17		138			GBP	17,377,012			286,949
Zinc Futures#		06/19/17		37			USD	2,643,356			(80,181	)
Futures Contracts—Short
Aluminum Futures#		06/19/17		(6	)		USD	(292,176	)		(2,461	)
Nickel Futures#		06/19/17		(3	)		USD	(198,526	)		18,202
Zinc Futures#		06/19/17		(3	)		USD	(214,749	)		6,924
Net Unrealized Appreciation										$	3,193,451

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation
Pay		3M LIBOR		1.250	%		06/21/19		USD	25,000,000	$	29,279
Pay		3M LIBOR		1.250	%		06/21/19		USD	58,135,000		148,890
Net Unrealized Appreciation											$	178,169

#	All or a portion represents positions held in the respective subsidiary.
(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(EUR)—	Euro
(GBP)—	British Pound
(HKD)—	Hong Kong Dollar
(JPY)—	Japanese Yen
(SEK)—	Swedish Krona
(USD)—	United States Dollar
(LIBOR)—	London Interbank Offered Rate

BHFTI-296

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Total Foreign Government*	$	—	$	54,345,899	$	—	$	54,345,899
Total Mutual Fund*		35,679,212		—		—		35,679,212
Common Stocks
Aerospace & Defense		231,380		127,198		—		358,578
Air Freight & Logistics		57,921		46,785		—		104,706
Airlines		154,747		88,250		—		242,997
Auto Components		74,719		49,146		—		123,865
Automobiles		14,818		98,762		—		113,580
Banks		311,292		535,900		—		847,192
Beverages		204,786		466,382		—		671,168
Biotechnology		111,687		215,729		—		327,416
Building Products		36,736		—		—		36,736
Capital Markets		209,092		63,892		—		272,984
Chemicals		478,944		1,036,407		—		1,515,351
Commercial Services & Supplies		88,817		53,044		—		141,861
Communications Equipment		85,363		166,099		—		251,462
Construction & Engineering		45,254		21,450		—		66,704
Construction Materials		63,971		127,528		—		191,499
Consumer Finance		30,858		—		—		30,858
Containers & Packaging		193,620		26,204		—		219,824
Distributors		31,247		43,898		—		75,145
Diversified Consumer Services		14,392		25,089		—		39,481
Diversified Financial Services		44,706		114,022		—		158,728
Diversified Telecommunication Services		1,057,072		1,734,534		—		2,791,606
Electric Utilities		763,764		1,149,083		—		1,912,847
Electrical Equipment		68,196		53,882		—		122,078
Electronic Equipment, Instruments & Components		67,021		214,465		—		281,486
Energy Equipment & Services		195,855		116,775		—		312,630
Equity Real Estate Investment Trusts		318,224		180,787		—		499,011
Food & Staples Retailing		458,018		515,928		—		973,946
Food Products		443,315		719,796		—		1,163,111
Gas Utilities		—		273,491		—		273,491
Health Care Equipment & Supplies		263,181		443,911		—		707,092
Health Care Providers & Services		342,435		454,425		—		796,860
Health Care Technology		21,775		—		—		21,775
Hotels, Restaurants & Leisure		186,484		449,247		—		635,731

BHFTI-297

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Household Durables	$	71,732		$	111,529		$	—	$	183,261
Household Products		172,140			116,142			—		288,282
Independent Power and Renewable Electricity Producers		115,736			81,077			—		196,813
Industrial Conglomerates		69,777			209,364			—		279,141
Insurance		224,027			556,877			—		780,904
Internet & Direct Marketing Retail		51,766			—			—		51,766
Internet Software & Services		62,754			128,264			—		191,018
IT Services		357,244			487,501			—		844,745
Leisure Products		18,467			23,460			—		41,927
Life Sciences Tools & Services		105,212			133,512			—		238,724
Machinery		146,668			415,410			—		562,078
Marine		—			76,026			—		76,026
Media		200,290			394,865			—		595,155
Metals & Mining		143,878			285,272			—		429,150
Multi-Utilities		593,458			485,003			—		1,078,461
Multiline Retail		146,574			41,361			—		187,935
Oil, Gas & Consumable Fuels		689,284			1,510,474			—		2,199,758
Paper & Forest Products		—			93,419			—		93,419
Personal Products		40,810			141,394			—		182,204
Pharmaceuticals		394,633			870,975			—		1,265,608
Professional Services		74,420			111,028			—		185,448
Real Estate Management & Development		40,597			295,496			—		336,093
Road & Rail		172,497			163,844			—		336,341
Semiconductors & Semiconductor Equipment		245,137			299,333			—		544,470
Software		483,215			342,028			—		825,243
Specialty Retail		232,769			251,218			—		483,987
Technology Hardware, Storage & Peripherals		118,112			61,873			—		179,985
Textiles, Apparel & Luxury Goods		142,440			308,329			—		450,769
Tobacco		90,865			64,336			—		155,201
Trading Companies & Distributors		89,470			55,056			—		144,526
Transportation Infrastructure		—			307,440			—		307,440
Water Utilities		50,006			108,178			—		158,184
Wireless Telecommunication Services		53,457			406,860			—		460,317
Total Common Stocks		12,067,125			18,549,053			—		30,616,178
Total U.S. Treasury & Government Agencies*		—			29,010,579			—		29,010,579
Total Preferred Stocks*		—			66,053			—		66,053
Short-Term Investments
Mutual Funds		20,536,107			—			—		20,536,107
Repurchase Agreement		—			26,046,287			—		26,046,287
U.S. Treasury		—			31,281,267			—		31,281,267
Total Short-Term Investments		20,536,107			57,327,554			—		77,863,661
Total Investments	$	68,282,444		$	159,299,138		$	—	$	227,581,582
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	383,235		$	—	$	383,235
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(350,739	)		—		(350,739	)
Total Forward Contracts	$	—		$	32,496		$	—	$	32,496
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	4,251,298		$	—		$	—	$	4,251,298
Futures Contracts (Unrealized Depreciation)		(1,057,847	)		—			—		(1,057,847	)
Total Futures Contracts	$	3,193,451		$	—		$	—	$	3,193,451
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	178,169		$	—	$	178,169

* See Consolidated Schedule of Investments for additional detailed categorizations.

BHFTI-298

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—100.2% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—2.0%
Fannie Mae 30 Yr. Pool 3.000%, TBA (a)		38,000,000	$	37,633,750
Fannie Mae ARM Pool 1.814%, 07/01/44 (b)		14,680		14,959
1.814%, 09/01/44 (b)		31,102		31,697
2.942%, 11/01/34 (b)		650,268		689,576
Fannie Mae REMICS (CMO) 0.859%, 12/25/36 (b)		57,498		56,225
1.042%, 07/25/37 (b)		562,407		550,858
1.132%, 08/25/34 (b)		79,211		77,868
1.332%, 07/25/37 (b)		15,329		15,389
1.362%, 07/25/37 (b)		118,360		118,993
1.662%, 02/25/41 (b)		1,870,189		1,895,863
2.998%, 05/25/35 (b)		374,198		394,296
Fannie Mae Whole Loan (CMO) 1.332%, 05/25/42 (b)		55,847		55,865
Freddie Mac ARM Non-Gold Pool 2.859%, 01/01/34 (b)		84,696		89,389
Freddie Mac REMICS (CMO) 1.062%, 10/15/20 (b)		104,089		103,996
1.142%, 02/15/19 (b)		131,402		131,388
1.362%, 08/15/33 (b)		1,082,012		1,083,596
Freddie Mac Strips (CMO) 1.362%, 09/15/42 (b)		7,586,570		7,575,745
Freddie Mac Structured Pass-Through Securities (CMO) 1.242%, 08/25/31 (b)		45,980		45,088
1.796%, 02/25/45 (b)		794,899		812,407
1.814%, 10/25/44 (b)		2,608,616		2,634,504
Government National Mortgage Association (CMO) 1.610%, 08/20/66 (b)		296,830		297,699
				54,309,151
U.S. Treasury—98.2%
U.S. Treasury Bonds 3.000%, 02/15/47		130,000		129,538
U.S. Treasury Inflation Indexed Bonds 0.625%, 02/15/43 (c) (d) (e)		9,583,985		8,910,116
0.750%, 02/15/42 (c) (d)		29,333,093		28,197,052
0.750%, 02/15/45 (c) (d)		23,731,170		22,590,365
0.875%, 02/15/47 (c) (d)		22,244,092		21,902,823
1.000%, 02/15/46 (c) (d)		76,136,693		77,293,894
1.375%, 02/15/44 (c) (d) (e)		106,200,473		117,086,552
1.750%, 01/15/28 (c) (d)		110,488,983		124,934,865
2.000%, 01/15/26 (c) (d)		22,343,920		25,349,982
2.125%, 02/15/40 (c) (d)		40,688,800		51,320,621
2.125%, 02/15/41 (c) (d) (e)		11,947,752		15,144,947
2.375%, 01/15/25 (c) (d)		214,242,211		247,096,468
2.375%, 01/15/27 (c) (d)		35,345,311		41,774,659
2.500%, 01/15/29 (c) (d)		146,567,245		179,188,277
3.625%, 04/15/28 (c) (d) (e)		64,919,391		86,291,763
3.875%, 04/15/29 (c) (d)		42,937,963		59,375,560
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/18 (c) (d)		24,996,079		25,206,321
0.125%, 04/15/19 (c) (d) (f) (g)		51,779,234		52,539,560
0.125%, 04/15/20 (c) (d) (f) (g)		51,045,299		51,806,436
0.125%, 04/15/21 (c) (d) (e)		48,386,378		48,885,339
0.125%, 01/15/22 (c) (d) (f) (g)		7,117,832		7,171,222
0.125%, 07/15/22 (c) (d)		212,520,217		214,167,249
0.125%, 01/15/23 (c) (d)		272,229,125		272,063,610
0.125%, 07/15/24 (c) (d)		49,371,813		48,911,124
0.125%, 07/15/26 (c) (d) (e)		2,695,662		2,629,952
0.250%, 01/15/25 (c) (d)		61,251,115		60,730,113
0.375%, 07/15/23 (c) (d)		157,985,268		160,505,607
0.375%, 07/15/25 (c) (d)		13,442,096		13,476,454
0.375%, 01/15/27 (c) (d)		46,442,571		46,240,917
0.625%, 07/15/21 (c) (d) (f) (g)		49,009,401		50,834,266
0.625%, 01/15/24 (c) (d)		62,899,941		64,390,481
0.625%, 01/15/26 (c) (d)		70,667,739		71,949,511
1.250%, 07/15/20 (c) (d)		65,051,715		68,833,952
1.375%, 07/15/18 (c) (d) (e) (f)		1,170,957		1,211,132
1.375%, 01/15/20 (c) (d)		30,052,288		31,657,951
1.625%, 01/15/18 (c) (d)		23,181,204		23,659,316
1.875%, 07/15/19 (c) (d) (f) (g)		16,269,764		17,282,654
U.S. Treasury Notes 1.750%, 11/30/21 (c) (f)		35,070,000		34,841,238
1.875%, 02/28/22 (c)		135,000,000		134,710,020
2.000%, 11/15/26 (c)		1,400,000		1,352,422
2.125%, 12/31/21 (c) (e)		1,100,000		1,110,398
2.125%, 05/15/25 (c) (e) (g)		26,700,000		26,297,418
				2,639,052,145
Total U.S. Treasury & Government Agencies (Cost $2,762,667,942)				2,693,361,296
Corporate Bonds & Notes—10.9%
Agriculture—0.0%
BAT International Finance plc 2.750%, 06/15/20 (144A)		100,000		100,861
Imperial Brands Finance plc 2.950%, 07/21/20 (144A)		200,000		202,549
Japan Tobacco, Inc. 2.100%, 07/23/18 (144A)		100,000		100,438
				403,848
Auto Manufacturers—0.2%
Ford Motor Credit Co. LLC 2.943%, 01/08/19		100,000		101,366
5.000%, 05/15/18		2,000,000		2,066,348
General Motors Financial Co., Inc. 2.350%, 10/04/19		200,000		200,253
2.420%, 10/04/19 (b)		100,000		101,716
3.100%, 01/15/19		500,000		508,066
Hyundai Capital America 2.500%, 03/18/19 (144A)		100,000		100,343

BHFTI-299

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Auto Manufacturers—(Continued)
Volkswagen Group of America Finance LLC 1.520%, 05/22/18 (144A) (b)		1,200,000	$	1,199,675
2.125%, 05/23/19 (144A)		1,400,000		1,395,871
2.450%, 11/20/19 (144A)		500,000		500,673
				6,174,311
Banks—7.8%
Bank of America N.A. 1.750%, 06/05/18		15,300,000		15,339,030
BBVA Bancomer S.A. 6.500%, 03/10/21 (144A)		4,800,000		5,256,000
Citigroup, Inc. 1.554%, 05/01/17 (b)		33,800,000		33,812,438
Cooperatieve Rabobank UA 1.369%, 04/28/17 (b)		33,450,000		33,458,296
Credit Suisse Group Funding Guernsey, Ltd. 3.800%, 09/15/22		6,600,000		6,689,813
Deutsche Bank AG 4.250%, 10/14/21 (144A)		12,100,000		12,400,963
Goldman Sachs Group, Inc. (The) 2.331%, 09/15/20 (b)		10,000,000		10,144,820
ING Bank NV 2.625%, 12/05/22 (144A)		3,300,000		3,288,536
JPMorgan Chase & Co. 7.900%, 04/30/18 (b)		900,000		932,625
Mitsubishi UFJ Financial Group, Inc. 2.935%, 03/01/21 (b)		4,100,000		4,239,712
Nykredit Realkredit A/S 1.000%, 04/01/17 (DKK)		25,800,000		3,699,801
1.000%, 07/01/17 (DKK)		79,800,000		11,475,312
2.000%, 04/01/17 (DKK)		15,100,000		2,165,147
2.000%, 07/01/17 (DKK)		58,200,000		8,393,374
2.000%, 10/01/17 (DKK)		31,400,000		4,557,088
2.500%, 10/01/47 (DKK)		20,769,102		3,022,920
3.000%, 10/01/47 (DKK)		1		0
Realkredit Danmark A/S 1.000%, 04/01/17 (DKK)		119,400,000		17,113,669
1.000%, 04/01/18 (DKK)		4,100,000		596,139
2.000%, 04/01/17 (DKK)		209,600,000		30,051,794
2.500%, 10/01/47 (DKK)		14,971,688		2,186,380
Santander Holdings USA, Inc. 2.504%, 11/24/17 (b)		500,000		503,256
				209,327,113
Commercial Services—0.0%
ERAC USA Finance LLC 2.800%, 11/01/18 (144A)		100,000		101,217
5.250%, 10/01/20 (144A)		100,000		108,367
				209,584
Computers—0.2%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 3.480%, 06/01/19 (144A)		600,000		614,827
4.420%, 06/15/21 (144A)		100,000		104,575
Computers—(Continued)
Hewlett Packard Enterprise Co. 2.450%, 10/05/17		3,400,000		3,409,921
				4,129,323
Diversified Financial Services—1.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.750%, 05/15/19		1,100,000		1,129,483
4.625%, 10/30/20		400,000		422,725
Air Lease Corp. 4.750%, 03/01/20		100,000		106,064
Ally Financial, Inc. 3.250%, 02/13/18		15,200,000		15,299,560
3.750%, 11/18/19		200,000		201,500
BRFkredit A/S 2.000%, 10/01/17 (DKK)		13,500,000		1,959,258
2.500%, 10/01/47 (DKK)		2,604,933		379,145
4.000%, 01/01/18 (DKK)		7,000,000		1,037,341
CIT Group, Inc. 3.875%, 02/19/19		800,000		819,000
4.250%, 08/15/17		800,000		807,000
5.000%, 05/15/17		100,000		100,320
5.000%, 05/15/18 (144A)		300,000		302,025
5.000%, 08/15/22		100,000		104,687
5.250%, 03/15/18		700,000		718,813
5.375%, 05/15/20		200,000		213,126
5.500%, 02/15/19 (144A)		1,000,000		1,051,250
6.625%, 04/01/18 (144A)		200,000		208,250
International Lease Finance Corp. 5.875%, 04/01/19		300,000		319,733
6.250%, 05/15/19		800,000		861,993
8.250%, 12/15/20		900,000		1,062,184
LeasePlan Corp. NV 2.875%, 01/22/19 (144A)		100,000		100,426
Navient Corp. 4.625%, 09/25/17		300,000		302,250
4.875%, 06/17/19		200,000		204,750
5.500%, 01/15/19		1,400,000		1,450,400
Nordea Kredit Realkreditaktieselskab 1.000%, 10/01/17 (DKK)		10,500,000		1,516,408
2.000%, 10/01/17 (DKK)		20,700,000		3,004,195
2.000%, 01/01/18 (DKK)		500,000		73,053
2.500%, 10/01/47 (DKK)		4,298,313		625,769
OHA Credit Partners, Ltd. 1.000%, 10/20/25		6,700,000		6,700,000
OneMain Financial Holdings LLC 6.750%, 12/15/19 (144A)		100,000		104,500
Springleaf Finance Corp. 6.900%, 12/15/17		200,000		205,440
8.250%, 12/15/20		100,000		109,250
Synchrony Financial 2.438%, 11/09/17 (b)		800,000		804,467
				42,304,365

BHFTI-300

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—0.0%
Iberdrola Finance Ireland, Ltd. 5.000%, 09/11/19 (144A)		100,000	$	106,376
Southern Co. (The) 2.750%, 06/15/20		100,000		100,850
				207,226
Home Builders—0.0%
DR Horton, Inc. 3.750%, 03/01/19		100,000		102,482
Media—0.0%
DISH DBS Corp. 4.625%, 07/15/17		100,000		100,625
Sky plc 2.625%, 09/16/19 (144A) (h)		100,000		100,587
Time Warner Cable LLC 5.000%, 02/01/20		200,000		212,714
8.250%, 04/01/19		100,000		111,486
				525,412
Oil & Gas—0.4%
Petrobras Global Finance B.V. 4.250%, 10/02/23 (EUR)		600,000		657,416
4.375%, 05/20/23		300,000		284,250
5.375%, 01/27/21		5,100,000		5,235,150
6.250%, 12/14/26 (GBP)		300,000		383,672
8.375%, 05/23/21		2,500,000		2,823,750
				9,384,238
Pharmaceuticals—0.1%
EMD Finance LLC 2.400%, 03/19/20 (144A)		100,000		99,957
Forest Laboratories, Inc. 4.375%, 02/01/19 (144A)		100,000		103,537
Teva Pharmaceutical Finance IV LLC 2.250%, 03/18/20		100,000		99,233
Teva Pharmaceutical Finance Netherlands III B.V. 1.700%, 07/19/19		400,000		395,440
2.200%, 07/21/21		1,884,000		1,818,173
				2,516,340
Pipelines—0.1%
Enable Midstream Partners L.P. 2.400%, 05/15/19		100,000		99,092
Kinder Morgan Energy Partners L.P. 6.850%, 02/15/20		200,000		222,577
9.000%, 02/01/19		100,000		111,861
Kinder Morgan, Inc. 7.250%, 06/01/18		300,000		317,398
Plains All American Pipeline L.P. / PAA Finance Corp. 2.600%, 12/15/19		100,000		99,942
5.750%, 01/15/20		100,000		108,113
Pipelines—(Continued)
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.750%, 09/01/20		100,000		108,017
Sabine Pass Liquefaction LLC 5.625%, 02/01/21		100,000		107,746
TransCanada PipeLines, Ltd. 3.800%, 10/01/20		600,000		628,194
				1,802,940
Real Estate—0.0%
Akelius Residential Property AB 3.375%, 09/23/20 (EUR)		100,000		115,347
Real Estate Investment Trusts—0.2%
American Tower Corp. 2.800%, 06/01/20		300,000		302,161
3.300%, 02/15/21		100,000		101,404
Unibail-Rodamco SE 1.793%, 04/16/19 (b)		5,800,000		5,773,198
				6,176,763
Telecommunications—0.3%
AT&T, Inc. 1.617%, 01/15/20 (b)		6,600,000		6,643,580
Deutsche Telekom International Finance B.V. 1.500%, 09/19/19 (144A)		100,000		98,373
Sprint Communications, Inc. 8.375%, 08/15/17		100,000		102,200
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		100,000		99,750
Telefonica Emisiones S.A.U. 5.134%, 04/27/20		300,000		323,142
5.877%, 07/15/19		400,000		432,074
Verizon Communications, Inc. 4.500%, 09/15/20		300,000		319,315
				8,018,434
Transportation—0.0%
AP Moeller - Maersk A/S 2.550%, 09/22/19 (144A)		100,000		100,506
Ryder System, Inc. 2.450%, 09/03/19		100,000		100,524
				201,030
Trucking & Leasing—0.0%
AerCap Aviation Solutions B.V. 6.375%, 05/30/17		100,000		100,722
Total Corporate Bonds & Notes (Cost $294,217,759)				291,699,478

BHFTI-301

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Foreign Government—7.2%

Security Description	Principal Amount*		Value
Sovereign—7.2%
Argentine Republic Government International Bond 6.875%, 01/26/27 (144A)		7,600,000	$	7,706,400
Brazil Letras do Tesouro Nacional Zero Coupon, 10/01/17 (BRL)		231,100,000		70,290,173
Zero Coupon, 01/01/18 (BRL)		214,200,000		63,809,650
France Government Bond OAT 0.100%, 03/01/21 (EUR) (d)		3,007,740		3,378,112
2.250%, 07/25/20 (EUR) (d)		2,690,578		3,233,414
Hellenic Republic Government Bonds 3.000%, 02/24/23 (EUR) (i)		7,000		6,142
3.000%, 02/24/25 (EUR) (i)		7,000		5,978
3.000%, 02/24/26 (EUR) (i)		31,000		25,831
3.000%, 02/24/29 (EUR) (i)		173,000		134,340
3.000%, 02/24/30 (EUR) (i)		149,000		113,739
3.000%, 02/24/31 (EUR) (i)		142,000		106,515
3.000%, 02/24/32 (EUR) (i)		143,000		105,613
3.000%, 02/24/33 (EUR) (i)		110,000		80,030
3.000%, 02/24/34 (EUR) (i)		76,000		54,698
3.000%, 02/24/35 (EUR) (i)		13,000		9,222
3.000%, 02/24/36 (EUR) (i)		180,000		126,588
3.000%, 02/24/37 (EUR) (i)		303,000		212,536
3.000%, 02/24/38 (EUR) (i)		303,000		211,819
3.000%, 02/24/40 (EUR) (i)		58,000		40,531
3.000%, 02/24/41 (EUR) (i)		33,000		22,998
3.000%, 02/24/42 (EUR) (i)		206,000		144,163
Hellenic Republic Government International Bonds 3.800%, 08/08/17 (JPY)		150,000,000		1,286,432
4.500%, 07/03/17 (JPY)		300,000,000		2,613,285
Japanese Government CPI Linked Bond 0.100%, 03/10/24 (JPY) (d)		173,740,000		1,627,691
Mexican Bonos 4.750%, 06/14/18 (MXN)		65,252,000		3,412,283
7.750%, 05/29/31 (MXN)		120,200,000		6,672,481
New Zealand Government Bonds 2.500%, 09/20/35 (NZD) (d)		1,527,000		1,117,129
3.000%, 09/20/30 (NZD) (d)		11,600,000		9,254,164
United Kingdom Gilt Inflation Linked 0.125%, 03/22/44 (GBP) (d)		1,737,320		3,511,427
0.125%, 03/22/46 (GBP) (d)		2,698,888		5,628,404
0.125%, 03/22/58 (GBP) (d)		394,353		1,019,848
0.125%, 11/22/65 (GBP) (d)		2,457,357		7,364,853
Total Foreign Government (Cost $189,623,230)				193,326,489
Asset-Backed Securities—4.6%
Asset-Backed - Home Equity—0.2%
First NLC Trust 1.052%, 08/25/37 (144A) (b)		1,221,869		692,230
HSI Asset Securitization Corp. Trust 1.032%, 10/25/36 (b)		6,441		3,594
Nomura Home Equity Loan, Inc 1.272%, 03/25/36 (b)		3,000,000		2,534,746
Asset-Backed - Home Equity—(Continued)
NovaStar Mortgage Funding Trust 1.452%, 01/25/36 (b)		2,000,000		1,851,028
Soundview Home Loan Trust 1.042%, 11/25/36 (144A) (b)		53,228		21,945
				5,103,543
Asset-Backed - Other—3.8%
Alpstar CLO 2 plc 0.119%, 05/15/24 (144A) (EUR) (b) (h)		500,000		530,777
Amortizing Residential Collateral Trust 2.107%, 08/25/32 (b)		1,164,257		1,084,859
Atlas Senior Loan Fund II, Ltd. 2.269%, 01/30/24 (144A) (b)		2,079,236		2,078,182
Avery Point CLO, Ltd. 1.000%, 04/25/26 (144A) (b) (h)		8,100,000		8,100,000
Babson CLO, Ltd. 2.279%, 05/15/23 (144A) (b)		450,985		451,011
Cadogan Square CLO B.V. Zero Coupon, 07/24/23 (144A) (EUR) (b)		137,280		146,212
Cavalry CLO II 2.373%, 01/17/24 (144A) (b)		800,000		800,026
CELF Low Levered Partners plc Zero Coupon, 03/04/24 (144A) (EUR) (b)		88,523		94,176
CIT Mortgage Loan Trust 2.332%, 10/25/37 (144A) (b)		6,296,220		6,251,168
Cordatus CLO I plc 0.758%, 01/30/24 (GBP) (b)		406,791		509,136
Cordatus CLO II plc Zero Coupon, 07/25/24 (EUR) (b)		633,568		673,292
0.759%, 07/25/24 (GBP) (b)		241,637		298,358
Countrywide Asset-Backed Certificates 1.182%, 04/25/36 (b)		85,023		84,733
Credit-Based Asset Servicing and Securitization LLC 0.898%, 07/25/37 (144A) (b)		125,451		78,576
CSAB Mortgage-Backed Trust 5.720%, 09/25/36		679,334		403,931
CVP Cascade CLO-1, Ltd. Zero Coupon, 01/16/26 (144A) (b) (h)		1,200,000		1,202,148
CWABS Asset-Backed Certificates Trust 1.987%, 01/25/35 (b)		873,304		875,093
Eaton Vance CDO X plc Zero Coupon, 02/22/27 (EUR) (b)		17,186		18,323
1.352%, 02/22/27 (b) (j)		1,169,926		1,164,207
Equity One Mortgage Pass-Through Trust 1.582%, 04/25/34 (b)		108,852		92,386
Finn Square CLO, Ltd. 2.367%, 12/24/23 (144A) (b)		1,166,881		1,168,585
Flagship, Ltd. Zero Coupon, 01/20/26 (144A) (b)		5,600,000		5,597,200
Fortress Credit BSL, Ltd. Zero Coupon, 10/19/25 (144A) (b) (h)		3,600,000		3,598,200
GSAMP Trust 1.717%, 09/25/35 (b)		366,647		344,855

BHFTI-302

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Highlander Euro CDO B.V. Zero Coupon, 05/01/23 (144A) (EUR) (b)		312,502	$	332,708
Hildebe CLO, Ltd. 1.000%, 07/19/26 (144A) (b) (h)		13,500,000		13,500,000
Hillmark Funding, Ltd. 1.302%, 05/21/21 (144A) (b)		2,337,550		2,330,811
HSI Asset Securitization Corp. Trust 1.142%, 05/25/37 (b)		551,178		511,138
Jamestown CLO, Ltd. Zero Coupon, 01/17/27 (144A) (b) (h)		6,800,000		6,796,600
Long Beach Mortgage Loan Trust 1.717%, 08/25/35 (b)		823,014		783,186
Morgan Stanley IXIS Real Estate Capital Trust 1.032%, 11/25/36 (b)		715		339
OneMain Financial Issuance Trust 2.470%, 09/18/24 (144A)		6,298,643		6,308,801
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates 1.472%, 09/25/35 (b)		200,000		182,269
2.032%, 10/25/34 (b)		4,000,000		3,551,477
PDM CLO B.V. 0.510%, 02/14/23 (EUR) (b)		99,708		106,348
Penta CLO S.A. 0.001%, 06/04/24 (EUR) (b)		190,856		203,504
RAAC Trust 1.322%, 08/25/36 (b)		764,000		721,947
Shackleton CLO, Ltd. Zero Coupon, 01/13/25 (144A) (b) (h)		900,000		899,550
Small Business Administration Participation Certificates 5.510%, 11/01/27		2,011,774		2,171,516
Structured Asset Securities Corp. Mortgage Loan Trust 1.122%, 05/25/47 (b)		960,680		947,654
2.284%, 04/25/35 (b)		289,799		273,444
TICP CLO, Ltd. Zero Coupon, 07/20/26 (144A) (b)		10,600,000		10,600,000
U.S. Residential Opportunity Fund Trust 3.598%, 10/27/36 (144A)		2,612,359		2,598,320
Vericrest Opportunity Loan Trust LLC 3.375%, 02/25/55 (144A)		201,448		200,811
3.500%, 03/25/47 (144A)		800,000		800,431
3.875%, 04/25/55 (144A)		46,204		46,278
4.250%, 02/26/46 (144A)		819,438		823,345
4.250%, 03/26/46 (144A)		144,443		145,132
WhiteHorse, Ltd. 2.235%, 02/03/25 (144A) (b)		13,100,000		13,099,908
				103,580,951
Asset-Backed - Student Loan—0.6%
College Loan Corp. Trust 1.288%, 01/25/24 (b)		900,000		889,895
Navient Student Loan Trust 2.132%, 03/25/66 (144A) (b)		4,590,338		4,635,759
Asset-Backed - Student Loan—(Continued)
SLM Student Loan Trust 2.538%, 04/25/23 (b)		9,332,382		9,518,716
				15,044,370
Total Asset-Backed Securities (Cost $122,277,202)				123,728,864
Mortgage-Backed Securities—2.0%
Collateralized Mortgage Obligations—1.4%
Banc of America Funding Trust 1.198%, 07/20/36 (b)		118,968		117,756
3.080%, 02/20/36 (b)		863,845		853,760
Banc of America Mortgage Trust 3.226%, 09/25/35 (b)		118,271		112,987
3.240%, 06/25/35 (b)		205,701		192,045
3.490%, 11/25/34 (b)		59,177		57,361
6.500%, 09/25/33		35,047		34,276
Bear Stearns Adjustable Rate Mortgage Trust 3.466%, 03/25/35 (b)		372,652		363,311
Bear Stearns ALT-A Trust 1.142%, 02/25/34 (b)		187,248		171,165
3.272%, 09/25/35 (b)		1,270,973		1,087,031
Chase Mortgage Finance Trust 2.995%, 02/25/37 (b)		78,558		77,673
Citigroup Mortgage Loan Trust 2.394%, 08/25/35 (b)		54,072		50,331
3.040%, 05/25/35 (b)		30,238		29,722
Countrywide Alternative Loan Trust 1.058%, 12/25/35 (b)		31,072		27,436
1.158%, 02/20/47 (b)		994,302		717,940
1.162%, 05/25/47 (b)		303,103		257,076
5.500%, 06/25/35		607,083		587,990
Countrywide Home Loan Mortgage Pass-Through Trust 1.562%, 04/25/35 (b)		733,025		677,951
3.122%, 11/20/34 (b)		334,152		316,683
3.134%, 11/19/33 (b)		20,205		19,844
3.155%, 08/25/34 (b)		148,586		126,892
Countrywide Home Reperforming Loan REMIC Trust 1.322%, 06/25/35 (144A) (b)		99,059		90,054
Deutsche ALT-B Securities Mortgage Loan Trust 1.082%, 10/25/36 (b)		28,073		18,313
5.869%, 10/25/36		495,082		440,931
5.886%, 10/25/36		495,082		440,924
Eurosail-UK plc 0.644%, 06/13/45 (GBP) (b)		7,365		9,215
1.294%, 06/13/45 (GBP) (b)		2,920,568		3,508,290
First Horizon Alternative Mortgage Securities Trust 3.017%, 06/25/34 (b)		207,315		202,201
GreenPoint Mortgage Funding Trust 1.252%, 11/25/45 (b)		179,792		154,909

BHFTI-303

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
GreenPoint MTA Trust 1.422%, 06/25/45 (b)		342,605	$	298,790
GSR Mortgage Loan Trust 3.087%, 09/25/35 (b)		306,047		315,347
3.112%, 12/25/34 (b)		1,314,046		1,313,903
3.206%, 11/25/35 (b)		612,881		557,680
3.324%, 05/25/35 (b)		473,393		436,301
3.489%, 01/25/35 (b)		197,619		188,288
HarborView Mortgage Loan Trust 1.258%, 02/19/36 (b)		181,500		130,541
1.418%, 05/19/35 (b)		88,326		80,875
IndyMac INDA Mortgage Loan Trust 3.593%, 11/25/35 (b)		446,066		416,949
JPMorgan Mortgage Trust 2.748%, 07/27/37 (144A) (b)		893,206		840,297
3.172%, 08/25/35 (b)		388,359		370,777
3.229%, 07/25/35 (b)		232,522		230,741
3.245%, 06/25/35 (b)		743,362		736,473
3.252%, 08/25/35 (b)		308,847		307,343
3.257%, 09/25/35 (b)		117,583		106,987
3.270%, 02/25/35 (b)		318,993		313,954
3.283%, 07/25/35 (b)		220,933		222,815
Lehman XS Trust 1.252%, 12/25/35 (b)		176,966		166,844
Marche Mutui S.r.l. 0.062%, 02/25/55 (EUR) (b)		23,953		25,554
1.922%, 01/27/64 (EUR) (b)		671,214		720,215
Master Adjustable Rate Mortgages Trust 2.966%, 12/25/33 (b)		160,004		154,574
3.050%, 11/21/34 (b)		206,516		210,795
Mellon Residential Funding Corp. Mortgage Pass-Through Trust 1.352%, 12/15/30 (b)		35,960		34,294
1.612%, 11/15/31 (b)		222,688		207,632
Merrill Lynch Mortgage Investors Trust 1.232%, 11/25/35 (b)		97,747		91,867
1.784%, 10/25/35 (b)		155,679		147,395
3.068%, 12/25/35 (b)		215,740		198,061
National Credit Union Administration Guaranteed Notes 1.337%, 12/08/20 (b)		3,802,429		3,821,511
1.432%, 10/07/20 (b)		1,945,837		1,947,965
Residential Accredit Loans, Inc. 1.282%, 08/25/35 (b)		140,295		111,814
1.998%, 09/25/45 (b)		149,176		128,933
Sequoia Mortgage Trust 1.178%, 07/20/36 (b)		1,093,001		1,030,192
1.678%, 10/19/26 (b)		55,218		53,790
Structured Adjustable Rate Mortgage Loan Trust 2.038%, 01/25/35 (b)		120,329		101,914
3.379%, 02/25/34 (b)		153,657		154,195
3.464%, 12/25/34 (b)		266,439		260,477
Collateralized Mortgage Obligations—(Continued)
Structured Asset Mortgage Investments II Trust 1.172%, 06/25/36 (b)		97,130		81,286
1.192%, 05/25/36 (b)		42,775		32,553
1.228%, 07/19/35 (b)		213,024		190,754
1.638%, 10/19/34 (b)		97,086		92,597
Swan Trust 2.925%, 04/25/41 (AUD) (b)		152,294		116,959
TBW Mortgage-Backed Trust 6.015%, 07/25/37		275,423		202,009
Thrones plc 1.860%, 07/20/44 (GBP) (b)		47,355		59,613
WaMu Mortgage Pass-Through Certificates Trust 1.408%, 05/25/47 (b)		434,040		384,325
1.424%, 12/25/46 (b)		96,595		90,912
1.638%, 02/25/46 (b)		173,988		167,234
1.638%, 08/25/46 (b)		6,436,951		5,653,630
1.838%, 11/25/42 (b)		20,734		19,210
2.116%, 07/25/46 (b)		662,837		615,534
2.116%, 11/25/46 (b)		221,341		199,248
2.990%, 08/25/35 (b)		91,377		84,948
3.001%, 12/25/35 (b)		181,016		165,919
Wells Fargo Mortgage-Backed Securities Trust
3.003%, 11/25/34 (b)		146,191		145,808
3.044%, 09/25/34 (b)		258,972		263,227
3.096%, 04/25/36 (b)		593,683		592,983
3.170%, 03/25/36 (b)		101,646		96,473
3.338%, 04/25/36 (b)		252,401		230,386
				36,665,758
Commercial Mortgage-Backed Securities—0.6%
Banc of America Commercial Mortgage Trust 5.894%, 02/10/51 (b)		252,139		253,765
Banc of America Re-REMIC Trust 5.901%, 02/17/51 (144A) (b)		156,830		157,094
GS Mortgage Securities Trust 4.592%, 08/10/43 (144A)		25,000		26,486
JPMorgan Chase Commercial Mortgage Securities Trust 5.794%, 02/12/51 (b)		792,123		798,323
ML-CFC Commercial Mortgage Trust 5.700%, 09/12/49		4,059,190		4,096,483
Morgan Stanley Capital Trust 5.809%, 12/12/49		2,501,986		2,516,765
RBSCF Trust 6.101%, 12/16/49 (144A) (b)		1,066,729		1,067,696
Vornado DP LLC Trust 4.004%, 09/13/28 (144A)		7,000,000		7,406,045
				16,322,657
Total Mortgage-Backed Securities (Cost $49,630,996)				52,988,415

BHFTI-304

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Purchased Options—0.2%

Security Description	Notional Amount*		Value
Interest Rate Swaptions—0.2%
Call - OTC - 30-Year Interest Rate Swap, Exercise Rate 2.150%, Expires 06/15/18 (Counterparty - Deutsche Bank AG) (j)		16,400,000	$	361,210
Put - OTC - 10-Year Interest Rate Swap, Exercise Rate 2.720%, Expires 07/16/18 (Counterparty - Morgan Stanley Capital Services LLC) (j)		51,400,000		1,382,146
Put - OTC - 10-Year Interest Rate Swap, Exercise Rate 2.765%, Expires 07/16/18 (Counterparty - Morgan Stanley Capital Services LLC) (j)		67,700,000		1,705,769
Put - OTC - 30-Year Interest Rate Swap, Exercise Rate 2.150%, Expires 06/15/18 (Counterparty - Deutsche Bank AG) (j)		16,400,000		2,261,519
				5,710,644
Options on Exchange-Traded Futures Contracts—0.0%
Call - U.S. Treasury Note 2-Year Futures @ $110.00, Expires 05/26/17 (Counterparty - Morgan Stanley Capital Services LLC)		322		322
Call - U.S. Treasury Note 5-Year Futures @ $125.00, Expires 05/26/17 (Counterparty - Morgan Stanley Capital Services LLC)		629		629
Put - Eurodollar Futures @ $98.50, Expires 04/13/17 (Counterparty - Morgan Stanley Capital Services LLC)		2,322		14,513
Put - Eurodollar Futures @ $98.63, Expires 04/13/17 (Counterparty - Morgan Stanley Capital Services LLC)		4,618		28,862
Put - U.S. Treasury Note 10-Year Futures @ $110.50, Expires 05/26/17 (Counterparty - Morgan Stanley Capital Services LLC)		844		844
Put - U.S. Treasury Note 10-Year Futures @ $111.00, Expires 05/26/17 (Counterparty - Morgan Stanley Capital Services LLC)		1,560		1,560
Put - U.S. Treasury Note 10-Year Futures @ $111.50, Expires 05/26/17 (Counterparty - Morgan Stanley Capital Services LLC)		269		269
				46,999
Total Purchased Options (Cost $4,920,837)				5,757,643
Convertible Preferred Stock—0.0%
Security Description	Shares/ Principal Amount*		Value
Banks—0.0%
Wells Fargo & Co., Series L 7.500%, 12/31/49 (Cost $900,000)		900		1,116,000
Municipals—0.0%
Tobacco Settlement Financing Authority, Revenue Bonds 7.467%, 06/01/47 (Cost $694,145)		725,000		692,984
Floating Rate Loans (k)—0.0%
Hotels, Restaurants & Leisure—0.0%
Las Vegas Sands LLC Term Loan B, 2.980%, 12/19/20		99,238		99,398
Pharmaceuticals—0.0%
Valeant Pharmaceuticals International, Inc. Term Loan B F1, 5.570%, 04/01/22		93,602		93,966
Total Floating Rate Loans (Cost $188,780)				193,364
Short-Term Investments—7.1%
Certificate of Deposit—4.0%
Barclays Bank plc 1.804%, 11/06/17		10,000,000		10,020,530
1.906%, 09/08/17		7,500,000		7,517,002
Credit Suisse 1.920%, 09/12/17		14,800,000		14,834,824
Mitsubishi UFJ Trust & Banking Corp. 1.872%, 09/19/17		5,700,000		5,715,185
Natixis 1.846%, 09/25/17		19,800,000		19,846,609
Norinchukin Bank 1.733%, 10/11/17		20,900,000		20,959,189
Sumitomo Mitsui Banking Corp. 1.831%, 09/15/17		10,000,000		10,024,850
Sumitomo Mitsui Trust Bank, Ltd. 1.715%, 10/06/17		6,000,000		6,016,446
1.882%, 09/18/17		12,900,000		12,935,398
				107,870,033
Foreign Government—2.9%
Argentina Treasury Bills 2.563%, 06/30/17 (l)		1,200,000		1,192,380
2.614%, 06/16/17 (l)		900,000		892,083
2.729%, 05/26/17 (l)		2,700,000		2,683,857
3.119%, 09/15/17 (l)		2,200,000		2,154,029
3.163%, 12/15/17 (l)		2,000,000		1,932,572

BHFTI-305

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Foreign Government—(Continued)
Japan Treasury Bills 0.000%, 04/10/17 (JPY) (l)		2,670,000,000	$	23,983,209
0.000%, 05/08/17 (JPY) (l)		4,600,000,000		41,327,362
Mexico Cetes 6.478%, 08/17/17 (MXN)		602,900,000		3,139,759
6.521%, 01/04/18 (MXN)		112,400,000		570,007
				77,875,258
Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $5,233,310 on 04/03/17, collateralized by $4,985,000 U.S. Treasury Note at 3.500% due 05/15/20 with a value of $5,339,862.		5,233,271		5,233,271
Total Short-Term Investments (Cost $189,239,200)				190,978,562
Total Investments—132.2% (Cost $3,614,360,091) (m)				3,553,843,095
Other assets and liabilities (net)—(32.2)%				(866,267,475	)
Net Assets—100.0%			$	2,687,575,620

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(b)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(c)	All or a portion of this security has been transferred in a secured-borrowing transaction.
(d)	Principal amount of security is adjusted for inflation.
(e)	All or a portion of the security was pledged as collateral against open swap contracts and open forward foreign currency exchange contracts. As of March 31, 2017, the market value of securities pledged was $14,835,688.
(f)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of March 31, 2017, the market value of securities pledged was $10,093,311.
(g)	All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $4,456,711.
(h)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $34,727,862, which is 1.3% of net assets. See details shown in the Restricted Securities table that follows.
(i)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(j)	Illiquid security. As of March 31, 2017, these securities represent 0.3% of net assets.
(k)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(l)	The rate shown represents current yield to maturity.
(m)	As of March 31, 2017, the aggregate cost of investments was $3,761,776,657. The aggregate unrealized appreciation and depreciation of investments were $26,287,277 and $(86,804,273), respectively, resulting in net unrealized depreciation of $(60,516,996).
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $139,173,394, which is 5.2% of net assets.
(ARM)—	Adjustable-Rate Mortgage
(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(DKK)—	Danish Krone
(EUR)—	Euro
(GBP)—	British Pound
(IRS)—	Interest Rate Swap
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(NZD)—	New Zealand Dollar
(REMIC)—	Real Estate Mortgage Investment Conduit

BHFTI-306

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Alpstar CLO 2 plc, 0.119%, 05/15/24		03/09/17	$	500,000	$	527,908	$	530,777
Avery Point CLO, Ltd., 1.000%, 04/25/26		03/30/17		8,100,000		8,100,000		8,100,000
CVP Cascade CLO-1, Ltd., Zero Coupon, 01/16/26		03/15/17		1,200,000		1,200,000		1,202,148
Fortress Credit BSL, Ltd., Zero Coupon, 10/19/25		03/27/17		3,600,000		3,600,000		3,598,200
Hildebe CLO, Ltd., 1.000%, 07/19/26		03/30/17		13,500,000		13,500,000		13,500,000
Jamestown CLO, Ltd., Zero Coupon, 01/17/27		03/24/17		6,800,000		6,800,000		6,796,600
Shackleton CLO, Ltd., Zero Coupon, 01/13/25		03/24/17		900,000		900,000		899,550
Sky plc, 2.625%, 09/16/19		02/14/17		100,000		100,474		100,587
							$	34,727,862

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	8,896,000	Barclays Bank plc		04/04/17	$	6,803,216	$	(6,674	)
BRL	66,024	BNP Paribas S.A.		04/04/17		21,000		90
BRL	20,781,353	BNP Paribas S.A.		04/04/17		6,735,602		(97,465	)
BRL	30,200,000	BNP Paribas S.A.		04/04/17		9,367,159		279,555
BRL	62,400,000	BNP Paribas S.A.		04/04/17		18,966,565		965,716
BRL	33,657,140	Deutsche Bank AG		04/04/17		10,622,756		128,263
BRL	12,809,763	JPMorgan Chase Bank N.A.		04/04/17		4,075,000		16,791
BRL	30,590,238	JPMorgan Chase Bank N.A.		04/04/17		9,654,790		116,575
BRL	96,800,000	JPMorgan Chase Bank N.A.		04/04/17		29,661,407		1,259,184
BRL	33,657,140	Deutsche Bank AG		05/03/17		10,542,565		137,634
CNH	182,234,281	Deutsche Bank AG		05/19/17		26,134,272		289,454
DKK	48,999,400	Goldman Sachs Bank USA		04/03/17		7,104,760		(78,346	)
EUR	17,324,195	BNP Paribas S.A.		04/04/17		18,684,145		(202,697	)
EUR	2,907,000	Goldman Sachs Bank USA		04/04/17		3,064,875		36,312
EUR	4,031,000	JPMorgan Chase Bank N.A.		04/04/17		4,327,750		(27,480	)
EUR	6,107,000	UBS AG Stamford		04/04/17		6,560,751		(45,805	)
EUR	6,107,000	Credit Suisse International		05/02/17		6,530,398		(7,253	)
GBP	932,000	Citibank N.A.		04/04/17		1,142,702		25,002
GBP	3,029,000	Goldman Sachs Bank USA		04/04/17		3,732,349		62,686
GBP	27,151,000	Goldman Sachs Bank USA		04/04/17		33,737,311		280,189
GBP	5,062,000	JPMorgan Chase Bank N.A.		04/04/17		6,206,055		136,128
INR	507,950,759	UBS AG Stamford		04/20/17		7,380,860		424,383
JPY	682,971,643	Citibank N.A.		04/04/17		6,162,892		(28,232	)
KRW	110,528,450	JPMorgan Chase Bank N.A.		06/23/17		96,283		2,645
MXN	121,009,000	BNP Paribas S.A.		04/17/17		6,114,669		335,607
MXN	2,288,000	JPMorgan Chase Bank N.A.		04/17/17		119,481		2,478
MXN	2,906,000	JPMorgan Chase Bank N.A.		04/17/17		140,919		13,983
MXN	135,168,000	JPMorgan Chase Bank N.A.		04/17/17		6,819,494		385,515
MXN	3,278,000	Societe Generale Paris		04/17/17		164,649		10,082
MXN	180,100,000	BNP Paribas S.A.		03/01/18		9,078,353		81,795
MYR	506,797	UBS AG Stamford		06/23/17		112,509		1,676
RUB	398,017,580	Credit Suisse International		05/24/17		6,606,594		382,531
Contracts to Deliver
AUD	8,896,000	Citibank N.A.		04/04/17		6,806,409		9,867
AUD	8,896,000	Barclays Bank plc		05/02/17		6,799,924		6,791
BRL	64,247,377	BNP Paribas S.A.		04/04/17		20,277,546		(244,838	)
BRL	29,000,000	BNP Paribas S.A.		04/04/17		8,319,706		(943,694	)
BRL	20,200,000	BNP Paribas S.A.		04/04/17		5,743,042		(709,396	)
BRL	33,657,140	Deutsche Bank AG		04/04/17		10,609,027		(141,991	)
BRL	46,900,000	JPMorgan Chase Bank N.A.		04/04/17		13,604,061		(1,377,093	)

BHFTI-307

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
BRL	46,700,000	JPMorgan Chase Bank N.A.		04/04/17	$	13,442,717	$	(1,474,551	)
BRL	46,600,000	JPMorgan Chase Bank N.A.		04/04/17		13,356,837		(1,528,489	)
BRL	75,200,000	BNP Paribas S.A.		10/03/17		21,936,989		(1,156,815	)
BRL	61,000,000	BNP Paribas S.A.		10/03/17		18,167,468		(565,538	)
BRL	94,900,000	JPMorgan Chase Bank N.A.		10/03/17		27,911,765		(1,231,879	)
BRL	16,080,000	BNP Paribas S.A.		01/03/18		4,453,677		(405,321	)
BRL	113,500,000	Deutsche Bank AG		01/03/18		31,956,798		(2,340,232	)
BRL	36,300,000	Deutsche Bank AG		01/03/18		10,060,064		(908,942	)
BRL	26,200,000	Deutsche Bank AG		01/03/18		6,935,609		(981,414	)
BRL	22,120,000	JPMorgan Chase Bank N.A.		01/03/18		6,114,720		(569,424	)
CNH	183,597,181	UBS AG Stamford		05/19/17		26,446,542		(174,803	)
DKK	219,225,100	BNP Paribas S.A.		04/03/17		33,253,173		1,816,741
DKK	68,347,000	BNP Paribas S.A.		04/03/17		10,387,777		586,956
DKK	53,325,000	BNP Paribas S.A.		04/03/17		8,146,062		499,366
DKK	23,503,900	Deutsche Bank AG		04/03/17		3,559,265		188,853
DKK	49,765,000	JPMorgan Chase Bank N.A.		04/03/17		7,218,596		82,396
DKK	11,445,000	UBS AG Stamford		04/03/17		1,738,997		97,807
DKK	139,962,000	Barclays Bank plc		07/03/17		21,350,642		1,188,453
DKK	48,999,400	Goldman Sachs Bank USA		07/03/17		7,138,295		79,700
DKK	59,667,000	Goldman Sachs Bank USA		10/02/17		9,145,769		508,004
DKK	8,665,000	JPMorgan Chase Bank N.A.		10/02/17		1,328,051		73,652
DKK	14,842,000	UBS AG Stamford		10/03/17		2,262,028		113,291
EUR	17,898,195	BNP Paribas S.A.		04/04/17		19,020,591		(73,200	)
EUR	271,000	Citibank N.A.		04/04/17		288,098		(1,005	)
EUR	5,830,000	Goldman Sachs Bank USA		04/04/17		6,144,491		(74,952	)
EUR	263,000	Goldman Sachs Bank USA		04/04/17		279,366		(1,202	)
EUR	17,324,195	BNP Paribas S.A.		05/02/17		18,708,000		203,294
GBP	2,366,000	JPMorgan Chase Bank N.A.		04/04/17		2,886,102		(78,260	)
GBP	33,808,000	UBS AG Stamford		04/04/17		41,985,783		(372,276	)
GBP	27,151,000	Goldman Sachs Bank USA		05/02/17		33,760,303		(279,484	)
INR	70,739,240	JPMorgan Chase Bank N.A.		04/20/17		1,079,000		(7,989	)
JPY	682,971,643	BNP Paribas S.A.		04/04/17		6,092,005		(42,654	)
JPY	640,000,000	Citibank N.A.		04/10/17		5,510,496		(239,286	)
JPY	420,000,000	Citibank N.A.		04/10/17		3,615,889		(157,405	)
JPY	270,000,000	Citibank N.A.		04/10/17		2,329,233		(96,456	)
JPY	250,000,000	Citibank N.A.		04/10/17		2,155,962		(90,046	)
JPY	660,000,000	UBS AG Stamford		04/10/17		5,682,161		(247,302	)
JPY	430,000,000	UBS AG Stamford		04/10/17		3,701,345		(161,790	)
JPY	682,971,643	Citibank N.A.		05/02/17		6,169,739		28,960
JPY	4,600,000,000	JPMorgan Chase Bank N.A.		05/08/17		40,834,443		(534,510	)
MXN	168,186,550	BNP Paribas S.A.		04/17/17		8,182,668		(782,365	)
MXN	154,556,000	Goldman Sachs Bank USA		04/17/17		7,425,936		(812,533	)
MXN	30,090,000	BNP Paribas S.A.		08/17/17		1,506,338		(68,417	)
MXN	2,710,000	Goldman Sachs Bank USA		08/17/17		135,361		(6,466	)
MXN	27,490,000	Societe Generale Paris		08/17/17		1,377,254		(61,430	)
MXN	11,240,000	Goldman Sachs Bank USA		01/04/18		548,895		(27,361	)
MXN	180,100,000	BNP Paribas S.A.		03/01/18		8,612,404		(547,745	)
NZD	15,376,000	Societe Generale Paris		04/04/17		11,039,024		260,452
NZD	15,376,000	BNP Paribas S.A.		05/02/17		10,739,798		(31,020	)
SGD	100,283	Deutsche Bank AG		06/23/17		71,037		(696	)
Net Unrealized Depreciation							$	(8,925,365	)

BHFTI-308

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Euro-Bund Futures		06/08/17		226			EUR	36,279,692		$	214,670
Put Options on 90 Day Sterling Futures, Strike GBP 98.500		06/21/17		808			GBP	34,631			(43,388	)
U.S. Treasury Note 10 Year Futures		06/21/17		1,570			USD	195,054,992			508,133
Futures Contracts—Short
Euro-Bobl Futures		06/08/17		(38	)		EUR	(5,021,288	)		13,749
Euro-OAT Futures		06/08/17		(303	)		EUR	(44,577,582	)		26,097
Japanese Government 10 Year Bond Futures		06/13/17		(36	)		JPY	(5,409,527,220	)		(4,965	)
Put Options on 90 Day Sterling Futures, Strike GBP 98.000		06/21/17		(808	)		GBP	(9,494	)		11,894
U.S. Treasury Long Bond Futures		06/21/17		(612	)		USD	(92,324,005	)		7,630
U.S. Treasury Note 2 Year Futures		06/30/17		(744	)		USD	(160,976,304	)		(64,822	)
U.S. Treasury Note 5 Year Futures		06/30/17		(1,069	)		USD	(125,559,575	)		(290,121	)
United Kingdom Long Gilt Bond Futures		06/28/17		(87	)		GBP	(10,932,355	)		(209,366	)
Net Unrealized Appreciation										$	169,511

Written Options

Inflation Capped Options	Strike Index	Counterparty	Exercise Index	Expiration Date		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation
Cap - CPI-U Index	4.000	JPMorgan Chase Bank N.A.	Maximum of [(Final Index/Initial Index) - (1 + 4.000%)]10 or 0		04/22/24		USD	(35,000,000	)	$	(254,625	)	$	(12,670	)	$	241,955
Cap - CPI-U Index	4.000	JPMorgan Chase Bank N.A.	Maximum of [(Final Index/Initial Index) - (1 + 4.000%)]10 or 0		05/16/24		USD	(2,800,000	)		(19,460	)		(1,075	)		18,385
Cap - HICP Index	3.000	Goldman Sachs Bank USA	Maximum of [(Final Index/Initial Index) - (1 + 4.000%)]10 or 0		06/22/35		EUR	(8,700,000	)		(395,798	)		(80,472	)		315,326
Floor - OTC CPURNSA Index	0.001	Citibank N.A.	Maximum of [(1 + 0.000%)10 -(Final Index/Initial Index)] or 0		04/07/20		USD	(49,000,000	)		(436,720	)		(49	)		436,671
Floor - OTC CPURNSA Index	0.001	Citibank N.A.	Maximum of [(1 + 0.000%)10 -(Final Index/Initial Index)] or 0		09/29/20		USD	(4,700,000	)		(60,630	)		(24	)		60,606
Floor - OTC YOY CPURNSA Index	0.001	Deutsche Bank AG	Maximum of [(1 + 0.000%)10 -(Final Index/Initial Index)] or 0		01/22/18		USD	(4,500,000	)		(43,650	)		(4	)		43,646
Floor - OTC YOY CPURNSA Index	0.001	BNP Paribas S.A.	Maximum of [(1 + 0.000%)10 -(Final Index/Initial Index)] or 0		03/01/18		USD	(3,500,000	)		(30,100	)		(357	)		29,743
Floor - OTC YOY CPURNSA Index	0.000	JPMorgan Chase Bank N.A.	Maximum of [(1 + 0.000%)10 -(Final Index/Initial Index)] or 0		03/24/20		USD	(33,500,000	)		(378,550	)		(137,819	)		240,731
Floor - OTC YOY CPURNSA Index	0.000	JPMorgan Chase Bank N.A.	Maximum of [(1 + 0.000%)10 -(Final Index/Initial Index)] or 0		10/02/20		USD	(14,900,000	)		(275,009	)		(79,287	)		195,722
Totals										$	(1,894,542	)	$	(311,757	)	$	1,582,785

Interest Rate Swaptions	Strike Rate	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate		Expiration Date		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation
Put - 10 Yr. IRS	2.455%	Goldman Sachs Bank USA	3M LIBOR		Pay		05/18/17		USD	(94,200,000	)	$	(1,361,190	)	$	(792,976	)	$	568,214

Credit Default Swaptions	Strike Rate	Counterparty	Reference Obligation	Buy/Sell Protection	Expiration Date	Notional Amount			Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Put - 5-Yr. CDS	1.000%	Citibank N.A.	CDX.ITRAXX.MAIN.26	Sell	06/21/17	EUR	(13,800,000	)	$	(19,963	)	$	(7,731	)	$	12,232
Call - 5 Yr. CDS	0.675%	Citibank N.A.	CDX.ITRAXX.MAIN.26	Buy	06/21/17	EUR	(13,800,000	)		(18,115	)		(29,276	)		(11,161	)
Totals									$	(38,078	)	$	(37,007	)	$	1,071

BHFTI-309

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Written Options—(Continued)

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts			Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - U.S. Treasury Note 10 Year Futures	$	125.000		05/26/17		(293	)	$	(158,677	)	$	(206,016	)	$	(47,339	)
Call - U.S. Treasury Note 10 Year Futures		124.500		05/26/17		(532	)		(431,910	)		(490,437	)		(58,527	)
Put - U.S. Treasury Note 10 Year Futures		123.000		05/26/17		(222	)		(201,618	)		(69,375	)		132,243
Put - U.S. Treasury Note 10 Year Futures		122.500		05/26/17		(687	)		(529,661	)		(150,281	)		379,380
Totals								$	(1,321,866	)	$	(916,109	)	$	405,757

Swap Agreements

OTC Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Notional Amount			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	1M UKRPI		3.195	%		04/15/30	Goldman Sachs Bank USA		GBP	1,850,000	$	(60,515	)	$	—		$	(60,515	)
Pay	1M UKRPI		3.325	%		08/15/30	Goldman Sachs Bank USA		GBP	12,500,000		(217,852	)		(28,394	)		(189,458	)
Pay	1M UKRPI		3.358	%		04/15/35	Goldman Sachs Bank USA		GBP	2,900,000		(46,682	)		—			(46,682	)
Pay	1M UKRPI		3.400	%		06/15/30	Goldman Sachs Bank USA		GBP	4,200,000		32,093			13,135			18,958
Pay	3M CPURNSA		1.788	%		07/18/26	Morgan Stanley Capital Services LLC		USD	8,800,000		(423,336	)		—			(423,336	)
Pay	3M CPURNSA		1.800	%		07/20/26	Morgan Stanley Capital Services LLC		USD	6,500,000		(303,664	)		—			(303,664	)
Pay	3M CPURNSA		1.805	%		09/20/26	Morgan Stanley Capital Services LLC		USD	2,300,000		(106,323	)		—			(106,323	)
Pay	3M CPURNSA		1.810	%		07/19/26	Morgan Stanley Capital Services LLC		USD	12,600,000		(577,514	)		—			(577,514	)
Pay	3M CPURNSA		2.063	%		05/12/25	UBS AG Stamford		USD	400,000		(2,745	)		—			(2,745	)
Pay	EXT-CPI		1.178	%		05/15/26	Citibank N.A.		EUR	4,800,000		(98,007	)		(729	)		(97,278	)
Receive	1M UKRPI		3.120	%		06/15/46	Goldman Sachs Bank USA		GBP	560,000		138,207			—			138,207
Receive	1M UKRPI		3.145	%		05/15/46	Goldman Sachs Bank USA		GBP	1,810,000		394,142			30,836			363,306
Receive	3M CPURNSA		1.725	%		03/04/19	Deutsche Bank AG		USD	8,125,000		37,698			—			37,698
Receive	3M CPURNSA		2.173	%		11/01/18	Deutsche Bank AG		USD	21,800,000		(738,353	)		—			(738,353	)
Receive	3M CPURNSA		2.175	%		10/01/18	Goldman Sachs Bank USA		USD	43,400,000		(1,489,471	)		42,961			(1,532,432	)
Receive	3M CPURNSA		2.315	%		11/16/17	Deutsche Bank AG		USD	12,700,000		(644,912	)		—			(644,912	)
Receive	3M CPURNSA		2.560	%		05/08/23	Deutsche Bank AG		USD	12,300,000		(1,035,220	)		—			(1,035,220	)
Receive	EXT-CPI		0.550	%		10/15/17	BNP Paribas S.A.		EUR	3,600,000		13,688			—			13,688
Totals											$	(5,128,766	)	$	57,809		$	(5,186,575	)

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay	1M UKRPI		3.140	%		04/15/31		GBP	4,600,000	$	92,710
Pay	1M UKRPI		3.300	%		12/15/30		GBP	4,500,000		55,431
Pay	1M UKRPI		3.325	%		08/15/30		GBP	18,500,000		78,191
Pay	1M UKRPI		3.350	%		05/15/30		GBP	15,100,000		(8,245	)
Pay	1M UKRPI		3.400	%		06/15/30		GBP	16,200,000		221,196
Pay	1M UKRPI		3.530	%		10/15/31		GBP	3,500,000		(48,048	)
Pay	28-Day TIIE		8.035	%		12/17/26		MXN	132,900,000		342,254
Pay	3M CPURNSA		1.730	%		07/26/26		USD	7,500,000		40,031
Pay	3M CPURNSA		1.780	%		09/15/26		USD	5,000,000		28,771
Pay	3M CPURNSA		1.801	%		09/12/26		USD	5,870,000		33,633
Pay	3M LIBOR		1.250	%		06/15/18		USD	20,600,000		(141,561	)
Pay	3M LIBOR		2.500	%		12/19/23		USD	73,900,000		750,714
Pay	3M LIBOR		2.655	%		10/19/23		USD	47,000,000		496,369

BHFTI-310

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Swap Agreements—(Continued)

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay		3M LIBOR		2.670	%		11/19/23		USD	14,000,000	$	148,037
Pay		3M LIBOR		2.678	%		10/25/23		USD	33,000,000		378,646
Pay		3M LIBOR		2.681	%		12/12/23		USD	14,000,000		148,244
Pay		EXT-CPI		0.830	%		05/15/18		EUR	26,600,000		(194,832	)
Pay		EXT-CPI		1.100	%		08/15/26		EUR	2,700,000		51,047
Pay		EXT-CPI		1.385	%		12/15/26		EUR	19,200,000		91,346
Receive		1M UKRPI		3.428	%		03/15/47		GBP	2,100,000		68,657
Receive		1M UKRPI		3.585	%		10/15/46		GBP	5,200,000		(57,967	)
Receive		3M CPURNSA		1.550	%		07/26/21		USD	7,500,000		(41,288	)
Receive		3M CPURNSA		1.603	%		09/12/21		USD	5,870,000		(34,891	)
Receive		3M CPURNSA		2.018	%		08/19/17		USD	39,600,000		65,210
Receive		3M CPURNSA		2.021	%		11/25/20		USD	10,400,000		47,727
Receive		3M CPURNSA		2.027	%		11/23/20		USD	11,000,000		48,503
Receive		3M CPURNSA		2.250	%		07/15/17		USD	10,400,000		(1,292	)
Receive		3M LIBOR		1.250	%		02/23/18		USD	150,800,000		143,485
Receive		3M LIBOR		1.250	%		06/21/22		USD	51,700,000		(363,019	)
Receive		3M LIBOR		1.750	%		12/21/26		USD	35,540,000		3,122,910
Receive		3M LIBOR		1.850	%		07/27/26		USD	13,350,000		522,752
Receive		3M LIBOR		2.000	%		12/16/20		USD	15,400,000		(40,533	)
Receive		3M LIBOR		2.000	%		07/27/26		USD	36,300,000		1,184,120
Receive		3M LIBOR		2.250	%		12/21/46		USD	50,000		990
Receive		3M LIBOR		2.300	%		04/21/26		USD	34,400,000		643,008
Receive		3M LIBOR		2.300	%		04/27/26		USD	41,300,000		774,177
Receive		3M LIBOR		2.400	%		03/16/26		USD	60,500,000		844,906
Receive		3M LIBOR		2.500	%		02/22/26		USD	91,970,000		1,154,170
Receive		3M LIBOR		2.750	%		12/19/48		USD	16,600,000		(300,631	)
Receive		3M LIBOR		2.948	%		10/19/48		USD	9,000,000		(320,989	)
Receive		3M LIBOR		2.951	%		11/19/48		USD	3,000,000		(107,015	)
Receive		3M LIBOR		2.953	%		12/12/48		USD	3,000,000		(106,638	)
Receive		3M LIBOR		2.969	%		10/25/48		USD	6,000,000		(239,925	)
Receive		6M LIBOR		1.500	%		09/20/27		GBP	6,800,000		(106,837	)
Receive		6M LIBOR		1.500	%		09/20/27		GBP	37,360,000		(680,694	)
Receive		6M LIBOR		1.500	%		12/21/45		JPY	143,000,000		(9,941	)
Receive		6M LIBOR		1.750	%		03/21/48		GBP	540,000		(8,847	)
Receive		6M LIBOR		1.750	%		03/21/48		GBP	18,170,000		(594,639	)
Receive		6M LIBOR		2.000	%		09/16/45		GBP	1,555,000		(368,199	)
Receive		EXT-CPI		0.580	%		10/15/17		EUR	29,600,000		143,569
Receive		EXT-CPI		0.625	%		09/15/18		EUR	10,600,000		73,797
Receive		EXT-CPI		0.650	%		10/15/18		EUR	8,700,000		60,205
Receive		EXT-CPI		0.806	%		04/15/21		EUR	14,100,000		202,272
Receive		EXT-CPI		0.875	%		05/15/21		EUR	20,200,000		270,877
Receive		EXT-CPI		0.890	%		11/15/18		EUR	2,600,000		3,149
Net Unrealized Appreciation											$	8,555,073

Centrally Cleared Credit Default Swaps on Credit Indices—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Implied Credit Spread at March 31, 2017(b)	Notional Amount(c)			Unrealized Depreciation
CDX.NA.HY.28		(5.000%)		06/20/22	3.385%		USD	18,300,000	$	(53,523)

BHFTI-311

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Swap Agreements—(Continued)

OTC Credit Default Swaps on Sovereign Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at March 31, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation
Federative Republic of Brazil 4.250%, due 01/07/25		1.000%		06/20/21	Citibank N.A.		1.800%		USD	800,000	$	(25,451)	$	(69,203)	$	43,752
Federative Republic of Brazil 4.250%, due 01/07/25		1.000%		06/20/21	Deutsche Bank AG		1.800%		USD	1,200,000		(38,177)		(103,311)		65,134
Federative Republic of Brazil		1.000%		12/20/21	JPMorgan Chase Bank N.A.		2.050%		USD	2,800,000		(129,021)		(218,003)		88,982
Russian Federation 7.500%, due 03/31/30		1.000%		06/20/21	JPMorgan Chase Bank N.A.		1.292%		USD	2,000,000	$	(23,488)		(122,681)		99,193
United Mexican States 5.950%, due 03/19/19		1.000%		06/20/21	Barclays Bank plc		0.989%		USD	12,400,000		5,579		(311,729)		317,308
United Mexican States 5.950%, due 03/19/19		1.000%		06/20/21	Citibank N.A.		0.989%		USD	1,000,000		450		(24,368)		24,818
United Mexican States 5.950%, due 03/19/19		1.000%		06/20/21	Credit Suisse International		0.989%		USD	600,000		270		(14,758)		15,028
United Mexican States 5.950%, due 03/19/19		1.000%		06/20/21	Deutsche Bank AG		0.989%		USD	12,900,000		5,805		(331,353)		337,158
Totals											$	(204,033)	$	(1,195,406)	$	991,373

OTC Credit Default Swaps on Credit Indices—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at March 31, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation
CMBX.NA.AAA.8		0.500%		10/17/57	Deutsche Bank AG		0.000%		USD	7,900,000	$	(107,488)	$	(496,449)	$	388,961
CMBX.NA.AAA.8		0.500%		10/17/57	Goldman Sachs International		0.000%		USD	900,000		(12,245)		(46,593)		34,348
Totals											$	(119,733)	$	(543,042)	$	423,309

Securities in the amount of $2,172,589 have been received at the custodian bank as collateral for OTC swap contracts.

(a)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)	The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CNH)—	Chinese Renminbi
(DKK)—	Danish Krone
(EUR)—	Euro
(GBP)—	British Pound

BHFTI-312

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(MYR)—	Malaysian Ringgit
(NZD)—	New Zealand Dollar
(RUB)—	Russian Ruble
(SGD)—	Singapore Dollar
(USD)—	United States Dollar
(CMBX)—	Commercial Mortgage-Backed Index
(CDS)—	Credit Default Swap
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(CMBX.NA.AAA)—	Markit North America AAA Rated CMBS Index
(CPI-U)—	U.S. Consumer Price Index for All Urban Consumers
(CPURNSA)—	U.S. Consumer Price Index for All Urban Consumers Non-Seasonally Adjusted
(EXT-CPI)—	Excluding Tobacco-Non-revised Consumer Price Index
(HICP)—	Harmonized Index of Consumer Prices
(IRS)—	Interest Rate Swap
(ITRAXX.MAIN)—	Markit iTraxx Europe CDS Index
(LIBOR)—	London Interbank Offered Rate
(TIIE)—	Mexican Interbank Equilibrium Interest Rate
(UKRPI)—	United Kingdom Retail Price Index
(YOY)—	Year over year options mayhave a series of expirations

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	2,693,361,296	$	—	$	2,693,361,296
Total Corporate Bonds & Notes*		—		291,699,478		—		291,699,478
Total Foreign Government*		—		193,326,489		—		193,326,489
Total Asset-Backed Securities*		—		123,728,864		—		123,728,864
Total Mortgage-Backed Securities*		—		52,988,415		—		52,988,415
Purchased Options
Interest Rate Swaptions		—		5,710,644		—		5,710,644
Options on Exchange-Traded Futures Contracts		46,999		—		—		46,999
Total Purchased Options		46,999		5,710,644		—		5,757,643
Total Convertible Preferred Stock*		1,116,000		—		—		1,116,000

BHFTI-313

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Total Municipals	$	—		$	692,984		$	—	$	692,984
Total Floating Rate Loans*		—			193,364			—		193,364
Total Short-Term Investments*		—			190,978,562			—		190,978,562
Total Investments	$	1,162,999		$	3,552,680,096		$	—	$	3,553,843,095
Secured Borrowings (Liability)	$	—		$	(2,606,698,749	)	$	—	$	(2,606,698,749	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	11,118,857		$	—	$	11,118,857
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(20,044,222	)		—		(20,044,222	)
Total Forward Contracts	$	—		$	(8,925,365	)	$	—	$	(8,925,365	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	782,173		$	—		$	—	$	782,173
Futures Contracts (Unrealized Depreciation)		(612,662	)		—			—		(612,662	)
Total Futures Contracts	$	169,511		$	—		$	—	$	169,511
Written Options
Credit Default Swaptions at Value	$	—		$	(37,007	)	$	—	$	(37,007	)
Inflation Capped Options at Value		—			(311,757	)		—		(311,757	)
Interest Rate Swaptions at Value		—			(792,976	)		—		(792,976	)
Options on Exchange-Traded Futures Contracts at Value		(916,109	)		—			—		(916,109	)
Total Written Options	$	(916,109	)	$	(1,141,740	)	$	—	$	(2,057,849	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	12,331,104		$	—	$	12,331,104
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(3,829,554	)		—		(3,829,554	)
Total Centrally Cleared Swap Contracts	$	—		$	8,501,550		$	—	$	8,501,550
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	627,932		$	—	$	627,932
OTC Swap Contracts at Value (Liabilities)		—			(6,080,464	)		—		(6,080,464	)
Total OTC Swap Contracts	$	—		$	(5,452,532	)	$	—	$	(5,452,532	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-314

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—70.2% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—47.9%
Fannie Mae 10 Yr. Pool 3.000%, 12/01/20		100,551	$	103,191
3.000%, 02/01/21		307,482		315,556
3.000%, 08/01/21		225,721		231,647
3.000%, 11/01/21		61,521		63,136
3.000%, 03/01/22		278,619		285,934
3.000%, 05/01/22		937,252		961,860
3.500%, 05/01/19		66,529		69,214
3.500%, 08/01/20		278,250		289,478
3.500%, 10/01/20		604,037		628,411
3.500%, 03/01/21		61,364		63,841
3.500%, 07/01/21		698,253		726,484
3.500%, 01/01/22		193,759		201,633
3.500%, 04/01/22		128,148		133,371
3.500%, 08/01/22		135,842		141,337
3.500%, 09/01/23		647,032		673,191
4.000%, 05/01/19		6,394		6,609
4.500%, 03/01/18		10,692		10,966
4.500%, 07/01/18		7,136		7,318
4.500%, 11/01/18		7,694		7,891
4.500%, 12/01/18		4,050		4,153
4.500%, 05/01/19		224,330		230,068
5.500%, 11/01/17		9,152		9,195
5.500%, 09/01/18		42,741		43,515
5.500%, 10/01/18		22,550		22,993
Fannie Mae 15 Yr. Pool 3.000%, 09/01/28		595,689		612,793
3.000%, 06/01/30		19,994,058		20,558,728
3.000%, TBA (a)		59,000,000		60,494,322
3.500%, 04/01/24		693,629		721,626
3.500%, 08/01/25		157,866		164,456
3.500%, 10/01/25		561,563		585,422
3.500%, 11/01/25		168,079		175,084
3.500%, 12/01/25		53,003		55,219
3.500%, 01/01/26		487,288		507,674
3.500%, 03/01/26		1,011,926		1,054,297
3.500%, 10/01/26		225,290		234,806
3.500%, 12/01/26		1,023,311		1,066,395
3.500%, 08/01/27		274,438		285,800
3.500%, 07/01/28		104,706		109,087
3.500%, 07/01/29		191,743		200,686
3.500%, 02/01/31		193,519		202,146
3.500%, TBA (a)		45,000,000		46,784,568
4.000%, 07/01/18		1,512		1,563
4.000%, 08/01/18		551		570
4.000%, 09/01/18		336		347
4.000%, 05/01/19		358,768		370,873
4.000%, 07/01/19		134,123		138,648
4.000%, 08/01/20		171,097		176,869
4.000%, 03/01/22		25,895		26,769
4.000%, 04/01/24		40,393		42,509
4.000%, 05/01/24		1,705,918		1,795,562
4.000%, 06/01/24		1,907,619		2,008,035
4.000%, 07/01/24		18,880		19,880
4.000%, 02/01/25		569,255		599,300
4.000%, 06/01/25		183,144		191,554
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool
4.000%, 07/01/25		5,613		5,907
4.000%, 08/01/25		609,253		640,935
4.000%, 09/01/25		28,266		29,499
4.000%, 12/01/25		173,640		180,230
4.000%, 02/01/26		166,502		175,271
4.000%, 03/01/26		30,875		32,502
4.000%, 06/01/26		25,961		26,911
4.500%, 03/01/18		36,194		37,120
4.500%, 04/01/18		74,353		76,255
4.500%, 06/01/18		237,538		243,613
4.500%, 07/01/18		123,277		126,431
4.500%, 08/01/18		1,477		1,515
4.500%, 10/01/18		5,367		5,504
4.500%, 11/01/18		293,780		301,295
4.500%, 12/01/18		100,245		102,809
4.500%, 02/01/19		75,735		77,672
4.500%, 05/01/19		143,917		147,598
4.500%, 06/01/19		66,994		68,708
4.500%, 11/01/19		77,666		79,653
4.500%, 12/01/19		82,625		84,738
4.500%, 08/01/20		167,284		172,957
4.500%, 09/01/20		182,209		186,869
4.500%, 10/01/20		9,914		10,247
4.500%, 12/01/20		169,933		174,910
4.500%, 01/01/22		5,817		5,966
4.500%, 02/01/23		177,817		186,952
4.500%, 03/01/23		314,792		329,028
4.500%, 05/01/23		32,397		33,897
4.500%, 06/01/23		2,135		2,256
4.500%, 01/01/24		4,450		4,563
4.500%, 04/01/24		55,632		58,781
4.500%, 05/01/24		184,571		194,524
4.500%, 08/01/24		36,920		38,936
4.500%, 10/01/24		253,431		267,662
4.500%, 11/01/24		70,421		74,142
4.500%, 02/01/25		437,292		457,563
4.500%, 03/01/25		313,210		330,396
4.500%, 04/01/25		204,847		216,486
4.500%, 05/01/25		641,374		673,180
4.500%, 06/01/25		52,947		55,955
4.500%, 07/01/25		2,503,171		2,640,989
4.500%, 08/01/25		66,186		68,525
4.500%, 09/01/25		170,014		179,410
4.500%, 11/01/25		116,628		120,407
4.500%, 04/01/26		13,622		14,415
4.500%, 01/01/27		69,506		71,873
5.500%, 12/01/17		297		298
5.500%, 01/01/18		13,670		13,751
5.500%, 02/01/18		87,764		88,332
5.500%, 11/01/18		447		452
5.500%, 09/01/19		11,295		11,401
5.500%, 09/01/20		7,509		7,845
5.500%, 12/01/20		623		636
5.500%, 03/01/22		108,190		114,322
5.500%, 04/01/22		64,126		67,236

BHFTI-315

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool
5.500%, 07/01/22		99,220	$	105,614
5.500%, 09/01/22		38,308		40,620
5.500%, 10/01/22		322,741		342,187
5.500%, 11/01/22		82,206		87,478
5.500%, 12/01/22		58,014		61,450
5.500%, 02/01/23		103,290		109,960
5.500%, 03/01/23		15,527		16,603
5.500%, 07/01/23		7,719		8,106
5.500%, 08/01/23		27,090		28,843
5.500%, 10/01/23		66,768		71,150
5.500%, 11/01/23		10,296		10,353
5.500%, 12/01/23		30,591		32,483
5.500%, 01/01/24		9,515		10,217
5.500%, 03/01/24		56,612		60,419
5.500%, 09/01/24		22,199		23,142
5.500%, 01/01/25		778,242		831,355
5.500%, 05/01/25		84,159		87,652
6.000%, 06/01/17		182		182
6.000%, 07/01/17		8		8
6.500%, 10/01/17		483		485
Fannie Mae 20 Yr. Pool 4.000%, 04/01/29		56,701		59,882
4.000%, 05/01/29		193,887		204,765
4.000%, 03/01/30		115,970		122,502
4.000%, 05/01/30		180,258		190,625
4.000%, 08/01/30		146,711		155,233
4.000%, 09/01/30		95,922		101,496
4.000%, 10/01/30		4,122		4,361
4.000%, 11/01/30		466,007		493,152
4.000%, 12/01/30		64,026		67,754
4.000%, 06/01/31		9,553		10,111
4.000%, 09/01/31		238,174		252,045
4.000%, 11/01/31		21,478		22,536
4.500%, 01/01/25		8,748		9,375
4.500%, 04/01/31		46,185		49,629
5.000%, 05/01/24		149,774		163,488
5.000%, 01/01/25		108,600		118,544
5.000%, 09/01/25		31,715		34,619
5.000%, 12/01/25		271,017		295,937
5.000%, 01/01/26		70,659		77,155
5.000%, 02/01/27		5,733		6,258
5.000%, 05/01/27		170,778		186,414
5.000%, 07/01/27		7,050		7,695
5.000%, 03/01/28		15,826		17,275
5.000%, 05/01/28		544,247		594,079
5.000%, 06/01/28		1,694,072		1,849,185
5.000%, 01/01/29		60,754		66,317
5.000%, 07/01/29		91,176		99,651
5.000%, 12/01/29		25,243		27,572
5.000%, 03/01/30		510,983		558,380
5.000%, 05/01/30		114,909		125,652
5.000%, 07/01/31		89,347		97,909
5.500%, 02/01/19		5,073		5,627
5.500%, 06/01/23		176,482		195,775
5.500%, 07/01/24		8,188		9,083
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 20 Yr. Pool
5.500%, 01/01/25		9,406		10,434
5.500%, 02/01/25		2,623		2,911
5.500%, 03/01/25		718,978		807,067
5.500%, 08/01/25		58,066		65,019
5.500%, 10/01/25		4,110		4,560
5.500%, 11/01/25		9,306		10,324
5.500%, 03/01/26		68,980		76,551
5.500%, 05/01/26		1,924		2,134
5.500%, 06/01/26		370,493		411,168
5.500%, 01/01/27		52,252		57,992
5.500%, 06/01/27		7,822		8,686
5.500%, 07/01/27		189,029		209,694
5.500%, 08/01/27		88,313		97,970
5.500%, 10/01/27		131,370		145,732
5.500%, 11/01/27		30,186		33,486
5.500%, 12/01/27		261,534		290,172
5.500%, 01/01/28		96,745		107,322
5.500%, 03/01/28		47,678		52,908
5.500%, 04/01/28		167,557		185,881
5.500%, 05/01/28		57,683		64,028
5.500%, 06/01/28		15,239		16,905
5.500%, 07/01/28		8,169		9,062
5.500%, 09/01/28		114,690		127,229
5.500%, 10/01/28		19,948		22,129
5.500%, 12/01/28		7,910		8,775
5.500%, 01/01/29		131,449		145,819
5.500%, 07/01/29		118,733		131,823
5.500%, 10/01/29		235,326		262,930
5.500%, 04/01/30		182,359		202,688
6.000%, 06/01/26		10,047		11,346
6.000%, 07/01/26		82,083		92,676
6.000%, 08/01/26		13,926		15,727
6.000%, 12/01/26		12,813		14,467
6.000%, 09/01/28		63,002		71,133
6.000%, 10/01/28		41,759		47,148
Fannie Mae 30 Yr. Pool 3.000%, TBA (a)		438,000,000		433,518,750
3.500%, TBA (a)		796,100,000		813,024,160
4.000%, 05/01/34		170,515		179,353
4.000%, 05/01/35		122,945		129,538
4.000%, 01/01/41		652,259		690,598
4.000%, 03/01/41		496,158		526,514
4.000%, 05/01/41		380,825		403,085
4.000%, 05/01/42		173,564		183,361
4.000%, 12/01/43		674,855		710,060
4.000%, TBA (a)		601,000,000		629,457,896
4.500%, 04/01/39		1,041,864		1,128,069
4.500%, 05/01/39		94,198		101,593
4.500%, 06/01/39		34,886		37,517
4.500%, 08/01/39		28,194		30,254
4.500%, 12/01/39		10,771		11,629
4.500%, 05/01/40		43,535		46,943
4.500%, 09/01/40		39,520		42,605
4.500%, 10/01/40		362,015		388,087
4.500%, 12/01/40		78,308		84,287

BHFTI-316

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.500%, 02/01/41		208,011	$	223,509
4.500%, 05/01/41		22,269		24,089
4.500%, 06/01/41		15,868		17,031
4.500%, 07/01/41		9,573		10,271
4.500%, 09/01/41		872,798		936,162
4.500%, 10/01/41		190,418		205,027
4.500%, 03/01/42		46,682		50,407
4.500%, 06/01/42		86,373		92,955
4.500%, 07/01/42		1,153,360		1,238,512
4.500%, 11/01/43		22,346		24,206
4.500%, TBA (a)		193,000,000		206,628,498
5.000%, 03/01/32		3,399		3,711
5.000%, 09/01/32		2,362		2,578
5.000%, 10/01/32		947		1,034
5.000%, 04/01/33		78,217		85,379
5.000%, 07/01/33		128,826		142,198
5.000%, 08/01/33		2,954		3,270
5.000%, 09/01/33		2,239		2,488
5.000%, 10/01/33		24,162		26,744
5.000%, 11/01/33		643		711
5.000%, 01/01/34		122,509		133,778
5.000%, 04/01/34		159,242		176,232
5.000%, 06/01/34		4,192		4,659
5.000%, 12/01/34		23,203		25,327
5.000%, 01/01/35		88,604		97,976
5.000%, 04/01/35		61		68
5.000%, 07/01/35		30,004		32,751
5.000%, 09/01/35		46,928		51,229
5.000%, 01/01/38		196,960		216,989
5.000%, 04/01/39		27,746		30,552
5.000%, 10/01/39		8,958		9,823
5.000%, 11/01/39		26,272		29,075
5.000%, 06/01/40		15,957		17,434
5.000%, 11/01/42		200,078		220,156
5.000%, TBA (a)		46,000,000		50,236,386
5.500%, 12/01/28		27,050		30,047
5.500%, 06/01/33		67,166		75,207
5.500%, 07/01/33		9,602		10,740
5.500%, 09/01/33		204,914		229,416
5.500%, 11/01/33		233,708		259,260
5.500%, 12/01/33		1,531		1,710
5.500%, 04/01/34		2,960		3,314
5.500%, 07/01/34		27,305		30,577
5.500%, 08/01/34		277,340		310,455
5.500%, 09/01/34		17,038		19,057
5.500%, 11/01/34		406,397		455,030
5.500%, 12/01/34		963,142		1,077,357
5.500%, 01/01/35		344,138		385,302
5.500%, 02/01/35		478,225		535,373
5.500%, 03/01/35		600,893		672,172
5.500%, 04/01/35		131,777		147,157
5.500%, 05/01/35		187,637		208,202
5.500%, 06/01/35		296,116		330,899
5.500%, 08/01/35		233,761		263,101
5.500%, 09/01/35		2,558,233		2,857,653
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.500%, 10/01/35		303,364		337,337
5.500%, 11/01/35		1,441,145		1,611,540
5.500%, 12/01/35		1,398,382		1,559,788
5.500%, 01/01/36		299,514		334,587
5.500%, 03/01/36		312,816		348,907
5.500%, 05/01/36		2,576		2,862
5.500%, 07/01/36		1,289,563		1,443,677
5.500%, 09/01/36		156,764		175,477
5.500%, 11/01/36		99,697		111,310
5.500%, 12/01/36		2,648		2,937
5.500%, 02/01/37		2,876		3,199
5.500%, 03/01/37		55,200		61,234
5.500%, 05/01/37		28,640		32,097
5.500%, 08/01/37		1,240,390		1,382,889
5.500%, 01/01/38		7,880		8,787
5.500%, 02/01/38		163,050		181,204
5.500%, 03/01/38		1,359,475		1,523,691
5.500%, 05/01/38		2,600,872		2,899,867
5.500%, 06/01/38		97,128		108,003
5.500%, 09/01/38		22,567		25,034
5.500%, 10/01/38		1,010,207		1,129,442
5.500%, 11/01/38		229,987		256,422
5.500%, 01/01/39		64,989		72,911
5.500%, 07/01/39		21,807		24,209
5.500%, 11/01/39		2,894,707		3,223,016
5.500%, 02/01/40		576,095		642,566
5.500%, 03/01/40		1,417,064		1,579,663
5.500%, 06/01/40		60,694		67,396
5.500%, 09/01/40		414,163		459,830
5.500%, 12/01/40		214,728		239,215
5.500%, 07/01/41		4,883,010		5,433,561
5.500%, TBA (a)		8,000,000		8,880,416
6.000%, 12/01/28		34,452		38,898
6.000%, 01/01/29		26,702		30,432
6.000%, 02/01/29		178		201
6.000%, 04/01/29		3,251		3,706
6.000%, 06/01/29		4,893		5,575
6.000%, 11/01/32		48,348		54,661
6.000%, 12/01/32		240,236		273,691
6.000%, 03/01/33		20,141		23,031
6.000%, 04/01/33		8,853		10,057
6.000%, 05/01/33		20,609		23,591
6.000%, 07/01/33		21,637		24,744
6.000%, 01/01/34		57,113		65,158
6.000%, 09/01/34		20,558		23,218
6.000%, 11/01/34		8,679		9,823
6.000%, 04/01/35		905,167		1,036,063
6.000%, 05/01/35		32,325		36,820
6.000%, 06/01/35		4,096		4,648
6.000%, 07/01/35		67,491		76,564
6.000%, 09/01/35		9,784		11,079
6.000%, 11/01/35		435,689		491,996
6.000%, 12/01/35		27,863		31,471
6.000%, 01/01/36		117,543		132,795
6.000%, 03/01/36		104,827		118,426

BHFTI-317

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
6.000%, 04/01/36		6,870	$	7,823
6.000%, 05/01/36		642,645		726,062
6.000%, 06/01/36		23,048		26,031
6.000%, 07/01/36		88,349		99,848
6.000%, 08/01/36		2,271,071		2,567,442
6.000%, 09/01/36		699,281		792,263
6.000%, 10/01/36		201,399		227,638
6.000%, 11/01/36		141,667		160,093
6.000%, 12/01/36		734,166		829,071
6.000%, 01/01/37		536,475		607,140
6.000%, 02/01/37		552,079		623,631
6.000%, 03/01/37		202,257		228,376
6.000%, 04/01/37		92,361		105,324
6.000%, 05/01/37		1,394,225		1,574,466
6.000%, 07/01/37		23,482		26,601
6.000%, 08/01/37		54,569		61,920
6.000%, 09/01/37		415,304		468,967
6.000%, 11/01/37		73,666		83,435
6.000%, 02/01/38		628,984		714,910
6.000%, 03/01/38		12,725		14,512
6.000%, 08/01/38		22,949		26,010
6.000%, 09/01/38		725,839		823,782
6.000%, 10/01/38		82,084		94,142
6.000%, 11/01/38		8,578		9,686
6.000%, 01/01/39		115,748		132,201
6.000%, 04/01/39		687,606		777,274
6.000%, 07/01/39		132,381		149,500
6.000%, 08/01/39		799,572		902,764
6.000%, 02/01/40		2,125		2,400
6.000%, 05/01/40		5,276		5,957
6.000%, 09/01/40		8,833		9,973
6.000%, TBA (a)		2,000,000		2,261,562
8.000%, 10/01/25		1,163		1,305
Fannie Mae ARM Pool 1.814%, 08/01/41 (b)		358,983		362,019
1.814%, 07/01/42 (b)		305,076		310,559
1.814%, 08/01/42 (b)		294,685		300,067
1.814%, 10/01/44 (b)		449,151		457,571
1.864%, 09/01/41 (b)		934,741		951,837
2.479%, 11/01/35 (b)		199,434		208,547
2.562%, 10/01/28 (b)		154,907		159,708
2.587%, 10/01/35 (b)		327,529		345,329
2.594%, 02/01/31 (b)		211,125		216,267
2.635%, 07/01/32 (b)		32,055		33,028
2.636%, 03/01/35 (b)		41,780		43,667
2.653%, 06/01/33 (b)		33,375		34,616
2.723%, 08/01/35 (b)		472,373		497,518
2.724%, 09/01/35 (b)		1,616,126		1,675,608
2.740%, 11/01/35 (b)		527,757		557,697
2.757%, 01/01/35 (b)		197,603		205,547
2.759%, 09/01/31 (b)		42,116		43,982
2.770%, 05/01/35 (b)		51,501		54,419
2.795%, 07/01/33 (b)		25,992		27,418
2.797%, 01/01/36 (b)		75,061		78,973
2.817%, 05/01/35 (b)		413,704		439,548
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae ARM Pool
2.838%, 12/01/34 (b)		644,706		675,592
2.882%, 05/01/34 (b)		877,086		927,191
2.883%, 02/01/35 (b)		141,031		149,446
2.884%, 08/01/36 (b)		485,110		510,747
2.904%, 04/01/34 (b)		7,633		8,042
2.912%, 12/01/34 (b)		1,197,142		1,253,854
2.942%, 11/01/34 (b)		2,210,910		2,344,560
2.990%, 03/01/33 (b)		3,574		3,725
3.000%, 11/01/34 (b)		5,409		5,686
3.000%, 08/01/35 (b)		684,025		727,776
3.018%, 10/01/34 (b)		17,672		18,820
3.021%, 09/01/32 (b)		165,768		176,228
3.098%, 04/01/35 (b)		117,738		124,943
3.164%, 11/01/35 (b)		292,429		300,335
3.174%, 11/01/34 (b)		109,124		115,476
3.182%, 09/01/34 (b)		842,999		895,629
3.191%, 12/01/34 (b)		46,576		49,232
3.193%, 01/01/35 (b)		77,052		81,298
3.212%, 01/01/35 (b)		22,441		23,725
3.213%, 01/01/35 (b)		54,690		57,691
3.255%, 02/01/35 (b)		36,808		38,601
3.262%, 01/01/35 (b)		65,530		69,297
3.385%, 11/01/32 (b)		26,907		27,835
4.300%, 12/01/36 (b)		225,267		236,197
4.742%, 09/01/34 (b)		40,891		42,922
Fannie Mae Pool 2.310%, 08/01/22		8,200,000		8,142,007
2.475%, 04/01/19		14,383,561		14,536,391
2.870%, 09/01/27		7,300,000		7,206,834
3.240%, 07/01/22		21,789,501		22,599,980
3.330%, 11/01/21		1,445,394		1,501,062
Fannie Mae REMICS (CMO) 1.378%, 09/18/31 (b)		283,634		283,209
1.882%, 04/25/32 (b)		89,414		91,529
2.998%, 05/25/35 (b)		1,191,891		1,255,905
Freddie Mac 15 Yr. Gold Pool 5.500%, 09/01/19		106,187		109,106
Freddie Mac 20 Yr. Gold Pool 4.000%, 06/01/30		106,786		112,335
4.000%, 09/01/30		493,587		524,281
4.000%, 10/01/30		29,140		30,953
5.500%, 04/01/21		9,681		10,724
5.500%, 12/01/22		638		707
5.500%, 03/01/23		118,889		131,695
5.500%, 06/01/26		2,765		3,062
5.500%, 08/01/26		1,160		1,284
5.500%, 06/01/27		26,074		28,883
5.500%, 12/01/27		72,360		80,154
5.500%, 01/01/28		41,651		46,144
5.500%, 02/01/28		10,414		11,536
5.500%, 05/01/28		93,011		103,107
5.500%, 06/01/28		126,869		140,641
6.000%, 03/01/21		25,514		28,802
6.000%, 01/01/22		126,322		142,603
6.000%, 10/01/22		473,302		534,303

BHFTI-318

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 20 Yr. Gold Pool
6.000%, 12/01/22		27,099	$	30,591
6.000%, 04/01/23		25,468		28,751
Freddie Mac 30 Yr. Gold Pool 3.500%, TBA (a)		75,000,000		76,543,942
4.000%, 12/01/40		215,762		226,758
4.000%, TBA (a)		36,000,000		37,679,061
4.500%, 04/01/34		26,744		28,767
4.500%, 06/01/35		86,238		92,757
4.500%, 04/01/41		148,843		160,056
4.500%, 10/01/41		143,855		154,313
4.500%, TBA (a)		29,800,000		31,877,269
5.500%, 03/01/32		25,258		28,144
5.500%, 01/01/33		1,786		2,006
5.500%, 05/01/33		2,221		2,494
5.500%, 08/01/33		2,241		2,519
5.500%, 10/01/33		2,712		3,020
5.500%, 12/01/33		1,456		1,633
5.500%, 01/01/34		2,347		2,627
5.500%, 05/01/34		53,564		60,193
5.500%, 09/01/34		28,824		32,183
5.500%, 01/01/35		40,439		45,478
5.500%, 07/01/35		2,099		2,372
5.500%, 10/01/35		64,425		72,029
5.500%, 11/01/35		130,421		144,674
5.500%, 12/01/35		45,202		50,714
5.500%, 01/01/36		37,047		41,107
5.500%, 02/01/36		39,284		43,548
5.500%, 04/01/36		23,254		25,910
5.500%, 06/01/36		1,979,350		2,222,743
5.500%, 07/01/36		43,213		47,996
5.500%, 08/01/36		79,712		88,426
5.500%, 10/01/36		18,367		20,384
5.500%, 12/01/36		359,708		398,765
5.500%, 02/01/37		29,601		32,968
5.500%, 03/01/37		17,950		20,226
5.500%, 04/01/37		36,086		39,977
5.500%, 06/01/37		59,470		66,527
5.500%, 07/01/37		297,973		331,302
5.500%, 08/01/37		101,962		114,963
5.500%, 09/01/37		35,268		39,089
5.500%, 10/01/37		12,408		13,757
5.500%, 11/01/37		326,403		361,918
5.500%, 12/01/37		18,565		20,565
5.500%, 01/01/38		99,695		110,543
5.500%, 02/01/38		264,507		293,262
5.500%, 03/01/38		118,695		131,547
5.500%, 04/01/38		238,419		264,870
5.500%, 05/01/38		499,653		554,122
5.500%, 06/01/38		377,882		419,259
5.500%, 07/01/38		530,699		588,520
5.500%, 08/01/38		1,409,718		1,563,035
5.500%, 09/01/38		367,004		406,896
5.500%, 10/01/38		10,494,542		11,639,446
5.500%, 11/01/38		3,265,938		3,619,714
5.500%, 12/01/38		12,129		13,435
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
5.500%, 01/01/39		876,310		971,917
5.500%, 02/01/39		135,197		149,867
5.500%, 03/01/39		103,015		114,188
5.500%, 06/01/39		3,538,664		3,923,689
5.500%, 09/01/39		74,735		82,910
5.500%, 02/01/40		118,839		131,881
5.500%, 03/01/40		15,183		16,844
5.500%, 05/01/40		3,447		3,823
5.500%, 08/01/40		108,573		120,405
5.500%, 02/01/41		82,812		91,843
Freddie Mac ARM Non-Gold Pool 2.594%, 09/01/35 (b)		245,673		257,898
2.618%, 10/01/34 (b)		54,499		57,432
2.725%, 09/01/35 (b)		415,980		439,954
2.833%, 02/01/35 (b)		54,780		57,501
2.845%, 11/01/34 (b)		81,473		86,151
2.848%, 11/01/31 (b)		27,826		29,298
2.858%, 06/01/35 (b)		1,001,216		1,056,527
2.868%, 08/01/35 (b)		491,701		519,579
2.952%, 01/01/35 (b)		219,619		231,485
2.995%, 01/01/29 (b)		318,090		331,230
3.090%, 02/01/35 (b)		83,268		87,407
3.211%, 08/01/32 (b)		51,650		53,341
3.220%, 11/01/34 (b)		21,355		22,726
3.254%, 02/01/35 (b)		20,851		22,018
3.264%, 02/01/35 (b)		38,444		40,535
3.295%, 01/01/35 (b)		49,680		52,996
3.309%, 02/01/35 (b)		45,502		47,952
3.312%, 02/01/35 (b)		53,113		56,095
3.340%, 11/01/34 (b)		43,749		46,584
3.390%, 11/01/34 (b)		32,660		34,672
3.518%, 02/01/35 (b)		49,877		53,122
3.601%, 03/01/35 (b)		102,780		106,679
Freddie Mac REMICS (CMO) 1.162%, 07/15/34 (b)		55,998		55,757
1.312%, 06/15/41 (b)		12,491,208		12,522,240
2.375%, 11/15/23 (b)		285,983		292,558
3.500%, 01/15/42		23,958,002		24,649,212
6.500%, 01/15/24		18,312		19,885
Freddie Mac Structured Pass-Through Securities (CMO) 1.796%, 02/25/45 (b)		92,910		94,957
1.814%, 10/25/44 (b)		1,024,813		1,034,984
2.014%, 07/25/44 (b)		5,131,798		5,162,364
Ginnie Mae I 30 Yr. Pool 3.000%, TBA (a)		7,000,000		7,059,098
4.000%, TBA (a)		11,000,000		11,609,336
5.000%, 10/15/33		6,910		7,549
5.000%, 12/15/33		35,951		39,735
5.000%, 05/15/34		5,969		6,571
5.000%, 07/15/34		2,570		2,810
5.000%, 11/15/35		3,805		4,188
5.000%, 03/15/36		2,930		3,235
5.000%, 03/15/38		220,762		241,688
5.000%, 06/15/38		570,148		629,734

BHFTI-319

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
5.000%, 10/15/38		784,010	$	864,781
5.000%, 11/15/38		178,847		196,247
5.000%, 02/15/39		115,037		126,772
5.000%, 03/15/39		1,765,616		1,940,730
5.000%, 04/15/39		1,018,170		1,126,278
5.000%, 05/15/39		3,816,167		4,236,090
5.000%, 06/15/39		1,319,528		1,451,902
5.000%, 07/15/39		2,540,151		2,800,137
5.000%, 08/15/39		304,458		334,970
5.000%, 09/15/39		372,341		408,821
5.000%, 10/15/39		839,404		921,426
5.000%, 05/15/40		40,633		44,829
5.000%, 09/15/40		452,245		498,197
5.000%, 12/15/40		32,909		36,303
5.000%, 07/15/41		22,668		24,816
5.000%, TBA (a)		9,000,000		9,833,989
7.000%, 10/15/23		3,681		3,923
7.500%, 01/15/26		4,385		4,775
Ginnie Mae II 30 Yr. Pool 3.500%, TBA (a)		10,000,000		10,350,781
4.000%, 12/20/45		1,973,680		2,086,083
4.000%, TBA (a)		37,500,000		39,545,821
Ginnie Mae II ARM Pool 2.000%, 02/20/22 (b)		8,812		8,926
2.000%, 01/20/23 (b)		13,196		13,495
2.000%, 02/20/26 (b)		9,404		9,689
2.000%, 01/20/27 (b)		4,134		4,265
2.000%, 02/20/27 (b)		5,211		5,223
2.000%, 02/20/28 (b)		12,919		13,348
2.000%, 03/20/28 (b)		12,999		13,431
2.000%, 01/20/30 (b)		32,158		33,252
2.000%, 03/20/32 (b)		547		566
2.000%, 03/20/33 (b)		4,965		5,149
2.125%, 04/20/22 (b)		502		503
2.125%, 05/20/26 (b)		16,827		17,021
2.125%, 06/20/27 (b)		4,835		4,994
2.125%, 08/20/27 (b)		68,127		69,617
2.125%, 09/20/27 (b)		64,888		64,771
2.125%, 05/20/28 (b)		5,144		5,320
2.125%, 04/20/29 (b)		5,579		5,610
2.125%, 05/20/29 (b)		7,453		7,713
2.125%, 07/20/29 (b)		8,338		8,627
2.125%, 08/20/29 (b)		8,821		9,126
2.125%, 09/20/29 (b)		11,080		11,247
2.125%, 04/20/30 (b)		17,336		17,956
2.125%, 05/20/30 (b)		27,772		28,753
2.125%, 06/20/30 (b)		10,703		11,081
2.125%, 04/20/31 (b)		13,549		13,771
2.125%, 08/20/31 (b)		2,983		3,094
2.125%, 04/20/32 (b)		7,683		7,972
2.125%, 05/20/32 (b)		16,520		17,138
2.125%, 07/20/32 (b)		5,813		5,908
2.125%, 09/20/33 (b)		45,780		47,430
2.250%, 11/20/27 (b)		15,770		16,242
2.250%, 10/20/28 (b)		11,147		11,439
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II ARM Pool
2.250%, 10/20/29 (b)		6,372		6,592
2.250%, 11/20/30 (b)		45,210		46,827
2.500%, 11/20/26 (b)		13,032		13,135
2.500%, 10/20/30 (b)		2,833		2,927
2.750%, 10/20/31 (b)		5,618		5,689
Government National Mortgage Association (CMO) 1.228%, 01/16/31 (b)		22,260		22,364
1.380%, 08/20/65 (b)		4,339,645		4,301,901
1.428%, 02/16/30 (b)		6,201		6,230
1.430%, 06/20/66 (b)		8,620,714		8,626,651
1.630%, 09/20/66 (b)		10,125,338		10,168,141
1.780%, 12/20/65 (b)		29,011,414		29,335,976
1.780%, 01/20/67 (b)		12,802,984		12,963,177
3.741%, 09/20/66 (b)		13,223,711		14,645,260
				2,841,740,415
U.S. Treasury—22.3%
U.S. Treasury Bonds 2.250%, 08/15/46 (c)		17,100,000		14,472,209
2.500%, 02/15/46		3,300,000		2,957,625
2.750%, 08/15/42		39,000,000		37,181,001
2.750%, 11/15/42		69,500,000		66,174,286
2.875%, 05/15/43		57,100,000		55,594,444
2.875%, 08/15/45		70,500,000		68,371,252
3.000%, 05/15/42		49,500,000		49,480,645
3.000%, 11/15/44 (c)		117,100,000		116,564,853
3.125%, 02/15/42		15,800,000		16,164,759
3.125%, 02/15/43		20,000,000		20,396,880
3.125%, 08/15/44 (c)		170,700,000		174,020,627
3.625%, 08/15/43		11,600,000		12,916,333
3.750%, 11/15/43		28,100,000		31,974,737
4.250%, 05/15/39		9,600,000		11,723,626
4.375%, 11/15/39 (c)		74,900,000		92,963,783
4.375%, 05/15/40		11,900,000		14,775,064
4.500%, 08/15/39		15,100,000		19,071,421
4.625%, 02/15/40		12,800,000		16,441,498
U.S. Treasury Inflation Indexed Bonds 0.750%, 02/15/42 (d)		5,265,050		5,061,140
0.750%, 02/15/45 (d)		20,724,105		19,727,856
1.750%, 01/15/28 (c) (d)		120,993,336		136,812,610
2.500%, 01/15/29 (d)		67,398,660		82,399,377
3.625%, 04/15/28 (d)		750,570		997,668
3.875%, 04/15/29 (d)		9,599,915		13,274,974
U.S. Treasury Inflation Indexed Notes 0.125%, 01/15/23 (d) (e) (f)		30,714,312		30,695,638
0.125%, 07/15/24 (d) (f)		23,491,374		23,272,176
0.250%, 01/15/25 (d) (e) (f)		11,265,629		11,169,804
1.250%, 07/15/20 (d) (e) (f)		16,142,850		17,081,427
U.S. Treasury Notes 0.625%, 09/30/17 (e) (f) (g)		5,584,000		5,576,149
1.375%, 03/31/20 (e) (f) (g)		22,000,000		21,904,608
1.750%, 09/30/22 (e) (f) (g)		20,400,000		20,091,613

BHFTI-320

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes
2.250%, 11/15/24 (c) (e) (f) (g)		114,200,000	$	113,918,954
				1,323,229,037
Total U.S. Treasury & Government Agencies (Cost $4,184,586,489)				4,164,969,452
Corporate Bonds & Notes—32.0%
Airlines—0.1%
Latam Airlines Pass-Through Trust 4.200%, 11/15/27		3,289,454		3,260,672
4.500%, 11/15/23		2,689,148		2,621,919
				5,882,591
Auto Manufacturers—0.9%
Ford Motor Credit Co. LLC 1.626%, 09/08/17 (b)		3,700,000		3,702,501
2.943%, 01/08/19		10,000,000		10,136,600
General Motors Financial Co., Inc. 3.150%, 01/15/20		12,300,000		12,510,650
3.200%, 07/13/20		18,300,000		18,615,126
Volkswagen Bank GmbH 0.081%, 11/27/17 (EUR) (b)		6,900,000		7,356,708
				52,321,585
Banks—20.5%
American Express Bank FSB 6.000%, 09/13/17		31,500,000		32,125,622
American Express Centurion Bank 6.000%, 09/13/17		3,300,000		3,365,541
Banco Espirito Santo S.A. 2.625%, 05/08/17 (EUR) (h)		1,700,000		525,932
4.750%, 01/15/18 (EUR) (h)		3,100,000		959,053
Banco Popular Espanol S.A. 11.500%, 10/10/18 (EUR) (b)		5,800,000		6,311,188
Banco Santander Chile 1.915%, 04/11/17 (144A) (b)		29,900,000		29,905,125
Banco Santander S.A. 6.250%, 09/11/21 (EUR) (b)		5,900,000		6,215,442
Bank of America Corp. 2.625%, 04/19/21		10,500,000		10,474,212
2.650%, 04/01/19		5,000,000		5,064,145
4.125%, 01/22/24		2,130,000		2,224,864
6.000%, 09/01/17		7,524,000		7,659,139
6.400%, 08/28/17		3,100,000		3,160,196
6.875%, 04/25/18		26,300,000		27,673,728
Bank of America N.A. 1.458%, 05/08/17 (b)		8,000,000		8,003,480
Bank of Nova Scotia (The) 1.250%, 04/11/17		71,200,000		71,200,000
Barclays Bank plc 3.144%, 08/10/21 (b)		6,400,000		6,676,992
6.500%, 09/15/19 (EUR) (b)		5,200,000		5,637,670
Banks—(Continued)
Barclays Bank plc
7.750%, 04/10/23 (b)		3,700,000		3,882,225
10.179%, 06/12/21 (144A)		17,900,000		22,447,316
14.000%, 06/15/19 (GBP) (b)		600,000		919,040
Barclays plc 3.200%, 08/10/21		5,000,000		5,002,945
BB&T Corp. 1.991%, 06/15/18 (b)		27,200,000		27,403,075
BBVA Bancomer S.A. 6.500%, 03/10/21 (144A)		7,800,000		8,541,000
Citigroup, Inc. 1.554%, 05/01/17 (b)		65,300,000		65,324,030
Cooperatieve Rabobank UA 8.400%, 06/29/17 (b)		1,800,000		1,826,921
Credit Suisse Group Funding Guernsey, Ltd. 3.750%, 03/26/25		5,710,000		5,617,401
3.800%, 09/15/22		18,300,000		18,549,026
3.800%, 06/09/23		12,100,000		12,149,537
Deutsche Bank AG 3.375%, 05/12/21		30,500,000		30,685,074
4.250%, 10/14/21 (144A)		8,200,000		8,403,959
Goldman Sachs Group, Inc. (The) 1.920%, 12/13/19 (b)		1,200,000		1,208,671
2.239%, 04/30/18 (b)		14,261,000		14,387,210
3.750%, 05/22/25		5,375,000		5,441,263
HSBC Holdings plc 2.650%, 01/05/22 (b)		18,400,000		18,918,549
3.346%, 03/08/21 (b)		11,000,000		11,584,529
3.400%, 03/08/21		14,900,000		15,238,558
5.250%, 09/16/22 (EUR) (b)		200,000		216,193
JPMorgan Chase & Co. 2.202%, 06/07/21 (b)		17,000,000		17,282,064
2.250%, 01/23/20		12,300,000		12,342,349
2.295%, 08/15/21		13,000,000		12,865,008
JPMorgan Chase Bank N.A. 6.000%, 10/01/17		23,600,000		24,094,444
KBC Bank NV 8.000%, 01/25/23 (b)		4,800,000		5,026,560
Lloyds Bank plc 12.000%, 12/16/24 (144A) (b)		5,700,000		7,643,700
Lloyds Banking Group plc 7.625%, 06/27/23 (GBP) (b)		11,400,000		15,545,917
7.875%, 06/27/29 (GBP) (b)		565,000		784,164
Mizuho Bank, Ltd. 1.603%, 09/25/17 (144A) (b)		1,300,000		1,301,040
2.150%, 10/20/18 (144A)		7,200,000		7,211,340
2.220%, 10/20/18 (144A) (b)		11,800,000		11,917,032
Morgan Stanley 2.125%, 04/25/18		4,700,000		4,717,954
2.318%, 04/25/18 (b)		32,000,000		32,331,936
National Australia Bank, Ltd. 1.432%, 06/30/17 (144A) (b)		48,300,000		48,331,637
Novo Banco S.A. 5.000%, 04/04/19 (EUR)		3,748,000		3,658,505
5.000%, 05/14/19 (EUR)		100,000		97,655

BHFTI-321

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Novo Banco S.A.
5.000%, 05/23/19 (EUR)		237,000	$	231,729
Nykredit Realkredit A/S 1.000%, 01/01/18 (DKK)		58,900,000		8,526,952
1.000%, 04/01/18 (DKK)		554,900,000		80,682,345
Realkredit Danmark A/S 1.000%, 01/01/18 (DKK)		49,300,000		7,147,284
1.000%, 04/01/18 (DKK)		1,507,900,000		219,278,547
2.000%, 01/01/18 (DKK)		91,100,000		13,304,472
2.000%, 04/01/18 (DKK)		195,500,000		28,720,581
Royal Bank of Scotland Group plc 6.990%, 10/05/17 (144A) (b)		2,000,000		2,250,000
8.000%, 08/10/25 (b)		5,700,000		5,670,873
Royal Bank of Scotland plc (The) 6.934%, 04/09/18 (EUR)		6,732,000		7,647,788
Sumitomo Mitsui Financial Group, Inc. 2.934%, 03/09/21		15,100,000		15,226,659
Sumitomo Mitsui Trust Bank, Ltd. 2.050%, 03/06/19 (144A)		10,000,000		9,985,330
Toronto-Dominion Bank (The) 2.500%, 01/18/22 (144A)		20,600,000		20,636,153
UBS AG 1.615%, 06/01/17 (b)		11,000,000		11,008,019
1.905%, 06/01/20 (b)		4,000,000		4,013,944
4.750%, 05/22/23 (b)		5,900,000		6,032,750
7.625%, 08/17/22		3,600,000		4,162,320
UBS Group Funding Jersey, Ltd. 3.000%, 04/15/21 (144A)		14,000,000		14,024,276
4.125%, 04/15/26 (144A)		10,200,000		10,368,912
Wachovia Corp. 1.401%, 06/15/17 (b)		27,870,000		27,880,451
Wells Fargo & Co. 7.980%, 03/15/18 (b)		11,300,000		11,808,500
				1,218,688,041
Beverages—0.0%
Anheuser-Busch InBev Finance, Inc. 3.300%, 02/01/23		1,400,000		1,424,935
Chemicals—0.0%
Rohm & Haas Co. 6.000%, 09/15/17		2,438,000		2,485,992
Computers—0.4%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 4.420%, 06/15/21 (144A)		11,300,000		11,816,918
5.450%, 06/15/23 (144A)		9,600,000		10,358,525
				22,175,443
Diversified Financial Services—2.9%
Bear Stearns Cos. LLC (The) 6.400%, 10/02/17		1,400,000		1,433,642
7.250%, 02/01/18		4,200,000		4,389,517
Diversified Financial Services—(Continued)
Blackstone CQP Holdco L.P. 6.500%, 03/20/21 (144A) (i)		20,700,000		20,774,520
BM&FBovespa S.A. - Bolsa de Valores Mercadorias e Futuros 5.500%, 07/16/20 (144A)		1,000,000		1,047,500
BRFkredit A/S 1.000%, 01/01/18 (DKK)		161,000,000		23,316,418
4.000%, 01/01/18 (DKK)		79,600,000		11,796,052
CIT Group, Inc. 4.250%, 08/15/17		4,900,000		4,942,875
5.000%, 05/15/17		2,600,000		2,608,320
5.000%, 05/15/18 (144A)		1,100,000		1,107,425
5.250%, 03/15/18		5,800,000		5,955,875
5.500%, 02/15/19 (144A)		2,400,000		2,523,000
6.625%, 04/01/18 (144A)		700,000		728,875
International Lease Finance Corp. 4.625%, 04/15/21		2,000,000		2,108,930
LeasePlan Corp. NV 2.875%, 01/22/19 (144A)		17,600,000		17,675,046
Navient Corp. 8.450%, 06/15/18		8,300,000		8,839,500
Nordea Kredit Realkreditaktieselskab 1.000%, 04/01/18 (DKK)		164,400,000		23,865,323
2.000%, 04/01/18 (DKK)		15,000,000		2,203,879
OneMain Financial Holdings LLC 6.750%, 12/15/19 (144A)		3,100,000		3,239,500
7.250%, 12/15/21 (144A)		3,100,000		3,247,250
Piper Jaffray Cos. 5.060%, 10/09/18 (144A) (i)		5,000,000		5,075,000
Preferred Term Securities XX, Ltd. / Preferred Term Securities XX, Inc. 1.531%, 03/22/38 (144A) (b)		10,955,462		8,654,815
Rio Oil Finance Trust 9.250%, 07/06/24 (144A)		3,773,020		3,820,183
Springleaf Finance Corp. 8.250%, 12/15/20		7,000,000		7,647,500
SteelRiver Transmission Co. LLC 4.710%, 06/30/17 (144A) (i)		5,094,769		5,094,728
				172,095,673
Electric—0.9%
Dynegy, Inc. 6.750%, 11/01/19		22,450,000		23,067,375
7.375%, 11/01/22		7,000,000		6,930,000
7.625%, 11/01/24		3,600,000		3,438,000
IPALCO Enterprises, Inc. 3.450%, 07/15/20		6,500,000		6,573,125
Southern Power Co. 1.950%, 12/15/19		10,500,000		10,422,741
				50,431,241
Healthcare-Services—0.1%
HCA, Inc. 3.750%, 03/15/19		4,500,000		4,601,250

BHFTI-322

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Housewares—0.1%
Newell Brands, Inc. 3.850%, 04/01/23		7,400,000	$	7,648,448
Lodging—0.0%
Hyatt Hotels Corp. 4.850%, 03/15/26		2,700,000		2,889,672
Media—0.4%
CBS Radio, Inc. 7.250%, 11/01/24 (144A)		4,000,000		4,200,000
DISH DBS Corp. 4.250%, 04/01/18		500,000		508,285
4.625%, 07/15/17		6,100,000		6,138,125
Time Warner Cable LLC 6.750%, 07/01/18		4,900,000		5,181,417
Virgin Media Secured Finance plc 5.125%, 01/15/25 (GBP)		2,000,000		2,634,223
5.500%, 01/15/25 (GBP)		2,700,000		3,543,516
				22,205,566
Oil & Gas—0.9%
BP Capital Markets plc 1.386%, 08/14/18 (b)		19,400,000		19,447,433
Canadian Natural Resources, Ltd. 1.750%, 01/15/18		3,900,000		3,899,185
CNPC General Capital, Ltd. 1.936%, 05/14/17 (144A) (b)		13,600,000		13,604,189
Petrobras Global Finance B.V. 6.125%, 01/17/22		8,000,000		8,396,000
Statoil ASA 1.498%, 11/08/18 (b)		6,100,000		6,133,873
				51,480,680
Pharmaceuticals—1.0%
AbbVie, Inc. 1.800%, 05/14/18		11,200,000		11,212,600
2.500%, 05/14/20		3,500,000		3,523,863
2.850%, 05/14/23		11,000,000		10,792,078
Actavis Funding SCS 3.000%, 03/12/20		1,800,000		1,830,722
3.450%, 03/15/22		4,900,000		5,003,282
Shire Acquisitions Investments Ireland DAC 1.900%, 09/23/19		8,000,000		7,942,344
Valeant Pharmaceuticals International, Inc. 4.500%, 05/15/23 (EUR)		3,900,000		3,057,982
5.375%, 03/15/20 (144A)		9,300,000		8,323,500
6.750%, 08/15/18 (144A)		5,319,000		5,325,649
				57,012,020
Pipelines—1.0%
Cheniere Corpus Christi Holdings LLC 5.875%, 03/31/25 (144A)		6,300,000		6,567,750
Energy Transfer Partners L.P. 4.750%, 01/15/26		4,500,000		4,635,499
6.125%, 12/15/45		5,800,000		6,205,379
Pipelines—(Continued)
Kinder Morgan Energy Partners L.P. 5.000%, 08/15/42		3,900,000		3,680,504
5.950%, 02/15/18		5,399,000		5,583,149
6.850%, 02/15/20		4,200,000		4,674,109
6.950%, 01/15/38		1,100,000		1,276,306
Kinder Morgan Finance Co. LLC 6.000%, 01/15/18 (144A)		4,420,000		4,558,081
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.750%, 09/01/20		5,992,000		6,472,397
Sabine Pass Liquefaction LLC 5.875%, 06/30/26 (144A)		12,400,000		13,672,079
				57,325,253
Real Estate—0.0%
Ontario Teachers’ Cadillac Fairview Properties Trust 3.125%, 03/20/22 (144A) (i)		1,200,000		1,212,647
3.875%, 03/20/27 (144A) (i)		1,700,000		1,724,696
				2,937,343
Real Estate Investment Trusts—0.7%
Brixmor Operating Partnership L.P. 4.125%, 06/15/26		5,500,000		5,534,677
Digital Realty Trust L.P. 3.400%, 10/01/20		5,300,000		5,435,680
4.750%, 10/01/25		8,000,000		8,443,240
Goodman Funding Pty, Ltd. 6.000%, 03/22/22 (144A)		5,000,000		5,632,665
Omega Healthcare Investors, Inc. 4.750%, 01/15/28		7,200,000		7,107,149
Welltower, Inc. 4.250%, 04/01/26		10,300,000		10,603,922
				42,757,333
Retail—0.0%
CVS Pass-Through Trust 6.943%, 01/10/30		828,224		985,034
Software—0.1%
Oracle Corp. 1.900%, 09/15/21		6,000,000		5,895,720
Telecommunications—1.9%
AT&T, Inc. 1.617%, 01/15/20 (b)		11,900,000		11,978,576
3.400%, 05/15/25		8,500,000		8,210,371
Sprint Corp. 7.250%, 09/15/21		4,200,000		4,533,900
Telefonica Emisiones S.A.U. 1.806%, 06/23/17 (b)		29,500,000		29,530,680
Verizon Communications, Inc. 1.506%, 06/09/17 (b)		39,900,000		39,917,277
2.871%, 09/14/18 (b)		3,700,000		3,778,329

BHFTI-323

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Verizon Communications, Inc.
3.000%, 11/01/21		6,800,000	$	6,827,458
3.500%, 11/01/24		6,600,000		6,544,534
Wind Acquisition Finance S.A. 3.673%, 07/15/20 (EUR) (b)		2,800,000		2,987,039
				114,308,164
Transportation—0.0%
Hellenic Railways Organization S.A. 5.014%, 12/27/17 (EUR)		500,000		508,730
Trucking & Leasing—0.1%
GATX Corp. 6.000%, 02/15/18		5,000,000		5,175,450
Total Corporate Bonds & Notes (Cost $1,890,941,588)				1,901,236,164
Asset-Backed Securities—14.6%
Asset-Backed - Automobile—0.7%
AmeriCredit Automobile Receivables Trust 1.510%, 05/18/20		6,700,000		6,696,365
Exeter Automobile Receivables Trust 1.960%, 03/15/21 (144A)		12,413,711		12,402,278
Flagship Credit Auto Trust 1.930%, 12/15/21 (144A)		19,575,706		19,571,748
				38,670,391
Asset-Backed - Credit Card—0.4%
Chase Issuance Trust 1.212%, 01/18/22 (b)		12,000,000		12,030,005
Golden Credit Card Trust 1.171%, 02/15/21 (144A) (b)		12,000,000		11,999,979
				24,029,984
Asset-Backed - Home Equity—2.5%
ACE Securities Corp. Home Equity Loan Trust 1.132%, 04/25/36 (b)		8,136,921		7,239,253
1.452%, 10/25/35 (b)		7,100,000		6,683,901
Asset-Backed Funding Certificates Trust 1.682%, 06/25/34 (b)		2,403,155		2,275,573
Asset-Backed Securities Corp. Home Equity Loan Trust 1.062%, 05/25/37 (b)		28,422		20,019
1.432%, 11/25/35 (b)		2,000,000		1,865,105
Bear Stearns Asset-Backed Securities I Trust 1.232%, 04/25/37 (b)		14,337,713		12,615,196
1.442%, 02/25/36 (b)		1,000,000		867,294
1.782%, 10/27/32 (b)		19,041		17,865
1.982%, 10/25/37 (b)		3,758,133		3,614,891
1.987%, 06/25/35 (b)		7,800,000		7,226,938
Asset-Backed - Home Equity—(Continued)
Citigroup Mortgage Loan Trust 1.142%, 12/25/36 (144A) (b)		9,639,765		5,883,298
1.152%, 05/25/37 (b)		9,224,433		9,052,023
HSI Asset Securitization Corp. Trust 1.152%, 12/25/36 (b)		11,696,528		4,942,167
MASTR Asset-Backed Securities Trust 1.032%, 08/25/36 (b)		6,532,100		3,092,678
1.152%, 10/25/36 (b)		7,609,758		7,106,902
Merrill Lynch Mortgage Investors Trust 1.482%, 06/25/36 (b)		1,859,925		1,820,476
Morgan Stanley ABS Capital I, Inc. Trust 1.042%, 05/25/37 (b)		280,376		168,713
Morgan Stanley ABS Capital, Inc. Trust 1.132%, 06/25/36 (b)		1,057,133		895,586
Morgan Stanley Home Equity Loan Trust 1.152%, 04/25/37 (b)		23,051,220		14,471,349
Nomura Home Equity Loan, Inc. 1.312%, 11/25/35 (b)		11,000,000		9,225,181
Option One Mortgage Corp. Asset-Backed Certificates 1.622%, 08/25/33 (b)		14,979		14,308
Renaissance Home Equity Loan Trust 1.862%, 08/25/33 (b)		106,933		99,727
5.812%, 11/25/36		23,196,901		14,070,887
Residential Asset Securities Corp. Trust 1.132%, 07/25/36 (b)		11,274,110		9,885,225
1.262%, 06/25/36 (b)		6,000,000		5,195,866
1.562%, 06/25/33 (b)		974,291		855,033
1.747%, 03/25/34 (b)		1,963,024		1,846,063
Soundview Home Loan Trust 1.162%, 05/25/36 (b)		6,627,293		6,509,870
WaMu Asset-Backed Certificates Trust 1.207%, 05/25/47 (b)		12,630,199		10,175,879
				147,737,266
Asset-Backed - Manufactured Housing—0.0%
Conseco Financial Corp. 6.220%, 03/01/30		35,905		37,930
Mid-State Trust 7.791%, 03/15/38		112,085		120,208
				158,138
Asset-Backed - Other—10.2%
Allegro CLO, Ltd. 2.218%, 01/30/26 (144A) (b)		10,000,000		9,999,930
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates 1.762%, 05/25/34 (b)		5,736,092		5,514,852
Ares CLO, Ltd. 2.234%, 08/28/25 (144A) (b)		13,700,000		13,696,178
2.243%, 01/17/24 (144A) (b)		15,000,000		15,001,050
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 1.362%, 02/25/36 (b)		6,669,589		5,039,757

BHFTI-324

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Atlas Senior Loan Fund, Ltd. 2.284%, 10/15/26 (144A) (b)		14,800,000	$	14,801,154
Bridgeport CLO II, Ltd. 1.382%, 06/18/21 (144A) (b)		438,045		436,964
Catamaran CLO, Ltd. 2.424%, 10/18/26 (144A) (b)		8,000,000		8,008,136
CELF Loan Partners IV plc 0.821%, 05/03/23 (GBP) (b)		6,638,997		8,300,394
Chapel B.V. 0.332%, 11/17/64 (EUR) (b)		1,496,835		1,573,238
CIFC Funding, Ltd. 2.239%, 01/29/25 (144A) (b)		10,900,000		10,899,924
Citigroup Mortgage Loan Trust, Inc. 1.042%, 07/25/45 (b)		358,366		251,296
1.222%, 10/25/36 (b)		4,143,203		4,118,753
Countrywide Asset-Backed Certificates 1.122%, 02/25/37 (b)		483,316		480,510
1.122%, 04/25/47 (b)		5,146,422		4,471,161
1.132%, 05/25/37 (b)		1,907,163		1,804,085
1.132%, 06/25/47 (b)		578,445		539,810
1.182%, 06/25/47 (b)		9,924,542		7,628,425
1.202%, 09/25/37 (b)		8,343,270		6,839,890
1.262%, 09/25/36 (b)		11,258,039		11,071,107
1.542%, 12/25/35 (b)		3,442,094		3,440,448
4.880%, 10/25/46 (b)		9,063,049		8,217,638
5.184%, 10/25/32 (b)		13,220,106		11,553,654
Credit Suisse Mortgage Trust 4.500%, 03/25/21 (b)		17,900,000		17,910,778
CVP Cascade CLO-1, Ltd. Zero Coupon, 01/16/26 (144A) (b) (i)		8,000,000		8,014,320
CWABS Asset-Backed Certificates Trust 1.132%, 09/25/46 (b)		5,447,068		5,221,483
1.132%, 03/25/47 (b)		2,058,896		1,921,947
1.332%, 04/25/36 (b)		270,399		270,428
1.682%, 11/25/35 (b)		10,000,000		8,810,924
1.987%, 01/25/35 (b)		715,632		717,098
First Franklin Mortgage Loan Trust 1.122%, 12/25/36 (b)		7,466,574		4,650,568
1.342%, 10/25/35 (b)		7,703,471		7,304,413
2.407%, 10/25/34 (b)		5,362,296		4,719,487
Flagship, Ltd. Zero Coupon, 01/20/26 (144A) (b)		13,000,000		12,993,500
Galaxy CLO, Ltd. 2.278%, 11/16/25 (144A) (b)		10,000,000		10,017,900
GoldenTree Loan Opportunities, Ltd. 2.409%, 10/29/26 (144A) (b)		10,200,000		10,196,226
GSAMP Trust 1.152%, 12/25/36 (b)		3,349,840		1,860,502
1.372%, 01/25/36 (b)		14,600,000		13,593,622
2.302%, 12/25/34 (b)		7,152,213		4,984,805
Hillmark Funding, Ltd. 1.302%, 05/21/21 (144A) (b)		4,435,352		4,422,565
Home Equity Loan Trust 1.212%, 04/25/37 (b)		15,900,000		12,108,550
Asset-Backed - Other—(Continued)
Home Equity Mortgage Loan Asset-Backed Trust 1.232%, 03/25/36 (b)		2,719,426		2,706,376
Jamestown CLO, Ltd. Zero Coupon, 01/17/27 (144A) (b) (i)		17,800,000		17,791,100
KKR Financial CLO, Ltd. 2.491%, 01/23/26 (144A) (b)		6,600,000		6,597,254
KVK CLO, Ltd. Zero Coupon, 01/15/26 (144A) (b)		17,800,000		17,823,799
Lehman XS Trust 1.152%, 02/25/37 (b)		13,716,005		8,135,903
1.782%, 10/25/35 (b)		4,096,159		3,980,404
Lockwood Grove CLO, Ltd. 2.508%, 04/25/25 (144A) (b)		18,200,000		18,191,992
Long Beach Mortgage Loan Trust 1.137%, 08/25/36 (b)		16,663,953		9,976,002
1.762%, 08/25/35 (b)		10,000,000		8,533,233
Madison Park Funding, Ltd. 1.988%, 01/19/25 (144A) (b)		17,900,000		17,898,264
Morgan Stanley ABS Capital I, Inc. Trust 1.942%, 06/25/35 (b)		4,086,875		4,045,304
MP CLO, Ltd. 2.165%, 01/15/27 (144A) (b) (i)		11,800,000		11,794,100
2.215%, 07/18/26 (144A) (b)		14,800,000		14,866,600
Northwoods Capital, Ltd. Zero Coupon, 11/04/25 (144A) (b)		10,000,000		10,000,000
OneMain Financial Issuance Trust 3.190%, 03/18/26 (144A)		6,900,000		6,972,972
Palmer Square CLO, Ltd. 2.423%, 10/17/25 (144A) (b)		4,200,000		4,200,260
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates 1.472%, 09/25/35 (b)		5,000,000		4,180,737
2.032%, 10/25/34 (b)		5,800,000		5,149,641
2.782%, 12/25/34 (b)		4,636,570		4,158,055
Penta CLO S.A. 0.001%, 06/04/24 (EUR) (b)		122,996		131,147
RAMP Trust 1.282%, 05/25/36 (b)		26,855,784		21,901,405
1.342%, 08/25/46 (b)		11,515,093		8,394,933
Residential Asset Securities Corp. Trust 1.142%, 11/25/36 (b)		8,420,903		7,784,235
1.322%, 04/25/37 (b)		21,555,046		16,756,888
RMAT LLC 4.090%, 07/27/20 (144A)		7,436,369		7,478,257
Saxon Asset Securities Trust 1.382%, 09/25/47 (b)		2,530,000		2,008,582
Securitized Asset-Backed Receivables LLC Trust 1.232%, 05/25/36 (b)		9,912,812		5,935,797
Shackleton CLO, Ltd. Zero Coupon, 01/13/25 (144A) (b) (i)		2,600,000		2,598,700
Soundview Home Loan Trust 1.092%, 02/25/37 (b)		2,591,659		1,009,548

BHFTI-325

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Specialty Underwriting & Residential Finance Trust 1.252%, 04/25/37 (b)		5,547,868	$	3,285,833
SpringCastle America Funding LLC 3.050%, 04/25/29 (144A)		13,211,212		13,292,233
Structured Asset Investment Loan Trust 1.717%, 08/25/35 (b)		7,387,014		7,213,344
Structured Asset Securities Corp. Mortgage Loan Trust 1.142%, 03/25/36 (b)		2,233,692		2,185,668
1.882%, 08/25/37 (b)		779,012		760,997
TICP CLO, Ltd. Zero Coupon, 07/20/26 (144A) (b)		8,000,000		8,000,000
U.S. Small Business Administration 5.500%, 10/01/18		4,315		4,368
6.220%, 12/01/28		2,991,462		3,344,062
Wells Fargo Home Equity Asset-Backed Securities Trust 1.462%, 12/25/35 (b)		20,861,000		18,834,089
WhiteHorse, Ltd. 2.235%, 02/03/25 (144A) (b)		15,200,000		15,199,894
				606,529,446
Asset-Backed - Student Loan—0.8%
SMB Private Education Loan Trust 1.230%, 06/17/24 (144A) (b)		10,300,000		10,300,089
SoFi Professional Loan Program LLC 1.550%, 03/26/40 (144A)		15,000,000		14,970,142
3.020%, 02/25/40 (144A)		11,121,911		11,125,259
Utah State Board of Regents 1.521%, 01/25/57 (b)		10,500,000		10,474,800
				46,870,290
Total Asset-Backed Securities (Cost $832,213,294)				863,995,515
Mortgage-Backed Securities—6.2%
Collateralized Mortgage Obligations—4.1%
Adjustable Rate Mortgage Trust 3.192%, 11/25/35 (b)		459,031		385,484
Alternative Loan Trust 5.500%, 02/25/36		4,195,329		3,647,535
6.000%, 04/25/37		4,493,321		3,481,136
Alternative Loan Trust Resecuritization 4.012%, 03/25/47 (b)		3,136,789		3,008,713
American Home Mortgage Assets Trust 1.558%, 11/25/46 (b)		3,772,060		1,926,878
American Home Mortgage Investment Trust 3.361%, 02/25/45 (b)		1,187,902		1,198,791
Banc of America Alternative Loan Trust 14.780%, 09/25/35 (b)		3,949,751		4,571,947
24.473%, 11/25/46 (b)		2,030,607		2,673,444
Banc of America Funding Trust 3.080%, 02/20/36 (b)		3,206,476		3,169,040
Collateralized Mortgage Obligations—(Continued)
Banc of America Funding Trust 3.102%, 05/25/35 (b)		1,213,371		1,238,632
3.500%, 01/20/47 (b)		232,196		201,596
Banc of America Mortgage Trust 6.000%, 05/25/37		13,104,233		10,790,073
BCAP LLC Trust 4.000%, 02/26/37 (144A) (b)		749,348		745,228
5.250%, 02/26/36 (144A)		4,598,625		3,832,313
5.250%, 08/26/37 (144A)		5,837,486		5,998,877
Bear Stearns Adjustable Rate Mortgage Trust 2.580%, 08/25/35 (b)		18,196		18,404
2.820%, 08/25/35 (b)		494,304		491,766
3.113%, 10/25/35 (b)		3,660,902		3,623,790
3.629%, 02/25/33 (b)		15,382		14,634
Bear Stearns ALT-A Trust 1.822%, 11/25/34 (b)		345,680		338,093
3.135%, 11/25/36 (b)		2,686,682		2,173,862
3.176%, 11/25/36 (b)		4,200,775		3,732,781
3.254%, 05/25/36 (b)		2,631,658		1,821,968
3.272%, 09/25/35 (b)		1,121,447		959,145
3.404%, 05/25/35 (b)		1,410,260		1,357,079
Bear Stearns Structured Products, Inc. Trust 3.289%, 12/26/46 (b)		938,759		812,027
3.504%, 01/26/36 (b)		1,276,319		1,161,487
Chase Mortgage Finance Trust 3.148%, 12/25/35 (b)		3,315,116		3,192,898
3.175%, 09/25/36 (b)		3,564,447		3,159,475
3.178%, 03/25/37 (b)		1,961,209		1,823,580
ChaseFlex Trust 1.282%, 07/25/37 (b)		6,238,577		4,893,601
Chevy Chase Funding LLC Mortgage-Backed Certificate 1.232%, 08/25/35 (144A) (b)		45,712		42,243
Citicorp Mortgage Securities Trust 6.000%, 05/25/37		2,901,235		2,926,992
Citigroup Mortgage Loan Trust 2.690%, 09/25/35 (b)		1,785,255		1,838,682
2.760%, 09/25/35 (b)		555,021		572,532
2.902%, 10/25/46 (b)		2,076,593		1,790,254
2.930%, 10/25/35 (b)		3,093,194		3,103,342
Countrywide Alternative Loan Trust 1.188%, 03/20/46 (b)		178,145		147,894
4.018%, 05/25/35 (b) (j)		1,756,008		149,154
Countrywide Home Loan Mortgage Pass-Through Trust
1.562%, 04/25/35 (b)		140,137		129,608
1.622%, 03/25/35 (b)		631,134		567,972
3.015%, 09/20/36 (b)		3,587,623		2,846,753
5.500%, 12/25/34		7,203,350		7,218,074
Countrywide Home Reperforming Loan REMIC Trust 1.322%, 06/25/35 (144A) (b)		2,010,901		1,828,088
Credit Suisse First Boston Mortgage Securities Corp. 1.423%, 03/25/32 (144A) (b)		59,901		55,565

BHFTI-326

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Credit Suisse First Boston Mortgage Securities Corp. 6.000%, 11/25/35		2,356,713	$	1,877,757
Deutsche Alt-A Securities Mortgage Loan Trust 1.172%, 08/25/47 (b)		5,672,471		5,033,821
Downey Savings & Loan Association Mortgage Loan Trust 2.881%, 07/19/44 (b)		561,333		556,297
First Horizon Alternative Mortgage Securities Trust 3.718%, 01/25/36 (b) (j)		32,268,052		3,515,101
First Horizon Mortgage Pass-Through Trust 2.972%, 08/25/35 (b)		267,206		230,432
GreenPoint Mortgage Funding Trust 1.157%, 12/25/46 (b)		6,646,365		6,513,046
GreenPoint MTA Trust 1.422%, 06/25/45 (b)		66,850		58,300
GSR Mortgage Loan Trust 3.087%, 09/25/35 (b)		47,084		48,515
3.379%, 04/25/36 (b)		2,675,533		2,439,446
6.000%, 03/25/32		153		156
HarborView Mortgage Loan Trust 1.168%, 01/19/38 (b)		152,723		132,445
1.418%, 05/19/35 (b)		1,037,831		950,279
IndyMac ARM Trust 2.113%, 01/25/32 (b)		512		449
2.203%, 01/25/32 (b)		21,414		20,706
IndyMac INDX Mortgage Loan Trust 1.102%, 07/25/36 (b)		6,409,654		5,521,801
1.192%, 05/25/46 (b)		7,489,780		6,541,573
JPMorgan Mortgage Trust 3.103%, 07/25/35 (b)		2,414,574		2,400,095
5.750%, 01/25/36		373,871		312,598
Lehman Mortgage Trust 1.582%, 08/25/36 (b)		8,002,155		5,243,747
MASTR Alternative Loan Trust 1.382%, 03/25/36 (b)		687,548		143,147
6.500%, 02/25/35		8,826,157		9,922,296
MASTR Asset Securitization Trust 6.000%, 06/25/36		611,959		586,230
Merrill Lynch Alternative Note Asset Trust 0.958%, 04/25/37 (b)		4,022,857		3,940,477
Merrill Lynch Mortgage Investors Trust 1.232%, 11/25/35 (b)		71,430		67,134
1.362%, 08/25/35 (b)		5,014,529		4,832,666
1.784%, 10/25/35 (b)		115,067		108,944
Morgan Stanley Re-REMIC Trust 1.353%, 03/26/37 (144A)		4,079,995		2,811,710
Nomura Asset Acceptance Corp. Alternative Loan Trust 4.976%, 05/25/35		1,329,605		1,051,311
RALI Series Trust 6.250%, 01/25/37		4,760,840		3,805,326
RBSSP Resecuritization Trust 1.018%, 06/27/36 (144A) (b)		8,300,000		6,988,027
Collateralized Mortgage Obligations—(Continued)
RBSSP Resecuritization Trust 3.495%, 01/26/36 (144A) (b)		10,346,062		10,449,806
Residential Accredit Loans, Inc. Trust 1.162%, 06/25/46 (b)		1,614,527		690,969
1.422%, 06/25/34 (b)		1,013,759		987,297
6.000%, 12/25/35		8,941,627		8,265,440
Residential Asset Securitization Trust 6.000%, 06/25/36		4,127,001		2,889,312
RFMSI Trust 1.332%, 06/25/18 (b)		285		280
Sequoia Mortgage Trust 1.328%, 07/20/33 (b)		249,237		233,086
1.618%, 04/19/27 (b)		921,180		858,791
Structured Adjustable Rate Mortgage Loan Trust 3.113%, 01/25/35 (b)		1,577,370		1,475,259
3.248%, 04/25/35 (b)		6,696,809		6,318,391
3.255%, 08/25/35 (b)		146,087		140,031
Structured Asset Mortgage Investments II Trust 1.228%, 07/19/35 (b)		838,237		801,406
1.442%, 05/25/45 (b)		1,009,196		883,960
WaMu Mortgage Pass-Through Certificates Trust 1.232%, 02/25/45 (b)		10,302,060		9,640,371
2.038%, 06/25/42 (b)		141,162		135,735
2.038%, 08/25/42 (b)		67,118		63,941
Wells Fargo Mortgage-Backed Securities Trust 2.893%, 09/25/33 (b)		466,750		463,214
3.045%, 10/25/36 (b)		1,935,513		1,840,137
3.089%, 03/25/36 (b)		9,674,371		9,517,051
3.096%, 04/25/36 (b)		952,097		950,975
3.106%, 07/25/36 (b)		6,493,637		6,227,901
3.338%, 04/25/36 (b)		79,904		5,704
5.750%, 03/25/36		3,071,812		3,079,444
				241,233,763
Commercial Mortgage-Backed Securities—2.1%
BAMLL Commercial Mortgage Securities Trust 3.912%, 12/15/33 (144A) (b)		15,200,000		15,442,683
Bear Stearns Commercial Mortgage Securities Trust 5.700%, 06/11/50		4,493,653		4,547,414
CSAIL Commercial Mortgage Trust 3.314%, 11/15/49		2,900,000		2,961,602
Freddie Mac Multifamily Structured Pass-Through Certificates 1.287%, 08/25/22 (b) (j)		43,263,875		2,452,785
GS Mortgage Securities Trust 3.278%, 11/10/49		2,500,000		2,547,772
3.602%, 10/10/49 (144A) (b)		13,346,000		13,237,855
JPMorgan Chase Commercial Mortgage Securities Corp. 2.362%, 01/15/33 (144A) (b)		15,124,026		15,124,012

BHFTI-327

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2.962%, 10/05/28 (144A)		8,700,000	$	8,753,409
5.794%, 02/12/51 (b)		7,129,105		7,184,910
LB-UBS Commercial Mortgage Trust 5.866%, 09/15/45 (b)		10,063,724		10,214,682
ML-CFC Commercial Mortgage Trust 5.485%, 03/12/51 (b)		136,437		136,268
5.861%, 08/12/49 (b)		5,185,304		5,207,327
Morgan Stanley Bank of America Merrill Lynch Trust 2.952%, 11/15/49		10,000,000		9,853,204
Morgan Stanley Capital Trust 2.041%, 08/14/31 (144A) (b)		21,511,694		21,489,696
Morgan Stanley Re-REMIC Trust 5.949%, 08/12/45 (144A) (b)		56,703		56,658
Wachovia Bank Commercial Mortgage Trust 5.760%, 06/15/49 (b)		4,396,082		4,391,489
				123,601,766
Total Mortgage-Backed Securities (Cost $364,114,854)				364,835,529
Foreign Government—2.9%
Banks—0.0%
Banco Nacional de Desenvolvimento Economico e Social 4.125%, 09/15/17 (EUR)		2,700,000		2,916,364
Provincial—1.2%
Province of Ontario Canada 1.650%, 09/27/19		7,000,000		6,974,520
3.150%, 06/02/22 (CAD)		9,300,000		7,473,638
4.000%, 06/02/21 (CAD)		31,100,000		25,692,433
4.400%, 04/14/20		2,700,000		2,892,583
Province of Quebec Canada 3.500%, 07/29/20		10,600,000		11,114,439
3.500%, 12/01/22 (CAD)		3,300,000		2,702,955
4.250%, 12/01/21 (CAD)		15,200,000		12,772,526
				69,623,094
Sovereign—1.7%
Brazil Letras do Tesouro Nacional 9.681%, 04/01/18 (BRL)		46,700,000		13,620,674
11.334%, 01/01/18 (BRL)		88,100,000		26,244,772
Brazil Notas do Tesouro Nacional 10.000%, 01/01/27 (BRL)		97,500,000		30,978,938
Export-Import Bank of Korea 1.927%, 02/24/20 (144A) (CAD)		15,400,000		11,634,912
4.000%, 01/29/21		2,500,000		2,614,618
5.125%, 06/29/20		2,500,000		2,705,385
Sovereign—(Continued)
Kuwait International Government Bond 2.750%, 03/20/22 (144A) (i)		12,000,000		12,024,600
				99,823,899
Total Foreign Government (Cost $185,752,319)				172,363,357
Municipals—2.3%
Bay Area Toll Bridge Authority, Build America Bonds 7.043%, 04/01/50		2,950,000		4,262,101
California State General Obligation Unlimited, Build America Bonds 7.625%, 03/01/40		8,450,000		12,374,433
California State University Revenue, Build America Bonds 6.484%, 11/01/41		4,400,000		5,649,776
Calleguas-Las Virgenes California Public Financing Water Revenue Authority, Build America Bonds 5.944%, 07/01/40		2,700,000		3,306,150
Chicago Transit Authority Transfer Tax Receipts Revenue 6.300%, 12/01/21		270,000		293,676
City of Chicago, IL General Obligation Unlimited 7.750%, 01/01/42		11,400,000		11,723,988
East Baton Rouge Sewer Commission, Build America Bonds 6.087%, 02/01/45		15,000,000		16,367,100
Irvine Ranch CA, Water District, Build America Bonds, Taxable 6.622%, 05/01/40		9,300,000		12,215,178
Los Angeles Department of Water & Power Revenue, Build America Bonds 6.166%, 07/01/40		18,190,000		20,298,949
Newport Beach CA, Certificates of Participation, Build America Bonds 7.168%, 07/01/40		31,650,000		39,785,632
State of Illinois General Obligation Unlimited, Build America Bonds 6.725%, 04/01/35		5,720,000		5,944,968
Tobacco Settlement Financing Authority, Revenue Bonds 7.467%, 06/01/47		7,090,000		6,776,906
Total Municipals (Cost $120,898,691)				138,998,857
Floating Rate Loans (k)—0.3%
Telecommunications—0.2%
CenturyLink, Inc. Bridge Term Loan, 02/17/18 (l) (m)		5,700,000		5,700,000

BHFTI-328

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Floating Rate Loans (k)—(Continued)

Security Description	Principal/ Notional Amount*		Value
Telecommunications—(Continued)
Sprint Communications, Inc. 1st Lien Term Loan B, 3.500%, 02/02/24		7,700,000	$	7,711,227
				13,411,227
Transportation—0.1%
Swissport Investments S.A. Term Loan B, 6.250%, 02/09/22 (EUR)		3,000,000		3,254,406
Total Floating Rate Loans (Cost $16,616,155)				16,665,633
Purchased Options—0.0%
Interest Rate Swaptions—0.0%
Put - OTC - 30-Year Interest Rate Swap, Exercise Rate 2.905%, Expires 08/20/18 (Counterparty - Morgan Stanley Capital Services LLC) (l)		10,200,000		537,437
Put - OTC - 30-Year Interest Rate Swap, Exercise Rate 2.930%, Expires 08/20/18 (Counterparty - Goldman Sachs Bank USA) (l)		11,900,000		676,789
Put - OTC - 30-Year Interest Rate Swap, Exercise Rate 2.940%, Expires 08/20/18 (Counterparty - Goldman Sachs Bank USA) (l)		10,400,000		518,880
Put - OTC - 30-Year Interest Rate Swap, Exercise Rate 3.020%, Expires 08/21/17 (Counterparty - Morgan Stanley Capital Services LLC) (l)		22,600,000		311,315
				2,044,421
Options on Exchange-Traded Futures Contracts—0.0%
Call - U.S. Treasury Bond Futures @ 195.00, Expires 05/26/17 (Counterparty - Citigroup Global Markets, Inc.)		73		73
Put - Eurodollar Futures @ $98.50, Expires 06/19/17 (Counterparty - Citigroup Global Markets, Inc.)		8,294		51,837
Put - U.S. Treasury Note 10-Year Futures @101.00, Expires 05/26/17 (Counterparty - Citigroup Global Markets, Inc.)		290		290
Put - U.S. Treasury Note 10-Year Futures @105.00, Expires 05/26/17 (Counterparty - Citigroup Global Markets, Inc.)		1,350		1,350
Put - U.S. Treasury Note 10-Year Futures @106.00, Expires 05/26/17 (Counterparty - Citigroup Global Markets, Inc.)		214		214
Options on Exchange-Traded Futures Contracts—(Continued)
Put - U.S. Treasury Note 10-Year Futures @112.00, Expires 05/26/17 (Counterparty - Citigroup Global Markets, Inc.)		3,110		3,110
Put - U.S. Treasury Note 5-Year Futures @101.50, Expires 05/26/17 (Counterparty - Citigroup Global Markets, Inc.)		293		293
Put - U.S. Treasury Note 5-Year Futures @109.00, Expires 05/26/17 (Counterparty - Citigroup Global Markets, Inc.)		18,178		18,178
Put - U.S. Treasury Note 5-Year Futures @ 98.00, Expires 05/26/17 (Counterparty - Citigroup Global Markets, Inc.)		249		249
				75,594
Put Options—0.0%
Put - OTC - Fannie Mae 30 Yr. Pool 3.500%, TBA @ 70.00, Expires 04/05/17 (Counterparty - JPMorgan Chase Bank N.A.)		122,000,000		0
Total Purchased Options (Cost $5,276,859)				2,120,015
Short-Term Investments—20.1%
Certificate of Deposit—4.5%
Barclays Bank plc 1.804%, 11/06/17		40,500,000		40,583,147
1.850%, 12/06/17		2,000,000		2,003,914
1.906%, 09/08/17		23,000,000		23,052,141
Credit Suisse 1.920%, 09/12/17		54,400,000		54,528,003
Mizuho Bank, Ltd. 1.820%, 12/12/17		35,200,000		35,288,422
Natixis 1.846%, 09/25/17		2,300,000		2,305,414
1.846%, 10/02/17		5,800,000		5,808,990
Norinchukin Bank 1.733%, 10/10/17		29,900,000		29,984,557
Sumitomo Mitsui Banking Corp. 1.831%, 09/15/17		13,700,000		13,734,045
Sumitomo Mitsui Trust Bank, Ltd. 1.715%, 10/06/17		33,500,000		33,591,824
1.882%, 09/18/17		27,600,000		27,675,734
				268,556,191
Commercial Paper—3.0%
Anthem, Inc. 1.100%, 04/03/17		10,000,000		9,999,099
Bell Canada 1.190%, 05/18/17		33,100,000		33,048,364

BHFTI-329

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Bell Canada 1.200%, 05/15/17		27,500,000	$	27,459,953
Engie S.A. 1.600%, 10/03/17		8,000,000		7,943,580
Entergy Corp. 1.350%, 04/13/17		8,000,000		7,996,236
Ford Motor Credit Co. 1.700%, 09/12/17		22,700,000		22,527,291
Hewlett Packard Enterprise Co. 1.140%, 04/03/17		14,000,000		13,999,073
Monsanto Co. 1.750%, 07/31/17		5,700,000		5,672,648
Sempra Energy 1.480%, 08/23/17		13,100,000		13,021,857
Syngenta AG 2.000%, 09/14/17		8,100,000		8,031,801
2.020%, 09/14/17		20,000,000		19,831,608
Volvo Treasury North America L.P. 1.150%, 04/07/17		10,000,000		9,997,822
				179,529,332
Foreign Government—11.7%
Argentina Treasury Bills 2.563%, 06/30/17 (n)		900,000		894,285
2.698%, 05/26/17 (n)		12,000,000		11,928,252
2.901%, 09/29/17 (n)		3,100,000		3,055,794
3.213%, 12/15/17 (n)		12,900,000		12,465,089
3.321%, 09/15/17 (n)		5,800,000		5,678,803
3.373%, 04/13/18 (n)		4,200,000		4,058,250
Japan Treasury Bills 0.000%, 04/06/17 (JPY) (n)		6,880,000,000		61,798,566
0.000%, 04/10/17 (JPY) (n)		780,000,000		7,006,331
0.000%, 04/24/17 (JPY) (n)		5,490,000,000		49,318,081
0.000%, 05/08/17 (JPY) (n)		13,330,000,000		119,759,507
0.000%, 05/15/17 (JPY) (n)		2,010,000,000		18,059,055
0.000%, 05/22/17 (JPY) (n)		8,290,000,000		74,485,870
0.000%, 06/05/17 (JPY) (n)		24,590,000,000		220,960,576
0.000%, 06/19/17 (JPY) (n)		3,930,000,000		35,317,544
Mexico Cetes 6.267%, 05/25/17 (MXN) (n)		1,368,000,000		7,234,404
6.375%, 08/17/17 (MXN) (n)		2,028,000,000		10,561,339
6.490%, 03/01/18 (MXN) (n)		9,850,000,000		49,437,164
				692,018,910
Repurchase Agreements—0.8%
Deutsche Bank Securities, Inc. Repurchase Agreement dated 03/31/17 at 0.960% to be repurchased at $37,302,984 on 04/03/17, collateralized by $38,684,000 U.S. Treasury Note at 0.750% due 07/15/19 with a value of $38,174,919.		37,300,000		37,300,000
Repurchase Agreements—(Continued)
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $7,467,246 on 04/03/17, collateralized by $7,115,000 U.S. Treasury Note at 3.500% due 05/15/20 with a value of $7,621,488.		7,467,191		7,467,191
				44,767,191
U.S. Treasury—0.1%
U.S. Treasury Bills 0.587%, 04/27/17 (f) (g) (n)		3,263,000		3,261,411
0.667%, 04/20/17 (g) (n)		2,298,000		2,297,209
				5,558,620
Total Short-Term Investments (Cost $1,172,123,578)				1,190,430,244
Total Investments—148.6% (Cost $8,772,523,827) (o)				8,815,614,766
Other assets and liabilities (net)—(48.6)%				(2,881,796,757	)
Net Assets—100.0%			$	5,933,818,009

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(b)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(c)	All or a portion of this security has been transferred in a secured-borrowing transaction.
(d)	Principal amount of security is adjusted for inflation.
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $43,795,343.
(f)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of March 31, 2017, the market value of securities pledged was $100,481,971.
(g)	All or a portion of the security was pledged as collateral against open swap contracts. As of March 31, 2017, the market value of securities pledged was $30,589,942.
(h)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(i)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $86,104,411, which is 1.5% of net assets. See details shown in the Restricted Securities table that follows.

BHFTI-330

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

(j)	Interest only security.
(k)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(l)	Illiquid security. As of March 31, 2017, these securities represent 0.1% of net assets.
(m)	This loan will settle after March 31, 2017, at which time the interest rate will be determined.
(n)	The rate shown represents current yield to maturity.
(o)	As of March 31, 2017, the aggregate cost of investments was $8,772,523,827. The aggregate unrealized appreciation and depreciation of investments were $142,933,383 and $(99,842,444), respectively, resulting in net unrealized appreciation of $43,090,939.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $870,913,108, which is 14.7% of net assets.
(ARM)—	Adjustable-Rate Mortgage
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(DKK)—	Danish Krone
(EMTN)—	Euro Medium-Term Note
(EUR)—	Euro
(GBP)—	British Pound
(IRS)—	Interest Rate Swap
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(REMIC)—	Real Estate Mortgage Investment Conduit

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Blackstone CQP Holdco L.P., 6.500%, 03/20/21		03/06/17	$	20,700,000	$	20,700,000	$	20,774,520
CVP Cascade CLO-1, Ltd. 01/16/26		03/15/17		8,000,000		8,000,000		8,014,320
Jamestown CLO, Ltd. 01/17/27		03/24/17		17,800,000		17,800,000		17,791,100
Kuwait International Government Bonds, 2.750%, 03/20/22		03/13/17		12,000,000		11,924,385		12,024,600
MP CLO, Ltd., 2.165%, 01/15/27		03/17/17		11,800,000		11,800,000		11,794,100
Ontario Teachers’ Cadillac Fairview Properties Trust, 3.875%, 03/20/27		03/13/17		1,700,000		1,694,981		1,724,696
Ontario Teachers’ Cadillac Fairview Properties Trust, 3.125%, 03/20/22		03/13/17		1,200,000		1,199,726		1,212,647
Piper Jaffray Cos., 5.060%, 10/09/18		10/08/15		5,000,000		5,000,000		5,075,000
Shackleton CLO, Ltd. 01/13/25		03/24/17		2,600,000		2,600,000		2,598,700
SteelRiver Transmission Co. LLC, 4.710%, 06/30/17		11/17/10		5,094,769		5,094,780		5,094,728
							$	86,104,411

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
BRL	85,467,405	BNP Paribas S.A.		04/04/17	$	27,701,489	$	(400,843	)
BRL	8,741,600	Deutsche Bank AG		04/04/17		2,800,000		(7,692	)
BRL	20,403,805	Deutsche Bank AG		04/04/17		6,439,782		77,756
BRL	56,322,000	Deutsche Bank AG		04/04/17		18,000,000		(9,200	)
BRL	98,900,000	Goldman Sachs Bank USA		04/04/17		31,214,493		376,895
BRL	14,076,000	JPMorgan Chase Bank N.A.		04/04/17		4,500,000		(3,737	)
BRL	132,900,000	JPMorgan Chase Bank N.A.		04/04/17		42,297,899		154,027
BRL	13,386,870	Deutsche Bank AG		05/03/17		4,200,000		47,968
BRL	71,503,825	Deutsche Bank AG		05/03/17		22,397,439		292,401
BRL	3,798,695	JPMorgan Chase Bank N.A.		01/03/18		1,103,470		44,406
CAD	1,621,000	BNP Paribas S.A.		04/04/17		1,206,006		12,947
CAD	12,141,000	Citibank N.A.		04/04/17		9,082,277		47,461
CAD	84,894,250	Citibank N.A.		04/04/17		63,772,724		65,699
CAD	5,111,000	JPMorgan Chase Bank N.A.		04/04/17		3,811,855		31,493
DKK	404,303,000	BNP Paribas S.A.		04/03/17		58,318,260		(342,035	)

BHFTI-331

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
DKK	61,904,469	Goldman Sachs Bank USA		04/03/17	$	8,975,955	$	(98,981	)
DKK	101,000,000	Goldman Sachs Bank USA		04/03/17		14,486,518		(3,324	)
DKK	788,810,000	JPMorgan Chase Bank N.A.		04/03/17		112,993,840		119,903
DKK	411,474,000	UBS AG Stamford		04/03/17		59,140,476		(135,944	)
DKK	9,455,000	BNP Paribas S.A.		07/03/17		1,364,784		(2,746	)
EUR	57,466,000	BNP Paribas S.A.		04/04/17		61,977,081		(672,364	)
EUR	943,000	Citibank N.A.		04/04/17		1,007,700		(1,708	)
EUR	1,062,000	Goldman Sachs Bank USA		04/04/17		1,141,735		(8,794	)
EUR	1,091,000	Goldman Sachs Bank USA		04/04/17		1,174,991		(11,112	)
EUR	1,203,000	Goldman Sachs Bank USA		04/04/17		1,271,900		11,460
EUR	3,942,000	JPMorgan Chase Bank N.A.		04/04/17		4,232,198		(26,873	)
EUR	2,347,000	JPMorgan Chase Bank N.A.		05/02/17		2,509,568		(2,638	)
GBP	968,000	Goldman Sachs Bank USA		04/04/17		1,183,244		29,564
GBP	4,143,000	Goldman Sachs Bank USA		04/04/17		5,089,825		100,942
GBP	29,273,000	Goldman Sachs Bank USA		04/04/17		36,374,068		302,088
GBP	1,127,000	UBS AG Stamford		04/04/17		1,370,505		41,514
INR	15,053,051	UBS AG Stamford		04/20/17		218,731		12,577
JPY	134,700,000	Goldman Sachs Bank USA		04/04/17		1,185,811		24,105
MYR	1,437,265	UBS AG Stamford		06/23/17		319,073		4,752
Contracts to Deliver
BRL	85,467,405	BNP Paribas S.A.		04/04/17	$	26,974,942	$	(325,705	)
BRL	71,503,825	Deutsche Bank AG		04/04/17		22,538,637		(301,657	)
BRL	13,963,580	Deutsche Bank AG		04/04/17		4,447,000		(13,353	)
BRL	98,900,000	Goldman Sachs Bank USA		04/04/17		28,901,227		(2,690,161	)
BRL	53,505,900	JPMorgan Chase Bank N.A.		04/04/17		17,100,000		8,740
BRL	36,661,500	JPMorgan Chase Bank N.A.		04/04/17		11,570,982		(139,712	)
BRL	34,000,000	JPMorgan Chase Bank N.A.		04/04/17		9,982,384		(878,154	)
BRL	14,067,000	JPMorgan Chase Bank N.A.		04/04/17		4,500,000		6,612
BRL	8,741,600	JPMorgan Chase Bank N.A.		04/04/17		2,800,000		7,692
BRL	13,385,400	Credit Suisse International		05/03/17		4,200,000		(47,501	)
BRL	75,000,000	UBS AG Stamford		07/05/17		26,417,753		2,953,856
BRL	3,798,695	BNP Paribas S.A.		01/03/18		1,111,054		(36,822	)
BRL	44,100,000	JPMorgan Chase Bank N.A.		01/03/18		12,095,447		(1,230,535	)
BRL	44,000,000	JPMorgan Chase Bank N.A.		01/03/18		12,068,020		(1,227,745	)
BRL	10,000,000	BNP Paribas S.A.		04/03/18		2,648,670		(330,557	)
BRL	145,600,000	JPMorgan Chase Bank N.A.		04/03/18		43,179,122		(198,421	)
CAD	1,376,000	Credit Suisse International		04/04/17		1,026,493		(8,226	)
CAD	101,154,250	Goldman Sachs Bank USA		04/04/17		77,246,468		1,180,918
CAD	1,237,000	Goldman Sachs Bank USA		04/04/17		929,358		(836	)
CAD	84,894,250	Citibank N.A.		05/02/17		63,801,001		(63,856	)
DKK	54,670,000	JPMorgan Chase Bank N.A.		04/03/17		7,930,084		90,518
DKK	61,904,469	Goldman Sachs Bank USA		07/03/17		9,018,322		100,690
DKK	115,909,000	BNP Paribas S.A.		01/02/18		17,093,202		218,319
DKK	93,321,000	BNP Paribas S.A.		01/02/18		13,720,896		134,540
DKK	161,159,000	JPMorgan Chase Bank N.A.		01/02/18		23,605,946		143,236
DKK	30,300,000	JPMorgan Chase Bank N.A.		01/02/18		4,447,359		36,062
DKK	48,667,000	UBS AG Stamford		01/02/18		7,151,732		66,433
DKK	404,303,000	BNP Paribas S.A.		04/03/18		59,566,697		356,060
DKK	12,813,000	BNP Paribas S.A.		04/03/18		1,885,429		8,951
DKK	151,444,700	Citibank N.A.		04/03/18		22,054,538		(124,711	)
DKK	83,328,000	Citibank N.A.		04/03/18		12,315,611		112,130
DKK	104,555,000	Goldman Sachs Bank USA		04/03/18		15,550,520		238,320
DKK	101,000,000	Goldman Sachs Bank USA		04/03/18		14,802,222		10,656
DKK	46,742,000	Goldman Sachs Bank USA		04/03/18		6,817,678		(27,741	)
DKK	27,067,560	Goldman Sachs Bank USA		04/03/18		3,921,982		(42,093	)

BHFTI-332

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
DKK	788,810,000	JPMorgan Chase Bank N.A.		04/03/18	$	115,458,138	$	(63,989	)
DKK	167,920,000	JPMorgan Chase Bank N.A.		04/03/18		24,550,546		(41,530	)
DKK	67,230,000	JPMorgan Chase Bank N.A.		04/03/18		9,903,786		57,875
DKK	34,430,000	Societe Generale Paris		04/03/18		5,033,639		(8,674	)
DKK	411,474,000	UBS AG Stamford		04/03/18		60,385,201		124,363
EUR	54,074,000	BNP Paribas S.A.		04/04/17		57,464,981		(221,152	)
EUR	1,600,000	BNP Paribas S.A.		04/04/17		1,697,995		(8,885	)
EUR	1,762,000	Citibank N.A.		04/04/17		1,858,491		(21,210	)
EUR	2,531,000	Goldman Sachs Bank USA		04/04/17		2,667,531		(32,539	)
EUR	1,489,000	Goldman Sachs Bank USA		04/04/17		1,619,060		30,595
EUR	1,234,000	Goldman Sachs Bank USA		04/04/17		1,308,108		(8,323	)
EUR	1,615,000	JPMorgan Chase Bank N.A.		04/04/17		1,745,703		22,822
EUR	1,402,000	UBS AG Stamford		04/04/17		1,514,146		18,493
EUR	57,466,000	BNP Paribas S.A.		05/02/17		62,056,212		674,345
GBP	3,687,000	Goldman Sachs Bank USA		04/04/17		4,584,382		(35,062	)
GBP	31,824,000	UBS AG Stamford		04/04/17		39,521,876		(350,429	)
GBP	29,273,000	Goldman Sachs Bank USA		05/02/17		36,398,856		(301,328	)
JPY	229,900,000	Goldman Sachs Bank USA		04/04/17		2,051,089		(13,943	)
JPY	6,880,000,000	Citibank N.A.		04/06/17		59,661,887		(2,140,336	)
JPY	190,000,000	Citibank N.A.		04/10/17		1,635,928		(71,038	)
JPY	120,000,000	Citibank N.A.		04/10/17		1,033,111		(44,973	)
JPY	80,000,000	Citibank N.A.		04/10/17		690,143		(28,580	)
JPY	70,000,000	Citibank N.A.		04/10/17		603,669		(25,213	)
JPY	190,000,000	UBS AG Stamford		04/10/17		1,635,774		(71,193	)
JPY	130,000,000	UBS AG Stamford		04/10/17		1,119,011		(48,913	)
JPY	2,150,000,000	BNP Paribas S.A.		04/24/17		18,811,795		(513,736	)
JPY	3,340,000,000	Citibank N.A.		04/24/17		29,236,695		(785,292	)
JPY	13,330,000,000	JPMorgan Chase Bank N.A.		05/08/17		118,331,114		(1,548,916	)
JPY	920,000,000	Citibank N.A.		05/15/17		8,129,291		(146,658	)
JPY	520,000,000	Citibank N.A.		05/15/17		4,652,703		(25,008	)
JPY	50,000,000	Citibank N.A.		05/15/17		447,736		(2,044	)
JPY	520,000,000	UBS AG Stamford		05/15/17		4,655,277		(22,434	)
JPY	1,990,000,000	BNP Paribas S.A.		05/22/17		17,584,352		(321,557	)
JPY	6,300,000,000	UBS AG Stamford		05/22/17		55,664,381		(1,022,666	)
JPY	19,580,000,000	Citibank N.A.		06/05/17		172,441,125		(3,830,611	)
JPY	2,550,000,000	Citibank N.A.		06/05/17		22,462,804		(493,934	)
JPY	2,460,000,000	Citibank N.A.		06/05/17		21,664,656		(481,844	)
JPY	1,400,000,000	Citibank N.A.		06/19/17		12,243,702		(368,451	)
JPY	1,130,000,000	Citibank N.A.		06/19/17		9,879,047		(300,762	)
JPY	1,400,000,000	UBS AG Stamford		06/19/17		12,245,951		(366,202	)
KRW	126,318,440,552	Citibank N.A.		06/23/17		111,667,645		(1,393,272	)
KRW	13,804,027,796	UBS AG Stamford		06/23/17		12,047,502		(307,749	)
KRW	12,770,188,667	UBS AG Stamford		06/23/17		11,111,759		(318,158	)
KRW	12,620,065,740	UBS AG Stamford		06/23/17		11,021,892		(273,658	)
MXN	136,800,000	Goldman Sachs Bank USA		05/25/17		6,739,746		(509,736	)
MXN	202,800,000	JPMorgan Chase Bank N.A.		08/17/17		9,871,495		(742,007	)
MXN	985,000,000	BNP Paribas S.A.		03/01/18		47,102,818		(2,995,718	)
NZD	1,885,000	JPMorgan Chase Bank N.A.		04/04/17		1,339,482		18,098
PHP	15,819,300	BNP Paribas S.A.		06/23/17		311,557		(2,611	)
RUB	133,852,761	Deutsche Bank AG		04/21/17		2,239,370		(129,445	)
SGD	138,637,587	Deutsche Bank AG		06/23/17		98,762,306		(406,495	)
THB	14,297,612	JPMorgan Chase Bank N.A.		06/23/17		407,485		(8,359	)
TRY	1,090,000	Barclays Bank plc		08/15/17		283,826		(4,961	)
TWD	4,008,508,071	Credit Suisse International		06/23/17		131,189,922		(1,388,483	)
TWD	2,406,490,755	Deutsche Bank AG		06/23/17		77,879,960		(1,712,921	)
Net Unrealized Depreciation							$	(24,958,493	)

BHFTI-333

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
3 Month Euribor		09/18/17		1,867			EUR	468,091,430		$	37,853
Australian 10 Year Treasury Bond Futures		06/15/17		2			AUD	252,251			3,548
Euro-Bund Futures		06/08/17		2,890			EUR	467,538,727			(1,104,059	)
Put Options on Euro-Bund Futures, Strike EUR 142.000		05/26/17		371			EUR	4,025			(336	)
Put Options on Euro-Bund Futures, Strike EUR 142.500		05/26/17		513			EUR	5,566			(465	)
Put Options on Euro-Bund Futures, Strike EUR 143.000		05/26/17		814			EUR	8,832			(738	)
Put Options on Euro-Bund Futures, Strike EUR 143.500		05/26/17		370			EUR	4,015			(336	)
Put Options on Euro-Bund Futures, Strike EUR 145.000		05/26/17		1,037			EUR	11,251			(940	)
U.S. Treasury Note 10 Year Futures		06/21/17		9,739			USD	1,210,002,037			3,112,150
U.S. Treasury Note 5 Year Futures		06/30/17		19,350			USD	2,275,182,914			2,826,080
Futures Contracts—Short
90 Day Eurodollar Futures		09/18/17		(1,558	)		USD	(384,777,747	)		847,597
90 Day Eurodollar Futures		12/18/17		(1,366	)		USD	(336,691,293	)		484,543
Canada Government Bond 10 Year Futures		06/21/17		(852	)		CAD	(116,030,599	)		(726,429	)
Euro-BTP Futures		06/08/17		(95	)		EUR	(12,368,430	)		(50,268	)
Euro-OAT Futures		06/08/17		(3,730	)		EUR	(542,706,050	)		(6,137,459	)
Euro-Schatz Futures		06/08/17		(160	)		EUR	(17,973,838	)		15,616
U.S. Treasury Long Bond Futures		06/21/17		(472	)		USD	(70,862,055	)		(336,195	)
United Kingdom Long Gilt Bond Futures		06/28/17		(746	)		GBP	(93,443,861	)		(2,168,544	)
Net Unrealized Depreciation										$	(3,198,382	)

Written Options

Foreign Currency Written Options	Strike Price			Counterparty	Expiration Date		Notional Amount			Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
USD Call/BRL Put		BRL	3.225	JPMorgan Chase Bank N.A.		04/26/17		(14,100,000	)	$	(74,377	)	$	(84,276	)	$	(9,899	)
USD Call/BRL Put		BRL	3.350	Goldman Sachs Bank USA		06/01/17		(12,300,000	)		(104,550	)		(80,823	)		23,727
USD Call/BRL Put		BRL	3.310	JPMorgan Chase Bank N.A.		06/01/17		(22,300,000	)		(176,170	)		(201,258	)		(25,088	)
USD Call/BRL Put		BRL	3.510	JPMorgan Chase Bank N.A.		09/27/17		(89,800,000	)		(1,391,900	)		(1,434,824	)		(42,924	)
USD Call/BRL Put		BRL	3.550	Credit Suisse International		10/02/17		(23,000,000	)		(345,000	)		(323,725	)		21,275
USD Call/BRL Put		BRL	4.250	Deutsche Bank AG		11/17/17		(10,900,000	)		(318,280	)		(35,480	)		282,800
USD Call/BRL Put		BRL	6.300	Credit Suisse International		01/11/18		(17,700,000	)		(942,525	)		(1,575	)		940,950
USD Call/ZAR Put		ZAR	13.100	JPMorgan Chase Bank N.A.		04/25/17		(24,800,000	)		(197,507	)		(901,182	)		(703,675	)
USD Call/ZAR Put		ZAR	14.000	JPMorgan Chase Bank N.A.		05/02/17		(5,600,000	)		(52,920	)		(64,310	)		(11,390	)
USD Call/ZAR Put		ZAR	14.000	Societe Generale Paris		05/02/17		(19,400,000	)		(184,106	)		(222,790	)		(38,684	)
USD Call/ZAR Put		ZAR	14.000	Citibank N.A.		06/28/17		(34,900,000	)		(496,104	)		(936,332	)		(440,228	)
Totals										$	(4,283,439	)	$	(4,286,575	)	$	(3,136	)

Put Options Written	Strike Price	Counterparty	Expiration Date	Number of Contracts			Premiums Received			Market Value			Unrealized Appreciation
Put - OTC - Fannie Mae 30 Yr. Pool 3.500%, TBA	100.64	Credit Suisse International	05/04/17		(4,000,000	)	$	(16,875	)	$	(3,957	)	$	12,918
Put - OTC - Fannie Mae 30 Yr. Pool 3.500%, TBA	100.42	JPMorgan Chase Bank N.A.	05/04/17		(45,000,000	)		(188,086	)		(33,592	)		154,494
Put - OTC - Fannie Mae 30 Yr. Pool 3.500%, TBA	100.66	JPMorgan Chase Bank N.A.	05/04/17		(36,000,000	)		(156,094	)		(36,328	)		119,766
Put - OTC - Fannie Mae 30 Yr. Pool 3.500%, TBA	101.20	Credit Suisse International	05/04/17		(25,000,000	)		(100,586	)		(48,570	)		52,016
Totals							$	(461,641	)	$	(122,447	)	$	339,194

BHFTI-334

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Written Options—(Continued)

Inflation Capped Options	Strike Index	Counterparty	Exercise Index	Expiration Date		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation
Floor - OTC CPURNSA Index	215.949	Deutsche Bank AG	Maximum of [(1 + 0.000%)10 -(Final Index/Initial Index)] or 0		03/10/20		USD	(5,800,000	)	$	(43,500	)	$	(6	)	$	43,494
Floor - OTC CPURNSA Index	215.949	Citibank N.A.	Maximum of [(1 + 0.000%) 10 -(Final Index/Initial Index)] or 0		03/12/20		USD	(16,200,000	)		(137,080	)		(16	)		137,064
Floor - OTC CPURNSA Index	216.687	Citibank N.A.	Maximum of [(1 + 0.000%)10 -(Final Index/Initial Index)] or 0		04/07/20		USD	(38,800,000	)		(346,040	)		(39	)		346,001
Floor - OTC CPURNSA Index	217.965	Citibank N.A.	Maximum of [(1 + 0.000%)10 -(Final Index/Initial Index)] or 0		09/29/20		USD	(17,500,000	)		(225,750	)		(88	)		225,662
Floor - OTC CPURNSA Index	218.016	Deutsche Bank AG	Maximum of [(1 + 0.000%) 10 -(Final Index/Initial Index)] or 0		10/13/20		USD	(18,000,000	)		(176,400	)		(108	)		176,292
Totals										$	(928,770	)	$	(257	)	$	928,513

Interest Rate Swaptions	Strike Rate	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate		Expiration Date		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation
Put - 5 Yr. IRS	2.700%	Morgan Stanley Capital Services LLC	3M LIBOR		Pay		08/21/17		USD	(99,400,000	)	$	(1,540,700	)	$	(139,061	)	$	1,401,639
Put - 5 Yr. IRS	2.800%	Morgan Stanley Capital Services LLC	3M LIBOR		Pay		08/20/18		USD	(45,000,000	)		(1,003,705	)		(413,442	)		590,263
Put - 5 Yr. IRS	2.800%	Goldman Sachs Bank USA	3M LIBOR		Pay		08/20/18		USD	(98,200,000	)		(2,287,027	)		(902,222	)		1,384,805
Totals												$	(4,831,432	)	$	(1,454,725	)	$	3,376,707

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Maturity Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay	3M LIBOR	1.750%	12/21/26		USD	48,220,000	$	(32,332	)
Receive	3M CDOR	1.750%	12/16/46		CAD	4,500,000		551,267
Receive	3M LIBOR	1.250%	06/21/20		USD	183,300,000		(717,595	)
Receive	3M LIBOR	1.250%	06/21/21		USD	149,500,000		(58,389	)
Receive	3M LIBOR	1.250%	06/21/22		USD	208,600,000		41,043
Receive	3M LIBOR	1.500%	06/21/27		USD	3,000,000		(10,382	)
Receive	3M LIBOR	1.750%	12/21/26		USD	48,220,000		3,907,659
Receive	3M LIBOR	2.000%	12/16/19		USD	268,800,000		(268,110	)
Receive	3M LIBOR	2.250%	12/16/22		USD	490,100,000		(7,413,800	)
Receive	3M LIBOR	2.250%	06/15/26		USD	97,600,000		1,063,915
Receive	3M LIBOR	2.250%	12/21/36		USD	25,400,000		570,752
Receive	3M LIBOR	2.350%	08/05/25		USD	7,600,000		(15,225	)
Receive	3M LIBOR	2.500%	06/15/46		USD	17,500,000		1,471,474
Receive	3M LIBOR	2.500%	06/15/46		USD	8,800,000		329,341
Receive	3M LIBOR	2.750%	12/16/45		USD	378,960,000		(686,848	)
Receive	6M LIBOR	0.300%	03/18/26		JPY	31,660,000,000		(327,358	)
Receive	6M LIBOR	1.000%	09/20/22		GBP	92,900,000		198,922
Receive	6M LIBOR	1.500%	09/20/27		GBP	35,200,000		(673,758	)
Receive	6M LIBOR	1.500%	09/20/27		GBP	46,000,000		(170,394	)
Receive	6M LIBOR	1.750%	03/21/48		GBP	21,900,000		(914,173	)
Net Unrealized Depreciation							$	(3,153,991	)

BHFTI-335

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Centrally Cleared Credit Default Swaps on Corporate Issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Implied Credit Spread at March 31, 2017(b)	Notional Amount(c)			Unrealized Depreciation
Canadian Natural Resources, Ltd. 3.450%, due 11/15/21		(1.000%)		03/20/18	0.143%		USD	3,900,000	$	(8,419)

Centrally Cleared Credit Default Swaps on Corporate Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at March 31, 2017(b)	Notional Amount(c)			Unrealized Appreciation/ (Depreciation)
Airbus Group Finance B.V. 5.500%, due 09/25/18		1.000%		12/20/17	0.128%		EUR	14,000,000	$	22,031
Berkshire Hathaway, Inc. 1.550%, due 02/09/18		1.000%		12/20/21	0.567%		USD	10,500,000		144,129
Enbridge, Inc. 3.500%, due 06/10/24		1.000%		12/20/17	0.273%		USD	2,300,000		2,538
Tesco plc 6.000%, due 12/14/29		1.000%		06/20/22	1.943%		EUR	24,700,000		93,468
Volkswagen International Finance N.V. 5.538%, due 05/22/18		1.000%		12/20/17	0.224%		EUR	13,600,000		(21,024	)
Volkswagen International Finance N.V. 5.380%, due 05/22/18		1.000%		12/20/21	0.869%		EUR	16,600,000		254,543
Net Unrealized Appreciation									$	495,685

OTC Credit Default Swaps on Corporate and Sovereign Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at March 31, 2017(b)		Notional Amount(c)			Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Goldman Sachs Group, Inc. 5.950%, due 01/18/18		1.000%		09/20/20	Barclays Bank plc		0.589%		USD	12,000,000	$	166,102		$	(11,456	)	$	177,558
Goldman Sachs Group, Inc. 5.950%, due 01/18/18		1.000%		09/20/20	Credit Suisse International		0.589%		USD	10,500,000		145,340			—			145,340
Mexico Government International Bond 5.950%, due 03/19/19		1.000%		06/20/17	Goldman Sachs International		0.176%		USD	2,900,000		5,363			(12,796	)		18,159
Morgan Stanley 6.000%, due 04/28/15		1.000%		09/20/18	Deutsche Bank AG		0.343%		USD	24,100,000		232,571			298,407			(65,836	)
Petrobras International Finance Co. S.A. 8.375%, due 12/10/18		1.000%		12/20/19	BNP Paribas S.A.		1.576%		USD	3,200,000		(48,725	)		(382,937	)		334,212
Petrobras International Finance Co. S.A. 8.375%, due 12/10/18		1.000%		03/20/20	BNP Paribas S.A.		1.730%		USD	1,600,000		(33,483	)		(308,005	)		274,522
Totals											$	467,168		$	(416,787	)	$	883,955

OTC Credit Default Swaps on Credit Indices—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at March 31, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid		Unrealized Appreciation
CDX.NA.IG.9.V4		0.553%		12/20/17	JPMorgan Chase Bank N.A.		0.024%		USD	1,928,998	$	7,425	$	—	$	7,425

Cash in the amount of $850,000 have been received at the custodian bank as collateral for OTC swap contracts.

BHFTI-336

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

(a)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)	The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(DKK)—	Danish Krone
(EUR)—	Euro
(GBP)—	British Pound
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(MYR)—	Malaysian Ringgit
(NZD)—	New Zealand Dollar
(PHP)—	Philippine Peso
(RUB)—	Russian Ruble
(SGD)—	Singapore Dollar
(THB)—	Thai Baht
(TRY)—	Turkish Lira
(TWD)—	Taiwanese Dollar
(USD)—	United States Dollar
(ZAR)—	South African Rand
(CDX.NA.IG)—	Markit North America Investment Grade CDS Index
(CPURNSA)—	U.S. Consumer Price Index for All Urban Consumers Non-Seasonally Adjusted
(IRS)—	Interest Rate Swap
(LIBOR)—	London Interbank Offered Rate

BHFTI-337

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	4,164,969,452		$	—	$	4,164,969,452
Total Corporate Bonds & Notes*		—			1,901,236,164			—		1,901,236,164
Total Asset-Backed Securities*		—			863,995,515			—		863,995,515
Total Mortgage-Backed Securities*		—			364,835,529			—		364,835,529
Total Foreign Government*		—			172,363,357			—		172,363,357
Total Municipals		—			138,998,857			—		138,998,857
Total Floating Rate Loans*		—			16,665,633			—		16,665,633
Purchased Options
Interest Rate Swaptions		—			2,044,421			—		2,044,421
Options on Exchange-Traded Futures Contracts		75,594			—			—		75,594
Put Options		—			0			—		0
Total Purchased Options		75,594			2,044,421			—		2,120,015
Total Short-Term Investments*		—			1,190,430,244			—		1,190,430,244
Total Investments	$	75,594		$	8,815,539,172		$	—	$	8,815,614,766
Secured Borrowings (Liability)	$	—		$	(105,056,293	)	$	—	$	(105,056,293	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	8,418,282		$	—	$	8,418,282
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(33,376,775	)		—		(33,376,775	)
Total Forward Contracts	$	—		$	(24,958,493	)	$	—	$	(24,958,493	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	7,327,387		$	—		$	—	$	7,327,387
Futures Contracts (Unrealized Depreciation)		(10,525,769	)		—			—		(10,525,769	)
Total Futures Contracts	$	(3,198,382	)	$	—		$	—	$	(3,198,382	)
Written Options
Foreign Currency Written Options at Value	$	—		$	(4,286,575	)	$	—	$	(4,286,575	)
Put Options Written at Value		—			(122,447	)		—		(122,447	)
Inflation Capped Options at Value		—			(257	)		—		(257	)
Interest Rate Swaptions at Value		—			(1,454,725	)		—		(1,454,725	)
Total Written Options	$	—		$	(5,864,004	)	$	—	$	(5,864,004	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	8,651,082		$	—	$	8,651,082
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(11,317,807	)		—		(11,317,807	)
Total Centrally Cleared Swap Contracts	$	—		$	(2,666,725	)	$	—	$	(2,666,725	)

BHFTI-338

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	556,801		$	—	$	556,801
OTC Swap Contracts at Value (Liabilities)		—		(82,208	)		—		(82,208	)
Total OTC Swap Contracts	$	—	$	474,593		$	—	$	474,593

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

BHFTI-339

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—89.7% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—58.7%
Fannie Mae 15 Yr. Pool 3.500%, 12/01/25		32,935	$	34,313
3.500%, 03/01/30		79,069		82,594
3.500%, 10/01/30		157,750		164,596
3.500%, 12/01/30		76,002		79,395
3.500%, 02/01/31		835,967		875,241
4.000%, 05/01/29		8,582,312		9,036,071
4.500%, 12/01/23		59,941		61,507
4.500%, 11/01/25		1,189,894		1,261,403
5.000%, 03/01/23		16,067		17,178
Fannie Mae 20 Yr. Pool 3.500%, 01/01/34		2,738,772		2,860,219
4.000%, 11/01/31		1,759,494		1,861,910
4.000%, 08/01/32		1,364,447		1,444,526
Fannie Mae 30 Yr. Pool 2.500%, 01/01/43		3,098,013		2,966,834
3.000%, 09/01/42		3,006,910		2,997,596
3.000%, 10/01/42		6,898,344		6,876,990
3.000%, 11/01/42		4,530,325		4,516,303
3.000%, 12/01/42		1,684,553		1,679,335
3.000%, 01/01/43		6,939,057		6,917,649
3.000%, 08/01/46		2,521,183		2,500,856
3.000%, 11/01/46		6,451,843		6,399,821
3.000%, 12/01/46		18,040,152		17,894,700
3.000%, 01/01/47		1,248,730		1,238,659
3.000%, 02/01/47		6,964,961		6,908,764
3.000%, 03/01/47		502,200		498,148
3.500%, 08/01/42		2,509,524		2,579,281
3.500%, 04/01/43		5,931,904		6,096,140
3.500%, 05/01/43		508,742		522,759
3.500%, 06/01/43		1,511,931		1,553,175
3.500%, 08/01/43		6,780,943		6,968,467
3.500%, 03/01/45		638,003		654,722
3.500%, 05/01/45		1,508,856		1,548,916
3.500%, 06/01/45		9,841,864		10,103,077
3.500%, 07/01/45		1,198,284		1,230,110
3.500%, 08/01/45		1,317,535		1,349,333
3.500%, 11/01/45		8,460,445		8,683,085
3.500%, 12/01/45		9,360,795		9,595,388
3.500%, 02/01/46		574,621		588,119
3.500%, 03/01/46		5,000,000		5,117,450
3.500%, 05/01/46		369,839		379,706
3.500%, 06/01/46		5,473,211		5,604,616
3.500%, 09/01/46		5,088,238		5,216,572
4.000%, 10/01/39		150,921		158,419
4.000%, 08/01/40		12,175		12,794
4.000%, 09/01/40		361,792		380,820
4.000%, 10/01/40		288,551		303,706
4.000%, 11/01/40		7,473,234		7,869,809
4.000%, 12/01/40		73,502		77,472
4.000%, 01/01/41		44,797		47,152
4.000%, 02/01/41		24,170		25,442
4.000%, 08/01/41		42,439		44,637
4.000%, 09/01/41		3,383,288		3,562,587
4.000%, 11/01/41		170,578		179,446
4.000%, 12/01/41		43,765		46,073
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 01/01/42		402,446		423,758
4.000%, 02/01/42		33,472		35,248
4.000%, 04/01/42		1,682,900		1,772,500
4.000%, 05/01/42		34,860		36,709
4.000%, 07/01/42		21,754		22,847
4.000%, 09/01/42		47,655		50,137
4.000%, 10/01/42		891,985		938,877
4.000%, 11/01/42		275,118		289,763
4.000%, 04/01/43		313,582		330,461
4.000%, 06/01/43		461,743		485,972
4.000%, 08/01/43		549,889		577,838
4.000%, 09/01/43		2,557,507		2,690,100
4.000%, 02/01/44		158,651		166,472
4.000%, 04/01/44		236,636		248,300
4.000%, 02/01/45		266,029		279,123
4.000%, 06/01/45		674,046		709,932
4.000%, 12/01/45		1,615,481		1,694,903
4.000%, 02/01/46		682,100		718,541
4.000%, 03/01/46		335,244		351,791
4.000%, 05/01/46		76,958		80,756
4.000%, 02/01/47		799,602		843,200
4.500%, 12/01/40		2,545,030		2,740,526
4.500%, 07/01/41		380,727		410,506
4.500%, 08/01/41		224,804		242,404
4.500%, 11/01/41		5,176,593		5,584,080
4.500%, 09/01/42		1,576,182		1,698,816
4.500%, 12/01/43		365,372		391,897
4.500%, 10/01/44		2,632,207		2,834,291
4.500%, 02/01/45		965,052		1,038,035
5.000%, 11/01/33		7,351,354		8,164,991
5.000%, 02/01/35		6,483,755		7,203,643
5.000%, 06/01/39		3,097,480		3,392,703
5.000%, 04/01/41		28,080		30,676
5.000%, 06/01/41		62,507		68,416
5.000%, 08/01/41		143,972		157,384
5.500%, 03/01/41		489,374		547,747
6.000%, 01/01/34		114,096		130,067
6.000%, 08/01/34		194,577		221,964
6.000%, 10/01/34		185,495		214,909
6.000%, 11/01/34		158,366		180,012
6.000%, 01/01/35		210,909		239,561
6.000%, 04/01/35		292,336		333,366
6.000%, 06/01/36		461,715		525,291
6.000%, 05/01/37		667,076		753,571
6.000%, 09/01/37		47,733		55,004
6.000%, 10/01/37		552,713		640,264
6.000%, 01/01/38		539,566		625,861
6.000%, 03/01/38		189,525		219,709
6.000%, 07/01/38		100,209		115,578
6.000%, 01/01/40		503,063		584,320
6.000%, 05/01/40		718,019		833,343
6.000%, 07/01/41		710,811		807,782
6.000%, 01/01/42		63,076		72,810
6.500%, 07/01/32		131,716		152,677
6.500%, 12/01/32		38,832		44,301

BHFTI-340

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
6.500%, 07/01/35		45,817	$	53,390
6.500%, 12/01/35		408,179		467,360
6.500%, 08/01/36		689,847		795,087
Fannie Mae ARM Pool 2.569%, 06/01/42 (a)		118,410		122,091
2.699%, 02/01/42 (a)		668,198		693,585
2.928%, 11/01/40 (a)		50,587		53,246
3.020%, 10/01/41 (a)		40,064		42,245
3.025%, 09/01/41 (a)		67,069		70,557
3.243%, 07/01/41 (a)		102,510		107,251
3.384%, 10/01/41 (a)		63,424		66,771
3.552%, 07/01/41 (a)		143,136		150,654
Fannie Mae Pool 6.371%, 02/01/39		479,315		520,575
6.500%, 08/01/39		2,248,659		2,612,757
Fannie Mae REMICS (CMO) 1.902%, 03/25/36 (a)		503,568		515,621
1.912%, 06/25/36 (a)		794,237		812,995
3.000%, 05/25/46		6,434,309		6,546,457
3.500%, 03/25/34 (b)		876,580		113,090
4.250%, 03/25/42		1,991,049		2,075,696
4.500%, 09/25/25		3,090,000		3,342,867
4.750%, 01/25/41		449,668		492,681
5.000%, 12/25/23		269,106		284,773
5.000%, 12/25/34		418,644		458,751
5.000%, 03/25/35		333,376		365,340
5.000%, 08/25/39		540,315		592,246
5.000%, 02/25/41		247,017		257,245
5.000%, 05/15/41		787,991		934,494
5.218%, 06/25/45 (a) (b)		3,037,676		510,565
5.500%, 05/25/34		170,329		172,235
5.500%, 07/25/34		216,171		226,921
5.500%, 06/25/35		237,629		252,002
5.500%, 08/25/35		1,410,042		1,551,548
5.568%, 06/25/41 (a) (b)		793,312		123,582
5.568%, 11/25/41 (a) (b)		1,111,245		187,991
5.618%, 08/25/39 (a) (b)		599,295		93,840
5.628%, 04/25/41 (a) (b)		851,727		130,671
6.000%, 06/25/45 (b)		963,131		214,788
Freddie Mac 15 Yr. Gold Pool 2.500%, 07/01/31		431,502		432,281
3.000%, 02/01/31		3,227,004		3,312,751
3.000%, 04/01/31		3,582,077		3,679,423
3.000%, 05/01/31		2,053,051		2,109,965
3.000%, 06/01/31		2,311,685		2,375,861
4.000%, 06/01/24		369,261		388,891
4.000%, 07/01/24		289,912		305,282
4.000%, 09/01/25		249,814		263,069
6.000%, 01/01/24		338,927		366,989
Freddie Mac 20 Yr. Gold Pool 3.500%, 03/01/32		1,585,100		1,654,171
3.500%, 06/01/32		4,333,792		4,517,302
3.500%, 02/01/34		6,044,670		6,300,281
4.000%, 06/01/33		1,908,793		2,028,007
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 3.000%, 11/01/42		228,655		228,282
3.000%, 01/01/43		256,780		256,029
3.000%, 02/01/43		1,301,021		1,297,520
3.000%, 03/01/43		13,085,310		13,046,834
3.000%, 06/01/43		4,147,316		4,126,550
3.500%, 04/01/40		501,518		515,245
3.500%, 05/01/40		547,987		562,989
3.500%, 06/01/40		909,098		933,980
3.500%, 07/01/40		222,724		228,803
3.500%, 08/01/40		398,324		409,199
3.500%, 09/01/40		350,539		360,100
3.500%, 10/01/40		253,045		259,431
3.500%, 11/01/40		315,764		324,369
3.500%, 12/01/40		369,645		379,718
3.500%, 04/01/42		868,806		895,425
3.500%, 07/01/42		164,703		169,192
3.500%, 08/01/42		63,608		65,343
3.500%, 09/01/42		61,917		63,614
3.500%, 10/01/42		2,134,131		2,192,246
3.500%, 01/01/43		986,141		1,013,253
3.500%, 02/01/43		423,527		434,764
3.500%, 04/01/43		7,736,813		7,951,662
3.500%, 05/01/43		651,493		669,250
3.500%, 11/01/44		635,623		650,507
3.500%, 04/01/46		2,696,167		2,771,555
3.500%, 05/01/46		1,892,915		1,944,673
3.500%, 07/01/46		2,607,353		2,672,376
3.500%, 08/01/46		431,695		442,484
4.000%, 11/01/41		19,732		20,801
4.000%, 09/01/42		153,482		162,573
4.000%, 10/01/42		145,762		153,790
4.000%, 11/01/42		614,908		651,162
4.000%, 12/01/42		249,385		263,698
4.000%, 01/01/43		68,416		72,340
4.000%, 02/01/43		315,621		333,117
4.000%, 03/01/43		137,155		145,019
4.000%, 04/01/43		53,236		56,289
4.000%, 05/01/43		718,263		760,642
4.000%, 06/01/43		52,353		55,354
4.000%, 07/01/43		536,611		566,592
4.000%, 08/01/43		423,982		447,226
4.000%, 09/01/43		710,437		749,587
4.000%, 10/01/43		655,161		691,321
4.000%, 11/01/43		37,791		39,843
4.000%, 01/01/44		791,991		835,888
4.000%, 02/01/44		107,109		112,683
4.000%, 03/01/44		70,692		74,984
4.000%, 04/01/44		85,213		90,394
4.000%, 12/01/44		18,041		18,938
4.000%, 01/01/45		743,784		780,769
4.000%, 12/01/45		786,609		827,497
4.500%, 05/01/39		153,870		165,991
4.500%, 07/01/40		3,010,789		3,235,429
4.500%, 09/01/40		1,305,495		1,409,219
4.500%, 02/01/41		112,554		121,514

BHFTI-341

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
4.500%, 08/01/41		1,094,955	$	1,180,900
4.500%, 09/01/41		127,054		137,645
4.500%, 10/01/41		274,185		297,474
4.500%, 02/01/44		70,828		75,946
5.000%, 01/01/35		257,946		283,986
5.000%, 05/01/35		143,244		156,533
5.000%, 07/01/35		1,782,639		1,957,639
5.000%, 11/01/35		1,541,707		1,709,229
5.000%, 06/01/41		2,612,677		2,903,019
5.000%, 07/01/41		596,323		653,824
5.500%, 03/01/34		1,937,929		2,178,958
5.500%, 07/01/35		1,336,818		1,503,285
Freddie Mac ARM Non-Gold Pool 3.027%, 10/01/41 (a)		702,976		726,921
3.067%, 09/01/41 (a)		704,499		740,174
3.129%, 10/01/42 (a)		413,789		429,369
3.204%, 09/01/41 (a)		83,892		88,279
3.220%, 04/01/41 (a)		64,423		67,308
3.282%, 06/01/41 (a)		89,088		93,632
3.393%, 12/01/40 (a)		2,265,486		2,380,246
3.393%, 05/01/41 (a)		68,368		70,900
3.610%, 05/01/41 (a)		96,763		100,088
3.640%, 06/01/41 (a)		96,993		102,004
Freddie Mac Multifamily Aggregation Risk Transfer Trust 1.090%, 02/25/20 (a)		11,611,000		11,629,089
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 1.883%, 05/25/19		4,452,000		4,460,128
2.086%, 03/25/19		4,570,000		4,596,894
2.220%, 12/25/18		9,138,000		9,211,949
2.313%, 03/25/20		1,469,000		1,483,403
2.566%, 09/25/20 (a)		697,000		710,908
2.637%, 01/25/23		1,931,000		1,953,064
2.669%, 02/25/23		4,075,850		4,135,289
2.776%, 03/25/23		5,249,845		5,349,789
2.991%, 09/25/21		1,224,000		1,260,090
3.016%, 02/25/23		7,001,926		7,176,923
3.090%, 08/25/22 (a)		29,800,000		30,835,756
3.320%, 02/25/23 (a)		932,000		975,324
3.458%, 08/25/23 (a)		5,000,000		5,255,083
3.974%, 01/25/21 (a)		17,750,000		18,868,690
4.084%, 11/25/20 (a)		980,000		1,048,789
Freddie Mac REMICS (CMO) 1.312%, 03/15/34 (a)		486,214		485,934
1.812%, 02/15/33 (a)		307,709		313,956
3.500%, 02/15/26		2,500,000		2,625,559
3.500%, 11/15/31		2,862,749		2,991,674
3.500%, 01/15/32 (b)		1,863,646		185,006
4.000%, 01/15/41		9,805,802		10,433,587
4.250%, 03/15/40		4,664,669		4,922,320
4.500%, 12/15/26		1,821,643		1,942,192
4.500%, 09/15/27		1,129,429		1,176,481
4.500%, 02/15/41		44,364		47,565
5.000%, 10/15/34		500,346		549,542
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac REMICS (CMO)
5.000%, 12/15/37		165,902		179,342
5.000%, 03/15/41		500,000		569,095
5.000%, 04/15/41		702,313		807,344
5.500%, 05/15/34		2,561,561		2,833,695
5.500%, 11/15/36		811,264		898,289
5.500%, 06/15/41		4,220,000		4,672,923
Ginnie Mae I 30 Yr. Pool 3.000%, 05/15/42		651,915		660,048
3.000%, 04/15/43		255,348		258,129
3.000%, 05/15/43		299,210		302,094
3.000%, 03/15/45		130,887		132,148
3.500%, 11/15/41		344,212		359,563
3.500%, 02/15/42		335,351		350,847
3.500%, 03/15/42		336,098		349,712
3.500%, 05/15/42		1,171,669		1,219,365
3.500%, 06/15/42		802,013		831,892
4.000%, 09/15/40		1,998,197		2,137,387
4.000%, 10/15/40		175,178		185,225
4.000%, 03/15/41		859,313		919,140
4.000%, 06/15/41		38,965		41,166
4.000%, 09/15/41		197,059		209,565
4.000%, 10/15/41		1,032,620		1,100,857
4.000%, 11/15/41		315,028		335,095
4.000%, 12/15/41		901,596		960,544
4.000%, 01/15/42		55,192		58,821
4.000%, 02/15/42		55,538		59,044
4.000%, 03/15/42		254,307		270,525
4.000%, 11/15/42		55,707		59,267
4.000%, 01/15/43		61,289		65,208
4.500%, 08/15/39		2,581,495		2,770,935
4.500%, 06/15/40		876,692		937,878
4.500%, 07/15/40		176,175		189,194
4.500%, 03/15/41		926,611		992,440
4.500%, 04/15/41		83,917		89,800
5.000%, 03/15/39		97,621		108,583
5.000%, 07/15/39		207,596		228,400
5.000%, 08/15/39		189,422		210,745
5.000%, 09/15/39		129,180		143,741
5.000%, 04/15/40		61,722		68,088
5.000%, 08/15/40		221,403		246,282
5.000%, 04/15/41		141,499		157,256
5.000%, 09/15/41		120,404		132,837
5.500%, 10/15/39		27,450		30,639
6.000%, 06/15/36		1,110,233		1,284,284
Ginnie Mae II 30 Yr. Pool 3.000%, 09/20/46		149,379		150,864
3.000%, 12/20/46		994,988		1,004,884
3.000%, 01/20/47		16,052,328		16,211,982
3.500%, 12/20/42		602,157		627,044
3.500%, 04/20/46		95,996		99,874
3.500%, 05/20/46		4,013,504		4,175,437
3.500%, 06/20/46		7,618,676		7,922,917
4.000%, 09/20/39		212,616		226,360
4.000%, 10/20/40		30,416		32,417
4.000%, 11/20/40		2,136,614		2,287,001

BHFTI-342

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
4.000%, 10/20/41		2,665,348	$	2,831,813
4.000%, 11/20/41		992,582		1,054,314
4.000%, 04/20/42		1,311,569		1,392,000
4.000%, TBA (c)		8,690,000		9,178,134
4.500%, 02/20/40		233,051		251,604
4.500%, 09/20/40		24,899		26,891
Ginnie Mae II Pool 4.304%, 08/20/61 (a)		882,109		902,379
4.516%, 12/20/61 (a)		8,216,739		8,491,991
4.645%, 02/20/62 (a)		721,780		747,377
4.678%, 02/20/62 (a)		938,683		972,456
4.686%, 01/20/62 (a)		3,024,908		3,130,382
5.470%, 08/20/59 (a)		62,804		63,363
Government National Mortgage Association (CMO) 0.987%, 05/20/66 (a)		7,469,240		7,496,798
1.080%, 08/20/60 (a)		211,259		209,079
1.080%, 09/20/60 (a)		245,586		243,020
1.111%, 07/20/60 (a)		261,639		259,096
1.160%, 08/20/66 (a)		7,100,256		7,101,256
1.270%, 02/20/61 (a)		317,058		315,915
1.280%, 12/20/60 (a)		589,854		587,774
1.280%, 02/20/61 (a)		94,366		94,057
1.280%, 04/20/61 (a)		208,550		207,822
1.280%, 05/20/61 (a)		411,176		409,616
1.310%, 06/20/61 (a)		281,027		280,322
1.380%, 10/20/61 (a)		971,237		970,736
1.410%, 01/20/62 (a)		978,374		978,783
1.410%, 03/20/62 (a)		607,988		608,490
1.430%, 05/20/61 (a)		1,330,896		1,333,991
1.430%, 11/20/65 (a)		1,945,587		1,951,905
1.458%, 01/20/38 (a)		53,609		53,803
1.458%, 12/16/39 (a)		207,156		208,238
1.478%, 07/20/37 (a)		221,445		222,421
1.480%, 11/20/61 (a)		899,550		901,919
1.480%, 01/20/62 (a)		615,917		617,534
1.528%, 11/16/39 (a)		292,868		295,133
1.650%, 01/20/63		1,553,634		1,547,989
1.750%, 03/20/63		7,158,569		7,132,530
2.500%, 06/20/63		36,716,534		37,037,778
2.500%, 05/20/65		5,479,118		5,530,972
2.500%, 06/20/65		1,537,054		1,550,924
2.750%, 05/20/64		1,685,739		1,700,806
3.500%, 11/20/36 (b)		246,313		19,641
3.500%, 09/20/63		3,331,375		3,425,917
4.500%, 05/16/40		80,000		86,877
4.500%, 05/20/40 (b)		41,183		3,990
4.500%, 12/20/40		1,772,038		1,904,825
5.000%, 12/20/39		3,886,807		4,442,578
5.000%, 03/20/40		3,190,000		3,516,973
5.010%, 09/20/60 (a)		2,883,803		3,001,496
5.122%, 07/20/41 (a) (b)		302,042		49,313
5.150%, 08/20/60		2,530,199		2,638,862
5.298%, 07/20/60 (a)		3,394,538		3,527,869
7.362%, 04/20/39 (a)		1,775,265		1,868,675
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO)
7.496%, 08/20/39 (a)		3,677,187		3,982,346
				676,111,236
Federal Agencies—3.3%
Federal Home Loan Mortgage Corp. 6.250%, 07/15/32		7,568,000		10,539,651
6.750%, 03/15/31		481,000		688,344
Federal National Mortgage Association 1.375%, 02/26/21 (d)		6,091,000		5,983,762
1.500%, 11/30/20		2,000		1,983
2.625%, 09/06/24		7,000,000		7,106,932
6.625%, 11/15/30		1,430,000		2,016,825
Tennessee Valley Authority 5.250%, 09/15/39		557,000		702,861
5.500%, 06/15/38		6,117,000		7,885,131
5.880%, 04/01/36		2,127,000		2,836,412
				37,761,901
U.S. Treasury—27.7%
U.S. Treasury Bonds 2.500%, 02/15/46		5,001,000		4,482,146
2.875%, 08/15/45		23,188,000		22,487,838
2.875%, 11/15/46		9,023,000		8,754,773
3.000%, 11/15/44		9,140,000		9,098,230
3.000%, 11/15/45		9,700,000		9,640,132
3.000%, 02/15/47		5,400,000		5,380,803
3.625%, 02/15/44 (e)		49,159,000		54,773,892
4.375%, 05/15/40		7,000,000		8,691,214
4.375%, 05/15/41		8,966,000		11,162,320
4.750%, 02/15/37		9,468,000		12,362,027
5.000%, 05/15/37		6,500,000		8,741,993
5.250%, 02/15/29		22,705,000		29,109,399
6.125%, 08/15/29		5,339,000		7,394,515
U.S. Treasury Inflation Indexed Bonds 1.000%, 02/15/46 (f)		6,258,807		6,353,934
U.S. Treasury Notes 1.125%, 09/30/21		1,215,000		1,175,465
1.500%, 08/15/26		4,153,000		3,842,821
2.000%, 12/31/21		16,612,000		16,675,591
2.000%, 07/31/22		5,828,000		5,826,409
2.000%, 02/15/25		15,271,000		14,933,969
2.000%, 08/15/25		3,768,000		3,669,090
2.000%, 11/15/26		15,664,000		15,131,675
2.125%, 03/31/24		41,742,000		41,495,806
2.125%, 05/15/25		7,717,000		7,600,643
2.250%, 02/15/27		9,500,000		9,378,656
				318,163,341
Total U.S. Treasury & Government Agencies (Cost $1,041,362,183)				1,032,036,478

BHFTI-343

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Foreign Government—5.0%

Security Description	Principal Amount*		Value
Sovereign—5.0%
Hashemite Kingdom of Jordan Government AID Bonds 2.503%, 10/30/20		13,375,000	$	13,700,547
3.000%, 06/30/25		5,389,000		5,529,766
Israel Government AID Bonds 5.500%, 09/18/23		13,878,000		16,439,102
5.500%, 12/04/23		8,920,000		10,600,519
5.500%, 04/26/24		1,900,000		2,261,458
Ukraine Government AID Bond 1.471%, 09/29/21		9,388,000		9,164,181
Total Foreign Government (Cost $59,719,263)				57,695,573
Mortgage-Backed Securities—2.4%
Collateralized Mortgage Obligations—1.0%
CSMC 1.635%, 10/26/37 (144A) (a)		1,391,570		1,384,212
National Credit Union Administration Guaranteed Notes Trust 1.148%, 11/06/17 (a)		1,155,998		1,156,189
1.234%, 03/06/20 (a)		79,414		79,430
1.304%, 01/08/20 (a)		6,143,479		6,152,903
Nomura Resecuritization Trust 3.277%, 03/26/37 (144A) (a)		1,118,215		1,117,383
RBSSP Resecuritization Trust 3.155%, 07/26/45 (144A) (a)		1,169,335		1,173,121
Thornburg Mortgage Securities Trust 1.622%, 09/25/43 (a)		396,197		380,821
				11,444,059
Commercial Mortgage-Backed Securities—1.4%
CDGJ Commercial Mortgage Trust 2.312%, 12/15/27 (144A) (a)		7,829,381		7,844,110
GS Mortgage Securities Trust 2.045%, 03/10/50		4,270,000		4,274,508
SCG Trust 2.562%, 11/15/26 (144A) (a)		3,750,000		3,742,912
				15,861,530
Total Mortgage-Backed Securities (Cost $27,326,017)				27,305,589
Asset-Backed Securities – 2.2%
Asset-Backed - Automobile—0.1%
American Credit Acceptance Receivables Trust 1.950%, 09/12/19 (144A)		835,805		835,851
Asset-Backed - Other—0.1%
Nationstar HECM Loan Trust 2.981%, 02/25/26 (144A)		1,194,845		1,194,845
Asset-Backed - Student Loan—2.0%
Access Group, Inc. 1.230%, 11/22/24 (a)		1,357,177		1,354,545
Asset-Backed - Student Loan—(Continued)
Navient Student Loan Trust 1.170%, 07/26/66 (144A) (a)		10,000,000		10,003,424
1.402%, 08/27/29 (a)		4,391,000		4,397,340
SLM Student Loan Trust 1.118%, 01/25/24 (a)		4,225,157		4,221,508
1.208%, 07/25/23 (a)		3,412,563		3,410,526
				23,387,343
Total Asset-Backed Securities (Cost $25,413,092)				25,418,039
Corporate Bonds & Notes—1.3%
Diversified Financial Services—0.5%
Private Export Funding Corp. 4.300%, 12/15/21		6,000,000		6,559,512
Sovereign—0.8%
National Credit Union Administration Guaranteed Notes Trust 3.450%, 06/12/21		8,645,000		9,098,621
Total Corporate Bonds & Notes (Cost $16,500,712)				15,658,133
Short-Term Investment—0.3%
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $3,033,254 on 04/03/17, collateralized by $3,115,000 U.S. Treasury Note at 1.375% due 10/31/20 with a value of $3,094,668.		3,033,232		3,033,232
Total Short-Term Investments (Cost $3,033,232)				3,033,232
Securities Lending Reinvestments (g)—0.1%
Repurchase Agreements—0.1%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $270,042 on 04/03/17, collateralized by $388,392 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $275,426.		270,025		270,025
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $300,022 on 04/03/17, collateralized by $307,046 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $306,000.		300,000		300,000

BHFTI-344

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $300,024 on 04/03/17, collateralized by $303,534 Foreign Obligations at 1.875, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $306,004.		300,000	$	300,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $300,021 on 04/03/17, collateralized by $298,123 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $306,185.		300,000		300,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $300,025 on 04/03/17, collateralized by $351,195 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $306,025.		300,000		300,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $300,023 on 04/03/17, collateralized by $898,042 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $306,000.		300,000		300,000
				1,770,025
Total Securities Lending Reinvestments (Cost $1,770,025)				1,770,025
Total Investments— 101.0% (Cost $1,175,124,524) (h)				1,162,917,069
Other assets and liabilities (net) —(1.0)%				(11,943,464	)
Net Assets—100.0%			$	1,150,973,605

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(b)	Interest only security.
(c)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(d)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $1,719,190 and the collateral received consisted of cash in the amount of $1,770,025. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of March 31, 2017, the market value of securities pledged was $660,732.
(f)	Principal amount of security is adjusted for inflation.
(g)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(h)	As of March 31, 2017, the aggregate cost of investments was $1,175,124,524. The aggregate unrealized appreciation and depreciation of investments were $12,721,884 and $(24,929,339), respectively, resulting in net unrealized depreciation of $(12,207,455).
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $27,295,858, which is 2.4% of net assets.
(ARM)—	Adjustable-Rate Mortgage
(CMO)—	Collateralized Mortgage Obligation
(REMIC)—	Real Estate Mortgage Investment Conduit

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
U.S. Treasury Long Bond Futures		06/21/17		2		USD	298,729	$	2,959
U.S. Treasury Note 10 Year Futures		06/21/17		434		USD	53,755,052		305,073
U.S. Treasury Note 2 Year Futures		06/30/17		30		USD	6,481,464		12,129
Net Unrealized Appreciation								$	320,161

(USD)— United States Dollar

BHFTI-345

Brighthouse Funds Trust I

Pyramis Government Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,032,036,478		$	—	$	1,032,036,478
Total Foreign Government*		—		57,695,573			—		57,695,573
Total Mortgage-Backed Securities*		—		27,305,589			—		27,305,589
Total Asset-Backed Securities*		—		25,418,039			—		25,418,039
Total Corporate Bonds & Notes*		—		15,658,133			—		15,658,133
Total Short-Term Investment*		—		3,033,232			—		3,033,232
Total Securities Lending Reinvestments*		—		1,770,025			—		1,770,025
Total Investments	$	—	$	1,162,917,069		$	—	$	1,162,917,069
Collateral for Securities Loaned (Liability)	$	—	$	(1,770,025	)	$	—	$	(1,770,025	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	320,161	$	—		$	—	$	320,161

*            See Schedule of Investments for additional detailed categorizations.

BHFTI-346

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—85.0% of Net Assets

Security Description	Shares		Value
Investment Company Securities—85.0%
Fidelity Blue Chip Growth Fund (a)		433,097	$	32,620,865
Fidelity Blue Chip Value Fund (a)		190,141		3,462,466
Fidelity Conservative Income Bond Fund (a)		3,360,291		33,737,321
Fidelity Contrafund (a)		49,112		5,288,393
Fidelity Corporate Bond Fund (a)		2,490,532		28,267,541
Fidelity Diversified International Fund (a)		223,687		8,041,562
Fidelity Equity Dividend Income Fund (a)		987,424		27,173,918
Fidelity Floating Rate High Income Fund (a)		2,466,966		23,806,219
Fidelity Inflation Protected Bond Index Fund (a)		852,886		8,358,285
Fidelity International Small Cap Fund (a)		740,914		18,774,760
Fidelity International Small Cap Opportunities Fund (a)		328,075		5,170,467
Fidelity Japan Smaller Companies Fund (a)		476,018		7,483,001
Fidelity Large Cap Stock Fund (a)		899,117		27,539,961
Fidelity OTC Portfolio (a)		232,398		21,882,586
Fidelity Overseas Fund (a)		1,527,164		65,606,971
Fidelity Real Estate Investment Portfolio (a)		48,116		1,994,420
Fidelity Stock Selector Large Cap Value Fund (a)		664,423		12,770,207
Fidelity Total Bond Fund (a)		11,079,251		117,329,268
Fidelity Value Discovery Fund (a)		885,010		23,886,429
iShares 20+ Year Treasury Bond ETF (b)		69,495		8,388,741
iShares Core MSCI Europe ETF (b)		43,700		1,921,489
iShares iBoxx $ Investment Grade Corporate Bond ETF		392,329		46,259,512
iShares J.P. Morgan USD Emerging Markets Bond ETF (b)		74,484		8,468,831
iShares PHLX Semiconductor ETF (b)		87,382		11,961,722
iShares TIPS Bond ETF		85,024		9,748,002
iShares U.S. Financial Services ETF		165,565		18,063,141
iShares U.S. Medical Devices ETF (b)		84,560		12,804,075
iShares U.S. Technology ETF (b)		101,780		13,757,603
PowerShares DB Commodity Index Tracking ETF (b) (c)		447,611		6,808,163
SPDR S&P Biotech ETF (b)		180,461		12,513,166
VanEck Vectors Fallen Angel High Yield Bond ETF (b)		152,819		4,517,330
VanEck Vectors Oil Services ETF (b)		109,355		3,369,228
Vanguard Consumer Discretionary ETF (b)		84,531		11,705,008
Vanguard Consumer Staples ETF (b)		27,444		3,859,724
Vanguard FTSE Developed Markets ETF		285,875		11,234,887
Vanguard Industrials ETF (b)		119,383		14,771,259
Vanguard Materials ETF (b)		29,071		3,457,705
Vanguard Value ETF		216,557		20,653,041
WisdomTree Europe Hedged Equity Fund		143,159		8,991,817
WisdomTree Japan Hedged Equity Fund		174,299		8,823,015
Total Mutual Funds (Cost $682,736,577)				715,272,099
Short-Term Investment—13.6%
Security Description	Principal Amount*		Value
Repurchase Agreement—13.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $114,859,142 on 04/03/17, collateralized by $117,475,000 U.S. Treasury Note at 1.375% due 05/31/20 with a value of $117,157,230.		114,858,281		114,858,281
Total Short-Term Investments (Cost $114,858,281)				114,858,281
Securities Lending Reinvestments (d)—9.9%
Certificates of Deposit—2.9%
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (e)		2,000,000		2,000,966
Cooperative Rabobank UA New York 1.422%, 10/13/17 (e)		500,000		500,681
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (e)		1,000,000		1,000,113
Credit Suisse AG New York 1.581%, 04/11/17 (e)		2,000,000		2,000,164
DNB NOR Bank ASA 1.279%, 07/28/17 (e)		900,000		900,398
HSBC Bank New York 1.144%, 08/01/17 (e)		1,500,000		1,500,841
ING Bank NV 1.461%, 04/18/17 (e)		1,000,000		1,000,426
KBC Bank NV 1.150%, 04/18/17		1,000,000		1,000,090
1.170%, 04/06/17		500,000		500,005
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (e)		1,000,000		1,000,122
Mizuho Bank, Ltd., New York 1.543%, 05/17/17		2,000,000		2,000,594
1.591%, 04/11/17 (e)		2,000,000		2,000,152
1.643%, 04/18/17 (e)		500,000		500,073
Natixis New York 1.444%, 04/07/17 (e)		1,000,000		1,000,055
Rabobank London 1.422%, 10/13/17 (e)		1,000,000		1,002,445
Royal Bank of Canada New York 1.422%, 10/13/17 (e)		1,000,000		1,001,789
Sumitomo Mitsui Banking Corp. New York 1.534%, 04/07/17 (e)		1,000,000		1,000,058
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (e)		500,000		500,340
Sumitomo Mitsui Trust Bank, Ltd., New York 1.558%, 04/10/17 (e)		1,000,000		1,000,126
Svenska Handelsbanken New York 1.508%, 05/18/17 (e)		1,000,000		1,000,517
UBS, Stamford 1.301%, 05/12/17 (e)		1,000,000		1,000,246
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (e)		900,000		901,471
1.452%, 04/26/17 (e)		500,000		500,133
				24,811,805

BHFTI-347

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—1.4%
Barton Capital S.A. 1.110%, 04/21/17		2,991,490	$	2,997,999
Den Norske ASA 1.432%, 04/27/17 (e)		900,000		900,194
Macquarie Bank, Ltd. 1.120%, 04/20/17		1,495,800		1,499,027
Ridgefield Funding Co. LLC 1.300%, 06/12/17		3,979,922		3,990,556
Versailles Commercial Paper LLC 1.120%, 04/24/17		1,495,800		1,499,080
1.120%, 04/25/17		997,200		999,361
				11,886,217
Repurchase Agreements—4.0%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $2,990,239 on 04/03/17, collateralized by $4,300,751 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $3,049,850.		2,990,047		2,990,047
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $3,600,264 on 04/03/17, collateralized by $3,684,554 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $3,672,001.		3,600,000		3,600,000
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $2,012,897 on 07/03/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $200,016 on 04/03/17, collateralized by $202,356 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $204,003.		200,000		200,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $2,765,840 on 06/02/17, collateralized by various Common Stock with a value of $3,025,000.		2,750,000		2,750,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $5,000,342 on 04/03/17, collateralized by $4,968,721 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $5,103,080.		5,000,000		5,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $807,833 on 07/03/17, collateralized by various Common Stock with a value of $880,000.		800,000		800,000
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $10,000,817 on 04/03/17, collateralized by $11,706,514 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $10,200,833.		10,000,000		10,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $4,500,349 on 04/03/17, collateralized by $13,470,635 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $4,590,000.		4,500,000		4,500,000
				33,840,047
Time Deposits—1.6%
Nordea Bank New York 0.810%, 04/03/17		2,000,000		2,000,000
OP Corporate Bank plc 1.180%, 04/24/17		3,250,000		3,250,000
1.200%, 04/10/17		1,000,000		1,000,000
Royal Bank of Canada 0.810%, 04/03/17		2,000,000		2,000,000
Shinkin Central Bank 1.440%, 04/26/17		800,000		800,000
Skandanaviska Enskilda Banken 0.850%, 04/03/17		2,000,000		2,000,000
Svenska 0.800%, 04/03/17		2,000,000		2,000,000
				13,050,000
Total Securities Lending Reinvestments (Cost $83,575,814)				83,588,069
Total Investments—108.5% (Cost $881,170,672) (f)				913,718,449
Other assets and liabilities (net)—(8.5)%				(71,715,288	)
Net Assets—100.0%			$	842,003,161

BHFTI-348

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Affiliated Issuer.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $81,860,962 and the collateral received consisted of cash in the amount of $83,550,260. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Non-income producing security.
(d)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(e)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(f)	As of March 31, 2017, the aggregate cost of investments was $881,170,672. The aggregate unrealized appreciation and depreciation of investments were $35,412,142 and $(2,864,365), respectively, resulting in net unrealized appreciation of $32,547,777.
(ETF)—	Exchange-Traded Fund

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index Mini Futures		06/16/17		350		USD	30,661,735	$	523,266
MSCI Emerging Markets Index Mini Futures		06/16/17		261		USD	12,278,057		268,213
S&P 500 Index E-Mini Futures		06/16/17		619		USD	73,308,142		(290,902	)
U.S. Treasury Long Bond Futures		06/21/17		551		USD	82,328,289		786,617
U.S. Treasury Note 10 Year Futures		06/21/17		1,357		USD	167,809,208		1,222,104
Net Unrealized Appreciation								$	2,509,298

(USD)—    United States Dollar

BHFTI-349

Brighthouse Funds Trust I

Pyramis Managed Risk Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1			Level 2			Level 3		Total
Mutual Funds
Investment Company Securities	$	715,272,099		$	—		$	—	$	715,272,099
Total Short-Term Investment*		—			114,858,281			—		114,858,281
Total Securities Lending Reinvestments*		—			83,588,069			—		83,588,069
Total Investments	$	715,272,099		$	198,446,350		$	—	$	913,718,449
Collateral for Securities Loaned (Liability)	$	—		$	(83,550,260	)	$	—	$	(83,550,260	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	2,800,200		$	—		$	—	$	2,800,200
Futures Contracts (Unrealized Depreciation)		(290,902	)		—			—		(290,902	)
Total Futures Contracts	$	2,509,298		$	—		$	—	$	2,509,298

* See Schedule of Investments for additional detailed categorizations.

BHFTI-350

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—29.7% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—0.8%
Lockheed Martin Corp. 4.700%, 05/15/46		2,970,000	$	3,216,967
Rockwell Collins, Inc. 3.500%, 03/15/27		4,850,000		4,851,402
United Technologies Corp. 1.950%, 11/01/21		1,565,000		1,534,129
				9,602,498
Agriculture—0.7%
Altria Group, Inc. 3.875%, 09/16/46		1,060,000		982,613
4.750%, 05/05/21		660,000		714,959
Philip Morris International, Inc. 1.375%, 02/25/19		765,000		758,920
1.625%, 02/21/19		3,420,000		3,407,873
2.625%, 03/06/23		1,306,000		1,280,402
Reynolds American, Inc. 4.000%, 06/12/22		1,070,000		1,123,038
				8,267,805
Auto Manufacturers—0.2%
General Motors Financial Co., Inc. 3.150%, 01/15/20		595,000		605,190
3.200%, 07/06/21		1,290,000		1,294,894
				1,900,084
Banks—9.4%
Bank of America Corp. 3.300%, 01/11/23		1,410,000		1,418,750
3.875%, 08/01/25		3,785,000		3,852,097
4.443%, 01/20/48 (a) (b)		2,010,000		2,022,993
5.625%, 07/01/20		1,045,000		1,146,095
Bank of New York Mellon Corp. (The) 2.600%, 02/07/22		1,000,000		1,000,449
4.625%, 09/20/26 (a)		1,610,000		1,545,600
Bank of Nova Scotia (The) 2.450%, 03/22/21		2,305,000		2,304,267
Barclays Bank plc 5.140%, 10/14/20		940,000		1,005,625
10.179%, 06/12/21 (144A) (b)		625,000		783,775
BB&T Corp. 1.701%, 06/15/20 (a)		4,615,000		4,620,856
2.450%, 01/15/20		1,500,000		1,515,312
BPCE S.A. 2.500%, 12/10/18		1,580,000		1,590,681
Branch Banking & Trust Co. 1.350%, 10/01/17		3,150,000		3,150,079
Capital One Financial Corp. 3.200%, 02/05/25		970,000		939,242
Capital One N.A. 1.885%, 09/13/19 (a)		1,225,000		1,232,880
2.350%, 01/31/20		3,670,000		3,670,763
2.950%, 07/23/21		860,000		866,863
Citigroup, Inc. 2.700%, 03/30/21 (b)		975,000		976,162
2.900%, 12/08/21		3,075,000		3,086,728
Banks—(Continued)
Cooperatieve Rabobank UA 3.875%, 02/08/22		700,000		736,877
Credit Suisse Group AG 3.574%, 01/09/23 (144A)		1,410,000		1,407,771
Danske Bank A/S 2.800%, 03/10/21 (144A)		3,275,000		3,299,815
Discover Bank 3.200%, 08/09/21		1,000,000		1,012,698
Fifth Third Bank 1.743%, 09/27/19 (a)		1,540,000		1,540,371
3.850%, 03/15/26		1,435,000		1,446,460
First Republic Bank 2.375%, 06/17/19		880,000		878,831
4.625%, 02/13/47		1,945,000		1,942,954
Goldman Sachs Group, Inc. (The) 2.654%, 11/29/23 (a)		389,000		402,961
2.822%, 02/25/21 (a)		490,000		507,749
2.875%, 02/25/21		194,000		195,257
3.000%, 04/26/22		1,080,000		1,082,645
3.625%, 01/22/23 (b)		3,440,000		3,526,471
5.150%, 05/22/45		555,000		583,158
5.250%, 07/27/21		1,460,000		1,601,497
5.750%, 01/24/22		2,000,000		2,249,760
6.750%, 10/01/37		495,000		610,799
HSBC Holdings plc 4.000%, 03/30/22		1,770,000		1,853,769
4.875%, 01/14/22		1,555,000		1,684,546
ING Bank NV 2.750%, 03/22/21 (144A)		1,070,000		1,075,118
JPMorgan Chase & Co. 2.950%, 10/01/26		5,000,000		4,753,820
2.972%, 01/15/23		1,770,000		1,768,595
Lloyds Banking Group plc 3.000%, 01/11/22		520,000		517,028
3.100%, 07/06/21		1,120,000		1,129,201
M&T Bank Corp. 5.125%, 11/01/26 (a)		2,115,000		2,104,425
Morgan Stanley 2.500%, 04/21/21		510,000		507,246
2.625%, 11/17/21 (b)		4,260,000		4,231,927
3.750%, 02/25/23		1,140,000		1,177,283
3.875%, 01/27/26		1,602,000		1,623,307
5.500%, 01/26/20 (b)		755,000		819,146
PNC Bank N.A. 1.850%, 07/20/18		1,160,000		1,162,545
2.550%, 12/09/21		1,650,000		1,646,434
3.250%, 06/01/25		1,290,000		1,296,802
Regions Bank 2.250%, 09/14/18		545,000		546,679
Royal Bank of Scotland Group plc 3.875%, 09/12/23		2,415,000		2,380,127
Santander UK plc 1.904%, 08/24/18 (a)		1,500,000		1,507,572
Societe Generale S.A. 3.250%, 01/12/22 (144A)		3,655,000		3,606,630

BHFTI-351

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Standard Chartered plc 1.700%, 04/17/18 (144A)		1,585,000	$	1,580,359
2.100%, 08/19/19 (144A)		1,585,000		1,571,976
SunTrust Banks, Inc. 2.700%, 01/27/22		1,690,000		1,683,434
U.S. Bank N.A. 1.363%, 01/24/20 (a)		3,210,000		3,212,173
UBS AG 1.853%, 03/26/18 (a)		961,000		964,864
UBS Group Funding Jersey, Ltd. 3.000%, 04/15/21 (144A)		3,230,000		3,235,601
Wells Fargo & Co. 4.750%, 12/07/46		2,330,000		2,380,372
				109,776,270
Beverages—0.6%
Anheuser-Busch InBev Finance, Inc. 3.300%, 02/01/23		4,590,000		4,671,752
Anheuser-Busch InBev Worldwide, Inc. 3.750%, 07/15/42		915,000		837,967
Molson Coors Brewing Co. 1.900%, 03/15/19 (144A)		1,850,000		1,849,003
				7,358,722
Biotechnology—0.4%
Amgen, Inc. 1.850%, 08/19/21		299,000		290,579
3.875%, 11/15/21		955,000		1,005,119
4.500%, 03/15/20		900,000		959,067
5.750%, 03/15/40		605,000		684,081
Gilead Sciences, Inc. 4.500%, 04/01/21		1,180,000		1,267,846
				4,206,692
Building Materials—0.1%
Johnson Controls International plc 3.750%, 12/01/21		660,000		685,237
4.500%, 02/15/47		430,000		436,433
				1,121,670
Chemicals—0.1%
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P. 2.450%, 05/01/20 (144A)		500,000		502,210
Mosaic Co. (The) 4.250%, 11/15/23 (b)		900,000		932,503
				1,434,713
Commercial Services—0.3%
Ecolab, Inc. 2.700%, 11/01/26		1,916,000		1,821,189
Moody’s Corp. 2.750%, 12/15/21		1,240,000		1,238,074
Commercial Services—(Continued)
S&P Global, Inc. 2.500%, 08/15/18		465,000		468,671
				3,527,934
Computers—0.4%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 5.450%, 06/15/23 (144A)		1,760,000		1,899,063
Hewlett Packard Enterprise Co. 3.600%, 10/15/20		1,235,000		1,270,048
International Business Machines Corp. 7.625%, 10/15/18		1,785,000		1,945,136
				5,114,247
Diversified Financial Services—0.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.500%, 05/26/22 (b)		1,490,000		1,501,360
American Express Credit Corp. 1.370%, 06/05/17 (a)		1,400,000		1,400,362
Capital One Bank USA N.A. 1.300%, 06/05/17		740,000		739,978
Discover Financial Services 4.100%, 02/09/27 (b)		2,430,000		2,430,819
HSBC Finance Corp. 6.676%, 01/15/21		1,220,000		1,379,098
				7,451,617
Electric—0.8%
Berkshire Hathaway Energy Co. 6.500%, 09/15/37		345,000		448,802
Duke Energy Carolinas LLC 4.300%, 06/15/20		540,000		576,837
Duke Energy Corp. 1.800%, 09/01/21		289,000		279,156
Duke Energy Florida LLC 6.400%, 06/15/38		1,925,000		2,552,517
Duke Energy Ohio, Inc. 3.700%, 06/15/46		660,000		617,350
Electricite de France S.A. 6.500%, 01/26/19 (144A)		180,000		193,840
Georgia Power Co. 1.950%, 12/01/18		960,000		961,694
4.300%, 03/15/42		297,000		285,492
PPL Electric Utilities Corp. 4.750%, 07/15/43		625,000		695,053
Public Service Co. of Colorado 4.750%, 08/15/41		1,065,000		1,168,519
Southern California Edison Co. 4.500%, 09/01/40		1,025,000		1,097,662
5.500%, 03/15/40		335,000		405,482
				9,282,404

BHFTI-352

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electronics—0.2%
Amphenol Corp. 3.200%, 04/01/24		1,001,000	$	1,002,364
Fortive Corp. 2.350%, 06/15/21 (144A)		870,000		859,344
				1,861,708
Environmental Control—0.0%
Republic Services, Inc. 5.250%, 11/15/21		415,000		462,341
Food—0.7%
Kraft Heinz Foods Co. 4.375%, 06/01/46 (b)		1,066,000		1,000,338
Kroger Co. (The) 2.600%, 02/01/21		1,404,000		1,403,335
5.000%, 04/15/42		260,000		272,337
Mondelez International Holdings Netherlands B.V. 1.625%, 10/28/19 (144A)		3,315,000		3,265,010
Smithfield Foods, Inc. 2.700%, 01/31/20 (144A)		1,855,000		1,853,701
				7,794,721
Forest Products & Paper—0.2%
International Paper Co. 4.400%, 08/15/47		950,000		896,800
4.800%, 06/15/44		270,000		268,844
5.150%, 05/15/46		1,560,000		1,626,972
				2,792,616
Gas—0.1%
Nisource Finance Corp. 4.800%, 02/15/44		230,000		241,773
6.125%, 03/01/22		830,000		950,695
				1,192,468
Healthcare-Products—0.7%
Abbott Laboratories 4.750%, 11/30/36		3,180,000		3,278,440
Becton Dickinson & Co. 3.734%, 12/15/24		924,000		951,141
Boston Scientific Corp. 2.650%, 10/01/18		940,000		949,275
Medtronic, Inc. 4.625%, 03/15/45		2,431,000		2,610,189
				7,789,045
Healthcare-Services—0.3%
Humana, Inc. 3.950%, 03/15/27		1,215,000		1,242,319
UnitedHealth Group, Inc. 1.700%, 02/15/19		2,435,000		2,435,173
				3,677,492
Housewares—0.5%
Newell Brands, Inc. 3.850%, 04/01/23		4,991,000		5,158,568
Insurance—1.4%
Aflac, Inc. 4.000%, 10/15/46		930,000		879,395
American International Group, Inc. 3.300%, 03/01/21		1,086,000		1,106,004
6.400%, 12/15/20		1,150,000		1,301,628
Arch Capital Finance LLC 5.031%, 12/15/46		1,280,000		1,369,045
Berkshire Hathaway Finance Corp. 4.400%, 05/15/42		425,000		446,424
Berkshire Hathaway, Inc. 2.750%, 03/15/23		1,010,000		1,010,251
Hartford Financial Services Group, Inc. (The) 6.625%, 03/30/40		945,000		1,202,233
Liberty Mutual Group, Inc. 5.000%, 06/01/21 (144A)		120,000		130,327
Lincoln National Corp. 3.625%, 12/12/26 (b)		885,000		881,358
Manulife Financial Corp. 4.061%, 02/24/32 (a)		970,000		971,800
Marsh & McLennan Cos., Inc. 4.800%, 07/15/21		720,000		779,026
Prudential Financial, Inc. 5.100%, 08/15/43		3,760,000		4,176,100
5.800%, 11/16/41		1,105,000		1,332,766
Swiss Re Treasury U.S. Corp. 4.250%, 12/06/42 (144A)		415,000		409,811
				15,996,168
Machinery-Diversified—0.1%
Roper Technologies, Inc. 2.800%, 12/15/21		705,000		705,795
Media—0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 5.375%, 05/01/47 (144A)		615,000		617,806
6.484%, 10/23/45		1,975,000		2,273,888
Viacom, Inc. 4.850%, 12/15/34		690,000		667,548
6.250%, 02/28/57 (a)		345,000		347,760
				3,907,002
Mining—0.5%
Barrick North America Finance LLC 5.750%, 05/01/43		330,000		382,431
BHP Billiton Finance USA, Ltd. 3.850%, 09/30/23 (b)		580,000		615,925
5.000%, 09/30/43 (b)		585,000		655,109
Glencore Funding LLC 4.125%, 05/30/23 (144A) (b)		2,800,000		2,854,012

BHFTI-353

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Mining—(Continued)
Rio Tinto Finance USA plc 3.500%, 03/22/22		530,000	$	551,933
Rio Tinto Finance USA, Ltd. 4.125%, 05/20/21		400,000		425,482
				5,484,892
Miscellaneous Manufacturing—0.5%
General Electric Co. 3.100%, 01/09/23		935,000		961,022
5.300%, 02/11/21		400,000		442,933
Hexcel Corp. 3.950%, 02/15/27		1,082,000		1,095,213
Parker-Hannifin Corp. 3.250%, 03/01/27 (144A)		705,000		700,594
Siemens Financieringsmaatschappij NV 2.700%, 03/16/22 (144A) (b)		3,090,000		3,092,695
				6,292,457
Multi-National—0.1%
FMS Wertmanagement AoeR 1.625%, 11/20/18		1,215,000		1,218,678
Oil & Gas—2.4%
Anadarko Petroleum Corp. 3.450%, 07/15/24 (b)		1,000,000		975,032
4.850%, 03/15/21 (b)		485,000		518,830
5.550%, 03/15/26 (b)		2,014,000		2,235,101
Continental Resources, Inc. 5.000%, 09/15/22 (b)		1,250,000		1,262,500
Devon Energy Corp. 3.250%, 05/15/22 (b)		3,265,000		3,234,420
EOG Resources, Inc. 2.625%, 03/15/23		521,000		508,500
EQT Corp. 4.875%, 11/15/21		1,000,000		1,074,821
Marathon Petroleum Corp. 5.125%, 03/01/21		830,000		897,883
Nabors Industries, Inc. 4.625%, 09/15/21 (b)		467,000		471,086
5.000%, 09/15/20		370,000		382,719
5.500%, 01/15/23 (144A)		150,000		153,094
Noble Energy, Inc. 4.150%, 12/15/21		1,615,000		1,694,545
5.050%, 11/15/44 (b)		1,030,000		1,053,262
6.000%, 03/01/41		350,000		388,767
Phillips 66 4.300%, 04/01/22		525,000		556,605
Shell International Finance B.V. 1.470%, 09/12/19 (a)		1,991,000		1,998,307
4.000%, 05/10/46		3,959,000		3,789,626
Statoil ASA 3.700%, 03/01/24 (b)		1,920,000		1,997,833
Suncor Energy, Inc. 3.600%, 12/01/24		3,315,000		3,361,128
Oil & Gas—(Continued)
Valero Energy Corp. 3.400%, 09/15/26		155,000		148,071
6.625%, 06/15/37		905,000		1,071,179
9.375%, 03/15/19		343,000		389,995
				28,163,304
Pharmaceuticals—1.0%
AmerisourceBergen Corp. 4.250%, 03/01/45		560,000		547,673
EMD Finance LLC 2.400%, 03/19/20 (144A)		1,935,000		1,934,162
2.950%, 03/19/22 (144A)		1,168,000		1,171,267
Forest Laboratories LLC 4.875%, 02/15/21 (144A)		2,215,000		2,383,196
Mead Johnson Nutrition Co. 3.000%, 11/15/20		1,935,000		1,972,407
Shire Acquisitions Investments Ireland DAC 2.400%, 09/23/21		3,255,000		3,183,110
				11,191,815
Pipelines—1.9%
APT Pipelines, Ltd. 4.250%, 07/15/27 (144A)		760,000		770,140
Enbridge, Inc. 6.000%, 01/15/77 (a)		3,045,000		3,079,256
Energy Transfer Partners L.P. 4.050%, 03/15/25		682,000		674,349
4.150%, 10/01/20		1,575,000		1,635,488
5.150%, 02/01/43		1,200,000		1,120,390
Enterprise Products Operating LLC 6.450%, 09/01/40		1,300,000		1,570,345
Fermaca Enterprises S de RL de C.V. 6.375%, 03/30/38 (144A)		452,167		463,471
ONEOK Partners L.P. 3.375%, 10/01/22		1,379,000		1,380,270
6.125%, 02/01/41		550,000		608,134
8.625%, 03/01/19		145,000		161,511
Plains All American Pipeline L.P. / PAA Finance Corp. 3.650%, 06/01/22		914,000		926,731
4.300%, 01/31/43		305,000		259,768
4.900%, 02/15/45		2,020,000		1,892,423
Sabine Pass Liquefaction LLC 4.200%, 03/15/28 (144A)		2,725,000		2,691,791
Transcanada Trust 5.875%, 08/15/76 (a)		845,000		896,756
Williams Partners L.P. 3.350%, 08/15/22		420,000		419,289
4.000%, 09/15/25		2,605,000		2,615,972
5.400%, 03/04/44 (b)		555,000		566,186
				21,732,270

BHFTI-354

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate—0.0%
American Campus Communities Operating Partnership L.P. 3.750%, 04/15/23		444,000	$	453,961
Real Estate Investment Trusts—1.4%
Alexandria Real Estate Equities, Inc. 3.900%, 06/15/23		410,000		419,595
4.500%, 07/30/29		540,000		557,127
American Tower Corp. 3.375%, 10/15/26		6,435,000		6,135,380
Crown Castle International Corp. 3.400%, 02/15/21		1,930,000		1,963,209
5.250%, 01/15/23		625,000		682,024
Digital Realty Trust L.P. 3.400%, 10/01/20		705,000		723,048
3.625%, 10/01/22		295,000		301,004
3.950%, 07/01/22		945,000		984,186
ERP Operating L.P. 4.625%, 12/15/21		562,000		605,856
Ventas Realty L.P. 3.125%, 06/15/23		1,865,000		1,840,925
3.500%, 02/01/25		1,740,000		1,703,119
				15,915,473
Retail—1.0%
CVS Health Corp. 2.250%, 12/05/18		2,445,000		2,460,897
5.125%, 07/20/45 (b)		1,510,000		1,665,978
Home Depot, Inc. (The) 4.250%, 04/01/46		350,000		364,439
4.400%, 04/01/21		700,000		758,636
5.950%, 04/01/41		990,000		1,266,616
McDonald’s Corp. 3.500%, 07/15/20		466,000		487,744
4.875%, 12/09/45		2,394,000		2,546,266
Wal-Mart Stores, Inc. 3.625%, 07/08/20		1,480,000		1,562,295
Walgreens Boots Alliance, Inc. 1.750%, 05/30/18		820,000		820,998
				11,933,869
Semiconductors—0.2%
Analog Devices, Inc. 3.125%, 12/05/23		2,355,000		2,343,623
Software—0.5%
Fidelity National Information Services, Inc. 2.250%, 08/15/21 (b)		1,895,000		1,855,726
Microsoft Corp. 2.875%, 02/06/24		1,535,000		1,544,862
3.300%, 02/06/27		795,000		807,201
4.100%, 02/06/37		1,505,000		1,553,237
				5,761,026
Security Description	Shares/ Principal Amount*		Value
Telecommunications—1.1%
AT&T, Inc. 5.150%, 03/15/42		2,405,000		2,386,140
Deutsche Telekom International Finance B.V. 1.602%, 09/19/19 (144A) (a)		3,855,000		3,861,268
Telefonica Emisiones S.A.U. 5.213%, 03/08/47		2,390,000		2,419,311
Verizon Communications, Inc. 4.272%, 01/15/36		4,620,000		4,278,152
				12,944,871
Textiles—0.1%
Cintas Corp. No. 2 2.900%, 04/01/22		1,380,000		1,396,095
Transportation—0.1%
Kansas City Southern de Mexico S.A. de C.V. 3.000%, 05/15/23		470,000		459,670
Union Pacific Corp.
3.646%, 02/15/24		360,000		377,192
3.799%, 10/01/51		835,000		779,175
				1,616,037
Total Corporate Bonds & Notes (Cost $344,535,245)				346,830,951
Common Stocks—28.1%
Aerospace & Defense—0.3%
Boeing Co. (The)		10,000		1,768,600
HEICO Corp.		1,000		87,200
Huntington Ingalls Industries, Inc.		3,700		740,888
Meggitt plc		129,640		723,903
				3,320,591
Air Freight & Logistics—0.1%
Cia de Distribucion Integral Logista Holdings S.A.		5,710		132,458
Expeditors International of Washington, Inc.		6,600		372,834
Oesterreichische Post AG		3,099		123,591
Royal Mail plc		52,811		281,320
				910,203
Airlines—0.1%
Alaska Air Group, Inc. (b)		5,600		516,432
Allegiant Travel Co.		1,300		208,325
Dart Group plc		13,800		89,074
Delta Air Lines, Inc.		6,600		303,336
Japan Airlines Co., Ltd.		7,700		244,487
				1,361,654
Auto Components—0.5%
Autoliv, Inc.		2,300		235,198
BorgWarner, Inc.		6,600		275,814

BHFTI-355

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Auto Components—(Continued)
Bridgestone Corp.		25,000	$	1,013,570
Cie Automotive S.A.		4,611		90,904
Cie Generale des Etablissements Michelin		3,433		417,386
Continental AG		1,224		268,334
Cooper Tire & Rubber Co. (b)		2,700		119,745
Delphi Automotive plc		12,400		998,076
Gentex Corp. (b)		20,544		438,204
HI-LEX Corp.		1,900		50,485
Keihin Corp.		3,700		60,852
Lear Corp.		3,700		523,846
Linamar Corp.		3,000		136,459
Magna International, Inc.		10,300		444,499
NHK Spring Co., Ltd.		10,500		116,385
Plastic Omnium S.A.		3,485		127,075
Sumitomo Rubber Industries, Ltd.		9,700		165,847
Toyota Boshoku Corp.		2,600		60,480
Toyota Industries Corp.		3,500		174,468
TS Tech Co., Ltd.		2,800		75,497
Valeo S.A.		3,825		255,093
				6,048,217
Automobiles—0.2%
Fuji Heavy Industries, Ltd.		34,500		1,270,298
Honda Motor Co., Ltd.		2,000		60,432
Mazda Motor Corp.		23,200		335,269
Peugeot S.A. (c)		14,312		288,579
Suzuki Motor Corp.		11,800		491,302
				2,445,880
Banks—2.3%
77 Bank, Ltd. (The)		11,000		47,778
Aichi Bank, Ltd. (The)		600		33,362
Alpha Bank AE (c)		21,119		37,782
Aozora Bank, Ltd.		13,000		47,944
Awa Bank, Ltd. (The)		17,000		108,084
Bank Hapoalim B.M.		86,104		524,533
Bank Leumi Le-Israel B.M. (c)		96,600		426,427
Bank of America Corp.		103,400		2,439,206
Bank of Ireland (c)		373,673		93,626
Bank of Kyoto, Ltd. (The)		66,000		482,348
Barclays plc		598,321		1,686,515
BNP Paribas S.A.		13,786		918,265
BOC Hong Kong Holdings, Ltd.		142,500		582,058
Chiba Bank, Ltd. (The)		50,000		322,298
Citigroup, Inc.		39,500		2,362,890
Commerzbank AG		11,959		108,069
Dah Sing Banking Group, Ltd.		20,000		39,420
First International Bank of Israel, Ltd.		7,528		122,424
Glacier Bancorp, Inc.		1,900		64,467
Gunma Bank, Ltd. (The)		28,100		147,101
Hachijuni Bank, Ltd. (The)		39,500		223,861
HSBC Holdings plc		252,244		2,061,003
HSBC Holdings plc (Hong Kong Listed Shares)		44,800		364,975
Hyakugo Bank, Ltd. (The)		18,000		71,991
Industrial & Commercial Bank of China, Ltd. - Class H		432,000		282,298
Banks—(Continued)
Israel Discount Bank, Ltd. - Class A (c)		33,260		78,094
Iyo Bank, Ltd. (The)		51,100		345,492
Japan Post Bank Co., Ltd.		21,100		262,291
JPMorgan Chase & Co.		47,300		4,154,832
KB Financial Group, Inc.		4,550		199,329
Keiyo Bank, Ltd. (The)		12,000		51,986
Lloyds Banking Group plc		302,629		251,791
Mediobanca S.p.A.		100,963		910,127
Mitsubishi UFJ Financial Group, Inc.		34,700		219,041
OFG Bancorp		5,300		62,540
Piraeus Bank S.A. (c)		183,117		33,185
Raiffeisen Bank International AG (c)		7,710		175,181
Regions Financial Corp.		23,700		344,361
Royal Bank of Scotland Group plc (c)		170,409		516,963
San-In Godo Bank, Ltd. (The)		8,800		70,717
Shinsei Bank, Ltd.		247,000		456,088
Shizuoka Bank, Ltd. (The)		64,000		522,378
Societe Generale S.A.		14,361		730,349
SpareBank 1 SR Bank ASA		6,470		48,421
Standard Chartered plc (c)		76,537		732,480
Sumitomo Mitsui Financial Group, Inc.		17,900		652,645
TOMONY Holdings, Inc.		9,600		51,048
Wells Fargo & Co.		35,400		1,970,364
Yamanashi Chuo Bank, Ltd. (The)		7,000		31,394
				26,469,822
Beverages—0.5%
Coca-Cola Amatil, Ltd.		78,716		650,375
Coca-Cola Co. (The)		48,400		2,054,096
Dr Pepper Snapple Group, Inc.		5,100		499,392
PepsiCo, Inc.		17,800		1,991,108
				5,194,971
Biotechnology—0.6%
AbbVie, Inc.		28,558		1,860,839
Abcam plc		9,019		93,322
Adverum Biotechnologies, Inc. (c)		5,057		13,654
Amgen, Inc.		14,860		2,438,080
CSL, Ltd.		5,387		514,393
Gilead Sciences, Inc.		26,000		1,765,920
United Therapeutics Corp. (c)		5,700		771,666
				7,457,874
Building Products—0.0%
Aica Kogyo Co., Ltd.		10,900		288,085
Nichiha Corp.		3,200		94,077
Sekisui Jushi Corp.		3,000		49,917
				432,079
Capital Markets—0.8%
Artisan Partners Asset Management, Inc. - Class A		2,900		80,040
Ashmore Group plc		48,203		213,504
Azimut Holding S.p.A.		8,845		154,089
CI Financial Corp.		14,600		290,167

BHFTI-356

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Capital Markets—(Continued)
Close Brothers Group plc		8,501	$	163,918
Credit Suisse Group AG (c)		38,559		572,748
Daiwa Securities Group, Inc.		33,000		201,616
Deutsche Bank AG (c)		19,261		331,844
Euronext NV		2,758		120,474
Federated Investors, Inc. - Class B (b)		8,900		234,426
Franklin Resources, Inc.		13,000		547,820
Goldman Sachs Group, Inc. (The)		2,990		686,863
IG Group Holdings plc		26,630		165,939
Jupiter Fund Management plc		16,271		86,694
Macquarie Group, Ltd.		16,369		1,126,766
Moelis & Co. - Class A		3,400		130,900
Morgan Stanley		39,400		1,687,896
Nomura Holdings, Inc.		54,800		341,886
T. Rowe Price Group, Inc.		6,900		470,235
TD Ameritrade Holding Corp.		7,200		279,792
UBS Group AG		68,623		1,098,318
Waddell & Reed Financial, Inc. - Class A (b)		13,000		221,000
				9,206,935
Chemicals—0.7%
AdvanSix, Inc. (c)		200		5,464
Arakawa Chemical Industries, Ltd.		3,400		62,403
Asahi Kasei Corp.		57,000		554,068
BASF SE		14,806		1,467,675
Chase Corp.		256		24,422
Covestro AG		10,980		845,581
Daicel Corp.		27,900		337,256
Dow Chemical Co. (The)		14,100		895,914
Fujimori Kogyo Co., Ltd.		1,600		44,533
Fuso Chemical Co., Ltd.		1,600		50,085
Hitachi Chemical Co., Ltd.		4,100		113,694
Intrepid Potash, Inc. (b) (c)		27,800		47,816
JSR Corp.		8,700		147,052
Kuraray Co., Ltd.		6,900		104,934
LG Chem, Ltd.		372		97,772
Lintec Corp.		2,800		59,802
LyondellBasell Industries NV - Class A		19,400		1,769,086
Mosaic Co. (The)		9,000		262,620
Novozymes A/S - B Shares		11,138		441,479
Potash Corp. of Saskatchewan, Inc.		3,700		63,213
Shikoku Chemicals Corp.		2,000		21,590
Shin-Etsu Polymer Co., Ltd.		11,500		80,969
Sumitomo Seika Chemicals Co., Ltd.		1,300		55,296
Terra Nitrogen Co. L.P.		1,800		176,832
Toagosei Co., Ltd.		12,000		137,192
Tosoh Corp.		22,000		194,076
Yara International ASA		10,792		415,597
Zeon Corp.		9,000		103,003
				8,579,424
Commercial Services & Supplies—0.2%
Deluxe Corp.		8,400		606,228
Intrum Justitia AB (b)		15,454		577,407
Knoll, Inc.		5,800		138,098
Loomis AB - Class B		6,419		203,159
Commercial Services & Supplies—(Continued)
PayPoint plc		5,312		68,217
Pitney Bowes, Inc.		12,200		159,942
Societe BIC S.A.		1,352		168,465
Transcontinental, Inc. - Class A		6,600		121,990
				2,043,506
Communications Equipment—0.3%
Cisco Systems, Inc.		88,900		3,004,820
Construction & Engineering—0.1%
Arcadis NV (b)		4,114		64,871
Boskalis Westminster		2,095		72,246
Maeda Road Construction Co., Ltd.		18,000		318,521
Monadelphous Group, Ltd.		7,954		74,926
Nichireki Co., Ltd.		2,000		16,356
Nippo Corp.		5,000		95,006
Taisei Corp.		71,000		517,980
Tokyu Construction Co., Ltd.		4,400		34,577
Toshiba Plant Systems & Services Corp. (b)		3,900		57,026
				1,251,509
Construction Materials—0.0%
Adelaide Brighton, Ltd.		21,697		94,117
Siam Cement PCL (The) (NVDR)		22,800		358,184
				452,301
Consumer Finance—0.4%
Ally Financial, Inc.		16,500		335,445
American Express Co.		12,500		988,875
Capital One Financial Corp.		6,800		589,288
Credit Acceptance Corp. (b) (c)		644		128,420
Discover Financial Services		16,000		1,094,240
Gentera S.A.B. de C.V.		149,500		246,901
Synchrony Financial		20,300		696,290
				4,079,459
Containers & Packaging—0.1%
Bemis Co., Inc.		6,600		322,476
Packaging Corp. of America		4,000		366,480
Sonoco Products Co.		13,001		688,013
				1,376,969
Distributors—0.1%
Genuine Parts Co.		8,400		776,244
Diversified Consumer Services—0.0%
H&R Block, Inc. (b)		6,100		141,825
Diversified Financial Services—0.2%
Banca Mediolanum S.p.A.		38,108		279,091
Berkshire Hathaway, Inc. - Class B (c)		3,400		566,712
Investor AB - B Shares		13,971		588,619
ORIX Corp.		32,500		482,457
Voya Financial, Inc.		10,700		406,172
				2,323,051

BHFTI-357

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Telecommunication Services—1.0%
AT&T, Inc.		87,411	$	3,631,927
BCE, Inc.		24,900		1,102,464
Chunghwa Telecom Co., Ltd.		55,000		186,863
HKT Trust & HKT, Ltd.		384,000		497,097
Nippon Telegraph & Telephone Corp.		14,800		632,191
Proximus		15,832		496,810
Singapore Telecommunications, Ltd.		465,200		1,300,336
Swisscom AG		1,359		627,008
Telenor ASA		43,639		726,441
Telstra Corp., Ltd.		413,014		1,469,980
Verizon Communications, Inc.		9,700		472,875
Verizon Communications, Inc. (London Listed Shares)		10,693		521,284
				11,665,276
Electric Utilities—0.2%
Avangrid, Inc.		1,500		64,110
CEZ A/S		5,065		87,189
CLP Holdings, Ltd.		88,000		920,592
Endesa S.A.		18,190		427,492
Enel S.p.A.		179,232		843,986
Enersis Americas S.A. (ADR)		5,800		60,262
PGE Polska Grupa Energetyczna S.A.		24,670		71,116
Transmissora Alianca de Energia Eletrica S.A.		7,100		52,049
				2,526,796
Electrical Equipment—0.5%
ABB, Ltd.		71,408		1,670,074
AMETEK, Inc. (b)		9,500		513,760
Eaton Corp. plc		17,500		1,297,625
Emerson Electric Co.		22,693		1,358,403
Nissin Electric Co., Ltd.		27,500		318,378
Nitto Kogyo Corp.		2,600		35,957
				5,194,197
Electronic Equipment, Instruments & Components—0.0%
Flytech Technology Co., Ltd.		15,008		49,701
Nichicon Corp.		6,900		64,437
				114,138
Energy Equipment & Services—0.2%
Atwood Oceanics, Inc. (b) (c)		20,200		192,506
CARBO Ceramics, Inc. (b) (c)		9,500		123,880
Diamond Offshore Drilling, Inc. (c)		8,400		140,364
John Wood Group plc		11,667		111,349
Rowan Cos. plc - Class A (c)		18,200		283,556
Schlumberger, Ltd.		7,900		616,990
Subsea 7 S.A. (c)		24,256		376,097
Tecnicas Reunidas S.A.		1,606		63,307
TGS Nopec Geophysical Co. ASA		15,563		329,333
Unit Corp. (c)		3,000		72,480
				2,309,862
Equity Real Estate Investment Trusts—0.2%
BWP Trust		82,000		178,500
Canadian Real Estate Investment Trust		2,900		105,720
CapitaLand Commercial Trust, Ltd.		151,900		168,076
CapitaLand Mall Trust		190,400		268,299
Charter Hall Group		68,561		289,137
Chesapeake Lodging Trust		7,680		184,013
Hansteen Holdings plc		59,597		89,228
Mapletree Greater China Commercial Trust		168,700		123,012
Mapletree Industrial Trust		127,000		161,689
Pebblebrook Hotel Trust (b)		3,400		99,314
Public Storage		1,800		394,038
Quality Care Properties, Inc. (c)		11,700		220,662
RioCan Real Estate Investment Trust		16,800		330,985
Shopping Centres Australasia Property Group		66,001		112,932
				2,725,605
Food & Staples Retailing—0.6%
Axfood AB		22,628		340,050
Create SD Holdings Co., Ltd.		4,600		109,586
CVS Health Corp.		21,900		1,719,150
Greggs plc		12,054		157,395
Lawson, Inc.		14,400		977,421
Metro, Inc.		7,700		236,527
North West Co., Inc. (The)		2,900		69,150
Wal-Mart Stores, Inc.		21,900		1,578,552
Walgreens Boots Alliance, Inc.		15,800		1,312,190
				6,500,021
Food Products—0.6%
Archer-Daniels-Midland Co.		10,600		488,024
Campbell Soup Co.		18,800		1,076,112
Flowers Foods, Inc. (b)		15,600		302,796
General Mills, Inc.		23,800		1,404,438
Ingredion, Inc.		3,500		421,505
Kellogg Co.		10,300		747,883
Nestle S.A.		37,494		2,876,279
				7,317,037
Gas Utilities—0.0%
Gas Natural SDG S.A.		11,988		262,307
Osaka Gas Co., Ltd.		49,000		186,455
Shizuoka Gas Co., Ltd.		4,900		33,266
				482,028
Health Care Equipment & Supplies—0.2%
Coloplast A/S - Class B		8,536		666,632
Edwards Lifesciences Corp. (c)		6,200		583,234
Medtronic plc		17,900		1,442,024
				2,691,890
Health Care Providers & Services—0.6%
Express Scripts Holding Co. (c)		25,900		1,707,069
McKesson Corp.		6,900		1,022,994
MEDNAX, Inc. (b) (c)		14,333		994,424

BHFTI-358

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
Molina Healthcare, Inc. (c)		6,100	$	278,160
Quest Diagnostics, Inc.		12,308		1,208,522
Triple-S Management Corp. - Class B (c)		2,900		50,953
UnitedHealth Group, Inc.		7,600		1,246,476
VCA, Inc. (c)		1,800		164,700
WellCare Health Plans, Inc. (c)		2,000		280,420
				6,953,718
Health Care Technology—0.1%
AGFA-Gevaert NV (c)		26,049		127,322
Cerner Corp. (c)		7,700		453,145
M3, Inc.		3,500		87,003
				667,470
Hotels, Restaurants & Leisure—0.3%
Brinker International, Inc. (b)		10,000		439,600
Cracker Barrel Old Country Store, Inc. (b)		800		127,400
Darden Restaurants, Inc. (b)		6,100		510,387
Flight Centre Travel Group, Ltd.		5,760		126,770
Kangwon Land, Inc.		12,398		423,520
McDonald’s Corp.		8,800		1,140,568
OPAP S.A.		5,987		55,816
Starbucks Corp.		2,800		163,492
William Hill plc		104,006		378,936
Yum! Brands, Inc.		6,600		421,740
				3,788,229
Household Durables—0.1%
Garmin, Ltd. (b)		8,800		449,768
Leggett & Platt, Inc.		9,100		457,912
Token Corp.		300		23,617
Tupperware Brands Corp.		6,351		398,335
				1,329,632
Household Products—0.4%
Colgate-Palmolive Co.		1,000		73,190
Energizer Holdings, Inc.		2,800		156,100
Kimberly-Clark Corp.		8,000		1,053,040
Kimberly-Clark de Mexico S.A.B. de C.V. - Class A		61,400		133,312
Procter & Gamble Co. (The)		28,700		2,578,695
Reckitt Benckiser Group plc		1,283		116,932
				4,111,269
Independent Power and Renewable Electricity Producers—0.1%
Capital Power Corp.		3,200		62,708
Engie Brasil Energia S.A.		21,000		237,261
Uniper SE (c)		15,593		262,465
				562,434
Industrial Conglomerates—0.4%
3M Co.		7,800		1,492,374
Carlisle Cos., Inc.		1,400		148,974
General Electric Co.		39,000		1,162,200
Industrial Conglomerates—(Continued)
Honeywell International, Inc.		1,700		212,279
Hopewell Holdings, Ltd.		26,500		99,897
Siemens AG		10,981		1,504,234
TOKAI Holdings Corp.		9,500		73,130
				4,693,088
Insurance—1.0%
Aegon NV		28,089		142,914
Aflac, Inc.		16,000		1,158,720
American Financial Group, Inc.		2,800		267,176
American National Insurance Co.		112		13,219
Assured Guaranty, Ltd.		20,000		742,200
AXA S.A.		48,024		1,242,759
Beazley plc		28,226		151,477
Chesnara plc		7,256		32,684
CNA Financial Corp.		2,200		97,174
Euler Hermes Group		2,169		199,411
Everest Re Group, Ltd.		3,200		748,192
FBL Financial Group, Inc. - Class A		435		28,471
Federated National Holding Co.		2,900		50,547
First American Financial Corp.		3,400		133,552
Grupo Catalana Occidente S.A.		4,217		149,716
HCI Group, Inc. (b)		2,200		100,276
Japan Post Holdings Co., Ltd.		10,700		134,523
Legal & General Group plc		251,138		778,180
MBIA, Inc. (c)		11,500		97,405
Muenchener Rueckversicherungs-Gesellschaft AG		1,973		386,082
National Western Life Group, Inc. - Class A		400		121,664
NN Group NV		17,560		571,133
Novae Group plc		7,497		59,403
Principal Financial Group, Inc.		12,365		780,355
RenaissanceRe Holdings, Ltd.		3,000		433,950
Sampo Oyj - A Shares		15,176		720,574
Sony Financial Holdings, Inc.		16,989		274,153
Swiss Re AG		14,493		1,301,571
United Insurance Holdings Corp.		3,500		55,825
Universal Insurance Holdings, Inc. (b)		7,759		190,095
Validus Holdings, Ltd.		17,100		964,269
				12,127,670
Internet & Direct Marketing Retail—0.4%
Amazon.com, Inc. (c)		3,400		3,014,236
PetMed Express, Inc. (b)		6,600		132,924
Priceline Group, Inc. (The) (c)		500		889,985
Trade Me Group, Ltd.		27,245		97,623
				4,134,768
Internet Software & Services—0.9%
Alphabet, Inc. - Class A (c)		2,900		2,458,620
Alphabet, Inc. - Class C (c)		2,860		2,372,542
carsales.com, Ltd.		39,863		339,753
eBay, Inc. (c)		35,600		1,195,092
F@N Communications, Inc.		8,600		64,286
Facebook, Inc. - Class A (c)		21,400		3,039,870

BHFTI-359

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Internet Software & Services—(Continued)
j2 Global, Inc.		10,040	$	842,456
LogMeIn, Inc.		635		61,912
Mixi, Inc.		1,700		82,035
Yahoo Japan Corp.		37,300		172,796
				10,629,362
IT Services—0.9%
Accenture plc - Class A		12,900		1,546,452
Amdocs, Ltd.		14,203		866,241
CGI Group, Inc. - Class A (c)		4,381		209,916
CSG Systems International, Inc.		2,100		79,401
Future Corp.		5,100		40,392
Infosys, Ltd. (ADR) (b)		20,600		325,480
International Business Machines Corp.		16,800		2,925,552
Kanematsu Electronics, Ltd.		1,200		30,638
MasterCard, Inc. - Class A		8,100		911,007
Net 1 UEPS Technologies, Inc. (c)		5,600		68,488
Paychex, Inc.		8,700		512,430
PayPal Holdings, Inc. (c)		12,700		546,354
Teradata Corp. (c)		6,700		208,504
Visa, Inc. - Class A		12,000		1,066,440
Western Union Co. (The)		52,400		1,066,340
				10,403,635
Leisure Products—0.0%
Heiwa Corp.		5,700		141,817
Mattel, Inc.		9,800		250,978
				392,795
Machinery—0.6%
Alfa Laval AB		17,952		338,203
Andritz AG		13,638		683,438
Atlas Copco AB - A Shares		10,563		372,873
Cummins, Inc.		8,600		1,300,320
Daiwa Industries, Ltd.		2,000		20,845
Greenbrier Cos., Inc. (The) (b)		8,200		353,420
Hillenbrand, Inc.		11,300		405,105
IDEX Corp.		2,429		227,136
IMI plc		28,959		432,542
Kitz Corp.		8,400		56,115
Kyokuto Kaihatsu Kogyo Co., Ltd.		3,000		49,904
NSK, Ltd.		17,800		255,777
Parker-Hannifin Corp.		3,700		593,184
Shinmaywa Industries, Ltd.		17,000		162,815
SKF AB - B Shares (b)		23,772		470,624
Snap-on, Inc.		7,052		1,189,461
Toshiba Machine Co., Ltd.		27,000		109,933
Yangzijiang Shipbuilding Holdings, Ltd.		172,700		139,513
				7,161,208
Marine—0.0%
Kuehne & Nagel International AG		2,833		400,501
Scorpio Bulkers, Inc. (c)		12,500		115,000
				515,501
Media—0.7%
Comcast Corp. - Class A		16,000		601,440
Entertainment One, Ltd.		32,156		98,575
Gannett Co., Inc.		19,450		162,991
ITV plc		88,566		243,346
John Wiley & Sons, Inc. - Class A		5,921		318,550
Meredith Corp. (b)		4,900		316,540
Metropole Television S.A.		5,666		126,363
Omnicom Group, Inc.		18,600		1,603,506
Publicis Groupe S.A.		4,430		309,594
RTL Group S.A.		2,100		169,141
Scripps Networks Interactive, Inc. - Class A		16,200		1,269,594
SKY Network Television, Ltd.		27,790		75,775
Viacom, Inc. - Class B		12,900		601,398
Walt Disney Co. (The)		13,800		1,564,782
WPP plc		23,162		508,469
				7,970,064
Metals & Mining—0.5%
Alacer Gold Corp. (c)		53,400		108,017
APERAM S.A. (b)		1,936		96,721
Argonaut Gold, Inc. (c)		45,200		79,194
Asahi Holdings, Inc.		5,100		92,517
Ausdrill, Ltd.		4,930		5,345
BHP Billiton plc		26,110		404,960
BHP Billiton, Ltd.		43,449		793,188
Centerra Gold, Inc.		14,600		83,987
Cia de Minas Buenaventura S.A.A. (ADR)		4,500		54,180
Dominion Diamond Corp.		7,900		99,919
Eldorado Gold Corp.		39,900		136,515
Goldcorp, Inc.		14,000		204,234
Highland Gold Mining, Ltd.		5,802		12,656
Hitachi Metals, Ltd.		17,800		250,450
IAMGOLD Corp. (c)		10,100		40,405
KGHM Polska Miedz S.A.		3,843		112,279
Kinross Gold Corp. (c)		33,600		118,498
Koza Altin Isletmeleri A/S (c)		2,462		13,461
MACA, Ltd.		10,971		12,783
MMC Norilsk Nickel PJSC (ADR)		6,172		96,839
Nevsun Resources, Ltd.		8,300		21,345
Newmont Mining Corp.		2,300		75,808
OZ Minerals, Ltd.		29,864		178,527
Perseus Mining, Ltd. (c)		275,211		66,130
Primero Mining Corp. (c)		13,600		7,568
Rio Tinto plc		17,029		685,456
Rio Tinto, Ltd.		8,354		385,511
SEMAFO, Inc. (c)		18,600		56,086
Tahoe Resources, Inc.		8,300		66,657
Teck Resources, Ltd. - Class B		20,400		446,089
Troy Resources, Ltd. (c)		2,277		271
Turquoise Hill Resources, Ltd. (c)		93,100		284,232
Yamana Gold, Inc.		70,300		194,008
Yamato Kogyo Co., Ltd.		3,600		93,114
				5,376,950
Multi-Utilities—0.1%
Engie S.A.		41,048		580,920

BHFTI-360

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Multiline Retail—0.1%
Kohl’s Corp.		4,200	$	167,202
Lifestyle International Holdings, Ltd.		21,500		29,157
Macy’s, Inc.		7,500		222,300
Marks & Spencer Group plc		34,288		144,573
Next plc		5,328		288,599
Target Corp.		10,800		596,052
				1,447,883
Oil, Gas & Consumable Fuels—1.7%
Athabasca Oil Corp. (b) (c)		111,300		128,051
Baytex Energy Corp. (b) (c)		83,800		286,086
Bill Barrett Corp. (c)		19,300		87,815
Birchcliff Energy, Ltd.		32,200		183,052
Bonavista Energy Corp.		47,900		124,626
BP plc		97,064		557,393
Cairn Energy plc (c)		17,935		45,951
Cameco Corp.		13,700		151,644
Cardinal Energy, Ltd.		4,610		25,306
Chevron Corp.		21,281		2,284,941
China Shenhua Energy Co., Ltd. - Class H		111,000		257,380
Crescent Point Energy Corp.		20,700		223,679
Crew Energy, Inc. (c)		59,300		221,174
Enbridge Income Fund Holdings, Inc.		12,900		321,566
Exxon Mobil Corp.		46,400		3,805,264
Gener8 Maritime, Inc. (c)		10,700		60,669
Gulfport Energy Corp. (c)		4,753		81,704
Hess Corp.		7,700		371,217
Husky Energy, Inc. (c)		34,700		391,658
Inpex Corp.		59,200		584,023
International Seaways, Inc. (c)		9,600		183,552
Japan Petroleum Exploration Co., Ltd.		9,900		227,414
Lukoil PJSC (ADR)		4,708		249,807
Magellan Midstream Partners L.P.		1,028		79,064
Marathon Oil Corp.		54,400		859,520
Marathon Petroleum Corp.		8,300		419,482
MEG Energy Corp. (c)		26,600		134,815
Murphy Oil Corp. (b)		6,100		174,399
Neste Oyj (b)		6,169		240,593
Occidental Petroleum Corp.		14,500		918,720
OMV AG		6,158		242,322
Ophir Energy plc (c)		56,771		61,269
Overseas Shipholding Group, Inc. - Class A		4,109		15,861
Pengrowth Energy Corp. (b) (c)		48,800		48,806
Penn West Petroleum, Ltd. (c)		82,900		141,507
Polskie Gornictwo Naftowe i Gazownictwo S.A.		201,850		301,074
PTT Exploration & Production PCL		18,300		49,528
PTT Exploration & Production PCL (NVDR)		94,600		256,381
Renewable Energy Group, Inc. (b) (c)		8,200		85,690
Repsol S.A.		26,698		412,266
RMP Energy, Inc. (b) (c)		46,700		25,284
Royal Dutch Shell plc - A Shares		9,340		245,661
Royal Dutch Shell plc - B Shares		10,845		297,963
Scorpio Tankers, Inc.		21,600		95,904
Spectra Energy Partners L.P.		3,100		135,346
Statoil ASA		43,740		751,797
Oil, Gas & Consumable Fuels—(Continued)
Surge Energy, Inc.		69,900		136,662
Teekay Tankers, Ltd. - Class A		38,600		79,130
Tethys Oil AB		6,434		45,589
Total Gabon		33		5,107
Total S.A.		31,889		1,610,998
Valero Energy Corp.		16,000		1,060,640
Whiting Petroleum Corp. (c)		9,700		91,762
Woodside Petroleum, Ltd.		13,850		338,452
				20,215,564
Paper & Forest Products—0.1%
Schweitzer-Mauduit International, Inc.		3,200		132,544
UPM-Kymmene Oyj		20,014		470,982
				603,526
Personal Products—0.2%
Edgewell Personal Care Co. (c)		2,000		146,280
Hengan International Group Co., Ltd.		37,000		274,955
Nu Skin Enterprises, Inc. - Class A		8,500		472,090
Unilever NV		7,041		349,795
Unilever plc		17,508		864,156
USANA Health Sciences, Inc. (c)		3,400		195,840
				2,303,116
Pharmaceuticals—2.5%
Astellas Pharma, Inc.		121,000		1,596,713
Bayer AG		18,315		2,111,162
GlaxoSmithKline plc		63,884		1,328,902
Indivior plc		116,715		471,035
Johnson & Johnson		35,100		4,371,705
Kaken Pharmaceutical Co., Ltd.		8,500		480,968
Merck & Co., Inc.		47,700		3,030,858
Novartis AG		36,216		2,688,748
Novo Nordisk A/S - Class B		59,105		2,031,992
Pfizer, Inc.		100,400		3,434,684
Recordati S.p.A.		9,229		312,792
Roche Holding AG		11,202		2,857,690
Sanofi		25,256		2,285,075
Shionogi & Co., Ltd.		11,100		574,291
Taro Pharmaceutical Industries, Ltd. (b) (c)		3,100		361,522
Teva Pharmaceutical Industries, Ltd. (ADR)		24,200		776,578
				28,714,715
Professional Services—0.1%
Capita plc		46,463		329,009
Dun & Bradstreet Corp. (The)		4,800		518,112
Robert Half International, Inc.		7,200		351,576
Seek, Ltd.		17,813		216,630
				1,415,327
Real Estate Management & Development—0.2%
Deutsche Euroshop AG		4,036		165,018
Henderson Land Development Co., Ltd.		45,851		284,030
Hongkong Land Holdings, Ltd.		54,200		417,242
Hysan Development Co., Ltd.		43,000		195,098

BHFTI-361

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Management & Development—(Continued)
Kerry Properties, Ltd.		33,500	$	116,065
Sun Hung Kai Properties, Ltd.		32,000		470,125
Swire Pacific, Ltd. - Class A		19,000		190,166
Swire Properties, Ltd.		59,600		190,934
Technopolis Oyj		15,377		49,649
UOL Group, Ltd.		6,300		31,416
Wharf Holdings, Ltd. (The)		52,000		446,199
Wheelock & Co., Ltd.		33,000		260,896
				2,816,838
Road & Rail—0.2%
Central Japan Railway Co.		10,200		1,667,226
ComfortDelGro Corp., Ltd.		99,300		181,732
Go-Ahead Group plc		4,645		100,324
Union Pacific Corp.		3,800		402,496
Utoc Corp.		3,700		13,921
				2,365,699
Semiconductors & Semiconductor Equipment—0.7%
Broadcom, Ltd.		1,600		350,336
Intel Corp.		82,600		2,979,382
KLA-Tencor Corp.		3,100		294,717
Maxim Integrated Products, Inc.		4,000		179,840
Melexis NV		3,316		287,284
Novatek Microelectronics Corp.		3,000		11,623
NVIDIA Corp.		1,100		119,823
Phison Electronics Corp.		9,000		80,887
QUALCOMM, Inc.		38,700		2,219,058
Synaptics, Inc. (c)		1,800		89,118
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		11,800		387,512
Texas Instruments, Inc.		12,100		974,776
				7,974,356
Software—1.2%
CA, Inc.		37,500		1,189,500
Check Point Software Technologies, Ltd. (c)		9,600		985,536
Citrix Systems, Inc. (c)		11,200		933,968
GungHo Online Entertainment, Inc.		74,300		165,737
Micro Focus International plc		4,064		116,111
Microsoft Corp.		90,200		5,940,572
Nexon Co., Ltd.		31,100		495,416
Open Text Corp.		14,903		506,535
Oracle Corp.		45,700		2,038,677
Oracle Corp. Japan		2,500		143,065
Playtech plc		58,283		679,878
SAP SE		2,359		231,475
Software AG		15,019		594,051
SRA Holdings		1,600		42,433
				14,062,954
Specialty Retail—0.6%
Bed Bath & Beyond, Inc.		11,800		465,628
Best Buy Co., Inc. (b)		11,500		565,225
Buckle, Inc. (The) (b)		18,905		351,633
Specialty Retail—(Continued)
Cato Corp. (The) - Class A		3,700		81,252
Dunelm Group plc		11,669		93,271
Foot Locker, Inc.		3,800		284,278
GameStop Corp. - Class A		3,700		83,435
Gap, Inc. (The)		20,600		500,374
GNC Holdings, Inc. - Class A (b)		12,000		88,320
Halfords Group plc		20,463		90,957
Hennes & Mauritz AB - B Shares		12,894		329,047
Home Depot, Inc. (The)		6,200		910,346
L Brands, Inc.		5,500		259,050
Lowe’s Cos., Inc.		10,200		838,542
Ross Stores, Inc.		5,700		375,459
Sally Beauty Holdings, Inc. (c)		10,400		212,576
Shimamura Co., Ltd.		2,300		304,204
TJX Cos., Inc. (The)		3,400		268,872
Truworths International, Ltd.		48,740		314,534
Urban Outfitters, Inc. (c)		5,300		125,928
WH Smith plc		9,471		210,533
Williams-Sonoma, Inc. (b)		4,800		257,376
				7,010,840
Technology Hardware, Storage & Peripherals—0.9%
Apple, Inc.		58,600		8,418,476
Brother Industries, Ltd.		11,400		239,097
HP, Inc.		42,700		763,476
MCJ Co., Ltd.		6,100		71,605
Neopost S.A.		2,289		87,888
NetApp, Inc.		10,900		456,165
Samsung Electronics Co., Ltd.		210		386,766
Seagate Technology plc (b)		12,700		583,311
				11,006,784
Textiles, Apparel & Luxury Goods—0.2%
Bijou Brigitte AG		106		6,559
Burberry Group plc		13,184		285,364
Carter’s, Inc.		4,400		395,120
Christian Dior SE		786		182,813
Fossil Group, Inc. (b) (c)		3,200		55,840
Fujibo Holdings, Inc.		2,000		55,298
Hugo Boss AG		5,253		382,809
Michael Kors Holdings, Ltd. (c)		5,100		194,361
Ralph Lauren Corp.		3,200		261,184
Steven Madden, Ltd. (c)		1,894		73,014
Van de Velde NV		570		32,581
VF Corp.		9,900		544,203
				2,469,146
Thrifts & Mortgage Finance—0.0%
Genworth MI Canada, Inc.		9,600		265,437
Tobacco—0.8%
Altria Group, Inc.		21,300		1,521,246
British American Tobacco Malaysia Bhd		9,600		98,920
British American Tobacco plc		22,003		1,458,577
Imperial Brands plc		22,026		1,068,299

BHFTI-362

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Tobacco—(Continued)
Japan Tobacco, Inc.		21,600	$	703,136
KT&G Corp.		2,732		238,168
Philip Morris International, Inc.		18,200		2,054,780
Swedish Match AB		36,326		1,180,716
Universal Corp.		6,400		452,800
				8,776,642
Trading Companies & Distributors—0.1%
Inaba Denki Sangyo Co., Ltd.		1,300		46,603
Inabata & Co., Ltd.		4,200		51,354
ITOCHU Corp.		51,500		732,270
Kanamoto Co., Ltd.		2,400		64,745
Kuroda Electric Co., Ltd.		5,600		122,146
Wakita & Co., Ltd.		5,600		53,340
				1,070,458
Transportation Infrastructure—0.0%
Atlantia S.p.A.		13,367		345,094
Water Utilities—0.0%
Guangdong Investment, Ltd.		250,000		356,568
Wireless Telecommunication Services—0.4%
China Mobile, Ltd.		27,500		302,493
KDDI Corp.		69,600		1,828,735
M1, Ltd.		80,700		122,814
NTT DoCoMo, Inc.		73,000		1,701,314
SK Telecom Co., Ltd.		985		222,307
Vodacom Group, Ltd.		21,666		245,347
				4,423,010
Total Common Stocks (Cost $299,562,513)				327,446,854
U.S. Treasury & Government Agencies—2.5%
U.S. Treasury—2.5%
U.S. Treasury Bonds 2.500%, 02/15/46		1,700,000		1,523,625
2.500%, 05/15/46 (b)		6,200,000		5,552,633
2.875%, 11/15/46		4,975,000		4,827,108
U.S. Treasury Inflation Indexed Notes 0.625%, 01/15/24 (d)		370,129		378,900
U.S. Treasury Notes 1.125%, 09/30/21		1,075,000		1,040,021
1.500%, 08/15/26		895,000		828,154
1.625%, 02/15/26		1,895,000		1,781,670
1.875%, 02/28/22 (b)		5,872,900		5,860,285
2.000%, 11/15/26 (b)		5,220,000		5,042,603
2.125%, 11/30/23		1,630,000		1,624,396
2.250%, 02/15/27		714,800		705,670
Total U.S. Treasury & Government Agencies (Cost $30,128,514)				29,165,065
Mutual Fund—1.9%
Security Description	Shares/ Principal Amount*		Value
Investment Company Security—1.9%
iShares Core S&P 500 ETF (b) (Cost $16,173,351)		92,287		21,896,937
Preferred Stocks—0.0%
Automobiles—0.0%
Porsche Automobil Holding SE		2,980		162,577
Construction Materials—0.0%
Sto SE & Co. KGaA		207		21,423
Total Preferred Stocks (Cost $185,403)				184,000
Short-Term Investment—34.1%
Repurchase Agreement—34.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 03/31/17 at 0.090% to be repurchased at $398,273,041 on 04/03/17, collateralized by $405,600,000 U.S. Treasury Notes with rates ranging from 1.500% - 1.625%, maturity dates ranging from 05/31/20 - 07/31/20, with a value of $406,240,410.		398,270,054		398,270,054
Total Short-Term Investments (Cost $398,270,054)				398,270,054
Securities Lending Reinvestments (e)—5.9%
Certificates of Deposit—3.4%
ABN AMRO Bank NV Zero Coupon, 05/05/17		747,836		749,385
Zero Coupon, 06/23/17		996,100		997,540
Banco Del Estado De Chile New York 1.426%, 06/21/17 (a)		1,500,000		1,500,813
Bank of Montreal Chicago 1.081%, 09/06/17 (a)		1,500,000		1,501,531
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (a)		2,000,000		2,000,966
1.510%, 08/18/17		807,405		800,503
BNP Paribas New York 1.384%, 08/04/17 (a)		1,250,000		1,250,952
Canadian Imperial Bank 1.392%, 10/27/17 (a)		500,000		500,601
Chiba Bank, Ltd., New York 1.100%, 04/07/17		1,000,000		1,000,011
1.240%, 05/11/17		500,000		500,133
Danske Bank A/S London Zero Coupon, 05/12/17		1,495,658		1,498,455
KBC Bank NV 1.150%, 04/26/17		2,400,000		2,400,336
1.150%, 04/27/17		500,000		499,705

BHFTI-363

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (a)		2,000,000	$	2,001,152
1.543%, 05/17/17		2,000,000		2,000,594
National Australia Bank London 1.338%, 11/09/17 (a)		3,000,000		2,995,110
Norinchukin Bank New York 1.451%, 07/12/17 (a)		3,000,000		3,002,655
Oversea-Chinese Banking Corp., Ltd. 1.000%, 06/01/17		1,500,000		1,499,950
Royal Bank of Canada New York 1.298%, 03/20/18 (a)		3,000,000		2,999,991
Sumitomo Bank New York 1.410%, 05/05/17 (a)		2,000,000		2,000,390
1.578%, 06/19/17 (a)		1,000,000		1,000,676
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (a)		600,000		600,321
Sumitomo Mitsui Trust Bank, Ltd. 1.120%, 05/08/17		250,000		250,038
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (a)		750,000		750,510
Sumitomo Mitsui Trust Bank, Ltd., New York 1.308%, 08/16/17 (a)		1,000,000		1,000,471
Toronto Dominion Bank New York 1.221%, 03/13/18 (a)		400,000		399,859
1.330%, 01/10/18 (a)		2,000,000		2,000,392
UBS, Stamford 1.301%, 05/12/17 (a)		500,000		500,123
1.589%, 07/31/17 (a)		1,102,384		1,103,030
Wells Fargo Bank San Francisco N.A. 1.452%, 04/26/17 (a)		600,000		600,160
				39,906,353
Commercial Paper—1.1%
Commonwealth Bank Australia 1.174%, 03/01/18		2,000,000		2,000,816
DCAT LLC 1.200%, 04/11/17		499,467		499,862
Den Norske ASA 1.432%, 04/27/17 (a)		300,000		300,065
Erste Abwicklungsanstalt 1.098%, 07/18/17 (a)		3,100,000		3,099,727
Kells Funding LLC 1.100%, 06/05/17		697,305		698,493
Ridgefield Funding Co. LLC 1.300%, 06/12/17		1,243,726		1,247,049
Sheffield Receivables Co. 1.170%, 04/07/17		997,043		999,762
Starbird Funding Corp. 1.441%, 06/13/17 (a)		1,500,000		1,500,529
Versailles CDS LLC 1.050%, 06/05/17		2,492,927		2,494,662
				12,840,965
Repurchase Agreements—1.1%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $1,876,461 on 04/03/17, collateralized by $2,698,845 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,913,869.		1,876,341		1,876,341
Citigroup Global Markets, Ltd. Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $50,322 on 07/03/17, collateralized by various Common Stock a value of $55,000.		50,000		50,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $2,000,217 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $100,065 on 04/03/17, collateralized by $15,450 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $109,799.		100,000		100,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $3,771,600 on 06/02/17, collateralized by various Common Stock with a value of $4,125,000.		3,750,000		3,750,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $100,007 on 04/03/17, collateralized by $99,374 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $102,062.		100,000		100,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $302,938 on 07/03/17, collateralized by various Common Stock a value of $330,000.		300,000		300,000

BHFTI-364

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $5,000,388 on 04/03/17, collateralized by $14,967,372 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $5,100,000.		5,000,000	$	5,000,000
				13,176,341
Time Deposits—0.3%
OP Corporate Bank plc 1.180%, 04/24/17		100,000		100,000
1.200%, 04/10/17		1,000,000		1,000,000
Shinkin Central Bank 1.440%, 04/25/17		2,000,000		2,000,000
1.440%, 04/27/17		400,000		400,000
				3,500,000
Total Securities Lending Reinvestments (Cost $69,413,353)				69,423,659
Total Investments—102.2% (Cost $1,158,268,433) (f)				1,193,217,520
Other assets and liabilities (net)—(2.2)%				(25,918,456	)
Net Assets—100.0%			$	1,167,299,064

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $67,366,527 and the collateral received consisted of cash in the amount of $69,406,192. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Non-income producing security.
(d)	Principal amount of security is adjusted for inflation.
(e)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(f)	As of March 31, 2017, the aggregate cost of investments was $1,158,268,433. The aggregate unrealized appreciation and depreciation of investments were $50,389,997 and $(15,440,910), respectively, resulting in net unrealized appreciation of $34,949,087.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $48,216,850, which is 4.1% of net assets.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.
(ETF)—	Exchange-Traded Fund
(NVDR)—	Non-Voting Depository Receipts

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	14,077,000	Royal Bank of Canada		06/22/17		USD	10,774,775	$	(35,427	)
CAD	18,622,000	Royal Bank of Canada		06/22/17		USD	14,079,853		(61,577	)
CHF	14,829,000	State Street Bank and Trust		06/22/17		USD	14,862,589		11,551
EUR	44,227,000	State Street Bank and Trust		06/22/17		USD	47,157,875		200,064
GBP	98,300	Credit Suisse International		06/22/17		USD	122,439		954
GBP	4,763,000	JPMorgan Chase Bank N.A.		06/22/17		USD	5,948,549		30,327
GBP	17,372,000	State Street Bank and Trust		06/22/17		USD	21,639,408		167,234
JPY	3,760,274,000	Credit Suisse International		06/22/17		USD	33,728,272		151,706
KRW	13,289,000,000	UBS AG		06/22/17		USD	11,807,197		86,939
KRW	13,592,000,000	UBS AG		06/22/17		USD	12,192,868		(27,537	)
RUB	1,390,354,000	Citibank N.A.		06/22/17		USD	23,134,010		1,126,753
TWD	1,285,700,000	UBS AG		06/22/17		USD	42,260,095		261,361
Contracts to Deliver
KRW	26,881,000,000	BNP Paribas S.A.		06/22/17		USD	23,841,242	$	(218,225	)
TWD	1,285,700,000	HSBC Bank plc		06/22/17		USD	42,202,527		(318,928	)
ZAR	8,620,500	State Street Bank and Trust		06/22/17		USD	655,832		21,967

BHFTI-365

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Cross Currency Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CAD	39,049,440	UBS AG		06/22/17		NOK	247,180,000	$	584,268
EUR	21,866,921	Morgan Stanley & Co. International		06/22/17		SEK	207,440,000		176,302
MXN	454,790,000	UBS AG		06/22/17		AUD	30,309,230		877,969
NOK	247,180,000	Canadian Imperial Bank of Commerce		06/22/17		CAD	39,108,284		(628,565	)
SEK	207,440,000	Goldman Sachs & Co.		06/22/17		EUR	21,685,815		17,625
Net Unrealized Appreciation								$	2,424,761

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Euro Stoxx 50 Index Futures		06/16/17		2,165			EUR	71,701,184		$	2,636,826
FTSE 100 Index Futures		06/16/17		299			GBP	21,958,750			(256,851	)
MSCI Emerging Markets Index Mini Futures		06/16/17		242			USD	11,702,656			(69,716	)
Nikkei 225 Index Mini Futures		06/08/17		1,942			JPY	3,750,762,563			(704,577	)
S&P 500 Index E-Mini Futures		06/16/17		1,663			USD	196,501,095			(333,615	)
S&P TSX 60 Index Futures		06/15/17		120			CAD	21,897,756			(5,531	)
SPI 200 Index Futures		06/15/17		163			AUD	23,431,763			304,711
U.S. Treasury Long Bond Futures		06/21/17		46			USD	6,932,461			6,352
U.S. Treasury Note 10 Year Futures		06/21/17		1,734			USD	214,413,365			1,578,010
U.S. Treasury Note 2 Year Futures		06/30/17		155			USD	33,540,851			9,383
U.S. Treasury Ultra Long Bond Futures		06/21/17		3			USD	484,015			(2,140	)
Futures Contracts—Short
Canada Government Bond 10 Year Futures		06/21/17		(727	)		CAD	(98,905,987	)		(696,058	)
Euro-Bund Futures		06/08/17		(410	)		EUR	(65,364,284	)		(872,552	)
Russell 2000 Index Mini Futures		06/16/17		(249	)		USD	(16,933,798	)		(301,982	)
U.S. Treasury Note 5 Year Futures		06/30/17		(421	)		USD	(49,446,134	)		(116,749	)
Net Unrealized Appreciation										$	1,175,511

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Maturity Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3M LIBOR	2.015%	07/23/25	USD	324,000,000	$	4,398,491
Pay	3M LIBOR	2.133%	01/23/27	USD	324,000,000		(1,042,340	)
Pay	3M LIBOR	2.165%	01/23/27	USD	20,000,000		(376,202	)
Pay	3M LIBOR	2.443%	07/23/26	USD	324,000,000		(519,858	)
Pay	3M LIBOR	2.931%	01/26/26	USD	324,000,000		123,930
Net Unrealized Appreciation						$	2,584,021

(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(EUR)—	Euro
(GBP)—	British Pound

BHFTI-366

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(RUB)—	Russian Ruble
(SEK)—	Swedish Krona
(TWD)—	Taiwanese Dollar
(USD)—	United States Dollar
(ZAR)—	South African Rand
(LIBOR)—	London Interbank Offered Rate

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Total Corporate Bonds & Notes*	$	—	$	346,830,951	$	—	$	346,830,951
Common Stocks
Aerospace & Defense		2,596,688		723,903		—		3,320,591
Air Freight & Logistics		372,834		537,369		—		910,203
Airlines		1,028,093		333,561		—		1,361,654
Auto Components		3,171,841		2,876,376		—		6,048,217
Automobiles		—		2,445,880		—		2,445,880
Banks		11,398,660		15,071,162		—		26,469,822
Beverages		4,544,596		650,375		—		5,194,971
Biotechnology		6,850,159		607,715		—		7,457,874
Building Products		—		432,079		—		432,079
Capital Markets		4,629,139		4,577,796		—		9,206,935
Chemicals		3,295,452		5,283,972		—		8,579,424
Commercial Services & Supplies		1,026,258		1,017,248		—		2,043,506
Communications Equipment		3,004,820		—		—		3,004,820
Construction & Engineering		—		1,251,509		—		1,251,509
Construction Materials		—		452,301		—		452,301
Consumer Finance		4,079,459		—		—		4,079,459
Containers & Packaging		1,376,969		—		—		1,376,969
Distributors		776,244		—		—		776,244
Diversified Consumer Services		141,825		—		—		141,825
Diversified Financial Services		972,884		1,350,167		—		2,323,051
Diversified Telecommunication Services		5,728,550		5,936,726		—		11,665,276
Electric Utilities		176,421		2,350,375		—		2,526,796

BHFTI-367

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Electrical Equipment	$	3,169,788	$	2,024,409		$	—	$	5,194,197
Electronic Equipment, Instruments & Components		—		114,138			—		114,138
Energy Equipment & Services		1,429,776		880,086			—		2,309,862
Equity Real Estate Investment Trusts		1,334,732		1,390,873			—		2,725,605
Food & Staples Retailing		4,915,569		1,584,452			—		6,500,021
Food Products		4,440,758		2,876,279			—		7,317,037
Gas Utilities		—		482,028			—		482,028
Health Care Equipment & Supplies		2,025,258		666,632			—		2,691,890
Health Care Providers & Services		6,953,718		—			—		6,953,718
Health Care Technology		453,145		214,325			—		667,470
Hotels, Restaurants & Leisure		2,803,187		985,042			—		3,788,229
Household Durables		1,306,015		23,617			—		1,329,632
Household Products		3,994,337		116,932			—		4,111,269
Independent Power and Renewable Electricity Producers		299,969		262,465			—		562,434
Industrial Conglomerates		3,015,827		1,677,261			—		4,693,088
Insurance		5,983,090		6,144,580			—		12,127,670
Internet & Direct Marketing Retail		4,037,145		97,623			—		4,134,768
Internet Software & Services		9,970,492		658,870			—		10,629,362
IT Services		10,332,605		71,030			—		10,403,635
Leisure Products		250,978		141,817			—		392,795
Machinery		4,068,626		3,092,582			—		7,161,208
Marine		115,000		400,501			—		515,501
Media		6,438,801		1,531,263			—		7,970,064
Metals & Mining		2,173,581		3,203,369			—		5,376,950
Multi-Utilities		—		580,920			—		580,920
Multiline Retail		985,554		462,329			—		1,447,883
Oil, Gas & Consumable Fuels		13,733,931		6,481,633			—		20,215,564
Paper & Forest Products		132,544		470,982			—		603,526
Personal Products		814,210		1,488,906			—		2,303,116
Pharmaceuticals		11,975,347		16,739,368			—		28,714,715
Professional Services		869,688		545,639			—		1,415,327
Real Estate Management & Development		—		2,816,838			—		2,816,838
Road & Rail		402,496		1,963,203			—		2,365,699
Semiconductors & Semiconductor Equipment		7,594,562		379,794			—		7,974,356
Software		11,594,788		2,468,166			—		14,062,954
Specialty Retail		5,668,294		1,342,546			—		7,010,840
Technology Hardware, Storage & Peripherals		10,221,428		785,356			—		11,006,784
Textiles, Apparel & Luxury Goods		1,523,722		945,424			—		2,469,146
Thrifts & Mortgage Finance		265,437		—			—		265,437
Tobacco		4,028,826		4,747,816			—		8,776,642
Trading Companies & Distributors		—		1,070,458			—		1,070,458
Transportation Infrastructure		—		345,094			—		345,094
Water Utilities		—		356,568			—		356,568
Wireless Telecommunication Services		—		4,423,010			—		4,423,010
Total Common Stocks		204,494,116		122,952,738			—		327,446,854
Total U.S. Treasury & Government Agencies*		—		29,165,065			—		29,165,065
Total Mutual Fund*		21,896,937		—			—		21,896,937
Total Preferred Stocks*		—		184,000			—		184,000
Total Short-Term Investment*		—		398,270,054			—		398,270,054
Total Securities Lending Reinvestments*		—		69,423,659			—		69,423,659
Total Investments	$	226,391,053	$	966,826,467		$	—	$	1,193,217,520
Collateral for Securities Loaned (Liability)	$	—	$	(69,406,192	)	$	—	$	(69,406,192	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	3,715,020		$	—	$	3,715,020
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(1,290,259	)		—		(1,290,259	)
Total Forward Contracts	$	—	$	2,424,761		$	—	$	2,424,761

BHFTI-368

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	4,535,282		$	—		$	—	$	4,535,282
Futures Contracts (Unrealized Depreciation)		(3,359,771	)		—			—		(3,359,771	)
Total Futures Contracts	$	1,175,511		$	—		$	—	$	1,175,511
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	4,522,421		$	—	$	4,522,421
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(1,938,400	)		—		(1,938,400	)
Total Centrally Cleared Swap Contracts	$	—		$	2,584,021		$	—	$	2,584,021

* See Consolidated Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $270,317 were due to the discontinuation of a systematic fair valuation model factor.

BHFTI-369

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—98.5% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—98.5%
Financial Select Sector SPDR Fund (a)		2,095,303	$	49,721,540
Industrial Select Sector SPDR Fund (a) (b)		789,507		51,365,325
iShares 20+ Year Treasury Bond ETF (b)		220,660		26,635,869
iShares Core MSCI Emerging Markets ETF		2,837,416		135,600,111
iShares Core S&P Small-Cap ETF (b)		945,940		65,421,210
iShares iBoxx $ Investment Grade Corporate Bond ETF (b)		438,693		51,726,292
iShares MSCI Canada ETF		956,904		25,721,579
iShares MSCI EAFE ETF (b)		5,165,317		321,747,596
iShares TIPS Bond ETF		1,147,801		131,595,385
SPDR Bloomberg Barclays High Yield Bond ETF (a) (b)		8,531,210		315,057,585
SPDR Dow Jones International Real Estate ETF (a) (b)		1,414,336		52,896,166
SPDR S&P 500 ETF Trust (a)		2,905,143		684,858,411
SPDR S&P International Small Cap ETF (a)		1,681,613		53,004,442
SPDR S&P MidCap 400 ETF Trust (a) (b)		168,230		52,558,417
Technology Select Sector SPDR Fund (a) (b)		983,243		52,416,684
Vanguard REIT ETF (b)		1,263,767		104,374,516
Vanguard Total Bond Market ETF		4,206,851		341,091,479
WisdomTree Europe Hedged Equity Fund		450,297		28,283,155
WisdomTree Japan Hedged Equity Fund		506,531		25,640,599
Total Mutual Funds (Cost $2,406,399,622)				2,569,716,361
Short-Term Investment—1.5%
Mutual Fund—1.5%
AIM STIT-STIC Prime Portfolio		38,008,093		38,008,093
Total Short-Term Investments (Cost $38,008,093)				38,008,093
Securities Lending Reinvestments (c)—20.1%
Certificates of Deposit—12.0%
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (d)		20,000,000		20,009,660
Canadian Imperial Bank 1.423%, 05/23/17 (d)		9,343,689		9,342,775
Chiba Bank, Ltd., New York 1.100%, 04/03/17		11,500,000		11,500,058
1.100%, 04/07/17		5,000,000		5,000,055
Cooperative Rabobank UA New York 1.422%, 10/13/17 (d)		8,000,000		8,010,896
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (d)		15,000,000		15,001,695
Credit Suisse AG New York 1.581%, 04/11/17 (d)		8,500,000		8,500,697
1.581%, 05/12/17 (d)		2,250,000		2,250,682
Danske Bank A/S London Zero Coupon, 05/12/17		6,481,187		6,493,305
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		9,000,000		9,003,978
Certificates of Deposit—(Continued)
HSBC Bank New York 1.144%, 08/01/17 (d)		12,500,000		12,507,012
ING Bank NV 1.461%, 04/18/17 (d)		17,000,000		17,007,244
KBC Bank NV Zero Coupon, 04/28/17		11,966,742		11,992,680
1.150%, 04/18/17		6,000,000		6,000,540
1.170%, 04/06/17		12,000,000		12,000,120
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (d)		5,000,000		5,000,610
Mizuho Bank, Ltd., New York 1.543%, 05/17/17		10,000,000		10,002,970
1.582%, 04/26/17 (d)		5,000,000		5,000,830
1.591%, 04/11/17 (d)		10,000,000		10,000,760
1.643%, 04/18/17 (d)		5,000,000		5,000,725
National Australia Bank London 1.338%, 11/09/17 (d)		8,000,000		7,986,960
Natixis New York 1.444%, 04/07/17 (d)		12,000,000		12,000,660
Norinchukin Bank New York 1.346%, 08/21/17 (d)		15,000,000		15,004,695
Rabobank London 1.422%, 10/13/17 (d)		7,000,000		7,017,115
Royal Bank of Canada New York 1.422%, 10/13/17 (d)		3,000,000		3,005,367
Sumitomo Mitsui Banking Corp., New York 1.534%, 04/07/17 (d)		12,000,000		12,000,696
1.591%, 04/12/17 (d)		2,000,000		2,000,399
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (d)		10,250,000		10,256,967
Sumitomo Mitsui Trust Bank, Ltd., New York 1.308%, 08/16/17 (d)		5,000,000		5,002,355
1.558%, 04/10/17 (d)		15,000,000		15,001,890
Svenska Handelsbanken New York 1.508%, 05/18/17 (d)		5,000,000		5,002,585
UBS, Stamford 1.301%, 05/12/17 (d)		7,000,000		7,001,722
1.589%, 07/31/17 (d)		4,008,670		4,011,018
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		9,600,000		9,615,696
1.452%, 04/26/17 (d)		9,200,000		9,202,447
				313,737,864
Commercial Paper—4.4%
Barton Capital S.A. 1.110%, 04/21/17		5,384,682		5,396,398
Den Norske ASA 1.432%, 04/27/17 (d)		9,000,000		9,001,944
Kells Funding LLC 1.010%, 05/25/17		24,931,965		24,953,925
LMA S.A. & LMA Americas 1.120%, 04/13/17		3,988,800		3,998,576
Macquarie Bank, Ltd. 1.120%, 04/20/17		4,986,000		4,996,755
1.120%, 04/24/17		14,958,000		14,988,675

BHFTI-370

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Ridgefield Funding Co. LLC 1.300%, 06/12/17		14,924,708	$	14,964,585
1.366%, 08/21/17 (d)		8,000,000		8,001,824
Sheffield Receivables Co. 1.170%, 04/07/17		9,970,425		9,997,620
1.170%, 05/15/17		7,476,844		7,488,525
Versailles Commercial Paper LLC 1.120%, 04/25/17		9,972,000		9,993,610
				113,782,437
Repurchase Agreements—2.4%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $954,179 on 04/03/17, collateralized by $1,372,360 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $973,201.		954,118		954,118
Deutsche Bank AG, London Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $25,016,250 on 04/03/17, collateralized by $3,862,455 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45 and various Common Stock, with a value of $27,449,664.		25,000,000		25,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $16,092,160 on 06/02/17, collateralized by various Common Stock with a value of $17,600,000.		16,000,000		16,000,000
Macquarie Bank, Ltd. London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $100,007 on 04/03/17, collateralized by $99,374 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $102,062.		100,000		100,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $12,117,500 on 07/03/17, collateralized by various Common Stock with a value of $13,200,000.		12,000,000		12,000,000
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 03/30/17 at 0.980% to be repurchased at $10,001,906 on 04/06/17, collateralized by $21,783,314 U.S. Government Agency Obligations with rates ranging from 0.000% - 5.000%, maturity dates ranging from 10/09/19 - 08/16/58, with a value of $10,201,114.		10,000,000		10,000,000
				64,054,118
Time Deposits—1.3%
OP Corporate Bank plc 1.180%, 04/24/17		7,000,000		7,000,000
1.200%, 04/10/17		10,000,000		10,000,000
Shinkin Central Bank 1.350%, 04/21/17		2,400,000		2,400,000
1.440%, 04/25/17		7,000,000		7,000,000
1.440%, 04/26/17		2,500,000		2,500,000
1.440%, 04/27/17		3,000,000		3,000,000
Skandanaviska Enskilda Banken 0.810%, 04/03/17		2,000,000		2,000,000
				33,900,000
Total Securities Lending Reinvestments (Cost $525,374,191)				525,474,419
Total Investments—120.1% (Cost $2,969,781,906) (e)				3,133,198,873
Other assets and liabilities (net)—(20.1)%				(524,599,027	)
Net Assets—100.0%			$	2,608,599,846

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Affiliated Issuer.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $514,178,001 and the collateral received consisted of cash in the amount of $525,147,830. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $2,969,781,906. The aggregate unrealized appreciation and depreciation of investments were $191,738,242 and $(28,321,275), respectively, resulting in net unrealized appreciation of $163,416,967.
(ETF)—	Exchange-Traded Fund

BHFTI-371

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Mutual Funds
Investment Company Securities	$	2,569,716,361	$	—		$	—	$	2,569,716,361
Total Short-Term Investment*		38,008,093		—			—		38,008,093
Total Securities Lending Reinvestments*		—		525,474,419			—		525,474,419
Total Investments	$	2,607,724,454	$	525,474,419		$	—	$	3,133,198,873
Collateral for Securities Loaned (Liability)	$	—	$	(525,147,830	)	$	—	$	(525,147,830	)

*            See Schedule of Investments for additional detailed categorizations.

BHFTI-372

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Mutual Funds—98.4% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—98.4%
Financial Select Sector SPDR Fund (a) (b)		747,015	$	17,726,666
Industrial Select Sector SPDR Fund (a) (b)		281,492		18,313,870
iShares 20+ Year Treasury Bond ETF (a)		78,656		9,494,566
iShares Core MSCI Emerging Markets ETF		1,402,678		67,033,982
iShares Core S&P Small-Cap ETF (a)		606,808		41,966,841
iShares iBoxx $ Investment Grade Corporate Bond ETF		156,659		18,471,663
iShares MSCI Canada ETF (a)		696,874		18,731,973
iShares MSCI EAFE ETF (a)		2,764,812		172,220,139
iShares TIPS Bond ETF (a)		241,856		27,728,790
SPDR Bloomberg Barclays High Yield Bond ETF (a) (b)		1,774,789		65,542,958
SPDR Dow Jones International Real Estate ETF (a) (b)		498,964		18,661,254
SPDR S&P 500 ETF Trust (b)		1,231,190		290,240,731
SPDR S&P International Small Cap ETF (b)		909,012		28,652,058
SPDR S&P MidCap 400 ETF Trust (a) (b)		147,734		46,155,056
Technology Select Sector SPDR Fund (a) (b)		350,403		18,679,984
Vanguard REIT ETF (a)		445,849		36,822,669
WisdomTree Europe Hedged Equity Fund (a)		159,109		9,993,636
WisdomTree Japan Hedged Equity Fund (a)		178,007		9,010,714
Total Mutual Funds (Cost $812,410,194)				915,447,550
Short-Term Investment–1.6%
Mutual Fund—1.6%
AIM STIT-STIC Prime Portfolio		14,868,597		14,868,597
Total Short-Term Investments (Cost $14,868,597)				14,868,597
Securities Lending Reinvestments (c)—22.2%
Certificates of Deposit—9.2%
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (d)		7,500,000		7,503,622
Cooperative Rabobank UA New York 1.422%, 10/13/17 (d)		2,000,000		2,002,724
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (d)		3,000,000		3,000,339
Credit Suisse AG New York 1.581%, 04/11/17 (d)		4,000,000		4,000,328
DNB NOR Bank ASA 1.279%, 07/28/17 (d)		3,000,000		3,001,326
HSBC Bank New York 1.144%, 08/01/17 (d)		5,000,000		5,002,805
ING Bank NV 1.461%, 04/18/17 (d)		4,000,000		4,001,705
KBC Bank NV
Zero Coupon, 04/28/17		6,980,600		6,995,730
1.150%, 04/18/17		3,000,000		3,000,270
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (d)		1,500,000		1,500,183
Certificates of Deposit—(Continued)
Mizuho Bank, Ltd., New York 1.582%, 04/26/17 (d)		3,000,000		3,000,498
1.591%, 04/11/17 (d)		4,500,000		4,500,342
National Australia Bank London 1.338%, 11/09/17 (d)		2,000,000		1,996,740
Norinchukin Bank New York 1.346%, 08/21/17 (d)		5,000,000		5,001,565
Rabobank London 1.422%, 10/13/17 (d)		2,000,000		2,004,890
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (d)		5,900,000		5,903,157
1.591%, 04/12/17 (d)		1,000,000		1,000,199
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (d)		3,000,000		3,002,039
Sumitomo Mitsui Trust Bank, Ltd., New York 1.308%, 08/16/17 (d)		4,000,000		4,001,884
1.558%, 04/10/17 (d)		3,000,000		3,000,378
Svenska Handelsbanken New York 1.508%, 05/18/17 (d)		3,000,000		3,001,551
UBS, Stamford 1.301%, 05/12/17 (d)		2,500,000		2,500,615
1.589%, 07/31/17 (d)		1,002,167		1,002,754
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (d)		3,200,000		3,205,232
1.452%, 04/26/17 (d)		3,000,000		3,000,798
				86,131,674
Commercial Paper—3.4%
Den Norske ASA 1.432%, 04/27/17 (d)		3,000,000		3,000,648
Kells Funding LLC 1.010%, 05/25/17		9,972,786		9,981,570
Ridgefield Funding Co. LLC 1.300%, 06/12/17		4,974,903		4,988,195
1.366%, 08/21/17 (d)		4,000,000		4,000,912
Versailles Commercial Paper LLC 0.850%, 04/03/17		1,997,781		1,999,890
1.120%, 04/24/17		2,991,600		2,998,161
1.120%, 04/25/17		4,986,000		4,996,805
				31,966,181
Repurchase Agreements—6.5%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $1,610,810 on 04/03/17, collateralized by $2,316,769 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $1,642,922.		1,610,707		1,610,707

BHFTI-373

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 03/31/17 at 0.880% to be repurchased at $4,300,315 on 04/03/17, collateralized by $4,400,995 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.000%, maturity dates ranging from 03/15/18 - 08/15/25, with a value of $4,386,001.		4,300,000	$	4,300,000
Repurchase Agreement dated 01/25/17 at 1.460% to be repurchased at $1,610,317 on 07/03/17, collateralized by various Common Stock with a value of $1,760,000.		1,600,000		1,600,000
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $100,008 on 04/03/17, collateralized by $101,178 Foreign Obligations at 1.875%, maturity dates ranging from 03/13/19 - 06/11/19, with a value of $102,001.		100,000		100,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $3,000,325 on 04/03/17, collateralized by $463,495 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $3,293,960.		3,000,000		3,000,000
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $5,003,250 on 04/03/17, collateralized by $772,491 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $5,489,933.		5,000,000		5,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $5,531,680 on 06/02/17, collateralized by various Common Stock with a value of $6,050,000.		5,500,000		5,500,000
Macquarie Bank, Ltd. London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $4,500,308 on 04/03/17, collateralized by $4,471,848 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $4,592,772.		4,500,000		4,500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $3,534,271 on 07/03/17, collateralized by various Common Stock with a value of $3,850,000.		3,500,000		3,500,000
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 03/31/17 at 0.980% to be repurchased at $10,000,817 on 04/03/17, collateralized by $11,706,514 U.S. Government Agency and Treasury Obligations with rates ranging from 1.343% - 6.000% , maturity dates ranging from 06/30/18 - 01/16/58, with a value of $10,200,833.		10,000,000		10,000,000
Repurchase Agreement dated 03/30/17 at 0.980% to be repurchased at $10,001,906 on 04/06/17, collateralized by $21,783,314 U.S. Government Agency Obligations with rates ranging from 0.000% - 5.000%, maturity dates ranging from 10/09/19 - 08/16/58, with a value of $10,201,114.		10,000,000		10,000,000
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $11,000,853 on 04/03/17, collateralized by $32,928,219 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $11,220,000.		11,000,000		11,000,000
				60,110,707
Time Deposits—3.1%
Nordea Bank New York 0.810%, 04/03/17		5,000,000		5,000,000
0.810%, 04/03/17		5,000,000		5,000,000
OP Corporate Bank plc 1.180%, 04/24/17		750,000		750,000
1.200%, 04/10/17		3,000,000		3,000,000
Royal Bank of Canada 0.810%, 04/03/17		2,000,000		2,000,000
Shinkin Central Bank 1.350%, 04/21/17		2,475,000		2,475,000
1.440%, 04/26/17		2,500,000		2,500,000
1.440%, 04/27/17		1,000,000		1,000,000
Skandanaviska Enskilda Banken 0.810%, 04/03/17		2,000,000		2,000,000
Svenska 0.800%, 04/03/17		5,000,000		5,000,000
				28,725,000
Total Securities Lending Reinvestments (Cost $206,898,815)				206,933,562
Total Investments—122.2% (Cost $1,034,177,606) (e)				1,137,249,709
Other assets and liabilities (net)—(22.2)%				(206,814,599	)
Net Assets—100.0%			$	930,435,110

BHFTI-374

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $202,485,126 and the collateral received consisted of cash in the amount of $206,841,544. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Affiliated Issuer.
(c)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of March 31, 2017, the aggregate cost of investments was $1,034,177,606. The aggregate unrealized appreciation and depreciation of investments were $107,730,179 and $(4,658,076), respectively, resulting in net unrealized appreciation of $103,072,103.
(ETF)—	Exchange-Traded Fund

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Mutual Funds
Investment Company Securities	$	915,447,550	$	—		$	—	$	915,447,550
Total Short-Term Investment*		14,868,597		—			—		14,868,597
Total Securities Lending Reinvestments*		—		206,933,562			—		206,933,562
Total Investments	$	930,316,147	$	206,933,562		$	—	$	1,137,249,709
Collateral for Securities Loaned (Liability)	$	—	$	(206,841,544	)	$	—	$	(206,841,544	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-375

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—97.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.2%
Boeing Co. (The)		276,100	$	48,831,046
Raytheon Co.		141,300		21,548,250
United Technologies Corp.		325,997		36,580,123
				106,959,419
Airlines—1.0%
Southwest Airlines Co.		594,700		31,971,072
Auto Components—0.5%
Adient plc		228,718		16,620,937
Automobiles—0.4%
General Motors Co. (a)		405,000		14,320,800
Banks—12.9%
Bank of America Corp.		1,496,108		35,293,188
Citigroup, Inc.		1,247,447		74,622,280
Fifth Third Bancorp (a)		2,171,816		55,164,126
JPMorgan Chase & Co.		1,561,170		137,133,173
U.S. Bancorp (a)		737,100		37,960,650
Wells Fargo & Co.		1,505,694		83,806,928
				423,980,345
Beverages—1.5%
PepsiCo, Inc.		439,400		49,151,284
Biotechnology—0.6%
Gilead Sciences, Inc.		279,000		18,949,680
Building Products—1.5%
Johnson Controls International plc		1,176,685		49,561,972
Capital Markets—6.3%
Ameriprise Financial, Inc.		333,133		43,200,687
Bank of New York Mellon Corp. (The)		1,242,900		58,702,167
Invesco, Ltd. (a)		635,700		19,471,491
Morgan Stanley		1,982,894		84,947,179
				206,321,524
Chemicals—1.9%
CF Industries Holdings, Inc. (a)		642,000		18,842,700
E.I. du Pont de Nemours & Co.		545,300		43,803,949
				62,646,649
Commercial Services & Supplies—0.5%
Stericycle, Inc. (a) (b)		203,749		16,888,755
Communications Equipment—1.7%
Cisco Systems, Inc.		1,696,100		57,328,180
Construction Materials—0.7%
Vulcan Materials Co.		181,212		21,832,422
Consumer Finance—1.1%
American Express Co.		465,883		36,856,004
Containers & Packaging—0.7%
International Paper Co. (a)		479,200		24,333,776
Diversified Telecommunication Services—1.3%
Verizon Communications, Inc.		871,600		42,490,500
Electric Utilities—6.0%
Entergy Corp. (a)		192,400		14,614,704
Exelon Corp.		1,312,276		47,215,691
FirstEnergy Corp.		443,604		14,115,479
PG&E Corp.		1,412,564		93,737,747
Southern Co. (The) (a)		569,700		28,359,666
				198,043,287
Electronic Equipment, Instruments & Components—0.9%
TE Connectivity, Ltd.		405,000		30,192,750
Equity Real Estate Investment Trusts—1.2%
VEREIT, Inc.		2,464,411		20,922,849
Weyerhaeuser Co.		567,000		19,266,660
				40,189,509
Food & Staples Retailing—1.0%
Wal-Mart Stores, Inc.		455,000		32,796,400
Food Products—2.3%
Bunge, Ltd.		402,000		31,862,520
Tyson Foods, Inc. - Class A (a)		685,000		42,271,350
				74,133,870
Health Care Equipment & Supplies—2.8%
Hologic, Inc. (a) (b)		719,500		30,614,725
Medtronic plc		754,165		60,755,532
				91,370,257
Health Care Providers & Services—1.5%
Aetna, Inc.		379,400		48,392,470
Hotels, Restaurants & Leisure—1.6%
Carnival Corp.		463,200		27,287,112
Las Vegas Sands Corp. (a)		416,600		23,775,362
				51,062,474
Household Products—1.0%
Procter & Gamble Co. (The)		379,346		34,084,238
Independent Power and Renewable Electricity Producers—0.3%
AES Corp. (a)		865,960		9,681,433
Industrial Conglomerates—1.9%
General Electric Co.		2,093,200		62,377,360
Insurance—4.1%
American International Group, Inc.		107,500		6,711,225
Chubb, Ltd.		54,767		7,462,004
Loews Corp. (a)		789,580		36,928,657

BHFTI-376

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
Marsh & McLennan Cos., Inc.		573,243	$	42,356,925
XL Group, Ltd. (a)		1,041,710		41,522,560
				134,981,371
Leisure Products—0.7%
Mattel, Inc. (a)		929,060		23,793,227
Life Sciences Tools & Services—1.2%
Thermo Fisher Scientific, Inc.		250,692		38,506,291
Machinery—1.9%
Cummins, Inc. (a)		170,400		25,764,480
Illinois Tool Works, Inc. (a)		285,800		37,859,926
				63,624,406
Media—4.1%
Comcast Corp. - Class A		1,529,441		57,491,687
News Corp. - Class A		1,616,400		21,013,200
Twenty-First Century Fox, Inc. - Class B		1,773,225		56,353,091
				134,857,978
Multiline Retail—0.5%
Kohl’s Corp. (a)		429,800		17,110,338
Oil, Gas & Consumable Fuels—9.7%
Apache Corp. (a)		555,500		28,547,145
Canadian Natural Resources, Ltd. (a)		840,200		27,550,158
EQT Corp. (a)		163,160		9,969,076
Exxon Mobil Corp.		754,470		61,874,085
Hess Corp. (a)		593,700		28,622,277
Occidental Petroleum Corp.		652,000		41,310,720
Royal Dutch Shell plc - Class A (ADR)		750,400		39,568,592
Total S.A. (ADR)		1,383,449		69,753,498
TransCanada Corp.		254,126		11,727,915
				318,923,466
Personal Products—0.4%
Coty, Inc. - Class A (a)		723,329		13,113,955
Pharmaceuticals—6.5%
Bristol-Myers Squibb Co. (a)		264,000		14,356,320
Johnson & Johnson		540,300		67,294,365
Merck & Co., Inc.		838,800		53,297,352
Pfizer, Inc.		2,303,669		78,808,516
				213,756,553
Road & Rail—0.9%
Canadian Pacific Railway, Ltd.		193,900		28,487,788
Semiconductors & Semiconductor Equipment—3.4%
Applied Materials, Inc.		804,900		31,310,610
NXP Semiconductors NV (b)		134,412		13,911,642
QUALCOMM, Inc.		753,000		43,177,020
Semiconductors & Semiconductor Equipment—(Continued)
Texas Instruments, Inc.		279,368		22,505,886
				110,905,158
Software—2.5%
Microsoft Corp.		1,274,896		83,964,651
Specialty Retail—1.3%
Lowe’s Cos., Inc.		508,000		41,762,680
Technology Hardware, Storage & Peripherals—1.4%
Apple, Inc.		317,000		45,540,220
Tobacco—2.2%
Philip Morris International, Inc.		639,500		72,199,550
Total Common Stocks (Cost $2,562,378,809)				3,194,064,999
Convertible Preferred Stock—0.8%
Electric Utilities—0.8%
NextEra Energy, Inc. 6.123%, 09/01/19 (a) (Cost $23,943,765)		488,539		24,915,490
Short-Term Investment—2.0%
Mutual Fund—2.0%
T. Rowe Price Treasury Reserve Fund (c)		67,424,870		67,424,870
Total Short-Term Investments (Cost $67,424,870)				67,424,870
Securities Lending Reinvestments (d)—6.2%
Certificates of Deposit—3.8%
ABN AMRO Bank NV Zero Coupon, 06/23/17		4,980,501		4,987,700
Banco Del Estado De Chile New York 1.426%, 06/21/17 (e)		4,000,000		4,002,168
Bank of Montreal Chicago 1.081%, 09/06/17 (e)		7,500,000		7,507,655
Bank of Nova Scotia Houston 1.355%, 11/03/17 (e)		3,000,000		3,003,295
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (e)		4,000,000		4,001,932
1.510%, 08/18/17		1,009,256		1,000,629
BNP Paribas New York 1.384%, 08/04/17 (e)		2,000,000		2,001,524
Canadian Imperial Bank 1.392%, 10/27/17 (e)		1,000,000		1,001,203
Credit Suisse AG New York 1.581%, 05/12/17 (e)		5,000,000		5,001,515
1.676%, 04/24/17 (e)		1,000,000		1,000,236

BHFTI-377

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Danske Bank A/S London Zero Coupon, 05/12/17		3,489,870	$	3,496,395
DNB NOR Bank ASA 1.279%, 07/28/17 (e)		900,000		900,398
KBC Bank NV 1.150%, 04/26/17		6,200,000		6,200,868
1.150%, 04/27/17		1,500,000		1,499,115
Mitsubishi UFJ Trust and Banking Corp. 1.134%, 09/01/17 (e)		7,500,000		7,499,557
Mizuho Bank, Ltd., New York 1.184%, 09/01/17 (e)		1,000,000		999,931
1.543%, 05/17/17		9,000,000		9,002,673
1.582%, 04/26/17 (e)		1,500,000		1,500,249
National Australia Bank London 1.199%, 05/02/17 (e)		2,000,000		2,000,701
1.338%, 11/09/17 (e)		9,000,000		8,985,330
Norinchukin Bank New York 1.451%, 07/12/17 (e)		4,500,000		4,503,982
Oversea-Chinese Banking Corp., Ltd. 1.000%, 06/01/17		8,000,000		7,999,736
Royal Bank of Canada New York 1.298%, 03/20/18 (e)		4,000,000		3,999,988
Sumitomo Bank New York 1.390%, 06/05/17 (e)		2,000,000		2,000,946
1.410%, 05/05/17 (e)		2,250,000		2,250,439
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		2,018,467		2,001,156
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (e)		4,250,000		4,252,889
Sumitomo Mitsui Trust Bank, Ltd., New York 1.308%, 08/16/17 (e)		2,200,000		2,201,036
1.572%, 04/26/17 (e)		2,000,000		2,000,662
Svenska Handelsbanken New York 1.508%, 05/18/17 (e)		500,000		500,259
Toronto Dominion Bank New York 1.221%, 03/13/18 (e)		9,000,000		8,996,829
1.330%, 01/10/18 (e)		1,000,000		1,000,196
UBS, Stamford 1.301%, 05/12/17 (e)		2,400,000		2,400,590
1.589%, 07/31/17 (e)		2,405,202		2,406,611
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (e)		1,000,000		1,001,635
1.452%, 04/26/17 (e)		900,000		900,239
				124,010,267
Commercial Paper—1.2%
Barton Capital S.A. 1.110%, 04/21/17		997,163		999,333
Commonwealth Bank Australia 1.174%, 03/01/18		4,000,000		4,001,632
DCAT LLC 1.200%, 04/11/17		1,498,400		1,499,586
Den Norske ASA 1.432%, 04/27/17 (e)		900,000		900,194
Commercial Paper—(Continued)
Erste Abwicklungsanstalt 1.098%, 07/18/17 (e)		5,000,000		4,999,560
HSBC plc 1.442%, 04/25/17 (e)		1,750,000		1,750,315
Kells Funding LLC 1.100%, 06/05/17		1,693,455		1,696,339
Ridgefield Funding Co. LLC 1.184%, 09/07/17 (e)		200,000		199,976
1.300%, 06/12/17		4,477,413		4,489,376
Sheffield Receivables Co. 1.170%, 04/07/17		2,991,128		2,999,286
Starbird Funding Corp. 1.441%, 06/13/17 (e)		3,000,000		3,001,059
Versailles CDS LLC 1.050%, 06/05/17		9,971,708		9,978,650
Westpac Banking Corp. 1.380%, 10/20/17 (e)		1,500,000		1,502,719
				38,018,025
Repurchase Agreements—0.5%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $7,030,607 on 04/03/17, collateralized by $10,111,863 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $7,170,763.		7,030,156		7,030,156
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $7,000,758 on 04/03/17, collateralized by $1,220,711 U.S. Treasury Obligations and various Common Stock with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, with a value of $7,685,906.		7,000,000		7,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $1,005,760 on 06/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $2,019,583 on 07/03/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
				17,030,156
Time Deposits—0.7%
Nordea Bank New York 0.810%, 04/03/17		2,000,000		2,000,000

BHFTI-378

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
OP Corporate Bank plc 1.180%, 04/24/17		8,000,000	$	8,000,000
Royal Bank of Canada 0.810%, 04/03/17		2,000,000		2,000,000
Shinkin Central Bank 1.440%, 04/25/17		7,000,000		7,000,000
1.440%, 04/26/17		3,500,000		3,500,000
1.440%, 04/27/17		200,000		200,000
Svenska 0.800%, 04/03/17		2,000,000		2,000,000
				24,700,000
Total Securities Lending Reinvestments (Cost $203,731,492)				203,758,448
Total Investments—106.1% (Cost $2,857,478,936) (f)				3,490,163,807
Other assets and liabilities (net)—(6.1)%				(199,193,647	)
Net Assets—100.0%			$	3,290,970,160

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $198,225,610 and the collateral received consisted of cash in the amount of $203,712,718. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Affiliated Issuer.
(d)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(e)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(f)	As of March 31, 2017, the aggregate cost of investments was $2,857,478,936. The aggregate unrealized appreciation and depreciation of investments were $691,702,554 and $(59,017,683), respectively, resulting in net unrealized appreciation of $632,684,871.
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	3,194,064,999	$	—		$	—	$	3,194,064,999
Total Convertible Preferred Stock*		24,915,490		—			—		24,915,490
Total Short-Term Investment*		67,424,870		—			—		67,424,870
Total Securities Lending Reinvestments*		—		203,758,448			—		203,758,448
Total Investments	$	3,286,405,359	$	203,758,448		$	—	$	3,490,163,807
Collateral for Securities Loaned (Liability)	$	—	$	(203,712,718	)	$	—	$	(203,712,718	)

* See Schedule of Investments for additional detailed categorizations.

BHFTI-379

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—94.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.7%
DigitalGlobe, Inc. (a)		283,000	$	9,268,250
MacDonald Dettwiler & Associates, Ltd. (b)		64,000		3,380,832
Rockwell Collins, Inc.		148,000		14,379,680
Textron, Inc.		727,000		34,597,930
				61,626,692
Airlines—0.3%
United Continental Holdings, Inc. (a)		64,000		4,520,960
Automobiles—0.8%
Ferrari NV		91,850		6,829,966
Tesla, Inc. (a) (b)		21,000		5,844,300
				12,674,266
Banks—0.2%
Webster Financial Corp. (b)		64,000		3,202,560
Biotechnology—2.7%
Alkermes plc (a) (b)		349,000		20,416,500
Alnylam Pharmaceuticals, Inc. (a) (b)		80,000		4,100,000
Incyte Corp. (a)		70,000		9,356,900
TESARO, Inc. (a) (b)		24,000		3,692,880
Vertex Pharmaceuticals, Inc. (a)		76,000		8,310,600
				45,876,880
Building Products—1.1%
Allegion plc (b)		240,000		18,168,000
Fortune Brands Home & Security, Inc.		16,057		977,069
				19,145,069
Capital Markets—4.0%
CBOE Holdings, Inc.		282,000		22,861,740
E*Trade Financial Corp. (a)		3,000		104,670
FactSet Research Systems, Inc. (b)		38,000		6,266,580
Intercontinental Exchange, Inc.		64,000		3,831,680
MSCI, Inc.		126,000		12,245,940
Oaktree Capital Group LLC		65,000		2,944,500
TD Ameritrade Holding Corp.		503,000		19,546,580
				67,801,690
Chemicals—3.0%
Air Products & Chemicals, Inc.		127,000		17,181,830
Ashland Global Holdings, Inc.		101,000		12,504,810
RPM International, Inc. (b)		253,000		13,922,590
Valvoline, Inc. (b)		248,000		6,088,400
				49,697,630
Commercial Services & Supplies—1.8%
KAR Auction Services, Inc.		251,000		10,961,170
Waste Connections, Inc.		221,000		19,496,620
				30,457,790
Communications Equipment—1.3%
Harris Corp.		190,000		21,141,300
Construction Materials—0.6%
Martin Marietta Materials, Inc.		47,000		10,257,750
Consumer Finance—0.2%
SLM Corp. (a)		318,000		3,847,800
Containers & Packaging—1.3%
Ardagh Group S.A. (a)		35,000		768,600
Ball Corp.		286,000		21,238,360
				22,006,960
Electrical Equipment—1.8%
Acuity Brands, Inc. (b)		25,000		5,100,000
Sensata Technologies Holding NV (a) (b)		573,000		25,022,910
				30,122,910
Electronic Equipment, Instruments & Components—1.6%
Cognex Corp.		64,000		5,372,800
Keysight Technologies, Inc. (a)		603,000		21,792,420
				27,165,220
Equity Real Estate Investment Trusts—0.2%
SBA Communications Corp. (a)		24,000		2,888,880
Food & Staples Retailing—1.2%
Casey’s General Stores, Inc. (b)		80,000		8,980,000
Sprouts Farmers Market, Inc. (a) (b)		448,000		10,357,760
				19,337,760
Food Products—1.6%
Blue Buffalo Pet Products, Inc. (a) (b)		160,000		3,680,000
Conagra Brands, Inc.		283,000		11,416,220
TreeHouse Foods, Inc. (a)		142,000		12,021,720
				27,117,940
Health Care Equipment & Supplies—8.2%
Cooper Cos., Inc. (The) (b)		117,000		23,387,130
DENTSPLY SIRONA, Inc. (b)		270,000		16,858,800
Hologic, Inc. (a)		651,000		27,700,050
IDEXX Laboratories, Inc. (a)		63,000		9,740,430
Intuitive Surgical, Inc. (a)		25,000		19,161,750
Teleflex, Inc. (b)		174,000		33,709,020
West Pharmaceutical Services, Inc.		94,000		7,671,340
				138,228,520
Health Care Providers & Services—3.6%
Acadia Healthcare Co., Inc. (a) (b)		164,000		7,150,400
Envision Healthcare Corp. (a)		277,000		16,985,640
Henry Schein, Inc. (a)		79,000		13,427,630
MEDNAX, Inc. (a) (b)		325,000		22,548,500
				60,112,170
Health Care Technology—0.6%
athenahealth, Inc. (a) (b)		32,000		3,606,080
Veeva Systems, Inc. - Class A (a) (b)		127,000		6,512,560
				10,118,640

BHFTI-380

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—5.6%
Aramark		285,000	$	10,507,950
Marriott International, Inc. - Class A		284,000		26,747,120
MGM Resorts International		327,000		8,959,800
Norwegian Cruise Line Holdings, Ltd. (a) (b)		569,000		28,865,370
Royal Caribbean Cruises, Ltd.		94,000		9,222,340
Vail Resorts, Inc. (b)		47,000		9,019,300
				93,321,880
Industrial Conglomerates—1.6%
Roper Technologies, Inc.		127,000		26,224,230
Insurance—4.7%
FNF Group		695,000		27,063,300
Progressive Corp. (The)		492,000		19,276,560
Willis Towers Watson plc		248,000		32,460,720
				78,800,580
Internet & Direct Marketing Retail—0.2%
TripAdvisor, Inc. (a) (b)		96,000		4,143,360
Internet Software & Services—1.5%
Match Group, Inc. (a) (b)		160,000		2,612,800
VeriSign, Inc. (a) (b)		221,000		19,251,310
Zillow Group, Inc. - Class A (a) (b)		55,000		1,859,550
Zillow Group, Inc. - Class C (a) (b)		58,000		1,952,860
				25,676,520
IT Services—7.8%
Black Knight Financial Services, Inc. - Class A (a) (b)		32,000		1,225,600
CoreLogic, Inc. (a)		330,612		13,462,521
CSRA, Inc. (b)		283,000		8,289,070
Fidelity National Information Services, Inc.		111,000		8,837,820
Fiserv, Inc. (a)		253,000		29,173,430
FleetCor Technologies, Inc. (a)		108,000		16,354,440
Gartner, Inc. (a)		64,000		6,911,360
Global Payments, Inc.		254,000		20,492,720
Sabre Corp. (b)		378,000		8,009,820
Vantiv, Inc. - Class A (a)		286,000		18,338,320
				131,095,101
Life Sciences Tools & Services—3.9%
Agilent Technologies, Inc.		444,000		23,474,280
Bruker Corp. (b)		621,000		14,487,930
Illumina, Inc. (a)		70,000		11,944,800
Mettler-Toledo International, Inc. (a)		14,000		6,704,740
Quintiles IMS Holdings, Inc. (a)		113,000		9,099,890
				65,711,640
Machinery—4.2%
Colfax Corp. (a)		142,000		5,574,920
Fortive Corp.		238,000		14,332,360
IDEX Corp. (b)		265,000		24,780,150
Middleby Corp. (The) (a)		57,000		7,777,650
WABCO Holdings, Inc. (a)		48,000		5,636,160
Machinery—(Continued)
Xylem, Inc.		237,000		11,902,140
				70,003,380
Metals & Mining—0.6%
Franco-Nevada Corp.		143,000		9,367,930
Multiline Retail—1.4%
Dollar General Corp.		347,000		24,196,310
Oil, Gas & Consumable Fuels—0.9%
ARC Resources, Ltd.		250,000		3,571,831
Centennial Resource Development, Inc. - Class A (a) (c) (d)		73,503		1,272,962
Centennial Resource Development, Inc. - Class A (a) (b)		144,000		2,625,120
Concho Resources, Inc. (a)		64,000		8,213,760
				15,683,673
Pharmaceuticals—1.2%
Catalent, Inc. (a) (b)		382,000		10,818,240
Zoetis, Inc.		189,000		10,086,930
				20,905,170
Professional Services—4.1%
Equifax, Inc. (b)		191,000		26,117,340
IHS Markit, Ltd. (a)		553,000		23,198,350
TransUnion (a)		97,000		3,719,950
Verisk Analytics, Inc. (a)		195,000		15,822,300
				68,857,940
Real Estate Management & Development—0.1%
WeWork Cos., Inc. - Class A (a) (c) (d)		47,810		2,477,036
Road & Rail—1.2%
J.B. Hunt Transport Services, Inc.		64,000		5,871,360
Kansas City Southern		140,000		12,006,400
Old Dominion Freight Line, Inc. (b)		32,000		2,738,240
				20,616,000
Semiconductors & Semiconductor Equipment—3.4%
KLA-Tencor Corp.		94,000		8,936,580
Microchip Technology, Inc. (b)		411,000		30,323,580
NXP Semiconductors NV (a)		110,000		11,385,000
Xilinx, Inc. (b)		125,000		7,236,250
				57,881,410
Software—4.6%
Atlassian Corp. plc - Class A (a) (b)		269,000		8,056,550
Electronic Arts, Inc. (a)		121,000		10,831,920
Guidewire Software, Inc. (a) (b)		71,000		3,999,430
Red Hat, Inc. (a)		221,000		19,116,500
ServiceNow, Inc. (a)		32,000		2,799,040
Snap, Inc. - Class A (a)		73,900		1,664,967
Splunk, Inc. (a) (b)		126,000		7,848,540

BHFTI-381

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Software—(Continued)
SS&C Technologies Holdings, Inc. (b)		252,000	$	8,920,800
Tableau Software, Inc. - Class A (a) (b)		115,000		5,698,250
Workday, Inc. - Class A (a) (b)		94,000		7,828,320
				76,764,317
Specialty Retail—5.1%
AutoZone, Inc. (a) (b)		32,000		23,137,600
Burlington Stores, Inc. (a)		95,000		9,242,550
CarMax, Inc. (a) (b)		236,000		13,975,920
Dick’s Sporting Goods, Inc. (b)		126,000		6,131,160
L Brands, Inc.		142,000		6,688,200
Michaels Cos., Inc. (The) (a) (b)		473,000		10,590,470
O’Reilly Automotive, Inc. (a) (b)		60,000		16,190,400
				85,956,300
Textiles, Apparel & Luxury Goods—2.4%
Carter’s, Inc.		88,000		7,902,400
Coach, Inc.		630,000		26,037,900
PVH Corp.		57,000		5,897,790
				39,838,090
Total Common Stocks (Cost $1,107,024,385)				1,584,870,254
Convertible Preferred Stocks—0.5%
Real Estate Management & Development—0.5%
WeWork Cos., Inc.- Series D1 (a) (c) (d)		89,839		4,654,559
WeWork Cos., Inc.- Series D2 (a) (c) (d)		70,588		3,657,164
Total Convertible Preferred Stocks (Cost $2,671,296)				8,311,723
Short-Term Investment—4.9%
Mutual Fund—4.9%
T. Rowe Price Treasury Reserve Fund (e)		81,934,248		81,934,249
Total Short-Term Investments (Cost $81,934,249)				81,934,249
Securities Lending Reinvestments (f)—18.0%
Certificates of Deposit—10.7%
ABN AMRO Bank NV Zero Coupon, 05/05/17		3,390,191		3,397,212
Zero Coupon, 06/23/17		5,976,602		5,985,240
Bank of America N.A. 1.271%, 07/11/17 (g)		11,000,000		11,011,640
Bank of Montreal Chicago 1.081%, 09/06/17 (g)		6,500,000		6,506,634
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (g)		2,000,000		2,000,966
1.510%, 08/18/17		4,137,950		4,102,579
Certificates of Deposit—(Continued)
Canadian Imperial Bank 1.392%, 10/27/17 (g)		2,500,000		2,503,008
1.454%, 05/24/17 (g)		1,500,878		1,500,525
Chiba Bank, Ltd., New York 1.240%, 05/11/17		3,000,000		3,000,798
Cooperative Rabobank UA New York 1.422%, 10/13/17 (g)		2,500,000		2,503,405
Credit Agricole Corporate and Investment Bank 1.491%, 04/12/17 (g)		5,500,000		5,500,621
Credit Industriel et Commercial 1.440%, 04/05/17 (g)		1,900,000		1,900,082
Credit Suisse AG New York 1.511%, 04/03/17 (g)		1,900,000		1,900,030
1.581%, 04/11/17 (g)		4,400,000		4,400,361
1.581%, 05/12/17 (g)		3,000,000		3,000,909
Danske Bank A/S London Zero Coupon, 05/12/17		4,985,528		4,994,850
DNB NOR Bank ASA 1.279%, 07/28/17 (g)		2,400,000		2,401,061
ING Bank NV 1.461%, 04/18/17 (g)		5,400,000		5,402,301
KBC Bank NV 1.120%, 05/08/17		500,000		500,075
1.150%, 04/18/17		5,000,000		5,000,450
1.150%, 04/27/17		4,000,000		3,997,640
1.170%, 04/06/17		2,000,000		2,000,020
Mitsubishi UFJ Trust and Banking Corp. 1.581%, 04/11/17 (g)		4,000,000		4,000,488
Mizuho Bank, Ltd., New York 1.339%, 08/02/17 (g)		1,300,000		1,300,749
1.543%, 05/17/17		1,500,000		1,500,446
1.591%, 04/11/17 (g)		3,500,000		3,500,266
1.643%, 04/18/17 (g)		3,800,000		3,800,551
National Australia Bank London 1.199%, 05/02/17 (g)		4,000,000		4,001,401
1.338%, 11/09/17 (g)		5,500,000		5,491,035
Natixis New York 1.241%, 08/03/17 (g)		4,600,000		4,602,962
1.444%, 04/07/17 (g)		2,500,000		2,500,138
Norinchukin Bank New York 1.346%, 08/21/17 (g)		4,500,000		4,501,409
1.451%, 07/12/17 (g)		6,000,000		6,005,310
Oversea-Chinese Banking Corp., Ltd. 1.000%, 06/01/17		2,500,000		2,499,918
Rabobank London 1.422%, 10/13/17 (g)		1,000,000		1,002,445
Royal Bank of Canada New York 1.340%, 04/04/17 (g)		2,000,000		1,999,950
1.422%, 10/13/17 (g)		3,500,000		3,506,262
Sumitomo Bank New York 1.410%, 05/05/17 (g)		1,500,000		1,500,292
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		1,009,233		1,000,578
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (g)		6,700,000		6,703,584

BHFTI-382

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Sumitomo Mitsui Banking Corp., New York
1.534%, 04/07/17 (g)		2,500,000	$	2,500,145
1.591%, 04/12/17 (g)		2,000,000		2,000,399
Sumitomo Mitsui Trust Bank, Ltd. 1.120%, 05/08/17		1,000,000		1,000,150
Sumitomo Mitsui Trust Bank, Ltd., New York 1.558%, 04/10/17 (g)		2,500,000		2,500,315
1.572%, 04/26/17 (g)		4,000,000		4,001,324
Svenska Handelsbanken New York 1.508%, 05/18/17 (g)		5,000,000		5,002,585
Toronto Dominion Bank New York 1.221%, 03/13/18 (g)		7,500,000		7,497,357
1.330%, 01/10/18 (g)		3,000,000		3,000,588
UBS, Stamford 1.301%, 05/12/17 (g)		4,000,000		4,000,984
1.589%, 07/31/17 (g)		1,002,167		1,002,754
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (g)		2,300,000		2,303,761
1.452%, 04/26/17 (g)		2,400,000		2,400,638
				180,139,191
Commercial Paper—3.8%
Barton Capital S.A. 1.110%, 04/21/17		2,991,490		2,997,999
1.160%, 04/07/17		2,990,913		2,999,589
Commonwealth Bank Australia 1.389%, 10/23/17 (g)		3,000,000		3,003,666
DCAT LLC 1.200%, 04/11/17		1,798,080		1,799,503
Den Norske ASA 1.432%, 04/27/17 (g)		2,400,000		2,400,518
Erste Abwicklungsanstalt 1.098%, 07/18/17 (g)		12,500,000		12,498,900
HSBC plc 1.442%, 04/25/17 (g)		6,000,000		6,001,080
Kells Funding LLC 1.100%, 06/05/17		3,486,525		3,492,464
LMA S.A. & LMA Americas 1.090%, 05/10/17		1,994,066		1,997,562
1.120%, 04/13/17		1,495,800		1,499,466
Macquarie Bank, Ltd. 1.120%, 04/24/17		5,983,200		5,995,470
Ridgefield Funding Co. LLC 1.184%, 09/07/17 (g)		2,000,000		1,999,764
1.300%, 06/12/17		3,979,922		3,990,556
Sheffield Receivables Co. 1.170%, 04/04/17		7,478,306		7,499,453
Versailles Commercial Paper LLC 1.120%, 04/24/17		2,991,600		2,998,161
Westpac Banking Corp. 1.380%, 10/20/17 (g)		3,600,000		3,606,524
				64,780,675
Repurchase Agreements—2.3%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $5,278,209 on 04/03/17, collateralized by $7,591,454 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $5,383,431.		5,277,870		5,277,870
Deutsche Bank AG, London Repurchase Agreement dated 03/31/17 at 0.950% to be repurchased at $45,022 on 04/03/17, collateralized by $45,548 Foreign Obligations at 1.875%, with maturity dates ranging from 03/13/19 - 06/11/19, with a value of $45,919.		45,018		45,018
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $4,000,433 on 04/03/17, collateralized by $617,993 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock, with a value of $4,391,946.		4,000,000		4,000,000
Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $15,009,750 on 04/03/17, collateralized by $2,317,473 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock, with a value of $16,469,798.		15,000,000		15,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $4,023,040 on 06/02/17, collateralized by various Common Stock with a value of $4,400,000.		4,000,000		4,000,000
Macquarie Bank, Ltd. London Repurchase Agreement dated 03/31/17 at 0.820% to be repurchased at $1,100,075 on 04/03/17, collateralized by $1,093,119 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 05/04/17 - 05/15/46, with a value of $1,122,678.		1,100,000		1,100,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $3,736,229 on 07/03/17, collateralized by various Common Stock with a value of $4,070,000.		3,700,000		3,700,000

BHFTI-383

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 03/31/17 at 0.930% to be repurchased at $4,900,380 on 04/03/17, collateralized by $14,668,025 U.S. Government Agency Obligations with rates ranging from 0.000% - 11.022%, maturity dates ranging from 09/15/17 - 09/20/63, with a value of $4,998,000.		4,900,000	$	4,900,000
				38,022,888
Time Deposits—1.2%
OP Corporate Bank plc 1.180%, 04/24/17		5,000,000		5,000,000
1.200%, 04/10/17		3,000,000		3,000,000
Royal Bank of Canada 0.810%, 04/03/17		4,000,000		4,000,000
Shinkin Central Bank 1.440%, 04/25/17		5,000,000		5,000,000
1.440%, 04/26/17		1,000,000		1,000,000
1.440%, 04/27/17		2,100,000		2,100,000
				20,100,000
Total Securities Lending Reinvestments (Cost $302,971,920)				303,042,754
Total Investments—117.7% (Cost $1,494,601,850) (h)				1,978,158,980
Other assets and liabilities (net)—(17.7)%				(297,301,756	)
Net Assets—100.0%			$	1,680,857,224

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $295,294,312 and the collateral received consisted of cash in the amount of $302,915,341. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Security was valued in good faith under procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent 0.7% of net assets.
(d)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of March 31, 2017, the market value of restricted securities was $12,061,721, which is 0.7% of net assets. See details shown in the Restricted Securities table that follows.
(e)	Affiliated Issuer.
(f)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(g)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(h)	As of March 31, 2017, the aggregate cost of investments was $1,494,601,850. The aggregate unrealized appreciation and depreciation of investments were $501,455,327 and $(17,898,197), respectively, resulting in net unrealized appreciation of $483,557,130.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Centennial Resource Development, Inc. - Class A		12/28/16		73,503	$	1,068,734	$	1,272,962
WeWork Cos., Inc. - Class A		12/09/14 - 05/26/15		47,810		722,353		2,477,036
WeWork Cos., Inc.- Series D1		12/09/14		89,839		1,495,924		4,654,559
WeWork Cos., Inc.- Series D2		12/09/14		70,588		1,175,372		3,657,164
							$	12,061,721

BHFTI-384

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	61,626,692	$	—	$	—	$	61,626,692
Airlines		4,520,960		—		—		4,520,960
Automobiles		12,674,266		—		—		12,674,266
Banks		3,202,560		—		—		3,202,560
Biotechnology		45,876,880		—		—		45,876,880
Building Products		19,145,069		—		—		19,145,069
Capital Markets		67,801,690		—		—		67,801,690
Chemicals		49,697,630		—		—		49,697,630
Commercial Services & Supplies		30,457,790		—		—		30,457,790
Communications Equipment		21,141,300		—		—		21,141,300
Construction Materials		10,257,750		—		—		10,257,750
Consumer Finance		3,847,800		—		—		3,847,800
Containers & Packaging		22,006,960		—		—		22,006,960
Electrical Equipment		30,122,910		—		—		30,122,910
Electronic Equipment, Instruments & Components		27,165,220		—		—		27,165,220
Equity Real Estate Investment Trusts		2,888,880		—		—		2,888,880
Food & Staples Retailing		19,337,760		—		—		19,337,760
Food Products		27,117,940		—		—		27,117,940
Health Care Equipment & Supplies		138,228,520		—		—		138,228,520
Health Care Providers & Services		60,112,170		—		—		60,112,170
Health Care Technology		10,118,640		—		—		10,118,640
Hotels, Restaurants & Leisure		93,321,880		—		—		93,321,880
Industrial Conglomerates		26,224,230		—		—		26,224,230
Insurance		78,800,580		—		—		78,800,580
Internet & Direct Marketing Retail		4,143,360		—		—		4,143,360
Internet Software & Services		25,676,520		—		—		25,676,520
IT Services		131,095,101		—		—		131,095,101
Life Sciences Tools & Services		65,711,640		—		—		65,711,640
Machinery		70,003,380		—		—		70,003,380
Metals & Mining		9,367,930		—		—		9,367,930
Multiline Retail		24,196,310		—		—		24,196,310
Oil, Gas & Consumable Fuels		14,410,711		1,272,962		—		15,683,673
Pharmaceuticals		20,905,170		—		—		20,905,170
Professional Services		68,857,940		—		—		68,857,940
Real Estate Management & Development		—		—		2,477,036		2,477,036

BHFTI-385

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Road & Rail	$	20,616,000	$	—		$	—	$	20,616,000
Semiconductors & Semiconductor Equipment		57,881,410		—			—		57,881,410
Software		76,764,317		—			—		76,764,317
Specialty Retail		85,956,300		—			—		85,956,300
Textiles, Apparel & Luxury Goods		39,838,090		—			—		39,838,090
Total Common Stocks		1,581,120,256		1,272,962			2,477,036		1,584,870,254
Total Convertible Preferred Stocks*		—		—			8,311,723		8,311,723
Total Short-Term Investment*		81,934,249		—			—		81,934,249
Total Securities Lending Reinvestments*		—		303,042,754			—		303,042,754
Total Investments	$	1,663,054,505	$	304,315,716		$	10,788,759	$	1,978,158,980
Collateral for Securities Loaned (Liability)	$	—	$	(302,915,341	)	$	—	$	(302,915,341	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2017 is not presented.

BHFTI-386

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

U.S. Treasury & Government Agencies—60.7% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—29.6%
Fannie Mae 10 Yr. Pool 2.500%, 10/01/26		10,348,253	$	10,486,081
Fannie Mae 15 Yr. Pool 3.000%, TBA (a)		13,095,000		13,426,664
Fannie Mae 30 Yr. Pool 3.000%, 07/01/45		22,872,065		22,756,027
3.000%, TBA (a)		11,310,000		11,211,037
3.500%, 02/01/46		18,443,182		18,876,415
3.500%, TBA (a)		21,775,000		22,273,443
4.000%, 09/01/46		37,886,822		39,745,183
4.000%, TBA (a)		12,615,000		13,231,952
4.500%, 02/01/46		7,259,690		7,784,713
4.500%, 10/01/46		10,509,390		11,291,391
4.500%, 02/01/47		20,909,702		22,436,890
4.500%, 03/01/47		31,700,000		34,057,334
4.500%, TBA (a)		23,085,000		24,751,448
Fannie Mae Pool 2.470%, 01/01/23		2,500,000		2,513,801
2.740%, 03/01/25		2,135,840		2,142,042
2.740%, 03/01/26		3,855,000		3,816,509
2.950%, 05/01/31		4,328,410		4,214,212
3.030%, 03/01/31		1,081,682		1,057,929
3.280%, 02/01/28		3,975,000		4,035,817
3.320%, 08/01/26		1,895,000		1,944,494
3.390%, 01/01/31		4,725,000		4,782,083
3.500%, 01/01/44		8,470,016		8,692,195
3.550%, 03/01/24		4,098,077		4,322,576
3.580%, 03/01/27		2,905,129		2,995,769
3.920%, 10/01/23		1,730,000		1,842,700
4.080%, 01/01/29		4,360,021		4,720,541
4.381%, 04/01/21		6,752,269		7,221,008
4.381%, 06/01/21		7,135,591		7,656,207
4.520%, 08/01/19		4,124,617		4,359,981
4.550%, 10/01/19		4,954,924		5,241,109
4.590%, 08/01/26		2,910,340		3,185,819
Fannie Mae-ACES (CMO) 1.332%, 05/25/18 (b)		2,148,543		2,149,002
1.332%, 08/25/18 (b)		7,299,010		7,308,531
2.569%, 12/25/26 (b)		9,410,000		9,008,155
3.047%, 12/25/24 (b)		9,607,414		9,674,158
Freddie Mac 15 Yr. Gold Pool 2.500%, 12/01/31		10,501,923		10,517,645
2.500%, 01/01/32		2,484,693		2,488,413
3.000%, 03/01/31		3,237,549		3,323,576
Freddie Mac 30 Yr. Gold Pool 3.000%, 06/01/46		10,234,307		10,147,058
3.000%, 08/01/46		5,068,787		5,025,574
3.000%, 09/01/46		4,021,312		3,987,029
3.000%, 10/01/46		12,298,077		12,193,233
3.000%, 11/01/46		16,080,025		15,942,939
3.000%, 01/01/47		17,669,018		17,518,386
3.000%, 02/01/47		2,238,986		2,219,884
3.500%, 04/01/45		8,257,508		8,513,952
3.500%, 11/01/45		7,800,672		7,983,338
3.500%, 03/01/46		6,538,500		6,691,610
3.500%, 04/01/46		18,725,296		19,163,779
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
3.500%, 06/01/46		6,117,869		6,261,129
3.500%, 08/01/46		12,751,000		13,049,585
3.500%, 09/01/46		2,286,713		2,340,260
4.000%, 01/01/45		6,988,266		7,398,582
4.000%, 11/01/45		7,416,027		7,784,793
4.000%, 12/01/45		16,136,721		17,061,069
4.000%, 05/01/46		10,236,297		10,745,302
Freddie Mac Multi-family Structured Pass-Through Certificates 1.329%, 07/25/20 (b)		1,434,046		1,435,858
1.409%, 07/25/20 (b)		1,470,945		1,473,780
3.511%, 04/25/30		4,495,000		4,587,843
Ginnie Mae II 30 Yr. Pool 3.000%, 10/20/46		4,052,119		4,092,421
3.000%, 12/20/46		12,120,086		12,240,630
3.000%, TBA (a)		13,520,000		13,638,300
3.500%, 04/20/46		10,021,959		10,403,258
3.500%, 05/20/46		4,572,802		4,746,781
3.500%, 06/20/46		11,833,140		12,283,349
3.500%, 11/20/46		14,578,405		15,133,061
3.500%, TBA (a)		15,355,000		15,921,216
4.000%, TBA (a)		18,040,000		19,053,341
				660,580,190
U.S. Treasury—31.1%
U.S. Treasury Bonds 2.875%, 11/15/46		6,985,000		6,777,357
3.000%, 02/15/47 (c)		92,815,000		92,485,043
U.S. Treasury Inflation Indexed Bonds 0.750%, 02/15/45 (d)		17,357,727		16,523,306
U.S. Treasury Inflation Indexed Notes 0.375%, 07/15/25 (d)		22,227,349		22,284,162
U.S. Treasury Notes 0.750%, 10/31/17		79,450,000		79,356,885
1.000%, 12/31/17 (c)		20,625,000		20,620,978
1.125%, 02/28/19 (c)		16,270,000		16,233,132
1.250%, 03/31/19		50,940,000		50,930,067
1.500%, 01/31/22 (c)		48,870,000		47,907,847
1.875%, 01/31/22 (c)		29,040,000		28,976,460
1.875%, 02/28/22		140,570,000		140,268,056
1.875%, 03/31/22		86,935,000		86,710,882
2.250%, 02/15/27 (c)		87,935,000		86,811,806
				695,885,981
Total U.S. Treasury & Government Agencies (Cost $1,361,870,837)				1,356,466,171
Corporate Bonds & Notes—27.6%
Aerospace/Defense—0.3%
United Technologies Corp. 1.778%, 05/04/18		6,850,000		6,848,061

BHFTI-387

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Airlines—0.5%
America West Airlines Pass-Through Trust 7.100%, 04/02/21		660,830	$	719,478
8.057%, 07/02/20		454,253		508,763
American Airlines Pass-Through Trust 4.000%, 07/15/25		1,609,968		1,661,648
4.950%, 01/15/23		761,177		809,610
Continental Airlines Pass-Through Trust 6.545%, 02/02/19		1,805,150		1,917,971
U.S. Airways Pass-Through Trust 6.250%, 04/22/23		2,160,500		2,354,945
7.076%, 03/20/21		2,314,877		2,471,132
				10,443,547
Auto Manufacturers—0.6%
Ford Motor Credit Co. LLC 1.724%, 12/06/17		5,100,000		5,099,933
2.145%, 01/09/18		1,000,000		1,002,541
3.000%, 06/12/17		1,400,000		1,403,962
General Motors Co. 3.500%, 10/02/18 (c)		1,000,000		1,021,952
4.875%, 10/02/23 (c)		3,725,000		3,974,251
General Motors Financial Co., Inc. 3.200%, 07/06/21		200,000		200,759
				12,703,398
Banks—10.3%
American Express Centurion Bank 6.000%, 09/13/17		2,000,000		2,039,722
Bank of America Corp. 3.875%, 08/01/25		1,800,000		1,831,909
4.125%, 01/22/24		3,090,000		3,227,619
4.875%, 04/01/44		900,000		970,688
5.000%, 01/21/44		1,500,000		1,634,705
5.650%, 05/01/18		8,310,000		8,645,874
5.750%, 12/01/17		4,845,000		4,972,777
6.000%, 09/01/17 (c)		2,200,000		2,239,514
6.400%, 08/28/17		2,000,000		2,038,836
6.500%, 07/15/18		2,000,000		2,112,446
6.875%, 04/25/18		6,915,000		7,276,191
7.625%, 06/01/19 (c)		4,000,000		4,459,160
Bank of America N.A. 6.100%, 06/15/17		1,050,000		1,059,612
Capital One N.A. 1.650%, 02/05/18		755,000		754,873
Citigroup, Inc. 1.700%, 04/27/18		12,106,000		12,111,133
1.750%, 05/01/18		3,000,000		2,999,148
1.800%, 02/05/18		5,250,000		5,252,698
6.000%, 08/15/17		1,850,000		1,878,653
6.125%, 11/21/17		3,190,000		3,280,513
6.125%, 05/15/18 (c)		7,355,000		7,698,817
Discover Bank 2.000%, 02/21/18		3,000,000		3,002,526
2.600%, 11/13/18		2,085,000		2,104,434
Banks—(Continued)
Goldman Sachs Group, Inc. (The) 2.139%, 11/15/18 (b)		7,000,000		7,074,130
2.375%, 01/22/18 (c)		6,500,000		6,535,633
3.850%, 07/08/24		1,595,000		1,633,808
5.950%, 01/18/18		8,935,000		9,226,924
6.150%, 04/01/18		8,185,000		8,526,969
HBOS plc 6.750%, 05/21/18 (144A)		1,645,000		1,722,674
JPMorgan Chase & Co. 2.700%, 05/18/23		5,585,000		5,473,389
3.900%, 07/15/25		6,000,000		6,202,062
6.000%, 01/15/18 (c)		13,390,000		13,841,993
6.300%, 04/23/19 (c)		3,415,000		3,709,561
JPMorgan Chase Bank N.A. 6.000%, 10/01/17		10,480,000		10,699,566
Morgan Stanley 1.842%, 02/14/20 (b)		6,290,000		6,303,681
3.875%, 01/27/26 (c)		3,500,000		3,546,550
5.625%, 09/23/19		4,050,000		4,373,158
5.950%, 12/28/17		5,765,000		5,944,609
6.625%, 04/01/18		5,895,000		6,170,190
7.300%, 05/13/19		1,000,000		1,105,415
Santander UK Group Holdings plc 2.875%, 08/05/21		1,175,000		1,159,709
Santander UK plc 3.050%, 08/23/18		5,000,000		5,080,115
UBS AG 1.375%, 06/01/17		7,000,000		7,001,414
Wachovia Corp. 5.750%, 02/01/18		16,355,000		16,868,956
Wells Fargo & Co. 2.500%, 03/04/21		4,065,000		4,053,362
2.600%, 07/22/20		5,175,000		5,226,170
3.000%, 04/22/26		3,500,000		3,359,023
3.000%, 10/23/26		600,000		574,472
Wells Fargo Bank N.A. 6.000%, 11/15/17		3,000,000		3,081,060
				230,086,441
Beverages—0.5%
Anheuser-Busch InBev Finance, Inc. 3.650%, 02/01/26		10,163,000		10,276,826
Biotechnology—0.9%
Amgen, Inc. 2.125%, 05/15/17		2,500,000		2,502,785
4.400%, 05/01/45		3,000,000		2,911,923
4.663%, 06/15/51		1,000,000		1,000,622
Baxalta, Inc. 2.875%, 06/23/20		1,000,000		1,014,050
4.000%, 06/23/25		2,497,000		2,544,198
Biogen, Inc. 5.200%, 09/15/45		2,100,000		2,270,316
Celgene Corp. 5.000%, 08/15/45		4,250,000		4,448,539

BHFTI-388

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—(Continued)
Gilead Sciences, Inc. 2.950%, 03/01/27 (c)		1,905,000	$	1,806,715
3.700%, 04/01/24 (c)		1,500,000		1,540,833
4.750%, 03/01/46		940,000		958,793
				20,998,774
Commercial Services—0.3%
Moody’s Corp. 1.414%, 09/04/18 (b)		4,000,000		4,006,932
University of Southern California 3.028%, 10/01/39		3,030,000		2,734,254
				6,741,186
Computers—0.1%
Apple, Inc. 4.650%, 02/23/46		998,000		1,070,856
Diversified Financial Services—1.2%
American Express Co. 7.000%, 03/19/18		4,264,000		4,477,545
American Express Credit Corp. 2.200%, 03/03/20		3,000,000		3,004,542
Bear Stearns Cos. LLC (The) 7.250%, 02/01/18		3,000,000		3,135,369
International Lease Finance Corp. 7.125%, 09/01/18 (144A)		8,700,000		9,298,108
Protective Life Global Funding 1.656%, 06/08/18 (144A) (b)		3,500,000		3,501,789
2.700%, 11/25/20 (144A)		3,045,000		3,067,082
				26,484,435
Electric—3.0%
American Electric Power Co., Inc. 1.650%, 12/15/17		2,445,000		2,444,257
Appalachian Power Co. 4.450%, 06/01/45		2,200,000		2,279,226
Cleveland Electric Illuminating Co. (The) 7.880%, 11/01/17		3,000,000		3,104,523
Commonwealth Edison Co. 6.150%, 09/15/17		2,030,000		2,071,621
Dominion Resources, Inc. 1.875%, 12/15/18 (144A)		5,000,000		4,991,320
Duke Energy Carolinas LLC 4.250%, 12/15/41		3,300,000		3,416,114
Duke Energy Progress LLC 4.100%, 05/15/42		1,000,000		1,014,485
4.100%, 03/15/43		2,325,000		2,329,478
Duquesne Light Holdings, Inc. 6.400%, 09/15/20 (144A)		3,250,000		3,628,700
El Paso Electric Co. 3.300%, 12/15/22		825,000		826,420
Emera U.S. Finance L.P. 2.700%, 06/15/21 (c)		4,000,000		3,977,336
Entergy Corp. 4.000%, 07/15/22 (c)		3,000,000		3,142,368
Electric—(Continued)
Exelon Corp. 1.550%, 06/09/17		4,075,000		4,075,122
FirstEnergy Transmission LLC 4.350%, 01/15/25 (144A)		4,000,000		4,156,768
International Transmission Co. 4.625%, 08/15/43 (144A)		2,750,000		2,965,991
IPALCO Enterprises, Inc. 5.000%, 05/01/18 (c)		560,000		575,400
MidAmerican Energy Co. 4.800%, 09/15/43		905,000		1,015,513
NextEra Energy Capital Holdings, Inc. 1.586%, 06/01/17		4,000,000		4,001,064
2.056%, 09/01/17		2,455,000		2,462,912
PacifiCorp 3.350%, 07/01/25		2,000,000		2,030,158
Pennsylvania Electric Co. 4.150%, 04/15/25 (144A)		2,800,000		2,814,913
Public Service Co. of New Mexico 3.850%, 08/01/25		3,135,000		3,191,063
Public Service Electric & Gas Co. 4.050%, 05/01/45		3,000,000		2,969,628
Southwestern Electric Power Co. 6.450%, 01/15/19		2,000,000		2,150,768
Xcel Energy, Inc. 3.300%, 06/01/25		2,375,000		2,378,612
				68,013,760
Food—0.4%
Kraft Heinz Foods Co. 3.500%, 07/15/22 (c)		1,500,000		1,532,642
3.950%, 07/15/25 (c)		2,925,000		2,969,413
5.200%, 07/15/45		3,270,000		3,413,069
				7,915,124
Gas—0.2%
Southern Co. Gas Capital Corp. 3.250%, 06/15/26 (c)		4,000,000		3,892,340
Spire, Inc. 4.700%, 08/15/44		1,000,000		1,000,489
				4,892,829
Healthcare-Services—1.2%
Aetna, Inc. 2.800%, 06/15/23 (c)		2,000,000		1,983,656
Anthem, Inc. 1.875%, 01/15/18		4,455,000		4,458,404
2.300%, 07/15/18		1,915,000		1,923,518
4.650%, 08/15/44		3,000,000		3,045,252
Hartford HealthCare Corp. 5.746%, 04/01/44		1,000,000		1,114,969
New York and Presbyterian Hospital (The) 3.563%, 08/01/36		4,490,000		4,198,069
Northwell Healthcare, Inc. 3.979%, 11/01/46		3,405,000		3,127,979
4.800%, 11/01/42		1,600,000		1,665,568

BHFTI-389

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
NYU Hospitals Center 4.428%, 07/01/42		1,756,000	$	1,735,750
Providence St. Joseph Health Obligated Group 2.746%, 10/01/26		1,015,000		967,081
UnitedHealth Group, Inc. 6.000%, 02/15/18 (c)		2,910,000		3,022,148
				27,242,394
Insurance—0.5%
Berkshire Hathaway Finance Corp. 4.400%, 05/15/42		3,700,000		3,886,517
Farmers Exchange Capital III 5.454%, 10/15/54 (144A) (b) (c)		3,530,000		3,552,945
Teachers Insurance & Annuity Association of America 4.375%, 09/15/54 (144A) (b)		3,500,000		3,456,250
				10,895,712
Media—0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 6.484%, 10/23/45		3,215,000		3,701,545
Comcast Corp. 4.400%, 08/15/35		1,500,000		1,554,780
Time Warner Cable LLC 5.875%, 11/15/40		1,500,000		1,592,340
6.750%, 07/01/18		1,315,000		1,390,523
				8,239,188
Miscellaneous Manufacturing—0.1%
Siemens Financieringsmaatschappij NV 2.000%, 09/15/23 (144A)		3,420,000		3,246,603
Oil & Gas—0.1%
Anadarko Petroleum Corp. 4.500%, 07/15/44		620,000		584,843
Devon Energy Corp. 5.000%, 06/15/45 (c)		815,000		817,717
Noble Energy, Inc. 5.050%, 11/15/44 (c)		1,050,000		1,073,713
Shell International Finance B.V. 4.375%, 05/11/45		650,000		659,167
				3,135,440
Packaging & Containers—0.1%
Amcor Finance USA, Inc. 3.625%, 04/28/26 (144A) (c)		2,625,000		2,600,110
Pharmaceuticals—1.3%
AbbVie, Inc. 1.800%, 05/14/18 (c)		1,219,000		1,220,371
3.200%, 05/14/26 (c)		1,945,000		1,869,684
3.600%, 05/14/25		2,281,000		2,281,431
4.300%, 05/14/36		1,273,000		1,233,713
Pharmaceuticals—(Continued)
Actavis Funding SCS 3.800%, 03/15/25		7,285,000		7,351,461
4.550%, 03/15/35		1,200,000		1,203,262
Actavis, Inc. 1.875%, 10/01/17		2,000,000		2,001,880
Bayer U.S. Finance LLC 1.500%, 10/06/17 (144A)		2,850,000		2,847,637
Express Scripts Holding Co. 3.400%, 03/01/27 (c)		2,000,000		1,883,560
Shire Acquisitions Investments Ireland DAC 1.900%, 09/23/19		4,500,000		4,467,568
Teva Pharmaceutical Finance Netherlands III B.V. 1.400%, 07/20/18 (c)		3,000,000		2,982,351
				29,342,918
Pipelines—1.1%
Columbia Pipeline Group, Inc. 2.450%, 06/01/18		2,250,000		2,260,735
Enbridge Energy Partners L.P. 5.875%, 10/15/25 (c)		2,000,000		2,235,504
Energy Transfer Partners L.P. 5.150%, 03/15/45		5,065,000		4,794,205
6.500%, 02/01/42		700,000		755,681
Enterprise Products Operating LLC 4.450%, 02/15/43		500,000		475,768
Kinder Morgan, Inc. 3.050%, 12/01/19		2,950,000		2,999,672
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.000%, 10/01/22		1,260,000		1,339,850
TC PipeLines L.P. 4.650%, 06/15/21		3,840,000		4,043,194
Texas Eastern Transmission L.P. 2.800%, 10/15/22 (144A)		3,275,000		3,170,495
Williams Partners L.P. 3.600%, 03/15/22		3,490,000		3,540,179
				25,615,283
Real Estate Investment Trusts—2.4%
Alexandria Real Estate Equities, Inc. 2.750%, 01/15/20		475,000		476,470
4.600%, 04/01/22		5,292,000		5,622,522
HCP, Inc. 3.750%, 02/01/19 (c)		3,000,000		3,075,648
4.000%, 12/01/22 (c)		1,975,000		2,037,238
4.250%, 11/15/23		3,216,000		3,323,363
Healthcare Realty Trust, Inc. 3.750%, 04/15/23		1,850,000		1,848,148
5.750%, 01/15/21		538,000		589,617
Healthcare Trust of America Holdings L.P. 3.500%, 08/01/26 (c)		1,885,000		1,812,761
Highwoods Realty L.P. 7.500%, 04/15/18		2,783,000		2,938,934

BHFTI-390

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
Kimco Realty Corp. 4.300%, 02/01/18		5,680,000	$	5,761,593
Realty Income Corp. 2.000%, 01/31/18		4,500,000		4,507,632
SL Green Realty Corp. 5.000%, 08/15/18 (c)		1,500,000		1,550,765
Ventas Realty L.P. 3.125%, 06/15/23		590,000		582,384
3.250%, 10/15/26 (c)		2,500,000		2,372,160
4.125%, 01/15/26		4,750,000		4,820,804
WEA Finance LLC / Westfield UK & Europe Finance plc 1.750%, 09/15/17 (144A)		703,000		703,174
2.700%, 09/17/19 (144A)		5,925,000		5,979,954
Welltower, Inc. 4.700%, 09/15/17		5,000,000		5,065,645
				53,068,812
Retail—0.6%
CVS Health Corp. 3.875%, 07/20/25 (c)		5,840,000		6,017,226
5.125%, 07/20/45		1,215,000		1,340,506
Wal-Mart Stores, Inc. 4.300%, 04/22/44 (c)		1,000,000		1,055,844
4.750%, 10/02/43		1,400,000		1,556,789
Walgreens Boots Alliance, Inc. 3.450%, 06/01/26		1,280,000		1,251,532
4.800%, 11/18/44		2,300,000		2,346,099
				13,567,996
Software—0.2%
Microsoft Corp. 3.300%, 02/06/27 (c)		2,150,000		2,182,996
3.750%, 02/12/45		2,330,000		2,210,322
				4,393,318
Telecommunications—1.3%
AT&T, Inc. 3.000%, 06/30/22		1,000,000		994,795
3.600%, 02/17/23 (c)		1,400,000		1,417,921
3.800%, 03/15/22		2,000,000		2,068,732
4.350%, 06/15/45		1,500,000		1,320,271
4.750%, 05/15/46		4,175,000		3,895,638
5.250%, 03/01/37		4,440,000		4,526,376
Rogers Communications, Inc. 6.800%, 08/15/18		3,290,000		3,511,483
Verizon Communications, Inc. 4.862%, 08/21/46		7,400,000		7,114,353
5.250%, 03/16/37		3,325,000		3,437,618
				28,287,187
Transportation—0.0%
Burlington Northern Santa Fe LLC 4.550%, 09/01/44		605,000		638,026
Total Corporate Bonds & Notes (Cost $615,892,250)				616,748,224
Asset-Backed Securities—11.2%
Asset-Backed - Automobile—0.3%
Honda Auto Receivables Owner Trust 1.040%, 04/18/19		5,665,000		5,653,824
Asset-Backed - Credit Card—0.2%
Citibank Credit Card Issuance Trust 1.404%, 07/24/20 (b)		1,900,000		1,908,309
2.353%, 05/20/20 (b)		3,500,000		3,551,177
				5,459,486
Asset-Backed - Home Equity—3.1%
Asset Backed Securities Corp. Home Equity Loan Trust 1.142%, 05/25/36 (b)		3,104,976		2,982,002
Asset-Backed Funding Certificates Trust 1.122%, 09/25/36 (b)		8,139,924		7,644,669
1.612%, 03/25/35 (b)		5,249,049		5,141,519
Centex Home Equity Loan Trust 1.412%, 06/25/35 (b)		7,380,945		7,229,406
JPMorgan Mortgage Acquisition Corp. 1.687%, 06/25/35 (b)		8,803,000		8,435,203
MASTR Asset-Backed Securities Trust 1.282%, 01/25/36 (b)		7,774,266		7,639,478
1.392%, 06/25/35 (b)		547,903		547,993
New Century Home Equity Loan Trust 1.762%, 08/25/34 (b)		10,791,089		10,032,003
Option One Mortgage Loan Trust 1.642%, 05/25/35 (b)		4,263,291		4,118,419
Option One Mortgage Loan Trust Asset-Backed Certificates 1.422%, 11/25/35 (b)		10,783,000		10,588,522
Wells Fargo Home Equity Trust 1.627%, 04/25/35 (b)		5,412,406		5,370,534
				69,729,748
Asset-Backed - Other—2.4%
AMMC CLO 19, Ltd. 2.381%, 10/15/28 (144A) (b)		4,000,000		4,027,440
Citigroup Mortgage Loan Trust, Inc. 1.657%, 05/25/35 (b)		2,961,306		2,946,048
Dryden Senior Loan Fund Zero Coupon, 04/18/26 (144A) (b)		5,185,000		5,182,407
2.374%, 04/18/26 (144A) (b)		5,185,000		5,185,218
Encore Credit Receivables Trust 1.402%, 01/25/36 (b)		2,788,561		2,781,673

BHFTI-391

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
GSAMP Trust 1.662%, 10/25/34 (b)		5,359,171	$	5,125,191
HSI Asset Securitization Corp. Trust 1.172%, 12/25/35 (b)		1,334,186		1,329,719
Long Beach Mortgage Loan Trust 1.777%, 02/25/35 (b)		3,725,968		3,718,742
Magnetite, Ltd. 2.458%, 07/25/26 (144A) (b)		5,000,000		5,005,905
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates 1.657%, 06/25/35 (b)		1,415,519		1,414,039
Structured Asset Securities Corp. Mortgage Loan Trust 1.462%, 07/25/35 (b)		11,671,000		11,550,076
Voya CLO, Ltd. 1.000%, 01/18/26 (144A)		2,850,000		2,850,000
2.473%, 07/17/26 (144A) (b)		2,850,000		2,850,128
				53,966,586
Asset-Backed - Student Loan—5.2%
Education Loan Asset-Backed Trust I 1.782%, 06/25/26 (144A) (b)		6,480,688		6,486,214
Navient Student Loan Trust 2.482%, 10/25/58 (b)		2,470,000		2,208,844
Nelnet Student Loan Trust 1.582%, 02/27/51 (144A) (b)		5,182,918		5,169,930
SLC Student Loan Trust 1.241%, 03/15/27 (b)		2,372,426		2,346,211
1.291%, 09/15/39 (b)		11,000,000		10,262,036
1.291%, 03/15/55 (b)		8,310,000		7,573,569
SLM Student Loan Trust 1.098%, 01/25/22 (b)		10,320,000		9,874,219
1.188%, 10/25/29 (b)		10,200,000		10,105,950
1.418%, 10/25/24 (b)		5,615,864		5,595,112
1.582%, 11/25/27 (b)		4,548,815		4,564,386
1.588%, 04/27/26 (144A) (b)		9,112,810		9,135,545
1.601%, 12/15/27 (144A) (b)		5,213,349		5,203,485
1.732%, 05/26/26 (b)		9,890,000		9,773,238
1.732%, 01/25/45 (144A) (b)		4,392,625		4,299,078
1.788%, 10/25/40 (b)		10,240,000		9,854,308
2.538%, 04/25/23 (b)		1,430,965		1,459,536
2.782%, 09/25/43 (b)		5,800,000		5,495,823
Wachovia Student Loan Trust 1.208%, 04/25/40 (144A) (b)		7,500,000		6,754,703
				116,162,187
Total Asset-Backed Securities (Cost $250,726,915)				250,971,831
Mortgage-Backed Securities—4.3%
Collateralized Mortgage Obligations—2.6%
Citigroup Mortgage Loan Trust, Inc. 0.991%, 05/20/47 (144A) (b)		3,243,654		3,184,762
Collateralized Mortgage Obligations—(Continued)
Credit Suisse Mortgage Trust 1.018%, 05/27/37 (144A) (b)		1,486,500		1,486,154
1.058%, 04/27/47 (144A) (b)		3,694,006		3,562,429
1.066%, 09/27/46 (144A)		3,892,642		3,833,898
3.113%, 01/27/36 (144A) (b)		1,325,067		1,328,811
Morgan Stanley Mortgage Loan Trust 1.252%, 09/25/35 (b)		2,320,705		2,319,378
Morgan Stanley Resecuritization Trust 1.228%, 08/26/47 (144A) (b)		6,676,410		6,565,820
3.057%, 01/26/51 (144A) (b)		4,888,998		4,851,455
Nomura Resecuritization Trust 1.038%, 02/25/37 (144A) (b)		3,506,272		3,375,266
1.078%, 08/26/37 (144A) (b)		3,560,059		3,462,380
3.277%, 03/26/37 (144A) (b)		5,411,885		5,448,983
Structured Adjustable Rate Mortgage Loan Trust 1.657%, 01/25/35 (b)		4,591,213		4,465,909
3.291%, 03/25/34 (b)		7,109,108		7,090,404
WaMu Mortgage Pass-Through Certificates Trust 1.272%, 10/25/45 (b)		7,690,107		7,503,693
				58,479,342
Commercial Mortgage-Backed Securities—1.7%
225 Liberty Street Trust 3.597%, 02/10/36 (144A)		1,865,000		1,911,262
7 WTC Depositor LLC Trust 4.082%, 03/13/31 (144A)		599,986		606,838
BAMLL Commercial Mortgage Securities Trust 3.819%, 07/14/37 (144A)		2,260,000		2,358,763
Banc of America Commercial Mortgage Trust 5.492%, 02/10/51		4,825,975		4,853,671
Commercial Mortgage Trust 3.545%, 02/10/36 (144A)		1,865,000		1,902,403
3.611%, 08/10/49 (144A) (b)		1,810,000		1,875,763
4.353%, 08/10/30 (144A)		1,845,000		1,998,557
DBRR Trust 4.537%, 07/12/44 (144A) (b)		3,000,000		3,145,426
JPMorgan Chase Commercial Mortgage Securities Trust 4.311%, 08/05/32 (144A)		1,708,000		1,780,129
4.388%, 07/15/46 (144A)		6,690,000		7,152,308
Morgan Stanley Capital Trust 3.727%, 10/11/50 (144A)		2,150,000		2,220,617
4.700%, 09/15/47 (144A)		1,240,078		1,291,896
RBS Commercial Funding, Inc. Trust 3.834%, 01/13/32 (144A) (b)		2,475,000		2,606,825
SFAVE Commercial Mortgage Securities Trust 3.872%, 01/05/43 (144A) (b)		1,519,000		1,478,861
Wells Fargo Commercial Mortgage Trust 2.710%, 03/18/28 (144A) (b)		2,000,000		2,022,795
				37,206,114
Total Mortgage-Backed Securities (Cost $95,993,818)				95,685,456

BHFTI-392

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Municipals—0.7%

Security Description	Shares/ Principal Amount*		Value
New York City Transitional Finance Authority, Future Tax Secured Revenue 5.267%, 05/01/27		2,150,000	$	2,470,995
New York City Water & Sewer System Revenue, Build America Bonds 5.440%, 06/15/43		1,250,000		1,545,250
6.011%, 06/15/42		1,300,000		1,714,661
New York City, General Obligation Unlimited, Build America Bonds 5.968%, 03/01/36		1,750,000		2,182,180
6.271%, 12/01/37		1,575,000		2,062,384
State of Massachusetts, General Obligation Unlimited 3.000%, 04/01/41		3,750,000		3,337,537
University of California CA, Revenue 4.601%, 05/15/31		2,855,000		3,133,420
Total Municipals (Cost $16,319,516)				16,446,427
Short-Term Investments—1.0%
Mutual Fund—0.9%
State Street Institutional Liquid Reserves Fund		19,485,521		19,487,470
U.S. Treasury—0.1%
U.S. Treasury Bills 0.420%, 04/06/17 (e)		1,307,000		1,306,933
Total Short-Term Investments (Cost $20,794,380)				20,794,403
Securities Lending Reinvestments (f)—11.9%
Certificates of Deposit—7.9%
ABN AMRO Bank NV Zero Coupon, 05/05/17		2,492,788		2,497,950
Zero Coupon, 06/23/17		3,785,181		3,790,652
Banco Del Estado De Chile New York 1.426%, 06/21/17 (b)		4,000,000		4,002,168
Bank of Montreal Chicago 1.081%, 09/06/17 (b)		7,000,000		7,007,145
Bank of Nova Scotia Houston 1.355%, 11/03/17 (b)		4,000,000		4,004,394
Bank of Tokyo-Mitsubishi, Ltd. 1.358%, 11/16/17 (b)		3,000,000		3,001,449
1.510%, 08/18/17		16,995,874		16,850,592
BNP Paribas New York 1.384%, 08/04/17 (b)		9,000,000		9,006,858
Canadian Imperial Bank 1.392%, 10/27/17 (b)		1,000,000		1,001,203
Credit Suisse AG New York 1.676%, 04/24/17 (b)		8,000,000		8,001,888
Danske Bank A/S London Zero Coupon, 05/12/17		3,589,580		3,596,292
DNB NOR Bank ASA 1.279%, 07/28/17 (b)		2,500,000		2,501,105
Certificates of Deposit—(Continued)
KBC Bank NV 1.150%, 04/26/17		14,000,000		14,001,960
1.150%, 04/27/17		1,500,000		1,499,115
Mizuho Bank, Ltd., New York
1.339%, 08/02/17 (b)		1,000,000		1,000,576
1.543%, 05/17/17		7,500,000		7,502,227
1.582%, 04/26/17 (b)		5,000,000		5,000,830
National Australia Bank London 1.199%, 05/02/17 (b)		3,000,000		3,001,051
Norinchukin Bank New York 1.451%, 07/12/17 (b)		10,000,000		10,008,850
Royal Bank of Canada New York 1.298%, 03/20/18 (b)		16,500,000		16,499,950
Sumitomo Bank New York 1.390%, 06/05/17 (b)		2,000,000		2,000,946
1.410%, 05/05/17 (b)		1,250,000		1,250,244
1.578%, 06/19/17 (b)		5,000,000		5,003,380
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		5,046,167		5,002,890
Sumitomo Mitsui Banking Corp., New York 1.284%, 08/01/17 (b)		6,000,000		6,003,210
Sumitomo Mitsui Trust Bank, Ltd., London 1.444%, 05/08/17 (b)		2,500,000		2,501,699
Sumitomo Mitsui Trust Bank, Ltd., New York 1.572%, 04/26/17 (b)		5,000,000		5,001,655
Svenska Handelsbanken New York 1.508%, 05/18/17 (b)		4,500,000		4,502,326
Toronto Dominion Bank New York 1.221%, 03/13/18 (b)		4,000,000		3,998,591
1.330%, 01/10/18 (b)		6,000,000		6,001,176
UBS, Stamford 1.589%, 07/31/17 (b)		6,413,872		6,417,629
Wells Fargo Bank San Francisco N.A. 1.412%, 10/26/17 (b)		2,500,000		2,504,088
1.452%, 04/26/17 (b)		2,500,000		2,500,665
				176,464,754
Commercial Paper—2.4%
Barton Capital S.A. 1.110%, 04/21/17		2,692,341		2,698,199
DCAT LLC 1.200%, 04/11/17		1,498,400		1,499,586
Erste Abwicklungsanstalt 1.098%, 07/18/17 (b)		15,700,000		15,698,618
HSBC plc 1.442%, 04/25/17 (b)		6,500,000		6,501,170
Kells Funding LLC 1.100%, 06/05/17		2,490,375		2,494,617
Macquarie Bank, Ltd. 1.120%, 04/20/17		1,994,400		1,998,702
Ridgefield Funding Co. LLC 1.300%, 06/12/17		5,969,883		5,985,834
Sheffield Receivables Co. 1.170%, 04/07/17		4,985,213		4,998,810

BHFTI-393

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Starbird Funding Corp. 1.441%, 06/13/17 (b)		1,500,000	$	1,500,529
Versailles Commercial Paper LLC 1.120%, 04/24/17		4,986,000		4,996,935
Westpac Banking Corp. 1.380%, 10/20/17 (b)		4,300,000		4,307,793
				52,680,793
Repurchase Agreements—0.6%
Barclays Capital, Inc. Repurchase Agreement dated 03/31/17 at 0.770% to be repurchased at $927,745 on 04/03/17, collateralized by $1,334,342 U.S. Treasury Obligations with rates ranging from 0.000% - 0.500%, maturity dates ranging from 07/31/17 - 02/15/39, with a value of $946,240.		927,686		927,686
Deutsche Bank AG, London Repurchase Agreement dated 03/16/17 at 1.300% to be repurchased at $2,001,300 on 04/03/17, collateralized by $308,996 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $2,195,973.		2,000,000		2,000,000
Repurchase Agreement dated 03/31/17 at 1.300% to be repurchased at $3,000,325 on 04/03/17, collateralized by $463,495 U.S. Treasury Obligations with rates ranging from 0.625% - 6.500%, maturity dates ranging from 07/31/17 - 05/15/45, and various Common Stock with a value of $3,293,960.		3,000,000		3,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 01/09/17 at 1.440% to be repurchased at $4,023,040 on 06/02/17, collateralized by various Common Stock with a value of $4,400,000.		4,000,000		4,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.410% to be repurchased at $4,039,167 on 07/03/17, collateralized by various Common Stock with a value of $4,400,000.		4,000,000		4,000,000
				13,927,686
Time Deposits—1.0%
Nordea Bank New York 0.810%, 04/03/17		2,000,000		2,000,000
OP Corporate Bank plc 1.180%, 04/24/17		11,000,000		11,000,000
1.200%, 04/10/17		3,000,000		3,000,000
Time Deposits—(Continued)
Shinkin Central Bank 1.440%, 04/25/17		4,000,000		4,000,000
1.440%, 04/26/17		1,000,000		1,000,000
1.440%, 04/27/17		2,000,000		2,000,000
				23,000,000
Total Securities Lending Reinvestments (Cost $265,986,579)				266,073,233
Total Investments—117.4% (Cost $2,627,584,295) (g)				2,623,185,745
Other assets and liabilities (net)—(17.4)%				(389,381,572	)
Net Assets—100.0%			$	2,233,804,173

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(b)	Variable or floating rate security. The stated rate represents the rate at March 31, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(c)	All or a portion of the security was held on loan. As of March 31, 2017, the market value of securities loaned was $260,128,231 and the collateral received consisted of cash in the amount of $266,117,759. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(d)	Principal amount of security is adjusted for inflation.
(e)	The rate shown represents current yield to maturity.
(f)	Represents investment of cash collateral received from securities on loan as of March 31, 2017.
(g)	As of March 31, 2017, the aggregate cost of investments was $2,627,584,295. The aggregate unrealized appreciation and depreciation of investments were $15,675,721 and $(20,074,271), respectively, resulting in net unrealized depreciation of $(4,398,550).
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2017, the market value of 144A securities was $193,306,967, which is 8.7% of net assets.
(ACES)—	Alternative Credit Enhancement Securities
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation

BHFTI-394

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of March 31, 2017 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
U.S. Treasury Note 2 Year Futures		06/30/17		411		USD	88,889,236	$	72,999
U.S. Treasury Note 5 Year Futures		06/30/17		1,085		USD	127,460,091		273,230
Net Unrealized Appreciation								$	346,229

(USD)— United States Dollar

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2017:

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,356,466,171		$	—	$	1,356,466,171
Total Corporate Bonds & Notes*		—		616,748,224			—		616,748,224
Total Asset-Backed Securities*		—		250,971,831			—		250,971,831
Total Mortgage-Backed Securities*		—		95,685,456			—		95,685,456
Total Municipals		—		16,446,427			—		16,446,427
Short-Term Investments
Mutual Fund		19,487,470		—			—		19,487,470
U.S. Treasury		—		1,306,933			—		1,306,933
Total Short-Term Investments		19,487,470		1,306,933			—		20,794,403
Total Securities Lending Reinvestments*		—		266,073,233			—		266,073,233
Total Investments	$	19,487,470	$	2,603,698,275		$	—	$	2,623,185,745
Collateral for Securities Loaned (Liability)	$	—	$	(266,117,759	)	$	—	$	(266,117,759	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	346,229	$	—		$	—	$	346,229

* See Schedule of Investments for additional detailed categorizations.

BHFTI-395

Brighthouse Funds Trust I

Notes to the Schedule of Investments

Investment Valuation and Fair Value Measurements:

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by Brighthouse Investment Advisers, LLC (formerly, MetLife Advisers, LLC) (the “Adviser”) (each as “pricing services”), pursuant to authorization of and subject to general oversight by the Board of Trustees (the “Board” or “Trustees”) of the Brighthouse Funds Trust I (formerly, Met Investors Series Trust) (the “Trust”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued on the basis of an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are generally valued on the basis of evaluated or composite bid quotations obtained from pricing services selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. These securities are usually issued as separate trachnes, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Advisor may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines the NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines the NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through an independent pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded OTC are generally valued on the basis of interdealer bid and asked prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

BHFTI-396

Brighthouse Funds Trust I

Notes to the Schedule of Investments

Investment Valuation and Fair Value Measurements—(Continued)

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of the Adviser. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in each Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of a Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other method.

For information regarding a Portfolio’s other significant accounting policies, please refer to the Portfolio’s most recent Semiannual or Annual Report.

Subsequent Events:

The Board of the Trust has approved a change of subadviser for the Goldman Sachs Mid Cap Value Portfolio (the “Portfolio”) from Goldman Sachs Asset Management, L.P. to Wells Capital Management, LLC (“WellsCap”) to be effective on or about June 1, 2017, pursuant to a new subadvisory agreement between the Adviser and WellsCap. Effective on or about June 1, 2017, the name of the Portfolio will change to Wells Capital Management Mid Cap Value Portfolio.

BHFTI-397

Item 2. Controls and Procedures.

(a) The Principal Executive Officer and Principal Financial Officer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing date of this report on Form N-Q, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-Q is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

See attached Exhibits 3(a) and 3(b) as required by Rule 30a-2(a) under the Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BRIGHTHOUSE FUNDS TRUST I

By:	/s/ Kristi Slavin
	Kristi Slavin
	President, Chief Executive Officer and Chairman of the Boards

Date: May 23, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kristi Slavin
	Kristi Slavin
	President, Chief Executive Officer and Chairman of the Boards

Date: May 23, 2017

By:	/s/ Peter H. Duffy
	Peter H. Duffy
	Chief Financial Officer and Treasurer

Date: May 23, 2017